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1、1Q4 20242 200,000 250,000 300,000 350,000 400,000 450,00020172018201920202021INVESTORS ARE HIGHLY INTERESTED IN THE FERTILITY SERVICES INDUSTRY DUE TO ITS ROBUST TAILWINDS,LARGE SIZE,AND COMPELLING GROWTH OPPORTUNITIES.The U.S.fertility sector is estimated to be$11B+in 2023,across in vitro fertiliza

2、tion(IVF),genetic testing,reproductive tissue storage,donor services,and medication,growing at 12%+annually Growing awareness and utilization of IVF and related services is creating an ever-larger addressable market opportunityStrong,long-term demand drivers include rising infertility rates,increasi

3、ng social awareness and acceptance,a rise in same-sex couples and single mothers by choice,and expanding insurance coverageHighly fragmented provider landscape of local and regional clinics,and platforms of scale are able to leverage best practices,invest in leading technology,attract new physician

4、partners,and improve operationsHIGHLIGHTSBY THE NUMBERS(1)HW internal estimates based on data from Allied Market Research,Cision PR Newswire,and Global Markets Insights(2)ASRM(2024),note“ART”stands for Assisted Reproductive Technology(3)Represents Prenatal and Newborn Genetic Testing Market(4)HHS(20

5、24)(5)GoodRx(6)CDC(ART Datasets)1 in 40infants born in the U.S.in 2022 due to successful ART cycles(2)2.5xaverage number of IVF cycles required to achieve pregnancy(4)$15K-$30Kaverage cost for one cycle of IVF(5)21%increase in number of egg freezing cycles from 2021 to 2022(2)10%CAGR for annual ART

6、cycles in the U.S.from 2017 to 2021(6)500IVF clinics in the United States(6)2023 Revenue Segmentation by Service TypeU.S.FERTILITY SECTOR SIZING(1)COVID-19 ImpactedAnnual Number of ART Cycles Performed in the U.S.IVFReproductive Tissue Storage and Donor ServicesGenetic Testing(3)$3.9B$2.4B$4.9B$11B2

7、023 Revenue3Provider-Based BusinessesAncillary OfferingsOfferings to ProvidersBenefit Management&Consumer/Employer Research ServicesTHERE ARE A VARIETY OF ATTRACTIVE OPPORTUNITIES TO PARTICIPATE IN THE FERTILITY SECTOR.NUMEROUS OPPORTUNITIES TO PLAY THE SECTORACROSS A VARIETY OF PROCEDURES&SERVICESF

8、ertility Clinics(often offer select ancillary offerings as well)Reproductive Tissue BanksLabs/TestingGenetic Counseling Tissue StorageSurrogacy CoordinatorsWellness OfferingsPractice Management/EMRFertility PharmacyLab Monitoring ServicesTypeDescriptionIVFIn vitro fertilization(IVF)involves fertiliz

9、ation of eggs in a laboratory setting after they have been removed from the ovariesHealthy embryo(s)is transferred back to the uterus to continue developmentIVF with ICSIIntracytoplasmic sperm injection(ICSI)is a procedure used in IVF to increase the chance of fertilization.ICSI involves manually in

10、jecting a single sperm directly into an egg,rather than allowing the sperm to fertilize the egg on its ownIUIIntrauterine insemination(IUI)involves placing sperm via a catheter insertion directly into the uterus.The sperm and egg are then left to fertilize naturally in the fallopian tubeSurrogacyArr

11、angement where a woman carries and gives birth to a child for another person or coupleTraditional Surrogacy:the surrogate is genetically related to the baby because she becomes pregnant through artificial inseminationGestational(Host)Surrogacy:the surrogate is not genetically related to the baby bec

12、ause she becomes pregnant through IVFGenetic TestingIncludes pre-conception genetic disease carrier screening,prenatal screenings,and preimplantation genetic testing(used with IVF)Reproductive Tissue BankingProcess of freezing and storing reproductive tissue(eggs,sperm,and embryos)for future use Don

13、or SpermSperm that is provided by a man to help single women,same-sex couples,or heterosexual couples conceive a child.It is utilized in assisted reproductive procedures such as IVF and IUIFrozen Donor EggsEggs that are retrieved from a donor,frozen,and then stored for future use in IVF cyclesFresh

