Partnering with Pfizer

6th Annual Rice AllianceLife Science Technology Venture Forum

Dr B J Bormann, Vice PresidentStrategic Alliances

June 6th, 2007

Partnering with Pfizer

6th Annual Rice AllianceLife Science Technology Venture Forum

Dr B J Bormann, Vice PresidentStrategic Alliances

June 6th, 2007

� Jury Duty, last person in the pool of 200, interviewed at 5 pm� Selected as an alternate for jury, ‘medical condition’ civil trial� Closing arguments, juror was ill� Chosen as replacement� Deliberations

– I was alone in my opinion, needed to convince fellow jurors– Do you remember “Twelve Angry Men?”

� All took > 2 weeks

� Cancelled my presence but not my presentation last year� You saw my slides presented by Dr. Ajay Gautam, a Rice

alum.

� I have mostly new slides for you this year

� Jury Duty, last person in the pool of 200, interviewed at 5 pm� Selected as an alternate for jury, ‘medical condition’ civil trial� Closing arguments, juror was ill� Chosen as replacement� Deliberations

– I was alone in my opinion, needed to convince fellow jurors– Do you remember “Twelve Angry Men?”

� All took > 2 weeks

� Cancelled my presence but not my presentation last year� You saw my slides presented by Dr. Ajay Gautam, a Rice

alum.

� I have mostly new slides for you this year

Last YearLast Year

“Pfizer has had a long history of great innovations, but it recognizes that no single

company has a monopoly on good ideas. To build on and

complement its strengths, Pfizer actively seeks out alliances.”

William Steere, Former CEO of Pfizer1999

Agenda Today:�A wee bit of Pfizer Propaganda�A Flash review of challenges to the pharmaceutical business�The evolution of Pfizer by Alliances

�Biologics�Diagnostics

�New Paradigms�Scripps�The Pfizer Incubator

Agenda Today:�A wee bit of Pfizer Propaganda�A Flash review of challenges to the pharmaceutical business�The evolution of Pfizer by Alliances

�Biologics�Diagnostics

�New Paradigms�Scripps�The Pfizer Incubator

Pfizer HistoryPfizer History

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Charles PfizerCharles Pfizer

Charles Charles ErhartErhart

Pfizer ProductsPfizer Products

2007 Key Products by Therapeutic Area

AriceptCabaserDilantinGeodon/ZeldoxLyricaMirapexNeurontinRebifRelpaxXanax XRZoloft/Zustrel

AriceptCabaserDilantinGeodon/ZeldoxLyricaMirapexNeurontinRebifRelpaxXanax XRZoloft/Zustrel

DiflucanSulperazonUnasynVfendViraceptZithromaxZyvox

DiflucanSulperazonUnasynVfendViraceptZithromaxZyvox

GenotropinSomavertGenotropinSomavert

CamptosarEllence/PharmorubicinAromasinSutent

CamptosarEllence/PharmorubicinAromasinSutent

Spiriva/DaxasZyrtec/Zyrtec DSpiriva/DaxasZyrtec/Zyrtec D

XalatanMacugenXalatanMacugen

Accupril/AccureticGlucotrol/Glucotrol XLInspraLipitorNorvasc/IstinProcardia/Procardia XLTikosynExubera

Accupril/AccureticGlucotrol/Glucotrol XLInspraLipitorNorvasc/IstinProcardia/Procardia XLTikosynExubera

Depo-ProveraDepo-Provera

Cardura/Cardura XLDetrolViagra

Cardura/Cardura XLDetrolViagra

Celebrex/CelebraBextraDynastat

Celebrex/CelebraBextraDynastatSource: Pfizer 2006 Year-End Corporate Earnings Release

