Sec Form 13D Filing - BAKER BROS. ADVISORS LP filing for MADRIGAL PHARMACEUTICALS INC. (MDGL) - 2023-11-21

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 20549

 

SCHEDULE 13D

Under the Securities Exchange Act of 1934

 

(Amendment No. 3)*

 

Madrigal Pharmaceuticals, Inc.  

(Name of Issuer)

 

Common Stock, par value $0.0001 per share 

(Title of Class of Securities)

 

558868105 

(CUSIP number)

 

Alexandra A. Toohey

Chief Financial Officer

Baker Bros. Advisors LP

860 Washington Street, 3^rd Floor

New York, NY 10014

(212) 339-5690

(Name, address and telephone number of person authorized to receive notices and communications)

 

November 17, 2023

(Date of event which requires filing of this statement)

 

If the filing person has previously filed a statement on Schedule 13G to report the acquisition that is the subject of this Schedule 13D, and is filing this schedule because of Rule 13d-1(e), 13d-1(f) or 13d-1(g), check the following box. x

 

Note: Schedules filed in paper format shall include a signed original and five copies of the schedule, including all exhibits. See Rule 13d-7 for other parties to whom copies are to be sent.

 

*The remainder of this cover page shall be filled out for a reporting person's initial filing on this form with respect to the subject class of securities, and for any subsequent amendment containing information which would alter disclosures provided in a prior cover page.

 

The information required on the remainder of this cover page shall not be deemed to be "filed" for the purpose of Section 18 of the Securities Exchange Act of 1934 ("Act") or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes).

 

 

 

CUSIP No.  558868105

Page   2   of  15   Pages

 

1.	NAMES OF REPORTING PERSONS   Baker Bros. Advisors LP
2.	CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*	(a) ¨ (b) ¨
3.	SEC USE ONLY
4.	SOURCE OF FUNDS*  OO
5.	CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(d) or 2(e)	¨
6.	CITIZENSHIP OR PLACE OF ORGANIZATION   Delaware

NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH	7.	SOLE VOTING POWER 1,987,702 (1)
	8.	SHARED VOTING POWER: 0
	9.	SOLE DISPOSITIVE POWER: 1,987,702 (1)
	10.	SHARED DISPOSITIVE POWER: 0

11.	AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON: 1,987,702 (1)
12.	CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES (See Instructions)	¨
13.	PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)  9.99% (1)(2)
14.	TYPE OF REPORTING PERSON (See Instructions)   IA, PN

(1)

Includes 154,274 shares of common stock (“Common Stock”) of Madrigal Pharmaceuticals, Inc. (the “Issuer”) issuable upon the exercise of 154,274 Prefunded Warrants (as defined in Item 5 and subject to a beneficial ownership limitation as described therein).

(2)

Based on 19,742,646 shares of Common Stock outstanding as of November 1, 2023, as reported in the Issuer’s Form 10-Q filed with the Securities and Exchange Commission (the “SEC”) on November 6, 2023.

 

 

CUSIP No.  558868105

Page   3   of  15   Pages

 

1.	NAMES OF REPORTING PERSONS   Baker Bros. Advisors (GP) LLC
2.	CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*	(a) ¨ (b) ¨
3.	SEC USE ONLY
4.	SOURCE OF FUNDS*  OO
5.	CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(d) or 2(e)	¨
6.	CITIZENSHIP OR PLACE OF ORGANIZATION   Delaware

NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH	7.	SOLE VOTING POWER 1,987,702 (1)
	8.	SHARED VOTING POWER: 0
	9.	SOLE DISPOSITIVE POWER: 1,987,702 (1)
	10.	SHARED DISPOSITIVE POWER: 0

11.	AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON: 1,987,702 (1)
12.	CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES (See Instructions)	¨
13.	PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)  9.99% (1)(2)
14.	TYPE OF REPORTING PERSON (See Instructions)   HC, OO

	(1)	Includes 154,274 shares of Common Stock issuable upon the exercise of 154,274 Prefunded Warrants (as defined in Item 5 and subject to a beneficial ownership limitation as described therein).
	(2)	Based on 19,742,646 shares of Common Stock outstanding as of November 1, 2023, as reported in the Issuer’s Form 10-Q filed with the SEC on November 6, 2023.

