AEON Biopharma, Inc. · AMEX:AEON
AEON Biopharma — SPAC Merger (December 2022)
37 slides from AEON Biopharma's SPAC merger presentation, December 2022
Slide 1: Overview: Proposed Merger Agreement with Priveterra Acquisition Corp.
Overview: Proposed Merger Agreement with Priveterra Acquisition Corp. (Nasdaq: PMGM) December 2022
Slide 2: Disclaimer
Disclaimer About This Presentation This investor presentation (“Presentation”) does not constitute (i) a solicitation of a proxy, consent or authorization with respect to any securities or in respect of the proposed Business Combination or (ii) an offer to sell, a solicitation of an offer to buy, or
Slide 3: Disclaimer (Cont'd)
Disclaimer (Cont’d) Targets This Presentation contains certain long-term financial targets of the Company. Neither Priveterra’s nor the Company’s independent auditors have audited, studied, reviewed, compiled or performed any procedures with respect to the targets for the purpose of their inclusion
Slide 4: Investment Highlights
Investment Highlights ABP-450 is the same 900 kDa botulinum toxin approved and marketed for an aesthetic indication; Well Known Toxin manufacturing site inspected and approved by FDA, EMA and Health Canada Fast Growing Global therapeutic neurotoxin market is an estimated $3.0B and growing >9% annual
Slide 5: Experienced Management Team
Experienced Management Team Leadership Team with Highly Relevant Industry Experience and Track Record of Success Marc Forth Peter Reynolds Chad Oh, MD Alex Wilson Chief Executive Officer Acting Chief Financial Officer Chief Medical Officer General Counsel & Corporate Secretary • 25+ years of Biophar
Slide 6: Experienced Advisory Board
Experienced Advisory Board Advisory Board with Highly Relevant Industry Experience and Track Record of Success Andrew Blumenfeld, MD Michael Camilleri, MD Chris Reist, MD James Fallon, PhD Del Stagg, PhD Migraine Gastroparesis Neuro/Psych Neuro/Psych Regulatory/QA • Director of the Headache Center o
Slide 7: Overview of Priveterra Sponsor Team
Overview of Priveterra Sponsor Team Robert Palmisano 40+ years of unique and diverse experience in the life sciences industry including former President and CEO of Wright Medical Group, ev3, Intralase Corp, MacroChem Corp • Fundamental approach to proprietary investment thesis driven by innovation,
Slide 8: Advancing Novel Therapies with a Well-Established Neurotoxin
Advancing Novel Therapies with a Well-Established Neurotoxin AEON has a differentiated business model for a platform product candidate ABP-450 An estimated $3.0B global Differentiated business model therapeutic neurotoxin market designed to deliver enhanced projected to grow to $4.4B Same 900 kDa va
Slide 9: Development Timeline Includes Multiple Clinical Near-Term Milestones
Development Timeline Includes Multiple Clinical Near-Term Milestones 2020 2021 2022 2023 2024 Expected Indication Current Phase 1H 2H 1H 2H 1H 2H 1H 2H 1H 2H Cost Chronic Migraine Phase 2 1 2 3 $25M to $35M Episodic ABP-450 Migraine Phase 2 1 2 3 4 $1M Cervical Dystonia Phase 2* 1 2 3 4 to $5M 1) IN
Slide 10: Global Therapeutic Toxin Competitive Landscape
Global Therapeutic Toxin Competitive Landscape AbbVie Inc. Merz Pharma Ipsen Group Molecular Size 900 kDa 900 kDa 150 kDa ~400 kDa 150 kDa 1. Blepharospasm None 1. Blepharospasm 1. Cervical Dystonia None 2. Strabismus 2. Cervical Dystonia 2. Spasticity 3. Cervical Dystonia 3. Adult Spasticity (Upper
Slide 11: Global Therapeutic Toxin Market – 9.9% Projected Growth Through 2027
Global Therapeutic Toxin Market – 9.9% Projected Growth Through 2027 Global Therapeutic Toxin Market Projections Global Therapeutic Toxin Market Share Breakdown By Geography By Indication $4.4B $4.1B 6% 9% $3.8B $3.5B 7% 13% $3.2B 36% $3.0B 5.0M procedures $2.7B CGAR: 8.8% $2.3B 17% 84% $619 ASP (US