Central Nervous System

Endocrine

OncologyInfectious Disease

Allergy/Respiratory Pain/Inflammation

Women’s Health

Urology

Cardiovascular/Metabolic

Ophthalmology

Phase 2

Preclinical &Phase 1

Phase 3In Registration

63632727

121244

102102 333388

1111

R&D Results – Pipeline Growth

July 2003:106 NMEsJuly 2003:106 NMEs

154 New Molecular Entities154 New Molecular Entities

6

Candidates in Advanced DevelopmentCandidates in Advanced Development

Exubera Diabetes- APPROVED

ParecoxibParecoxib Acute PainAcute Pain

Sildenafil PAH Pulmonary Arterial Hypertension

Torcetrapib/Atorvastatin Atherosclerosis-FAILED

Varenicline Smoking Cessation-APPROVED

Asenapine Schizophrenia

SU-11248 GIST, Renal Cancer-APPROVEDEdotecarin Colorectal Cancer

Zithromax/Chloroquine Malaria

UK-427,857 HIV

Metabolic Diseases

Inflammation & Immunology

Allergy & Respiratory

Cardiovascular

Neurosciences

Oncology

Infectious Diseases

� Efficacy Studies Complete

� Long Term Pulmonary Safety Studies Continuing

� Efficacy Studies Complete

� Long Term Pulmonary Safety Studies Continuing

ExuberaDiabetesExuberaDiabetes

Varenicline – Alpha 4-Beta 2 Partial AgonistSmoking CessationVarenicline – Alpha 4-Beta 2 Partial AgonistSmoking Cessation

� Orally Effective Nicotinic Partial Agonist

� Reduces Nicotine Cravings

� 1.3 Billion Smokers Worldwide

� Average 50% Continuous Quit Rate After 12 Week Treatment Compared to 12% With Placebo

�� Orally Effective Nicotinic Orally Effective Nicotinic Partial AgonistPartial Agonist

�� Reduces Nicotine CravingsReduces Nicotine Cravings

�� 1.3 Billion Smokers 1.3 Billion Smokers WorldwideWorldwide

�� Average 50% Continuous Average 50% Continuous Quit Rate After 12 Week Quit Rate After 12 Week Treatment Compared to Treatment Compared to 12% With Placebo12% With Placebo

UK-427,857 HIV Entry InhibitorUK-427,857 HIV Entry Inhibitor

HIV Cell Entry InhibitionHIV Cell Entry Inhibition

� First-in-Class

� Selective, Reversible Binding to the CCR-5 Receptor

� Excellent Pharmacokinetics and Selectivity

� Potent In Vitro Activity Against Resistant Strains

� No Drug-Drug Interactions

�� FirstFirst--inin--ClassClass

�� Selective, Reversible Binding to Selective, Reversible Binding to the CCRthe CCR--5 Receptor5 Receptor

�� Excellent Pharmacokinetics and Excellent Pharmacokinetics and SelectivitySelectivity

�� Potent In Vitro Activity Against Potent In Vitro Activity Against Resistant StrainsResistant Strains

�� No DrugNo Drug--Drug InteractionsDrug Interactions

SU-11,248Cancer

� Multi-Targeted VEGFR Kinase Inhibitor

� Remarkable Efficacy Seen in Gastrointestinal Stromal Tumor and Renal Cell Carcinoma Cancers

�� MultiMulti--Targeted VEGFR Targeted VEGFR Kinase InhibitorKinase Inhibitor

�� Remarkable Efficacy Remarkable Efficacy Seen in Gastrointestinal Seen in Gastrointestinal Stromal Tumor and Stromal Tumor and Renal Cell Carcinoma Renal Cell Carcinoma CancersCancers

Inhibits Tumor VascularizationInhibits Tumor VascularizationInhibits Tumor Vascularization

Disrupts Tumor SurvivalDisrupts Tumor SurvivalDisrupts Tumor Survival

CTLA-4: TicilimumabOncologyCTLA-4: TicilimumabOncology

� Cyctotoxic T Lymphocyte-associated Antigen-4 Antibody

� CTLA-4 Blockade with CP-675,206 May Break Peripheral Immunological Tolerance and Induce Anti-tumor Activity

� Currently Conducting Phase III Study Using Multiple Doses

�� Cyctotoxic T LymphocyteCyctotoxic T Lymphocyte--associated Antigenassociated Antigen--4 4 AntibodyAntibody

�� CTLACTLA--4 Blockade with CP4 Blockade with CP--675,206 May Break Peripheral 675,206 May Break Peripheral Immunological Tolerance and Immunological Tolerance and Induce AntiInduce Anti--tumor Activitytumor Activity

�� Currently Conducting Phase Currently Conducting Phase III Study Using Multiple DosesIII Study Using Multiple Doses

�*+,��������"�������������+-,�*�� �����*+,��������"�������������+-,�*�� ����

La Jolla, CA, U.S.A.Rinat Labs

La Jolla, CA, U.S.A.Rinat Labs

New London andGroton, CT, U.S.A.New London and

Groton, CT, U.S.A.

St. Louis, MO, U.S.A.St. Louis,

MO, U.S.A.

