GHIT Fund
ANNUAL REPORT

2017
5th
Anniversary

E

01

CONTENTS
From successful launch,
to accelerating toward the next frontier

03

Advancing Portfolio05

Late-Stage Candidates

07

GHIT R&D Forum09

GHIT Replenishment

13

Strategic Plan FY2018–FY2022

15

Finances

17

Leadership

19
02

From successful launch,
to accelerating toward
the next frontier
We are immensely proud of the robust portfolio of products withprosperous lives for hundreds of millions of people across thelife-saving potential that we have created with our everglobe.

expanding network of partners in Japan and around the world

03

during our first five years. As a result of this work, the global

This work moves the world closer toward our shared universal

health R&D pipeline is more vibrant than ever, leveraging

health coverage, Sustainable Development, and human security

Japanese innovation to help realize the promise of better, moregoals. Following our launch five years ago, we are honored that

new investment platforms like Coalition for Epidemic

governors, we close our first phase of operations and enter the

Preparedness Innovations (CEPI) and Research Investment innext with unparalleled energy, optimism, and drive.

Global Health Technology (RIGHT) have leveraged GHIT’s
pioneering public-private partnership fund model. And thanks to

The really important work starts now, and we’re ready for it.

our replenishment for GHIT’s second five-year phase, ourcapacity to realize the promise of product development is greaterthan ever.
These achievements illustrate that our business model and role ascatalyst and investor in product development are working. But
the true measure of success is putting effective, affordable,
lifesaving tools into the hands of every person who needs them.
Thanks to the foresight, engagement, creativity, and unwavering

Kiyoshi Kurokawa, MD

BT Slingsby, MD, PhD, MPH

Board Chair

Chief Executive Officer

support of our funders, sponsors, development partners, and04

Advancing Portfolio
Discovery
Target Research Platform
T

Screening Platform

Hit-to-Lead Platform

Vaccine

Drug

Drug

Diagnostic

Drug

Drug

Vaccine

Drug

Drug

Malaria

Drug

Drug

Drug

Drug

Drug

Vaccine

Drug

Drug

Tuberculosis
Drug

Drug

Chagas disease, Leishmaniasis
Drug

Drug

Drug

Drug

Drug

NTDs
Drug

Chagas disease

Leishmaniasis

Drug

Drug

Schistosomiasis
Co-investment

GHIT Investment

Diagnostic

29.7

12.8
18.9

46.0

2013

2014

51.1
32.4
63.7
2015

98.6

2016

131.9

2017

US dollar amounts represent conversions from Japanese yen, solely for the reader’s convenience, at JPY 100 = USD 1.

05

As of March 2018

Cumulative investments USD (in millions)

190M

USD

56.8

200.0
190.0
180.0
170.0
160.0
150.0
140.0
130.0
120.0
110.0
100.0
90.0
80.0
70.0
60.0
50.0
40.0
30.0
20.0
10.0
0

Preclinical

Clinical

Product Development Platform

Product Development Platform
Phase
VaccineDrug

IIb

VaccinePhase
Diagnostic

IIIb

Drug

Phase
Drug

IIIa

Drug

Drug

Phase
Drug

IIIb

VaccineDiagnostic

Chagas disease

Dengue fever

Soil-transmitted helminths

Phase
Drug

IIIb

Vaccine

Drug

Drug

Mycetoma
Phase

Leishmaniasis

IIb

Drug

Schistosomiasis

Drug

VaccinePhase
Vaccine

IIIb

Drug

Drug

Investment Overview FY2013-FY2017

DiseaseMalariaIntervention

40.6%

Tuberculosis 12.5%
NTDs

Development
Stage

46.9%

Drugs

70.6%

Discovery

18.6%

Vaccines

24.5%

Preclinical

39.0%

Diagnostics

4.9%

Clinical

42.4%

74

103

Total Invested
Partnerships

Total ProductDevelopment Partners

49 Active Investments
25 Completed Investments

42 Japanese Partners
61 Non-Japanese Partners

7

2First-in-Human
Studies Initiated

Proofs of Concept
Achieved06

Late-Stage Candidates

BK-SE36/CpG
SJ733

Disease: Malaria
Intervention: Drug
Development Stage: Phase IIa
Country: To be determined
SJ733 is a chemically novel and potent
antimalarial candidate, based on adihydroisoquinolone platform and featuring goodoral availability, excellent safety tolerability, and alow propensity for resistance. The trial will test
SJ733 in combination therapy.

Disease: Malaria
Intervention: Vaccine
Development Stage: Phase Ib
Country: Burkina Faso

This trial will assess the safety and reactogenicityof three doses of malaria vaccine candidate
BK-SE36, formulated with TLR9 ligand adjuvants
K3 CpG oligodeoxyribonucleotides (K3
CpG-ODN) in healthy African adults and children
exposed to the Plasmodium falciparum parasite.