14、Donor EggsEggs that are retrieved from a donor and fertilized within hours,then cultured in an IVF lab and transferred to the intended mothers uterus after a few daysThird-Party Benefit ManagersPatient Education and Independent Provider Benchmarking ServicesOfferings to ProvidersProvider-Based Busin

15、essesAncillary OfferingsBenefit Management&Research Services4FAVORABLE TRENDS WILL CONTINUE TO DRIVE STRONG OVERALL FERTILITY SECTOR GROWTH.INCREASING AWARENESS&UTILIZATIONGrowing awareness of fertility treatments as well as advancements in technology and genetic testing are increasing success rates

16、 and lowering total average costs to make treatment more accessibleSOCIETAL SHIFTS&RISING INFERTILITYShifting cultural dynamics to have children later in life are driving people to use more IVF services as well as elective fertility preservation servicesIncreasing prevalence of chronic conditions an

17、d health issues is driving increasing rates of infertility and demand for IVF servicesGROWING PREVALENCE OF DIFFERENT FAMILY UNITSIncreasing population of same-sex couples and single individuals desiring children is driving additional demand for fertility treatment,donor tissue,and surrogacy service

18、sREIMBURSEMENT&BENEFIT TRENDSSignificant private pay component;however,moderately increasing insurance coverage and employee benefits expanding access for IVF and genetic testing services5Approximately 92k(or 2.5%of total)infants born in the U.S.in 2022 were conceived using IVF,driven by continued t

19、echnological and genetic testing advancements and substantially improved outcomes and costs,resulting in increased accessibility and demand(1)Rapidly growing social awareness of fertility services,such as high-profile references in popular culture and celebrities sharing about their experiences with

20、 IVF(including Jimmy Fallon/Nancy Juvonen and Kourtney Kardashian/Travis Barker)Contributing to greater interest and demand for ART services,as demonstrated by the 46%increase in ART cycles performed from 2017 to 2021(1)According to a Spring 2024 Pew Research report,70%of American adults believe hav

21、ing access to IVF is a good thing(3)FERTILITY SERVICES ARE EXPERIENCING INCREASING AWARENESS AND UTILIZATION ACROSS THE U.S.(1)CDC(ART Datasets)(2)Pew Research(2023)(3)Pew Research(2024)GROWING CULTURAL AWARENESS(2)INCREASE IN BABIES CONCEIVED THROUGH ART(1)MORE PEOPLE SEEKING TREATMENT(2)33%42%2018

22、2023%of U.S.Adults that Have Used or Know Someone Who Has Used Fertility Treatments42%of All U.S.Adults Report Using or Knowing Someone Who Has Used Fertility Treatments to Conceive1 in 10Women in the U.S.Reported Receiving Fertility Services from 2017 to 201978%Among women who received fertility se

23、rvices:Fertility AdviceFertility Testing(Self or Partner)Drugs to Improve Ovulation61%43%Annual Number of Babies Born in the U.S.from ART(in thousands)Volume disrupted by ASRM guided shutdown in March 2020 due to COVID-19 pandemic2.5%of Live Births in the U.S.in 2022 Are the Result of Successful ART

24、 Cycles91.8 89.2 79.9 83.9 2019202020212022686%78%63%52%20-2425-2930-3435-3923.52424.52525.52626.52727.528Larger presence of women in the workforce and shift toward having children later in life have driven demand for ART services to increase chances of successful pregnancy later in lifeBetween 2001

25、 and 2023,the average age for a first-time mother in the U.S.increased from 24.9 to 27.5,driven primarily by an increase in first children born to women 35 and older,with significantly increased infertility challenges and demand for ART services among women in their 30s and 40s(1)From 2020 to 2022,4

26、6%of births in the United States were to women ages 30-39(1)Sperm counts have declined sharply over the past four decades driven by obesity as well as other environmental factors that have reduced fertility among healthy and younger individualsTotal sperm counts have decreased at an average of 1.2%p

27、er year from 1973 to 2018,accelerating in more recent years due to chronic conditions,obesity,and environmental pollution(2)Probability of Conceiving within One Year by Age(Rate per Thousand Women Indexed at 100)SHIFT IN WOMEN WAITING TO HAVE CHILDREN LATER IN LIFE AND DECLINE IN POPULATION SPERM CO

28、UNTS LEAD TO INCREASED NEED FOR FERTILITY SERVICES.(1)CDC(ART Datasets)(2)Third-Party Study WOMEN ARE WAITING TO HAVE CHILDREN LATER(1)SHARP DECLINE IN POPULATION SPERM COUNTS(2)101491973201850%DeclineAverage Sperm Count per Milliliter of Semen(in millions)PROBABILITY OF CONCEIVING LOWERS WITH AGE(2

