Document:

EX-10.12

 EXHIBIT 10.12 
  

	 	[*]	Certain confidential information contained in this document, marked by brackets, has been omitted and filed separately with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as
amended. 

 CONFIDENTIAL 

LICENSE AGREEMENT 

Between 
 ANAPTYS
BIOSCIENCES, INC. 
 (ANAPTYS) 

and 
 MEDICAL RESEARCH
COUNCIL 
 (MRC) 

This Exclusive License Agreement (“Agreement”), is entered into as of the 30th day of August 2006 (hereinafter called
“Effective Date”), by and between the MEDICAL RESEARCH COUNCIL (“MRC”), a UK government funded non-departmental body with principal offices at, 20 Park Crescent, London, W1B 1AL, United Kingdom and ANAPTYS BIOSCIENCES,
INCORPORATED (“ANAPTYS”), a corporation organized under the laws of Delaware and having a principal place of business at 10931 North Torrey Pines Road, Suite 101, La Jolla, California 92037, United States of America. 

RECITALS 
 WHEREAS, the
MRC is the owner of certain Patent Rights (as defined below); 
 WHEREAS, the MRC is willing to grant a royalty bearing, exclusive license
to the Patent Rights to ANAPTYS on the terms and subject to the conditions set forth herein; and 
 WHEREAS, ANAPTYS desires to obtain said
exclusive license under the Patent Rights. 
 NOW, THEREFORE, for and in consideration of the premises and other good and valuable
consideration, the receipt and sufficiency of which are hereby acknowledged, the Parties hereto hereby expressly agree as set forth below. 

 AGREEMENT 
  

	1.	DEFINITIONS 

 1.1 “Affiliates” means any corporation,
partnership, joint venture or other entity of which more than fifty percent (50%) of the voting stock or other equity ownership thereof is owned or controlled by, or under common control with ANAPTYS, or which owns or controls more than fifty
percent (50%) of the voting stock or other equity ownership of ANAPTYS. 
 1.2 “Confidential
Information” means any confidential information of a Party relating to any use, process, method, compound, research project, work in process, future development, scientific, engineering, manufacturing, marketing, business plan, financial or
personnel matter relating to the disclosing Party, its present or future products, sales, suppliers, customers, employees, investors or business, whether in oral, written, graphic or electronic form, which is marked confidential or designated by the
disclosing party as being confidential prior to disclosure or which is marked confidential and provided to the other Party within thirty (30) days of such oral disclosure. 

1.3 “Control” means possession of the ability to grant a license or sublicense as provided for herein without
violating the terms of any agreement or other arrangement with any third party. 
 1.4 “Covered”,
“Cover” or “Covering” means with respect to Patent Rights, that the making, using, importation, offer for sale, or sale, or the conducting of an activity, in the absence of a license under such Patent Rights would
infringe at least one claim of such Patent Rights. 
 1.5 “Developing Countries” shall mean those countries as may
be defined from time to time as low income or low middle income by the World Bank – see www.worldbank.org/data/countryclass/class groups.htm at the time of the case by case analysis under Section 2.4. 

1.6 “FDA” means the United States Food and Drug Administration and any equivalent agency thereto. 

1.7 “Field” means all fields of use. 

1.8 “First Commercial Sale” means, with respect to any Product, the first sale of such Product by ANAPTYS, its
Affiliates or Sublicenses to customers who are not Affiliates in any country after all applicable marketing and pricing approvals (if any) have been granted by the applicable governing health authority of such country. 

1.9 “First Commercial Service Activity” means, with respect to any Licensed Method, the date first payment is received
by ANAPTYS, its Affiliates or Sublicensees for completion of services provided to customers using Licensed Methods. 
 1.10
“IND” means an Investigational New Drug Application or equivalent application filed to commence human clinical testing of a Licensed Product with the FDA or its foreign equivalent. 

  
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 1.11 “Licensed Product(s)” means a composition, product or device, the
manufacture, use, sale, offer for sale or import of which, but for the License, would infringe any Patent Rights in any country were they issued at the time of such manufacture, use, sale, offer for sale or import in that country or a product that
is identified and / or developed through the use of methods Covered by Licensed Methods. 
 1.12 “Licensed
Method(s)” means any process, art or method the use or practice of which, but for the License, would infringe, induce to infringe or contribute to infringement of, any Patent Rights in any country were they issued at the time of the
infringing activity in that country. 
 1.13 “Materials” means relevant cell lines and other materials
relating to or necessary to enable ANAPTYS to use the Licensed Products and implement the Licensed Methods at their facilities as specified in Exhibit C attached hereto and to which MRC has the right to transfer. 

1.14 “MRC Specific Method[s]” means [*]. 

1.15 “NDA” means a New Drug Application, Biological License Application, or Product License Application, as appropriate,
filed pursuant to the requirements of the FDA or its foreign equivalent. 
 1.16 “Net Sales” means, with respect to any
Licensed Product, [*] 
 [*] 

“Net Sales” means, with respect to any Licensed Method, [*]. 

1.17 “Parties” means ANAPTYS and the MRC, each of which, individually, is a “Party.” 

1.18 “Patent Rights” means: (a) the patent applications listed in Exhibit A attached hereto, (b) any
corresponding foreign patents and patent applications, (c) any provisionals, substitutions, divisionals, reissues, continuations, continuations-in-part (but only to the extent the claims thereof are enabled by disclosure of the parent
application), and (d) any patents issuing from any of the foregoing patent applications. 
 1.19 “Phase II
Clinical Trial” shall mean a human clinical trial in any country that is intended to initially evaluate the effectiveness of a product for a particular indication or indications in patients with the disease or indication under study, or
that would otherwise satisfy requirements of 21 CFR 312.21(b), or its foreign equivalent. 
 1.20 “Phase III Clinical
Trial” means that portion of the clinical development program which provides for the continued trials of a Licensed Product on sufficient numbers of patients to establish its safety and efficacy for the desired claims and indications, as
more specifically defined by the rules of the FDA or its equivalent and corresponding rules and regulations in other countries and jurisdictions, and the results of which are intended to be used as the basis for the filing of an NDA or equivalent
application to obtain approval to market Licensed Products. For the purposes of this Agreement, “initiation of Phase 3 Trial” for a 

  

					
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Licensed Product means the first dosing of such Licensed Product in a human patient in a Phase 3 Trial. 

1.21 “Sublicensee” means any third party licensed by licensee to make, or sell any Licensed Product or use any
Licensed Methods in accordance with the terms of this Agreement. 
 1.22 “Territory” means all countries of the
world where Patent Rights exist. 
 1.23 “Third Party” shall mean any person other than ANAPTYS and MRC and their
respective Affiliates. 
  

	2.	GRANT 

 2.1 License. MRC hereby grants ANAPTYS an exclusive,
royalty-bearing license, including the right to grant sublicenses, under the Patent Rights to make, have made, use, sell, have sold, offer for sale and import Licensed Products and to practice Licensed Methods in the Territory (the
“License”). 
 2.2 Technology Transfer. Within fifteen (15) calendar days after the Effective Date, MRC
will transfer sufficient quantities of relevant cell lines and other Materials listed on Exhibit C (attached hereto) relating to or necessary to enable Anaptys to use the Licensed Products and implement the Licensed Methods at their
facilities. 
 2.3 Retention of Rights. MRC retains the right under the Patent Rights to use the Licensed Methods
solely for academic research including with academic collaborators. Provided however, that the any such use is: 
 (a) not supported
by a commercial entity or 
 (b) not in support of any commercial activity and 

(c) MRC or its academic collaborators shall disclose to ANAPTYS’ all protein products directly generated using the Licensed Methods. MRC,
and where appropriate its academic collaborators (if any), and ANAPTYS shall jointly determine whether or not to commercialize each such identified protein product on a case-by-case basis. Notwithstanding such decision, ANAPTYS shall have the first
right of refusal to negotiate an exclusive license to commercialize the identified protein products. ANAPTYS shall have one hundred and eighty (180) days after the disclosure of each identified protein product to ANAPTYS to exercise its option
and to begin good faith negotiations. If ANAPTYS does not notify MRC, in writing, of its intention to enter into such discussions before such one hundred and eighty (180) day period has expired, MRC and/or its academic collaborators may proceed
to commercialize the corresponding identified protein product. To avoid doubt, apart from any delay that may be reasonably required to obtain appropriate intellectual property protection with respect to the results arising from the research
conducted under this Section 2.3, any decision to commercialize and/or license an identified protein product shall not prevent or delay the timely publication of such results by the MRC and/or their academic collaborators. 

