EXHIBIT 10.6

LICENSE AGREEMENT

This LICENSE AGREEMENT (the “Agreement”) is executed as of October 7, 2011 (the
“Effective Date”) by and between Ligand Pharmaceuticals Incorporated, a
corporation organized under the laws of Delaware and having a place of business
at 11085 North Torrey Pines Road, Suite 300, La Jolla, CA, 92037 (“Ligand”) and
Chiva Pharmaceuticals, Inc. a corporation organized under the laws of the Cayman
Islands whose registered office is situated at Scotia Centre, 4th Floor, P.O.
Box 2804, George Town, Grand Cayman KY1-1112, Cayman Islands (“Chiva”). Ligand
and Chiva are each referred to herein by name or, individually, as a “Party” or,
collectively, as “Parties.”

BACKGROUND

WHEREAS, Ligand owns or has rights under certain patent rights and know-how
which relate to Fablyn (as defined below);

WHEREAS, Chiva desires to obtain an exclusive worldwide license under such
patent rights and know-how for the development and commercialization of Fablyn
as set forth herein; and

WHEREAS, Ligand desires to grant such license to Chiva, all in accordance with
the terms and conditions herein.

NOW, THEREFORE, in consideration of the mutual covenants and agreements provided
herein below and other consideration, the receipt and sufficiency of which is
hereby acknowledged, Ligand and Chiva hereby agree as follows:

ARTICLE 1

DEFINITIONS

As used in this Agreement, capitalized terms shall have the meanings indicated
in this Article 1 or as specified elsewhere in this Agreement:

1.1 “Affiliate” means, with respect to a Person, any Person that is controlled
by, controls, or is under common control with such first Person, as the case may
be. For purposes of this Section 1.1, the term “control” means (a) direct or
indirect ownership of [***] or more of the voting interest in the entity in
question, or [***] or more interest in the income of the entity in question;
provided, however, that if local Law requires a minimum percentage of local
ownership of greater than [***], control will be established by direct or
indirect beneficial ownership of [***] of the maximum ownership percentage that
may, under such local Law, be owned by foreign interests, or (b) possession,
directly or indirectly, of the power to direct or cause the direction of
management or policies of the entity in question (whether through ownership of
securities or other ownership interests, by contract or otherwise).

 

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1.2 “Chiva Indemnitees” has the meaning set forth in Section 8.2.

1.3 “Claim Notice” has the meaning set forth in Section 8.3.

1.4 “Clinical Trial” means an investigation in human subjects and/or patients
intended to discover or verify the clinical, pharmacological and/or other
pharmacodynamic effects of Product, and/or to identify any adverse reactions to
Product, and/or to study absorption, distribution, metabolism, and/or excretion
of Product with the objective of ascertaining its safety, activity and/or
efficacy.

1.5 “Confidential Information” means any information of a confidential and
proprietary nature, including know-how, information, invention disclosures,
patent applications, proprietary materials and/or technologies, economic
information, business or research strategies, trade secrets, and material
embodiments thereof, disclosed by a Party to the other Party and characterized
to the receiving Party as confidential.

1.6 “Control” or “Controlled” means, with respect to any information, material
or intellectual property right, that a Party owns or has a license to such
information, material or intellectual property right, as applicable, and has the
ability to grant to the other Party access to, or a license or sublicense under,
such information, material or intellectual property right as provided under the
terms of this Agreement.

1.7 “Develop” or “Development” means pre-clinical and clinical research and
development activities, including toxicology and other pre-clinical development
efforts, stability testing, process development, formulation development,
delivery system development, quality assurance and quality control development,
statistical analysis, clinical pharmacology, clinical studies (including
Clinical Trials), regulatory affairs, and Regulatory Approval and clinical study
regulatory activities.

1.8 “Dispute” has the meaning set forth in Section 11.11.

1.9 “Executive” shall mean for Ligand, the Chief Executive Officer of Ligand (or
such individual’s designee), and, for Chiva, the Chief Executive Officer of
Chiva (or such individual’s designee). If either position is vacant or either
position does not exist, then the person having the most nearly equivalent
position (or such individual’s designee) shall be deemed to be the Executive of
the relevant Party.

1.10 “Fablyn” [***].

1.11 “Fablyn Know-How” means all Know-How Controlled by Ligand or any of its
Affiliates as of the Effective Date that is (a) necessary in connection with the
making, using, selling, offering to sell, exporting and importing of Product in
the Territory and (b) not included in the Fablyn Patents.

 

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1.12 “Fablyn Patents” means those Patents Controlled by Ligand or any of its
Affiliates listed in Schedule 1.12 attached hereto.

1.13 “Fablyn Technology” means the Fablyn Know-How and the Fablyn Patents.

1.14 “FD&C Act” means the U.S. Federal Food, Drug, and Cosmetic Act (21 U.S.C.
§301, et seq.), including any amendments or supplements thereto.

1.15 “FDA” means the U.S. Food and Drug Administration, or any successor agency
thereto.

1.16 “Field” means the treatment or prevention of human diseases.

1.17 “First Commercial Sale” means the first sale of Product by Chiva or its
Affiliates or sublicensees to a Third Party for which payment (cash or non-cash)
has been received in any country in the Territory.

1.18 “Governmental Entity” means any regional, central, federal, state,
provincial or local court, commission or governmental, regulatory or
administrative body, board, bureau, agency, instrumentality, authority or
tribunal or any subdivision thereof.

1.19 “Improvement” means any discovery, invention, contribution, method,
finding, or improvement, whether or not patentable, and all intellectual
property therein, that is conceived, reduced to practice, or otherwise developed
by or on behalf of a Party, during the Term, that is a modification, improvement
or enhancement to the Fablyn Patents and is dominated by the claims of one or
more of the patent rights described in Section 1.12.

1.20 “IND” means an Investigational New Drug application, Clinical Study
Application, Clinical Trial Exemption, or similar application or submission for
approval to conduct human clinical investigations filed with or submitted to a
Regulatory Authority in the applicable jurisdiction in conformance with the
requirements of such Regulatory Authority.

1.21 “Intellectual Property Rights” means Patents, copyrights, trade secrets,
database rights, proprietary know-how and similar rights of any type (excluding
trademarks) under the laws of any Governmental Entity, including all
applications, registrations, extensions and renewals relating to any of the
foregoing.

1.22 “Know-How” means all technical information and other technical subject
matter, proprietary methods, ideas, concepts, formulations, discoveries,
inventions, devices, technology, trade secrets, compositions, designs, formulae,
know-how, show-how, specifications, drawings, techniques, results, data,
processes, methods, procedures and/or designs, whether or not patentable.

1.23 “Law” means, individually and collectively, any and all laws, ordinances,
orders, rules, rulings, directives and regulations of any kind whatsoever of any
Governmental Entity or Regulatory Authority within the applicable jurisdiction.

1.24 “Ligand Indemnitees” has the meaning set forth in Section 8.1.

 

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1.25 “Major European Market” means the European Union as a whole or any one of
the following countries: the United Kingdom, France, Germany, Italy and Spain
(or, for patent purposes, the European Patent Office).

1.26 “Major Market” means each of the United States, Japan and Major European
Market.

