**Exhibit      10.1**

**CONFIDENTIAL      TREATMENT REQUESTED. Confidential portions of this document have been redacted      and have been separately filed with the Commission.**

**LICENSE      AGREEMENT**

**“Effective      Date”**
**Kyowa      Hakko Kogyo Co., Ltd.**
**“KYOWA”**
**KERYX      Biopharmaceuticals, Inc.**
**“KERYX”**
**“Party”**
**“Parties”**

**WITNESSETH**

**WHEREAS,**

**WHEREAS,**

**WHEREAS,      **

**WHEREAS,      **

**NOW,      THEREFORE,**

**SECTION      1. DEFINITIONS**

| 1.1. | **“Affiliates”**                    shall mean, with respect to either Party, any business entity                    which                    controls, is controlled by, or is under common control with such                    Party. A                    corporation or non-corporate business entity shall be regarded                    as in                    control of another corporation if it owns or directly or indirectly                    controls more than fifty percent (50%) of the voting stock of                    the other                    corporation. |
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| 1.2. | **“Annual                Payment”**shall                have the meaning set forth in Section                8.6. |
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| 1.3. | **“Approval”**                shall mean the technical, medical and scientific license, registrations,                authorizations and approvals of any national, supra-national, regional,                state or local regulatory agency, necessary for the development,                testing,                commercial manufacture, distribution, marketing, promotion, offer                for                sale, use, import, export and sale of a                Product. |
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| 1.4. | **“Authority”**                shall mean a governmental authority having jurisdiction over import,                export, development, manufacture, marketing or sales of pharmaceutical                products, not limited to the FDA. |
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| 1.5. | **“Business                Day”**                shall mean a day other than a Saturday, Sunday, national or bank                holiday                in Japan or the United States of                America. |
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| 1.6. | **“Combination                Product”**shall                mean any pharmaceutical product in finished form which contains the                Compound and one or more active pharmaceutical ingredients other                than the                Compound, which is used in the Field. |
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| 1.7. | **“Combination                Therapy”**                shall mean the use of Compound as an active pharmaceutical ingredient                in                the Product, which is used with other pharmaceutical products in                the                Field. |
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| 1.8. | **“Compound”**shall                mean KW-2401 (UCN-01), the chemical structure of which is specified                in                Exhibit 1 hereof. |
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| 1.9. | **“Control”,**                or                **“Controlled”**                means, with respect to a particular information or intellectual property                right, (i) that the Party owns and has the ability to grant to the                other                Party the licenses to such item provided for herein, without violating                the                terms of any agreement or other arrangement with any Third Party,                and/or                (ii) that the Party has a license to such item and has the ability                to                grant to the other Party the licensees to such item provided for                herein,                without violating the terms of any agreement or other arrangement                with any                Third Party. |
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| 1.10. | **“Data”**shall                mean and include all data relating to the Compound and the Product,                and                all chemistry, manufacturing and control data relating to the development                and manufacture of the Compound and the Product, results of pre-clinical                and clinical studies and all other documentation containing or embodying                any pre-clinical, clinical and chemistry and manufacturing and control                data relating to any application for any Approval for a Product. |
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| 1.11. | **“Development                Plan”**                shall mean a written plan to be prepared by KERYX for all activities                that                are reasonably required to obtain MAA and/or NDA for the Product                in the                KERYX Territory. The Development Plan as of the Effective Date is                attached                hereto as Exhibit 5. |
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| 1.12. | **“EMEA”**shall                mean the European Agency for the Evaluation of Medicinal Products                in the                European Union. |
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| 1.13. | **“Expiration”**                of                a patent shall mean the expiration, abandonment or cancellation of                all of                the claims of the patent which are being practiced, or, the declaration                of                invalidity or non-enforceability of all the claims of the patent                being                practiced by a court or other governmental authority of competent                jurisdiction (including final rejection in re-examination or re-issue                proceedings) for which the period to file an appeal has expired,                and from                which no further appeal has been taken during the applicable appeal                period                or is not allowed to be taken against such                declaration. |
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| 1.14. | **“FDA”**                shall mean the Food and Drug Administration of the United States                Department of Health and Human                Services. |
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| 1.15. | **“Field”**                shall mean the treatment and prevention of any diseases in human                beings. |
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| 1.16. | **“Gross                Sales”**                of                the Product made by KERYX or the Sublicensees shall mean the aggregate                total amount of the invoice prices charged for such Product in Product                sales, computed in respect of invoice applicable to the transfer                between                parties constituting an arm’s-length sales transaction. Sales, transfer or                other disposition of the Product among KERYX, the Sublicensees and                their                respective Affiliates shall not be considered at-arm’s-length. |
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| 1.17. | **“Improvement”**                shall mean any invention and/or Know-How made or developed after                the                Effective Date, whether patentable or not, that improves any                characteristics or use of the Compound and/or the Product, including                but                not be limited to, the use of the Compound in Combination Product                or in                Combination Therapy, or any new Indications of the                Product. |
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| 1.18. | **“Indication”**                shall mean a recognized disease or condition, sign or symptom of                a disease                or condition, or symptom associated with the disease and symptom                for which                use of a Product is indicated. For purposes of this Agreement and                the                payment of milestones, all cancer disease, conditions or symptoms                shall                collectively qualify as one                indication. |
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| 1.19. | **“KERYX                Data”**                shall mean any Data Controlled by KERYX, which has been developed                or                acquired by KERYX or the Sublicensees during the Term. KERYX Data                shall                include, but not be limited to, the Data regarding KERYX Improvements. |
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| 1.20. | **“KERYX                Improvements”**                shall mean any Improvements Controlled by KERYX, which have been                developed                by or otherwise brought under the Control of KERYX or the Sublicensees                during the Term. |
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| 1.21. | **“KERYX                Territory”**                shall mean any and all countries of the world other than the KYOWA                Territory. |
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| 1.22. | **“Know-How”**                shall mean any technical and other information, whether patentable                or not,                including without limitation technology, experience, formulae, concepts,                discoveries, trade secrets, inventions, modifications, improvements,                data,                results, designs, formulae, ideas, analyses, methods, techniques,                assays,                research plans, procedures, tests, processes (including manufacturing                processes, specifications and techniques), laboratory records, chemical,                pharmacological, toxicological, clinical, analytical and quality                control                data, reports, summaries, and information contained in submissions                to, and                information from, regulatory authorities which are not generally                known. |
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| 1.23. | **“KYOWA                Data”**                shall mean any Data in the Field which has been developed or acquired                by                KYOWA and under KYOWA’s Control as of the Effective Date or which has been                developed by or brought under the Control of KYOWA during the Term.                KYOWA                Data shall include, but not limited to, any documents filed with                regulatory agencies and the Data regarding KYOWA Improvements. For                clarity, KYOWA Data shall not include the NCI                Data. |
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| 1.24. | **“KYOWA                Improvements”**                shall mean any Improvements in the Field Controlled by KYOWA, which                have                been developed by or otherwise brought under the Control of KYOWA                during                the Term. For clarity, KYOWA Improvements shall not include the NCI                Data. |
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| 1.25. | **“KYOWA                Know-How”**                shall mean any Know-How relating to the Compound in the Field Controlled                by KYOWA and KYOWA Data which has been developed or acquired by KYOWA                as                of the Effective Date. |
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| 1.26. | **“KYOWA                Patent Rights A”**                shall mean the Patent Rights in the Field owned or Controlled by                KYOWA as                of the Effective Date relating to the Compound as listed in Exhibit                2, and                any additional Patent Rights in the Field to which KYOWA acquires                rights                during the Term , which pertain in any way to the Compound or the                Product.                Exhibit 2 shall be updated from time to time by KYOWA. |
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| 1.27. | **“KYOWA                Patent Rights B”**                shall mean the Patent Rights in the Field owned or Controlled by                KYOWA as                of the Effective Date as listed in Exhibit 3, and any additional                Patent                Rights in the Field to which KYOWA acquires rights during the Term,                which                pertain in any way to the subject matter claimed or disclosed in                the                Patent Rights listed in Exhibit 3. Exhibit 3 shall be updated from                time to                time by KYOWA. |
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| 1.28. | **“KYOWA                Patent Rights”**                shall mean any Patent Rights of KYOWA Patent Rights A and KYOWA Patent                Rights B. |
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| 1.29. | **“KYOWA                Territory”**shall                mean Japan. |
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| 1.30. | **“Launch                Date”**shall                mean the date set forth in Section                8.4. |
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| 1.31. | **“Lonza”**shall                mean Lonza Ltd. headquartered at Basel,                Switzerland. |
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| 1.32. | **“MAA”**                shall mean the Market Authorization Application to be filed with                the                EMEA. |
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| 1.33. | **“Major                Countries”**shall                mean the United Kingdom, Germany, France, Italy, Spain and                Switzerland. |
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| 1.34. | **“NCI”**                shall mean National Cancer                Institute. |
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| 1.35. | **“NCI                Agreement”**                shall mean the Clinical Trials Agreement executed between KYOWA and                NCI on                September 24, 1999 including its amendments                thereafter. |
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| 1.36. | **“NCI                Data”**                shall mean the Data which has been developed or acquired by NCI under                NCI                Agreement. |
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| 1.37. | **“NDA”**                shall mean the new drug application to be filed with the                FDA. |
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| 1.38. | **“Net                Sales”**shall                mean the Gross Sales of the Product made by KERYX or the Sublicensees,                less the following deductible items to the extent that they are documented                on the applicable invoice or other related document and have in fact                been                paid or credited in relation to sales of such                Product: |
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|   | 1. | the                cost of transportation and                insurance; |
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|   | 2. | the                cost of rebates, and allowances |
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|   | 3. | the                sum of trade, quantity and cash                discounts; |
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|   | 4. | the                cost of refunds as cash, credit or free goods supplied due to price                reduction, including retroactive price reduction, or billing                errors; |
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|   | 5. | the                cost of refunds as cash, credit or free goods supplied in compensation                for                the Product damaged, rejected, returned or recalled; |
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|   | 6. | the                sum of taxes, tariffs, customs duties and other governmental charges                including mandated credits, refunds and rebates paid with respect                to such                sales, however, excluding income or franchise taxes of any kind;                and |
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|   | 7. | all                other reasonable and customary allowances and adjustments actually                credited to customers. |
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| 1.39. | **“Patent                Rights”**                shall mean all issued patents and patent applications, certificates                of                invention, or applications for certificates of invention, together                with                any extensions, registrations, provisionals, divisionals, continuations,                continuations-in-part (to the extent the claims in such                continuation-in-part application are directed to subject matter                specifically described in such prior patent application), and patents                issuing therefrom, reissues, divisions, continuations, or                continuations-in-part, reexaminations, substitutions, renewals,                restorations, additions, registrations, as well as extensions and                supplementary protection certificates based thereon, and any government                Approvals or authorizations relating                thereto. |
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| 1.40. | **“Product”**shall                mean any pharmaceutical product in finished form which contains the                Compound as an active pharmaceutical ingredient. For avoidance of                doubt,                the Combination Product is a                Product. |
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| 1.41. | **“Royalty”**                or**“Royalties”**                shall mean the royalties set forth in Sections 8.3, 8.4 and                8.5. |
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| 1.42. | **“SPC”**                shall mean the supplementary protection certificates in Europe and                any                similar rights elsewhere in the                world. |
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| 1.43. | **“Strain”**                shall mean the strain which produces the starting material (staurosporine)                for the Compound. The identification of the strain and the quantity                to be                transferred is set forth in Exhibit                4. |
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| 1.44. | **“Sublicensee”**                shall mean any Third Party to which KERYX grants a sublicense under                the                KYOWA Patent Rights and the KYOWA Know-How according to Section                4. |
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| 1.45. | **“Term”**shall                mean the term set forth in Section                27.1. |
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| 1.46. | **“Third                Party”**shall                mean any entity other than KYOWA, KERYX and their respective Affiliates.                . |
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**SECTION      2**
**.      INTERPRETATION**

