Exhibit 10.1
 LICENSE AGREEMENT
 between
 ASUBIO PHARMA CO., LTD. and OMEROS CORPORATION
 Agreement rd Effective Date Asubio Omeros
 PDE7
 Mutual CDA MTA
     1
    
    Key Definitions
 1.1
    
    Affiliate as used herein shall include any affiliate, subsidiary or parent of either party
and in each case shall mean any corporation or other entity directly or indirectly controlled
by, controlling or under common control with the party, and for such purposes control shall
mean the direct or indirect ownership of more than fifty percent (50%) of the voting interest
in such other corporation or other entity, or the power to direct the management of such other
corporation or other entity.1.2
    
    Asubio Patents means the patents and patent applications owned by Asubio that are listed on
Schedule Aattached to this Agreement, as well as all foreign and national counterparts, all
continuations, divisionals, reissues and reexaminations corresponding thereto or claiming
priority therefrom, and all patents, inventor certificates and utility models issuing
therefrom.1.3
    
    Asubio Know-How means Asubios data and information listed in Schedule B
 
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attached to this
Agreement, which data was disclosed by Asubio to Omeros under the Mutual CDA and/or the MTA,
and any additional data, information and records disclosed from Asubio to Omeros in accordance
with this Agreement.1.4
    
    Compounds means the Parent Compounds, samples of some of which were previously supplied by
Asubio to Omeros in accordance with the terms of the MTA, and any Improved Compounds. Asubio
and Omeros agree that the Excluded Compounds are not included in the Compounds.1.5
    
    Compound Improvement Patents mean all patents and patent applications claiming substances
that are new improvements (including any structural derivatives or analogs), variations,
updates, modifications, and enhancements to the Parent Compounds made by or for Omeros at any
time commencing upon execution of the MTA and ending upon the termination of this Agreement,
but excluding any patent or patent application claims to new uses or methods of use of the
Compounds.1.6
    
    Excluded Compounds means the compounds described in Schedule Dattached to this Agreement.1.7
    
    Field means all movement disorders described in WHO ICD-10 (G20-G26) and/or in Omeros
published International PCT Patent Application WO 2008/119057 A2, including, without
limitation, Parkinsons Disease, Restless Legs Syndrome, Post-encephalitic Parkinsonism,
Dopamine-Responsive Dystonia, Shy-Drager Syndrome, Periodic Limb Movement Disorder, Periodic
Limb Movements in Sleep, Tourettes Syndrome, all other movement disorders treatable with a
dopamine receptor agonist or a precursor of a dopamine receptor agonist, [].1.8
    
    Field Improvement Patents means all patents and patent applications claiming new uses or
methods of use of the Compounds solely in the Field made by or for Omeros at any time
commencing upon execution of the MTA and ending upon the termination of this Agreement, but
excluding any claim to the chemical structure of the Compounds and excluding any claim to uses
or methods of use relating to treatment of diseases in the dermatology and dermatologic
affections defined as any diseases of the skin, hair/scalp or nails.1.9
    
    Improved Compounds means any compound, other than the Parent Compounds, encompassed by the
claims of the Asubio Patents and/or Compound Improvement Patents, including new improvements
(including any structural derivatives or analogs), variations, updates, modifications, and
enhancements to the Parent Compounds, made by or for Omeros at any time commencing upon
execution of the MTA and ending upon the termination of this Agreement. Asubio and Omeros
agree that the Excluded Compounds are not included in the Improved Compounds. Improved
Compounds shall include Improved Compounds that are encompassed only by valid claim(s) of the
Asubio Patents (Minor Improved Compounds), Improved Compounds that are encompassed by valid
claim(s) of both the Asubio Patents and the Compound Improvement Patents (Major Improved
Compounds) and Improved Compounds that are encompassed only by valid claim(s) of the Compound
Improvement Patents (Other Improved Compounds).
 
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1.10
    
    Measure Date means any given point in time when a determination is being made.1.11
    
    Net Sales means (a) the gross total of the monetary amounts collected by Omeros, when
Omeros is the initial seller and distributor, and by Omeros sublicensee(s), when such
sublicensee(s) are the initial seller(s) and distributor(s), for the sale or distribution of
the Products to independent third parties, less (b) the sum of the following actual and
customary deductions where applicable: cash, trade, or quantity discounts; sales, use, tariff,
import/export duties or other excise taxes, and any other governmental taxes imposed on
particular sales; transportation charges and allowances; sales commissions to third parties
(but excluding sales commissions to Omeros employees); wholesale charge backs; distributor
fees; Medicare/Medicaid rebates; customer rebates; refunds for recalls; and allowances or
credits to customers because of rejections or returns, provided such deductions are
documented.1.12
    
    Parent Compounds means the seven compounds listed in Schedule Cattached to this Agreement
that are claimed in one or more of the Asubio Patents.1.13
    
    Product or Products means all drug product(s) and drug product candidate(s) containing
one or more Compounds that are encompassed by any valid and subsisting claim(s) of any issued
patent within the Asubio Patents or the Compound Improvement Patents in the country or
countries in which such products are offered for sale, sold, manufactured or used.
Notwithstanding the foregoing, any certain drug product or drug product candidate that
initially meets the definition of a Product set forth in the foregoing sentence of this
Subsection 1.13 shall still be deemed to be a Product after the expiration of all claim(s) of
all issued patent within the Asubio Patents or the Compound Improvement Patents covering the
Compound contained in such product if, and only if, the use of such Compound is encompassed by
any valid and subsisting claim(s) of any issued patent within the Field Improvement Patents in
the country or countries in which such drug product or drug product candidate is used.1.14
    
    Third Party Marketing and Distribution Agreement means any agreement conveying a sublicense
of the marketing and distribution rights for a Product to a third party entity other than any
Affiliate of either party.2
    
    Grant of License2.1
    
    Asubio hereby grants to Omeros for the term of this Agreement a royalty-bearing, exclusive
worldwide license in the Field under the Asubio Patents and the Asubio Know-How, including the
right to grant sublicenses, to use (including, without limitation, manufacture, formulate,
preclinical and clinical research and development and commercialization), apply for approval,
sell, offer for sale, market, distribute, import and export the Compounds and the Products
(the License).2.2
    
    If requested by Omeros, Asubio will consider in good faith expanding the License in the
Field, on terms consistent with this Agreement, to include additional PDE7 inhibitors created
by Asubio, other than the Compounds, that are claimed in the Asubio Patents and that are not
reasonably expected, based on a preclinical assessment, to have a clinically meaningful
immunologic function.
 