Slide 12: Strategy Provides Value to Payors and Physicians Alike
Strategy Provides Value to Payors and Physicians Alike • Well-established 900 kDa botulinum toxin complex will facilitate rapid adoption Deliver Value to • Original BLA expected to allow to uniquely Deliver Value to Physician Payor manage our ASP to enhance value to payors and physicians • Consisten
Slide 13: Pricing Strategy
Pricing Strategy Creates more predictable business model for physician business practices by applying traditional pharma reimbursement model Assumed List Price Parity Applying Traditional Pharma Pricing Model • Potential for Rebates – to payors and/or Rebate physicians same as or higher than market
Slide 14: Key Value Inflection Points
Key Value Inflection Points Expansion of Commercial Opportunities Traditional pricing model in therapeutic neurotoxin markets Commercialization Core Value Validating the model BLA and clinical programs Replicate success in identified therapeutic indication First launch in established market Enhance
Slide 15: Migraine
Do AEON BIOPHARMA Migraine (prophylaxis)
Slide 16: Migraine Market an Attractive Opportunity Despite Competition
Migraine Market an Attractive Opportunity Despite Competition Toxins are Faring Well Large & Growing Market ABP-450 Opportunity Despite Competition Migraine affects approximately 40M • Botox® in chronic migraine • Pursuing label that could address people in the United States and 1B returned to doubl
Slide 17: CGRPs saw an increase in overall claims volume in Q2'22
CGRPs saw AN INCREASE in the OVERALL claims volume (~6%) in Q2’22 compared to 4% Decrease in Q1’22 NORMALIZED Botox and CGRPs in Preventive Migraine Treatment [2018-Q2’22] +0.3% 600K 500K 400K Volume (# of Claims) 300K Ajovy and Emgality approved 200K Aimovig (first CGRP) approved 100K Vyepti Launch
Slide 18: After Brief Decline During COVID, Botox Resumed Growth
After Brief Decline During COVID, Botox Resumed Growth Among Patients Switching from a Previous Brand Definitions: • Patient cohort - Patients with at least 1 migraine diagnosis code and at least 1 treatment code on or after first diagnosis code • Look Back= 365 days, Grace=30 days 18 Source: Sympho
Slide 19: Migraine Phase 2 Study Design – Fixed Site/Fixed Dose
Migraine Phase 2 Study Design – Fixed Site/Fixed Dose Randomized Placebo Controlled Trial for Chronic and Episodic Migraine Patients Randomized Double- Blinded Placebo-Controlled Open Label Extension • n = 765 Study Endpoints Study • 60 sites in US, Canada & Australia Primary: • Includes both chroni
Slide 20: Cervical Dystonia
Do AEON BIOPHARMA CERVICAL DYSTONIA
Slide 21: Cervical Dystonia Opportunity for ABP-450
Cervical Dystonia Opportunity for ABP-450 Important Indication for US Market Opportunity The Disorder Muscle Movement Disorders For ABP-450 • Cervical dystonia is a chronic • Potential for efficient • ~50,000 patients condition with no cure development • ~$360M market • Painful and debilitating twis
Slide 22: Cervical Dystonia Phase 2 Study Design - Dose Ranging
Cervical Dystonia Phase 2 Study Design - Dose Ranging Randomized placebo-controlled Phase 2 trial Open label extension proposed to occur in parallel with Phase 3 trial • n = 60 Endpoints • 40 sites in US Randomized DB PC Study Open Label Extension • 3 doses; 4 arms 350 Units ABP-450 n= 15 Primary: •
Slide 23: Discussion and Conclusions
Discussion and Conclusions • Phase 2 trial met primary and other key endpoints, supporting the safety and efficacy of ABP-450 in reducing signs and symptoms associated with CD. • ABP-450 demonstrated adverse event rates similar to, or lower than, other botulinum toxin products for the treatment of C
Slide 24: Competitive Profile