| 2.1. | Headings                and titles are inserted for convenience only and shall not affect                the                interpretation hereof; |
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| 2.2. | Unless                the context requires otherwise, neither singular nor plural of a                word                shall not affect the interpretation                hereof; |
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**SECTION      3**
**.      LICENSE**

| 3.1. | KYOWA                hereby grants to KERYX an exclusive right and license, with the right                to                sublicense, under the KYOWA Patent Rights                A                and KYOWA Patent Rights B (subject to Sections 8.6 and 27.3) and                the KYOWA                Know-How to make, have made, use, have used, sell, offer for sale,                have                sold and distribute the Product in the KERYX Territory within the                Field. |
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| 3.2. | KYOWA                hereby grants to KERYX an exclusive right and license, with the right                to                sublicense, under the KYOWA Patent Rights A and KYOWA Patent Rights                B                (subject to Sections 8.6 and 27.3) and the KYOWA Know-How to make                and have                made, use and have used the Compound in the KERYX Territory within                the                Field. |
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| 3.3. | KYOWA                hereby grants to KERYX an exclusive right and license, with the right                to                sublicense, under the KYOWA Improvements to make, have made, use,                have                used, sell, have sold, offer for sale and distribute the Product                in the                KERYX Territory within the Field. |
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| 3.4. | KYOWA                hereby grants to KERYX an exclusive right and license, with the right                to                sublicense, under the KYOWA Improvements to make and have made, use                and                have used the Compound in the KERYX Territory within the Field. |
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| 3.5. | KYOWA                hereby grants to KERYX a non-exclusive right and license, with the                right                to sublicense in the KERYX Territory to use, have used the Strain                in order                to make, or have made the Compound within the                Field. |
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| 3.6. | Notwithstanding                the above Sections 3.1 to 3.5, KYOWA reserves the right to make and                have                made the Compound and/or the Product in the KERYX Territory for the                sole                purpose of developing and marketing the Product in the KYOWA                Territory. |
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| 3.7 | Except                as otherwise expressly provided in this Agreement, KYOWA hereby grants                to                KERYX the right to file with the appropriate Authorities all applications                and other materials needed to obtain the Approvals necessary to implement                this Agreement and protect the respective rights of the Parties,                and KYOWA                shall provide KERYX with reasonable assistance in such                filings. |
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**SECTION      **
**4.      DILIGENCE**