SingaporeSingapore

Cambridge,MA, U.S.A.

Cambridge,MA, U.S.A.

Sandwich,ENGLANDSandwich,ENGLAND

Toronto, CanadaToronto, Canada

Sydney, AustraliaSydney, Australia

Seoul, KoreaSeoul, Korea

Shanghai, ChinaShanghai, China

R&D Therapeutic AreasR&D Therapeutic Areas

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* Pfizer has exited ‘research’ in Dermatology and GI* Pfizer has exited ‘research’ in Dermatology and GI

Pharmaceutical Industry Challenges

Pharmaceutical Industry Challenges

High Attrition Rate in Drug DevelopmentHigh Attrition Rate in Drug Development

.//�,����&����"((�������.//�,����&����"((�������

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High Risk Process12-15 years, ~$900MM/candidate

High Risk Process12-15 years, ~$900MM/candidate

DiscoveryDiscovery Exploratory DevelopmentExploratory Development

IdeaIdea DrugDrug11 11 -- 15 Years15 Years

Full DevelopmentFull Development

Phase I Phase II Phase III

00 151555 1010

Preclinical Pharmacology

Preclinical Safety

Thousands ofCompounds Screened

Clinical Pharmacology& Safety

~250~250

~5~5

Generic SubstitutionGeneric Substitution

� August 2, 2001 - Barr Laboratories cleared to ship generic version of Lilly’s Prozac

� By September 2001, 80% of Lilly’s Prozac sales were taken by Barr Laboratories substitute product

� August 2, 2001 - Barr Laboratories cleared to ship generic version of Lilly’s Prozac

� By September 2001, 80% of Lilly’s Prozac sales were taken by Barr Laboratories substitute product

Key products representing >$50 billion are set to lose exclusivity in 2007

- Decision Resources, May 2003

Shrinking Market ExclusivityShrinking Market Exclusivity

InderalInderal -- 19651965

TagametTagamet -- 19771977

CapotenCapoten -- 19801980

SeldaneSeldane -- 19851985

AZT - 1987

MevacorMevacor -- 19871987

Prozac Prozac -- 19881988

DiflucanDiflucan -- 19901990

RecombinateRecombinate -- 19921992

Celebrex Celebrex -- 19991999

0 1 2 3 4 5 0 1 2 3 4 5 6 7 8 9 106 7 8 9 10

Years of Exclusivity for Innovative DrugYears of Exclusivity for Innovative Drug

Lopressor Lopressor -- 19781978

Zantac Zantac -- 19831983

VasotecVasotec -- 19851985

Hismanal Hismanal –– 19891989

VidexVidex –– 19911991

PravacholPravachol –– 19911991

Zoloft Zoloft –– 19921992

SporonoxSporonox –– 19921992

KogenateKogenate –– 19921992

VioxxVioxx–– 19991999

Innovative Drug /Innovative Drug /Year IntroducedYear Introduced

22ndnd GenerationGenerationDrug/YearDrug/Year

Productivity ChallengeProductivity Challenge

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$0$0

$5$5

$10$10

$15$15

$20$20

$25$25

1970

1970

1975

1975

1980

1980

1985

1985

1990

1990

1995

1995

2000

2000

# NCEs# NCEs60604040202000

Source: 2004 PhRMA Annual Survey, 2003/2004 PAREXEL’S Pharmaceutical Industry SourcebookSource: 2004 PhRMA Annual Survey, 2003/2004 PAREXEL’S Pharmaceutical Industry Sourcebook

$30$30

$35$35

2003

2003

Adding Value:

Pfizer Strategic Alliances

Adding Value:

Pfizer Strategic Alliances

SA supports a fully Integrated R & D ProcessSA supports a fully Integrated R & D Process

Target Identification

Toxicology

In Silico Modeling

Compound Screening

Lead Optimization

Human Trials

Target Validation

Computational Chemistry

Animal Studies

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StrategicAlliancesStrategicAlliances

� Our alliance investments are:

� Integrated and aligned with our global strategies, initiatives and internal investments

� Address opportunities and gaps to create competitive advantage

� Enable the low-cost evaluation of novel opportunities� Provide access to novel technologies with the potential to

change the current R&D paradigm� Managed with respect to the science, business, legal and IP

issues� Assessed and monitored with appropriate metrics

� Our alliance investments are:

� Integrated and aligned with our global strategies, initiatives and internal investments

