Jefferies Global Health Care Conference

New YorkJune 3, 2015

1

2

Safe HarbourThis presentation may include forward-looking statements that are based on our

management’s beliefs and assumptions and on information currently available to our

management.

The inclusion of forward-looking statements should not be regarded as a

representation by Cosmo that any of its plans will be achieved. Actual results may

differ materially from those set forth in this presentation due to the risks and

uncertainties inherent in Cosmo’s ability to develop and expand its business,

successfully complete development of its current product candidates and current and

future collaborations for the development and commercialisation of its product

candidates and reduce costs (including staff costs), the market for drugs to treat IBD

diseases, Cosmo’s anticipated future revenues, capital expenditures and financial

resources and other similar statements, may be "forward-looking" and as such involve

risks and uncertainties and risks related to the collaboration between Partners and

Cosmo, including the potential for delays in the development programs for Methylene

Blue MMX®, Rifamycin SV MMX®, and CB-03-01. No assurance can be given that the

results anticipated in such forward looking statements will occur. Actual events or

results may differ materially from Cosmo’s expectations due to factors which include,

but are not limited to, increased competition, Cosmo’s ability to finance expansion

plans, the results of Cosmo’s research and development activities, the success of

Cosmo’s products, regulatory, legislative and judicial developments or changes in

market and/or overall economic conditions. Cosmo assumes no responsibility to

update forward-looking statements or to adapt them to future events or

developments.

You are cautioned not to place undue reliance on these forward-looking statements,

which speak only as of the date hereof, and Cosmo undertakes no obligation to revise

or update this presentation.

3

Cosmo’s simple business philosophy …

• Leverage on internal know-how

• Keep overheads low and small & flexible managerial infrastructure

• Develop proprietary R&D

• Retain manufacture of own products

• Combine optimal returns while minimizing risk in deal structuring

Last 3 Years Market Cap Performance(1)

........has created substantial value over time

Key Milestones

2007: IPO in SIX, with a market cap of CHF195m

2007: Launch of first product Lialda®

2008: Licensing deals with Santarus and Ferring

2012: Winlevi®

licensing deal with Medicis (now Valeant)

2013: sale of first part of SNTS shares

2014: sale of last part of SNTS shares

2014: repurchase of CB-03-01 license from Valeant

0

500

1.000

1.500

2.000

2.500

3.000

mag-12 nov-12 mag-13 nov-13 mag-14 nov-14 mag-15

(CHFm)

Last 3 years:+558%

15-Jan-13Licensee Santarus receives FDA approval for UCERIS®

10-May-13First sale of Santarus stake

8-Nov-13Salix / Santarus merger announced

9-Jul-14Salix tax inversion into Cosmo announced

3-Oct-14Salix tax inversion terminated

30-Jan-15Announced Cassiopea listing

(1) Company website and Capital IQ as of May 7th, 2015.

2-Jan-14Sale of remaining stake in Santarus

5

• Lialda

• Uceris

The MMX technology has led to two very successful products

Launch 2007

First year sales $ 50 m

Second year sales $ 140 m

2014 sales $ 634 m

Launch 2013

First year sales $ 66 m

Second year sales $ 152 m

Patent extended from 2020 to 2031

6

...and provided the base for a distinct growth strategy

1) Expand GI pipeline

2) Expand activities to other therapeutic areas

3) Consider further “equity for product” deals

4) Create as much value as possible in-house and enter into deals when value risk ratio is best

7

expanding the GI Pipeline with a new antibiotic

Rifamycin MMX

• NCE (in US) antibiotic with lower resistance

Candidate for 10 years exclusivity under GAIN Act

• Indication currently sought: Travellers’ Diarrhoea (TD)

Clinical status: Phase III USA completed; Phase III EU in Lat Amongoing: NDA filing targeted for Q 1 2016

• Additional indication under development by Dr. Falk: Uncomplicated Diverticulitis

Clinical status: Phase II ongoing, multi-centre trial, interimanalysis scheduled end 2015

• Subsequent indication: IBS

different strength tablet; Clinical status: PK study applicationfiled

8

...and a tabletized anti TNF

Monoclonal antibody MMX

• Proven preservation of Infliximab antibody activity in tablets and incolonic environment

• Currently developing clinical model in mice

• Bio-similar API (Bio-better since not injected) under development

• API manufacturing scale up process ongoing

• Phase I/II trial to begin in 2015

• Potential indication: Ulcerative Colitis (maintenance)

9

and provided the impetus for expanding into Endoscopy

Two new powerful tools to support endoscopistsin their battle against colon cancer

Methylene Blue MMX®

SIC 8000

10

Current spray chromoendoscopy procedure

Methylene Blue is used in > 10% colonoscopies

via “in situ” spraying onto the colonic mucosa

*ASGE Volume 66, No 4: 2007 GASTROENINTESINAL ENDOSCOPY. Clinical Trial showed increased detection rate with Indigo Carmine.