| 4.1 | KERYX                shall make and shall have Sublicensees make commercially reasonable                efforts to develop, to manufacture, to market, and to sell the Product                within the KERYX Territory. When KERYX makes any changes to the                Development Plan, KERYX shall notify KYOWA and update Exhibit 5                accordingly. By the end of the month immediately following the month                of                the yearly anniversary of the Effective Date, KERYX shall provide                KYOWA                with a written report outlining such efforts made by KERYX and the                Sublicensees during the previous one (1) year period between anniversaries                of the Effective Date. |
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| 4.2 | KERYX                shall immediately notify KYOWA in writing upon commencement of each                phase                in clinical studies conducted by KERYX or, if applicable, by Sublicensees.                KERYX shall provide any relevant documents, upon request from                KYOWA. |
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| 4.3 | Within                ten (10) Business Days after KERYX or the Sublicensee is officially                notified by the Authority that the Approval for sales of the Product                in                the KERYX Territory is granted by such Authority, KERYX shall notify                or                have such Sublicensee notify KYOWA in writing, and shall send or                have such                Sublicensee send to KYOWA a copy of (1) the certificates for such                grant                and (2) any related documentation. |
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**SECTION      **
**5.      SUBLICENSE**

| 5.1. | that                KERYX shall obtain KYOWA’s prior written approval, which shall not be                unreasonably withheld; |
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| 5.2. | that,                KERYX shall notify KYOWA in writing of (a) the identity of such intended                Sublicensee and (b) the key terms and conditions of such intended                sublicense; |
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| 5.3. | that,                KERYX shall not substantially change the key terms and conditions                of the                sublicense without prior written consent of KYOWA, which shall not                be                unreasonably withheld; |
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| 5.4. | that,                the Sublicensee shall not grant a further sublicense hereunder without                KYOWA’s prior written consent, provided that KYOWA shall not unreasonably                withhold such consent. |
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| 5.5. | that                KERYX shall be responsible for the Sublicensee’s compliance with all the                obligations under this Agreement which apply to such                Sublicensee; |
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| 5.6. | that,                KERYX shall defend and indemnify KYOWA with respect to any claims                arising                out of KERYX’s acts or failure to act relating to such sublicense; |
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| 5.7. | that                such sublicense shall be subject to termination upon expiration or                early                termination of this Agreement for any cause;                and |
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| 5.8. | that                the Royalties shall be payable to KYOWA from KERYX with respect to                the Net                Sales by any Sublicensee, regardless of whether or not the Sublicensee                has                actually paid any royalties due to KERYX. |
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**SECTION      **
**6.      DATA TRANSFER AND ASSISTANCE**

| 6.1. | KYOWA                shall provide KERYX with KYOWA Data and KYOWA Know-How reasonably                required                for production, development and regulatory approval of the Product                in the                field of the treatment and prevention of cancer (“Cancer-field”), at                KYOWA’s reasonable judgment, within one (1) month of the Effective Date.                KYOWA shall continue providing any KYOWA Data in the Cancer-field                during                the Term. KYOWA shall also provide KERYX with KYOWA Data in the field                other than Cancer-field, if any, when KYOWA completes the preparation                for                clinical studies, at the latest, Provided however, KYOWA has no                obligations to acquire any new KYOWA Data. KERYX agrees that any                KYOWA                Data shall be held in confidence pursuant to Section 15                below. |
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| 6.2. | KYOWA                Data shall be transferred on “as is” basis. Notwithstanding the foregoing,                in the event that KERYX requests KYOWA to translate KYOWA Data from                Japanese to English, and KYOWA accepts such request, such KYOWA Data                may                be transferred to KERYX from KYOWA in English after a reasonable                period                for such translation. KERYX shall bear the costs and expenses of                such                translation. |
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| 6.3. | The                ownership of KYOWA Data transferred to KERYX from KYOWA hereunder                shall                remain with KYOWA. KERYX may utilize such KYOWA Data only for exercise                of                the rights granted to KERYX by KYOWA hereunder and for no other                Purpose. |
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| 6.4 | Within                three (3) months from the Effective Date, at a time mutually agreed                by the                Parties, KYOWA will host a technical review meeting (up to two days)                in                Tokyo to provide KERYX an opportunity to discuss and ask questions                about                the KYOWA Data and KYOWA Know-How with knowledgeable KYOWA staff                to ensure                no misunderstanding or confusion exists. To facilitate the meeting                KERYX                will provide to KYOWA, at least two (2) weeks in advance of the meeting,                a                written summary of questions or areas to be discussed. Each Party                shall                bear their own expenses for the                meeting. |
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| 6.5. | During                the first two (2) years from the Effective Date, KYOWA will answer                by                letter, facsimile or email to the questions which KERYX may have                regarding                the KYOWA Data. KERYX shall notify KYOWA in writing as to whom KERYX                designates among its employees, officers and directors as its contact                person for such assistance. |
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**SECTION      7. STRAIN TRANSFER, TECHNICAL ASSISTANCE AND MANUFACTURE **

| 7.1. | KYOWA                shall provide KERYX with technical information concerning the cultivation                of the Strain and instruction for maintenance of Strain purity and                potency                (“Strain Information”) within one (1) month of the Effective                Date. |
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| 7.2. | During                the two (2) year period immediately following the Effective Date,                KYOWA                shall, at KERYX’s written request and KYOWA’s reasonable consent as to                timing, duration and the number of employees, KYOWA shall send its                employees to KERYX’s designated premises during KERYX’s normal business                hours, to instruct KERYX’s employees, officers or directors for                cultivation of the Strain and manufacture of the Compound on                non-commercial scale. |
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| 7.3. | KYOWA                shall make reasonable efforts to provide the technical assistance                to make                the information understood by KERYX, provided however, KYOWA shall                not                guarantee the manufacture of the Compound by KERYX or its designated                contract manufacturer. KERYX shall be solely responsible for manufacture                of the Compound, and KYOWA will not supply any Compound to KERYX                for the                purposes of conducting clinical trials. KYOWA will supply to KERYX                reasonable quantity of Compound for the purposes of demonstration                of                regulatory equivalency or as analytical standard. KYOWA will charge                KERYX                for such Compound at *****. |
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**SECTION      8. CONSIDERATIONS**

