1 Table of Contents 1 Table of Contents 2 1.1 List of Tables 3 1.2 List of Figures 3 2 Executive Summary 4 2.1 Exceptionally Large and Innovative Pipeline 4 2.2 Alignment of First-in-Class Molecular Target with Disease Causation 4 2.3 Highly Active Deals Landscape with Numerous Investment Opportunities 4 3 The Case for Innovation in the Breast Cancer Market 5 3.1 Growing Opportunities for Biologic Products 5 3.2 Diversification of Molecular Targets 5 3.3 Innovative First-in-Class Product Developments Remain Attractive 5 3.4 Changes in Clinical and Commercial Environment to be More Favorable to Products Targeting Niche Patient Populations and Indications 5 3.5 Sustained Innovation 6 3.6 Report Guidance 6 4 Clinical and Commercial Landscape 8 4.1 Disease Overview 8 4.2 Epidemiology 8 4.3 Disease Symptoms 9 4.4 Etiology 9 4.4.1 Age and Gender 9 4.4.2 Genetic Makeup 9 4.4.3 Environmental 10 4.5 Pathophysiology 10 4.5.1 Tumor Initiation and Aberrant Cell Proliferation and Survival 10 4.5.2 Tumor Metabolic Shift 11 4.5.3 Tumor Progression, Micro-environment Alteration and Angiogenesis 12 4.5.4 Cancer Stem Cells 13 4.6 Diagnosis 13 4.7 Prognosis and Disease Staging 14 4.7.1 Classification 15 4.8 Introduction to Breast Cancer Treatments 16 4.9 Surgery and Radiation Therapy 17 4.10 Overview of Marketed Products for Breast Cancer 17 4.10.1 Chemotherapy 18 4.10.2 Hormonal Therapies 19 4.10.3 Targeted Therapies 19 4.11 Treatment Algorithm 21 4.12 Current Unmet Need in Breast Cancer Market 23 5 Assessment of Pipeline Product Innovation 25 5.1 Breast Cancer Pipeline by Phase, Molecule Type and Molecular Target 25 5.2 First-in-Class Pipeline Programs 29 6 Signaling Network, Disease Causation and Innovation Alignment 36 6.1 The Complexity of Signaling Networks in Oncology 36 6.2 Signaling Pathways, Disease-Causing Mutations and First-in-Class Molecular Target Integration 37 6.3 First-in-Class Target Matrix Assessment 37 7 First-in-Class Target Evaluation 41 7.1 Pipeline Programs which Target FGFR 3 and 4 41 7.2 Pipeline Programs which Target HER3 42 7.3 Pipeline Programs which Target PDK1 44 7.4 Pipeline Programs which Target Akt 1, 2 and 3 45 7.5 Pipeline Programs which Target PI3K-alpha 48 7.6 Conclusion 50 8 Deals and Strategic Consolidations 51 8.1 Industry-Wide First-in-Class Deals 51 8.2 Breast Cancer Deals Landscape 52 8.3 Licensing Deals 53 8.3.1 Molecule Type 55 8.3.2 Molecular Target 56 8.4 Co-development Deals 59 8.4.1 Molecule Type 60 8.4.2 Molecular Target 61 8.5 First-In-Class Molecules not Involved in Licensing or Co-development Deals 63 9 Appendix 66 9.1 Abbreviations 66 9.2 References 66 9.3 Contact Us 79 9.4 Disclaimer 79

1.1 List of Tables Table 1: Tumor, regional lymph Node and Metastasis Staging, 2010–2013 14 Table 2: US, Disease Stage at Diagnosis and Five-year Relative Survival (%), 2013 14 Table 3: Breast Cancer Histopathological and Molecular Classification 15 Table 4: Key Features and Pipeline Activity of FGFR3 41 Table 5: Key Features and Pipeline Activity of FGFR4 42 Table 6: Pipeline Programs Targeting FGFR4 42 Table 7: Key Features and Pipeline Activity of HER3 43 Table 8: Key Features and Pipeline Activity of PDPK1 44 Table 9: Key Features and Pipeline Activity of Akt1 46 Table 10: Key Features and Pipeline Activity of Akt2 46 Table 11: Key Features and Pipeline Activity of Akt3 47 Table 12: Key Features and Pipeline Activity of PI3K-alpha 48 1.2 List of Figures Figure 1: Marketed Product Overview 18 Figure 2: Treatment Algorithm for Cancer Diagnosed at Stages I to III 22 Figure 3: Treatment Algorithm for Cancer Diagnosed at Stage IV 23 Figure 4: Developmental Pipeline Overview 26 Figure 5: Developmental Pipeline Molecular Target Categories 28 Figure 6: Molecular Target Category Comparison, Pipeline and Marketed Products 29 Figure 7: Molecular Target Category Comparison, Pipeline First-in-Class and Established Molecular Targets 31 Figure 8: First-in-Class Products in the Breast Cancer Pipeline, Part 1 32 Figure 9: First-in-Class Products in the Breast Cancer Pipeline, Part 2 33 Figure 10: First-in-Class Products in the Breast Cancer Pipeline, Part 3 34 Figure 11: First-in-Class Products in the Breast Cancer Pipeline, Part 4 35 Figure 12: First-in-Class Molecular Target Analysis Matrix 38 Figure 13: First-in-Class Molecular Target Analysis Matrix 39 Figure 14: First-in-Class Molecular Target Analysis Matrix 40 Figure 15: Pipeline Programs Targeting FGFR3 42 Figure 16: Pipeline Programs Targeting HER3 43 Figure 17: Pipeline Programs Targeting PDK1 44 Figure 18: Pipeline Programs Targeting Akt1 47 Figure 19: Pipeline Programs Targeting Akt2 47 Figure 20: Pipeline Programs Targeting Akt3 48 Figure 21: Pipeline Programs Targeting PI3K 49 Figure 22: Industry-Wide Deals by Stage of Development, 2006–2014 51 Figure 23: Industry Licensing Deal Values by Stage of Development ($m), 2006–2014 52 Figure 24: Global, Licensing Deals by Region and Value, 2006–2014 54 Figure 25: Global, Licensing Deals by Stage and Value, 2006–2014 55 Figure 26: Licensing Deals by Molecule Type, 2006–2014 56 Figure 27: Licensing Deals by Molecular Target, 2006–2014 56 Figure 28: Licensing Deals, 2006–2014 57 Figure 29: Licensing Deals, 2006–2014 58 Figure 30: Co-Development Deals, 2006–2014 59 Figure 31: Co-Development Deals, 2006–2014 60 Figure 32: Co-Development Deals by Molecule Type, 2006–2014 61 Figure 33: Co-Development Deals by Molecular Target, 2006–2014 61 Figure 34: Co-Development Deals, 2006–2014 62 Figure 35: First-in-Class Programs with no Prior Deal Involvement, Part 1 63 Figure 36: First-in-Class Programs with no Prior Deal Involvement, Part 2 64 Figure 37: First-in-Class Programs with no Prior Deal Involvement, Part 3 65