� Address opportunities and gaps to create competitive advantage

� Enable the low-cost evaluation of novel opportunities� Provide access to novel technologies with the potential to

change the current R&D paradigm� Managed with respect to the science, business, legal and IP

issues� Assessed and monitored with appropriate metrics

Adding value: the SA visionAdding value: the SA vision

“Cradle to grave Alliance Management”“Cradle to grave Alliance Management”

Change in growth

rate

mAbs

Recombinant proteins

Cell therapy

Gene

Prophylactic vaccines

Size indicates relative potential market size*Size indicates relative potential market size*Therapeutic

vaccines

Change in growth

rate

mAbs

Recombinant proteins

Antisense

Cell therapy

Gene therapy

Prophylactic vaccines

Relative level of platform validation (time)

Size indicates relative potential market size*Size indicates relative potential market size*Therapeutic

vaccines

Therapeutic BiologicsRelative Maturity of Biologics Market SegmentsTherapeutic BiologicsRelative Maturity of Biologics Market Segments

Insulin & erythropoietinsare market leadersInsulin & erythropoietinmarket leaders

$32.6BOver 100 products currently in developmentOver 100 products currently in development

$7.3B

0

5

10

15

20

25

30

1996 1997 1998 1999 2000 2001 2002 2003 2004 2005

From a single program in 1996 to over 25 programs today, Pfizer continues to increase its

Biologics Portfolio.

Growth of Pfizer’s Biologics PortfolioGrowth of Pfizer’s Biologics Portfolio

MCSF mAbMCSF mAb

MAdCAM mAbMAdCAM mAb

IGF1R mAbIGF1R mAb

PEGPEG--hGHhGH

ETCETC--642642

TLR CPG 7909TLR CPG 7909

T2T2--TrpRSTrpRS

CD40 mAbCD40 mAb

CTLA4 mAbCTLA4 mAb

ETCETC--588588 ETCETC--216216

(interferon beta-1a) (dalteparin sodium injection)(pegvisomant for injection) human insulin powder

Expanding the Scope of R&DFuture Biologics PowerhouseExpanding the Scope of R&DFuture Biologics Powerhouse

4�25���������������4�25���������������0//6������'����!�����1�7(�����30//6������'����!�����1�7(�����3

NY 7/31/2006

Expanding Oncology Portfolio: CP-675,206Expanding Oncology Portfolio: CP-675,206

����$�%8"��# "

Many “Firsts” for Pfizer Oncology

Melanoma MonoclonalAntibody

Immuno-therapeutics

First ImmunotherapeuticNovel MOA that enhances immune

system (“removes the brake”)Broad applicability for all tumor types Option to lead in Tumor Immunology

First Fully-Human mAbFocus on cutting edge science

Sales of biologics estimated at 31% of cancer market in 2009

vs 18% in 2003*

Biotherapeutics and Macromolecules

Development

Candidates

Manufacturing

ODN TLR9 angonist

Candidate

Biologics manufacturing

ODN manufacturing

Process

Development

Discovery /

Lead Generation

Transgenic Mouse fully human mAbplatform

Transgenic Mouse fully human mAbplatform

Spiegelmer(Modified Aptamer) Obesity Candidate and platform

antisense platform

Phage display fully human mAbplatform

Cell line engineering using ZFP nucleases

Pegylation & InhalationTechnologies

High efficiency mammalian expression system

Rapid generation of high expression cell lines

RNAi for wet AMD

Diagnostics Will Be Enablers of Rx SalesExample SituationsDiagnostics Will Be Enablers of Rx SalesExample Situations

Example driver

Overall Pfizer Impact

All TAs have identified areas of diagnostics needAll TAs have identified areas of diagnostics need

Situation where Dx adds value Example Impact

Uptake and Compliance

Diagnostic that identifies presymptomatic individuals eligible for preventive/ disease-modifying treatment

Alzheimer’s Disease, test + disease-modifying drug

Potential to grow market by 10M+ individuals; multiple billion dollar value

Market ShareDiagnostic that indicates best therapy for individuals

HIV, resistance profile, Maraviroc

Rapid ramp-up and share increase; multiple hundred million dollar value

Market SizeDiagnostics that identifies subpopulation eligible for treatment

Breast cancer, HercepTest, Herceptin

Fragments market, but increases price and share within fragment

External Diagnostics Landscape – EvolvingExternal Diagnostics Landscape – Evolving