 

 

CUSIP No.  558868105

Page   4   of  15   Pages

 

1.	NAMES OF REPORTING PERSONS   Julian C. Baker
2.	CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*	(a) ¨ (b) ¨
3.	SEC USE ONLY
4.	SOURCE OF FUNDS*  OO
5.	CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(d) or 2(e)	¨
6.	CITIZENSHIP OR PLACE OF ORGANIZATION   United States

NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH	7.	SOLE VOTING POWER: 1,987,702 (1)
	8.	SHARED VOTING POWER: 0
	9.	SOLE DISPOSITIVE POWER: 1,987,702 (1)
	10.	SHARED DISPOSITIVE POWER: 0

11.	AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON: 1,987,702 (1)
12.	CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES (See Instructions)	¨
13.	PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)  9.99% (1)(2)
14.	TYPE OF REPORTING PERSON (See Instructions)   IN, HC

	(1)	Includes 154,274 shares of Common Stock issuable upon the exercise of 154,274 Prefunded Warrants (as defined in Item 5 and subject to a beneficial ownership limitation as described therein).
	(2)	Based on 19,742,646 shares of Common Stock outstanding as of November 1, 2023, as reported in the Issuer’s Form 10-Q filed with the SEC on November 6, 2023.

 

 

CUSIP No.  558868105

Page   5   of  15   Pages

 

1.	NAMES OF REPORTING PERSONS   Felix J. Baker
2.	CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*	(a) ¨ (b) ¨
3.	SEC USE ONLY
4.	SOURCE OF FUNDS (See Instructions) OO
5.	CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(d) or 2(e)	¨
6.	CITIZENSHIP OR PLACE OF ORGANIZATION   United States

NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH	7.	SOLE VOTING POWER: 1,987,702 (1)
	8.	SHARED VOTING POWER: 0
	9.	SOLE DISPOSITIVE POWER: 1,987,702 (1)
	10.	SHARED DISPOSITIVE POWER: 0

11.	AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON: 1,987,702 (1)
12.	CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES (See Instructions)	¨
13.	PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)  9.99% (1)(2)
14.	TYPE OF REPORTING PERSON (See Instructions)   IN, HC

(1)

Includes 154,274 shares of Common Stock issuable upon the exercise of 154,274 Prefunded Warrants (as defined in Item 5 and subject to a beneficial ownership limitation as described therein).

(2)

Based on 19,742,646 shares of Common Stock outstanding as of November 1, 2023, as reported in the Issuer’s Form 10-Q filed with the SEC on November 6, 2023

 

 

Amendment No. 3 to Schedule 13D

 

This Amendment No. 3 to Schedule 13D amends and supplements the previously filed Schedules 13D filed by Baker Bros. Advisors LP (the “Adviser”), Baker Bros. Advisors (GP), LLC (the “Adviser GP”), Julian C. Baker and Felix J. Baker (collectively the “Reporting Persons”). Except as supplemented herein, such statements, as heretofore amended and supplemented, remain in full force and effect.

 

The Adviser GP is the sole general partner of the Adviser. Pursuant to the management agreements, as amended, among the Adviser, Baker Brothers Life Sciences, L.P. (“Life Sciences”) and 667, L.P. (“667”, and together with Life Sciences, the “Funds”), and their respective general partners, the Funds’ respective general partners relinquished to the Adviser all discretion and authority with respect to the investment and voting power over securities held by the Funds, and thus the Adviser has complete and unlimited discretion and authority with respect to the Funds’ investments and voting power over investments.

 

Item 3. Source and Amount of Funds or Other Consideration.

 

Item 3 of this Schedule 13D is supplemented and amended, as the case may be, as follows:

 

The disclosure in Item 5 below is incorporated herein by reference.

 

Item 4. Purpose of the Transaction.

 

Item 4 of this Amendment No. 3 is supplemented and amended, as the case may be, as follows:

 

This Amendment No. 3 is being filed to report the acquisition of common stock (“Common Stock”) of Madrigal Pharmaceuticals, Inc. (the “Issuer”) reported in Item 5(c) that resulted in a more than 1 percent change in beneficial ownership. The disclosure regarding the purchases in Item 5(c) below is incorporated herein by reference.