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2.3
    
    If requested by Omeros, Asubio will consider in good faith expanding the Field to include
other central nervous system diseases and disorders that do not involve meaningful immunologic
dysfunction.2.4
    
    If, in accordance with Omeros right to grant sublicenses under the License, Omeros elects to
convey to any third party other than an Affiliate of Omeros any rights to offer for sale,
sell, and market a Product in any ex-U.S. country in the world, Omeros will consider in good
faith the exclusive licensing of such Product to Asubio or its Affiliates in such country.
Omeros shall give Asubio prompt notification of the identity of each third party who is
conveyed such sublicense rights. Omeros shall ensure that such third parties are bound by the
same obligations, to the extent practicable and applicable, as those set forth in this
Agreement, and shall be responsible to Asubio for the acts and omissions of such third party.2.5
    
    Asubio shall, as part of the Asubio Know-How, disclose and provide to Omeros any and all
additional data, information and records it may have or may develop or obtain during the term
of this Agreement that would facilitate Omeros development, manufacture, approval for
marketing and commercialization of any of the Parent Compounds, and Omeros shall have the
right to reference the Asubio Know-How in any regulatory submission.3
    
    Milestone Payments3.1
    
    Omeros shall pay Asubio the following one-time milestone fees (each a Milestone Fee) in
U.S. dollars following the satisfaction of the following corresponding milestone events (each
a Milestone):3.1.1
    
    Upon execution of this Agreement, Omeros shall pay Asubio a Milestone Fee of [].3.1.2
    
    Upon Omeros or its sublicensee(s) receipt of positive data from completed toxicology
studies, each of three-months minimum duration, of a first Product in a rodent species and in
a non-rodent species, which studies have been conducted in conformance with current good
laboratory practice guidance (GLP) promulgated by the U.S. Food and Drug Administration
(USFDA), which data and studies are sufficient to support the submission by Omeros or its
sublicensee(s) to USFDA of an Investigational New Drug Application (IND), Omeros shall pay
Asubio a Milestone Fee of [].3.1.3
    
    Upon the first dosing of a human subject in the first Phase 1 clinical study sponsored or
authorized by Omeros or its sublicensee(s) of a first Product anywhere in the world, which
study has been cleared by USFDA or a corresponding foreign regulatory agency, Omeros shall pay
Asubio a Milestone Fee of [].3.1.4
    
    Upon the first dosing of a human subject in the first Phase 2 clinical study sponsored or
authorized by Omeros or its sublicensee(s) of a first Product anywhere in the world, which
study has been cleared by USFDA or a corresponding foreign regulatory agency, Omeros shall pay
Asubio a Milestone Fee of [].
 
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3.1.5
    
    Upon the first dosing of a human subject in the first Phase 3 clinical study sponsored or
authorized by Omeros or its sublicensee(s) of a first Product anywhere in the world, which
study has been cleared by USFDA or a corresponding foreign regulatory agency, Omeros shall pay
Asubio a Milestone Fee of [].3.1.6
    
    Upon receipt of the first new drug application (NDA) marketing approval for a first
Product obtained by or on behalf of Omeros or its sublicensee(s) from USFDA, Omeros shall pay
Asubio a Milestone Fee of [].3.1.7
    
    Upon receipt of the first marketing authorization for a first Product obtained by or on
behalf of Omeros or its sublicensee(s) from an ex-U.S. regulatory authority corresponding to
USFDA, Omeros shall pay Asubio a Milestone Fee of [].3.1.8
    
    Upon reaching an aggregate of all Net Sales of [], Omeros shall pay Asubio a
Milestone Fee of [].3.1.9
    
    Upon reaching an aggregate of all Net Sales of [], Omeros shall pay Asubio a
Milestone Fee of [].3.2
    
    If any Milestone above is achieved with respect to a particular Product before a prior
Milestone has been achieved, then all prior Milestones that have not previously been paid with
respect to that Product shall be deemed achieved upon achievement of the subsequent Milestone,
and the corresponding payment shall become payable, provided, however, that the NDA approval
Milestone set forth in Subsection 3.1.6 shall not be treated as a prior Milestone when the
ex-U.S. marketing authorization Milestone set forth in Subsection 3.1.7 is achieved, and the
ex-U.S. marketing authorization Milestone set forth in Subsection 3.1.7 shall not be treated
as a prior Milestone when the NDA approval Milestone set forth in Subsection 3.1.6 is
achieved.4
    
    Royalty Payments4.1
    
    Omeros shall pay Asubio a royalty (the Royalty) as a percentage of Net Sales. The Royalty
shall be computed in accordance with the applicable one of the following subsections:4.1.1
    
    For Products containing one or more Parent Compounds, the Royalty shall be either
(a) prior to the expiration of all applicable valid claims of the Asubio Patents,
[] of Net Sales of such Products, and then (b) after the expiration of all
applicable valid claims of the Asubio Patents, [] of Net Sales of such Products if
the use of such Products is encompassed by valid claim(s) in the Field Improvement Patents
in the countries in which such Products are used; or4.1.2
    
    For Products containing one or more Minor Improved Compounds, the Royalty shall be either
(a) prior to the expiration of all applicable valid claims of the Asubio Patents, []
of Net Sales of such Products, and then (b) after the expiration of all applicable valid
 
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claims of the Asubio Patents, [] of Net Sales of such Products if the use of such
Products is encompassed by valid claim(s) in the Field Improvement Patents in the countries in
which such Products are used; or4.1.3
    