BOLIVIAE1224 Chagas disease/Drug

DSM265

Disease: Malaria
Intervention: Drug
Development Stage: Phase IIb
Country: To be determined
DSM 265 is a novel antimalarial candidate
anticipated to become a single exposure radical
cure and prophylaxis (SERCaP) product. The trial
aims to optimize oral formulation and lower theadministration volume for pediatric use.

E1224

Disease: Chagas disease
Intervention: Drug
Development Stage: Phase IIb
Country: Bolivia
Ths trial compares the safety and efficacy of oral
E1224 (a water-soluble ravuconazole prodrug)
regimens with benznidazole in adults withchronic, indeterminate Chagas disease. The novel
candidate treatment regimen is oral, easy to use,
safe, and affordable.

07

8Abraham Ali/Imageworks-DNDi

E1224

Disease: Mycetoma
Intervention: Drug
Development Stage: Phase IIb
Country: Sudan
This trial tests whether Fosravuconazole, anazole-class antifungal drug discovered by Eisai,
may also be an effective and affordable treatment
for mycetoma. The trial is being conducted with
the WHO Collaborating Center on Mycetoma in
Khartoum.

BURKINA FASO
BK-SE36/CpG Malaria/Vaccine

Candidates
DAR-901

SUDAN

E1224 Mycetoma/Drug

Disease: Tuberculosis
Intervention: Vaccine
Development Stage: Phase IIb
Country: Tanzania

KENYA
IVORY COASTPZQ Schistosomiasis/Pediatric DrugPZQ Schistosomiasis/Pediatric Drug

DAR-901 is the only novel TB booster vaccine
candidate based on inactivated whole cell derived
from Mycobacterium obuense that has shown
efficacy in humans.

TANZANIA
DAR-901 TB/Vaccine

SOUTH AFRICA
TB-LAM TB/Diagnostic

Arne Hoel_World BankTB-LAM

Disease: Tuberculosis
Intervention: Diagnostic
Development Stage: Product validation
Country: South Africa
This project aims to develop a highly sensitive,
rapid point-of-care TB test to diagnose the disease
from urine in high-risk, HIV-infected individuals.
Product validation studies based on samples fromSouth African townships are under way.

PZQ

Disease: Schistosomiasis
Intervention: Pediatric Drug
Development Stage (Country):
Phase IIb (Ivory Coast) /Phase III (Kenya)
The Pediatric Praziquantel Consortium developed
the pediatric formulation of the gold-standard drug
for schistosomiasis to address the unmet medical
needs of infected preschool-age children. The
formulation under investigation is smaller,
exhibits an improved palatability, and is orally
dispersible, in contrast to the current commercial
formulation.

08

GHIT
R&D For um
December 8, 2017

GHIT’s inaugural R&D Forum convened more than 80

Why were these discussions unprecedented? Before

Japanese and non-Japanese life science companies,

GHIT’s founding in 2013, the number of Japanese

research institutions, universities, international

institutions engaged in global health R&D was small, andorganizations, and nonprofit and nongovernmental

few opportunities existed domestically for collaboration

organizations to engage in unprecedented, interactive

and information exchange between Japanese and foreign

peer-to-peer exchange. Discussions covered R&D project

global health R&D organizations. Fast-forward fiveprogress, lessons learned, shared challenges andyears: more than 40 Japanese organizations haveopportunities, and next steps from target research toparticipated in GHIT’s investment platforms inclinical trials. Participants also shared strategies forpartnership with global entities, and GHIT’s development

identifying appropriate partners for product development,

partners continue to expand and accelerate their activities

the secrets of successful partnerships, clinical trial

across the globe.

challenges in low- and middle-income countries, andeffective funder-to-funder collaboration.
09

By effectively linking the value chain from fundraising,

now directly linked to overseas product development

investment, product development, and delivery, GHIT has

partners through GHIT, and open innovation continues tocreated a vibrant, connected, and internationallycreate new value and impact.

recognized Japanese global health R&D ecosystem.
GHIT’s commitment to accelerating the critical work of

GHIT is not simply an institution; it works as a global

this dynamic community remains steadfast, fueling global

hub for Japanese and overseas institutions from allefforts and harness Japan’s previously untapped science

sectors involved in global health R&D, and facilitatesand pharmaceutical capabilities to revolutionize global

international collaboration, open innovation, andhealth.

outcome-oriented dialogue on product development,
access, and delivery.

Japan, as the world’s No.3 leader in pharmaceuticaldevelopment, offers invaluable technologies, expertise,and know-how for global health R&D. Such assets are
10

GHIT R&D Forum

Moderator Reflections
Kei Katsuno, MD, MPH

December 8, 2017

Senior Director, Investment Strategy & Government Relations
GHIT FundThe engagement of Japanese organizations in global health R&D has expanded dramatically over the past five years. I
realized that scientists across the world share unwavering commitment and passion, a key powering force driving global
health R&D. I hope that opportunities like the R&D Forum will contribute to building new partnerships in Japan andoverseas, as well as encourage deeper discussion among partners.