 

The Funds hold securities of the Issuer for investment purposes. The Reporting Persons or their affiliates may purchase additional securities or dispose of securities in varying amounts and at varying times depending upon the Reporting Persons’ continuing assessments of pertinent factors, including the availability of shares of Common Stock or other securities for purchase at particular price levels, the business prospects of the Issuer, other business investment opportunities, economic conditions, stock market conditions, money market conditions, the attitudes and actions of the board of directors of the Issuer (the “Board”) and management of the Issuer, the availability and nature of opportunities to dispose of securities of the Issuer and other plans and requirements of the particular entities.  The Reporting Persons may discuss items of mutual interest with the Issuer’s management, other members of the Board and other investors, which could include items in subparagraphs (a) through (j) of Item 4 Schedule 13D.

 

Depending upon their assessments of the above factors, the Reporting Persons or their affiliates may change their present intentions as stated above and they may assess whether to make suggestions to the management of the Issuer regarding financing, and whether to acquire additional securities of the Issuer (by means of open market purchases, privately negotiated purchases, conversion of some or all of the Convertible Preferred (as defined in Item 5), exercise of some or all of the Prefunded Warrants (as defined in Item 5) subject to limitations described in Item 5, or otherwise) or to dispose of some or all of the securities of the Issuer under their control.

 

 

Item 5. Interest in Securities of the Issuer.

 

Item 5 of this Schedule 13D is hereby supplemented and amended, as the case may be, as follows:

 

(a) and (b) Items 7 through 11 and 13 of each of the cover pages of this Amendment No. 3 are incorporated herein by reference.

 

Set forth below is the aggregate number of shares of Common Stock directly held by each of the Funds, which may be deemed to be indirectly beneficially owned by the Reporting Persons, as well as shares of Common Stock that may be acquired upon conversion of Series A Convertible Preferred Stock (as defined below) and Series B Convertible Preferred Stock (as defined below), subject to the limitations on conversion described below and shares of Common Stock that may be acquired upon exercise of the Prefunded warrants (as defined below), subject to the limitations on exercise described below.

 

Name		Common Stock				Series A Preferred Stock				Series B Preferred Stock				Prefunded Warrants
667, L.P.			171,116				200,378				39,250				125,447
Baker Brothers Life Sciences, L.P.			1,662,312				1,769,419				360,750				1,522,651
Total			1,833,428				1,969,797				400,000				1,648,098

 

The Funds hold shares of the Issuer’s prefunded warrants to purchase Common Stock (“Prefunded Warrants”), exercisable at any time on a 1-for-1 basis at an exercise price of $0.0001 per share into Common Stock with no expiration date, subject to the limitations discussed below. The Prefunded Warrants are only exercisable to the extent that after giving effect to such exercise the holders thereof, together with their affiliates and any members of a Section 13(d) group with such holders, would beneficially own, for purposes of Rule 13d-3 under the Securities Exchange Act of 1934, as amended (the “Exchange Act”), no more than 9.99% of the outstanding shares of Common Stock (the “Maximum Percentage”). By written notice to the Issuer, the Funds may from time to time increase or decrease the Maximum Percentage applicable to that Fund to any other percentage not in excess of 19.99%. Any such increase will not be effective until the 61st day after such notice is delivered to the Issuer. As a result of this restriction, the number of shares that may be issued upon exercise of the Prefunded Warrants by the above holders may change depending upon changes in the number of outstanding shares of Common Stock.

 

The Funds hold shares of the Issuer’s Series A convertible preferred stock (“Series A Convertible Preferred Stock”), a common stock equivalent with no voting rights, that is convertible into shares of Common Stock on a 1-for-1 basis. However, the shares of Series A Convertible Preferred Stock are only convertible to the extent that after giving effect to such conversion the holders thereof and their affiliates and any persons who are members of a Section 13(d) group with the holders would beneficially own in the aggregate, for purposes of Rule 13d-3 under the Exchange Act, no more than 4.99% of the outstanding Common Stock of the Issuer (“Series A Beneficial Ownership Limitation”). As a result of the Series A Beneficial Ownership Limitation, the number of shares of Common Stock that may be issued upon conversion of the shares of Series A Convertible Preferred Stock by the above holders may change depending upon changes in the outstanding shares of Common Stock. By notice to the Issuer, the Funds may increase or decrease the Series A Beneficial Ownership Limitation applicable to that Fund to any other percentage; provided that any such increase or decrease will not be effective until the 61st day after such notice is delivered to the Issuer. Due to such Series A Beneficial Ownership Limitation, the Funds cannot presently convert any shares of Series A Convertible Preferred Stock.