| 8.1. | **(Initial                Payment)**  |
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| 8.2. | **(Milestone                Payment)**  |
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| 8.3 | **(Royalty                    Payment)** |
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| 8.4  | The payment set forth in                    8.3 shall begin                    from the first commercial sales of the Product in each country                    (**“Launch                    Date”**)                    and continue with respect to each Product until the later to                    occur of the                    following: *****. |
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| 8.5 | Upon                occurrence of (a) or (b) set forth in Section 8.4, and for additional                ***** from such date, KERYX shall pay to KYOWA a royalty fee of *****                the                annual Net Sales of the Product in such                country. |
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| 8.6 | **(Annual                Payment)** |
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**“Annual      Payment”**

| 8.7 | **(Mode                of Payment)**  |
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| 8.8 | **(Records                and Audit)**  |
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| 8.9 | **(Tax                Withholding)**  |
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| 8.10 | **(Blocked                Payments)**  |
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**SECTION      9. PATENT PROSECUTION**

| 9.1 | KYOWA                shall, at its own cost and discretion, use its commercially reasonable                efforts to prosecute and to maintain the KYOWA Patent Rights, subject                to                Section 9.2. |
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| 9.2 | Concerning                the patent application Publ.No. EP0850646A1 listed in the Exhibit                2, KYOWA                shall, at the request and expense of KERYX, take commercially reasonable                steps required to prosecute and to maintain in certain countries                in Europe                selected by KERYX, other than the Major                Countries. |
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| 9.3 | KYOWA                shall give notice to KERYX of the grant (allowance), registration                (issuance), revocation, invalidation, opposition or abandonment of                any                KYOWA Patent Rights. In the event that KYOWA desires to discontinue                maintenance or prosecution of the KYOWA Patent Rights A, KYOWA shall                upon                request and confirmation of KERYX’s willingness to pay transfer costs,                assign such KYOWA Patent Rights A to KERYX at no consideration. Attorney’s                fees and cost of the assignment of such rights, and the prosecution                and                maintenance shall thereafter be borne by KERYX. If requested, KYOWA                shall                reasonably assist KERYX in such maintenance and prosecution. KYOWA                shall                update any relevant exhibits hereto in writing to include any additional                KYOWA Patent Rights. |
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| 9.4 | In                the event KYOWA is notified in writing by patent offices that any                interference, revocation, opposition or similar proceedings are instituted                against the Patent Rights by a Third Party, KYOWA shall immediately                inform                KERYX in writing. KYOWA shall retain the right to take any necessary                actions in its own discretion and expense. Notwithstanding the above,                in                the event that KYOWA advises KERYX that KYOWA declines to defend                or                contest such challenge to the Patent Rights and KERYX in writing                requests                KYOWA, within ten (10) Business Days after being so informed, to                undertake                such defense or contest, the cost of such defense or contest ( “Defense                Cost”) should be borne by KERYX. KERYX shall pay to KYOWA the Defense                Cost                within one (1) month after KERYX’s receipt of KYOWA’s invoice therefor. In                such case, KYOWA shall not enter into any agreement that would impose                any                monetary or other responsibilities or liabilities on KERYX or limit                or                reduce KERYX’s rights hereunder without KERYX’s prior written consent                thereto. |
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**SECTION      10. PATENT INFRINGEMENT**

| 10.1. | Either                Party shall immediately notify the other Party in writing of any                infringement or possible infringement on the KYOWA Patent Rights,                by a                Third Party, of which they become aware of, and shall simultaneously                provide the other Party with relevant information. KYOWA is under                no                obligation to take any action against such infringement or to bear                the                cost of such prevention. KERYX may take legal action against such                infringement in the KERYX Territory at KERYX’s expense, provided that                KERYX shall notify KYOWA in writing of such intent in advance and                regarding developments of the proceedings thereafter. KYOWA shall                provide                reasonable assistance to KERYX at KERYX’s written request and expense.                Notwithstanding the foregoing, KYOWA shall retain the right to take                any                necessary actions in its own discretion and expense. Any damages                or other                compensation which KERYX may obtain from the Third Party as a result                of                such proceedings in the KERYX Territory shall be first allocated                proportionally to reimbursement for the Parties respective costs                if any,                and the remainder shall inure to the benefit of KERYX. |
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| 10.2. | Either                Party shall immediately notify the other Party in writing of any                allegation that the Product may infringe any Third Party patents                or patent                applications in the KERYX Territory, of which they become aware of,                and                shall simultaneously provide the other Party with relevant information.                Neither Party shall be obligated to defend the other Party or such                Product                against or to contest such allegation, nor shall either Party bear                the                cost of the other Party for such defense or contest. However, each                Party                may, at their own cost defend itself or such Product against such                allegation. Either Party may settle such case, provided that such                settlement shall not impose any monetary or other responsibilities                or                liabilities upon the other Party. |
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**SECTION      11.**
**PATENT      TERM EXTENSION**

**SECTION      12.**
**THIRD      PARTY CONTRACT **

| 12.1 | KERYX                acknowledges the existence of the NCI Agreement under which NCI has                been                conducting certain clinical studies of the Compound in the US. If                KERYX                intends to obtain the NCI Data, KERYX shall be solely responsible                for                negotiation with NCI provided that, if necessary, KYOWA will grant                permission to NCI to release NCI Data to KERYX. |
|------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| 12.2 | The                NCI Agreement will expire on August 10, 2006. If NCI intends to continue                the agreement, KERYX may be requested to become a party to the NCI                Agreement in the place of KYOWA. In such case, KERYX shall be solely                responsible for negotiation with NCI provided that KYOWA will give                consent                to NCI for KERYX to become a party to the NCI                Agreement. |
|------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 12.3 | Under                the NCI Agreement KYOWA had supplied NCI with the Compound for its                clinical studies. For such supply KYOWA selected Lonza as a contract                manufacturer of the Compound. The agreement between KYOWA and Lonza                has                expired, and if KERYX intends to have Lonza manufacture the Compound,                KERYX shall be solely responsible for negotiation with Lonza provided                that                KYOWA will authorize Lonza to use the technology to manufacture the                Compound as well as to make use of the Drug Master File relating                to the                Compound thereof. |
|------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 12.4 | KERYX                acknowledges that Third Parties may have Patent Rights or Know-How                relevant to the commercialization of a Product containing the Compound.                KERYX agrees that KERYX shall be solely responsible to negotiate                with any                Third Party, (such Third Party including but not be limited to                Sloan-Kettering Institute for Cancer Research and Washington State                University) a license under any patents, technology, know-how and/or                data. |
|------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

