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The Life Sciences Division (TLSD) does and seeks to do business with companies covered in its research reports. As a result, a disclosures table is provided in each report to highlight any conflicts of interest, such as existing corporate clients or relationships. The research has not been prepared in accordance with legal requirements designed to promote the independence of research. It must be considered non-independent research and a marketing communication as described in the FCA’s Conduct of Business Sourcebook. Further, although TLSD is not subject to any prohibition on dealing ahead of the dissemination of investment research, TLSD applies this prohibition through its internal systems and controls. The research has been prepared and issued by TLSD on the basis of publicly available information, internally developed data and from various other sources believed to be reliable but has not been independently verified by TLSD. TLSD does not warrant the completeness or accuracy of such information and does not accept any liability with respect to the accuracy or completeness of such information, except to the extent required by applicable law.