29、)Average Age of a First-Time Mother in the U.S.27.5(2023)24.9(2001)7Socioeconomic trends and milestones(i.e.,growing acceptance of same-sex relationships,legalization of same-sex marriage)within the last decade have led to an overall growing number of same-sex couplesThere has been a significant inc

30、rease in same-sex couple households with children since 2015,and a growing number of same-sex couples are choosing to utilize ART services to build their familiesBroader social acceptance of single-parent households,with 78%of Americans reporting they find single parenting acceptable(4)The overall n

31、umber of single parents is increasing,with nearly 1 in 3 children in the U.S.living in single-parent households in 2022(1)A study found a significant increase in the number of single women utilizing IVF,from 0.8%of patients from 2001 to 2008,to 2.5%of patients from 2012 to 2015,to 4.6%of patients fr

32、om 2016 to 2019(6)The United States recognizes March 21 as“National Single Parent Day”(2)SOCIETAL TRENDS HAVE RESULTED IN MORE COUPLES WHO REQUIRE FERTILITY SERVICES IN ORDER TO CONCEIVE.(1)Annie E.Casey Foundation(2)The U.S.Census Bureau(3)Third Party Study(4)Pew(2023)(5)Single Mothers by Choice(6)

33、Single Mothers by Choice:Defining and Understanding Single Women Undergoing In Vitro Fertilization(ASRM Vol.114,Issue 3,2020)GROWING POPULATION OF SAME-SEX PARENTS(3)137K154K175K201520182022U.S.Same-Sex Couple Households with Children78%of Americans find single parenting acceptable(4)9.8MOne-parent

34、households in the U.S.in 2023(2)INCREASING PREVALENCE OF SINGLE PARENTSNumber of U.S.Children Living in a Single-Parent Family(1)30,000Members of the organization Single Mothers by Choice(5)15M Increase2316820231990197081351912653704602.22.84.15.46.720202021202220232024EClientsCovered Lives(in milli

35、ons)MORE ADULTS IN THE U.S.ARE GAINING ACCESS TO FERTILITY TREATMENTS DUE TO GROWING INSURANCE COVERAGE TRENDS AND FAVORABLE EMPLOYEE BENEFITS.Providing fertility coverage benefits helps attract and retain talent in competitive job markets,while supporting employees individual family-building goals,

36、aligning incentives for both employers and employeesCoverage for IVF has jumped significantly in the past few years,with 43%of large employers(500 employees or more)covering IVF in 2022,up from 27%in 2020In addition to IVF,16%of large employers reported covering elective egg freezing(37%for large hi

37、gh-tech employers and 63%for Fortune Best Companies)As of July 2024,22 states and Washington D.C.have passed laws that require employers insurers to either cover or offer some coverage for infertility diagnosis and/or treatmentFertility preservation and some infertility coverage(2 states)Fertility p

38、reservation coverage(2 states)Progynys Annual Reported Clients and Covered Lives(2020-2024E)(1)Mercer(2023)(2)Progynys Public Earnings ReportsCHANGING REGULATIONSPlatforms of scale will comparatively benefit as coverage expands given their ability to drive better quality and optimize payor partnersh

39、ips and contractingNOTABLE INCREASE IN EMPLOYERS OFFERING A VARIETY OF FERTILITY COVERAGE(1)IVF and fertility preservation coverage(11 states+DC)IVF coverage(3 states)Fertility preservation and offer infertility or IVF coverage(2 states)Some infertility coverage(2 states)SIGNIFICANT GROWTH IN CLIENT

40、S FOR PROGYNY,A THIRD-PARTY BENEFIT MANAGER(2)36%CAGR for Clients 32%CAGR for Covered Lives9DESPITE INITIAL CONCERNS,FERTILITY SERVICES ARE NOT EXPECTED TO BE MEANINGFULLY IMPACTED BY THE ALABAMA SUPREME COURT RULING.The Alabama Supreme Courts decision in LePage v.Center for Reproductive Medicine wa

41、s based on its interpretation that the states fetal personhood law applied to both in-utero and ex-utero embryosAt least 19 states,including Alabama,have fetal personhood lawsFive of these states have an explicit carveout for protection for IVF providers or clarify that the law only applies to in-ut