  
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 2.4 Limited use of antibodies for HIV Project by Global HIV Vaccine Enterprise.
Notwithstanding the above, ANAPTYS hereby agrees that, in support of and pursuant to MRC’s participation in the collaborative HIV project funded by the Bill and Melinda Gates Foundation, and subject to prior notification to ANAPTYS by the
MRC, the MRC may grant certain and limited rights solely to the use of the Licensed Methods for future development of HIV antigen-based vaccines. Unless otherwise agreed to by the Parties, these rights will be strictly limited to the use of
antibodies generated by MRC or other members of said HIV project consortium, to identify HIV epitopes which will then be used to develop and/or use, but not be incorporated into, as said HIV vaccines. For clarification, any rights granted hereunder
or in any subsequent agreement contemplated below will not extend to any other use of the antibodies generated through this program, including but not limited to use as a vaccine or use as a therapeutic or prophylactic agent. ANAPTYS recognises that
the Bill and Melinda Gates Foundation is providing said funding in furtherance of their charitable objective to ensure access to affordable health solutions resulting from said project for the benefit of people most in need within Developing
Countries. Therefore, in recognition of such charitable objective, ANAPTYS agrees that the rights to such anti-HIV antibodies, solely for the limited purpose of identifying epitopes for HIV vaccines and as reasonably needed to use such epitope(s) as
vaccine(s), will be granted free of consideration where such vaccines are for use in people most in need within Developing Countries. If necessary to ensure development of vaccines for such use in Developing Countries, with ANAPTYS’ prior
written consent on a case-by-case basis, such rights may be extended on royalty free or minimal royalty basis where it is necessary for such vaccines to be made in other than Developing Countries for eventual use in Developing Countries. To avoid
doubt, ANAPTYS shall be free to set other terms and conditions in respect of such rights, provided such terms and conditions are consistent with achieving said charitable objective. Any request made to the MRC to use such HIV antibodies for the
development and/or use of said HIV vaccines outside of said HIV Project shall be referred to ANAPTYS. To avoid doubt, the MRC shall not be involved in negotiations between ANAPTYS and any third party wishing to use such anti-HIV antibodies for any
purpose related to, but outside of, the collaborative HIV project. Notwithstanding the above, no rights are extended or reserved for the use of any antibodies, as quid pro quo or otherwise, for any developer to make vaccines available without
ANAPTYS’ prior written approval on a case-by-case basis. 
  

	3.	DEVELOPMENT EFFORTS 

 3.1 Diligence. ANAPTYS will work to identify,
research and/or develop Licensed Methods and Licensed Products for purposes of commercializing such products and methods at least as diligently as ANAPTYS researches and/or develops its products and methods of similar probability of technical
success, market / commercial potential and stages of development. Failure by the ANAPTYS to meets its diligence obligation above due to reasons beyond ANAPTYS’ control, (including, without limitation, force majeure and/or lack of technical
success of Licensed Products, or Licensed Methods if applicable) will not constitute lack of due diligence for purposes of this Agreement (“Commercially Reasonable Efforts”). 

3.2 Reporting. Within sixty (60) days following the first anniversary of the Effective Date, ANAPTYS will provide MRC with
annual progress reports which will include a budget and a summary plan for the development of Licensed Products and/or Licensed Methods. 

  
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 3.3 Milestones. ANAPTYS will obtain financing of at least $[*] by [*]. ANAPTYS will
enter into at least [*] with another entity by [*]. 
  

	4.	PAYMENTS AND REPORTS 

 4.1 License Issue Fee. Within [*] days following
the Effective Date, ANAPTYS will issue to MRC [*] shares of common ANAPTYS stock, and will pay to MRC $[*] as a one time License Issue Fee. 

4.2 License Maintenance Fee. Following the [*] anniversary of the Effective Date and thereafter on the anniversary of the Effective
Date and until the First Commercial Sale of Licensed Products, ANAPTYS will pay MRC an annual License Maintenance fee of $[*]. 
 4.3
Royalties. 
 (a) ANAPTYS will pay MRC royalties as follows: 

(i) Licensed Methods 

[*] 
 (ii) Licensed
Products for therapeutic or prophylactic uses in humans or animals 
 [*] 

(iii) Licensed Products for non-therapeutic uses: 

[*] 
 (b) All royalties payable
under this Section 4.3 shall be subject to the following conditions: 
 (i) No multiple royalties shall be owed because the use or
sale of any Licensed Product or Licensed Methods is covered by more than one valid and unexpired claim contained in the Patent Rights. For clarification, royalties shall only be owed either for a Licensed Product or Licensed Method and solely based
upon one of the following sections: 4.3(a)(i) or 4.3(a)(ii) or 4.3(a)(iii) above. 
 (ii) If ANAPTYS, its affiliate or its Sublicensee is
required to obtain a license or patent rights from one or more independent third parties in order to make, have made, use, have used, sell, have sold, offer for sale, import or have imported Licensed Products or Licensed Methods without infringement
of such patents, and if the total royalty burden (including royalties payable to MRC) for such Licensed Products or Licensed Methods exceeds, [*], then the royalty rate applicable to Net Sales of such Licensed Product or Licensed Method by ANAPTYS,
its affiliates and its Sublicensees payable to MRC shall be adjusted as follows: 

  

					
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 (1) For Licensed Products for therapeutic or prophylactic uses in humans or animals, the royalty
rate applicable to Net Sales of such Licensed Product shall be adjusted to the rate determined by [*]. 
 (2) For Licensed Products for
non-therapeutic uses, the royalty rate applicable to Net Sales of such Licensed Product shall be adjusted to the rate determined by [*]. 

(3) For Licensed Methods, the royalty rate applicable to Net Sales of such Licensed Method for the first [*] years following the First
Commercial Service Activity shall be adjusted to the rate determined by [*]. 
 (4) For Licensed Methods, the royalty rate applicable to
Net Sales of such Licensed Method after the end of the [*] year of First Commercial Service Activity as below shall be adjusted to the rate determined by [*]; 

provided that (i) in the case of any royalty due on services using Licensed Methods [*], and (ii) any royalty due on services using Licensed
Methods, [*]. In no event, however, shall the royalty rate payable to MRC for any Licensed Product, or Licensed Method be reduced by greater than [*]% of the royalty rate otherwise due to the MRC under this provision. 

(iii) In the case of any combination product, Net Sales for such Combination Product shall be calculated by multiplying actual Net Sales of
such combination product by the fraction A/(A+B) where A is the invoice price of the Licensed Product if sold separately, and B is the total invoice price of the other active ingredient or ingredients in the combination product, if sold separately.
If neither the Licensed Product nor the other active ingredient(s) are sold separately, the Parties shall determine Net Sales for such combination product by mutual agreement based on the relative contribution of the Licensed Product and each other
active ingredient to the combination product. 
 (iv) In the event that any patent or claim thereof included within the Patent Rights is
held invalid in a final decision by a court of competent jurisdiction and last resort and from which no appeal has or can be taken, or has been pending for more than [*] years without issuance, then all obligation to pay royalties based on that
patent or claim or any claim patentably indistinct there from will cease as of the date of final decision or [*] year anniversary. ANAPTYS will not, however, be relieved from paying any royalties that accrued before such final decision or
anniversary. 
 4.4 Minimum Annual Royalties 

(a) On the [*] anniversary of the First Commercial Sale of Licensed Products, and annually thereafter, ANAPTYS shall pay $[*] to the MRC. 

(b) All minimum annual royalty payments shall be creditable against future royalties due to MRC as follows: where actual royalty owed is less
than $[*], then the difference ($[*] minus the actual amount owed) may be credited against any future royalty payments owed in excess of the minimum royalty in any one year for a period of [*] years. That is, such amount 

  

					
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may not be credited against minimum royalty payments such that the minimum royalty payment of $[*] will be payable for any year actual royalties are less than $[*]. 

4.5 Milestone Payments. ANAPTYS will pay to MRC the following milestone payments on Licensed Products upon achievement of the
milestones by the ANAPTYS, its affiliates, or their respective Sublicensees. Each of the milestone payments below shall be payable one time per Licensed Product that achieves any such milestone. 

(a) $[*] 
 (b) $[*] 

(c) $[*] 
 (d) $[*] 

(e) $[*] 
 (f) $[*] 

4.6 Sublicense Fee. ANAPTYS will initially pay to MRC a sub-licensing fee of $[*] upon execution of a sub-license to another
party of the Patent Rights under this Agreement for any sub-license executed prior to [*]. Subsequent to [*] the sub-licensing fee payable upon execution of a sub-license to another party of the Patent Rights under this Agreement will be $[*].

  

	5.	PAYMENTS 

 5.1 Payment of the royalties and other payments specified in Section 4,
will be made by ANAPTYS to the MRC within [*] days after [*] of each year during the term of this Agreement (“Payment Period”) covering the quantity of Licensed Products sold by ANAPTYS, its Affiliates and/or Sublicensees, as appropriate,
during the preceding Payment Period or Licensed Methods. After termination or expiration of this Agreement, a final payment will be made by ANAPTYS covering the whole or partial Payment Period. Each annual payment will be accompanied by a written
statement of Net Sales of Licensed Products by ANAPTYS, its Affiliates and/or Sublicensees, as appropriate. Such written statements will be duly signed by an authorized officer of ANAPTYS on behalf of ANAPTYS and will show the Net Sales of Licensed
Products by ANAPTYS, its Affiliates and/or Sublicensees, as appropriate, during such Payment Period and the amount of royalties payable under this Agreement based thereon. 