1.27 “NDA” means a “New Drug Application,” as defined in the FD&C Act and
applicable regulations promulgated thereunder by the FDA and all amendments and
supplements thereto filed with the FDA, or the equivalent application filed with
any Regulatory Authority, including all documents, data, and other information
concerning Product which are necessary for gaining Regulatory Approval to market
and sell Product in the relevant jurisdiction.

1.28 “Net Sales” means gross amounts invoiced by or on behalf of Chiva and any
of its Affiliates or sublicensees for Product sold to Third Parties who are not
Affiliates or sublicensees of Chiva, unless such Affiliate or sublicensee is the
end user of Product, in which case the amount billed therefor shall be deemed to
be the amount that would be billed to a Third Party end user in bona fide,
arms-length transactions, less the following deductions, as determined in
accordance with Chiva’s usual and customary accounting methods, which are in
accordance with United States GAAP (as generally and consistently applied
throughout Chiva’s organization) to the extent included in the gross invoiced
sales price of Product or otherwise directly paid or incurred by Chiva, its
Affiliates or sublicensees with respect to the sale of Product: [***]; and [***]
to the extent such amounts are [***] listed above and are [***].

1.29 “Patents” means all: (a) United States and foreign patents,
re-examinations, reissues, renewals, extensions and term restorations,
inventors’ certificates and counterparts thereof; and (b) pending applications
for United States and foreign patents, including, without limitation,
provisional applications, continuations, continued prosecution, divisional and
substitute applications, and counterparts thereof.

1.30 “Person” means any individual, corporation, partnership, association,
joint-stock company, trust, unincorporated organization or government or
political subdivision thereof.

1.31 [***] means the [***] by and between Ligand and [***].

1.32 “Product” means any product intended for use in the Field that contains
Fablyn, whether alone or in combination with other active pharmaceutical
ingredients.

1.33 “Prosecute” or “Prosecution” means, with respect to Patents, the filing
for, prosecuting, responding to oppositions, nullity actions, re-examinations,
revocation actions and similar proceedings (including without limitation
conducting or participating in interference and oppositions) filed by Third
Parties against, and maintaining, Patents.

1.34 “Regulatory Approval” means, with respect to a country or jurisdiction
within the Territory, (i) any approvals, licenses, registrations or
authorizations necessary for the manufacture, marketing and sale of a Product in
such country or jurisdiction, and (ii) where relevant, pricing approvals
necessary to obtain reimbursement from a Governmental Entity with respect to a
Product in such country or jurisdiction.

 

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1.35 “Regulatory Authority” means any national (e.g., the FDA), supranational
(e.g., the EMEA), regional, state or local regulatory agency, department bureau,
commission, council or other Governmental Entity in any jurisdiction of the
world involved in the granting of Regulatory Approval for pharmaceutical
products.

1.36 “Regulatory Documentation” means all submissions to Regulatory Authorities
and other Governmental Entities, including for Clinical Trials, preclinical
trials, tests, and biostudies, relating to a Product, including all INDs, NDAs
and Regulatory Approvals, as well as all correspondence with Governmental
Entities (registration and licenses, pricing and reimbursement correspondence,
regulatory drug lists, advertising and promotion documents), adverse event
files, complaint files, manufacturing records and inspection reports.

1.37 “Research Plan” has the meaning set forth in Section 4.2(a).

1.38 “Sublicense Agreement” has the meaning set forth in Section 2.3.

1.39 “Term” has the meaning set forth in Section 10.1.

1.40 “Territory” means all of the countries in the world, and their territories
and possessions.

1.41 “Third Party” means any Person other than Ligand, Chiva or any Affiliate of
either Ligand or Chiva.

1.42 “Valid Claim” means (a) any claim of an issued and unexpired patent within
the Fablyn Patents that has not been held unenforceable or invalid by a court or
other governmental agency of competent jurisdiction in a decision that is not
appealed or is unappealable, and which patent has not been disclaimed or
admitted to be invalid or unenforceable through reissue or otherwise, or (b) a
pending claim in a pending patent application within the Fablyn Patents that has
not been abandoned, finally rejected, or expired without the possibility of
appeal or refilling.

1.43 Unless the context of this Agreement otherwise requires: (a) words of any
gender include each other gender; (b) words using the singular or plural number
also include the plural or singular number, respectively; (c) the terms
“hereof,” “herein,” “hereby” and derivative or similar words refer to this
entire Agreement; (d) the terms “Article,” “Section” or “Exhibit” refer to the
specified Article, Section or Exhibit of this Agreement; (e) the term “or” has,
except where otherwise indicated, the inclusive meaning represented by the
phrase, “and/or”; and (f) the term “including” means “including without
limitation.” Whenever this Agreement refers to a number of days, such number
shall refer to calendar days.

 

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ARTICLE 2

LICENSES AND TECHNOLOGY TRANSFER

2.1 Exclusive License for the Products. During the Term, subject to the terms
and conditions of this Agreement and the [***], Ligand hereby grants to Chiva
and its Affiliates an exclusive, royalty-bearing right and license under the
Fablyn Technology to make, have made, use, sell, have sold, import and export
Products in the Field in the Territory. For clarity, in the foregoing sentence,
“exclusive” means that Licensor shall not for its own account, and shall not
grant to any third party the right and license under the Fablyn Technology to
make, have made, use, sell, have sold, import and export Products in the Field
in the Territory. Chiva acknowledges the rights retained by [***].

2.2 Rights to Improvements.

(a) Chiva and its sublicensees shall have a right to make Improvements to the
Fablyn Technology, and to utilize such Improvements to make, have made, use,
sell, have sold and import Products in the Territory.

2.3 Sublicenses. The rights and licenses granted pursuant to Section 2.1,
include the right to grant sublicenses pursuant to a written sublicense
agreement (each a “Sublicense Agreement”); provided, however, that (i) any such
Sublicense Agreement shall be consistent with and subject to the terms and
conditions of this Agreement; (ii) Chiva shall remain fully responsible to
Ligand for the performance of its sublicensee(s); (iii) Chiva shall reserve the
right under each Sublicense Agreement to conduct an audit of its sublicensee in
a comparable manner to Section 3.9 of this Agreement; (v) Chiva shall provide a
complete, executed copy of any Sublicense Agreement within [***] of execution
thereof; (v) each sublicense granted by Chiva shall terminate no later than
termination of this Agreement, unless otherwise agreed by the Parties; and
(vi) each sublicense granted pursuant to any Sublicense Agreement shall be
subordinate to the [***]. Chiva shall remain obligated to make all payments due
to Ligand under the terms of this Agreement with respect to the activities of
its sublicensees.

2.4 Technology Transfer. Within [***] after the Effective Date, to the extent
not previously provided to Chiva or otherwise in Chiva’s possession, Ligand
shall use commercially reasonable efforts to disclose and provide to Chiva
essential or necessary Fablyn Technology and Regulatory Documentation critical
to or necessary for making or using Products in existence and reasonably
available to Ligand as of the Effective Date. Following such [***] period,
Ligand shall reasonably consider any commercially reasonable request by Chiva to
disclose and provide additional essential or necessary Fablyn Technology and
Regulatory Documentation critical to or necessary for making or using Products
in existence and reasonably available to Ligand as of the Effective Date. For
clarity, Chiva and its European affiliates or partners will be solely
responsible for the transfer of European Regulatory Documentation from [***] and
be fully accountable for addressing any and all post-approval obligations from
regulatory agencies worldwide. For the avoidance of doubt, Chiva shall pay all
costs and expenses related to the Fablyn program that are associated with such
Technology Transfer, including all such costs and expenses associated with
transfer of Fablyn Technology and Regulatory Documentation.