**SECTION      **
**13.      IMPROVEMENTS**

| 13.1 | KYOWA                shall notify KERYX in the event KYOWA makes any Improvements, and                KYOWA                shall grant to KERYX an exclusive, irrevocable, royalty-free license,                with                the right to sublicense, to make, have made, use, have used, sell,                have                sold, offer for sale and distribute the Product under KYOWA Improvements                in the KERYX Territory in the                Field. |
|------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 13.2 | Upon                discovery by KERYX or its Affiliates, or Sublicensees of any Improvements,                including but not be limited to the use of Compound in Product for                Combination Therapy or in Combination Product, KERYX shall immediately                notify KYOWA in writing. All rights to the KERYX Improvements shall                belong                to KERYX, including the right to seek Patent Rights throughout the                world. |
|------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 13.3 | KERYX                shall grant to KYOWA and shall cause its Sublicensees to grant to                KYOWA an                exclusive, irrevocable, royalty-free license, with the right to                sublicense, under KERYX Improvements for any purposes in the KYOWA                Territory. |
|------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

**SECTION      14. KERYX DATA AND SUPPLY**

| 14.1 | Upon                KYOWA’s request, KERYX shall transfer to KYOWA all KERYX Data necessary                for submission to Authorities in the KYOWA Territory. KYOWA agrees                that                such data shall be held in confidence pursuant to Section 15. KYOWA                shall                have an exclusive, paid-up license, with the right to grant sublicenses,                to use such KERYX Data for KYOWA’s development and marketing of the                Product in KYOWA Territory. |
|------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 14.2 | For                KYOWA’s development and marketing in KYOWA Territory, KYOWA reserves the                rights to purchase the Compound or the Product which KERYX manufactures                or                has its contract manufacturer make at                *****. |
|------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 14.3 | In                the event KYOWA chooses to purchase the Compound or the Product from                KERYX                as set forth in 14.2, KERYX shall supply to KYOWA with such Compound                or                the Product as long as KYOWA markets the Product in the KYOWA Territory,                or until KYOWA requests termination of the supply with twelve (12)                months                prior written notice to KERYX, provided that KYOWA shall provide                KERYX                with at least nine (9) month prior notification of its requirement                of                Compound or Product with ±                15% accuracy. If KERYX ceases to manufacture or commission the manufacture                of the Compound, or if, despite KERYX’s good faith efforts to ensure an                adequate supply of the Compound, such supply is not readily obtainable,                KERYX shall have no obligation to provide or obtain Compound to meet                KYOWA’s needs, and KYOWA shall be free to seek alternative sources, but                at                no expense to KERYX. |
|------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

**SECTION      15. CONFIDENTIALITY**

| 15.1 | During                the Term and for a period of five (5) years after the expiration                or early                termination of this Agreement, either Party shall not disclose to                any                Third Party any information disclosed by the other Party under this                Agreement, in written or electronic form, that is marked “confidential” or                designated in writing as confidential within thirty (30) Business                Days of                oral or visual disclosure, or is understood by the Parties to be                confidential (**“Confidential                Information”**). |
|------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 15.2 | Either                Party shall maintain the Confidential Information in strict confidence,                and shall use the Confidential Information solely for the purpose                of this                Agreement. The receiving Party shall prevent unauthorized use or                reproduction of the Confidential Information by taking all necessary                measures, including limiting access to the Confidential Information                to its                directors, officers and employees to whom disclosure is necessary                to                perform or facilitate the purpose of this Agreement, and who shall                be                bound by the confidentiality obligations in this                Section. |
|------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| 15.3 | The                foregoing obligations of confidentiality and limited use shall not                apply                to information  which,                the receiving Party can establish by reasonable proof; |
|------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | 1. | is                in the public domain at the time of disclosure;                or |
|--|----|-------------------------------------------------------------------------------------|

|  | 2. | becomes                part of the public domain by publication or otherwise after disclosure                not                due to any breach hereof by the receiving Party;                or |
|--|----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | 3. | is                in the possession of the receiving Party at the time of disclosure                without                obligations of confidentiality; or |
|--|----|---------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | 4. | is                provided to the receiving Party by a Third Party legally and without                confidentiality; or |
|--|----|---------------------------------------------------------------------------------------------------------------------------|

|  | 5. | is                independently developed by the receiving Party without any knowledge                or                access to the disclosing Party’s Confidential Information; or |
|--|----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | 6. | is                required by judicial or administrative authorities to disclose; provided,                however, that the receiving Party shall promptly notify the other                Party of                such requirement so that the other Party may seek an appropriate                protective order; or |
|--|----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | 7. | is                required by any Authority for the purposes of obtaining Approval;                however                the providing Party shall endeavor to have that Authority treat the                information as confidential. |
|--|----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 15.4 | Notwithstanding                Section 15.1, 15.2 and 15.3, KERYX may disclose KYOWA’s Confidential                Information to its Sublicensees for the purpose of Section 4, provided                that KERYX shall assure that such Sublicensees comply with the                confidentiality obligations and limited use set forth in this Section                15.                In the event such Sublicensee has ceased to be the Sublicensee after                KYOWA’s Confidential Information has been disclosed, KERYX shall have such                Sublicensee immediately return to KERYX or destroy such Confidential                Information. |
|------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 15.5 | Upon                request from the disclosing Party, or upon expiration or early termination                of this Agreement, the receiving Party shall either return or destroy,                at                the discretion of the disclosing Party, all written or graphic                Confidential Information to the disclosing Party and shall not retain                any                copies thereof, provided, however, one copy may be retained in the                receiving Party’s legal files as a means of determining any continuing                obligations hereunder. Each Party may request a certificate from                the other                Party regarding compliance with this                Section. |
|------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 15.6 | Neither                Party shall make any publications, news release or other public                announcement, visual or oral, relating hereto without the other Party’s                prior written approval thereof, which shall not be unreasonably withheld                or delayed, except as required by law or                regulation. |
|------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

**SECTION      16. LIMITED WARRANTY AND DISCLAIMER **

| 16.1. | Each                Party represents and warrants: |
|-------|----------------------------------------------------|

|  | 1. | that                such Party has the power and right to enter into this Agreement as                of the                Effective Date and to perform its obligations hereunder;                and |
|--|----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | 2. | that                such Party is not a party to any agreement with a Third Party, whether                written or not, which would prevent such Party from fulfilling any                of its                obligations hereunder. |
|--|----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 16.2 | KYOWA                represents and warrants: |
|------|-----------------------------------------------|

|  | 1. | that                subject to Section 16.3, KYOWA is the owner of the KYOWA Patent Rights                and                KYOWA Know-How; |
|--|----|----------------------------------------------------------------------------------------------------------------------------------------------|

|  | 2. | that                subject to Section 16.3, KYOWA is entitled to grant to KERYX the                rights                granted to KERYX by KYOWA hereunder;                and |
|--|----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | 3. | that,                to the best knowledge of KYOWA, as of the Effective Date KYOWA knows                of no                infirmity in the claimed rights and that no claim or challenge is                presently pending with regard to those rights, nor is KYOWA aware                of any                claim that the Compound violates any Third Party rights.. |
|--|----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 16.3 | KYOWA                NEITHER REPRESENTS NOR WARRANTS AND                DISCLAIMS: |
|------|------------------------------------------------------------------------------------|

