(MDVN), Merrimack Pharmaceuticals (MACK), NPS Pharmaceuticals (NPSP), Ophthotech (OPHT), PTC Therapeutics (PTCT), Regeneron Pharmaceuticals (REGN), Synageva 13ioPluuma (GEVA), United Therapeutics (UTIIR), Vertex Pharmaceuticals (VRTX) J.P. Morgan Equity Research Ratings Distribution, as of March 31, 2014

rams and significantly reducing or terminating investments into others. Examples of this type of investment include Intarcia Therapeutics (NLV-I) and Synageva Biopharma (NLV-II, reverse merger to become public - November, 2011, NASDAQ: GEVA,; exited at 7.3x). e Restructuring & Recapitalizing Public Compani