� The diagnostics market has total revenues of $70-75B(1) is growing at ~7% pa and has margins varying by technology segment from 5% to 30%

� Electronics companies are merging the traditional technology segments (in vivo and in vitro), pursuing higher margin services and IT revenues from clinical institutional customers

� Most large pharma companies (Merck, GSK, Bristol-Myers Squibb) have elected for selective diagnostics licensing deals focusing on support for specific portfolio assets

� Diagnostics will grow in importance in healthcare decision-making over the long term, driven by expansion in evidence-based treatment, shifts to early testing and screening and demand for personalized medicine

� The diagnostics market has total revenues of $70-75B(1) is growing at ~7% pa and has margins varying by technology segment from 5% to 30%

� Electronics companies are merging the traditional technology segments (in vivo and in vitro), pursuing higher margin services and IT revenues from clinical institutional customers

� Most large pharma companies (Merck, GSK, Bristol-Myers Squibb) have elected for selective diagnostics licensing deals focusing on support for specific portfolio assets

� Diagnostics will grow in importance in healthcare decision-making over the long term, driven by expansion in evidence-based treatment, shifts to early testing and screening and demand for personalized medicine

(1) Including in vitro, in vivo direct and in vivo IT and Services

Business Dynamics for DiagnosticsBusiness Dynamics for Diagnostics

• Revenues smaller (~$55B(1) relative to pharmaceutical ~$600B), margins lower (10-20%), and growth equivalent (~7%).

Short-term diagnostics business

Acquisitionchallenges in in vivo

Acquisition challenges in in vitro

Key short-termtrends

Landscape ofactivity

Long-term diagnostics business

Long-term Impact Of Dx On Rx

• Attractive segments fragmented; in select transactions studied, market paid $5-7B, for base revenues of ~$0.8B and revenue growth of ~$0.2B per annum

• Three key players; theoretically pay $15-25B (Philips Medical Systems) to $55-75B (GE Healthcare), for base revenues of $9B (PMS) to $15B (GEHC) and revenue growth of $0.4B (PMS) to $2.7B (GEHC) per annum

• No indication of a large improvement in diagnostics business

• Integrated Rx-Dx businesses have struggled to synergize• Companies entering or expanding are doing so for different reasons

• Critical longer-term enablers of pharmaceutical revenues

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• More attractive as diagnostics expected to grow considerably in importance as drivers of healthcare decisions

Key Trends: Limited Short-Term Change

Pricing under pressure

• Prices historically very low, continued downward pressure by payors• Reimbursement challenge: labs often have to absorb test costs• But, several trend-breakers may be emerging, such as in molecular diagnostics

(e.g., Genomic Health’s Oncotype Dx)

Increasing regulatory hurdles

Capabilities being commoditized

• Many segments already highly commoditized (e.g., clinical chemistry)• Higher margin segments seeing downward pressure with new entries

Long-term growing importance in healthcare

decision-making

• Human Genome Project, SNP Consortium and Hap Map are synergistic with diagnostic development

• Diagnostics likely to be much more important in driving healthcare decisions

• Variable regulatory path (PMA, 510(k), class I ASR, home-brew)( at FDA discretion• Recent examples indicate intent of FDA to increase hurdles

- Refusal to allow Roche AmpliChip as ASR in 2003- Draft proposal to regulate Multivariate Index Assays, February 2007

Limited IP protection• Few areas of real exclusivity• Many ways to resolve a particular Dx problem allows circumvention of IP

Expansion in Evidence-based treatment

• Market increasingly demands evidence-based treatment selection that can be provided by diagnostics

• Theranostics now standard for HIV, increasing for HBV and HCV

• Potential to grow Rx market for many indications• E.g., Biomarker and diagnostic development to identify pre-symptomatic Alzheimer’s Disease

Shift to early testing and screening

Demand for Personalized Medicine

• Diagnostics to identify molecular basis of disease important during both R&D and commercial

• Huge potential impact across many diseases currently defined by clusters of symptoms and tests

Longer-Term, Diagnostics Growing in ImportanceLonger-Term, Diagnostics Growing in Importance