 

 

In addition, the Funds hold shares of the Issuer’s Series B convertible preferred stock (“Series B Convertible Preferred Stock” and together with Series A Convertible Preferred Stock, “the Convertible Preferred”), a common stock equivalent with no voting rights, that is convertible into shares of Common Stock on a 1-for-1 basis. However, the shares of Series B Convertible Preferred Stock are only convertible to the extent that immediately prior to or after giving effect to such conversion the holders thereof and their affiliates and any persons who are members of a Section 13(d) group with the holders would beneficially own in the aggregate, for purposes of Rule 13d-3 under the Exchange Act, no more than 4.99% of the outstanding Common Stock of the Issuer (“Series B Beneficial Ownership Limitation”). As a result of the Series B Beneficial Ownership Limitation, the number of shares of Common Stock that may be issued upon conversion of the shares of Series B Convertible Preferred Stock by the above holders may change depending upon changes in the outstanding shares of Common Stock. By notice to the Issuer, the Funds may increase or decrease the Series B Beneficial Ownership Limitation applicable to that Fund to any other percentage not in excess of 19.99%; provided that any such increase will not be effective until the 61st day after such notice is delivered to the Issuer. 

The Adviser GP is the sole general partner of the Adviser. Pursuant to the management agreements, as amended, among the Adviser, the Funds and their respective general partners, the Funds’ respective general partners relinquished to the Adviser all discretion and authority with respect to the investment and voting power of the securities held by the Funds, and thus the Adviser has complete and unlimited discretion and authority with respect to the Funds’ investments and voting power over investments.

 

As compensation for their service on the Board, each of Julian C. Baker, a managing member of the Adviser GP and Dr. Raymond Cheong, a full-time employee of the Adviser, hold 2,396 restricted stock units (each an “RSU”) which vest solely into shares of Common Stock on a 1-for-1 basis on June 15, 2024. The policies of the Funds and the Adviser do not permit managing members of the Adviser GP or full-time employees of the Adviser to receive compensation for serving as directors of the Issuer, and the Funds are instead entitled to the pecuniary interest in any compensation received for Julian C. Baker’s and Dr. Cheong’s service on the Board.

 

(c) The information set forth in Item 4 is hereby incorporated by reference into this Item 5(c). The following transactions in Common Stock were effected by the Funds during the forty-six days preceding the filing of this statement using their working capital.  The transactions in Common Stock effected the forty-seventh to sixtieth days are disclosed on the previous Schedule 13D filed on October 5, 2023. All transactions were effected in the over-the-counter market directly with a broker-dealer or in underwritten public offerings. None of the Reporting Persons or their affiliates has effected any other transactions in Common Stock during this period.

 

 