5.2 Such amount shall be determined from the books and records of ANAPTYS, maintained in accordance with U.S. Generally Accepted Accounting
Principles. ANAPTYS shall be entitled to deduct the amount of any withholding taxes, value-added taxes or other taxes, levies or charges with respect to such amounts, other than United States taxes, payable by ANAPTYS, or any taxes required to be
withheld by ANAPTYS, to the extent ANAPTYS pays to the appropriate governmental authority on behalf of MRC such taxes, levies or charges. ANAPTYS shall use reasonable efforts to minimize any such taxes, levies or charges required to be withheld on
behalf of MRC by ANAPTYS. ANAPTYS promptly shall deliver to MRC proof 

  

					
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of payment of all such taxes, levies and other charges, together with copies of all communications from or with such governmental authority with respect thereto. 

5.3 Form of Payment. All payments due hereunder are expressed in and will be paid by wire transfer or check payable in United
States Dollars, without deduction of exchange, collection or other charges, to the MRC, or to the account of the MRC at such other bank as the MRC may from time to time designate by written notice to ANAPTYS. 

5.4 Exchange Rate. With respect to each quarter, for countries other than the United States, whenever conversion of payments from any
foreign currency is required, such conversion will be made at the rate of exchange reported in The Wall Street Journal on the last business day of the applicable calendar year. 

5.5 Records and Inspection. ANAPTYS will maintain or cause to be maintained a true and correct set of records pertaining to the Net
Sales of Licensed Products and Licensed Methods by ANAPTYS. During the term of this Agreement and for a period of [*] years thereafter, ANAPTYS agrees to permit an independent certified public accountant selected and paid by the MRC and reasonably
accepted to ANAPTYS to have reasonable access during ordinary business hours to such records as are maintained by ANAPTYS as may be necessary, in the opinion of such accountant, to determine the correctness of any report and/or payment made under
this Agreement. Such audits may be exercised no more than once in any [*] month period upon at least [*] days prior written notice to ANAPTYS. Should an audit show that payments are [*] percent ([*]%) or more below that reported then ANAPTYS shall
reimburse MRC for reasonable direct costs of the audit reimbursed to the auditor. 
  

	6.	PATENTS 

 6.1 Prior Patent Costs. ANAPTYS will reimburse MRC for all past
patent costs (prior to the Effective Date); provided, however, that reimbursement for costs incurred prior to the Effective Date shall be payable in installments of $[*] a year, the first payment being due within [*] days of
signing, and the subsequent payments being made on each anniversary of the Effective Date over the first [*] years of the license granted under this Agreement, with any outstanding balance paid on the [*] anniversary of the Effective Date. ANAPTYS
will also pay all future patent costs incurred from and after the Effective Date for the prosecution and maintenance of the Patent Rights (to the extent such costs have not been previously reimbursed). 

6.2 Patent Prosecution. 

(a) Within a reasonably practical time following the Effective Date, but in no event not longer than sixty (60) days after such date
(“Prosecution Transfer Period”), ANAPTYS shall at its own expense be solely responsible for maintaining and prosecuting the Patent Rights including for the avoidance of doubt all annuity and renewal fees and for the conduct of any claims
or proceedings relating to the Patent Rights including any interference, opposition, infringement or revocation proceedings. ANAPTYS shall have sole responsibility for the appointment or otherwise of a patent agent and in deciding upon the scope and
geographical extent to which any patent may be filed after written agreement from MRC. During the Prosecution Transfer Period, MRC will be solely responsible for (i) making all payments and 

  

					
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maintaining all prosecution such that there are no losses of Patent Rights, (ii) timely transfer all files related to the Patent Rights, and (iii) timely file all documents necessary to
affect the transfer to ANAPTYS and enable ANAPTYS to assume its responsibilities under this Section 6.2. For avoidance of doubt, ANAPTYS will pay all costs incurred by MRC during the Prosecution Transfer Period for the prosecution and
maintenance of the Patent Rights (to the extent such costs have not been previously reimbursed). 
 (b) Should ANAPTYS decide that it does
not wish to prosecute, maintain or defend the Patent Rights or any part thereof it shall give MRC not less than sixty (60) days notice of that decision before any critical time period and thereafter MRC may in its sole discretion and at its own
costs and expense prosecute, maintain or defend the Patent Rights or any part thereof. If MRC so decides to prosecute, maintain or defend the Patent Rights or any part thereof ANAPTYS shall promptly arrange for its patent attorneys to transfer to
MRC all relevant papers, files and other documents. 
 (c) ANAPTYS agrees to keep MRC informed on major or key prosecution issues of the
Patent Rights and arrange for MRC to be sent copies of any patent correspondence upon request of MRC. Any action relating to the prosecution of the continuing applications must be notified to MRC at least thirty (30) days (or the maximum
possible if at least thirty 30 days notice are not available to ANAPTYS) prior to any submission to any patent office for MRC’s review. In the event that MRC has a concern regarding the submission, the Parties will discuss to mutually resolve
any potential conflict or material impact to the parent patent applications in the Patent Rights. 
 6.3 Patent Enforcement. 

(a) Each of MRC and ANAPTYS shall as soon as practicable after it becomes aware thereof give to the other in writing reasonable particulars of
any use or proposed use or threat of the same by another person in any country which in that Party’s view amounts to or might amount to an infringement of the Patent Rights in such country. ANAPTYS shall at its own expense and with legal
counsel of its own choice, bring suit (or take other appropriate legal action) against any actual, alleged or threatened infringement of the Patent Rights. MRC will cooperate with ANAPTYS and name ANAPTYS as a party if required for ANAPTYS to bring
the suit. MRC shall cooperate fully with ANAPTYS and shall endeavor to cause the appropriate MRC scientists to cooperate with ANAPTYS at the request of ANAPTYS, including by giving testimony and producing documents lawfully requested in the
prosecution of any suit by ANAPTYS for infringement of the MRC Patents; provided, that ANAPTYS shall pay all reasonable expenses (including attorneys’ fees) incurred by MRC in connection with such cooperation. 

(b) If ANAPTYS does not wish to undertake such action MRC shall have the right (but not the obligation) to undertake proceedings at its own
expense and with legal counsel of its own choice. Any damages, monetary awards or other amount recovered, whether by judgment or settlement, pursuant to any suit, proceeding or other legal action taken under this section shall be to the account of
the Party bringing and prosecuting the same. 

  
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	7.	CONFIDENTIALITY 

 7.1 Treatment of Confidential Information. During the
term of this Agreement, and for a period of five (5) years after this Agreement expires or terminates, a Party receiving Confidential Information of the other Party will (i) maintain in confidence such Confidential Information to the same
extent such receiving Party maintains its own proprietary information (but at a minimum each Party shall use reasonable efforts); (ii) not disclose such Confidential Information to any Third Party without prior written consent of the other
Party; and (iii) not use such Confidential Information for any purpose except those permitted by this Agreement. A Party shall have no such obligation with respect to any portion of such Confidential Information which: 

(a) is publicly disclosed by the disclosing Party, or is otherwise publicly disclosed without the fault of the receiving Party, either before
or after it becomes known to the receiving Party; or 
 (b) was known to the receiving Party prior to when it was received from the
disclosing Party, as evidence by contemporaneous written records; or 
 (c) is subsequently disclosed to the receiving Party in good faith
by a Third Party who has a right to make such a disclosure; or 
 (d) has been published by a third party which had a right to do so; or

 (e) has been independently developed by the receiving Party without the aid, application or use of Confidential Information from the
disclosing Party; or 
 (f) is required by law to be disclosed, but then only to the limited extent of such legally required disclosure;
provided, however, that the other Party shall be given prompt notice of any such legally required disclosure. 
 7.2
Publicity. Any publication, news release or other public announcement that discloses or refers to this Agreement or to the performance thereof, shall first be reviewed and approved by both Parties, which approval shall not be unreasonably
withheld. Either Party shall be entitled to disclose the substance of this Agreement to its shareholders, potential investors, sublicensees, or research collaboration partners (and to prospective shareholders to whom its stock is offered for
purchase) under a confidentiality agreement consistent with this Agreement. Each Party shall also be entitled to provide a copy of this Agreement to the Securities and Exchange Commission (if required). 

7.3 Terms of this Agreement. Except as otherwise provided in Section 7.1 above, neither Party shall disclose any terms or
conditions of this Agreement to any Third Party without the prior written consent of the other Party. Notwithstanding the foregoing, prior to execution of this Agreement, the Parties shall agree upon the substance of information that can be used to
describe the terms of this transaction, and each Party may disclose such information, s modified by mutual agreement from time to time, without the other Party’s consent. 

  
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	8.	TERM AND TERMINATION 

 8.1 Term. Unless earlier terminated as hereinafter
provided, this Agreement shall expire upon the later of (i) ten (10) years from the First Commercial Sale of a Licensed Product by ANAPTYS, or First Commercial Service Activity or (ii) the expiration of the last to expire patent
within the Patent Rights. 
 8.2 Termination. 

