Amryt pharma acquisition of chiasma inc May 2021 Filed by: Chiasma, Inc. Pursuant to Rule 425 under the Securities Act of 1933 and deemed filed pursuant to Rule 14a-12 under the Securities Exchange Act of 1934 Subject Company: Chiasma, Inc. Commission File No: 001-37500

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MYCAPSSA has been approved by the FDA for the long-term maintenance treatment in patients with acromegaly who have responded to and tolerated treatment with octreotide or lanreotide but remains an investigational drug outside the U.S. and for other indications. This presentation is intended only for communications with investors.

This press release may contain forward-looking statements containing the words "expect", "anticipate", "intends", "plan", "estimate", "aim", "forecast", "project" and similar expressions (or their negative) identify certain of these forward-looking statements. The forward-looking statements in this announcement are based on numerous assumptions and Amryt's present and future business strategies and the environment in which Amryt expects to operate in the future. Forward-looking statements involve inherent known and unknown risks, uncertainties and contingencies because they relate to events and depend on circumstances that may or may not occur in the future and may cause the actual results, performance or achievements to be materially different from those expressed or implied by such forward-looking statements, and actual results could differ materially from those currently anticipated due to a number of risks and uncertainties. These statements are not guarantees of future performance or the ability to identify and consummate investments. Many of these risks and uncertainties relate to factors that are beyond each of Amryt's ability to control or estimate precisely, such as future market conditions, the course of the COVID-19 pandemic, currency fluctuations, the behaviour of other market participants, the outcome of clinical trials, the actions of regulators and other factors such as Amryt's ability to obtain financing, changes in the political, social and regulatory framework in which Amryt operates or in economic, technological or consumer trends or conditions. Forward-looking statements in this communication include, without limitation, statements about the anticipated benefits of the contemplated transaction, including future financial and operating results and expected synergies related to the contemplated transaction, the plans, objectives, expectations and intentions of Amryt, Chiasma or the combined company and the expected timing of the completion of the contemplated transaction. Risks and uncertainties that could cause results to differ from expectations include: uncertainties as to the timing of the contemplated transaction; uncertainties as to the approvals by Amryt’s shareholders of Chiasma’s stockholders required in connection with the contemplated transaction; the possibility that a competing proposal will be made; the possibility that the closing conditions to the contemplated transaction may not be satisfied or waived, including that a governmental entity may prohibit, delay or refuse to grant a necessary regulatory approval; the effects of disruption caused by the announcement of the contemplated transaction making it more difficult to maintain relationships with employees, customers, vendors and other business partners; the risk that stockholder litigation in connection with the contemplated transaction may affect the timing or occurrence of the contemplated transaction or result in significant costs of defense, indemnification and liability; other business effects, including the effects of industry, economic or political conditions outside of the control of the parties to the contemplated transaction; transaction costs; actual or contingent liabilities; disruptions to the financial or capital markets; and other risks and uncertainties discussed in Amryt’s and Chiasma’s respective filings with the U.S. Securities and Exchange Commission (the "SEC"). These risks, as well as other risks related to the proposed transaction, will be included in the registration statement on Form F-4, and if necessary, the registration on Form F-6, and proxy statement/prospectus that will be filed with the Securities and Exchange Commission (“SEC”) in connection with the proposed transaction. While the list of factors presented here is, and the list of factors to be presented in the registration statement on Form F-4, and if necessary, the registration on Form F-6, are, considered representative, no such list should be considered to be a complete statement of all potential risks and uncertainties. For additional information about other factors that could cause actual results to differ materially from those described in the forward-looking statements, see the section entitled “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in Amryt’s Registration Statement on Form F-1 filed with the SEC on June 23, 2020, as amended, and Chiasma’s most recent Quarterly Reports on Form 10-Q and Annual Report on Form 10-K. The forward-looking statements included in this communication are made only as of the date hereof. Neither Amryt nor Chiasma undertakes any obligation to update any forward-looking statements to reflect subsequent events or circumstances, except as required by law. You can obtain copies of Amryt’s and Chiasma’s respective filings with the SEC for free at the SEC's website (www.sec.gov). 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ADDITIONAL INFORMATION No Offer or Solicitation This communication is not intended to and shall not constitute an offer to buy or sell or the solicitation of an offer to buy or sell any securities, or a solicitation of any vote or approval, nor shall there be any sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. Additional Information about the Merger and Where to Find It In connection with the proposed transaction, Amryt intends to file with the SEC a registration statement on Form F-4 that will include a proxy statement of Chiasma and that also constitutes a prospectus of Amryt, and each of Chiasma and Amryt may file with the SEC other documents regarding the proposed transaction. This communication is not a substitute for the proxy statement/prospectus or registration statement or any other document that Amryt or Chiasma may file with the SEC. The definitive proxy statement/prospectus (if and when available) will be mailed to stockholders of Chiasma. INVESTORS AND SECURITY HOLDERS ARE URGED TO READ THE REGISTRATION STATEMENT ON FORM F-4 AND THE PROXY STATEMENT/PROSPECTUS, AS WELL AS ANY AMENDMENTS OR SUPPLEMENTS TO THOSE DOCUMENTS AND ANY OTHER RELEVANT DOCUMENTS TO BE FILED WITH THE SEC IN CONNECTION WITH THE PROPOSED TRANSACTION, IF AND WHEN THEY BECOME AVAILABLE, BECAUSE THEY CONTAIN OR WILL CONTAIN IMPORTANT INFORMATION ABOUT AMRYT, CHIASMA AND THE PROPOSED TRANSACTION. Investors and security holders may obtain copies of these documents, once such documents are filed with the SEC, free of charge through the website maintained by the SEC at www.sec.gov or from Amryt at its website, https://amrytpharma.com, or from Chiasma at its website, https://chiasma.com. Documents filed with the SEC by Amryt will be available free of charge by accessing Amryt’s website under the heading Investors, or, alternatively, by contacting Amryt’s Investor Relations department at ir@amrytpharma.com, and documents filed with the SEC by Chiasma will be available free of charge by accessing Chiasma’s website at https://chiasma.com under the heading News and Investors or, alternatively, by contacting Chiasma’s Investor Relations department at investor.relations@chiasmapharma.com. Participants in the Solicitation Amryt and Chiasma and certain of their respective directors and executive officers and other members of management and employees may be deemed to be participants in the solicitation of proxies from the stockholders of Chiasma in respect of the proposed transaction under the rules of the SEC. Information about Chiasma’s directors and executive officers is available in Chiasma’s definitive proxy statement dated April 26, 2021 for its 2021 Annual Meeting of Stockholders. Information about Amryt’s directors and executive officers is available in Amryt’s Registration Statement on Form F-1 filed with the SEC on June 23, 2020, as amended. 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 regarding the proposed transaction when they become available. Investors should read the proxy statement/prospectus carefully when it becomes available before making any voting or investment decisions. You may obtain free copies of these documents from Chiasma or Amryt using the sources indicated above.