 

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2.5 No Other Rights. Ligand and Chiva each acknowledges and agrees that, except
as expressly granted under this Agreement, no right, title, or interest of any
nature whatsoever is granted whether by implication, estoppel, reliance, or
otherwise, by either Party to the other Party. All rights with respect to
technology, Patents or other Intellectual Property Rights that are not
specifically granted herein are reserved.

2.6 Bankruptcy. All rights and licenses granted under or pursuant to this
Agreement, including amendments hereto, are, for all purposes of 11 U.S.C. §
365(n), licenses of rights to intellectual property as defined in the United
States Bankruptcy Code, and any comparable Law of a relevant jurisdiction. Each
Party may elect to retain and may fully exercise all of its rights and elections
under 11 U.S.C. § 365(n).

ARTICLE 3

COMPENSATION

3.1 License Issuance Fee. In partial consideration of the rights and licenses
granted by Ligand hereunder, Chiva shall pay a one-time, non-refundable and
non-creditable license issuance fee of four million U.S. Dollars (U.S.
$4,000,000) in three installments: a first payment of five hundred thousand U.S.
Dollars (U.S. $500,000) within [***] of the Effective Date, a second payment of
two million U.S. Dollars (U.S.$2,000,000) on or before December 1st, 2011, and a
third and final payment of one million five hundred thousand U.S. Dollars
(U.S.$1,500,000) on or before June 1, 2012.

3.2 Milestone Payments.

In further consideration of the rights and licenses granted by Ligand hereunder,
Chiva shall pay to Ligand the non-refundable and non-creditable milestone
payments set forth below within [***] of the achievement by Chiva or its
Affiliates or sublicensees of each of the corresponding events:

 

Milestone

  

Payment

First commercial sale of a Product in any European Union member country before
Dec. 31, 2012    One million U.S. Dollars (U.S.$1,000,000) First commercial sale
of a Product in Japan    Two million U.S. Dollars (U.S.$2,000,000) Achievement
of five hundred million U.S. dollars (U.S.$500,000,000) in total cumulative Net
Sales in the Territory    Ten million U.S. Dollars (U.S.$10,000,000)

 

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For clarity, it is expressly agreed that the milestone payments set forth in
each column above will be payable once only for each Product to achieve the
event.

3.3 Payment of Royalties

(a) Royalty Rates. In further consideration of the rights and licenses granted
by Ligand hereunder, Chiva shall pay to Ligand five percent (5%) of aggregate
Net Sales. If a generic version of a Product enters the market, then the royalty
rate will be reduced by [***] for that Product from [***].

(b) Sublicensing. In the event Chiva grants a sublicense under Section 2.3 to a
sublicensee to make, use, import, sell, offer to sell, import or export a
Product, such Sublicense Agreement shall require the sublicensee to account for
and report its Net Sales on the same basis as if such sales were Net Sales, and
Chiva shall pay royalties on such sales as if the Net Sales of the sublicensees
were Net Sales of Chiva.

(c) Payment of Royalties. Chiva shall pay on a [***] basis all royalties due and
payable on Net Sales in each [***] pursuant to this Section 3.3 within [***]
after the last day of each [***] in which the applicable Net Sales underlying
such royalties were billed or invoiced by Chiva.

(d) Royalty Term. The obligation of Chiva to pay royalties to Ligand under this
Section 3.3 shall commence on the date of the First Commercial Sale of a Product
and continue, on a country-by-country basis and on a Product-by-Product basis,
until the later of (i) expiration or other termination of all Fablyn Patents
containing one or more Valid Claims that would be infringed by the manufacture,
sale, offer for sale, use or importation of such Product in such country, or
(ii) ten (10) years from the First Commercial Sale of such Product in such
country. Thereafter, Chiva shall have a paid up, royalty-free license with
respect to such Product in the applicable country.

3.4 Payment Method. All payments made by Chiva under this Agreement shall be
made in U.S. Dollars, and such payments shall be made by check or wire transfer
to one or more bank accounts to be designated in writing by Ligand.

3.5 Currency Conversion. In the event that Products are sold in currencies other
than U.S. Dollars, Net Sales shall be calculated by Chiva in accordance with
U.S. generally accepted accounting principles, consistently applied. Net Sales
in currencies other than U.S. Dollars shall be converted into U.S. Dollars using
the average official rate of exchange for such currencies published in The Wall
Street Journal, Eastern Edition, [***]. If an exchange rate for any particular
currency is not published in The Wall Street Journal, the rate of exchange to be
used for such currency shall be determined using average conversion rates
published by the Bank of China or such conversion rates that generally are
accepted in the industry [***].

3.6 Late Payment Interest. Any payment due and payable to Ligand under the terms
and conditions of this Agreement, including any royalty payment, made by Chiva
after the date

 

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such payment is due and payable shall bear interest as of the day after the date
such payment was due and payable and shall continue to accrue such interest
until such payment is made at a rate equal to the lesser of either (a) [***], as
of the date such payment was due and payable, or (b) the maximum rate permitted
by applicable Law; provided, however, that the total interest accrued shall be
no greater than [***] of the payment due and payable.

3.7 Records and Reports. All payments made to Ligand hereunder shall be
accompanied by a written statement setting forth in reasonable detail the
calculation thereof, including, for example, in the case of royalty payments,
the gross amount billed or invoiced by Chiva, its Affiliate or sublicensee for
sale or other disposition of Product on a country-by-country basis in the local
currency, itemized deductions against such gross amount in accordance with
Section 1.28, Net Sales on a country-by-country basis, and, if applicable, the
exchange rate utilized to convert a local currency to U.S. Dollars. Chiva shall
maintain complete and accurate records sufficient to enable accurate calculation
of royalties and other payments due Ligand hereunder. Such records and books of
account shall be preserved by Chiva for a period of [***] after the end of the
period covered by such records and books of account, which obligation shall
survive expiration or termination of this Agreement. Chiva must ensure that its
sublicensees provide reports and keep records in a manner consistent with this
Section 3.7. Chiva shall provide reports received from sublicensees to Ligand
with the applicable payment.

3.8 Taxes. Chiva may withhold from payment made to Ligand under this Agreement
any income tax required to be withheld by Chiva under the laws of the country or
jurisdiction where Chiva has commercially sold Products. If any tax is withheld
by Licensee, Licensee shall provide Licensor receipts or other evidence of such
withholding and payment to the appropriate tax authorities on a timely basis
following that tax payment. Each Party agrees to cooperate with the other Party
in claiming refunds or exemptions from such deductions or withholdings under any
relevant agreement or treaty which is in effect. The Parties shall discuss
applicable mechanisms for minimizing such taxes to the extent possible in
compliance with applicable law. In addition, the Parties shall cooperate in
accordance with applicable law to minimize indirect taxes (such as value added
tax, sales tax, consumption tax and other similar taxes) in connection with this
Agreement.