(a) ANAPTYS may terminate this Agreement for any reason following sixty (60) day written notice. 

(b) A Party may terminate this Agreement upon or after the breach of any material provision of this Agreement by the other Party, if the
breaching Party has not cured such breach within sixty (60) days after notice thereof from the other Party; provided, however, that if the breach is due to ANAPTYS’ failure to pay under Section 4 or complete a milestone in
Section 3.3, MRC shall provide an additional notice of failure to pay or meet milestone and allow ANAPTYS a second sixty (60) day period to cure such breach. If ANAPTYS fails to cure such breach during the second sixty (60) day
period, MRC shall provide a third and final notice of failure to pay and allow ANAPTYS a third and final sixty (60) day period to cure such breach prior to any termination hereunder. 

8.3 Default for Bankruptcy. Each Party will have the right, at its option, to terminate this Agreement in the event that the
other Party (i) shall file in court or agency pursuant to any applicable state or federal petition in bankruptcy (other than dissolution or winding up for the purposes of reconstruction or amalgamation) or if such Party is served with an
involuntary petition in bankruptcy, or (ii) makes an assignment of all or substantially all of its assets for the benefit of creditors, or (iii) in the event that a receiver or trustee is appointed for the other Party and such Party will,
after the expiration of thirty (30) days following any of the events enumerated above, be unable to secure a dismissal, stay or other suspension of such proceedings. 

8.4 In the event of termination of this Agreement, all Patent Rights licensed to ANAPTYS will revert to the MRC. 

8.5 Survival of Certain Sublicenses. Sublicenses granted by a defaulting Party to a Third Party will survive termination of the
defaulting Party’s license under Section 8.1(b), provided however, that (i) such Third Party is not the cause of the default, (ii) such Third Party is not in breach of, and continues to fully perform all obligations under its
sublicense agreement and any surviving provisions in this Agreement applicable to such sublicensee and (iii) the terminating Party continues to receive from such Third Party all royalty payments set forth in Section 4.3. 

8.6 Survival. Expiration or termination of this Agreement shall not relieve the Parties of any obligation accruing prior to such
expiration or termination. No termination or expiration of this Agreement will constitute a termination or a waiver of any rights of either Party against the other Party accruing at or prior to the time of such termination. The obligations

  
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and rights of the Parties under Sections 5.5, 7, 8.5, 13, and 15 shall survive termination or expiration of this Agreement. 

 

	9.	INDEMNITY 

 9.1 ANAPTYS hereby agrees to indemnify and hold harmless the MRC and its
directors, officers, researchers, scientists, employees and agents (collectively, the “MRC Indemnities”) from and against any losses, claims, damages, costs, and expenses (collectively, “Losses”) incurred in connection with or
arising from (i) any product liability or similar claim asserted by any party as to any Licensed Products; (ii) any claims arising from ANAPTYS’ or ANAPTYS’ Sublicensee’s use of any Licensed Methods; (iii) any claims
for death, personal injury or related property damage arising from the manufacture, sale, marketing, distribution or use of any Licensed Products; but excluding Losses arising from or relating to the breach of this Agreement by the MRC or the gross
negligence or willful misconduct of the MRC Indemnities. Without limiting the generality of the foregoing, such indemnity obligation shall apply to any product liability or other claims, including without limitation, personal injury, death or
property damage, made by employees, subcontractors, or agents of ANAPTYS, as well as by any customer, patient, hospital, doctor, or member of the general public who buys or uses a Licensed Product. 

 

	10.	REPRESENTATIONS AND WARRANTIES 

 10.1 Due Authorization. Each Party hereby
represents and warrants that such Party is duly authorized to execute and deliver this Agreement and to perform its obligations hereunder. 

10.2 Binding Obligation. Each Party hereby represents and warrants that this Agreement is a legal and valid obligation binding
upon it and is enforceable in accordance with its terms. The execution, delivery and performance of this Agreement by such Party does not conflict with any agreement, instrument, or understanding, oral or written, to which it is a party or by which
it may be bound, nor violate any law or regulation or any court, government body or administrative or other agency having authority over it. 

10.3 Consents. Each Party hereby represents all necessary consents, approvals and authorizations of all governmental authorities
and other persons required to be obtained by such Party in connection with this Agreement have been obtained. 
 10.4 No
Conflict. Each Party hereby represents the execution and delivery of this Agreement and the performance of such Party’s obligations hereunder (a) do not conflict with or violate any requirement of applicable laws or regulations and
(b) do not conflict with, or constitute a default under, any contractual obligation of such Party. 
 10.5
Disclosure. MRC represents that it has provided ANAPTYS with all documents and information under its custody or control regarding the Patent Rights necessary for ANAPTYS to determine the scope, ownership, validity and enforcement of the
Patent Rights. MRC further represents that the Patent Rights include all rights owned or controlled by MRC that are necessary for ANAPTYS to commercialize Licensed Products and Licensed Methods. 

  
 -13- 

	11.	DISCLAIMER OF WARRANTIES 

 EXCEPT AS EXPRESSLY SET FORTH IN THIS AGREEMENT, THE MRC
MAKES NO WARRANTIES OR REPRESENTATIONS OF ANY KIND, EXPRESS OR IMPLIED, INCLUDING, BUT NOT LIMITED TO, WARRANTIES OF FITNESS FOR A PARTICULAR PURPOSE OR MERCHANTABILITY, REGARDING OR WITH RESPECT TO THE LICENSED METHODS OR LICENSED PRODUCTS. 

 

	12.	LIMITATION OF LIABILITY 

 NEITHER PARTY WILL BE ENTITLED TO RECOVER FROM THE OTHER PARTY
ANY SPECIAL, INCIDENTAL, EXEMPLARY, CONSEQUENTIAL OR PUNITIVE DAMAGES IN CONNECTION WITH THIS AGREEMENT OR ANY LICENSE GRANTED HEREUNDER. 
  

	13.	ASSIGNABILITY 

 13.1 Except as provided in Section 13.2 below, ANAPTYS may assign
this Agreement to another entity only with the prior written consent of the MRC, which consent shall not be unreasonably withheld or delayed. 

13.2 Notwithstanding anything herein to the contrary, in the event ANAPTYS merges with another entity or is acquired by another entity,
ANAPTYS may assign its rights and obligations hereunder to the surviving entity without the MRC’s consent so long as ANAPTYS is not then in material breach of this Agreement and ANAPTYS provides written notice of the assignment to the MRC, at
least fifteen (15) days prior to the effective date of the assignment. 
  

	14.	GOVERNMENTAL COMPLIANCE 

 14.1 Compliance with Laws. ANAPTYS will at all
times during the term of this Agreement and for so long as it sells imports, exports, manufactures, uses, distributes, markets or otherwise commercially exploits Licensed Products comply with all laws that control the import, export, manufacture,
use, sale, marketing, distribution and other commercial exploitation of Licensed Products or any other activity undertaken pursuant to this Agreement. 

14.2 Governmental Approval or Registration. If this Agreement or any associated transaction is required by the law of any nation
to be either approved or registered with any governmental agency, ANAPTYS shall assume all legal obligations to do so. ANAPTYS shall notify the MRC if it becomes aware that this Agreement is subject to a United States of America or other government
reporting or approval requirement. ANAPTYS shall make all necessary filings and pay all costs including fees, penalties, and all other out-of-pocket costs associated with such reporting or approval process. 

  
 -14- 

	15.	GOVERNING LAW 

 15.1 Law. This Agreement will be governed by, and will be
construed and enforced in accordance with, the laws of England. 
 15.2 Jurisdiction. This Agreement is performable in part in San
Diego County, California, and the Parties mutually agree that personal jurisdiction and venue will be proper in the state and federal courts situated in San Diego County, California, and hereby consent to such exclusive jurisdiction and venue. 

 

	16.	NOTICES 

 Any payment, notice or other communication pursuant to this Agreement will be
mailed by first class, certified or registered mail, postage prepaid, or delivered by overnight delivery service addressed as follows or to such other address designated by written notice given to the other Party: 

In the case of the MRC: 
 Graham
Wagner 
 Associate Director, Licensing and Agreements 

Medical Research Council Technology 

20 Park Crescent 
 London, W1B 1AL

 United Kingdom 
 In the case
of ANAPTYS: 
 William James Boyle 

President and Chief Science Officer 

ANAPTYS Biosciences, Inc. 
 10931
North Torrey Pines Road 
 La Jolla, CA 92037 

Any such payment, notice or other communication will be effective upon receipt. 
  

