Statement Regarding Arix Bioscience plc

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN WHOLE OR IN PART IN, INTO OR FROM ANY JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OR REGULATIONS OF THAT JURISDICTION.

THIS ANNOUNCEMENT IS AN ANNOUNCEMENT FALLING UNDER RULE 2.8 OF THE CITY CODE ON TAKEOVERS AND MERGERS (THE "CODE").

FOR IMMEDIATE RELEASE

4 May 2022

Acacia Research Corporation ("Acacia")

Statement regarding Arix Bioscience plc ("Arix" or "the Company")

Acacia―the permanent capital platform with investments in the life sciences sector―announces that it has notified Arix of an acquisition of a further 646,832 shares in the Company, increasing its ownership to 27,182,317 shares, which represents approximately 21.0% of Arix's issued share capital.

Acacia has notified the Board of Arix that it does not intend to make an Offer for Arix and will be bound by that statement for the purposes of Rule 2.8 of the UK's Takeover Code.

Clifford Press, Chief Executive Officer & President of Acacia, stated:

"We are pleased to take this opportunity to increase our shareholding in Arix. In the last year, Arix has undertaken a number of steps to improve its performance and corporate governance and we remain fully supportive of management's strategy."

Rule 2.8 statement

Acacia confirms that it does not intend to make an offer for Arix. This is a statement to which Rule 2.8 of the Takeover Code (the "Code") applies. Under Note 2 on Rule 2.8 of the Code, Acacia reserves the right to set the restrictions in Rule 2.8 aside in any of the following circumstances:

a) with the agreement of the board of Arix;

b) if a third party announces a firm intention to make an offer for Arix;

c) if Arix announces a Rule 9 waiver proposal (see Note 1 of the Notes on Dispensations from Rule 9) or a reverse takeover (as defined in the Code); or

d) if there has been a material change of circumstances (as determined by the Takeover Panel).

Contact details

Investor Contact:

FNK IR

Rob Fink, 646-809-4048

rob@fnkir.com

Media Contact:

Longacre Square Partners

Greg Marose, 646-386-0091

gmarose@longacresquare.com