3.9 Audit Rights. Chiva shall permit an independent public accountant designated
by Ligand and reasonably acceptable to Chiva, to have access, no more than [***]
in each [***] during the Term and no more than [***] during the [***] following
the expiration or termination of this Agreement, during regular business hours
and upon at least [***] written notice, to Chiva’s records and books to the
extent necessary to determine the accuracy of Net Sales reported, and payments
made, by Chiva to Ligand within the [***] immediately preceding such an audit.
The independent public accountant shall be under a confidentiality obligation to
Chiva to disclose to Ligand only (a) the accuracy of Net Sales reported and the
basis for royalty and other payments made to Ligand under this Agreement and
(b) the difference, if any, such reported and paid amounts vary from amounts
determined as a result of the audit. If such examination results in a
determination that Net Sales or payments have been misstated, over or under paid
amounts due shall be paid promptly to the appropriate Party. If Net Sales are
understated by greater than [***], the fees and expenses of such accountant
shall be paid by Chiva; otherwise the fees and expenses of such accountant shall
be paid by Ligand. All matters reviewed by such independent public accountant
shall be deemed Confidential Information of Chiva and shall subject to ARTICLE
6.

 

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ARTICLE 4

PRODUCT ACTIVITIES

4.1 Diligence. Chiva shall diligently Develop, manufacture and sell Products,
and shall use commercially reasonable efforts to develop markets for Products,
in both cases either directly or through a sublicensee. In addition, Chiva,
either directly or through a sublicensee, shall achieve the events described in
Schedule 4.1 within the time periods set forth in Schedule 4.1. Chiva, either
directly or through a sublicensee, shall obtain all necessary Regulatory
Approvals in each country where Products are made, used, sold, imported, or
offered for sale. Ligand may terminate the license for each specific territory
listed in Schedule 4.1 in accordance with Section 10.2(b) if Chiva (i) fails to
achieve the milestone in that territory by the milestone achievement date as set
out in Schedule 4.1 (or such later date as may be agreed by the Parties in
writing) or (ii) has not sold Product for any [***] after Chiva’s First
Commercial Sale of a Product

4.2 Research Plan; Progress Reports.

(a) Chiva shall develop a research plan detailing the work it will perform and
associated timelines to Develop Products and to obtain Regulatory Approval and
sell Products (the “Research Plan”). Chiva will provide a copy of the Research
Plan to Ligand within [***] of the Effective Date and any updates as these
become available from time to time.

(b) By [***] and [***] of each year, Chiva shall submit a written report to
Ligand covering the preceding [***] period. Each report will describe: Chiva’s
progress in accordance with the Research Plan and towards commercialization of
Products, including work completed, key scientific discoveries, summary of
work-in-progress, current schedules or anticipated events or milestones, market
plans for introduction of Product, and significant corporate transaction(s)
involving Products. Chiva shall also provide to Ligand copies of any reports
received from its sublicensees, within [***] of receipt.

 

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4.3 Regulatory Responsibilities.

(a) The Parties shall meet periodically as needed to discuss the regulatory
plans and strategies for Products in the Field in the Territory. Ligand has the
rights to request copies of Regulatory Documentation and significant
correspondence to and from all Regulatory Authorities Controlled by Chiva
related to Products in the Field in the Territory. Each Party shall provide the
other Party with reasonable cooperation and assistance in connection with
regulatory activities for Products in the Field in the Territory, including
responding to reasonable requests by the other Party for additional Regulatory
Documentation (and information and clinical data contained therein) related to
Products.

(b) To the extent permitted by the applicable Regulatory Authority, Chiva shall
allow representatives of Ligand to participate in any material scheduled
conference calls and meetings between Chiva and the Regulatory Authority. If
Ligand elects not to participate in such calls or meetings, Chiva shall keep
Ligand reasonably apprised of the discussions between Chiva and the Regulatory
Authority that take place during such calls or meetings.

(c) Chiva shall be responsible for ensuring, at its sole expense, that the
Development and commercialization of all Products in the applicable jurisdiction
within the Territory are in compliance with applicable Laws in all material
respects, including all rules and regulations promulgated by applicable
Regulatory Authorities. Specifically and without limiting the foregoing, Chiva
shall file all compliance filings, certificates and safety reporting for the
Products at its sole expense in its applicable Territory.

 

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ARTICLE 5

INTELLECTUAL PROPERTY

5.1 Patent Maintenance and Prosecution.

(a) [***] Prosecute the Fablyn Patents that are Controlled by Ligand; provided,
however, Ligand shall make available to Chiva copies of material correspondence
with any patent office regarding the Fablyn Patents to the extent they relate to
Products. Chiva shall have the right to comment upon the Prosecution of the
Fablyn Patents, and Ligand shall reasonably consider any such comments. Chiva
shall reimburse Ligand for all reasonable costs associated with the Prosecution
of the Fablyn Patents. In the event that Ligand decides to cease activities
relating to Prosecuting any Fablyn Patents, Ligand shall provide written notice
thereof to Chiva and, prior to taking action that would result in the
abandonment of any such Patent, Ligand shall engage in good faith discussions
with Chiva, such discussions to occur at least [***] prior to the date when
government rights would be lost as a consequence of abandonment of such Patent.

(b) Chiva shall, at Chiva’s sole cost and expense, and in its sole discretion,
Prosecute any Patents covering Improvements. In the event that Chiva decides to
cease activities relating to Prosecuting any such Patents, Chiva shall provide
written notice thereof to Ligand and, prior to taking action that would result
in the abandonment of any Patent covering such Improvement, Chiva shall engage
in good faith discussions with Ligand, such discussions to occur at least [***]
prior to the date when government rights would be lost as a consequence of
abandonment of such Patent.

5.2 Fablyn Patent and Fablyn Know-How Enforcement and Defense.

(a) Notification. Each Party shall notify the other Party of any infringement of
any of the Fablyn Patents or misappropriation of any of the Fablyn Know-How by a
Third Party in the Field which becomes known to such Party, and of any claim of
infringement by a Third Party that the activities of a Party infringe patent
rights or misappropriate other Intellectual Property Rights of such Third Party.

(b) Fablyn Patents. As between the Parties, Ligand shall have the first right,
but not an obligation, to initiate, maintain and control, at Ligand’s expense,
legal action against any infringement of the Fablyn Patents by a Third Party in
the Field. In the event that Ligand initiates legal action against infringement
of the Fablyn Patents by a Third Party, Ligand shall notify Chiva in writing.
Thereafter, Chiva shall have a right, in Chiva’s sole discretion and,
notwithstanding Section 5.3, at Chiva’s expense, to join or otherwise
participate or not to join or otherwise participate in such legal action with
legal counsel selected by Chiva. Any recovery received by Ligand from legal
action initiated pursuant to this Section 5.2(b), whether by judgment, award,
decree or settlement, shall be used first to reimburse Ligand for Ligand’s
out-of-pocket costs and expenses actually incurred in pursuing such legal
action, and second to reimburse Chiva for Chiva’s costs and expenses actually
incurred in connection with such legal action. The remainder of any recovery or
distribution received by Ligand under this Section 5.2(b), after reimbursement
of costs and expenses of Ligand and Chiva, shall be [***].

