BANB: Model update

Research evidence excerpt

BANB: Model update

Bachem Holding AG

Company description

Bachem is a Swiss-listed pharmaceutical Contract Development and Manufacturing Organisation (CDMO) that is a leader in TIDES

molecules — peptides and oligonucleotides. Employing c.2,600 staff across sites predominantly in Switzerland and California, it

has deployed substantial capex to expand its capacity to support a major contract that we think relates to a GLP-1 obesity product,

as well as several other commercial and clinical products.

Required disclosures

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subject to FINRA Rule 2241 restrictions on communications with a subject company, public appearances and trading securities

held by a research analyst account.

Conflicts disclosures

The analyst(s) responsible for preparing this research report received compensation that is based upon various factors, including

total revenues of the member companies of RBC Capital Markets and its affiliates, a portion of which are or have been generated

by investment banking activities of the member companies of RBC Capital Markets and its affiliates.

With regard to the MAR investment recommendation requirements in relation to relevant securities, a member company of Royal

Bank of Canada, together with its affiliates, may have a net long or short financial interest in excess of 0.5% of the total issued

share capital of the entities mentioned in the investment recommendation. Information relating to this is available upon request

from your RBC investment advisor or institutional salesperson.