Amryt acquisition of chiasma - Transaction BENEFITS Strengthens Amryt’s global leadership in developing and commercializing transformative therapies for rare & orphan diseases Combined business will have three approved commercial products lomitapide (Lojuxta®/Juxtapid®), metreleptin (Myalept®/ Myalepta®) and octreotide (MYCAPSSA®) and a robust clinical pipeline MYCAPSSA® is the first and only oral somatostatin analog (SSA) approved for appropriate patients with acromegaly in a global market estimated at $800M*; potential to expand into the neuroendocrine tumor (NET) market estimated at $1.9BN* globally, and has a confirmed modified 505(b)(2) regulatory pathway in the US Deal expected to pave a path to a combined potential $1BN peak revenue for Amryt** global leader in rare & orphan diseases *Management estimates based on market research 2021 **Management estimates    

Transaction BENEFITS contd. a global leader in rare & orphan diseases Lead pipeline candidate Oleogel-S10*(Filsuvez®) under regulatory review in US and EU Acquisition leverages Amryt’s proven commercial execution ability expertise, global infrastructure and integration capabilities to accelerate MYCAPSSA® launch in the US and international markets The acquisition is expected to deliver estimated annual cost synergies of approx. $50M and be revenue, EBITDA accretive and cash generative in the first full calendar year of combined operations and substantially accretive thereafter** Chiasma’s existing royalty interest financing agreement expected to be fully repaid on closing delivering a high margin unencumbered asset to Amryt’s portfolio All stock transaction. Each share of Chiasma common stock issued and outstanding prior to the consummation of the Transaction will be exchanged for 0.396*** Amryt American Depositary Shares (ADSs), each representing five Amryt ordinary shares. Amryt shareholders to own approximately 60% and Chiasma shareholders approximately 40% of the combined entity. Voting agreements received from lead shareholders of both business – Athyrium Capital Management LP, Highbridge Capital Management and MPM Capital * For the purposes of this presentation, we use the name Oleogel-S10. Filsuvez® has been selected as the brand name for the product but please note, Amryt does not, as yet, have regulatory approval for Filsuvez® to treat EB ** Management estimates *** Subject to rounding for fractional shares