	17.	GENERAL PROVISIONS 

 17.1 Independent Contractors. The Parties hereby
acknowledge and agree that each is an independent contractor and that neither Party will be considered to be the agent, representative, master or servant of the other Party for any purpose whatsoever, and that neither Party has any authority to
enter into a contract, to assume any obligation or to give warranties or representations on behalf of the other Party without the prior written consent of the other Party. Nothing in this relationship will be construed to create a joint venture,
agency, partnership, fiduciary or other similar relationship between the Parties. 
 17.2 Non-Waiver. The Parties covenant and
agree that if a Party fails or neglects for any reason to take advantage of any of the terms provided for the termination of this Agreement 

  
 -15- 

 
or if a Party, having the right to declare this Agreement terminated, will fail to do so, any such failure or neglect by such Party will not be a waiver or be deemed or be construed to be a
waiver of any cause for the termination of this Agreement subsequently arising, or as a waiver of any of the terms, covenants or conditions of this Agreement or of the performance thereof. None of the terms, covenants and conditions of this
Agreement may be waived by a Party except by its written consent. 
 17.3 Reformation. Any provision of this Agreement which
is prohibited or unenforceable in any jurisdiction will, as to such jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof, and any such prohibition or unenforceability
will not invalidate or render unenforceable such provision in any other jurisdiction. Should any provision of this Agreement be so held to be unenforceable, such provision, if permitted by law, will be considered to have been superseded by a legally
permissible and enforceable clause which corresponds most closely to the intent of the Parties as evidenced by the provision held to be unenforceable. 

17.4 Force Majeure. Except for the payment of any amounts due under this Agreement, no liability hereunder will result to a
Party by reason of delay in performance caused by force majeure, that is circumstances beyond the reasonable control of the Party, including, without limitation, acts of God, fire, flood, war, civil unrest, labor unrest, or shortage of or inability
to obtain material as equipment. 
 17.5 Entire Agreement. The terms and conditions herein constitute the entire
agreement between the Parties and will supersede all previous agreements, either oral or written, between the Parties hereto with respect to the subject matter hereof. No agreement or understanding bearing on this Agreement will be binding upon
either Party hereto unless it is in writing and signed by the duly authorized officer or representative of each of the Parties and it expressly refers to this Agreement. 

17.6 Headings. The headings for each Section in this Agreement have been inserted for convenience of reference only and are not
intended to limit or expand on the meaning of the language contained in the particular Section. 
 17.7 Counterparts.
This Agreement may be signed in two (2) or more counterparts, each of which will be deemed an original, but all of which together will constitute one (1) and the same instrument. Signatures may be transmitted by facsimile, thereby
constituting the valid signature and delivery of this Agreement. 
 [REMAINDER OF PAGE INTENTIONALLY BLANK] 

  
 -16- 

 IN WITNESS WHEREOF, the Parties hereto have executed and delivered this Agreement by their duly
authorized officers and representatives effective as of the Effective Date. 
  

									
	MEDICAL RESEARCH COUNCIL	 		 	ANAPTYS BIOSCIENCES, INC.
					
	By:	 	/s/ Graham L Wagner	 		 	By:	 	/s/ Bill Boyle

									
	Name:	 	Graham L Wagner	 		 	Name:	 	Bill Boyle
	Title:	 	Associate Director Licensing and Agreements	 		 	Title:	 	President
		 	Medical Research Council Technology	 		 		 	
	Date:	 	4th September 2006	 		 	Date:	 	23-Aug-2006

 [SIGNATURE PAGE MRC / ANAPTYS LICENSE AGREEMENT] 

  
 -17- 

 Exhibit A 
  

			
	 	  	Patent Rights
	 [*]
	  	[*]

  

					
		  	-18-	  	*Confidential Treatment Requested.

 EXHIBIT B 

Competing Technology 
 [*] 

  

					
		  	-19-	  	*Confidential Treatment Requested.

 EXHIBIT C 

Technology Transfer Materials 
 [*] 

  

					
		  	-20-	  	*Confidential Treatment Requested.

 FIRST AMENDMENT TO LICENSE AGREEMENT 

THIS FIRST AMENDMENT TO LICENSE
AGREEMENT (the “Amendment”) is entered into and effective as of March 31, 2008 (the “Amendment Date”) for the purpose of amending that certain License Agreement
dated August 30, 2006 (the “Agreement”) by and between the MEDICAL RESEARCH COUNCIL, a UK government funded non-departmental body with principal offices
at 20 Park Crescent, London, W1B 1AL, United Kingdom (the “MRC”); and ANAPTYS BIOSCIENCES, INC., a Delaware corporation having a principal place of business at 10931 North
Torrey Pines Road, Suite 101, La Jolla, California 92037, United States of America (“Anaptys”). Capitalized terms used but not otherwise defined herein shall have the meanings provided in the Agreement. 

In consideration of the mutual covenants contained herein and other good and valuable consideration, the receipt and sufficiency of which are
hereby acknowledged, the MRC and Anaptys agree as follows: 
 1. New Defined Terms. The following terms shall have the respective meanings set forth
below for purposes of this Amendment: 
 (a) “Antibody Services” shall mean [*]. 

(b) “Modified Third Party Antibody” shall mean [*]. 

(c) “Third Party Antibody” shall mean [*]. 

(d) “Anaptys-Controlled Antibody” shall mean [*]. 

2. Amendment of “Licensed Product(s)” Definition. Section 1.11 of the Agreement is hereby amended and restated to read in its entirety
as follows: 
 “1.11 “Licensed Product(s)” means a composition, product or device (i) the manufacture, use, sale,
offer for sale or import of which, but for the License, would infringe any Patent Rights in any country were they issued at the time of such manufacture, use, sale, offer for sale or import in that country or (ii) which is an antibody initially
discovered using Licensed Methods (whether Anaptys or a third party controls such antibody) or (iii) is an Anaptys-Controlled Antibody resulting from Licensed Method-based affinity maturation of antibodies initially discovered without using
Licensed Methods.” 
 3. Amendment of “Net Sales” Definition. Section 1.16 of the Agreement is hereby amended and restated to
read in its entirety as follows: 
 “1.16 “Net Sales” means, [*] 

[*] 
 4. Amendment of “Sublicensee”
Definition. Section 1.21 of the Agreement is hereby amended and restated to read in its entirety as follows: 

  
 *Confidential
Treatment Requested. 

 “1.21 “Sublicensee” means any Third Party to which Anaptys grants a
sublicense under the Patent Rights to make or sell any Licensed Product in the Territory or use Licensed Methods in the Territory in accordance with the terms of this Agreement.” 

5. Amendment of Section 3.2. Section 3.2 is hereby amended and restated to read in its entirety as follows: 

“3.2 Reporting. Within sixty (60) days following the first anniversary of the Effective Date and each subsequent anniversary
thereof during the term of this Agreement, Anaptys will provide MRC with annual progress reports which will include a summary budget and a summary plan for the development of Licensed Products and/or Licensed Methods; provided,
however, that, in lieu of the summary budget specified in this clause, Anaptys may provide to MRC a written certification by an Anaptys officer that Anaptys’ budget for the twelve (12) months after such anniversary allocates at
least $[*] to the development and/or commercialization of Licensed Products and/or Licensed Methods.” 
 6. Elimination of Section 4.2.
Section 4.2 of the Agreement is hereby deleted in its entirety and shall be of no further force or effect. 
 7. Amendment of
Section 4.3(a). Paragraph (a) of Section 4.3 is hereby amended and restated to read in its entirety as follows: 

“(a) Anaptys will pay MRC royalties as follows: 

(i) Licensed Products – Therapeutic, In Vivo Diagnostic or Prophylactic Uses. For Licensed Products for
therapeutic, prophylactic and/or in vivo diagnostic uses in humans or animals, Anaptys will pay MRC: 
 (1) [*] of that
portion of annual Net Sales of Licensed Products up to $[*]; 
 (2) [*] of that portion of annual Net Sales of Licensed
Products from over $[*]; and 
 (3) [*] of that portion of annual Net Sales of Licensed Products over $[*]. 

(ii) Licensed Products – Other Uses. For Licensed Products for non-therapeutic, non-prophylactic and non-in vivo diagnostic uses:
[*] of worldwide annual Net Sales of such Licensed Products for non-therapeutic, non-prophylactic and non-in vivo diagnostic uses. 
 (iii)
Modified Third Party Antibodies; Antibody Services. Notwithstanding the preceding provisions of this Section 4.3(a) or any other provision of this Agreement to the contrary, the only amounts payable to MRC with respect to Modified Third
Party Antibodies and/or Antibody Services are those set forth in this Section 4.3(a)(iv). Beginning 

  

					
		  	2	  	*Confidential Treatment Requested.

 
on the second anniversary of the Effective Date and on each anniversary thereof during the term of this Agreement, Anaptys shall pay to the MRC a flat annual fee of $[*] (each, an “Annual
Fee”), which shall be payable regardless of whether Anaptys actually (A) performs any Antibody Services during the applicable year and/or (B) receives any consideration with respect to any Modified Third Party Antibody or Antibody
Services during such year. 
 For the avoidance of doubt, no royalties or consideration other than the Annual Fee shall be payable to the
MRC with respect to Antibody Services, or with respect to any Modified Third Party Antibody.” 
 8. Amendment of Section 4.3(b). The second
sentence of subparagraph (i) of paragraph (b) of Section 4.3 is hereby deleted. 
 9. Amendment of Section 4.5. Section 4.5
of the Agreement is hereby amended and restated to read in its entirety as follows: 
 “4.5 Milestone Payments. Anaptys will pay
to MRC the following non-refundable milestone payments on Licensed Products on achievement of the milestones by Anaptys, its Affiliates or their respective Sublicensees. Each of the milestone payments below shall be payable one time per Licensed
Product that achieves any such milestone. 
 (a) $[*]; 

(b) $[*]; 
 (c) $[*]; 

(d) $[*]; and 
 (e) $[*].”