2-3 fold increased procedure time*[~80$ cost of single use spray catheter]

Localized and partial staining*

Suspicious area according to endoscopistsurvey

Increased Detection Rate in the area*

11

MB tablets address an unmet need

MB: a revolutionary diagnostic tool for early cancer detection

* According to Phase II Clinical Data, 51% more polyps and47% more adenomas were found with MB

Normal Procedure

Time

Whole Colon stained,

overcoming operator

subjectivity

Sharp increase in Detection Rate, especially for

flat/small lesions*

12

Methylene Blue (MB) tablets

Revolutionary diagnostic for cancer screening during colonoscopy

• Leverages on MMX technology

• Delivers the only suitable vital dye to the whole colon

• Creates previously unavailable contrast

• Significantly increases adenomas detection rate (*)

• colon dyed prior to colonoscopy, so significant time saving

(*) According to phase II clinical data, 51% more polyps and 47% more adenomas were found with MB than in ordinary colonoscopy literature data

MB MMX® Main Target

Diminutive Polyps ˂5 mm

in right section of the

colon

MB MMX® Main Target

Polyps not otherwise

visible

15

MB development timeline

• Phase III ongoing, expanded from 13 sites between US and EU to 20

• Primary endpoint: proportion of subjects with at least one histologically proven adenoma or carcinoma vs. white light endoscopy

• 1,270 patients to be treated; data available end 2015

• Centralized Registration Application granted in EU under EMA

• Special Protocol Assessment (SPA) granted by FDA

16

High cost of colonoscopies in the US; high cost for adenoma detection

MB Market potential 2017 2018 2019 2020 2021

non SSRI colonoscopies in US in m 12.6 12.8 12.9 13.1 13.2

market penetration 5% 10% 15% 20% 20%

minimum price 120 120 120 120 120

colonoscopies in EU 17.4 17.6 17.8 18.0 18.3

market penetration 5% 10% 15% 20% 20%

minimum price 50 50 50 50 50

colonoscopies in RoW 24.8 26.8 29.0 31.5 34.2

market penetration 0% 2,5% 5,0% 7,5% 10,0%

minimum price 30 30 30 30 30

total revenues in EUR m 119.1 261.2 409.6 564.8 602.4

17

MB market potential estimate

Identified lesions must be removed

18

• The mucosa is between 1-3 mm thick; key perforation risk • various techniques have been developed to take out lesions

• EMR for the removal of mucosal lesions that are smaller than 2 cm, or piecemeal removal of larger lesions (> 2 cm)

• A cushion is needed to lift the lesion and facilitate its removal, reducing perforation-risk and damage to the deep layers of the GI wall

Injection in the submucosa

Capture with the snare

Removal

Endoscopic Mucosal Resection (EMR)

19

Circumferential injections Mucosal elevation Submucosal dissection

• Predicted to replace conventional surgery

• Intention to mitigate risks of higher rate of perforation and bleeding complications

• Submucosal injection is essential in ESD, and a high and long lasting submucosal cushion is needed for a safe cutting

Endoscopic Submucosal Dissection (ESD)

larger lesions (>2 cm) require refined techniques:

Current mechanism to create safety cushion

20

• normal saline solution is easy to inject but dissipates quickly

• expensive Hyaluronic Acid solutions or self made cocktails, both non approved in US

• low viscosity to facilitate injection

• long lasting cushion (> 30 min)

• Include a dye to enhance borders definition

• be safe and bio-compatible

• Affordable in terms of pricing

Requirements of the ideal submucosal injectable

21

• SIC 8000 (SIC) is a Submucosal Injectable Composition, easy to be injected, developed to be used in all endoscopic polyp removal procedures in the GI tract

• SIC creates a long lasting cushion which is essential for a successful Endoscopic Mucosal Resection (EMR) or Endoscopic SubmucosalDissection (ESD)

• SIC is dyed with methylene blue, so it helps in visualizing the lesion and performing the resection procedure, minimizing risk of perforation

• SIC is covered by two international and one US patent applications filed in 2014 (priority 2013)

Submucosal injectable composition SIC 8000

22

SIC Development Timeline

SIC is a medical device classified as a class II medical device in US and as either a class IIa or IIb medical device in EU

Approval timeline:

• 510(k) filing in US made on March 31, 2015

• FDA approval scheduled for June/July

• European CE mark filing scheduled by Q2 2015

• European approval scheduled by Q4 2015

SIC market estimates 2016 2017 2018 2019 2020

polyps/adenomas per colonoscopy in phase II 1,75 1,75 1,75 1,75 1,75

% of polyps/ adenomas removal requiring SIC 20% 20% 20% 20% 20%

Minimum vials per colonoscopy 1,5 1,5 1,5 1,5 1,5

estimated price in US 100 100 100 100 100

market penetration in US 10% 20% 30% 40% 50%

estimated price in EU 40 40 40 40 40

market penetration in EU 7% 15% 25% 30% 30%

estimated price in RoW 30 30 30 30 30

market penetration 3,5% 7,5% 12,5% 15,0% 15,0%

Revenue (millions) 68,5 143,1 227,8 298,6 353,6

23

SICmarket potential estimate (colonoscopies only)

24

market potential from additional indications

• Esophagus, stomach and duodenum have similar tissues as the colon

• Inspection by Esophagogastroduodenoscopy (ECG)

• SIC can be used in all these tracts

As many ECGs are performed as colonoscopies, both in the US and Europe.

•During ECG, removal of tissues/polyps is frequently necessary and will require SIC as per below examples:

Barrett Esophagus

• Caused by GERD, ~ 1,6% of population affected

• Requires an ECG every 3 years

• Tissue removal required in ~ 10% all cases

Stomach & duodenal polyps

• polyps requiring extraction are found in around 0,7% of all procedures

25

Cosmo is currently pursuing a Swiss IPO of its dermatology division

26

Cosmo’s strategic aims for a Cassiopea IPO

• Best equity-for-product strategy is an in-house transaction

• Ability to recruit specific derma talents with dedicated Company

• Ability to remunerate specific performance with a dedicated ESOP

• Ability to purchase companies & business with Cassiopea shares

• Set-up of dedicated US commercial infrastructure when appropriate to retain maximum value in the most important derma market

Confidential

27

Expected main features in Cassiopea’s IPO

• Listing SIX

• Timing Targeted in 2015

• Structure Cosmo will fund the company prior to listing

all secondary

target retaining less than 50%

• Investors expected support from core Cosmo investors

Multiple catalysts and anticipated value inflection milestones on the horizon

Exclusive focus on dermatology: a large specialty-driven market with little innovation and with unmet medical needs in Acne and Alopecia

Four unencumbered products with novel mechanisms of action

Winlevi® in Phase III(2) with statistical significance shown in Phase II

Strong barriers to entry

28

Key Investment Highlights

1

2

3

5

4

Cassiopea is a clinical-stage specialty pharmaceutical company focusing on developing and commercializing innovative and differentiated medical dermatology products

Winlevi® – Lead NCE for Acne(1)

Breezula® – NCE for Alopecia(1)

CB-06-01 – NCE Antibiotic for Acne

CB-06-02 – NCE for HPV

(1) Winlevi® and Breezula® are different formulations of the same NCE, for different indications.

(2) Special Protocol Assessment submitted to the FDA in April 2015.

A totally independent team has been put together to lead this project

Management TeamBoard of Directors

Jan de Vries, PhD

Chairman

Head of Novartis Institutes for Biomedical Research 2008-2010; Head of Novartis Autoimmunity, Transplantation and Inflammation 1997-2008

David Hale

Independent Director

Former Chairmanships at Santarus, SkinMedica, Micromet, Somaxon, Crisi Medical Systems, Viagene

Øyvind Bjordal

Independent Director

Managing Director and Head of Switzerland of Lincoln International

Former Investment Banker at Leonardo, Sal. Oppenheim & UBS

Pierpaolo Guzzo

Independent Director

CEO of EQValue (Italy) and charteredaccountant

Former Director of PM & Partners SpA

Diana Harbort

CEO and Director

Formerly VP Corporate Development at Medicis 2005-2012; Director Business Development at Medicis 1999-2004; various functions at Abbott, 1989-1998; MBA from Kellogg

Louise Dube, PhD

Director of R&D

Director of Scientific Assessment at Medicis 2007-2012; various functions at Abbott, 1987-2001; PhD Pharmacokinetics from Purdue

Diane Goostree

Head of Program Management

Former CEO of Intrepid Therapeutics; President & CEO of Artes Medical, 2006; Business Development roles at SkinMedica and Elan 2000-2006

Business Development and Sales Management at Dura Pharma and Sanofi Aventis 1984-2000; MBA from Missouri

29

30

Cassiopea has a balanced pipeline in large markets

ProductPre-Clinical

Phase I Phase II Phase IIIMA /

Expected Launch

Next Catalyst

Market Opportunity

Winlevi®ACNEAnti-androgenNCE(1)

