 BioCryst & Presidio Merger Overview October 18, 2012 Exhibit 99.2 |
 2 Disclaimer Important Additional Information and Where to Find It BioCryst Pharmaceuticals, Inc. (“BioCryst”) intends to file with the SEC a registration statement on Form S-4, which will also include a proxy statement and prospectus with respect to the proposed acquisition of Presidio. The final proxy statement/prospectus will be mailed to the stockholders of BioCryst. Investors and security holders are urged to read the proxy statement/prospectus regarding the proposed transaction carefully and in its entirety when it becomes available because it will contain important information regarding BioCryst, Presidio and the proposed merger. Investors will be able to obtain a free copy of the proxy statement/prospectus, as well as other filings containing information about BioCryst, without charge, at the SEC’s website (http://www.sec.gov/). Investors may also obtain these documents, without charge, from BioCryst’s website at http://investor.shareholder.com/biocryst/sec.cfm. This communication shall not constitute an offer to sell or the solicitation of an offer to buy any securities in the equity financing. Participants in the Merger Solicitation BioCryst and its directors, executive officers and other members of management and employees may be deemed to be participants in the solicitation of proxies from shareholders with respect to the transactions contemplated by the merger agreement. Information regarding BioCryst’s directors and executive officers is contained in BioCryst’s 2011 Annual Report on Form 10-K filed with the SEC on March 6, 2012 and its definitive proxy statement filed with the SEC on April 9, 2012 in connection with its 2012 meeting of stockholders. Other information regarding the participants in the proxy solicitation and a description of their direct and indirect interests, by security holdings or otherwise, will be contained in the proxy statement/prospectus and other relevant materials to be filed with the SEC when they become available. BioCryst Forward-Looking Statements This press release contains forward-looking statements, including statements regarding future results, performance or achievements. These statements involve known and unknown risks, uncertainties and other factors which may cause BioCryst’s actual results, performance or achievements to be materially different from any future results, performances or achievements expressed or implied by the forward-looking statements. These statements reflect our current views with respect to future events and are based on assumptions and subject to risks and uncertainties. Given these uncertainties, you should not place undue reliance on these forward-looking statements. Some of the factors that could affect the forward-looking statements contained herein include: that the merger might not be completed for any number of reasons, most of which are outside of the control of BioCryst; that BioCryst may not be able to obtain the requisite financing on commercially reasonable terms or that or that the financing may be raised at prices below the currently prevailing price for BioCryst common stock; that integration of BioCryst and Presidio may prove more challenging than anticipated or that anticipated benefits of the merger may not be achieved, or may be achieved less rapidly than anticipated; the outcome of any legal proceedings that may be instituted against BioCryst or Presidio; risks relating to any unforeseen liabilities, future capital expenditures, revenues, expenses, earnings, economic performance, indebtedness, financial condition, losses and future prospects, business and management strategies or the expansion and growth of Presidio’s operations; BioCryst’s ability to integrate Presidio’s business successfully after the closing of the merger agreement; and the risk that disruptions from the merger agreement will harm BioCryst’s or Presidio’s businesses. There can be no assurance that the proposed merger and financing will in fact be consummated. Other important factors include: that there can be no assurance that BioCryst’s or Presidio’s compounds will prove effective in clinical trials; that development and commercialization of BioCryst’s or Presidio’s compounds may not be successful; that BARDA/HHS may further condition, reduce or eliminate future funding of the peramivir program; that BioCryst, Presidio or