 

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5.3 Cooperation. In any suit, proceeding or dispute involving the infringement
of any of the Fablyn Patents in the Field or misappropriation of any of the
Fablyn Know-How in the Field, the Parties shall provide each other with
reasonable cooperation, and, upon the request and at the expense of the Party
bringing suit, the other Party shall make available to the Party bringing suit,
at reasonable times and under appropriate conditions, all relevant personnel,
records, papers, information, samples, specimens, and the like in its
possession. Notwithstanding any other provision of this ARTICLE 5, [***].

ARTICLE 6

CONFIDENTIALITY

6.1 Confidentiality Obligations. Each Party agrees that, during the Term and for
[***] thereafter, all Confidential Information of the other Party shall be
maintained in strict confidence, and shall not be used for any purpose other
than the purposes expressly permitted by this Agreement, and, subject to
Section 6.2, shall not be disclosed to any Third Party. The foregoing
obligations will not apply to any portion of Confidential Information to the
extent that it can be established by competent proof that such portion:

(a) was already known to the recipient as evidenced by its written records,
other than under an obligation of confidentiality, at the time of disclosure;

(b) was generally available to the public or was otherwise part of the public
domain at the time of its disclosure to the recipient;

(c) became generally available to the public or otherwise becomes part of the
public domain after its disclosure and other than through any act or omission of
the recipient in breach of this Agreement; or

(d) was subsequently lawfully disclosed to the recipient by a Third Party other
than in contravention of a confidentiality obligation of such Third Party to the
disclosing party.

6.2 Permitted Usage. Each Party may use and disclose Confidential Information of
the other Party, in accordance with this Agreement, as follows: (a) under
appropriate confidentiality provisions no less restrictive than those in this
Agreement, in connection with the performance of its obligations or exercise of
rights granted to or retained by such Party; (b) in connection with the
Prosecution or enforcement of Fablyn Patents or Improvements, in accordance with
this Agreement; or (c) in connection with prosecuting or defending litigation,
complying with applicable governmental regulations, filing for, obtaining and
maintaining Regulatory Approvals, or as otherwise required by Law, but provided
that if a Party is required by Law to make any disclosure of the other Party’s
Confidential Information, it will give reasonable advance notice to the other
Party of such disclosure requirement, it will disclose only for the sole purpose
of and solely to the extent required by such Law, and it will use its reasonable
efforts to secure confidential treatment of such Confidential Information
required to be disclosed.

 

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6.3 Terms of Agreement. The terms of this Agreement shall be Confidential
Information of both Parties, and subject to the terms of this ARTICLE 6.
Notwithstanding the foregoing, either Party may make a disclosure of terms of
this Agreement (i) to any financial advisors, accountants, potential
sublicensees, investors, or potential acquirers, (ii) if required by applicable
Law, or (iii) as otherwise permitted pursuant to Section 6.4. Except as
otherwise permitted for disclosures pursuant to Section 6.4, the disclosing
Party shall use all commercially reasonable efforts to preserve the
confidentiality of this Agreement and the terms thereof notwithstanding any
required disclosure. A Party will give the other Party written notice of any
required disclosure under (ii) above, which notice shall, to the extent
reasonably practicable, be given a reasonable period of time in advance of such
required disclosure. In the event either Party is required to file this
Agreement with the U.S. Securities and Exchange Commission or any comparable
Chinese or other non-U.S. Governmental Entity, such Party shall apply for
confidential treatment of this Agreement to the fullest extent permitted by
applicable Law, shall provide the other Party a copy of the confidential
treatment request far enough in advance of its filing to give the other Party a
meaningful opportunity to comment thereon, and shall incorporate in such
confidential treatment request any reasonable comments of the other Party.

6.4 Public Announcements. The Parties will mutually agree on a press release to
be issued upon execution of this Agreement or reasonably soon thereafter.
Neither Party shall make any subsequent public announcement concerning this
Agreement or the terms hereof not previously made public without the prior
written approval of the other Party, such consent not be unreasonably withheld
or delayed by such other Party, with regard to the form, content, and precise
timing of such announcement, except as may be required to be made by either
Party in order to comply with applicable Law, regulations, court orders, or tax,
securities filings, financing arrangements, acquisitions, or sublicenses. Prior
to any such public announcement, the Party wishing to make the announcement will
submit a draft of the proposed announcement to the other Party in sufficient
time to enable such other Party to consider and comment thereon.

ARTICLE 7

REPRESENTATIONS, WARRANTIES AND COVENANTS

7.1 General. Each Party represents and warrants to the other that:

(a) it is duly organized and validly existing under the Law of the jurisdiction
of its incorporation, and has full corporate power and authority to enter into
this Agreement and to carry out the provisions hereof;

(b) it is qualified to do business and is in good standing in each jurisdiction
in which it conducts business;

(c) it is duly authorized to execute and deliver this Agreement and to perform
its obligations hereunder, and the individual executing this Agreement on its
behalf has been duly authorized to do so by all requisite corporate action;

 

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(d) this Agreement is legally binding upon it and enforceable in accordance with
its terms and the execution, delivery and performance of this Agreement by it
does not conflict with any agreement, instrument or understanding, oral or
written, to which it is a party or by which it may be bound, nor violate any
material Law; and

(e) it is not aware of any action, suit or inquiry or investigation instituted
by any Person which questions or threatens the validity of this Agreement.

7.2 Representations and Covenants of Chiva.

(a) Chiva has not, directly or indirectly, offered, promised, paid, authorized
or given, and will not in the future, offer, promise, pay, authorize or give,
money or anything of value, directly or indirectly, to any Government Official
(as defined below) or Other Covered Party (as defined below) for the purpose of:
(i) influencing any act or decision of the Government Official or Other Covered
Party; (ii) inducing the Government Official or Other Covered Party to do or
omit to do an act in violation of a lawful duty; (iii) securing any improper
advantage; or (iv) inducing the Government Official or Other Covered Party to
influence the act or decision of a government or government instrumentality, in
order to obtain or retain business, or direct business to, any person or entity,
in any way related to this Agreement.

For purposes of this Agreement: (i) “Government Official” means any official,
officer, employee or representative of: (A) any federal, state, provincial,
county or municipal government or any department or agency thereof; (B) any
public international organization or any department or agency thereof; or
(C) any company or other entity owned or controlled by any government; and
(ii) “Other Covered Party” means any political party or party official, or any
candidate for political office.

(b) Chiva maintains a system of internal accounting controls sufficient to
provide reasonable assurances that transactions are recorded as necessary to
permit preparation of financial statements in conformity with generally accepted
accounting principles and to maintain accountability for assets, including
records of payments to any third parties, Government Officials and Other Covered
Parties.

(c) Anti-Corruption Compliance.

(1) Chiva and its Affiliates agree to comply with all applicable anti-corruption
laws, including, without limitation: Foreign Corrupt Practices Act of 1977, as
amended (“FCPA”); the anti-corruption laws of China; and all laws enacted to
implement the OECD Convention on Combating Bribery of Foreign Officials in
International Business Transactions.