Hayato Urabe, PhD, MPIA
Director, Investment Strategy, Planning & Management
GHIT Fund

The R&D Forum catalyzed lively discussions beyond immediate projects and R&D stages of focus – more so than we had
imagined it would. This was incredibly gratifying for all of us at GHIT. I believe that proactive partnerships between Japanand overseas entities not only allow us to position GHIT's work within the global portfolio but also create great impact interms of fundraising, investment, and access.

Participating Organizations
Ahmadu Bello University (ABU Zaria)
Astellas Pharma Inc.
Australian Department of Foreign Affairs
and Trade

International AIDS Vaccine Initiative (IAVI)International Vaccine Institute (IVI)

Bayer

Janssen Pharmaceutical K.K.

Bill & Melinda Gates Foundation

Japan Agency for Medical Research andDevelopment (AMED)

CellFree Sciences Co., Ltd.

Osaka City University
Osaka University
Otsuka Pharmaceutical Co., Ltd.
PATH
Pfizer Japan
Pharma-Assist
Monash University

ChemRoutes Corporation

Japan Anti-Tuberculosis Association,
Research Institute of Tuberculosis

Chiba-Nishi General Hospital

Japan Innovation Network

RIKEN Center for Life Science
Technologies (CLST)

Chugai Pharmaceutical Co., Ltd.

Johnson & Johnson

Shionogi & Co., Ltd.

Daiichi Sankyo Co., Ltd.

Jubilant Biosys Ltd.

Sophia University

Daiichi Sankyo RD Novare Co., Ltd.

Keio University School of Medicine

St. Luke's Graduate School of Public Health

Daiken Medical Co. Ltd.

Kitasato Daiichi Sankyo Vaccine Co., Ltd.

St. Luke's International University

Drugs for Neglected Diseases initiative(DNDi)

Kitasato University School of Medicine

Sumitomo Dainippon Pharma Co., Ltd.

Kyoto University

Takeda Pharmaceutical Company Limited

Lygature

Technology Cross Point Laboratory

Ehime University

Malaria No More Japan

Eisai Co., Ltd.

Medicines for Malaria Venture (MMV)

Institute of Medical Science, The Universityof Tokyo

Eisai Inc.

Medicines Patent Pool

Embassy of Canada to Japan

Meiji Seika Pharma Co., Ltd.

EU-Japan Centre for Industrial Cooperation

Ministry of Foreign Affairs of Japan

European & Developing Countries Clinical
Trials Partnership (EDCTP)

Ministry of Health, Labour and Welfare ofJapan

European Vaccine Initiative (EVI)

Mitsubishi Tanabe Pharma Corporation

Fujifilm Corporation

Nagoya University

Global Alliance for TB Drug Development(TB Alliance)

National Center for Global Health andMedicine (NCGM)GSK Japan

National Institute of Infectious Diseases

HanaVax Inc

National University of Singapore

Health and Global Policy InstituteNobelpharma Co., Ltd

Hoshi University

Non-Profit Organization Center for
Application of Chemical Compounds

Drugs for Neglected Diseases initiative
Japan (DNDi Japan)

Inc., Ohbi
Geisel School of Medicine at Dartmouth
11

Institute of Molecular Biology and Genetics,
National Academy of Sciences of Ukraine

Obihiro University of Agriculture andVeterinary Medicine

Tokyo Institute of Technology
Tokyo Medical and Dental University
Tokyo Metropolitan Institute of Medical
ScienceToyama Chemical Co., Ltd.
Tufts Medical Center
United Nations Development Programme(UNDP)
Unitaid
University of Namibia
VLP Therapeutics
Wellcome Trust
World Intellectual Property Organization(WIPO)

Participant Reflections“The R&D Forum provided useful andinteresting glimpses into how other donors andproduct development partners are working with
the GHIT Fund.”“The R&D Forum facilitated excellent
face-to-face communication with colleagues
with whom I normally interact only via e-mailand teleconference. It made all the difference.”“We felt a strong sense of mission and were
inspired by the passion of researchers we met at
the R&D Forum to contribute more. I am proudthat my company partners with GHIT.”“Valuable experience for young academic
researchers/students in the field. They should bemade aware of this kind of event. They are thefuture of this field, R&D and Japaneseinnovation.”“The Forum showed how the mindset ofJapanese researchers is rapidly shifting from adomestic to a global viewpoint.”“Great to hear how projects areadvancing and learn why
partnerships are important.”“Unique event that enabled Japanese innovationand know-how to shine in a way that is
comfortable for Japanese researchers.”“All of you is GHIT — all of you: scientists and researchers from academia andindustry coming together to develop new medicines for patients in low and middle
income countries using Japanese innovation. This was the vision when launching
GHIT; this is GHIT. ”