 10. Amendment of Section 4.6. Section 4.6 of the Agreement is hereby amended and restated to read in its entirety as follows: 

“4.6 Sublicense Fee. Anaptys will pay to MRC a sublicense fee of $[*] for each sublicense it grants to a Sublicensee under the
Patent Rights to make or sell Licensed Products for therapeutic, prophylactic and/or in vivo diagnostic uses in humans or animals. For purposes of clarification, the foregoing sublicense fee shall be payable on a Sublicensee-by-Sublicensee basis and
shall be due within thirty (30) days after the grant of a sublicense to the applicable Sublicensee.” 
 11. Amendment of Section 5.1.
The first sentence of Section 5.1 is hereby amended and restated to read in its entirety as follows: 
 “Payment of royalties
under the applicable provisions of Section 4.3(a) will be made by Anaptys to the MRC on an annual basis within ninety (90) days after the end of the 

  

					
		  	3	  	*Confidential Treatment Requested.

 
twelve-month period ending December 31 (each, a “Payment Period”) covering the quantity of Licensed Products and Licensed Methods sold by Anaptys, its Affiliates and/or
Sublicensees, as appropriate, during the applicable Payment Period. Payment of any other amount due under Section 4 will be made by Anaptys to the MRC within forty-five (45) days after such amount becomes due.” 

12. Amendment of Section 6.3(a). The second sentence of paragraph (a) of Section 6.3 of the Agreement is hereby amended and restated to
read in its entirety as follows: 
 “Anaptys shall have the first right (but not the obligation) to bring suit (or take other
appropriate legal action) against any actual, alleged or threatened infringement of the Patent Rights, at its own expense and with legal counsel of its own choice.” 

13. Amendment of Section 7.1. Paragraphs (b) through (f) of Section 7.1 of the Agreement are hereby deleted and replaced in their
entirety with the following: 
 “(b) was known to the receiving Party (other than under an obligation of
confidentiality) prior to when it was received from the disclosing Party, as evidenced by contemporaneous written records; or 

(c) is subsequently disclosed to the receiving Party on a non-confidential basis in good faith by a Third Party who has a
right to make such a disclosure; or 
 (d) has been published by a Third Party which had a right to do so; or 

(e) has been independently developed by the receiving Party without the aid, application or use of Confidential Information
from the disclosing Party. 
 In addition, and notwithstanding the preceding provisions of this Section 7.1, the receiving Party may,
without breaching its obligations hereunder, disclose such Confidential Information as is required by law to be disclosed, but then only to the limited extent of such legally required disclosure; provided, however, that the receiving Party shall
give prompt written notice to the disclosing Party of such legally required disclosure and, at the disclosing Party’s request and expense, shall cooperate, as far as it is reasonably able to do so, with the disclosing Party’s lawful
efforts to contest such required disclosure or to obtain a protective order or other confidential treatment of the information required to be disclosed.” 

14. Amendment of Section 7.2. A new sentence is hereby added to the end of Section 7.2, reading in its entirety as follows: 

“In addition, and notwithstanding the preceding provisions of this Section 7.2, each Party shall be free to disclose via any medium,
without the other Party’s prior written consent, the existence of this Agreement, the identity of the other Party, and those terms of, or other matters relating to, this Agreement which have already been publicly disclosed with the other
Party’s approval.” 

  
 4 

 15. Amendment of Section 8.1. Section 8.1 of the Agreement is hereby amended and restated to
read in its entirety as follows: 
 “8.1 Term. Royalties under Section 4.3 of the Agreement shall be payable on a Licensed
Product-by-Licensed Product or Licensed Method-by-Licensed Method and country-by-country basis in the Territory until the later of [*]. Unless earlier terminated as hereinafter provided, this Agreement shall expire upon [*].” 

16. Amendment of Section 8.5. Section 8.5 of the Agreement is hereby amended and restated to read in its entirety as follows: 

“8.5 Survival of Certain Sublicenses. Sublicenses granted by Anaptys to a Third Party will survive termination of Anaptys’
license as a result of termination of this Agreement by the MRC for breach by Anaptys pursuant to Section 8.2(b); provided, however, that (i) such Third Party is not the cause of such breach, (ii) such Third Party agrees in
writing to assume all applicable obligations of Anaptys under this Agreement, and (iii) the MRC continues to receive from such Third Party all payments under Section 4.3 that MRC would have received from Anaptys with respect to such Third
Party’s activities had this Agreement remained in effect.” 
 17. Amendment of Section 13.2. Section 13.2 of the Agreement is
hereby amended and restated to read in its entirety as follows: 
 “13.2 Notwithstanding anything herein to the contrary, Anaptys may
assign this Agreement and its rights and obligations hereunder without the MRC’s consent in connection with the transfer or sale of all or substantially all of Anaptys’ business to which this Agreement relates to a Third Party, whether by
merger, sale of stock, sale of assets or otherwise, so long as Anaptys is not in material breach of this Agreement and Anaptys provides prompt written notice of the assignment to the MRC.” 

18. Entire Agreement. The Agreement, as amended by this Amendment, embodies the entire understanding of the Parties and shall supersede all previous
communications, representations and understandings, whether oral, written or otherwise, between the Parties relating to the subject matter hereof. Except as specifically amended by this Amendment, the terms and conditions of the Agreement shall
remain in full force and effect. 
 19. Counterparts. This Amendment may be executed in counterparts, each of which shall be deemed an original
document, and all of which, together with this writing, shall be deemed one instrument. 

  

					
		  	5	  	*Confidential Treatment Requested.

 IN WITNESS WHEREOF, the
Parties hereto have duly executed this Amendment as of the Amendment Date. 
  

									
	MEDICAL RESEARCH COUNCIL	 		 	ANAPTYS BIOSCIENCES, INC.
					
	By:	 	/s/ Graham L Wagner	 		 	By:	 	/s/ Tom Smart
	Name:	 	Graham L Wagner	 		 	Name:	 	Tom Smart
	Title:	 	Associate Director Licensing and Agreements	 		 	Title:	 	Chairman and CEO
		 	Medical Research Council Technology	 		 		 	

 SECOND AMENDMENT TO LICENSE AGREEMENT 

THIS SECOND AMENDMENT TO LICENSE
AGREEMENT (the “Amendment”) is entered into and effective as of October 27, 2009 (the “Amendment Date”) for the purpose of amending that certain License Agreement
dated August 30, 2006, as amended by that certain First Amendment to License Agreement dated March 31, 2009 (collectively, the “Agreement”), by and between the MEDICAL RESEARCH
COUNCIL, a UK government funded non-departmental body with principal offices at 20 Park Crescent, London, W1B 1AL, United Kingdom (the “MRC”); and ANAPTYSBIO,
INC. (formerly known as Anaptys Biosciences, Inc.), a Delaware corporation having a principal place of business at 10835 Road to the Cure, Suite 100, San Diego, California 92121, United States of America
(“AnaptysBio”). Capitalized terms used but not otherwise defined herein shall have the meanings provided in the Agreement. 

In consideration of the mutual covenants contained herein and other good and valuable consideration, the receipt and sufficiency of which are
hereby acknowledged, the MRC and AnaptysBio agree as follows: 
 1. Patent Rights. Exhibit A to the Agreement is hereby amended and restated to read
in its entirety as set forth in Appendix 1 attached to this Amendment. 
 2. Addition of New Section 2.5. A new Section 2.5 is hereby added
to the Agreement: 
 “2.5 Limited Use of Specified Patent Rights. Notwithstanding the above, the license to use
Patent No. [*] set forth on Exhibit A (the “Specified Patent Rights”) shall not include [*].” 
 3. Fee. Within thirty (30) days
following the Amendment Date, AnaptysBio shall pay MRC a one-time fee of $[*]. For purposes of clarification, this fee is in addition to the amounts payable by AnaptysBio to MRC pursuant to the Agreement. 

4. Materials. MRC agrees to provide AnaptysBio materials, as listed on Appendix 2 attached hereto, promptly following the Amendment Date, which shall
be included under the definition of Materials. 
 5. Entire Agreement. The Agreement, as amended by this Amendment, embodies the entire understanding
of the Parties and shall supersede all previous communications, representations and understandings, whether oral, written or otherwise, between the Parties relating to the subject matter hereof. Except as specifically amended by this Amendment, the
terms and conditions of the Agreement shall remain in full force and effect. 
 6. Counterparts. This Amendment may be executed in counterparts, each
of which shall be deemed an original document, and all of which, together with this writing, shall be deemed one instrument. 