Combined Commercial Products 2 marketed products with multiple lifecycle extension opportunities 1 marketed product in first full year of launch 3 marketed products with strong IP protection Infrastructure Global medical + commercial US medical + commercial Enhanced US plus global medical + commercial Call points Endocrinology + cardio Endocrinology Endocrinology overlap + cardio Development Pipeline Oleogel-S10: NDA and MAA submitted in US and EU AP103 gene therapy NET pipeline opportunity TPE platform technology Strengthened development pipeline and potential to leverage TPE and other Amryt products Financial High revenue growth EBITDA positive Revenue generating with high growth potential Revenue accretive immediately Approx. $50M cost synergies EBITDA positive, expected to be cash generative in 1st calendar year CREATING A global leader in rare & orphan diseases Amryt Chiasma

AMRYT CORPORATE OVERVIEW GLOBAL, COMMERCIAL-STAGE BIOPHARMACEUTICAL COMPANY DEDICATED TO ACQUIRING, DEVELOPING AND COMMERCIALIZING NOVEL TREATMENTS FOR RARE DISEASES EBITDA positive and growing commercial business with two commercial products (metreleptin and lomitapide) and a significant development pipeline Founded in 2015 - Global HQ in Dublin, Ireland; US HQ in Boston, MA Positive Phase 3 EASE trial results in EB. Regulatory submissions for Oleogel-S10 submitted to the FDA and EMA. AP103 pre-clinical gene therapy asset Proposed acquisition of Chiasma Inc. (Nasdaq: CHMA) Corporate Overview Financials Nasdaq : AMYT (trades ADSs, 5 Ordinary Shares per ADS) LSE/AIM : AMYT (trades Ordinary Shares) Revenues: $48.4M in Q1 2021 (Q1 2020: $44.6M); $182.6M in FY 2020 (2019: $154.1M*) Guidance increased from $200M-$205M to $205M-$210M for FY2021*** EBITDA: $9.9M Q1 2021 (Q1 2020: $4.6M); $30.4M FY 2020** Cash of $118.6M at March 31, 2021 * Unaudited combined revenues for 2019 represent the combined unaudited pro forma revenues of the Company assuming the acquisition by Amryt of Aegerion happened on 1 January 2019. These amounts (i) exclude revenues from sales to end-users in Japan, due to the out-licencing of Juxtapid® to Recordati, which occurred in February 2019, (ii) exclude up-front payments from Recordati in 2019, and (iii) include a 22.5% royalty on Japanese sales of Juxtapid® from 1 January 2019, as if the Recordati agreement were in place from that date. **See Appendix: non-GAAP/IFRS reconciliation ***2021 guidance does not include potential contribution from proposed Chiasma transaction

CONSISTENT PERFORMANCE AND GROWTH * Unaudited combined revenues for 2019 represent the pro forma combined unaudited revenues of the Company assuming the acquisition by Amryt of Aegerion happened on 1 January 2019. These amounts (i) exclude revenues from sales to end-users in Japan, due to the out-licencing of lomitapide (Juxtapid®) to Recordati, which occurred in February 2019, (ii) exclude up-front payments from Recordati in 2019, and (iii) include a 22.5% royalty on Japanese sales of lomitapide (Juxtapid®) from 1 January 2019, as if the Recordati agreement were in place from that date. Two growing commercial products: metreleptin (Myalepta® / Myalept®) and lomitapide (Lojuxta® / Juxtapid®) Successfully integrated Aegerion (Sep 19’) - by Q1 2020 FY 2020 Revenues increased 18.5% YoY to $182.6M 8.7% revenue growth in Q1 2021 to $48.4M (Q1 2020: $44.6M) 16.5% YoY underlying revenue growth excluding the impact of a LATAM periodic order in Q1 2020 11.3% YoY increase in metreleptin revenues to $30.0M in Q1 2021 (Q1 2020: $26.9M) : 4.4% YoY increase in lomitapide revenues to $18.2M in Q1 2021 (Q1 2020: $17.4M) 13.9% QoQ revenue growth in Q1 2021 (Q4 2020: $42.5M) EBITDA of $9.9M (Q1 2020: $4.6M) - 5th consecutive quarter of positive EBITDA generation Cash of $118.6M at March 31, 2021 (Q1 2020: $68.1M) Raised FY 2021 revenue guidance to $205M - $210M Growing revenues, EBITDA positive and cash generative Revenues ($M) 2019 – 2020 2021 guidance does not include potential contribution from proposed Chiasma transaction