BT Slingsby, MD, PhD, MPH
GHIT Fund CEO

12

GHIT Replenishment
June 1, 2017

Clockwise from upper left: Yoshihiko Hatanaka (Representative Director, President and CEO, Astellas Pharma Inc.), Tatsuro Kosaka (President & COO, Chugai Pharmaceutical Co.,
Ltd.), George Nakayama (Representative Director, Chairman and CEO, Daiichi Sankyo Company, Limited), Haruo Naito (Representative Corporate Officer and CEO, Eisai Co., Ltd.),
Isao Teshirogi (President and CEO, Shionogi & Co., Ltd.), Christophe Weber (Representative Director, President and CEO, Takeda Pharmaceutical Company Limited), Stephen
Caddick (Director, Innovations Division, Wellcome Trust), Eiji Hinoshita (Director, Global Health Policy Division, International Cooperation Bureau, Ministry of Foreign Affairs),
Kiyoshi Kurokawa (Representative Director and Chair, GHIT Fund), BT Slingsby (CEO, GHIT Fund), Naoko Yamamoto (Assistant Minister for Global Health, Minister’s Secretariat,
Ministry of Health, Labour and Welfare), Andrin Oswald (Director, Life Sciences Partnerships, Bill & Melinda Gates Foundation) *Titles and affiliations at time of press conference.

Funding Partners and Sponsors for GHIT 2.0 (FY2018-FY2022)
Full Partners

Full Partners

Government
Full Partners

Industry
Associate Partners

Foundation

Affiliate Partners
Sponsors

13

On June 1, 2017, GHIT announced its replenishment witha USD 200 million commitment for our next five years(FY2018–FY2022) from its funding partners. In a press
conference, Council members, together with GHIT’s
Chairman and GHIT’s CEO, reflected on the Fund’s
inception, when the Japanese government, Japanesepharmaceutical companies, and the Bill & Melinda Gates
Foundation collaborated to launch a matching fund topromote product development for infectious diseases byharnessing Japan's untapped pharmaceutical andtechnological capabilities. GHIT’s leaders shared
examples of key activities and investments that illustrated

Dr. Isao Teshirogi (President and CEO, Shionogi & Co., Ltd.)GHIT Council Chair, June 1, 2017

how, in just five years, Japan's innovations have made acritical impact on global health R&D.

for CEOs of pharmaceutical companies to get together,
Replenishment funds enable GHIT to move our most

but all CEOs here have been strongly committed to andadvanced tools out of the lab, and into the hands of thosepassionate about the GHIT Fund for a long time and for a

who need them most. Expanded investment capacity will

specific mission." He went on to describe the solidarity

be used to accelerate GHIT’s clinical trials in theand unity between the GHIT Fund and its stakeholders

developing world, as well as advancing other productand expressed hope for further changes in attitudes

development activities to move products to market.

towards global health R&D, including among theJapanese government, companies, and academia. Dr.

Dr. lsao Teshirogi, President and CEO of Shionogi &Teshirogi concluded by noting that "Continuing thisCo., Ltd., said “I do not know of any other public-private

momentum reinforces Japan's leadership and international

partnership like [GHIT’s] successful case. It is very rare

presence."“This public-private partnership matters, because we can maximize and leverage
our resources and networks for product development and delivery for patients.”
Stephen Caddick, PhD
Innovation Director
Wellcome Trust

14

Strategic Plan FY2018–FY2022
R&D: Investments in Product Development
Further leverage innovations from Japanese biopharma and academia
Target Research

Hit Identification

Lead Identification

Preclinical

5
Leads

Candidates

Five hit-to-lead programs

Eight preclinicalcandidates identified

58

Five innovative
diagnostic technologies
identified and funded(Target Research Platform &Product Development Platform)

Excellence through Good Governance
Ensure and further enhance corporate governance andinstitutional development● Two successful audits by the Cabinet Office of Japan (conducted every three years)● Five successful financial audits by an external and independent auditor● Five successful internal audits by the GHIT management team (results reported to Chief

Executive Officer & Board of Directors)● Biennial review and sign-off by Board of Directors of updated GHIT policies, including
Governance Manual$¥ £Financial Strategies
Maximize efficiencies in fund management and co-funding strategies● Maintain overhead cost (at or below 5%)

Maintain uniquely low overhead cost in order to maximize investments in R&D● Increase leveraging factor (to 2.0)

Leveraging factor = ( GHIT’s investment + co-investment by other organizations) / (GHIT’s
investment) = 1.5 as of December, 2017

Develop and execute a replenishment plan for GHIT 3.0● Successfully replenish GHIT 3.0 (FY2023 - FY2027)