42、ero embryos The interpretation by the court in the LePage decision created uncertainty around the operability of IVF operators in Alabama,leading to short-term shutdowns for a number of clinics.However,lawmakers acted in a matter of days to pass legal protection for IVF providers,signaling robust su

43、pport for the industry The prevailing view is that the risk of a court making a similar legal interpretation in another state is low;and if it were to occur,that legislators would act quickly to protect IVF providersIn addition,only two states with fetal personhood laws(and no IVF carveout)are inclu

44、ded in the top 15 for 2021 ART cycles,which made up 80%of total U.S.cyclesLOW OVERLAP BETWEEN TOP 15 STATES FOR ART CYCLES AND FETAL PERSONHOOD LAWS WITH NO CARVEOUT FOR IVF(1)CDC(ART Datasets)(2)Third-Party Study$34BFetal Personhood Laws(2)Fetal personhood law with no IVF carveoutFetal personhood l

45、aw with IVF carveout$34BOverlapTop 15 state+fetal personhood law with no IVF carveout$34BTop 15 States by ART Cycles(1)The top 15 states accounted for 80%of 2021 ART cyclesTop 15 states by 2021 ART cyclesFetal personhood laws created on a state-by-state basis.Laws define personhood status as beginni

46、ng at conceptionMany of these laws do not clarify whether personhood applies only to in-utero embryos,or to both in-utero and ex-utero embryos,leaving the laws open to interpretationFETAL PERSONHOOD LAW AMBIGUITY10THE TOTAL NUMBER AND COMPOSITION OF U.S.ART CYCLES HAS CHANGED SIGNIFICANTLY OVER THE

47、PAST DECADE.10%CAGR for ART Cycles5%CAGR for Cycles Started with Intent to Transfer at Least One Embryo28%CAGR for Banking CyclesCONSISTENT GROWTH IN TOTAL ART CYCLES REFLECTS EXPONENTIAL DEMAND FOR BANKING CYCLES(1)SUBSTANTIAL SHIFT TOWARD FROZEN EGGS/EMBRYOS(1)CONTINUED INCREASE IN SURROGATE UTILI

48、ZATION(1)Annual Total U.S.ART Cycles by%Type(2012-2021)U.S.ART Cycles by Egg or Embryo Source,excluding Banking Cycles(2012-2021)11%14%17%20%25%31%34%37%38%41%89%86%83%80%75%69%66%63%62%59%176,274 190,840 208,630 231,937 263,577 284,385 306,197 330,773 326,468 413,776 2012201320142015201620172018201

49、920202021Banking CyclesStarted with Intent to Transfer at Least One Embryo3,202 8,862 2012201320142015201620172018201920202021-20,000 40,000 60,000 80,000 100,000 120,000 140,000 160,0002012201320142015201620172018201920202021Fresh patient eggsFrozen patient eggs or embryosFresh donor eggsFrozen don

50、or eggs or donated embryosU.S.ART Cycles Utilizing a Gestational Surrogate,excluding Banking Cycles(2012-2021)12%CAGR in ART Cycles Utilizing Gestational Surrogate from 2012 to 2021(1)CDC(ART Datasets)11181164151150116104121109120118555559515910811512912816044845544844945320172018201920202021250 Cyc

51、les250-500 Cycles500-750 Cycles750+Cycles(23)%+48%The number of clinics performing more than 750 annual cycles has significantly increased,from 108 clinics in 2017 to 160 clinics in 2021 The number of clinics performing less than 250 annual cycles has decreased dramatically,from 181 clinics in 2017

52、to 116 clinics in 2021 THE TOTAL NUMBER OF U.S.FERTILITY CLINICS REMAINS STEADY,WITH MORE CLINICS SHIFTING TO HIGHER CYCLE COUNT IN 2021 TO MEET GROWING SECTOR DEMAND.NOTICEABLE SHIFT IN THE NUMBER OF CLINICS PERFORMING 750+CYCLES PER YEAR 250 Cycles26%250-500 Cycles26%500-750 Cycles13%750+Cycles35%

53、453 2021 ClinicsIncrease in number of clinics reporting 750+cycles,from 129 in 2019 to 160 in 2021Decrease in number of clinics reporting 250 cycles or less,from 151 in 2019 to 116 in 20212019 v.2021 Key StatsSource:CDC(ART Datasets)(1)IVF cycle count as of 2020 as reported by the CDC(Preliminary);t

