On September 30, 2021, Avoro Capital issued a statement expressing its views that Acceleron Pharma Inc.’s management team has done an excellent job at creating value for shareholders and that the Company has great potential, it does not view the proposed sale of the Company to Merck & Co. Inc. for $180 per share as being in the best interests of all the Company shareholders. Avoro Capital added that the merger consideration drastically undervalues the Company. Avoro Capital also expressed that Merck & Co. is an ultimately could be a good partner to maximize the value of sotatercept and the rest of the Company’s pipeline for both patients and shareholders, Avoro Capital does not believe a transaction makes sense right now at the current valuation proposed by Merck & Co. Avoro Capital added that it looks forward to engaging constructively with the Company’s management, as well as Company fellow investors, in order to hear other perspectives and to further articulate Company’s rationale in the hope that it can be part of identifying a better path forward.