Ensure sustainable operations of GHIT and continued acceleration of product development
15

GHIT’s Strategic Plan for its second five-years is composed of four pillars: R&D, Partnership for Delivery,
Excellence Through Good Governance, and Financial Strategies. By prioritizing investment in late-stage candidates in the pipeline,
GHIT will aim to have two products approved by a stringent regulatory authority by the end of FY2022.

ved
Appro
ved
Appro

Advance R&D investment pipeline and prioritize late-stage candidates
Phase I

Phase IIa

Phase IIb

Phase III

Registration

5

3
POC

Products

Five First in Human (FIH)
clinical trials conducted

Three clinical candidates with Proof of Concept (POC) achieved

Two products approved by astringent regulatory authority

FIH

2

Design of clinical trials (e.g., PhIa/b, PhIIa/b) and point of testing for proof of concept depends on regulatory science; depiction above is only representative.

Refine strategies to maximize global health R&D excellence and outcomes● Six preclinical investments and four clinical investments reviewed for effectiveness in the field● Annual portfolio review approved by the Portfolio and Launch Strategy Committee (PLSC), a standing committee of the GHIT Board of Directors

Partnership for Delivery
Strengthen capacity to appraise access and delivery strategies forlate-stage candidates● 10 access and delivery strategies for late-stage investments reviewed by PLSC and reported to

the Board of Directors

Leverage United Nations Development Programme (UNDP) andother global network partners for product delivery preparedness● Six access and delivery strategies shared and discussed with UNDP and other global partners● Six meetings convened between development partners and relevant global partners for each of

the access and delivery strategies aforementioned with the goal of in-country access anddelivery support● Present GHIT's access and delivery strategies at more than 20 conferences or events

Accelerating Co-investment
GHIT and the European & Developing Countries Clinical Trials Partnership (EDCTP) announced a new co-investment partnership on December
8th, 2017 to support the Phase III clinical trial for the pediatric formulation of Praziquantel by the Pediatric Praziquantel Consortium. This
funding collaboration amplifies the impact of each organization’s investment exponentially.

Disclaimer: This Strategic Plan contains forward-looking statements and actual results may be materially different from those expected in the forward-looking statements due to a number of risks anduncertainties, including, but not limited to, whether we can sustain funding, achieve successful progression of products through the R&D process, and receive regulatory approvals.

16

***For Translation Purposes Only***

Independent Auditor’s Report
To the Board of Directors, Global Health Innovative Technology Fund:<Audit of the Financial Statements>
We have audited the accompanying financial statements, which comprise the balance sheet, the statement ofincome, the notes to the financial statements, and the related supplementary schedules of the Public Interest
Incorporated Association Global Health Innovative Technology Fund (“the Organization”) applicable to thesixth fiscal year from April 1, 2017, through March 31, 2018. We conducted our audit in accordance withthe rules and regulations concerning the Act on the Authorization, etc. of Public Interest Incorporated
Associations and Public Interest Incorporated Foundations in Japan, under Article 23.
Directors’ Responsibility for the Financial Statements and the Related Supplementary Schedules
Directors need to ensure that the financial statements and related supplementary schedules were prepared andfairly presented in accordance with accounting principles generally accepted in Japan. Among others,
directors are responsible for designing and operating such internal control as directors determine is necessary
to enable the preparation and fair presentation of the financial statements and the related supplementaryschedules that are free from material misstatement, whether due to fraud or error.
Auditor’s Responsibility
Our responsibility is to express an opinion on these financial statements and the related supplementaryschedules based on our audit. We conducted our audit in accordance with auditing standards generally
accepted in Japan. Those standards require that we plan and perform the audit to obtain reasonableassurance about whether the financial statements and the related supplementary schedules are free frommaterial misstatement.
An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in thefinancial statements and the related supplementary schedules. The procedures selected depend on theauditor’s judgment, including the assessment of the risks of material misstatement of the financial statements
and the related supplementary schedules, whether due to fraud or error. The purpose of an audit of thefinancial statements is not to express an opinion on the effectiveness of the Organization’s internal control,
but in making these risk assessments, the auditor considers internal controls relevant to the Organization’s
preparation and fair presentation of the financial statements in order to design audit procedures that areappropriate for the circumstances. An audit also includes evaluating the appropriateness of accounting
policies used and the reasonableness of accounting estimates made by directors, as well as evaluating theoverall presentation of the financial statements and the related supplementary schedules.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our
audit opinion.
OpinionIn our opinion, the financial statements and the related supplementary schedules referred to above present
fairly, in all material respects, the financial position and results of operations of the Organization applicableto the sixth fiscal year ended March 31, 2018, in conformity with accounting principles generally accepted inJapan for Public Interest Incorporated Associations (similar to a 501(c)(3) in the United States).
<Opinion on the List of Assets and Liabilities>
We have audited the accompanying list of assets and liabilities for the sixth fiscal year of the Public Interest
Incorporated Association Global Health Innovative Technology Fund at March 31, 2018. We conducted our
audit in accordance with the rules and regulations concerning the Act on the Authorization, etc. of Public
Interest Incorporated Associations and Public Interest Incorporated Foundations in Japan, under Article 23.
Directors’ Responsibility for the List of Assets and Liabilities
Directors need to ensure that the list of assets and liabilities was prepared and fairly presented in accordancewith accounting principles generally accepted in Japan and also in conformity with the public-interest
certification documents.