licensees may not be able to enroll the required number of subjects in planned clinical trials of its product candidates and that such clinical trials may not be successfully completed; that the companies or licensees may not commence as expected additional human clinical trials with product candidates; that the FDA may require additional studies beyond the studies planned for product candidates or may not provide regulatory clearances which may result in delay of planned clinical trials, clinical hold with respect to such product candidate or the lack of market approval for such product candidate; that ongoing and future preclinical and clinical development may not have positive results; that the companies or licensees may not be able to continue future development of current and future development programs; that such development programs may never result in future product, license or royalty payments being received; that the companies may not be able to retain their current pharmaceutical and biotechnology partners for further development of its product candidates or may not reach favorable agreements with potential pharmaceutical and biotechnology partners for further development of product candidates; that their actual cash burn rate may not be consistent with its expectations; that BioCryst or Presidio may not have sufficient cash to continue funding the development, manufacturing, marketing or distribution of products and that additional funding, if necessary, may not be available at all or on terms acceptable to BioCryst or Presidio. Please refer to the documents BioCryst files periodically with the Securities and Exchange Commission, specifically BioCryst's most recent Annual Report on Form 10-K, Quarterly Reports on Form 10-Q, and current reports on Form 8-K, all of which identify important factors that could cause the actual results to differ materially from those contained in BioCryst’s projections and forward-looking statements. |
 Experienced leadership Near-term milestones Two pronged focus: high-value antivirals & orphan indications Resourced to reach value creating events Three oral, pan-genotypic HCV molecules with distinct MOAs First oral prophylactic would revolutionize HAE treatment Peramivir & ulodesine programs have potential to contribute non-dilutive capital Planned $60 million financing to reach potential value creating events for HCV & HAE HCV Unique portfolio HAE Revolutionary treatment 3 |
 4 Transaction overview & capitalization plan • All Presidio assets • $25M cash committed from Presidio shareholders • 24.5M BCRX shares valued at $101M Minimum $60 million equity financing required as a closing condition Includes $25 million committed by Presidio shareholders Transaction & financing close expected 1Q13 Headquarters in Durham, NC with sites in San Francisco, CA & Birmingham, AL NewCo to launch with a new name and ticker at closing |
 Hepatitis industry leaders joining an established leadership team Nathaniel Brown, MD, Chief Medical Officer, Presidio - Former EVP Clinical Development & CMO, Idenix Pharmaceuticals; Head of Hepatitis Section, Infectious Disease, GlaxoWellcome/GSK - 23 years of experience in antiviral/antiinfective development U.S. & global - Clinical development leader for globally registered antivirals/antiinfectives: HCV - Wellferon (interferon alfa-n1) Pneumocystis pneumonia - Mepron (atovaquone) HBV - Epivir-HBV (lamivudine) Varicella - Zovirax (acyclovir) HBV - Tyzeka (telbivudine) HIV - Retrovir (zidovudine) for children HIV - Reyataz (atazanavir), protease inhibitor HBV - Baraclude (entecavir), polymerase inhibitor Richard Colonno, PhD, Chief Scientific Officer, Presidio - Former VP Infectious Diseases Drug Discovery, Bristol-Myers Squibb; Senior Director, Merck Research Labs - Internationally recognized expert in the areas of antiviral drug discovery & viral resistance, with over 30 years of pharmaceutical industry experience - Key leadership role in advancement & global approval of important antivirals: |
 Experienced governance & HCV investors: Board nominees Presidio nominees to Board - Srinivas Akkaraju, MD, PhD Managing Director, New Leaf Venture Partners - Felix J. Baker, PhD Managing Partner, Baker Bros. Advisors - Kenneth Galbraith General Partner, Ventures West Capital BioCryst nominees to Board - George Abercrombie Former President & CEO, Hoffmann-La Roche - Fred Cohen, MD, D.Phil Partner & Managing Director, TPG Biotech - Nancy Hutson, PhD Former Senior Vice President of Global R&D, Pfizer - Peder Jensen, MD Former SVP/GM, R&D Japan/Asia/Pacific, Schering-Plough - Kenneth B. Lee, Jr. General Partner, Hatteras Venture Partners - Jon Stonehouse President & CEO, BioCryst Pharmaceuticals Jon Stonehouse will be CEO & Kenneth Galbraith will be Board Chairman 6 |