    For Products containing one or more Major Improved Compounds, the Royalty shall be (a) prior
to the expiration of all applicable valid claims of the Asubio Patents, [] of Net
Sales of such Products, and then (b) after the expiration of all applicable valid claims of
the Asubio Patents and prior to the expiration of all applicable valid claims of the Compound
Improvement Patents, [] of Net Sales of such Products, and then (c) after the
expiration of all applicable valid claims of the Asubio Patents and the Compound Improvement
Patents, [] of Net Sales of such Products if the use of such Products is encompassed
by valid claim(s) in the Field Improvement Patents in the countries in which such Products are
used; or4.1.4
    
    For Products containing one or more Other Improved Compounds, the Royalty shall be either
(a) prior to the expiration of all applicable valid claims of the Compound Improvement
Patents, [] of Net Sales of such Products, and then (b) after the expiration of all
applicable valid claims of the Compound Improvement Patents, [] of Net Sales of such
Products if the use of such Products is encompassed by valid claim(s) in the Field Improvement
Patents in the countries in which such Products are used.4.2
    
    In the event that the provisions of multiple Subsections 4.1.1 through 4.1.4 apply to any
Product at any Measure Date, the Subsection that provides the highest Royalty shall be
utilized for only so long as the conditions set forth in the corresponding Subsection apply.4.3
    
    Notwithstanding the royalty provisions of Subsections 4.1 and 4.2, in the event that Omeros
enters into a Third Party Marketing and Distribution Agreement for a Product, then at any
Measure Date the sum of all Royalty payments paid or payable over the life of this Agreement
up to the Measure Date based on the Net Sales collected by the sublicensee under such Third
Party Marketing and Distribution Agreement (the Summed Royalties) shall not exceed
[] of the gross total of the monetary amounts collected up to the Measure Date by
Omeros in the form of royalty payments and milestone payments under the Third Party Marketing
and Distribution Agreement; provided, that such gross total shall exclude (i) any Net Sales
independent of the Third Party Marketing and Distribution Agreement, (ii) any amounts received
as funding for further research and development activities; (iii) any amounts received in
connection with the conveyance of other rights not specifically and directly pertaining to
such Product; (iv) any amounts received subject to a repayment obligation by Omeros; and (v)
any amounts reasonably received as consideration for the purchase of equity of Omeros and not
as consideration for sublicense from Omeros, (the Adjusted Gross Partnering Revenue). If on
any Measure Date the Summed Royalties exceeds [] of the Adjusted Gross Partnering
Revenue, then no further Royalty shall be paid under Section 4 until the Summed Royalties on a
subsequent Measure Date falls below [] of the Adjusted Gross Partnering Revenue for
that Measure Date, provided, however, that Asubio shall not be required to refund any Royalty
payments that have already been paid to Asubio by Omeros.
 
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5
    
    Payment Procedures5.1
    
    Omeros shall promptly notify Asubio of the achievement of each Milestone, and Asubio shall
then invoice Omeros for the corresponding Milestone Fee. All Milestone Fees shall be paid
within thirty (30) days of receipt of the corresponding invoice.5.2
    
    Omeros shall pay Asubio Royalty payments on a quarterly basis for Net Sales realized during
each respective quarter. Royalty payments for each quarter shall be made within sixty (60)
days of the end of the quarter. If Omeros is required to use any estimated figures to meet
this royalty payment time frame, Omeros shall note such figures as estimated in an
accompanying report and shall adjust the Royalty paid the next quarter when actual figures are
available for the prior quarter. Net Sales and Royalty payments shall be computed based on a
conversion from any other denomination to U.S. Dollars for any revenues received or costs and
expenses incurred by Omeros during the relevant quarter, as provided herein, using the
exchange rate published in The Wall Street Journal, West Coast edition, on the last business
day of the applicable calendar quarter. Each quarterly Royalty payment shall be accompanied by
(a) a report specifying the source and amount of the Royalty itemized by Product-by-Product
basis and country-by-country basis including information reasonably necessary and sufficient
for Asubio to calculate the Adjusted Gross Partnering Revenue under any Third Party Marketing
and Distribution Agreements for the Products, (b) the total of all discounts, returns, credits
and commissions deducted from gross proceeds to determine Net Sales, and (c) other information
as Asubio may reasonably request from time to time and as Omeros may agree.5.3
    
    Milestone Fees and Royalty payments shall be made in U.S. Dollars by wire transfer in
accordance with payment instructions to be provided by Asubio in writing. Asubio shall be
responsible for updating its payment instructions as may be required. Any and all charges from
Omeros bank and similar fees incurred by Omeros in processing such payments shall be borne by
Omeros. If any of the payments made or to be made by Omeros to Asubio become subject to
withholding taxes under any applicable law, then Omeros shall withhold the amount of such
taxes for the account of Asubio to the extent required by such applicable laws, and shall pay
the amounts of such taxes to the proper governmental authorities in a timely manner and
promptly transmit to Asubio an official tax certificate or other evidence of such tax
obligations together with proof of payment from the relevant governmental authorities of all
amounts withheld sufficient to enable Asubio to claim such payment of taxes. Omeros will
provide Asubio with reasonable assistance (not including professional advice or
representation) to enable Asubio to recover such taxes as permitted by applicable laws. Any
other taxes levied on Omeros arising out of or in connection with Omeros activities hereunder
shall be borne by Omeros.5.4
    
    Asubio reserves the right to employ a certified public accountant to review and reconcile the
directly relevant accounting records and procedures of Omeros as they relate to the
determination of Royalty payments during reasonable business hours and no more than
 
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twice a year, and Omeros agrees to make available at Omeros place of business all such directly
relevant accounting records for that purpose within 30 (thirty) days of written request by
Asubio. The cost of such review shall be borne by Asubio, unless it is found that Omeros
under-paid a quarterly Royalty for any quarter by an amount of [] or greater, in
which case the cost of such review shall be borne by Omeros.5.5
    