(2) Chiva is not aware of any Government Official or Other Covered Party having
any financial interest in the subject matter of this Agreement or in any way
personally benefiting, directly or indirectly, from this Agreement.

(3) No political contributions or charitable donations shall be given, offered,
promised or paid at the request of any Government Official or Other Covered
Party that is in any way related to this Agreement or any related activity,
without Ligand’s prior written approval.

 

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(4) In the event that Chiva violates the FCPA, the anti-corruption laws of China
or any applicable anti-corruption law or breaches any provision in this Section,
Ligand shall have the right to unilaterally terminate this Agreement. In
addition, Chiva shall defend, indemnify and hold harmless Ligand from and
against any and all costs, damages, losses, liabilities, expenses, judgments,
fines, settlements and any other amounts of any nature, including reasonable
attorneys’ fees arising from any intentionally improper payment made in
violation of the FCPA, any applicable anti-corruption laws or this Section, with
the knowledge of the Company.

7.3 Representations of Ligand.

(a) Ligand is the exclusive licensee of the Fablyn Patents and Fablyn Know-How
as of the Effective Date pursuant and subject to the [***].‡‡‡‡‡ There are no
adverse actions, suits, or claims pending or to the knowledge of Ligand,
threatened against Ligand in any court or by or before any governmental body or
agency with respect to the Fablyn Patents and Fablyn Know-How and, to the actual
knowledge of Ligand, there are no Third Party patents which would reasonably be
expected to give rise to such actions, suits or claims.

(b) Ligand has not initiated or been involved in any proceedings or claims in
which it alleges that any Third Party is or was infringing or misappropriating
the Fablyn Technology, nor have any proceedings been threatened by Ligand, nor
to the knowledge of Ligand is there any valid basis for any such proceeding.

7.4 Covenants of Ligand. Ligand covenants that it will not, during the Term,
undertake any obligation, or grant any right, license, interest or lien, that
conflicts with its obligations, or the rights and licenses granted to Chiva,
under the terms of this Agreement, or impairs the rights granted by Ligand to
Chiva under the terms of this Agreement.

7.5 Disclaimer. EXCEPT AS PROVIDED IN THIS ARTICLE 7, NEITHER PARTY MAKES ANY
REPRESENTATION OR WARRANTY (EXPRESS, IMPLIED, STATUTORY OR OTHERWISE) WITH
RESPECT TO THE SUBJECT MATTER OF THIS AGREEMENT, AND EACH PARTY SPECIFICALLY
DISCLAIMS ANY AND ALL IMPLIED WARRANTIES OR CONDITIONS OF MERCHANTABILITY AND
FITNESS FOR A PARTICULAR PURPOSE, AND ALL WARRANTIES AND CONDITIONS OF THE
VALIDITY OF THE FABLYN PATENTS OR NONINFRINGEMENT OF THIRD PARTY INTELLECTUAL
PROPERTY RIGHTS. THIS SECTION 7.5 SHALL NOT BE CONSTRUED TO LIMIT EITHER PARTY’S
OBLIGATIONS UNDER ARTICLE 8.

ARTICLE 8

INDEMNIFICATION

8.1 Indemnification by Chiva. Chiva shall indemnify, defend and hold Ligand and
its Affiliates, agents, employees, officers, and directors (the “Ligand
Indemnitees”) harmless from and against any and all liability, damage, loss,
cost, or expense (including without limitation reasonable attorneys’ fees)
arising out of Third Party claims or suits related to: (a) breach by

 

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Chiva of any of its representations, warranties, or covenants under this
Agreement; (b) the negligence or willful misconduct of Chiva or its Affiliates,
and its or their directors, officers, agents, employees, or consultants; and
(c) any exploitation by, or under the authority of, Chiva of the licenses
granted under Section 2.1, (including by any Affiliate or sublicensee);
provided, however, that Chiva’ obligations pursuant to this Section 8.1 will not
apply to the extent such claims or suits result from the negligence or willful
misconduct of any of the Ligand Indemnitees or breach by Ligand of its
representations, warranties, or covenants set forth in this Agreement, or to the
extent that Ligand has indemnification obligations with respect to such claims
or suits under Section 8.2.

8.2 Indemnification by Ligand. Ligand shall indemnify, defend, and hold Chiva
and its Affiliates, sublicensees, agents, employees, officers, and directors
(the “Chiva Indemnitees”) harmless from and against any and all liability,
damage, loss, cost, or expense (including without limitation reasonable
attorneys’ fees) arising out of Third Party claims or suits related to:
(a) breach by Ligand of any of its representations, warranties, or covenants
under this Agreement; (b) the negligence or willful misconduct of Ligand or its
Affiliates, and its or their directors, officers, agents, employees, or
consultants; provided, however, that Ligand’s obligations pursuant to this
Section 8.2 will not apply to the extent such claims or suits result from the
negligence or willful misconduct of any of the Chiva Indemnitees or breach by
Chiva of its representations, warranties, or covenants set forth in this
Agreement, or to the extent that Chiva has indemnification obligations with
respect to such claims or suits under Section 8.1.

8.3 Procedure. As a condition to a Party’s right to receive indemnification
under Section 8.1 or Section 8.2, it shall: (a) promptly deliver notice in
writing (a “Claim Notice”) to the other Party as soon as it becomes aware of a
claim or suit for which indemnification may be sought pursuant to Section 8.1 or
Section 8.2 (provided that the failure to give a Claim Notice promptly shall not
prejudice the rights of an indemnified Party except to the extent that the
failure to give prompt notice materially adversely affects the ability of the
indemnifying Party to defend the claim or suit); (b) cooperate with the
indemnifying Party in the defense of such claim or suit, at the expense of the
indemnifying Party; and (c) if the indemnifying Party confirms in writing to the
indemnified Party its intention to defend such claim or suit within [***] after
receipt of the Claim Notice, permit the indemnifying Party to control the
defense of such claim or suit, including without limitation the right to select
defense counsel; provided, however, if the indemnifying Party fails to
(i) provide such confirmation in writing within such [***] period or (ii) after
providing such confirmation, diligently and reasonably defend such suit or claim
at any time, the indemnifying Party’s right to defend the claim or suit shall
terminate immediately in the case of (i) and otherwise upon [***] written notice
by the indemnified Party to the indemnifying Party, and the indemnified Party
may assume the defense of such claim or suit at the sole expense of the
indemnifying Party but may not settle or compromise such claim or suit without
the consent of the indemnifying Party, not to be unreasonably withheld or
delayed. In no event, however, may the indemnifying Party compromise or settle
any claim or suit in a manner which admits fault or negligence on the part of
any indemnified Party or that otherwise materially affects such indemnified
Party’s rights under this Agreement or requires any payment by an indemnified
Party without the prior written consent of such indemnified Party. Except as
expressly provided above, the indemnifying Party will have no liability under
this ARTICLE 8 with respect to claims or suits settled or compromised without
its prior written consent.