54、his year was impacted by COVID-19.448 2017 Clinics45046 states(plus DC and Puerto Rico)are covered by the 350 clinics not in the top 10 IVF clinic platforms4613Source:CapIQ,FactSet,and public deal announcements.Activity has been robust across all sectors of fertility,driven by continued growth indus

55、try-wide Platform transformation continues with several large-scale platforms both in the U.S.and internationally reaching likely investment timeline maturity with current sponsorsTRANSACTION ACTIVITY AND INTEREST IN THE FERTILITY SECTOR HAVE REMAINED STRONG.Harris Williams led transactions201820192

56、0202021202220232024has been acquired byhas received an investment fromhas been acquired byhas been acquired byhas been acquired byhas been acquired byhas been acquired byhas received an investment fromhas completed an initial public offering has completed an initial public offering IT Assets of has

57、been acquired byhas been acquired byhas been acquired byhas been acquired byhas been acquired byhas been acquired byhas been acquired byhas been acquired byhas been acquired byhas been acquired byhas been launched byhas been acquired byhas received an investment fromhas received an investment from14

58、FERTILITY REMAINS ONE OF THE BEST POSITIONED OF ALL HEALTHCARE SERVICES SECTORS,AND INVESTOR INTEREST REMAINS HIGH.SECTOR POSITIONING VS.KEY INVESTOR EVALUATION CRITERIAATTRACTIVE CASH PAY&REIMBURSEMENTHigh degree of cash pay;expansion of coverage will drive better access and higher utilizationScale

59、 and center of excellence providers drive better clinical outcomes and are highly important to payor/benefit manager networksPhysicians typically paid on productivity,providing variable wage structureEXPOSURE TO ECONOMIC CYCLESFertility care being among single most important life events meaningfully

60、 reduces exposure to economic downturnsLimited ability or desire of patients to delay treatmentDemonstrated highly recession resilient in 2008-2009 as well as post-COVIDORGANIC GROWTHAmong the fastest growing healthcare services sectors,with 8-10%annual cycle expansionMeaningful secular tailwinds an

61、d growing access expected to drive growth for decadesPLATFORMS DRIVE MEANINGFUL BENEFITS FOR PHYSICIANSAbility to cost-efficiently roll out ancillaries and participate in economicsOpportunity to participate in broader scientific/physician communityEnhanced patient marketing and referral captureVARIE

62、TY OF OPPORTUNITIES TO PARTICIPATEThe fertility sector and its strong tailwinds are not limited to only provider-based businessesOpportunity to participate in tailwinds via ancillary service offerings or services to providers15Advisory experience spans full breadth of sector including reproductive t

63、issue,IVF clinic,fertility benefit management,pharmacy,and donor/storageUnique insights into both strategic and financial buyers most interested in sector as well as key value drivers informing investment decisionsHARRIS WILLIAMS IS THE LEADING ADVISOR IN THE FERTILITY SECTOR WITH NEARLY A DECADE OF

64、 EXPERIENCE EXECUTING HIGHLY SUCCESSFUL TRANSACTIONS.SELECT HW TRANSACTIONS16HARRIS WILLIAMS HAS A DEEP UNDERSTANDING OF KEY VALUE DRIVERS THAT BUYERS ARE LOOKING FOR WITHIN THE FERTILITY SECTOR,INFORMED BY RECENT TRANSACTION ADVISORY EXPERIENCE.PROVIDER/LOCATION METRICSProvider-Level Productivity&D

65、iversity:metrics by individual provider(including any concentration risk)and diversity of services rendered across platformsIndividual Location Financial Performance:key metrics include volume,net revenue,and EBITDA by siteClinical Outcomes:consistency of outcomes across marketsBUSINESS OPERATIONSPa

66、yor Model:cash pay vs.insurance and historical reimbursement ratesAncillary Offerings:breadth of additional offerings,including genetic testing,storage,tissue banking,and surrogacyInfrastructure&Systems:level of integration across the platform and required additional investment to support future gro

67、wthHUMAN RESOURCESGROWTH OPPORTUNITIESRecruitment&Retention Metrics:ability to attract employees and retention trends including termination rationaleEquity&Compensation Models:structured as a joint venture,partnership,and/or equity ownership by physician and compensation relative to marketOrganic Gr