    In the event that any Milestone Fees or Royalty payments are not timely paid by Omeros when
due, Omeros shall pay to Asubio interest charges on such late payments at a rate of
[] per annum.5.6
    
    Notwithstanding anything to the contrary herein, Omeros shall have no obligation to pay any
Royalty or Milestone Fee for any Product based on any patent claim that has been declared
invalid or unenforceable by a court or governmental body of competent jurisdiction or based on
any patent claim that is not enforceable in the jurisdiction(s) where such Product is
manufactured, used, sold, offered for sale, imported or distributed.6
    
    Progress Reports and Reversion Rights6.1
    
    Omeros shall, commencing on the one-year anniversary of the Effective Date of this Agreement
and annually thereafter, deliver to Asubio a written progress report summarizing the status of
Omeros efforts to develop and commercialize one or more Products.6.2
    
    Asubio shall have the right to terminate the License and this Agreement, at its discretion,
if Omeros and each of its sublicensee(s) for a period of at least six (6) consecutive months
ceases to conduct, or to cause to have conducted, all research, development and/or
commercialization activities for all Products, including without limitation the cessation for
such period of time all medicinal chemistry efforts, all formulation activities, all
chemistry, manufacturing and control activities, all preclinical research and development, all
clinical research and development, and all regulatory, patent and business partnering
activities concerning all Products, and Asubio sends Omeros a notice of termination prior to
recommencement by Omeros of such activities; provided, however, that any cessation or delay of
such activities due to a regulatory process, availability of compounds, materials or necessary
processes, the procurement of intellectual property rights, any dispute or legal proceeding
concerning third party intellectual property rights that are necessary to the research,
development and/or commercialization of a Product, or any other material factor not reasonably
within Omeros or its sublicensees control (e.g., strikes, terrorism, natural disasters,
war), shall be excused. In the event of such a termination under this provision, the License
and other rights held by Omeros under the Asubio Patents shall revert to Asubio, and Omeros
and Asubio shall be relieved of all further obligations under this Agreement except for the
surviving clauses as set forth in Section 11.4 below.7
    
    Patent Prosecution and Enforcement7.1
    
    Asubio shall retain ownership of the Asubio Patents, which Asubio Patents cannot be assigned
to a third party other than the Affiliate of Asubio without Omeros advance
 
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written consent (not to be unreasonably withheld); provided, however, that this provision shall not
act to prohibit Asubio from granting other licenses under the Asubio Patents consistent with
the provisions of Section 2 above. Asubio shall also retain the sole right and the obligation
to diligently use commercially reasonable efforts to file, prosecute and maintain the patent
applications and patents included in the Asubio Patents that include claims encompassing the
Compounds, including the filing of continuation applications, divisional applications,
appeals, reissues and reexaminations where reasonably warranted.7.2
    
    Asubio shall keep Omeros timely informed of all actions reasonably considered to be
important, including, without limitation, all application filings, search reports, examination
reports, office actions, responses, amendments and appeal proceedings, that are taken in the
filing, prosecution and maintenance of any patent or patent application included in the Asubio
Patents that include claims encompassing the Compounds. Omeros shall cooperate with Asubio in
the course of the procedure for extension of the Asubio Patents, including any supplemental
protection certificates. Should Asubio determine not to proceed with or to abandon the filing,
prosecution or maintenance of any patent or patent application included in the Asubio Patents
that claims any of the Compounds, Asubio shall provide Omeros timely advance notice of its
determination and Omeros shall be entitled at its discretion and upon written notice to Asubio
to assume the right to file, prosecute and maintain such patent or patent application, at
Omeros sole expense, which such patent or patent application shall thereafter be excluded
from the basis for payment of any Milestone Fee or Royalty to Asubio.7.3
    
    Omeros shall own and retain ownership of the Compound Improvement Patents and the Field
Improvement Patents, which Compound Improvement Patents and Field Improvement Patents cannot
be assigned to a third party other than an Affiliate of Omeros without Asubios advance
written consent (not to be unreasonably withheld). Omeros shall also retain the sole right and
the obligation to diligently use commercially reasonable efforts to file, prosecute and
maintain the patent applications and patents included in the Compound Improvement Patents and
the Field Improvement Patents, including the filing of continuation applications, divisional
applications, appeals, reissues and reexaminations where reasonably warranted.7.4
    
    Should Omeros determine not to proceed with or to abandon the filing, prosecution or
maintenance of any patent or patent application included in the Compound Improvement Patents
or the Field Improvement Patents, Omeros shall provide Asubio timely advance notice of its
determination and Asubio shall be entitled at its discretion and upon written notice to Omeros
to assume the right to file, prosecute and maintain such patent or patent application, at
Asubios sole expense.7.5
    
    Whenever either party becomes aware of the possible infringement of the Asubio Patents, the
Compound Improvement Patents or the Field Improvement Patents by a third party, such party
shall promptly notify the other party of any such infringement and provide such other party
with any available evidence of such infringement.7.6
    
    Asubio shall have the first right, but not the obligation, to bring any suit or action for
 
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infringement of the Asubio Patents. Any infringement action brought by Asubio shall be solely at
Asubios expense and in such actions in which Omeros has not elected to participate and share
in the expenses, Asubio shall have no duty to account to Omeros for any award, settlement or
any other recovery resulting from such enforcement action. Omeros shall provide reasonable
assistance at Asubios reasonable expense in the prosecution of such suit or action. Omeros
shall have the right, but not the obligation, at its cost to join as a party in any
infringement action brought by Asubio. In the event that monetary damages are awarded or
obtained by Asubio whether by judgment, award, decree, settlement or otherwise, as a result of
such enforcement action brought by ASB in which Omeros joins as a party, the money actually
received shall be divided appropriately between Asubio and Omeros with reference to the
relative monetary injury suffered by the party hereto by reason of the infringement, after
first deducting the expenses incurred by Asubio and Omeros in filing, prosecuting, and
maintaining such suit or action. Asubio shall not settle any such action in any manner that
conflicts with Omeros rights in the Asubio Patents, without the prior written consent of
Omeros (which shall not be unreasonably withheld).7.7
    