***For Translation Purposes Only***

Auditor’s Responsibility
Our responsibility is to express an opinion on the said list of assets and liabilities which was prepared andfairly presented in accordance with auditing standards generally accepted in Japan and also in conformity
with the public-interest certification documents.
OpinionIn our opinion, the list of assets and liabilities referred to above present fairly, in all material respects, inaccordance with auditing standards generally accepted in Japan and also in conformity with the
public-interest certification documents.
<Conflicts of Interest>
We have no interest in the Organization which should be disclosed in compliance with the Certified Public
Accountants Act.

Ernst & Young ShinNihon LLC
May 7, 2018
End-of-Document

2017 Financial Summary (Audited)
ASSETS, LIABILITIES, AND NET ASSETS
Millions ofYenMillions of
U.S. Dollars

FUNDS RECEIVED

Millions ofYenMillions of
U.S. Dollars

Cash and Cash Equivalents
Fixed Assets¥ 665.1
2,361.8

$ 6.3
22.2

¥ 1,792.0$16.9

TOTAL ASSETS¥ 3,026.9$ 28.5Governments, NGOs,
Multilateral Organizations
Foundations
Corporations

916.8
1,445.2

8.6
13.6

TOTAL FUNDS RECEIVED¥ 4,154.0$ 39.1ASSETSLIABILITIES AND NET ASSETS

Millions ofYenMillions of
U.S. Dollars¥ 753.4$ 7.1

Total Liabilities
Net Assets

2,273.5

21.4

TOTAL LIABILITIES AND NET ASSETS¥ 3,026.9$ 28.5FUNDS RECEIVED
43.1% Governments, NGOs,
Multilateral Organizations
22.1% Foundations
34.8% Corporations

NET ASSETS VARIATION STATEMENT
Millions ofYenMillions of
U.S. Dollars

Governments, NGOs,
Multilateral Organizations
Foundations
Corporations¥ 1,792.0$16.9

1,522.6
739.3

14.3
7.0

44.2% Governments, NGOs,
Multilateral Organizations
37.6% Foundations

TOTAL ALLOCATED REVENUE¥ 4,053.9$ 38.2

18.2% Corporations

EXPENSES

Millions ofYenMillions of
U.S. Dollars

Program Services
Support Services¥ 3,907.1$36.8

TOTAL EXPENSES¥ 4,085.8

ALLOCATED REVENUECARRY-OVER FROM PRIOR YEAR

¥0

178.7

SOURCES OF
ALLOCATED REVENUE

$0

1.7

$38.5

EXPENSE ALLOCATION
95.6% Program Services
4.4% Support Services

The US dollar amounts in this section represent translations of Japanese yen, solely for the reader’s convenience, at JPY 106.25= USD 1, the approximate
exchange rate on March 31, 2018.
This financial summary is an excerpt from the GHIT Fund's audited financial statements, which are audited by Ernst & Young ShinNihon LLC. The GHIT Fundis a Pubic Interest Incorporated Association and is registered in Japan.
18

LEADERSHIPOur governance structure is designed to structurally transcend

development and delivery of products to patients. Companies

potential conflicts of interest that can arise when a company may

commit non-dilutive capital to the GHIT Fund but thenbe both a benefactor and a beneficiary of the Fund. The reason

relinquish all investment and portfolio decision-making to afor this is simple: national institutes and universities are critical

Board and Management Team that excludes representation fromresearch partners, but we need companies to champion the

any funding company.

COUNCIL
The Council consists of the Japanese government, various foundations, and private companies that provide funding to GHIT. The Council resolves important matters as provided byapplicable laws and regulations or the Articles of Incorporation including appointment and dismissal of members of the Council and the Board of Directors, amendment of the Articles
of Incorporation, and approval of financial statements.

Hideo Suzuki

Chieko Ikeda, MD, MPH, MS

Trevor Mundel, MD, PhD

Ambassador, Director-General for Global Issues
Ministry of Foreign Affairs

Senior Assistant Minister for Global Health
Minister's Secretariat
Ministry of Health, Labour and Welfare

President, Global HealthBill & Melinda Gates Foundation

Stephen Caddick, PhD

Astellas Pharma Inc.

Chugai Pharmaceutical Co., Ltd.

