DAVY VIEW

Novartis’s participation in Poseida’s Series C funding round is a strong validation of Poseida’s technology and potential. Malin invested $4m and its stake in Poseida is now approximately 25% (from 33%). In our estimation, this equates to a modest uplift in the fair value of its Poseida shareholding to c.€120m (December 31st: €106.5m). If Poseida’s clinical data continue to mature and improve, we believe a trade sale of the company is more probable than an IPO in the next 12 months. In the event of any such sale, we think Poseida could be worth c.€1bn+, with Malin standing to materially benefit given its significant stake.