Situation Assessment

• Eagle Pharmaceuticals (Nasdaq: EGRX) is a US-based pharmaceutical company developing and commercializing treatments for critical care and oncology patients

• Eagle anticipated an upcoming revenue gap due to legacy product erosion and patent cliffs

• Eagle was interested in expanding its corporate development capabilities to include comprehensive search and evaluation, outreach and negotiation, and transaction execution support

• Locust Walk worked directly with Eagle’s CEO and management team to provide a turn-key corporate development team and support all activities

• By close of engagement (~12 months), Eagle successfully transacted on two deals supported by Locust Walk (acquisition of Acacia Pharma; equity investment and option to acquire of Enalare Therapeutics)

Key Activities

• Conducted comprehensive screening efforts to identify a short list of high-value and transactable targets in critical care and oncology

• Continuously conducted ‘background screening’ for additional opportunities in parallel to pursuit of initially identified targets

• Crafted deal theses and tailored messaging/outreach to targets in order to position Eagle as the optimal buyer, and ideally subvert competitive processes

• Supported confidential due diligence efforts, valuation and terms structuring, negotiations and discussions with target(s), and Board of Directors material creation

• Comprehensive process led to multiple active deals driven and coordinated by the Locust Walk team in collaboration with Eagle’s legal and business development counterparts

Successful Outcome

• Completion of Eagle’s $104M buy-out of Acacia Pharma providing Eagle with two high-growth and already approved hospital products

• Completion of Eagle’s equity investment and option to acquire clinical-stage company, Enalare Therapeutics; deal expands Eagle’s development pipeline with a high upside and novel respiratory stimulant to fill in future revenue gaps