Metreleptin - LIPODYSTROPHY Market Overview The global market LD market is estimated at $530 million with US estimated at ~$280 million Fatty liver Insatiable appetite Chronic fatigue Diabetes Pancreatitis Organ damage Reduced life expectancy Lipodystrophy is a chronic condition associated with low leptin levels as a result of the loss of adipose tissue. Leptin is an important hormone for energy homeostasis and metabolic function. Low leptin can result in metabolic chaos typically resulting in: Metreleptin is approved in the US (under the trade name Myalept®) as an adjunct to diet as replacement therapy to treat the complications of leptin deficiency in patients with congenital or acquired generalized lipodystrophy (GL) and in the EU (under the trade name Myalepta®) as an adjunct to diet for the treatment of leptin deficiency in patients with congenital or acquired GL in adults and children two years of age and above and familial or acquired partial lipodystrophy (PL) in adults and children 12 years of age and above for whom standard treatments have failed to achieve adequate metabolic control. * Prevalence – 1.0 per million GL – 3.0 per million PL, discounted to 1.0 per million for severe cases – ~70% blended diagnosis & eligibility rate ** Includes key markets in which Amryt operates: Brazil, Argentina, Colombia & Canada 455 eligible LD patients* in the US $280M 910 eligible LD patients* in EMEA $180M 475 eligible LD patients* in other markets** $70M

LOMITAPIDE - HoFH Market Overview Lomitapide is approved as an adjunct to a low-fat diet and other lipid-lowering medicinal treatments for adults with the rare cholesterol disorder, Homozygous Familial Hypercholesterolaemia ("HoFH") in the US, Canada, Columbia, Argentina and Japan (under the trade name Juxtapid®) and in the EU, Israel and Brazil (under the trade name Lojuxta®). 250 eligible HoFH patients* in US $110M 255 eligible HoFH patients* in other markets** $40M 600 eligible patients* in EMEA ~$100M The global market for HoFH is estimated at ~$250 million with US estimated at ~$110 million HoFH is a potentially life-threatening disorder that impairs the body’s ability to remove LDL “bad” cholesterol from the blood. Typically results in extremely high blood LDL cholesterol levels leading to aggressive and premature blocking of arterial blood vessels. HoFH patients are at a high risk of experiencing life-threatening cardiovascular events and have a substantially reduced life expectancy. The effect of lomitapide on cardiovascular morbidity and mortality has not been determined. * Includes Pediatric HoFH market opportunity. Prevalence – 3 per million EU, America, Australia; 6 per million – due to consanguinity, e.g. Middle East, Turkey and founder effects, e.g. Canada. 50% diagnosis rate based on phenotypic presentation of LDL-C levels. Approx. 50% eligible population after PCSK9 inhibitors address a portion of the unmet medical need. Excludes FCS ** Includes key markets in which Amryt operates: Brazil, Argentina, Colombia & Canada.

Oleogel-s10: Potential first in market therapy for epidermolysis bullosa Regulatory submissions filed with FDA and EMA. If approved, US launch anticipated Q4 2021 EU anticipated Q2 2022 Received Fast Track Designation Granted Rare Pediatric Disease Designation by FDA The global market is estimated to be in excess of $1 billion* fatty liver Insatiable appetite chronic fatigue Diabetes Pancreatitis Organ damage Reduced life expectancy EB is a rare and devastating group of hereditary disorders of the skin, mucous membranes, and internal epithelial linings characterized by extreme skin fragility and blister development. Patients with severe forms of EB suffer from severe, chronic blistering, ulceration and scarring of the skin, mutilating scarring of the hands and feet, joint contractures, strictures of the esophagus and mucous membranes, a high risk of developing aggressive squamous cell carcinomas, infections and risk of premature death. Phase 3 EASE study investigating Oleogel-S10 was the largest ever global trial and first ever positive readout in EB. Primary endpoint was met demonstrating 44% increase in target wound closure with Oleogel-S10 versus control gel. Favorable trends observed among secondary endpoints including procedural pain, change in EBDASI score and BSAP. Oleogel-S10 was shown to have an acceptable safety profile. *Based on management estimates