Daiichi Sankyo Company, Limited

Eisai Co., Ltd.

Director, Innovations DivisionWellcome Trust

George Nakayama
Representative Director
Chairman and CEO

Yoshihiko Hatanaka
Representative Director
President and CEO

Haruo Naito
Representative Corporate Officer
and CEO

Osamu Nagayama
Representative Director and Chairman

Shionogi & Co., Ltd.

Isao Teshirogi, PhD
President and CEO

Takeda Pharmaceutical
Company Limited
Christophe Weber
Representative Director
President and CEO

BOARD OF DIRECTORSThe Board of Directors consists of global health experts and management professionals. In addition to overseeing operations by the Management Team, it also resolves importantbusiness matters including approval of major rules, strategic plans, annual operational plans/budget, and funding decisions based on recommendations from the Selection Committee.

Representative Director and Chair

Vice Chair

Executive Director

Adjunct Professor, National Graduate
Institute for Policy Studies
Chairman
Health and Global Policy Institute

Director and Professor of Global HealthLondon School of Hygiene and Tropical Medicine
Former Executive Director, UNAIDS

CEO
Global Health Innovative Technology Fund

MemberMemberMemberManaging Director
Biological E. Limited

Director, Office of Global Health Cooperation
Ministry of Health, Labour and Welfare

Former Director-General, International Bureau
Ministry of Finance
Former Executive Director
International Monetary Fund representing Japan

MemberMemberSupervisory Board Member

Director, Global Health Policy DivisionInternational Cooperation Bureau
Ministry of Foreign Affairs

Former Executive Director, UNICEF
Former Secretary
United States Department of Agriculture

Board Member
Health and Global Policy InstituteSupervisory Board Member

Ex-Officio Observer

Ex-Officio Observer

Lecturer at Law, Harvard Law School
Former Senior Vice President
and General Counsel of the World Bank

Senior Advisor, Life Sciences Partnerships
Bill & Melinda Gates Foundation

Senior Advisor, Innovations
Wellcome Trust

Kiyoshi Kurokawa, MD

Mahima Datla

Manabu Sumi, MD, PhD, MPH

Ko-Yung Tung, JD

Peter Piot, MD, PhD

Toru Kajiwara

Ann M. Veneman, JD

Kim C. BushBT Slingsby, MD, PhD, MPH

Daikichi Momma

Hikaru Ishiguro, LLM

Richard Seabrook, PhD, MBASELECTION COMMITTEEThe Selection Committee consists of domestic and international experts who have extensive knowledge and experience in research and development of drugs, vaccines and diagnostics.
This committee evaluates investment proposals and reports from development partners and recommends the investments to the Board of Directors. This committee includes no privatecompany representatives to avoid any Conflicts of Interest between our backers and development partners.

Chair

MemberMemberProfessor Emeritus, The University of Tokyo
Professor and Dean, Nagasaki University School of
Tropical Medicine and Global HealthIndependent Vaccine Expert

Head, Seeding Drug Discovery FundBusiness Development, Innovations
Wellcome Trust

MemberMemberProject Professor, Nagoya City University
Visiting Lecturer, United Centers for Advanced
Research and Translational Medicine
Tohoku University Graduate School of Medicine

Chief Scientific Officer
Vela Diagnostics

Kiyoshi Kita, PhD

MemberRalf Clemens, MD, PhD

Ken Duncan, PhD

Kouji Hattori, PhD

MemberMemberProfessor, Division of Clinical Virology
Center for Infectious Diseases
Kobe University Graduate School of Medicine

Former Head, Infectious Diseases Research
Merck Research Labs, USA
Former Head, Research, MSD-Japan

Deputy Director
Discovery & Translational Sciences
Bill & Melinda Gates Foundation

Yasuko Mori, MD, PhD

Dennis Schmatz, PhD

Ann Mills-Duggan, PhD

Gerd Michel, PhD

MemberAya Yajima, PhD, MSc

Technical Officer, Malaria, other Vectorborne
and Parasitic Diseases Unit, Division ofCommunicable Diseases, World HealthOrganization Western Pacific Regional Office

ADVISORY PANEL
Members provide strategic advice to the Board of Directors and to the Management Team.

MemberMemberMemberPresident, Gordon and Betty Moore Foundation
Former President
Institute of Medicine of the National Academies

Senior Director, Health Technologies
Pharmaceutical and Health Technologies GroupManagement Sciences for Health

Taro Takemi Professor
International Health Policy
Harvard School of Public Health

MemberMemberMemberPresident and CEO
Cosmo Public Relations Corporation

Former Director, Department of
Neglected Tropical Diseases,
World Health Organization

CEOGrand Challenges Canada

Harvey V. Fineberg, MD, PhD

Kumi Sato

Dai Hozumi, MD, MSM, MPH

Lorenzo Savioli, MD, DTM&H, MSc

Michael R. Reich, PhD

Peter Singer, MD, MPH, FRCPCMANAGEMENT TEAM LEADERSHIPManagement Team Leadership is responsible for the design and development of business and investment strategies and, upon Board approval, the execution of strategies, administrative
operations, and organizational growth of GHIT.