|  | 1. | the                scope, validity and enforceability of the KYOWA Patent Rights and                the                KYOWA Improvements; |
|--|----|--------------------------------------------------------------------------------------------------------------------------------------------|

|   | 2. | future                grant (allowance) and registration (issuance) of the KYOWA Patent                Rights                and the KYOWA Improvements; |
|--------|----|----------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 3. | future                filing, prosecution and maintenance of the KYOWA                Improvements; |
|--------|----|-----------------------------------------------------------------------------------------------------|

|   | 4. | future                development of the KYOWA                Improvements; |
|--------|----|-----------------------------------------------------------------------------|

|   | 5. | accuracy                or completeness of the KYOWA Data or any warranty that the use of                the                KYOWA Data will not infringe or violate any patent or proprietary                rights                of any Third Party; |
|--------|----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 6. | non-infringement                by any product, material or information on the intellectual property                or                other rights vested in or enforceable by a Third                Party; |
|--------|----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 7. | successful                development of the Product; |
|--------|----|-------------------------------------------------------|

|   | 8. | Approval                of the Product by the Authority;                and |
|--------|----|-----------------------------------------------------------------------------|

|   | 9. | merchantability                and fitness for a particular                purpose. |
|--------|----|-------------------------------------------------------------------------------------|

| 16.4 | KERYX                NEITHER REPRESENTS NOR WARRANTS AND                DISCLAIMS: |
|------|------------------------------------------------------------------------------------|

|   | 1. | the                scope, validity and enforceability of the KERYX                Improvements; |
|--------|----|-------------------------------------------------------------------------------------------------|

|   | 2. | future                grant (allowance) and registration (issuance) of the KERYX                Improvements; |
|--------|----|---------------------------------------------------------------------------------------------------------------|

|   | 3. | future                filing, prosecution and maintenance of the KERYX                Improvements; |
|--------|----|-----------------------------------------------------------------------------------------------------|

|   | 4. | future                development of the KERYX Improvements and KERYX                Data; |
|--------|----|--------------------------------------------------------------------------------------------|

|   | 5. | accuracy                or completeness of the KERYX Data or any warranty that the use of                the                KERYX Data will not infringe or violate any patent or proprietary                rights                of any Third Party; |
|--------|----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | 6. | non-infringement                by any product, material or information on the intellectual property                or                other rights vested in or enforceable by a Third                Party; |
|--------|----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 7. | successful                development of the Product; |
|--------|----|-------------------------------------------------------|

|   | 8. | Approval                of the Product by the Authority;                and |
|--------|----|-----------------------------------------------------------------------------|

|   | 9. | merchantability                and fitness for a particular                purpose. |
|--------|----|-------------------------------------------------------------------------------------|

| 16.5 | EXCEPT                AS EXPRESSLY PROVIDED FOR HEREIN, NEITHER PARTY MAKES ANY  REPRESENTATION                OR WARRANTY, WHETHER IMPLIED, STATUTORY OR OTHERWISE,  WITH                RESPECT TO THE SUBJECT MATTER                HEREOF. |
|------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

**SECTION      17. LIMITED LIABILITY**

**SECTION      18. INDEMNIFICATION**

| 18.1. | KERYX                shall defend, indemnify and hold harmless KYOWA, KYOWA’s Affiliates, their                respective directors, officers and employees from and against any                and all                claims, actions, judgments, expenses (including legal expenses and                reasonable attorneys’ fees), losses and damages incurred by them, arising                from any Third Party claim in relation to (1) KERYX exercising the                license                under Section 3, (2) the Sublicensee exercising the sublicense under                Section 5 and (3) KYOWA Data and any related documentation, if any,                which                are supplied to KERYX by KYOWA unless such claims, actions, judgments,                expenses, losses and damages result from gross negligence, wrongful                intentional actions or omissions or fraud on the part of KYOWA, KYOWA’s                Affiliate, their respective directors, officers or employees. Such                claims,                actions, judgments, expenses, losses and damages include those related                to                the products or materials manufactured by or on behalf of KERYX or                its                Sublicensees pursuant to this Agreement, in particular (but not limited                to) those related to the claim that such products or materials have                caused                death or bodily injury or have infringed intellectual property rights                of                any Third Party. |
|-------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| 18.2. | KYOWA                shall defend, indemnify and hold harmless KERYX, KERYX’s Affiliates, the                Sublicensees, their respective directors, officers and employees                from and                against any and all claims, actions, judgments, expenses (including                legal                expenses and reasonable attorneys’ fees), losses and damages incurred by                them, arising from any Third Party claim in relation to (1) KYOWA                exercising the license under Section 13 and (2) a Third Party exercising                the sublicense under the same unless such claims, actions, judgments,                expenses, losses and damages result from gross negligence, wrongful                intentional actions or omissions or fraud on the part of KERYX, KERYX’s                Affiliates, the Sublicensee, their respective directors, officers                or                employees. Such claims, actions, judgments, expenses, losses and                damages                include those related to the products or materials manufactured by                or on                behalf of KYOWA or KYOWA’s sublicensees, in particular (but not limited                to) those related to the claim that such products or materials have                caused                death or bodily injury or have infringed intellectual property rights                of                any Third Party. |
|-------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 18.3. | In                the event that a Party is notified of a Third Party claim and seeks                the                indemnification for such claim under Section 18.1 or 18.2, from the                other                Party, the Party shall (1) inform the indemnifying Party in writing                of                such claim as soon as practicable after such notification, (2) permit                the                indemnifying Party to assume the direction and control of the defense                against such claim, (3) cooperate with the indemnifying Party in                such                defense at the indemnifying Party’s written request and expense and (4)                undertake all reasonable steps to mitigate any expenses, losses and                damages arising in relation to such claim. Further, the indemnifying                Party                may settle such claim at its sole discretion, provided that such                settlement should not impose any obligation on or otherwise adversely                affect the indemnified Party. |
|-------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