  
 *Confidential
Treatment Requested. 

 IN WITNESS WHEREOF, the
Parties have caused this Amendment to be executed by their duly authorized representatives or officers as of the Amendment Date. 
  

									
	MEDICAL RESEARCH COUNCIL	 		 	ANAPTYSBIO, INC.
					
	By:	 	/s/ Graham L Wagner	 		 	By:	 	/s/ Tom Smart
	Name:	 	Graham L Wagner	 		 	Name:	 	Tom Smart
	Title:	 	Associate Director Licensing and Agreements	 		 	Title:	 	Chairman and CEO
		 	Medical Research Council Technology	 		 		 	

 Appendix 1 

AMENDMENT AND RESTATEMENT OF EXHIBIT A TO
LICENSE AGREEMENT 
 Patent Rights 

[*]                          
              [*] 

  
 *Confidential
Treatment Requested. 

 Appendix 2 

MATERIALS 
 [*] 

  
 *Confidential
Treatment Requested. 

 THIRD AMENDMENT TO LICENSE AGREEMENT 

THIS THIRD AMENDMENT TO LICENSE
AGREEMENT (the “Amendment”) is entered into and effective as of October 7th, 2010 (the “Amendment Date”) for
the purpose of amending that certain Lease Agreement dated August 30, 2006, as amended by that certain First Amendment to License Agreement dated March 31, 2008, and that certain Second Amendment to License Agreement dated October 27,
2009 (collectively, the “Agreement”), by and between the MEDICAL RESEARCH COUNCIL, a UK government funded non-departmental body with principal offices at 20
Park Crescent, London, W1B 1AL, United Kingdom (the “MRC”); and ANAPTYSBIO, INC. (formerly known as Anaptys Biosciences, Inc.), a Delaware corporation having a principal
place of business at 10835 Road to the Cure, Suite 100, San Diego, California 92121, United States of America (“AnaptysBio”). Capitalized terms used but not otherwise defined herein shall have the meanings provided in the
Agreement. 
 In consideration of the mutual covenants contained herein and other good and valuable consideration, the receipt and
sufficiency of which are hereby acknowledged, the MRC and AnaptysBio agree as follows: 
 1. Amendment of “Antibody Services” Definition.
The definition of “Antibody services” is hereby amended and restated to read in its entirety as follows: 
 “Antibody
Services” shall mean any use of Licensed Methods in the Territory to perform services on behalf of a Third Party with respect to a Third Party Molecule, including, but not limited to, services directed to discovery, generation, affinity
maturation, or modification of such Third Party Molecule. 
 2. Amendment of “Licensed Method(s)” Definition. The definition of
“Licensed Method(s)” is hereby amended and restated to read in its entirety as follows: 
 “Licensed Method(s)”
shall mean any process, art or method the use or practice of which is within the scope of the Patent Rights. 
 3. Amendment of “Licensed
Product(s)” Definition. The definition of “Licensed Product(s)” is hereby amended and restated to read in its entirety as follows: 

“Licensed Product(s)” shall mean a composition, product or device that is within the scope of the Patent Rights. 

4. Amendment of “Modified Third Party Antibody” Definition. The definition of “Modified Third Party Antibody” is hereby amended and
restated to read in its entirety as follows: 
 “Modified Third Party Antibody” shall mean an antibody, or other protein or
nucleic acid, resulting from use of Licensed methods as applied to a Third Party Molecule through the performance of Antibody Services. 

 5. Replacement of “Third Party Antibody” Definition. The definition of “Third Party
Antibody” is hereby eliminated, and all references to such term in the Agreement shall be deemed to refer to the term “Third Party Molecule” as defined below: 

“Third Party Molecule” shall mean an antibody, or other protein or nucleic acid, that: (i) is not an Anaptys-Controlled
Antibody (defined below); and (ii) is either (A) provided by a Third Party to Anaptys for the purpose of having Anaptys provide research and development services with respect to such molecule on a fee-for-service basis, or
(B) discovered or generated by Anaptys on behalf of a Third Party on a fee-for-service basis (which, in each case, may include compensation post-provision of the service); in each case, without granting the Third Party a sublicense under the
Patent Right to practice Licensed Methods. 
 6. Amendment of Section 4.3(a)(i). Section 4.3(a)(i) shall be amended and restated to read in
its entirety as follows: 
 “(i) Licensed Products – All Uses. Royalties will be payable with respect to a Licensed Product
sold by Anaptys, its Affiliates and its Sublicensees if such Licensed Product is Covered by Patent Rights at the time of such sale in the country where such Licensed Product is sold, and such royalties shall be payable on a Licensed
Product-by-Licensed Product and country-by-country basis from the First Commercial Sale of a Licensed Product in a country until expiration of the last-to-expire Patent Rights Covering such Licensed Product in such country, subject to earlier
termination in accordance with Section 4.3(b)(iv). Subject to the foregoing, Anaptys will pay MRC royalties on worldwide annual Net Sales of a Licensed Product for any and all uses, on a Licensed Product-by-Licensed Product basis, as follows:

  

	 	(A)	one quarter of one percent (0.25%) of that portion of worldwide annual Net Sales of such Licensed Product from $0 to $750 million; and 

 

	 	(B)	one percent (1.0%) of that portion of worldwide annual Net Sales of such Licensed product over $750 million” 

7. Deletion of Section 4.3(a)(ii). Section 4.3(a)(ii) is hereby deleted in its entirety from the Agreement and of no further force or effect.

 8. Amendment of Section 4.3(a)(iii). Section 4.3(a)(iii) is hereby amended and restated to read in its entirety as follows: 

“(iii) Modified Third Party Antibodies; Antibody Services. Notwithstanding the preceding provisions of this Section 4.3(a) or
any other provision of this Agreement to the contrary, the only amounts payable to MRC with respect to Modified Third Party Antibodies and/or Antibody Services are those set forth in this Section 4.3(a)(iii). Anaptys shall pay to MRC a flat
annual fee of $50,000 upon each of the second and third anniversaries of the Effective Date, and a flat annual fee of $55,000 upon the fourth and each subsequent anniversary of the Effective Date (each an “Annual Fee”), which shall be
payable regardless of whether Anaptys actually (A) performs any Antibody Services during the applicable year and/or (B) receives any consideration with respect to any Modified Third Party Antibody or Antibody Services during such year. 

For the avoidance of doubt, no royalties or consideration other than the Annual Fee shall be payable to the MRC with respect to Antibody
Service, or with respect to any Modified 

 
Third Party Antibody.” 
 9. Amendment of Section 4.3(b)(ii). Section 4.3(b)(ii)
shall be amended and restated to read in its entirety as follows: 
 “(ii) If ANAPTYS, its affiliate or its Sublicensee is required to
obtain a license of patent rights from one or more independent third parties in order to make, have made, use, have used, sell, have sold, offer for sale, import or have imported a Licensed Product without infringement of such patents, and if the
total royalty burden (including royalties payable to MRC) for such Licensed Product exceeds, [*], then the royalty rate applicable to Net Sales of such Licensed Product by ANAPTYS, its Affiliates and its Sublicensees payable to MRC shall be adjusted
as follows]: 
 (1) For Licensed Products for therapeutic or prophylactic uses in humans or animals, the royalty rate
applicable to Net Sales of such Licensed Product shall be adjusted to the rate determined by [*] 
 (2) For Licensed
Products for non-therapeutic uses, the royalty rate applicable to Net Sales of such Licensed Product shall be adjusted to the rate determined by [*]. 

In no event, however, shall the royalty rate payable to MRC for any Licensed Product be reduced by greater than [*]% of the royalty rate
otherwise due to the MRC under Section 4.3(a)(i).” 
 10. Amendment of Section 4.5. Section 4.5 of the Agreement is hereby
amended and restated to read in its entirety as follows: 
 “4.5 Milestone Payments. Anaptys will pay to MRC the following
non-refundable milestone payments on each Licensed Product upon the first achievement of each of the milestones set forth below (whether achieved by Anaptys, its Affiliate, or a Sublicensee), provided that such Licensed Product is Covered by Patent
Rights in the country where the applicable milestone is achieved at the time of such achievement. Each of the milestone payments below shall be payable one time per Licensed Product that achieves any such milestone and only for the first achievement
of such milestone by such Licensed Product. 
  

	 	(i)	$[*]; 

  

	 	(ii)	$[*]; 

  

	 	(iii)	$[*]; 

  

	 	(iv)	$[*]; and 

  

	 	(v)	$[*].” 

 11. Amendment of Section 8.1. Section 8.1 of the Agreement is hereby amended and
restated to read in its entirety as follows: 

  
 *Confidential
Treatment Requested. 