    In the event that Asubio fails to or elects not to commence any infringement suit or action
under Subsection 7.6, Omeros shall have the sole right in its discretion to enforce, in its
name or Asubios name, the Asubio Patents against any third party that infringes one or more
claims of the Asubio Patent by the use, manufacture, offering for sale or sale of a product
that competes with a Product in the Field or that is a generic or reformulated version of a
Product. Any such enforcement action in accordance with this Subsection 7.7 shall be
undertaken at Omeros sole cost and Omeros shall have no duty to account to Asubio for any
award, settlement or any other recovery resulting from such enforcement action. Asubio shall
provide reasonable assistance requested by Omeros in connection with such enforcement action
at Omeros reasonable expense. Asubio shall have the right, but not the obligation, at its
cost to join as a party in any infringement action brought by Omeros. Omeros shall not settle
such action in any manner that conflicts with Asubios rights in the Asubio Patents without
the prior written consent of Asubio (which shall not be unreasonably withheld).7.8
    
    Except as expressly set forth in Section 2 or elsewhere in this Agreement, neither party
grants any license under its preexisting or independently created or obtained intellectual
property rights to the other party.7.9
    
    Each party shall execute and cause its employees and agents to execute any assignment,
declaration or other document required to effectuate the patent ownership, application,
prosecution and enforcement provisions of this Section 7.8
    
    Representations, Warranties8.1
    
    Each party represents and warrants that it has the requisite corporate power and authority
and the legal right to enter into this Agreement and to perform its obligations hereunder.8.2
    
    Asubio warrants, as of the Effective Date, to Asubios knowledge that: the Asubio Patents
include valid issued claims and/or patentable pending claims that encompass each
 
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of the Parent Compounds and the Parent Compounds do not infringe the intellectual property of
any third party; and Asubio has complied with its duty of disclosure of prior art and other
material information, where applicable, to national and regional patent offices with respect
to the Asubio Patents. Asubio also warrants that Asubio has not granted any other license,
right, security interest or lien, or undertaken any other obligation, that limits its ability
to grant the License; and Asubio will diligently use all reasonable efforts to apply for,
prosecute, maintain and enforce (except as provided for Omeros in Section 7 above) all patents
and patent applications in the Asubio Patents.8.3
    
    Prior to Omeros marketing of any Product or making any Product available for use in any
human patients, Omeros will obtain and maintain reasonably adequate product liability
insurance.8.4
    
    EXCEPT AS OTHERWISE EXPRESSLY SET FORTH IN THIS AGREEMENT, NEITHER PARTY MAKES ANY
REPRESENTATIONS OR EXTENDS ANY WARRANTIES OF ANY KIND, EITHER EXPRESS OR IMPLIED, INCLUDING,
BUT NOT LIMITED TO WARRANTIES OF MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE, OR
NON-INFRINGEMENT.9
    
    Confidentiality9.1
    
    Asubio and Omeros hereby affirm and incorporate by reference the terms of the Mutual CDA, a
copy of which is attached hereto as Exhibit A, except to the extent that the terms of the
Mutual CDA may conflict with the terms of this Agreement, in which case the terms of this
Agreement shall prevail. The parties further agree that all Confidential Information (as
defined in the Mutual CDA) disclosed by either party to the other party during the term of
this Agreement shall be subject to the terms of the Mutual CDA, and that the mutual
obligations of nondisclosure and non-use set forth in the Mutual CDA shall subsist for a
period of five (5) years after the termination of this Agreement.9.2
    
    The terms of this Agreement shall be maintained in strict confidence by both Asubio and
Omeros, and may not be disclosed by either party without the consent of the other party,
except to each partys Affiliates, employees, directors, auditors, counsel, financial
advisers, consultants, shareholders, investors, as part of due-diligence reviews by
prospective corporate partners, financers and acquirers, and as may be required under a court
order or decree or as required to comply with any governmental law, rule or regulation. Asubio
also acknowledges and agrees that Omeros will be legally required and shall be permitted to
disclose this Agreement and its terms in filings with the U.S. Securities and Exchange
Commission.10
    
    Indemnification10.1
    
    Each party (the Indemnifying Party) shall indemnify, hold harmless and defend the other
party and its Affiliates, and their employees, officers, directors, consultants and agents
(the Indemnified Party) against any and all claims, suits, losses, liabilities, damages,
costs, fees, and expenses (Claims) resulting from or arising directly out of the
Indemnifying Partys breach of any representation, warranty or obligation under this
 
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Agreement, or the Indemnifying Partys exercise of the rights and obligations under the License or
any sublicense, except that such obligation to indemnify, hold harmless and defend shall not
extend to any Claims to the extent such Claims result from or arise directly from the
negligence or misconduct of the Indemnified Party. Neither party shall be liable to the other
party under this Agreement for any indirect, incidental, consequential or special damages.11
    
    Term and Termination11.1
    
    Unless terminated earlier as set forth in Subsections 6.2, 11.2 or 11.3, this Agreement and
the License shall remain in full force and effect so long as there is a valid, subsisting and
enforceable claim in any patent included within the Asubio Patents, the Compound Improvement
Patents or the Field Improvement Patents or any patentable claim included in any pending
patent application included in the Asubio Patents, the Compound Improvement Patents or the
Field Improvement Patents.11.2
    
    Omeros may terminate this Agreement by providing ninety (90) days advance written notice of
termination under this Subsection 11.2 to Asubio, with or without cause; provided that if
Omeros terminates this Agreement under this Subsection then Omeros shall thereafter not make,
use, offer for sale, sell or sublicense any Product that is encompassed by one or more
unexpired, valid and enforceable claim(s) of the Asubio Patents, the Compound Improvement
Patents or the Field Improvement Patents.11.3
    