 

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ARTICLE 9

LIMITATION OF LIABILITY

9.1 EXCEPT FOR ANY LIABILITY THAT IS THE CONSEQUENCE OF WILLFUL MISCONDUCT OF A
PARTY, IN NO EVENT SHALL EITHER PARTY BE LIABLE TO THE OTHER PARTY FOR ANY
SPECIAL, CONSEQUENTIAL, EXEMPLARY OR INCIDENTAL DAMAGES (INCLUDING LOST OR
ANTICIPATED REVENUES OR PROFITS RELATING TO THE SAME), HOWEVER CAUSED AND ON ANY
THEORY OF LIABILITY ARISING OUT OF THIS AGREEMENT, WHETHER SUCH CLAIM IS BASED
ON CONTRACT, TORT (INCLUDING NEGLIGENCE) OR OTHERWISE, AND WHETHER OR NOT SUCH
PARTY HAS BEEN ADVISED OF THE POSSIBILITY OF SUCH DAMAGE. THESE LIMITATIONS
SHALL APPLY NOTWITHSTANDING ANY FAILURE OF ESSENTIAL PURPOSE OF ANY LIMITED
REMEDY PROVIDED HEREIN. THIS ARTICLE 9 SHALL NOT BE CONSTRUED TO LIMIT EITHER
PARTY’S OBLIGATIONS UNDER ARTICLE 8.

ARTICLE 10

TERM AND TERMINATION

10.1 Term. Unless terminated earlier pursuant to Section 10.2, the term of this
Agreement shall commence on the Effective Date and continue in full force and
effect until, and terminate upon, the expiration, lapse or invalidation of the
last to expire of the Fablyn Patents (the “Term”).

10.2 Termination.

(a) For Convenience. Any provision herein notwithstanding, Chiva shall have the
right to terminate this Agreement in its entirety at will upon [***] prior
written notice to Ligand.

(b) For Material Breach. If either Party shall at any time breach any material
term, condition or agreement herein, and shall fail to have initiated and
actively pursued remedy of any such default or breach within sixty (60) days
after receipt of written notice thereof by the other Party, that other Party
may, at its option, terminate this Agreement and revoke any rights and licenses
herein. Any termination of this Agreement under this Section 10.2(b) shall not,
however, prejudice the right of the Party who terminates this Agreement to
recover any payment due at the time of such cancellation, and it being
understood that if within sixty (60) days after receipt of any such notice the
breaching Party shall have initiated and actively pursued remedy of its default,
then the rights and licenses herein granted shall remain in force as if no
breach or default had occurred on the part of the breaching Party, unless such
breach or default is not in fact remedied within sixty (60) days of such notice.

 

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10.3 Effect of Termination/Expiration.

(a) Rights and Obligations Upon Expiration. Upon expiration (but not earlier
termination) of this Agreement, all rights and licenses granted by Ligand to
Chiva hereunder that were in effect immediately prior to the effective date of
such expiration shall become irrevocable, perpetual and fully-paid.

(b) Rights and Obligations Upon Termination. As of the effective date of a
termination (but not expiration) of this Agreement for any reason, this
Agreement and all rights and licenses granted to Chiva under Section 2.1 and any
right and licenses to Improvements granted to Chiva shall terminate and all
rights in the Fablyn Technology and any Improvements shall revert or be assigned
to Ligand; (ii) Chiva shall return to Ligand the Fablyn Know-How and shall
transfer to Ligand all then-existing Regulatory Documentation; and (iii) each
Party shall return to the other Party and cease using all Confidential
Information of the other; provided, however, each Party may retain one (1) copy
of such Confidential Information for archival purposes.

(c) Accrued Rights. Termination or expiration of this Agreement for any reason
will be without prejudice to any rights that will have accrued to the benefit of
a Party prior to such termination or expiration. Such termination or expiration
will not relieve a Party from accrued payment obligations or from obligations
which are expressly indicated to survive termination or expiration of this
Agreement.

(d) Survival. All rights and obligations of the Parties which by intent or
meaning have validity beyond or by their nature apply or are to be performed or
exercised after the termination or expiration of this Agreement shall survive
the termination or expiration of this Agreement for the period so specified, if
any, or for perpetuity.

ARTICLE 11

GENERAL PROVISIONS

11.1 Entire Agreement. The Parties acknowledge that this Agreement, together
with the exhibits and schedules attached hereto, sets forth the entire agreement
and understanding of the Parties as to the subject matter hereof, and supersedes
all prior and contemporaneous discussions, agreements and writings in respect
hereto. No waiver, modification, amendment or alteration of any provision of
this Agreement will be valid or effective unless made in writing and signed by
each of the Parties.

11.2 Modification; Waiver. This Agreement may not be altered, amended or
modified in any way except by a writing signed by both Parties. The failure of a
Party to enforce any rights or provisions of the Agreement shall not be
construed to be a waiver of such rights or provisions, or a waiver by such Party
to thereafter enforce such rights or provisions or any other rights or
provisions hereunder. No waiver shall be effective unless made in writing and
signed by the waiving Party.

11.3 Further Assurances. Each Party agrees to execute, acknowledge, and deliver
such further instruments and to do all such other acts as may be necessary or
appropriate in order to carry out the express provisions of this Agreement.

11.4 Force Majeure. Neither Party shall be held responsible for any delay or
failure in performance hereunder caused by strikes, embargoes, unexpected
government requirements, civil or military authorities, acts of God, earthquake,
or by the public enemy or other causes reasonably

 

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beyond such Party’s control and without such Party’s fault or negligence;
provided that the affected Party notifies the unaffected Party as soon as
reasonably possible, and resumes performance hereunder as soon as reasonably
possible following cessation of such force majeure event; and provided further
that no such delay or failure in performance shall continue for more than [***].
In the event that a delay or failure in performance by affected Party under this
Section 11.4 continues longer than [***], then the unaffected Party may
terminate this Agreement in accordance with the terms and conditions of
Section 10.2(b).

11.5 Assignments. Neither this Agreement nor any interest hereunder may be
assigned, nor any other obligation delegated, by a Party without the prior
written consent of the other Party; provided, however, that a Party shall have
the right to assign this Agreement without consent of the other Party to an
Affiliate of the assigning Party or to any successor in interest to the
assigning Party by operation of law, merger, consolidation, or other business
reorganization or the sale of all or substantially all of its assets relating to
the subject matter of this Agreement in a manner such that the assigning Party
will remain liable and responsible for the performance and observance of all of
its duties and obligations hereunder. This Agreement shall be binding upon
successors and permitted assigns of the Parties. Any assignment not in
accordance with this Section 11.5 will be null and void.

11.6 Performance by Affiliates. The Parties recognize that each may perform some
or all of its obligations under this Agreement through its Affiliates or may
exercise some or all of its rights under this Agreement through its Affiliates;
provided, however, that each Party shall remain responsible and be the guarantor
of the performance by its Affiliates and shall cause its Affiliates to comply
with the provisions of this Agreement in connection with such performance. In
particular and without limitation, all Affiliates of a Party that receive
Confidential Information of the other Party pursuant to this Agreement shall be
governed and bound by all obligations set forth in ARTICLE 6. Each Party will
prohibit all of its Affiliates from taking any action that such Party is
prohibited from taking under this Agreement as if such Affiliates were parties
to this Agreement.

