Dear Friends and Colleagues

Best wishes to you and yours for a Merry Christmas, Happy Hanukkah and prosperous New Year! The Locust Walk Partners team wanted to take this opportunity to update you on our clients’ most notable accomplishments during the year and the recent progress of our firm. We continue to offer transaction advisory and strategic consulting services to a broadening array of life science companies. For further information on completed transactions, please visit the case study page on our new website.

• We closed our 8th transaction in two years and have achieved significant momentum. This year we served as exclusive advisor to InterMune (NASDAQ: ITMN) for the divestiture of ACTIMMUNE^®, resulting in a $55M upfront payment and up to $4M of royalties to our client with total deal value exceeding 3x revenue for this ultra-orphan product. We are currently engaged with three additional biotechnology clients on sell-side partnering campaigns across multiple therapeutic areas. We served as exclusive advisor to Otsuka Pharmaceutical on their transaction with Proteus Digital Health for a platform technology in the digital health space. This transaction represented our first buy-side success, and we have subsequently entered into additional buy-side engagements during the remainder of the year.
• Together with our business and corporate development achievements, we continued to deliver on strategic projects for our biotechnology and pharmaceutical clients having completed four such engagements including for AMAG Pharmaceuticals (NASDAQ: AMAG) and Otsuka Pharmaceutical. We are currently engaged with three additional clients on commercial assessments and strategic planning projects.
• We contributed to contribute to the Boston-area life sciences community by bringing The BioBreak Organization to Cambridge. Founded in 2006 by Managing Director, Geoff Meyerson, BioBreak is a 1,500 member networking organization where senior-level professionals from the life science community in Boston, Philadelphia, and New Jersey can meet and reconnect at regular happy hours. We also held a CEO Breakfast during the BIO conference in Boston attended by prominent senior leaders from our industry, and we have served as panelists at MassBio events and Boston Biotech and Acceleration 2012 conferences. We also invite you to attend the Locust Walk Institute, an interactive two-day sell-side business development course for biotech/pharma executives, scheduled for March 2013. For more information, please see our website.
• We expanded our team to five experienced deal professionals and two support staff and plan to continue our expansion as the new year progresses. In November, we relocated our headquarters within Kendall Square to 300 Technology Square, 8th Floor, Cambridge, MA 02139, adjacent to MassBio’s offices. Feel free to stop by and visit us if you are in the area.

We look forward to re-connecting with you to learn more about your objectives for 2013 and to discuss how we can help you succeed. We wish you and yours the very best for 2013!

The Locust Walk Partners Team