    Either party may terminate this Agreement at any time in the event that the other party
(a) breaches any material obligation of this Agreement by first submitting written notice of
breach to the breaching party, which breach is not substantially cured within ninety (90)
days of the receipt of such notice, followed by written notice of termination then being
sent to the breaching party, or (b) declares or is adjudged by a court of competent
jurisdiction to be insolvent, bankrupt or in receivership, and such insolvency, bankruptcy
or receivership materially limits such partys ability to perform its obligation under this
Agreement, excluding reorganizations entered into by such party with the consent of the
other party, which consent shall not be unreasonably withheld.11.4
    
    The provisions of Sections and Subsections 7.1 (limited to the patent ownership provisions),
7.3 (limited to the patent ownership provisions), 8 (Representations, Warranties, but
excluding continued obligations regarding patent prosecution and maintenance), 9
(Confidentiality), 10 (Indemnification), 12 (Use of Names) and 13 (Miscellaneous) above shall
survive expiration or termination of this Agreement for the period set forth therein or, if no
period is set forth therein, then indefinitely.11.5
    
    Termination of this Agreement for any reason shall not release any party hereto from any
liability which at the time of such termination has already accrued to the other party or
which is attributable to a period prior to such termination, nor preclude either party from
pursuing all rights and remedies it may have hereunder or at law or in equity with respect to
any breach of this Agreement.
 
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12
    
    Use of Names12.1
    
    Nothing contained in this Agreement confers any right to either party to use in advertising,
publicity, or other promotional activities any name, trade name, trademark, or other
designation of the other party hereto, and neither party shall make such use without the prior
written consent of the other party. The parties agree not to make any press release or public
announcement, written or oral, relating to this Agreement without the prior written approval
of the other party. Asubio acknowledges that Omeros intends to issue a press release legally
required or advised by its legal counsel concerning this Agreement concurrent with making a
legally required filing of a Form 8-K disclosing the signing of this Agreement with the U.S.
Securities and Exchange Commission, and shall provide Asubio with a draft of such press
release for approval, which approval shall not be unreasonably withheld. When filing of a copy
of this Agreement with the U.S. Securities and Exchange Commission, which may be subsequent to
the filing of the Form 8-K disclosure of the signing of this Agreement, Omeros shall use
reasonable efforts to redact commercially sensitive information in a confidential treatment
request, shall provide Asubio a copy of such request for approval and comment, and shall
incorporate all timely received reasonable comments to the extent legally permissible.13
    
    Miscellaneous13.1
    
    This Agreement including appended Schedules A-D and appended Exhibit A constitutes the entire
understanding of the parties hereto regarding the subject matter of this Agreement, and no
other representation, agreement, promise or undertaking altering, modifying, taking from or
adding to the terms of this Agreement shall have any effect unless the same is reduced to
writing and duly executed by the parties hereto. In the event of any conflict between the main
body of this Agreement and any attachments thereto or documents incorporated by reference
therein, the provisions of the main body of this Agreement shall control. This Agreement
expressly supersedes the MTA.13.2
    
    Either partys failure to enforce any provision of this Agreement will not be considered a
waiver of future enforcement of that or any other provision.13.3
    
    The laws of the state of Delaware, United States, without regard to its conflict-of-laws
provisions, shall govern this Agreement, its interpretation and its enforcement, and any
disputes arising out of or related to this Agreement.13.4
    
    The parties agree that the U.S. Federal Courts located in the state of Delaware, United
States will have sole and exclusive jurisdiction over any disputes arising under this
Agreement, and each party hereby consents to the jurisdiction and venue of such courts for
such purposes.13.5
    
    In the event that it is necessary for either party of this Agreement to take legal action to
enforce any of the terms, conditions or rights contained herein, or to defend any such action,
then the prevailing party in such action shall be entitled to recover from the other party all
reasonable costs and expenses, including attorneys fees, related to such legal action.
 
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13.6
    
    In the event that any portion of this Agreement is held invalid or unenforceable by a court
of law, that provision will be construed and reformed to permit enforcement of the provision
to the maximum extent permissible consistent with the parties original intent, and if such
construction is not possible, such provision shall be struck from this Agreement, and the
remainder of the Agreement shall remain in full force and effect as if such provision had
never been part of this Agreement.13.7
    
    For the purposes of this Agreement, the parties hereto are independent contractors, and
nothing in this Agreement shall be construed to place them in the relationship of partners,
principal and agent, employer/employee or joint venturers. Except as provided expressly
herein, each party agrees that it shall have no authority to bind or obligate the other party,
nor shall any party hold itself out as having such authority.13.8
    
    Neither party will be liable for failure or delay in performing any obligation under this
Agreement, or will be considered in breach of this Agreement, if such failure or delay is due
to a natural disaster or any cause reasonably beyond such partys control, provided that such
party resumes performance as soon as possible following the end of the event that caused such
delay or failure of performance.13.9
    
    This Agreement including all right and obligations hereunder shall not be assignable by
either party without the prior written consent of the other party except in connection with
any acquisition or merger of such party or sale of all or substantially all of its assets;
provided, however, that this Agreement shall be assignable by either party to its Affiliates.
This Section shall not be construed in any way to limit Omeros rights to grant, at Omeros
sole discretion, sublicenses under the License. Subject to these restrictions, this Agreement
will be binding upon and will inure to the benefit of the parties permitted successors and
assignees, including each partys successor-Affiliates.13.10
    
    Either party shall be permitted to cause its Affiliates to perform any and all obligation
under this Agreement on behalf of such party. Such party shall guarantee and be responsible
all obligations and performances undertaken by its Affiliates.13.11
    
    Any notice required or permitted to be given hereunder by either party shall be in writing
and shall be (a) delivered personally, (b) sent by an internationally recognized courier
service, charges prepaid, or (c) delivered by facsimile (with the original promptly sent by
any of the foregoing manners) to the addresses or facsimile numbers of the other party set
forth below, or at such other addresses as may from time to time be furnished by similar
notice by either party. The effective date of any notice hereunder shall be the date of
receipt by the receiving party.
 If to Omeros:
    
    If to Asubio:Omeros Corporation
    
    Asubio Pharma Co., Ltd.1420 Fifth Avenue, Suite 2600
    
    9-11, Akasaka 2-ChomeSeattle, WA 98101
    

    Minato-Ku, Tokyo 107-8541U.S.A.
    