 Hepatitis C Portfolio Overview |
 Opportunity for unique, all-oral, pan-genotypic combinations HCV Mechanism of Action Preclinical Phase 1 Status NS5A inhibitor Ph 2 ready Nucleoside NS5B inhibitor Ph 1 ready 4Q12 Non-nucleoside NS5B inhibitor Ph 1 ready 1H13 PPI-668 + BCX5191 PPI-668 + PPI-383 PPI-668 + BCX5191 + PPI-383 PPI-668 PPI-383 BCX5191 Strategy: Build HCV combination therapies around lead NS5A compound, PPI-668 8 |
 Aggressively pursue external collaborations to identify optimal regimens Opportunity to address significant HCV market segments: Pan-genotypic & genotype-specific combination therapies Regional opportunities Patient subpopulations + NS5A inhibitor: Potential foundation for curative combinations BCX5191 and/or PPI-383 Additional DAAs from external sources Internal combinations Internal/external combinations 9 PPI-668 |
 PPI-668 is an “optimized” NS5A inhibitor Oral, QD dosing in humans Pan-genotypic coverage of all major HCV genotypes – Equivalent to daclatasvir (BMS-052) Additive to synergistic with other classes of HCV antivirals, no antagonism noted Excellent safety profile in 3-month animal studies & well tolerated in human trials PK profile results in strong clinical potency & coverage of pre-existing resistant variants HCV Genotype 0.01 0.1 1 10 1a 1b 2a 3a 4a 5a 6a 7a PPI-668 BMS-052 10 |
 Completed single & multi-dose administration (40-320 mg once daily) All doses generally safe & well tolerated PK results support once-daily dosing Rapid (2 hr) attainment of high plasma levels (C max 2-7 µM), with first dose Excellent trough coverage (60-415 nM), exceeds the EC for all HCV genotypes Dose-proportional systemic exposures No significant food effect Efficacy implications Rapid efficacy starting with first dose against WT & resistant variants harboring single amino acid substitutions Hours Post Dosing Rapid tissue distribution (liver and other tissues) Prolonged -phase half-life, maintains inhibitory levels Favorable PPI-668 pharmacokinetic (PK) profile – Phase 1a results Micromolar blood levels within 2 hr, for rapid HCV inhibition 0 1000 2000 3000 4000 5000 6000 0 6 12 18 24 30 80 mg 160 mg 320 mg 11 90 |
 PPI-668: Optimal PK profile with once-daily dosing Time Post Dosing (hr) Only C 24 hr PK time points examined 5-day once-daily oral dosing @ 320 mg Intensive PK sampling after 1st & 5th doses; trough levels (C 24hr ) on other days Steady state achieved by Day 2, no subsequent accumulation or induced elimination No need for loading dose to achieve maximal efficacy 10 100 1000 10000 0 10 20 30 40 50 60 70 80 90 100 110 120 12 Steady state achieved Dose 1 Dose 2 Dose 3 Dose 4 Dose 5 |
 PPI-668 Phase 1b: POC & antiviral activity demonstrated Phase 1b design 10 patients per dose cohort, randomized 8:2 (active : placebo) 40, 80, 160 or 240 mg QD x 3 days, with 14 days follow up 3-day dosing consistent with draft FDA HCV guidance Dose group Dose group Mean maximal HCV RNA Mean maximal HCV RNA reduction, reduction, 3 days of treatment 3 days of treatment 40 mg/day 3.2 log 10 IU/mL 80 mg/day 3.5 log 10 IU/mL 160 mg/day 3.5 log 10 IU/mL 240 mg/day 3.7 log 10 IU/mL Detailed results to be presented at AASLD meeting November 9-13 Results Well tolerated at all doses Unsurpassed viral load reduction in first 24-30 hr, indicating potent antiviral activity HCV RNA reductions typically exceeded 3 log 10 during first day of dosing Coverage of resistant variants demonstrated Four patients with high levels of pre-existing resistant variants (single substitutions) responded well 13 |
 Two complementary inhibitors of HCV NS5B polymerase NS5B protein serves as the viral polymerase & is essential for HCV replication • Nuc Catalytic Site (A) • NNuc Binding Sites – Palm I (B) – Palm II (C) – Thumb I (D) – Thumb II (E) • Opportunity to develop a superior NNuc as a 3rd class of oral, potent, pan- genotypic agents • Opportunity to develop highly potent Nuc-based combinations with a high barrier to resistance Allosteric non-nucleoside inhibitor PPI-383 Adenosine nucleoside inhibitor BCX5191 14 |