GROWING COMMERCIAL PORTFOLIO & ENHANCED COMBINED Development Pipeline EARLY AND LATE-STAGE PIPELINE WITH MULTIPLE VALUE INFECTION POINTS Definitions: Dystrophic EB (“DEB”); Junctional EB (‘‘JEB’’); Recessive Dystrophic EB (‘‘RDEB’’) * Upcoming clinical milestones are subject to the impact of COVID-19 on our business. (1) We are conducting a Phase 3 study of homozygous familial hypercholesterolemia ("HoFH") in children and adolescents in Europe, the Middle East and Africa ("EMEA") as part of our European Medicines Agency (‘‘EMA’’) post-approval commitments. (2) An investigator-led open-label Phase 2 trial studying lomitapide in patients with FCS is ongoing and we announced encouraging topline data on efficacy and safety on March 30 2021. (3) We have not yet commenced any clinical trials in the United States for metreleptin for the treatment of PL. (4) Oleogel-S10 was approved in 2016 by the EMA for the treatment of partial thickness wounds in adults but has not been commercially launched. (5) We have not yet commenced any clinical trials for radiation-induced dermatitis. This planned radiation-induced dermatitis Phase 2 trial is an investigator-initiated study. (6) 505(b)(2) pathway Phase 2 not required, Phase 3 planned in 2022 PROGRAM INDICATION PRECLINICAL PHASE 1 PHASE 2 PHASE 3 MARKETED UPCOMING MILESTONES* / RECENT DATA Lomitapide (Juxtapid® / Lojuxta®) HoFH (adults) HoFH (Pediatrics)(1) Data Expected: H1 2022 FCS(2) Positive POC study, development path under review Metreleptin (Myalept® / Myalepta®) GL PL(3) Phase 3 study planned Q4 2021 MYCAPSSA® Acromegaly Launched Sep ‘20, EMA filing planned mid-2021 Neuroendocrine tumors (NET)(6) IND Submitted – P3 planned H1 2022 Oleogel-S10 (4) EB (DEB / JEB) Positive Top Line Data Readout (Primary endpoint p-value=0.013) Radiation-Induced Dermatitis (5) Investigator- initiated study planned H1 2021 AP103 EB (DEB) Clinical Development Planned: H2 2022 EU EU US

GLOBAL INFRASTRUCTURE INFRASTRUCTURE IN PLACE TO DRIVE GLOBAL GROWTH 7 Current markets Pending markets Out-licensed BA Pharma Trading Ltd

CHIASMA Overview MYCAPSSA® was approved by FDA in June 2020 and launched in September 2020 as the first and only oral (SSA) for patients with acromegaly Significant market potential for MYCAPSSA® in NET Patent protection for MYCAPSSA® in the US and EU to 2029 with method of use coverage in US to 2036 (with EU patent pending) Validated oral delivery technology platform (TPE) Commercial-stage biopharmaceutical company focused on developing and commercializing oral treatments for patients facing significant challenges with injectables

MycapSsa® - Acromegaly - US Market Overview Octreotide and lanreotide injections are broadly used as first-line pharmacological treatments Injections Present Significant Challenges to Patients** The global market for SSAs in the treatment of acromegaly is estimated at ~$800 million with US estimated at ~$400 million* Acromegaly is a rare disease most often caused by a benign pituitary tumor and characterized by an excess of growth hormone and insulin-like growth factor-1 hormone. Treatment options include surgery, medication and radiation or a combination of these.  If untreated, acromegaly may cause: *Chiasma management estimate based on 2019 available market data. **Strasburger, et al. Patient reported outcomes of parenteral somatostatin analogue injections in 195 patients with acromegaly.  Eur J Endocrinology. 2016 Mar; 174(3):355-62 Enlarged organs Intense headaches Altered facial appearance Enlargement of the hands and feet Type 2  diabetes  Respiratory disorders Cardiac disease Joint pain Cerebrovascular disease MYCAPSSA® is the first and only FDA-approved oral somatostatin analog (SSA) for appropriate patients with acromegaly, providing effective and consistent biochemical control while reducing the treatment burden associated with injectable therapies. 