**SECTION      19. FORCE MAJEURE**

**SECTION      20. WAIVER**

----

**SECTION      21. ENTIRE AGREEMENT**

**SECTION      22. AMENDMENT**

**SECTION      23. INDEPENDENT CONTRACTORS**

**SECTION      24. NO SOLICITATION**

----

**SECTION      25. ASSIGNMENT**

**SECTION      26. SEVERABILITY**

**SECTION      27. TERM AND TERMINATION**

| 27.1. | This                Agreement shall come into effect as of the Effective Date and, unless                earlier terminated according hereto, continue to be effective until                KERYX                is no longer obligated to pay the Royalties and other considerations                to                KYOWA under this Agreement (**“Term”**). |
|-------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 27.2. | KERYX                may at any time terminate this Agreement upon one hundred eighty                (180)                days prior written notice. |
|-------|------------------------------------------------------------------------------------------------------------------------------------------------------|

| 27.3. | KERYX                may at any time unilaterally terminate this Agreement only with respect                to                the rights and license granted to KERYX for KYOWA Patent Rights B                and                related KYOWA Know-How upon written notice to KYOWA three (3) months                prior                to an anniversary date of the Effective Date. |
|-------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 27.4. | Either                Party may terminate this Agreement by giving written notice to the                other                Party in the following events; |
|-------|-------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | 1. | the                other Party materially breaches any term or condition of this Agreement                and fails to remedy such breach within ninety (90) days of receipt                of the                written notice requesting to remedy such                breach. |
|--|----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|  | 2. | the                other Party files for itself a petition for bankruptcy, reorganization,                composition, readjustment, receivership or similar procedures under                any                applicable bankruptcy, insolvency, reorganization, moratorium or                similar                law affecting creditors’ rights and interests (hereinafter referred to as                “Petition”) ; |
|--|----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | 3. | the                Petition has been filed against the other Party by a Third Party                and the                court procedures for such Petition have been pending for more than                forty                five (45) days; or |
|--|----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | 4. | the                other Party has been wound up, dissolved or liquidated not for merger                and                acquisition or the procedures therefor have been                started. |
|--|----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 27.5 | In                the event this Agreement has expired in accordance with Section 27.1: |
|------|-----------------------------------------------------------------------------------------|

|  | 1. | KERYX                shall thereafter be granted a non-exclusive, paid-up right and license,                with the right to sublicense, under the KYOWA Patent Rights , KYOWA                Know-How and KYOWA Improvements to make, have made, use, have used,                sell,                offer for sale, have sold and distribute the Product in the KERYX                Territory within the Field. |
|--|----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | 2. | KERYX                shall immediately return to KYOWA or destroy, under KYOWA’s instruction                and KERYX’s expense, all Confidential Information disclosed to KERYX by                KYOWA, except to the extent such Confidential Information is necessary                for                KERYX to practice and exploit the rights and the license retained                by KERYX                after the expiration. |
|--|----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | 3. | The                license granted by KERYX to KYOWA under Section 13.3 shall survive                the                expiration of this Agreement as an exclusive, irrevocable, perpetual                and                royalty-free license for any purposes in the KYOWA                Territory. |
|--|----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | 4. | KYOWA                shall retain the exclusive, paid-up license, with the right to grant                sublicenses, to use the KERYX Data for KYOWA’s development and marketing                of the Product in KYOWA Territory, pursuant to Section                14.1. |
|--|----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 27.6 | In                the event this Agreement is terminated by KERYX in accordance with                Section                27.4; |
|------|----------------------------------------------------------------------------------------------------------------------------------|

|  | 1. | Subsections                1 and 2 of Section 27.5 shall                apply. |
|--|----|--------------------------------------------------------------------------------|

|  | 2. | KYOWA                shall immediately return to KERYX or destroy, under KERYX’s instruction                and at KYOWA’s expense, all Confidential Information disclosed to KYOWA,                to KERYX including without limitation any KERYX Data and KERYX                Know-How. |
|--|----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 27.7 | In                the event this Agreement is terminated by KERYX in accordance with                Sections 27.2 or by                KYOWA in accordance with Section                27.4; |
|------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | 1. | The                license granted to KERYX under Section 3 of this Agreement shall                terminate                as of the effective date of termination, and KERYX shall cease any                use of                the KYOWA Patent Rights, KYOWA Know-How and KYOWA                Improvements. |
|--|----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | 2. | KERYX                shall transfer to KYOWA, at KERYX’s expense, within a reasonable time                after the effective date of termination, any and all of KERYX’s Data, any                physical material of the Compound, the Product or the Strain, and                any                patents of KYOWA Patent Rights A assigned to KERYX during the Term                of this                Agreement pursuant to Section 9.3, including without limitation,                any                rights in NDAs, MAAs and other relevant Approvals acquired by KERYX                for                its Product in the KERYX Territory. |
|--|----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|  | 3. | KERYX                shall immediately return to KYOWA or destroy, under KYOWA’s instruction                and at KERYX’s expense, all Strain and all Confidential Information                disclosed to KERYX by KYOWA, including without limitation any KYOWA                Data                and KYOWA Know-How. |
|--|----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | 4. | The                license granted by KERYX to KYOWA under Section 13.3 shall survive                the                termination of this Agreement as an exclusive, irrevocable, perpetual                and                royalty-free license for any purposes in the KYOWA Territory. |
|--|----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | 5. | KYOWA                shall retain the exclusive, paid-up license, with the right to grant                sublicenses, to use the KERYX Data for KYOWA’s development and marketing                of the Product, or Product in KYOWA Territory, pursuant to Section                14.1. |
|--|----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | 6. | KYOWA                shall immediately return to KERYX or destroy, under KERYX’s instruction                and at KERYX’s expense, all Confidential Information, except to the extent                such Confidential Information is necessary for KYOWA to practice                and                exploit the rights and the license retained by KYOWA after the                termination. |
|--|----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 27.8 | In                the event this Agreement is terminated by KERYX with respect to KYOWA                Patent Rights B and related KYOWA Know-How pursuant to Section                27.3; |
|------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | 1. | Subsections                1 to 6 of Section 27.7 shall apply *mutatis                mutandis*only                with respect to KYOWA Patent Rights B and related KYOWA                Know-How. |
|--|----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | 2. | KERYX                shall no longer be obligated thereafter to pay the Annual Payment,                provided that KERYX shall pay all Annual Payments due before the                effective                date of termination. |
|--|----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | 3. | KYOWA                shall no longer be obligated to perform any intellectual property                obligations set forth in Section 9 and Section 10 with respect to                Patent                Rights B. |
|--|----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 27.9 | Expiration                or termination of this Agreement shall not relieve the Parties of                any                obligation accruing prior to such expiration or                termination. |
|------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 27.10 | Unless                otherwise expressly stated in this Agreement, Sections 13, 16, 17,                18, 28,                and 29 shall survive the expiration or termination hereof. Section                15                shall survive according to Section                15.1. |
|-------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

**SECTION      28. ARBITRATION**

----

**SECTION      29. GOVERNING LAW**

| 29.1. | This                Agreement shall be governed by and construed according to the laws                of                Japan, exclusive of choice of law rules. To the extent that patent                law or                law governing trade secrets, know-how or data must be applied, the                laws of                the country governing such rights shall be utilized. |
|-------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 29.2. | The                Parties agree that the arbitration decisions according to Section                28 shall                be enforceable by the courts of competent jurisdiction in Japan,                the                United States of America and any other country covered by this Agreement,                and shall submit to the jurisdictions of such courts solely for such                enforcement. |
|-------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

