Baron Funds Comments on Atara Biotherapeutics Inc.

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Nov 10, 2015

We initiated a position in Atara Biotherapeutics Inc. (NASDAQ:ATRA), a biotech company developing therapies for muscle wasting conditions, cancer and viralassociated diseases. The company has an exclusive license from Memorial Sloan Kettering Cancer Center for T cell programs targeting three different viral or cancer specific antigens. These are off-the-shelf therapies that can be made available within days of patients’ needs. The most advanced T cell therapy has shown a dramatic increase in survival in Phase 2 studies. Management believes the technology has broader applicability, including additional viral targets and indications. The company is also developing a drug for muscle wasting in dialysis patients. We believe this drug has great potential. In our opinion, Atara has a strong, experienced management team committed to building a big business over the long term. (Neal Kaufman)

From Baron Growth Fund's third quarter 2015 letter.