BT Slingsby, MD, PhD, MPH

Kio Yamabe, MBACEO
Global Health Innovative Technology Fund

Chief Operating Officer
Global Health Innovative Technology FundKei Katsuno, MD, MPH

Bumpei Tamamura, MPH

Senior Director, Investment Strategy& Government Relations
Global Health Innovative Technology Fund

Senior Director, Brand Communications
Global Health Innovative Technology Fund

Masayuki Sato, MBA

Vice President, External Affairs
Global Health Innovative Technology Fund

Miho Takazawa, MBA

Director, Finance
Global Health Innovative Technology Fund

Hayato Urabe, PhD, MPIA

Director, Investment Strategy
Planning & Management
Global Health Innovative Technology FundAs of March 31, 2018

LEADERSHIP
EXTERNAL REVIEWERS
The work of the GHIT community could not progress without vital support from these experts and their institutions.

Richard Adegbola

JoAnne Flynn

Michael Kurilla

Philip Russell

Yukihiro Akeda

Michael Free

Dennis Kyle

David Sacks

Pedro AlonsoTakashi Fujitsu

Nancy Le Cam Bouveret

Judy SakanariPeter Andersen

Tamio Fujiwara

James LeDuc

Dirk Schnappinger

Rip Ballou

Nisha Garg

Carole LongAmi Shah Brown

Lewellys Barker

Ricardo Gazzinelli

Timothy Lu

George Siber

Michael Barrett

Ann Ginsberg

John Mansfield

KJ Singh

Clif Barry

Daniel Goldberg

Greg MatlashewskiPeter Smith

David Bell

Glenda Gray

James McCarthy

David Soane

Marleen Boelaert

Brian Greenwood

Joseph McCune

Lynn Soong

Maria Elena Bottazzi

Sanjay Gurunathan

James McKerrow

Gerald Spaeth

Walt Brandt

R. Kiplin Guy

Carl Mendel

Dan Stinchcomb

Tom Brewer

Lee HallCharles Mgone

Nathalie Strub-Wourgaft

David Brown

Yoshihisa Hashiguchi

Gerd Michel

Yasuhiko Suzuki

Martin Brusdeilins

Thomas Hawn

Toshiyuki Miura

Marcel Tanner

Nick Cammack

Chris HentschelValerie Mizrahi

John Telford

Simon Campbell

D. Gray Heppner

Melinda Moree

Kaoru Terashima

Eric Chatelain

Philip Hill

Kouichi Morita

Katsushi Tokunaga

Philip ColeToshihiro Horii

Charles Mowbray

Nadia Tornieporth

Stewart ColeSanjay Jain

Peter Myler

Bruno Travi

Simon Croft

Stephen Johnston

Daniel Neafsey

Takafumi Tsuboi

Roy Curtiss

Takushi Kaneko

Christian Ockenhouse

Moriya Tsuji

Peter Dailey

Niranjan Kanesa-thasan

Giuseppe Pantaleo

Mickey Urdea

Christine Debouck

Shigeyuki Kano

David Persing

Stephen WardThierry Diagana

Subhash Kapre

Meg Phillips

Tim Wells

Thomas Dick

Paul Kaye

Punnee Pitisuttithum

Bruce Weniger

Carter Diggs

Naoto KeichoDavid Pompliano

George Whitesides

Boro Dropulic

David Kelso

Dominic Pucci

Samuel Wickline

Filip Dubovsky

Kent Kester

Regina Rabinovich

Judith WilberDavid Edwards

Akinori Kimura

Rino Rappuoli

Dyann Wirth

Sabine Ehrt

Sue Kinn

Zarifah Reed

Michael Witty

Hiroyoshi Endo

Harajeshwar Kohli

Rebecca Richards-Kortum

Paul Wyatt

Joel Ernst

Somei Kojima

Paul Roepe

Kazuhisa Yoshimura

Alan Fairlamb

Hidehito Kotani

Polly Roy

Takeshi Yura

Hermann FeldmeierPeter Kremsner

Eric Rubin

Fidel Zavala

David Fidock

Sanjeev Krishna

Peter Ruminski

Donato Zipeto

FUNDING PARTNERS & SPONSORS
Full Partners

Associate Partners

Affiliate Partners

Sponsors

The really important work starts now, and we’re ready for it.

23

24

Ark Hills Sengokuyama Mori Tower 25F,
1-9-10 Roppongi, Minato-ku,
Tokyo 106-0032 Japan
TEL: +81-36441-2032 FAX: +81-36441-2031
www.ghitfund.org