Name		Date				Number of Shares				Transaction				Price/Share				Foootnote
667, L.P.			11/13/2023				265				Purchase				136.1805				1
Baker Brothers Life Sciences, L.P.			11/13/2023				3,144				Purchase				136.1805				1
667, L.P.			11/13/2023				311				Purchase				136.9089				2
Baker Brothers Life Sciences, L.P.			11/13/2023				3,693				Purchase				136.9089				2
667, L.P.			11/13/2023				390				Purchase				137.6855				3
Baker Brothers Life Sciences, L.P.			11/13/2023				4,631				Purchase				137.6855				3
667, L.P.			11/13/2023				427				Purchase				140.9024				4
Baker Brothers Life Sciences, L.P.			11/13/2023				5,072				Purchase				140.9024				4
667, L.P.			11/13/2023				910				Purchase				141.4450
Baker Brothers Life Sciences, L.P.			11/13/2023				10,790				Purchase				141.4450
667, L.P.			11/13/2023				109				Purchase				142.8575				5
Baker Brothers Life Sciences, L.P.			11/13/2023				1,291				Purchase				142.8575				5
667, L.P.			11/13/2023				537				Purchase				145.4592				6
Baker Brothers Life Sciences, L.P.			11/13/2023				6,369				Purchase				145.4592				6
667, L.P.			11/13/2023				252				Purchase				145.9775				7
Baker Brothers Life Sciences, L.P.			11/13/2023				2,994				Purchase				145.9775				7
667, L.P.			11/13/2023				2,228				Purchase				146.2104				8
Baker Brothers Life Sciences, L.P.			11/13/2023				26,426				Purchase				146.2104				8
667, L.P.			11/14/2023				299				Purchase				154.5969				9
Baker Brothers Life Sciences, L.P.			11/14/2023				3,542				Purchase				154.5969				9
667, L.P.			11/14/2023				507				Purchase				152.4800
Baker Brothers Life Sciences, L.P.			11/14/2023				6,022				Purchase				152.4800
667, L.P.			11/14/2023				54				Purchase				152.2129				10
Baker Brothers Life Sciences, L.P.			11/14/2023				646				Purchase				152.2129				10
667, L.P.			11/14/2023				242				Purchase				153.2523				11
Baker Brothers Life Sciences, L.P.			11/14/2023				2,877				Purchase				153.2523				11
667, L.P.			11/14/2023				683				Purchase				153.9736				12
Baker Brothers Life Sciences, L.P.			11/14/2023				8,098				Purchase				153.9736				12
667, L.P.			11/14/2023				1,142				Purchase				154.7801				13
Baker Brothers Life Sciences, L.P.			11/14/2023				13,548				Purchase				154.7801				13
667, L.P.			11/14/2023				2,658				Purchase				156.4244				14
Baker Brothers Life Sciences, L.P.			11/14/2023				31,530				Purchase				156.4244				14
667, L.P.			11/15/2023				1,181				Purchase				161.9660				15
Baker Brothers Life Sciences, L.P.			11/15/2023				14,018				Purchase				161.9660				15
667, L.P.			11/17/2023				54				Purchase				167.6300
Baker Brothers Life Sciences, L.P.			11/17/2023				646				Purchase				167.6300
667, L.P.			11/17/2023				93				Purchase				168.7825				16
Baker Brothers Life Sciences, L.P.			11/17/2023				1,107				Purchase				168.7825				16
667, L.P.			11/17/2023				39				Purchase				171.7900
Baker Brothers Life Sciences, L.P.			11/17/2023				461				Purchase				171.7900
667, L.P.			11/17/2023				350				Purchase				173.2016				17
Baker Brothers Life Sciences, L.P.			11/17/2023				4,151				Purchase				173.2016				17
667, L.P.			11/17/2023				140				Purchase				173.7481				18
Baker Brothers Life Sciences, L.P.			11/17/2023				1,660				Purchase				173.7481				18
667, L.P.			11/17/2023				82				Purchase				174.6698				19
Baker Brothers Life Sciences, L.P.			11/17/2023				978				Purchase				174.6698				19
667, L.P.			11/17/2023				1,528				Purchase				174.8748				20
Baker Brothers Life Sciences, L.P.			11/17/2023				18,125				Purchase				174.8748				20
667, L.P.			11/17/2023				415				Purchase				175.7185				21
Baker Brothers Life Sciences, L.P.			11/17/2023				4,923				Purchase				175.7185				21
667, L.P.			11/17/2023				903				Purchase				175.8179				22
Baker Brothers Life Sciences, L.P.			11/17/2023				10,715				Purchase				175.8179				22
667, L.P.			11/20/2023				153				Purchase				181.9300
Baker Brothers Life Sciences, L.P.			11/20/2023				1,847				Purchase				181.9300
667, L.P.			11/20/2023				579				Purchase				183.3999				23
Baker Brothers Life Sciences, L.P.			11/20/2023				7,010				Purchase				183.3999				23
667, L.P.			11/20/2023				100				Purchase				185.8650
Baker Brothers Life Sciences, L.P.			11/20/2023				1,206				Purchase				185.8650
667, L.P.			11/20/2023				405				Purchase				187.3450
Baker Brothers Life Sciences, L.P.			11/20/2023				4,895				Purchase				187.3450
667, L.P.			11/20/2023				95				Purchase				188.8359				24
Baker Brothers Life Sciences, L.P.			11/20/2023				1,147				Purchase				188.8359				24
667, L.P.			11/20/2023				250				Purchase				189.6978				25
Baker Brothers Life Sciences, L.P.			11/20/2023				3,022				Purchase				189.6978				25
667, L.P.			11/21/2023				12				Purchase				185.9442				26
Baker Brothers Life Sciences, L.P.			11/21/2023				146				Purchase				185.9442				26
667, L.P.			11/21/2023				31				Purchase				183.1600
Baker Brothers Life Sciences, L.P.			11/21/2023				369				Purchase				183.1600
667, L.P.			11/21/2023				53				Purchase				186.3171				27
Baker Brothers Life Sciences, L.P.			11/21/2023				647				Purchase				186.3171				27
667, L.P.			11/21/2023				115				Purchase				186.5930				28
Baker Brothers Life Sciences, L.P.			11/21/2023				1,385				Purchase				186.5930				28
667, L.P.			11/21/2023				176				Purchase				187.2439				29
Baker Brothers Life Sciences, L.P.			11/21/2023				2,124				Purchase				187.2439				29
667, L.P.			11/21/2023				388				Purchase				187.2707				30
Baker Brothers Life Sciences, L.P.			11/21/2023				4,712				Purchase				187.2707				30
667, L.P.			11/21/2023				1,076				Purchase				188.3232				31
Baker Brothers Life Sciences, L.P.			11/21/2023				13,011				Purchase				188.3232				31
667, L.P.			11/21/2023				1,117				Purchase				188.4649				32
Baker Brothers Life Sciences, L.P.			11/21/2023				13,505				Purchase				188.4649				32
667, L.P.			11/21/2023				1,291				Purchase				188.7029				33
Baker Brothers Life Sciences, L.P.			11/21/2023				15,620				Purchase				188.7029				33
667, L.P.			11/21/2023				655				Purchase				190.1361				34
Baker Brothers Life Sciences, L.P.			11/21/2023				7,917				Purchase				190.1361				34