 PPI-383 (NNuc) exhibits pan-genotypic activity in replicon assays HCV Genotype NNucs currently in advanced development are HCV GT-1 specific PPI-383 distinct feature: near equivalent coverage of HCV genotypes tested Additive to synergistic with other classes of HCV antivirals Favorable pharmacological profile: Metabolic stability No CYP inhibition Low protein binding Animal PK profile predictive of QD- BID dosing in humans PPI-383 is undergoing GLP toxicology studies to enable Phase 1 studies to initiate 1H13 10000 1000 100 10 1 1a 1b 2a 3a 4a PPI-383 VX-222 15 |
 NS5B Enzyme *Data from Lam et al 2010 AAC 54:3187-3196 BCX5191 (Nuc): Pan-genotypic at sub-micromolar concentrations Adenosine nucleoside analog Pan-genotypic coverage Sub-micromolar potency on NS5B Compares favorably with GS-7977 Favorable pharmacological profile: Metabolic stability No CYP inhibition Parent drug plasma concentrations track liver concentrations Once-daily dosing Preclinical PK predicts antiviral efficacy at low daily doses Initiation of Phase 1 trial program planned for 4Q12 BCX5191 GS-7977 10000 1000 100 10 1 1a 1b 2a 3a 4a 16 * |
 Hereditary Angioedema Overview |
 BCX4161 could be the first oral prophylactic HAE therapy Problems with current parenteral KK inhibitors: IV infusions create a significant treatment burden IV access maintenance Risk of infection SC injection reactions Goals of BCX4161 development program: Oral administration Highly effective attack prevention Safe 18 A safe, effective ORAL kallikrein inhibitor could revolutionize the lives of patients with hereditary angioedema Image obtained from www.haeimages.com & used with permission |
 BCX4161 targets kallikrein, which is fully validated clinically in HAE Factor XIIa Plasmin High-Molecular-Weight Kininogen Prekallikrein Kallikrein Bradykinin Stop vasodilatation, nonvascular smooth muscle contraction & edema Trauma BK receptor 1 2 Inhibit kallikrein activity Prevent BK from binding receptors 2 Cinryze — IV prophylaxis Berinert — IV acute therapy Kalbitor — SC acute therapy BCX4161 — Oral prophylaxis Firazyr — SC acute therapy 19 1 |
 BCX4161 has demonstrated preclinical POC for oral dosing Inhibition of kallikrein activity through 24 hours post-dose PK of BCX4161 in rats – 30, 100 & 300 mg/kg oral dosing Pharmacodynamics of BCX4161 in rats – 100 mg/kg oral dosing 50% Kl 100000 10000 1000 100 10 0 4 8 12 16 20 24 Rat Kl EC 50 0.1 1 10 100 30 mg/kg 100 mg/kg 300 mg/kg 100 80 60 40 20 0 0 4 8 12 16 20 24 Time, hr Time, hr 20 |
 BCX4161 inhibits kallikrein in human plasma Median EC 50 ~ 6 nM BCX4161 at 50-100 nM maximally inhibits kallikrein Phase 1 trial will deliver: Preliminary safety PK from oral dosing Degree of kallikrein inhibition Dose selection for HAE patient trials BCX4161 inhibits Kallikrein at very low doses 21 Inhibition of kallikrein in plasma from 51 normal subjects: EC 50 < 12 nM in all cases Kallikrein inhibition assay will be used as a PD biomarker in the clinical program to select effective doses |
 Biomarker assay developed to support clinical program First clinical studies will determine pharmacokinetics & pharmacodynamics, as well as BCX4161 profile for HAE: Entering Phase 1 4Q12 Profile Results Attractive preclinical pharmacology profile BCX4161 inhibits kallikrein in human plasma Median EC50 ~ 6 nM Preclinical POC for oral dosing Nonclinical safety IND-enabling program complete Therapeutic window assessed Doses selected for first clinical studies 22 likelihood of success |
 Pipeline with development focus on HCV & HAE Disease Program Pre-IND Phase 1 Phase 2 Pivotal HCV PPI-668 NS5A inhibitor BCX5191 Nucleoside NS5B PPI-383 Non-nucleoside NS5B HAE BCX4161 Oral kallikrein inhibitor Other Peramivir, i.v. Outpatient, seasonal influenza Peramivir, i.v. Inpatient, influenza Ulodesine, BCX4208 Gout 1. Peramivir is approved in Japan & Korea 23 1 Approved |
 Important near-term events support value creation 2012 2013 4Q 1Q 2Q 3Q 4Q BCX5191 Phase 1 results AASLD BCX4161 Phase 1 results Peramivir Phase 3 interim analysis Complete merger PPI-383 Phase 1 results PPI-668 Phase 2a combo results EASL AASLD HAE events Influenza events HCV events Business events 24 |
 A well-capitalized HCV player with numerous value creating events Experienced leadership Near-term milestones Attractive assets Resourced to reach value creating events HCV Unique portfolio HAE Revolutionary treatment NewCo 25 Shareholder value |