STRATEGIC Intent: to make MYCAPSSA® the NEW pharmacological standard of care Patients2 Over 185M Lives Covered3 Compelling Value for Payers Positive Patient Feedback Oral Option addresses unmet need SSAs already reimbursed and in payers' budgets MYCAPSSA® pricing designed to facilitate broad access Payers see the value in offering MYCAPSSA® Creating access and choice for patients 69% of patients considering or open to considering MYCAPSSA® (n=29) Informed Patients 75% of patients familiar with MYCAPSSA® (n=40) 1Source: KANTAR Survey fielded from February/March 2021, N=50 (US licensed endocrinologists,treating acromegaly patients with SSAs) 2Source: Survey fielded from 2/23/2021 to 3/8/2021, N=47 (39 patients, 2 caregivers, 6 other) 3Covered lives in US of 3/31/2021 Familiarity with Octreotide HCPs will draw on past experience with octreotide HCP Intent to Prescribe1 96% of endocrinologists report likely to grant a patient’s request to switch to MYCAPSSA® (n=50) HCPs Payers

Global SSA Sales expected to be ~$3.8B by 2028 $2.3B $2.8B $2.6B $3.8B $0.8B $1.9B $0.1B $1.1B $2.4B $0.3B Financial reports & filings, Novartis & Ipsen, 2016–2019 Future projected growth at 3.5% to 2028 55% of global sales in US market (Novartis Annual Report for sales in 2019) Other

Neuroendocrine Tumor (NET) - Market Overview Octreotide LAR and lanreotide depot injections are broadly used as first-line pharmacological treatments Potential addressable patient population on SSAs estimated at ~24,000 in the US2 NET Symptoms Include: GI Tract Malignancies Diarrhea & Constipation Pancreatic Malignancies Lung Malignancies The global market for SSAs in the treatment of NETs is estimated to reach ~$2.4 billion3 by 2028, with US estimated to reach ~$1.3 billion3 Flushing Anxiety & Depression Fatigue Hauso et al, Cancer, 2008; Cancer Research UK National Cancer Institute SEER Database; Halperin et al. 2017 https://www.ncbi.nlm.nih.gov/pmc/articles/PMC6066284/ Future projected growth at 3.5% to 2028 NETs are abnormal growths of neuroendocrine cells occurring throughout the body (most common in GI tract). NETs can metastasize and produce hormones that cause significant symptoms (“carcinoid syndrome” which includes diarrhoea and flushing episodes)1.

TPE - Validated delivery technology platform Capsules with TPE technology have an enteric coating to protect against degradation in the stomach. Once in the small intestine, the capsule is designed to dissolve and release the TPE formulation. TPE technology induces the reversible expansion of tight junctions between intestinal epithelial cells, a natural process to absorb nutrients.  Capsules containing TPE can allow drug therapies to enter systemic circulation while excluding toxins, bacteria and viruses. With the approval of MYCAPSSA®, the TPE represents a validated technology delivery platform for potential new development opportunities TPE – Transient Permeability Enhancer

CHIASMA – Rationale for the combination The combination with AMRYT is expected to: Consistent with our vision of becoming a successful commercial company with a promising pipeline. Capitalize on Amryt’s financial strength to expand the potential benefits of MYCAPSSA® in NET and other new development opportunities with our TPE technology platform Provide a faster path to profitability and greater capital efficiency Leverage Amryt’s Global commercial success, which is crucial to the ex-US Launch of MYCAPSSA® Accelerate the commercialization of MYCAPSSA ® in the US efficiently Clinical Stage Company Commercial Stage Company with Validated TPE Platform Vision: Become a Successful Commercial Company with Promising Pipeline

COMBINATION DELIVERS LONG TERM VALUE TO PATIENTS AND SHAREHOLDERS Leading global commercial-stage orphan disease company with three growing marketed products in large attractive markets with active development / life cycle opportunities to expand to new indications Combination represents a compelling operational and strategic fit with the financial strength to deliver on future growth plans Combined business has a proven track record in successful acquisition and integration. Expected to deliver annual cost synergies of approx. $50M and expected to be revenue, EBITDA accretive and cash generative in the first full calendar year of combined operations and substantially accretive thereafter expected Exciting pipeline of development assets with potential to drive near and long-term growth: Oleogel-S10, NDA and MAA submitted to regulatory authorities in US and EU, MYCAPSSA in NET; IND filed in US, AP103 gene therapy asset planned to enter clinic in 2022

Answers Questions &