**SECTION      30. **
**AFFILIATES**

----

**IN      WITNESS WHEREOF**

| **KYOWA HAKKO KOGYO              CO.,              LTD.**                                                                                                                                                                                                            | **KERYX BIOPHARMACEUTICALS,              INC.**                                                                                                                                                                                        |
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                                                                                                                                                                                                                                                                 |                                                                                                                                                                                                                                        |   |   |
|                                                                                                                                                                                                                                                                 |                                                                                                                                                                                                                                        |   |   |
|                                                                                                                                                                                                                                                                 |                                                                                                                                                                                                                                        |   |   |
|                                                                                                                                                                                                                                                                 |                                                                                                                                                                                                                                        |   |   |
| By:                  /s/  Yoshito                Imai                                 |  By:  /s/ Michael S.              Weiss                                |
| Name:    Yoshito              Imai                                                                                                                                                                                                               | Name:     Michael              S.              Weiss                                                                                                                                                               |
| Title:       President                                                                                                                                                                                                                 | Title:       CEO                                                                                                                                                                                              |
|                          Pharmaceuticals Business Unit                                                                                                                                                        |                                                                                                                                                                                                                                        |   |
|                                                                                                                                                                                                                                                                 |                                                                                                                                                                                                                                        |   |   |

----

**EXHIBIT      1**

**COMPOUND      CHEMICAL STRUCTURE**

----

**EXHIBIT      2**

**KYOWA      PATENT RIGHTS A**

| No.      | Country   | Designated                Country in EP | Kind                   | Appl.                No. | Appl.                Date | Publ.                No. | Publ.                Date | Reg.                No. | Reg.                Date | Exp.                Date |
|----------|-----------|-----------------------------------------|------------------------|--------------------------|---------------------------|--------------------------|---------------------------|-------------------------|--------------------------|--------------------------|
| 1        | U.S.A.    |                                  | Product                | 28201                    | 03.20.87                  |                   |                    | 4935415                 | 06.19.90                 | 06.19.2007               |
|   | Europe    | GB,                DE, FR, IT           | Product                | 87103764                 | 03.16.87                  | 0238011                  | 09.23.87                  | 0238011                 | 09.25.91                 | 03.16.2007               |
| 2        | U.S.A.    |                                  | Process(oxidization)   | 79560                    | 06.22.93                  |                   |                    | 5344926                 | 09.06.94                 | 06.22.2013               |
|   | Europe    | GB,                FR, DE, IT, ES       | Process(oxidization)   | 93109935                 | 06.22.93                  | 0575955                  | 12.29.93                  | 0575955                 | 09.15.99                 | 06.22.2013               |
| 3        | U.S.A.    |                                  | Formulation(liposome)  | 09/025752                | 06.12.97                  |                   |                    | 6045822                 | 04.04.00                 | 06.12.2017               |
|   | Europe    | GB,                FR, DE, IT, ES, CH   | Formulation(liposome)  | 97926234                 | 06.12.97                  | 0850646                  | 07.01.98                  |                  |                   |                   |
|   | Canada    |                                  | Formulation(liposome)  | 2229892                  | 06.12.97                  | 2229892                  | 12.24.97                  | 2229892                 | 01.07.03                 | 06.12.2017               |
|   | Australia |                                  | Formulation(liposome)  | 31066-97                 | 06.12.97                  | 3106697                  | 01.07.98                  | 718856                  | 08.03.00                 | 06.12.2017               |
| 4        | U.S.A.    |                                  | Process(isomerization) | 09/466903                | 12.20.99                  |                   |                    | 6197955                 | 03.06.01                 | 12.20.2019               |
|   | Europe    | GB,                FR, DE, IT, CH, LI   | Process(isomerization) | 99125341.0               | 12.21.99                  | 1020471                  | 07.19.00                  | 1020471                 | 05.28.03                 | 12.21.2019               |
|   | Canada    |                                  | Process(isomerization) | 2293023                  | 12.17.99                  | 2293023                  | 06.22.00                  |                  |                   |                   |

----

**EXHIBIT      3**

**KYOWA      PATENT RIGHTS B**

| No.      | Country   | Designated                Country in EP | Kind                                            | Appl.                No. | Appl.                Date | Publ.                No. | Publ.                Date | Reg.                No. | Reg.                Date | Exp.                Date |
|----------|-----------|-----------------------------------------|-------------------------------------------------|--------------------------|---------------------------|--------------------------|---------------------------|-------------------------|--------------------------|--------------------------|
| 1        | U.S.A.    |                                    | Leakage                inhibition from liposome | 10/018349                | 06.23.00                  |                   |                    |                  |                   |                   |
|   | Europe    | GB,                FR, DE, IT, ES, CH   | Leakage                inhibition from liposome | 00939146.7               | 06.23.00                  | 1190705                  | 03.27.02                  |                  |                   |                   |
|   | Canada    |                                    | Leakage                inhibition from liposome | 2376849                  | 06.23.00                  | 2376849                  | 01.04.01                  |                  |                   |                   |
|   | Australia |                                    | Leakage                inhibition from liposome | 54298-00                 | 06.23.00                  | 5429800                  | 01.31.01                  | 780194                  | 06.23.05                 | 06.23.2020               |

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**EXHIBIT      **
**4**

**STRAIN      AND MEDIA**

| 1. | Strain:                Streptomyces sp. ***** |
|----|-----------------------------------------------|

| 2. | Media:                *****, |
|----|------------------------------|

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**EXHIBIT      5**

**DEVELOPMENT      PLAN**

|   | **(a)** | **Pre-clinical** |
|--------|---------|------------------|

*in-vitro*
*in-vivo*

|   | i. | Establishment                of molecular profiles of tumors that are or are not responsive to                UCN-01.                Such profiles might be developed through *****. Results may be derived                from *****. In particular, KERYX would target information related                to                *****. |
|--------|----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | ii. | Additional                *in-vivo*                toxicology might be considered to develop additional single agent                or                combination regimens. KERYX recognizes that preclinical opportunities                may                be limited ***** |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | iii. | Evaluation                of novel combinations of UCN-01 with either traditional anti-cancer                agents                or newer targeted agents both *in-vitro*                and *in-vivo*.                In particular, studies of UCN-01 ***** are interesting in light of                the new                data *****. UCN-01 *****. Pre-clinical studies ***** suggest that                UCN-01                *****. *****. |
|--------|------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | iv. | Evaluation                of ***** would be undertaken. |
|--------|-----|---------------------------------------------------------|

|   | **(b)** | **Clinical** |
|--------|---------|--------------|

|   | i. | Subpart                H Single Agent Approvals |
|--------|----|-------------------------------------------------|

----

|   | a. | *****. |
|--------|----|--------|

|   | b. | ***** |
|--------|----|-------|

|   | c. | *****. |
|--------|----|--------|

|   | ii. | Subpart                H Combination Approvals |
|--------|-----|------------------------------------------------|

|   | iii. | Full                Approvals |
|--------|------|-------------------------------|

**(1)      Potential indication for phase II subpart-H strategy can be determined from      data      available prior to in-licensing**

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**(2)      Potential indication for phase II subpart-H strategy cannot be determined from      data available prior to in-licensing**

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