    Japan
 
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Attention: Gregory A. Demopulos, M.D.,
    
    Attention: General ManagerChairman & CEO
    
    Intellectual Property andLicensing DepartmentAnd copy to: Marcia S. Kelbon,Patent & General CounselFax: (206) 676.5005
    
    Fax: +81-3-3588-9602Phone: (206) 676.5000
    
    Phone: +81-3-3588-9710
 13.12
    
    This Agreement may be executed in one or more counterparts, each of which will be considered
an original, and all of which will constitute the same instrument.
  OMEROS CORPORATION
    
    
    
    ASUBIO PHARMA CO., LTD.By:
    
    /s/ Gregory A. Demopulos
    
    
    
    By:
    
    /s/ Seiichi YokoyamaName: Gregory A. Demopulos, M.D.
    
    
    
    
    
    Name: Seiichi YokoyamaTitle:   Chairman & CEO
    
    
    
    
    
    Title:   PresidentDate: 3/3/10
    
    
    
    
    
    Date: 3/3/10
 
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Schedule A
 Asubio Pharma Co., Ltd.  Omeros Corporation
 License Agreement
 Asubio Patents
 
 Country
    
    Application Date
    
    Application Number[]
    
    []
    
    [][]
    
    []
    
    [][]
    
    []
    
    [][]
    
    []
    
    [][]
    
    []
    
    [][]
    
    []
    
    [][]
    
    []
    
    [][]
    
    []
    
    [][]
    
    []
    
    [][]
    
    []
    
    [][]
    
    []
    
    []
 
 Country
    
    Application Date
    
    Application Number[]
    
    []
    
    [][]
    
    []
    
    [][]
    
    []
    
    [][]
    
    []
    
    [][]
    
    []
    
    [][]
    
    []
    
    [][]
    
    []
    
    [][]
    
    []
    
    []
 
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Schedule B
 Asubio Pharma Co., Ltd.  Omeros Corporation
 License Agreement
 Asubio Know-How
 Document/File Title
    
    Date of Disclosure[]
    
    [][]
    
    [][]
    
    [][]
    
    [][]
    
    [][]
    
    [][]
    
    [][]
    
    [][]
    
    [][]
    
    [][]
    
    [][]
    
    [][]
    
    []
 
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Schedule C
 Asubio Pharma Co., Ltd.  Omeros Corporation
 License Agreement
 Parent Compounds
 IdentificationNumber inAsubio Reference
    
    
    
    
    
    Applicable EuropeanNumber
    
    Structure
    
    Molecular Weight
    
    Patent Application[]
    
    []
    
    []
    
    [][]
    
    []
    
    []
    
    [][]
    
    []
    
    []
    
    [][]
    
    []
    
    []
    
    [][]
    
    []
    
    []
    
    [][]
    
    []
    
    []
    
    [][]
    
    []
    
    []
    
    []
 
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Schedule D
 Asubio Pharma Co., Ltd.  Omeros Corporation
 License Agreement
 Excluded Compounds
  
 
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Exhibit A
 Mutual Confidential Disclosure Agreement of June 6, 2008 and
Amendment of June 18, 2009
 OMEROS CORPORATION
 MUTUAL CONFIDENTIAL DISCLOSURE AGREEMENT
  1.
    
    Covenant Not to Disclose.For a period of five (5) years from the date of last disclosure
hereunder, the recipient of any Confidential Information (defined in Section 2) will not at
any time disclose or otherwise make known or available to any person, firm, corporation
(including, without limitation, any parent corporation) or other entity, or use for its own
account or for any purpose other than the Purpose, any Confidential Information prior to or
during the term of this Agreement, without the express prior written consent of the disclosing
party. The recipient shall utilize reasonable procedures to safeguard Confidential
Information, including releasing Confidential Information only to employees or consultants who
have agreed to abide by the recipients obligations hereunder on a need-to-know basis. All
Confidential Information shall be disclosed in writing or, if first disclosed orally or
visually, shall be summarized in writing and then provided to the recipient within thirty (30)
days of initial disclosure.2.
    
    Confidential Information.2.1
    
    For information disclosed by Omeros, Confidential Information means any and all information
relating to Omeros programs concerning agents, compositions and therapeutic methods targeting
phosphodiesterase 7 (PDE7), and includes, without limitation, research and development
information, know-how, inventions, trade secrets, patent applications, technical data, targets
(genes or proteins), knock-out and knock-in mouse strains, gene expression profiles,
behavioral and physiological assays, phenotypes, cell lines, cellular, biochemical and
chemical assays, chemical structures, chemical structure-activity relationships, formulae,
treatment methods, clinical trial design criteria, protocols, investigators brochures,
drawings, designs, models, samples, processes, chemistry, manufacturing and controls
information, regulatory information, and any type
 
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of product development, business or
marketing plans or strategies, financial information, customer lists or other customer
information.For information disclosed by Asubio, Confidential Information means any and all
information relating to Asubios compounds and programs targeting PDE7, and includes,
without limitation, research and development information, know-how, inventions, trade
secrets, patent applications, technical data, targets (genes or proteins), knock-out and
knock-in mouse strains, gene expression profiles, behavioral and physiological assays,
phenotypes, cell lines, cellular, biochemical and chemical assays, chemical structures,
chemical structure-activity relationships, formulae, treatment methods, clinical trial
design criteria, protocols, investigators brochures, drawings, designs, models, samples,
processes, chemistry, manufacturing and controls information, regulatory information, and
any type
of product development, business or marketing plans or strategies, financial information,
customer lists or other customer information.2.2
    