 

 

(1) The reported price is a weighted average price. These shares were traded in multiple transactions at prices ranging from $135.68 to $136.45. The Reporting Persons undertake to provide the staff of the Securities and Exchange Commission (the “Staff”), upon request, full information regarding the number of shares traded at each separate price within the ranges set forth in this footnote.

 

(2) The reported price is a weighted average price. These shares were traded in multiple transactions at prices ranging from $136.50 to $137.48. The Reporting Persons undertake to provide the Staff, upon request, full information regarding the number of shares traded at each separate price within the ranges set forth in this footnote.

 

(3) The reported price is a weighted average price. These shares were traded in multiple transactions at prices ranging from $137.48 to $138.475. The Reporting Persons undertake to provide the Staff, upon request, full information regarding the number of shares traded at each separate price within the ranges set forth in this footnote.

 

(4) The reported price is a weighted average price. These shares were traded in multiple transactions at prices ranging from $140.44 to $141.42. The Reporting Persons undertake to provide the Staff, upon request, full information regarding the number of shares traded at each separate price within the ranges set forth in this footnote.

 

(5) The reported price is a weighted average price. These shares were traded in multiple transactions at prices ranging from $142.56 to $142.98. The Reporting Persons undertake to provide the Staff, upon request, full information regarding the number of shares traded at each separate price within the ranges set forth in this footnote.

 

(6) The reported price is a weighted average price. These shares were traded in multiple transactions at prices ranging from $145.15 to $145.50. The Reporting Persons undertake to provide the Staff, upon request, full information regarding the number of shares traded at each separate price within the ranges set forth in this footnote.

 

(7) The reported price is a weighted average price. These shares were traded in multiple transactions at prices ranging from $145.57 to $146.08. The Reporting Persons undertake to provide the Staff, upon request, full information regarding the number of shares traded at each separate price within the ranges set forth in this footnote.