Competitive Profile AEON will be the second competitor in migraine prevention, the single largest toxin therapeutic Migraine Indication indication for the market leader (45% of therapeutic toxin sales). Migraine AEON utilizes a unique injection paradigm featuring fewer injections (22 injections vers
Slide 25: Financial Overview
Do AEON BIOPHARMA Financial Overview
Slide 26: Transaction Details
Transaction Details Sources of Funds Pro Forma Valuation ($ in millions) ($ in millions except per share values) AEON Rollover Equity $165.0 Illustrative share price $10.00 (3) Sponsor Equity 34.5 Pro forma shares outstanding (M) 47.550 (1) Priveterra Cash in Trust 276.0 Equity Value $475.5 AEON Cas
Slide 27: "Pay for Performance" Earnout Structure
“Pay for Performance” Earnout Structure Earnout Structure Aligns AEON and Sponsor Incentives with Public Market Investors ABP-450 – Clinical and Regulatory Timeline Earnout Deadline 2025 2026 2027 2028 2029 1H 2H 1H 2H 1H 2H 1H 2H 1H 2H 7M shares 1M shares payable to each party upon first Chronic BL
Slide 28: AEON Target Financial Profile in 2035
AEON Target Financial Profile in 2035 ($ in millions) Targeted Peak Sales Ranges Target Revenue Split Ranges at Peak Sales3 ~ 90/10 split between primary indications $1,050 - $2,250 Low High 5% 11% Migraine1 95% 89% $1,000 – $2,000 Migraine Cervical Dystonia Long-Term Targeted Margin Dynamics Cervic
Slide 29: Valuation Benchmarking
Valuation Benchmarking ($ in millions) Median EV/ Median EV Peak Sales CNS Peer Set $1,512 1.2x Commercial Neurotoxin $1,104 1.3x Products Subset (1) $202 0.1x Source: Company press releases and S&P Capital IQ as of 12/09/22. Note: Primarily includes companies with recently commercialized products i
Slide 30: Investment Highlights
Investment Highlights ABP-450 is the same 900 kDa botulinum toxin approved and marketed for an aesthetic indication; Well Known Toxin manufacturing site inspected and approved by FDA, EMA and Health Canada Fast Growing Global therapeutic neurotoxin market is an estimated $3.0B and growing >9% annual
Slide 31: Appendix
Do AEON BIOPHARMA Appendix
Slide 32: Intellectual Property Considerations for ABP-450
Intellectual Property Considerations for ABP-450 High Barriers for New Entrants to Effectively Compete Exclusive Licensing & Supply Agreement 4 US Patents Pending • Under agreement, Daewoong manufactures and supplies ABP-450 to AEON • Agreement initiated in Q4 2019 2 PCT International Patents Pendin
Slide 33: Gastroparesis Opportunity for ABP-450
Gastroparesis Opportunity for ABP-450 Potential Regulatory The Disorder ABP-450 Opportunity Pathway • Defined by delayed gastric • 2019 FDA Guidance for Industry1 • ~400,000 patients2 emptying • Since a well-defined and reliable • ~$900M market • Symptoms are chronic with patient reported outcome (P
Slide 34: Injections in the Pylorus and Pyloric Sphincter Region
Injections in the Pylorus and Pyloric Sphincter Region Provides an Opportunity for a Targeted Treatment for Gastroparesis Plan to administer injections of ABP-450 using a standard sclerotherapy needle in the pylorus and pyloric sphincter region Esophagus Esophagogastroduodenoscopy Lower Esophageal S
Slide 35: Risk Factors
Risk Factors Summary of Risk Factors The Company’s business is subject to numerous risks and uncertainties that represent challenges that the Company faces in connection with the successful implementation of its strategy and the growth of its business. Below is an appendix to this Presentation which
Slide 36: Risk Factors (Cont'd)
Risk Factors (Cont’d) 13. ABP-450, if approved in any currently proposed or future therapeutic indications, will face significant competition and our failure to effectively compete may prevent us from achieving significant market penetration and expansion. 14. If approved, ABP-450 may face competiti
Slide 37: Thank You
THANK YOU