    Notwithstanding the foregoing, Confidential Information does not include any information
concerning any agents, compositions or therapeutic methods for the treatment of diseases that
are currently classified as immune diseases or skin diseases. In addition, Confidential
Information does not include information that the recipient can establish:2.2.1
    
    is or becomes generally available to the public other than as a result of a disclosure by
the recipient;2.2.2
    
    was in the possession of the recipient prior to its being furnished to the recipient under
this Agreement, provided that the source of such information was not known to the recipient to
be bound by a confidentiality agreement with, or other contractual, legal, or fiduciary
obligation of confidentiality to the disclosing party or any other party with respect to such
information and that such prior possession can reasonably be proven by the recipient by
written records;2.2.3
    
    becomes available to the recipient on a non-confidential basis from a source other than the
disclosing party, provided that such source is not bound by a confidentiality agreement with,
or other contractual, legal, or fiduciary obligation of confidentiality to the disclosing
party or any other party with respect to such information; or2.2.4
    
    is independently developed by the recipient without reference to the Confidential
Information, provided that such independent development can reasonably be proven by the
recipient by written records.2.3
    
    If the recipient is required by order of a court of law, administrative agency, or other
governmental body to disclose any of the Confidential Information, the recipient will promptly
provide the disclosing party with reasonable advance written notice if at all possible to
enable the disclosing party the opportunity to seek a protective order or to otherwise prevent
or limit such legally required disclosure, will use reasonable efforts to cooperate with the
disclosing party to obtain such protection, and will disclose only the legally required
portion of the Confidential Information. Any such legally required disclosure will not
relieve recipient from its obligations under this Agreement to otherwise limit the disclosure
and use of such information as Confidential Information.3.
    
    Limitations on Use. In further recognition of the value of Confidential Information, the
recipient acknowledges that it shall not engage in the reproduction of Confidential
Information through the techniques of reverse engineering. The recipient shall not make any
use, either directly or indirectly, of any Confidential Information to which the recipient has
been, is or will be exposed, except in the ordinary course of business
 
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pursuant to this Agreement for the Purpose or as may be expressly authorized in a separate specific
written agreement between the parties. Nothing in this Agreement shall be construed as giving
recipient any license or other right under any intellectual property of the disclosing party.
Neither party shall disclose the existence and nature of this Agreement or the fact that it is
evaluating the other partys Information, except that such disclosure to a partys present and
potential employees, consultants, officers, directors, shareholders and investors is
permitted, and neither party shall use the name of the other party in any publicity or
advertising without that partys prior written approval.4.
    
    Return of Confidential Information. When requested by the disclosing party or at the
termination of the relationship giving rise to this Agreement, whichever first occurs, the
recipient immediately shall deliver all Confidential Information and all copies thereof in its
possession or in the possession of its employees, provided that the recipients legal counsel
may retain one archival copy of the Confidential Information solely for purposes of ensuring
compliance with this Agreement.5.
    
    Specific Performance. The parties acknowledge that (a) the covenants set forth in Sections
1, 3 and 4 are essential elements of the transactions contemplated in this Agreement and that,
but for the agreement to comply with such covenants, the parties would not have entered into
such transactions, and that the parties have consulted with, or have had the opportunity to
consult with, counsel and have been advised in all respects concerning the reasonableness of
such covenants as to scope and limit of time; (b) the disclosing party will not have any
adequate remedy at law if the recipient violates the terms of Sections 1, 3 or 4 fails to
perform any of its other obligations hereunder; and (c) the disclosing party shall have the
right, in addition to any other rights it may have, to obtain in any court of competent
jurisdiction temporary, preliminary and permanent injunctive relief to restrain any breach,
threatened breach, or otherwise to specifically enforce any of such covenants or any other
obligations of the recipient if the recipient fails to perform any of its obligations under
this Agreement.6.
    
    Term. This Agreement and the obligations of nondisclosure and nonuse set forth herein shall
terminate five (5) years after the date of the last disclosure of Confidential Information
under this Agreement, provided that the obligations concerning improvements of Section 5 of
this Agreement shall survive termination of the Agreement. Prior to termination of this
Agreement, either party may deliver written notice to the other party that it no longer wishes
to receive Confidential Information under this Agreement, after receipt of which any
information subsequently sent in writing or orally disclosed by either party shall be deemed
non-confidential.7.
    
    Miscellaneous. This Agreement shall be binding upon and inure to the benefit of the parties
successors and assigns. The waiver of any breach of any provision of this Agreement or
failure to enforce any provision hereof shall not operate or be construed as a waiver of any
subsequent breach by any party. The invalidity of all or any part of any section of this
Agreement shall not render invalid the remainder of this Agreement or the remainder of such
section. If any provision of this Agreement is so broad as to be unenforceable, such
provision shall be interpreted to be only so broad as is enforceable. In any litigation or
disputes arising out of this Agreement, the substantially prevailing party will be entitled to
recover all reasonable costs and attorneys fees, including costs and fees on appeal. The
provisions of this Agreement shall not be construed as limiting any rights or remedies that
either party may otherwise have under the applicable law.
 
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8.
    
    Governing Law. This Agreement shall be governed by and construed in accordance with the laws
of the State of New York, USA.
 OMEROS CORPORATIONBy:
    /s/ Marcia S. KelbonPrinted name Marcia S. KelbonIts VP, Patent & General CounselASUBIO PHARMA CO., LTD.By
    /s/ Keijiro SugimuraPrinted name Keijiro Sugimura, Ph. D.Its General Manager, Intellectual Property & Licensing Department 
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AMENDMENT TO MUTUAL CONFIDENTIAL DISCLOSURE AGREEMENT
 Amendment th Asubio Omeros
  WHEREAS CDA
 WHEREAS
 NOW, THEREFORE
     IN WITNESS HEREOF
 ASUBIO PHARMA CO., LTD.
    
    
    
    OMEROS CORPORATIONBy:
    
    /s/ Keijiro Sugimura
    
    
    
    By:
    
    /s/ Marcia S. KelbonName: Keijiro Sugimura, Ph. D.
    
    
    
    
    
    Name: Marcia S. KelbonTitle:   General Manager, Intellectual
   Property & Licensing Department
    
    
    
    
    
    Title:   VP, Patent & General Counsel
 
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