 

(8) The reported price is a weighted average price. These shares were traded in multiple transactions at prices ranging from $145.80 to $146.50. The Reporting Persons undertake to provide the Staff, upon request, full information regarding the number of shares traded at each separate price within the ranges set forth in this footnote.

 

(9) The reported price is a weighted average price. These shares were traded in multiple transactions at prices ranging from $154.58 to $154.64. The Reporting Persons undertake to provide the Staff, upon request, full information regarding the number of shares traded at each separate price within the ranges set forth in this footnote.

 

 

(10) The reported price is a weighted average price. These shares were traded in multiple transactions at prices ranging from $152.16 to $152.25. The Reporting Persons undertake to provide the Staff, upon request, full information regarding the number of shares traded at each separate price within the ranges set forth in this footnote.

 

(11) The reported price is a weighted average price. These shares were traded in multiple transactions at prices ranging from $152.43 to $153.42. The Reporting Persons undertake to provide the Staff, upon request, full information regarding the number of shares traded at each separate price within the ranges set forth in this footnote.

 

(12) The reported price is a weighted average price. These shares were traded in multiple transactions at prices ranging from $153.46 to $154.44. The Reporting Persons undertake to provide the Staff, upon request, full information regarding the number of shares traded at each separate price within the ranges set forth in this footnote.

 

(13) The reported price is a weighted average price. These shares were traded in multiple transactions at prices ranging from $154.56 to $155.50. The Reporting Persons undertake to provide the Staff, upon request, full information regarding the number of shares traded at each separate price within the ranges set forth in this footnote.

 

(14) The reported price is a weighted average price. These shares were traded in multiple transactions at prices ranging from $155.51 to $156.50. The Reporting Persons undertake to provide the Staff, upon request, full information regarding the number of shares traded at each separate price within the ranges set forth in this footnote.

 

(15) The reported price is a weighted average price. These shares were traded in multiple transactions at prices ranging from $161.83 to $162.00. The Reporting Persons undertake to provide the Staff, upon request, full information regarding the number of shares traded at each separate price within the ranges set forth in this footnote.

 

(16) The reported price is a weighted average price. These shares were traded in multiple transactions at prices ranging from $168.49 to $169.00. The Reporting Persons undertake to provide the Staff, upon request, full information regarding the number of shares traded at each separate price within the ranges set forth in this footnote.

 

(17) The reported price is a weighted average price. These shares were traded in multiple transactions at prices ranging from $172.93 to $173.44. The Reporting Persons undertake to provide the Staff, upon request, full information regarding the number of shares traded at each separate price within the ranges set forth in this footnote.

 

(18) The reported price is a weighted average price. These shares were traded in multiple transactions at prices ranging from $173.57 to $174.47. The Reporting Persons undertake to provide the Staff, upon request, full information regarding the number of shares traded at each separate price within the ranges set forth in this footnote.

 

(19) The reported price is a weighted average price. These shares were traded in multiple transactions at prices ranging from $174.54 to $174.77. The Reporting Persons undertake to provide the Staff, upon request, full information regarding the number of shares traded at each separate price within the ranges set forth in this footnote.

 

 

(20) The reported price is a weighted average price. These shares were traded in multiple transactions at prices ranging from $174.48 to $175.47. The Reporting Persons undertake to provide the Staff, upon request, full information regarding the number of shares traded at each separate price within the ranges set forth in this footnote.

 

(21) The reported price is a weighted average price. These shares were traded in multiple transactions at prices ranging from $175.27 to $176.25. The Reporting Persons undertake to provide the Staff, upon request, full information regarding the number of shares traded at each separate price within the ranges set forth in this footnote.

 

(22) The reported price is a weighted average price. These shares were traded in multiple transactions at prices ranging from $175.48 to $176.475. The Reporting Persons undertake to provide the Staff, upon request, full information regarding the number of shares traded at each separate price within the ranges set forth in this footnote.

 

(23) The reported price is a weighted average price. These shares were traded in multiple transactions at prices ranging from $183.33 to $184.28. The Reporting Persons undertake to provide the Staff, upon request, full information regarding the number of shares traded at each separate price within the ranges set forth in this footnote.