11.7 Relationship of the Parties. The Parties shall perform their obligations
under this Agreement as independent contractors and nothing in this Agreement is
intended or will be deemed to constitute a partnership, agency or
employer-employee relationship between the Parties. Neither Party will have any
right, power or authority to assume, create, or incur any expense, liability, or
obligation, express or implied, on behalf of the other.

11.8 No Use of Names. Except as otherwise required under applicable Law, or as
otherwise permitted under Section 6.4, neither Party will use the name of the
other Party in its advertising, press releases or promotional materials without
the prior written consent of such other Party.

11.9 Notices. Any notice, request, delivery, approval or consent required or
permitted to be given under this Agreement will be in writing and will be deemed
to have been sufficiently given if delivered in person (in which case, it will
be effective upon delivery), transmitted by facsimile (receipt verified; in
which case, it will be effective upon delivery) or by express courier

 

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service (signature required; in which case, it will be effective two business
days after being deposited with such courier service) or by registered letter,
return receipt requested (or its equivalent; in which case, it will be effective
five business days after being mailed), provided, however, no postal strike or
other disruption is then in effect or comes into effect within two (2) days
after such mailing, to the Party to which it is directed at its address or
facsimile number shown below or such other address or facsimile number as such
Party will have last given by notice to the other Party.

 

If to Ligand:    Ligand Pharmaceuticals Incorporated    11085 North Torrey Pines
Road, Suite 300    La Jolla, CA, 92037    Attention: General Counsel    Fax:
(858) 550-7272

 

With a copy to (which shall not constitute notice hereunder):

 

   Latham & Watkins LLP    12636 High Bluff Drive, Suite 400    San Diego, CA,
92130    Attention: Faye H. Russell, Esq.    Fax: (858) 523-5450 If to Chiva:   
Chiva Pharmaceuticals, Inc.    c/o 22nd Floor, Hang Lung Centre,    2-20
Paterson Street, Causeway Bay,    Hong Kong    Attention: Legal Counsel    Fax:
(852) 2577 3509

11.10 Governing Law. The rights and obligations of the Parties under this
Agreement shall be governed, and shall be interpreted, construed, and enforced,
in all respects by the Law of the State of California, without giving effect to
any conflict of Law rule that would result in the application of the Law of any
jurisdiction other than the internal Law of the State of California to the
rights and duties of the Parties.

11.11 Dispute Resolution. The Parties agree that the procedures set forth in
this Section 11.11 shall be the exclusive mechanism for resolving any bona fide
disputes, controversies or claims (collectively, “Disputes”) between the Parties
that arise from time to time pursuant to this Agreement relating to any Party’s
rights and/or obligations hereunder that cannot be resolved through good faith
negotiation between the Parties.

(a) Executive Mediation. Any Dispute shall first be referred to an Executive
from each Party for attempted resolution by good faith negotiations. Any such
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submitted to such Executives no later than [***] following such request by
either Party. Such Executives shall attempt in good faith to resolve any such
Dispute within [***] after submission of the Dispute. In the event the
Executives are unable to resolve the Dispute, the Parties shall otherwise
negotiate in good faith and use reasonable efforts to settle.

(b) Arbitration. If the Parties are not able to fully settle a Dispute pursuant
to Section 11.11(a) above, and a Party wishes to pursue the matter, each such
Dispute that is not an Excluded Claim shall be finally resolved by binding
arbitration in accordance with the Commercial Arbitration Rules and
Supplementary Procedures for Large Complex Disputes of the American Arbitration
Association (“AAA”), and judgment on the arbitration award may be entered in any
court having jurisdiction thereof.

(1) The arbitration shall be conducted by a panel of three persons experienced
in the pharmaceutical business. Within [***] after initiation of arbitration,
each Party shall select one person to act as arbitrator and the two
Party-selected arbitrators shall select a third arbitrator within [***] of their
appointment. If the arbitrators selected by the Parties are unable or fail to
agree upon the third arbitrator, the third arbitrator shall be appointed by the
AAA. The place of arbitration shall be [***], and all proceedings and
communications shall be in English.

(2) Either Party may apply to the arbitrators for interim injunctive relief
until the arbitration award is rendered or the controversy is otherwise
resolved. Either Party also may, without waiving any remedy under this
Agreement, seek from any court having jurisdiction any injunctive or provisional
relief necessary to protect the rights or property of that Party pending the
arbitration award. The arbitrators shall have no authority to award punitive or
any other type of damages not measured by a Party’s compensatory damages. Each
Party shall bear its own costs and expenses and attorneys’ fees and [***].

(3) Except to the extent necessary to confirm an award or as may be required by
Law, neither a Party nor an arbitrator may disclose the existence, content, or
results of an arbitration without the prior written consent of both Parties. In
no event shall an arbitration be initiated after the date when commencement of a
legal or equitable proceeding based on the dispute, controversy or claim would
be barred by the applicable California statute of limitations.

(c) As used in this Section, the term “Excluded Claim” shall mean a Dispute that
concerns (a) the validity or infringement of a patent, trademark or copyright;
or (b) any antitrust, anti-monopoly or competition law or regulation, whether or
not statutory. For all Excluded Claims, the Parties hereby submit to the
exclusive jurisdiction of the courts of the State of California, in and for the
County of San Diego, or of the United States of America for the Southern
District of California.

 

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11.12 Headings. The article, section and subsection headings contained herein
are for the purposes of convenience only and are not intended to define or limit
the contents of the articles, sections or subsections to which such headings
apply.

11.13 Severability. When possible, each provision of this Agreement will be
interpreted in such manner as to be effective and valid under Law, but, if any
provision of this Agreement is held to be prohibited by or invalid under Law,
such provision will be ineffective but only to the extent of such prohibition or
invalidity, without invalidating the remainder of such provision or of this
Agreement. The Parties will make a good faith effort to replace the invalid or
unenforceable provision with a valid one which in its economic effect is most
consistent with the invalid or unenforceable provision.

11.14 Counterparts. This Agreement may be executed in counterparts (including by
facsimile or electronic signature), each of which shall be deemed an original
and all of which together shall constitute one instrument.

[Signature Page Follows]

 

23

--------------------------------------------------------------------------------

IN WITNESS WHEREOF, the Parties have executed this Agreement in duplicate
originals by their duly authorized representatives as of the Effective Date.

 

LIGAND PHARMACEUTICALS INCORPORATED     CHIVA PHARMACEUTICALS, INC. (“Ligand”)  
  (“Chiva”) By:  

/s/ Charles Berkman

    By:  

/s/ Zhigian (David) Xi

Name:  

Charles Berkman

    Name:  

Zhigian (David) Xi

Title:  

Vice President, General Counsel

    Title:  

Chief Executive Officer

 

& Secretary

     

[Signature Page of License Agreement]

--------------------------------------------------------------------------------

EXHIBIT A

Fablyn

[TO BE PROVIDED]

--------------------------------------------------------------------------------

EXHIBIT A

[***]

 

***

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omitted portions.

--------------------------------------------------------------------------------

Schedule 1.12

Fablyn Patents

[TO BE PROVIDED]

--------------------------------------------------------------------------------

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*** 

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Schedule 4.1

 

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