2018

H2 2015 (PIII FPI) H1 2017

(PIII LPO)

US only:$5bn(2)

Breezula®

ALOPECIAAnti-androgenNCE(1)

2021H2 2015

(Phase II)

$1.9bn(3)

(surgical)

$600m(4)

(drugs)

CB-06-01ACNEAntibioticNCE

2021H1 2016(POC)

US only:US$5bn(2)

CB-06-02HPVIntegrin activatorNCE

2021H1 2016(POC)

US only:c.14m new infections

each year(5)

H2 2017

POC H2 2015

DR H2 2017

DR H2 2017

H2 2019

H2 2019POC H1 2016

POC = Proof of ConceptDR = Dose Ranging

H2 2019POC H1 2016

DR H2 2017

(1) Winlevi® and Breezula® are different formulations of the same NCE, for different indications.(2) Management estimates based on IMS Health, IMS SMART MVP Solutions. Comprised of USC3 Classification 37100 Acne Therapy,

Prescription Only, plus antibiotics Doryx, Monodox, Solodyn and Tazorac – Manufacturing prices increased by 20%.(3) International Society of Hair Restoration Surgery. Note: 2012 survey figure.(4) EvaluatePharma.(5) Centers for Disease Control and Prevention.

31

Dermatology: a market with little innovation and many opportunities

• No NCE in Acne in the US market in the last 15 years

• Dermatologists generally prescribe 2-3 products at the same time as they look for new therapeutic options

• Historically dermatology has had the lowest product failure rate in clinical trials

• Probability of success in phase III clinical trials is high

• Market has important cosmetic and life-style implications

32

a novel very high potential acne drug

• Unique skin penetrating topical anti-androgen for treatment of acne, with innovative mechanism of action, mainly based on sebum production control

• Phase II dose ranging study successfully completed in US on 350 patients: - Best dose identified- No adverse events (>500 patients tested)- Statistical superiority attained

• EOPII meeting with FDA on January 28

• Phase III trial scheduled to start H1 2015

• Innovative trial design with support of top KOLs (IGA reduction and total lesion count)

®

33

a novel very high potential alopecia drug

• Only topical anti-androgen for treatment of Androgenetic Alopecia

• POC Phase II started in US, 90 patients & 6 months treatment, conclusion by Q4 2015

• Kinetic proof of scalp penetration obtained

• Same safety as for acne

34

A first class portfolio with very high growth potential

3) CB-06-02 (HPV – Genital Warts)

• Tellurium based compound for treatment of HPV and genital warts

• POC Phase II ongoing, completion by Q1 2016

• HPV vaccination is currently in regression because of fertility concerns

35

A first class portfolio with very high growth potential

4) CB-06-01 (Antibiotic for Acne)

• NCE topical antibiotic for Acne, ideal complement for CB-03-01

• Active on most resistant bacterial strains

• POC Phase II ongoing, completion by Q1 2016

36

EUR/Million 2014 E 2015 E 2016

Traditional contract manufacturing and other revenue 11 11 11

MMX® products manufacturing 29 35 38

MMX® products royalties 21 (1) 24 (2) 29 (3)

MMX® licence fees, up-front fees and milestones 18 - 1

Revenues from products under development - 80 (4) 163 (4)

Total Revenues 80 150 243

Operating expenses (49) (5) (54) (5) (67) (5)

EBITDA 31 96 176

Depreciation and amortization (9) (9) (3)

Operating result 23 87 173

Sale of "equity for product" stake 65 (6)

Salix termination fee 17 - -

Net financial income 3 3 6

Profit before taxes 111 90 179

Potentially replaceable with “equity for product” transactions respectively IPO value gains

(1) includes EUR 5.7 M royalties on Lialda/Mezavant: royalty cap reached in 2Q 2014

(2) includes EUR 23,4 M roy on Uceris/Cortiment

(3) includes EUR 28,4 M roy on Uceris/Cortiment

(4) assumes MB and SIC are licensed in 2015 and Rifamycin is licensed in US in 2016

(5) includes SOP and profit bonus

(6) gain on sale of SNTS shares

2014 – 2016 Guidance

37

Cosmo Pharmaceuticals

Information Contacts

• Number of shares: 14,418,983

• Listing: SIX Swiss exchange, Main board

• ISIN: LU1202320294

• Alessandro Della Cha , CEOadellacha@cosmopharma.com

• Chris Tanner, CFOctanner@cosmopharma.com

• Giuseppe Cipriano, COOgcipriano@cosmopharma.com

• Luigi Moro, CSOlmoro@cosmopharma.com