 

(24) The reported price is a weighted average price. These shares were traded in multiple transactions at prices ranging from $188.46 to $189.00. The Reporting Persons undertake to provide the Staff, upon request, full information regarding the number of shares traded at each separate price within the ranges set forth in this footnote.

 

(25) The reported price is a weighted average price. These shares were traded in multiple transactions at prices ranging from $189.69 to $189.73. The Reporting Persons undertake to provide the Staff, upon request, full information regarding the number of shares traded at each separate price within the ranges set forth in this footnote.

 

(26) The reported price is a weighted average price. These shares were traded in multiple transactions at prices ranging from $185.87 to $186.17. The Reporting Persons undertake to provide the Staff, upon request, full information regarding the number of shares traded at each separate price within the ranges set forth in this footnote.

 

(27) The reported price is a weighted average price. These shares were traded in multiple transactions at prices ranging from $186.06 to $186.43. The Reporting Persons undertake to provide the Staff, upon request, full information regarding the number of shares traded at each separate price within the ranges set forth in this footnote.

 

(28) The reported price is a weighted average price. These shares were traded in multiple transactions at prices ranging from $186.40 to $186.75. The Reporting Persons undertake to provide the Staff, upon request, full information regarding the number of shares traded at each separate price within the ranges set forth in this footnote.

 

(29) The reported price is a weighted average price. These shares were traded in multiple transactions at prices ranging from $186.80 to $187.57. The Reporting Persons undertake to provide the Staff, upon request, full information regarding the number of shares traded at each separate price within the ranges set forth in this footnote.

 

 

(30) The reported price is a weighted average price. These shares were traded in multiple transactions at prices ranging from $186.91 to $187.81. The Reporting Persons undertake to provide the Staff, upon request, full information regarding the number of shares traded at each separate price within the ranges set forth in this footnote.

 

(31) The reported price is a weighted average price. These shares were traded in multiple transactions at prices ranging from $188.14 to $188.46. The Reporting Persons undertake to provide the Staff, upon request, full information regarding the number of shares traded at each separate price within the ranges set forth in this footnote.

 

(32) The reported price is a weighted average price. These shares were traded in multiple transactions at prices ranging from $187.85 to $188.84. The Reporting Persons undertake to provide the Staff, upon request, full information regarding the number of shares traded at each separate price within the ranges set forth in this footnote.

 

(33) The reported price is a weighted average price. These shares were traded in multiple transactions at prices ranging from $188.47 to $189.46. The Reporting Persons undertake to provide the Staff, upon request, full information regarding the number of shares traded at each separate price within the ranges set forth in this footnote.

 

(34) The reported price is a weighted average price. These shares were traded in multiple transactions at prices ranging from $189.52 to $190.50. The Reporting Persons undertake to provide the Staff, upon request, full information regarding the number of shares traded at each separate price within the ranges set forth in this footnote.

 

(d) Certain securities of the Issuer are held directly by 667, a limited partnership the sole general partner of which is Baker Biotech Capital, L.P., a limited partnership the sole general partner of which is Baker Biotech Capital (GP), LLC. Julian C. Baker and Felix J. Baker are the managing members of Baker Biotech Capital (GP), LLC.

 

Certain securities of the Issuer are held directly by Life Sciences, a limited partnership the sole general partner of which is Baker Brothers Life Sciences Capital, L.P., a limited partnership the sole general partner of which is Baker Brothers Life Sciences Capital (GP), LLC. Julian C. Baker and Felix J. Baker are the managing members of Baker Brothers Life Sciences Capital (GP), LLC.

 

(e) Not applicable.

 

 

SIGNATURE

 

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

 

Dated: November 21, 2023

 

	BAKER BROS. ADVISORS LP   By: Baker Bros. Advisors (GP) LLC, its general partner
	By:	/s/ Scott L. Lessing
		Name: Scott L. Lessing Title: President

 

	BAKER BROS. ADVISORS (GP) LLC
	By:	/s/ Scott L. Lessing
		Name: Scott L. Lessing Title: President

 

	/s/ Julian C. Baker
	Julian C. Baker

 

	/s/ Felix J. Baker
	Felix J. Baker