68、owth:track record of historical organic growth that supports future whitespace opportunityM&A:historical track record,including level of integration and go-forward pipeline with key metrics including stage,conversion,revenue,and EBITDAPlease contact HW for additional information17CLINIC PLATFORMSOTH

69、ER FERTILITY PRODUCTS&SERVICESPlatformMain Geo.FocusLocationsInvestor|Date of InvestmentUKNordic Capital|Jan 2022USAUnified/Ares|July 2021USARegal Healthcare|Feb 2019USAMKH Capital|Jan 2022USALongueVue Capital|Dec 2021USASverica Capital|Aug 2017EuropeCVC|Dec 2021USAInTandem Capital|Mar 2021USAAlbaro

70、n Partners|Nov 2020USA(1)KKR|Jan 2023USA(2)SEHK:1951USAPerceptive|May 2023USA Lee Equity|Oct 2016USAWebster Equity|Dec 2019USAWildcat Capital|Jun 2019CanadaPeloton Capital|Aug 2020EuropeAlcentra|Nov 2023USAAmulet|May 2020 10|10 49|50 99|100+Clinic LocationsSource:PitchBook,public company data,and in

71、ternal HW proprietary information.(1)IVIRMA is based in 15 countries with 190+locations.(2)HRC Fertility located in California(USA);JXR core location in China.Tissue Storage&Donor ServicesOther ServicesAI Fertility Care(Pinnacle Fertility)IVF TechnologyFertility Financing&LoansFertilityFertility Ben

72、efits for EmployersFertility EMRFertility Benefits(NAS:PGNY)Fertility EMR(Vitrolife)At-Home Sperm TestingAt-Home Sperm Testing(Modern Fertility)Fertility EMR(Atlantic Street Capital)Fertility EMRDonor Egg,Sperm&StorageDonor Egg OnlyDonor Egg,Sperm&Storage(Amulet Capital)Donor Egg&StorageDonor Egg,Sp

73、erm&Storage(Perwyn Advisors)Donor Egg,Sperm&Storage(Cooper Companies NAS:COO)Tissue Storage Only(Red Barn Equity Partners)Donor Egg,Sperm&StorageDonor Egg OnlyDonor Sperm&StorageDonor Sperm&StorageDonor Sperm&StorageDonor Egg OnlyDonor Sperm&StorageDonor Sperm&StorageHarris Williams is a global inve

74、stment bank specializing in M&A and private capital advisory services.Clients worldwide rely on us to help unlock value in their business and turn ambitious goals into reality.We approach every engagement with boundless collaboration,pooling expertise and relationships across industries and geograph

75、ies to uncover the unique story of each company.Global Investment Bank18Boston|Chicago|Cleveland|Frankfurt|London|Minneapolis|New York|Richmond|San Francisco|Washington,D.C.Proven ExpertiseCore Values That Drive SuccessDeep Industry ExperienceAerospace,Defense&Government ServicesBusiness ServicesCon

76、sumerEnergy,Power&InfrastructureTransportation&LogisticsTechnologyIndustrialsHealthcare&Life SciencesM E R G E R S&A C Q U I S I T I O N SP R I M A R Y F U N D P L A C E M E N TP R I V A T E C A P I T A L S O L U T I O N SRevenue from repeat clients75%Managing Directors promoted from within87%Year h

77、istory30+19SELECT RECENT TRANSACTIONSCorey BenjaminManaging DirectorConsumer G+1 804.932.1342Andy DixonManaging DirectorHealthcare&Life Sciences G+1 415.217.3419FOR MORE INFORMATION ON OUR EXPERIENCE IN THE FERTILITY SECTOR,CONTACT:Nate RobertsonDirector Healthcare&Life Sciences Group +1 804.887.613

78、5Dan LinsalataManaging Director Healthcare&Life Sciences G+1 617.654.2122WE POOL THE EXPERTISE IN CONSUMER HEALTHCARE AND LIFE SCIENCES TO ADVISE PREMIER COMPANIES ACROSS THE CONSUMER HEALTHCARE LANDSCAPE.Geoff SmithManaging Director and Co-HeadHealthcare&Life Sciences G+1 804.915.0195Phoebe WillisV

79、ice PresidentHealthcare&Life Sciences G+1 804.887.6180FertilityFertility20Harris Williams LLC is a registered broker-dealer and member of FINRA and SIPC.Harris Williams&Co.Ltd.is a private limited company incorporated under English law with its registered office at 13th floor,One Angel Court,London

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