� Aureon Labs

� Avid Radiopharmaceuticals

� Genizon

� Genomic Health

� ICardiac

� Monogram

� M2S

� Perlegen

� Virtual Scopics

� Aureon Labs

� Avid Radiopharmaceuticals

� Genizon

� Genomic Health

� ICardiac

� Monogram

� M2S

� Perlegen

� Virtual Scopics

� Cogstate

� Epidauros

� General Electric

� Oxford biosensors

� Source Mdx

Current and Past “Investments” in Diagnostics

Equity Non-Equity

New ParadigmsNew Paradigms

Recent DealsRecent Deals

� Scripps� An infusion of new ideas, fresh science

� The Pfizer Incubator� Nurturing ‘solutions’ to Pfizer ‘technology gaps or

problem statements

� Scripps� An infusion of new ideas, fresh science

� The Pfizer Incubator� Nurturing ‘solutions’ to Pfizer ‘technology gaps or

problem statements

The Collaborative Research Program Between The Scripps Research Institute and Pfizer

The Collaborative Research Program Between The Scripps Research Institute and Pfizer

General Provisions of CollaborationGeneral Provisions of Collaboration

� 5 year term

� Governed by Steering Committee (SC) with equal representation from Scripps and Pfizer

� Areas of Defined Collaboration� 2 Target Biology Projects/Year� 10 Screen Configurations/Year (Drug Pfinder)� Biological Libraries – creation/screening

� First option to license up to 47% of inventions

� First option to fund any corporate-sponsored research

� Collaboration in other fields as approved by SC

� Sabbatical Opportunities

� 5 year term

� Governed by Steering Committee (SC) with equal representation from Scripps and Pfizer

� Areas of Defined Collaboration� 2 Target Biology Projects/Year� 10 Screen Configurations/Year (Drug Pfinder)� Biological Libraries – creation/screening

� First option to license up to 47% of inventions

� First option to fund any corporate-sponsored research

� Collaboration in other fields as approved by SC

� Sabbatical Opportunities

The Pfizer Incubator Business ModelThe Pfizer Incubator Business Model

Value to Pfizer• Early access to enabling technologies• Flow of products at various stages at lower cost• Agility in exploring new technologies & processes

Value to Entrepreneurs• Easy hassle-free start-up, focus on science• Strategic advice from the ultimate customer• Opportunity for faster payoff

TPI Board needs• to ensure nimble

decision making

• to have flexibility to pursue different legal structures

• to reconcile compliance with certain Pfizer policies and procedures in the context of TPI and incubated entities

Founder(s)IP, know-how

NewCoExecutes Research

Plan

TPI$$*, facilities,

operational support

TPI acquires exclusive rights• Value negotiated or by third party• TPI cannot acquire only a portion

of company - cherry pick (in most situations)

• Milestones, royalties can provide long-term reward for founders

Spin out• TPI may acquire non-exclusive

license• NewCo can raise funding from

external investors or be acquired• NewCo moves out of incubator• TPI may remain a stakeholder

(no Board seat)

• Agreed upon objectives, research plan

• 2 year funding, 6 month milestones

• Plan and milestones can be changed if approved by TPI Board

• Equity share negotiated at start

• TPI has a Board seat • TPI reserves an option to

buy out founders based on negotiated or 3rd party valuation

Project initiation / Entity Creation

Incubation Exit Scenarios

TPI LLC

Entrepreneurs-In-Residence (EIRs)

Open innovation manager

TPI Head

TPI Organization, facilities and service modelTPI Organization, facilities and service model

TPI LLC is an umbrella organization under which multiple incubators at various locations can be run: scalable structure

TPI Board

Expert advisors

Investment budget for LJ incubator: $10M/y

Operating budget for 2007: $2.5M

LJ Incubator

Company 1

Company 2

Company 3

Incubator Head

Employees/contractors

Concierge

Service model

IncubatorEntity

ConciergeServices

IT

EHS

FacilitiesServices

Supplies/Logistics

Security

Pod

11st Floor

� 26,600 sq. ft.

� 5 dedicated labs (divisible into 8)

� Office space to support 70+ people

� Glass wash & central services

� Shipping / receiving location

� Least invasive renovation

� Shell space provides future flexibility

CB7

Thanks for Listening!!Thanks for Listening!!

� Pfizer is a superb partner� If an opportunity fits within our strategy, we are

nimble� We negotiate deals appropriate for the opportunity� We focus on the science� We manage the Alliances with purpose and for

success

� Any Questions?

� Pfizer is a superb partner� If an opportunity fits within our strategy, we are

nimble� We negotiate deals appropriate for the opportunity� We focus on the science� We manage the Alliances with purpose and for

success

� Any Questions?