Sun Pharma Advanced Research : Corporate Presentation

Corporate Overview

December 2021

©SPARC -For Discussion Purposes Only

Disclaimer

This presentation and its contents should not be distributed, published or reproduced, in whole or part, or disclosed by recipients directly or indirectly to any other person. Any failure to comply with these restrictions may constitute a violation of applicable laws. Accordingly, any persons in possession of this presentation should inform themselves about and observe any such restrictions. This presentation may include statements which may constitute forward-looking statements. All statements that address expectations or projections about the future, including, but not limited to, statements about the strategy for growth, business development, market position, expenditures, and financial results, are forward looking statements. Peak sales forecast/potential in the presentation represent potential sales of the product/s for the commercialization partner. Forward looking statements are based on certain assumptions and expectations of future events. This presentation should not be relied upon as a recommendation or forecast by Sun Pharma Advanced Research Company Limited ("Company"). Please note that the past performance of the Company is not, and should not be considered as, indicative of future results. The Company cannot guarantee that these assumptions and expectations are accurate or will be realized. The actual results, performance or achievements, could thus differ materially from those projected in any such forward-looking statements. The Company does not undertake to revise any forward-looking statement that may be made from time to time by or on behalf of the Company. Given these risks, uncertainties and other factors, viewers of this presentation are cautioned not to place undue reliance on these forward looking statements.

The information contained in these materials has not been independently verified. None of the Company, its Directors, Promoters or affiliates, nor any of its or their respective employees, advisers or representatives or any other person accepts any responsibility or liability whatsoever, whether arising in tort, contract or otherwise, for any errors, omissions or inaccuracies in such information or opinions or for any loss, cost or damage suffered or incurred howsoever arising, directly or indirectly, from any use of this document or its contents or otherwise in connection with this document, and makes no representation or warranty, express or implied, for the contents of this document including its accuracy, fairness, completeness or verification or for any other statement made or purported to be made by any of them, or on behalf of them, and nothing in this presentation shall be relied upon as a promise or representation in this respect, whether as to the past or the future. The information and opinions contained in this presentation are current, and if not stated otherwise, as of the date of this presentation. The Company undertakes no obligation to update or revise any information or the opinions expressed in this presentation as a result of new information, future events or otherwise. Any opinions or information expressed in this presentation are subject to change without notice. This presentation does not constitute or form part of any offer or invitation or inducement to sell or issue, or any solicitation of any offer to purchase or subscribe for, any securities of the Company, nor shall it or any part of it or the fact of its distribution form the basis of, or be relied on in connection with, any contract or commitment therefor. No person is authorized to give any information or to make any representation not contained in or inconsistent with this presentation and if given or made, such information or representation must not be relied upon as having been authorized by any person. By participating in this presentation or by accepting any copy of the slides presented, you agree to be bound by the foregoing limitations. All brand names and trademarks are the property of respective owners.

SPARC © 2021

2

SPARC timeline

Built a robust R&D engine over 15 years

Integrated translation advancing standard of care in difficult-to-treat diseases

Incubated out of Sun Pharma, India's largest pharmaceutical company Spun out in 2007 to an independent listed entity Focus on exploratory programs and capability development

Initial focus on Medicinal		US FDA Approvals of
Chemistry and Formulations		Xelpros and Elepsia
Success with Lipodox		NCEs enter clinical
Multiple delivery systems		Development
innovations		Focus on strategic
Substantial investments in		partnering to access early
discovery & translational		science
development

Growing NCE pipeline

3 more NDA submissions Forays into ADCs & Immunofusions

Poised to grow its multimodality platform in CNS, Oncology & Immunology

	2007-2010			2011-2014			2015-2019			2020 & beyond
						Trading/Financial Summary
							31.3%
		$4			$3.40

$2
								Share Price $ (as of 12/10/21)	$3.40
									Premium / (Discount) to 52-Week High		(20%)
									Equity Value, T USD Mn		$892
									Less : Cash USD Mn		(11)
									Plus : Debt USD Mn		20
$0									Enterprise Value USD Mn		$901
Dec-20	Feb		-21 Apr		-21 Jun		-21 Aug		-21 Oct		-21		Dec		-21

SPARC © 2021

3

Investment highlights

4 Clinical Stage Programs Targeting Areas of High Unmet Need

Targeting large addressable patient populations with USD 20Bn+ combined peak sales potential in 6 indications within Oncology, Neurology, and Immunology

Discovery & Development Across Validated & Novel Biology in Order to Balance the Risk

Multi-modal portfolio covering small and large molecules and conjugated entities

10+ preclinical programs including an ADC program expected to enter the clinic in 2023

Proven High Quality R&D Organization with Capital-Efficient Global Operations

350+ scientists across 4 research centers including USD 400Mn invested to date 2 USFDA approvals for internally developed assets

3 NDAs targeted for submission in 2022

Highly Flexible Model to Maximize Shareholder Value

Partnerships to maximize large commercial potential and provide non-dilutive capital

Maximize multi-TA opportunity and preserve optionality for spin-offs

Experienced Management Team and Globally Recognized Scientific Advisory Board

ADC = Antibody Drug Conjugate | TA = Therapeutic Area | USFDA = United States Food and Drug Administration | NDA = New Drug Approval

SPARC © 2021

4

Pipeline overview & key milestones

Asset / Program	MoA	Indication	Discovery Preclinical	Phase 1	Phase 2		Phase 3/	Upcoming	Partner
Registration Study	Catalyst
		Parkinson's						PoC data from
							PROSEEK study
				Disease
									in 2023
Vodobatinib	c-ABL			Lewy Body						PoC data in 2023
(SCC-138)	Inhibitor	Dementia1
				Alzheimer's
				Disease
Vodobatinib	BCR-ABL	Refractory						Pivotal data
(SCO-088)	Inhibitor			CML						in 2024
SCO-120	SERD	Metastatic						Phase 1 data
Breast Cancer						in 2023
			Psoriasis						Phase 2
								data in 2023
Vibozilimod	Selective			Atopic						Phase 2 data
(SCD-044)	S1PR1 agonist	Dermatitis						in 2023
				Alopecia
				Areata
Undisclosed	TAA-1			Multiple						IND Filing
		Tumors						Targeted 2023
Preclinical Assets 10+ preclinical assets under development to ensure a robust pipeline for future growth
					Neurology	Oncology	Immunology

1. Investigator Initiated Study | MoA = Mechanism of Action | PoC = Proof of Concept | CML = Chronic Myeloid Leukemia | SERD = Selective Estrogen Receptor Degrader S1PR1 = Sphingosine-1-Phosphate Receptor 1 | IND = Investigational New Drug | TAA-1 = Tumor Associated Antigen-1

SPARC © 2021

5