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nces (GILD), Idenix Pharmaceuticals (IDIX), InterMune (ITMN), Ironwood Pharmaceuticals (IRWD), Medivation (MDVN), Merrimack Pharmaceuticals (MACK), NPS Pharmaceuticals (NPSP), Ophthotech (OPHT), PTC Therapeutics (PTCT), Regeneron Pharmaceuticals (REGN), Synageva 13ioPluuma (GEVA), United Therapeutics (UTIIR), Verte

egulated by the Financial Conduct Authority and the Prudential Regulation Authority. Registered in England & Wales No. 2711006. Registered Office 25 Bank Street, London, El4 5.1P. South Africa: J.P. Morgan Equities South Africa Proprietary Limited is a member of the Johannesburg Securities Exchange and is re

te Corporation. Infinity Pharmaceuticals Inc. InterMune. Ironwood Pharmaceuticals, Inc., Lexicon Pharmaceuticals. Inc.. Neurocrine Biosciences Inc. NPS Pharmaceuticals, Ophthotech Corp. Pharmacydics Inc.. Portola Pharmaceuticals Inc, Regeneron Pharmaceuticals Inc., Relypsa, Inc.. Synageva Biopharma Corp, Theravance

Morgan Stanley MORGAN STANLEY RESEARCH The Americas 1585 Broadway New York. NY 10036-8293 United States Tel: +1 (1) 212 761 4000 Europe 20 Bank Street. Canary Wharf London E14 4AD United Kingdom Tel: +44 (0) 20 7 425 8000 Japan 1-9-7 Otemachi. Chiyoda-ku Tokyo 100-8104 Japan Tel: +81 (0) 3 6

cyte Corporation, Infinity Pharmaceuticals Inc. InterMune. Ironwood Pharmaceuticals, Inc. Lexicon Pharmaceuticals. Inc., Neurocrine Biosciences Inc, NPS Pharmaceuticals, Ophthotech Corp. Pharmacyclics Inc.. Portola Pharmaceuticals Inc. Regeneron Pharmaceuticals Inc., Relypsa. Inc.. Synageva Biopharma Corp, Theravanc

Morgan Stanley MORGAN STANLEY RESEARCH The Americas 1585 Broadway New York. NY 10036-8293 United States Tel: +1 (1) 212 761 4000 Europe 20 Bank Street. Canary Wharf London E14 4AD United Kingdom Tel: +44 (0) 20 7 425 8000 Japan 1-9-7 Otemachi. Chiyoda-ku Tokyo 100-8104 Japan Tel: +81 (0) 3 6