 “8.1 Term. Unless earlier terminated as hereinafter provided, this Agreement shall
expire upon the expiration of all royalty payment obligations under Section 4.3 hereof.” 
 12. Additional Consideration. Within sixty
(60) days after the Amendment Date, AnaptsBio shall: 
 (a) pay to MRC the sum of [*] dollars ($[*]); and 

(b) subject to MRC’s execution and delivery to AnaptsBio of a stock issuance agreement in the form attached to this Amendment as
Annex I, issue to MRC [*] shares of the common stock of AnaptysBio. 
 13. Entire Agreement. The Agreement, as amended by this Amendment,
embodies the entire understanding of the Parties and shall supersede all previous communications, representations and understandings, whether oral, written or otherwise, between the Parties relating to the subject matter hereof. Except as
specifically amended by this Amendment, the terms and conditions of the Agreement shall remain in full force and effect. 
 14. Counterparts. This
Amendment may be executed in counterparts, each of which shall be deemed an original document, and all of which, together with this writing, shall be deemed one instrument. 

IN WITNESS WHEREOF, the Parties have caused this Amendment to be executed by their duly authorized representatives or officers as of
the Amendment Date. 
  

									
	MEDICAL RESEARCH COUNCIL	 		 	ANAPTYSBIO, INC.
					
	By:	 	/s/ Graham L Wagner	 		 	By:	 	/s/ Tom Smart
	Name:	 	Graham L Wagner	 		 	Name:	 	Tom Smart
	Title:	 	Associate Director Licensing and Agreements	 		 	Title:	 	Chairman and CEO
		 	Medical Research Council Technology	 		 		 	

  
 *Confidential
Treatment Requested.EX-10.13

 EXHIBIT 10.13 
  

	 	[*]	Certain confidential information contained in this document, marked by brackets, has been omitted and filed separately with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as
amended. 

 NON-EXCLUSIVE RESEARCH AND COMMERCIAL LICENSE AGREEMENT 

This Non-Exclusive Research and Commercial License Agreement (this “AGREEMENT”) is made by and between AnaptysBio, Inc.
(“ANAPTYSBIO”), a Delaware corporation, with a principal business address at 10835 Road To The Cure, Suite 100, San Diego, CA 92121, and MILLIPORE CORPORATION (“MILLIPORE”), a Massachusetts corporation with offices at 290 Concord
Road, Billerica, MA 91821, and is effective as of May 15, 2009 (the “EFFECTIVE DATE”). MILLIPORE and ANAPTYSBIO are sometimes each referred to herein individually as a “PARTY” and together as the “PARTIES”. 

ARTICLE 1. BACKGROUND RECITALS 

MILLIPORE owns intellectual property covering or claiming the use of proprietary ubiquitous chromatin opening elements (UCOE® elements) and related gene expression technologies and is the owner of the MATERIALS. 

ANAPTYSBIO desires to use the MATERIALS and the MILLIPORE INTELLECTUAL PROPERTY to enable ANAPTYSBIO to perform research, develop and/or
commercialize recombinant therapeutic proteins. MILLIPORE is willing to grant ANAPTYSBIO a license to enable such uses under the terms and conditions defined herein. 

ARTICLE 2. DEFINITIONS 
 For purposes of
this AGREEMENT, the following definitions shall apply: 
 “AFFILIATE” means with respect to a referenced entity, any entity that CONTROLS, is
CONTROLLED by, or is under common CONTROL with such referenced entity. 
 “ANAPTYSBIO CELL LINES” means cells (and any replicates, progeny or
derivatives thereof) owned or controlled by ANAPTYSBIO transfected with MATERIALS and/or various control vectors. For clarity, ANAPTYSBIO CELL LINES includes pools of transfected cells as well as individual clones and cell lines. 

“ANAPTYSBIO PROTEINS” means any proteins expressed by any cells (including ANAPTYSBIO CELL LINES) that are derived using or improved by ANAPTYSBIO
TECHNOLOGY, whether by ANAPTYSBIO or its AFFILIATE or a THIRD PARTY on behalf of ANAPTYSBIO (i.e. service provider), and/or are related to one or more product development programs of ANAPTYSBIO. This definition expressly excludes any proteins made
with use of 

 
the MATERIALS to generate new cell or cell lines solely for the benefit of any THIRD PARTY. 

“ANAPTYSBIO TECHNOLOGY” means any and all data, technology, information, documents, know-how and other intellectual or other property now or
hereafter owned or controlled by ANAPTYSBIO, including, without limitation, ANAPTYSBIO’s proprietary somatic hypermutation technology and any genes, CHO cells, cell lines (including any ANAPTYSBIO CELL LINES), expressed proteins and antibodies,
in each case including all improvements or modifications to any of the foregoing. 
 “COMMERCIAL MILESTONES” means the specific milestones listed
in Clause 4.4 below. 
 “COMMERCIAL PURPOSES” means use of the MILLIPORE INTELLECTUAL PROPERTY and/or MATERIALS in one or more steps in the
expression, scale-up or production, or any related steps in the preclinical and/or clinical development, of a COMMERCIALIZED PRODUCT where such a COMMERCIALIZED PRODUCT requires the submission of an investigational new drug application or equivalent
filing with a United States or foreign REGULATORY AUTHORITY. For purposes of clarity, COMMERCIAL PURPOSES excludes CONTRACT MANUFACTURING. 

“COMMERCIALIZED PRODUCT” means a pharmaceutical product, whether or not actually commercialized, made by or on behalf of ANAPTYSBIO incorporating
ANAPTYSBIO PROTEINS expressed using the MATERIALS and/or MILLIPORE INTELLECTUAL PROPERTY. 
 “CONTRACT MANUFACTURING” means MANUFACTURING on a
contract or fee-for- service basis by ANAPTYSBIO for a THIRD PARTY other than: (i) SUBLICENSEES of ANAPTYSBIO, (ii) entities who have entered into a collaboration, co-development, partnership, cooperation, strategic alliance, or similar
agreement with ANAPTYSBIO relating to ANAPTYSBIO TECHNOLOGY and/or ANAPTYSBIO PROTEINS (collectively “ANAPTYSBIO PARTNERS”), and/or (iii) otherwise in connection with the research, development, manufacture and/or commercialization of
an ANAPTYSBIO PROTEIN. 
 “CONTRACT RESEARCH” means research and/or development on a contract or fee-for-service basis by ANAPTYSBIO for a THIRD
PARTY other than: (i) for SUBLICENSEES of ANAPTYSBIO, (ii) for ANAPTYSBIO PARTNERS, and/or (iii) otherwise in connection with the research, development, manufacture and/or commercialization of an ANAPTYSBIO PROTEIN. 

“CONTROL” means the possession, direct or indirect, of the power to direct or cause the direction of the management and policies of an entity,
whether through the ownership of voting securities, by contract, or otherwise. 
 “CONFIDENTIAL INFORMATION” means: (i) in the case of
ANAPTYSBIO, the terms of this AGREEMENT, any commercial, technical or other data, documents, materials, procedures and information of ANAPTYSBIO that are not generally known to the public and are maintained in a confidential manner by ANAPTYSBIO,
and that are (A) disclosed by or on behalf of ANAPTYSBIO under this AGREEMENT, whether in oral or tangible form, or (B) observed at ANAPTYSBIO’s facilities during the term of this AGREEMENT; and (ii) in the case of

  
 2 

 
MILLIPORE, the MILLIPORE INTELLECTUAL PROPERTY, the terms of this AGREEMENT and the MATERIALS. MILLIPORE acknowledges that ANAPTYSBIO is unwilling to receive or have access to any confidential or
proprietary data, documents, materials, procedures and information of MILLIPORE other than the MILLIPORE INTELLECTUAL PROPERTY and the MATERIALS, and MILLIPORE agrees not to disclose or make available to ANAPTYSBIO any such confidential or
proprietary data, documents, materials, procedures or information. 
 “FIELD OF USE” means the use of the MILLIPORE INTELLECTUAL PROPERTY and/or
MATERIALS for RESEARCH PURPOSES and/or COMMERCIAL PURPOSES by or on behalf of ANAPTYSBIO, including, without limitation, by (i) ANAPTYSBIO’s AFFILIATES or authorized SUBLICENSEES, and (ii) ANAPTYSBIO PARTNERS. The FIELD OF USE
specifically excludes: 
 [*] 
 “MAJOR
MARKET” means [*]. 
 “MANUFACTURING” means the use of the MATERIALS and/or MILLIPORE INTELLECTUAL PROPERTY in one or more steps in the
making or production of COMMERCIALIZED PRODUCT that: (i) is intended for a commercial purpose (including, without limitation, pre-clinical and clinical development of COMMERCIALIZED PRODUCT intended for a commercial purpose); and (ii) does
not contain the MATERIALS itself. 
 “MATERIALS” means the materials set out in Exhibit B as updated from time to time (and any replicates,
progeny and derivatives thereof) to the extent covered by a valid claim of the MILLIPORE INTELLECTUAL PROPERTY. 
 “MILLIPORE INTELLECTUAL
PROPERTY” means the patents and patent applications listed in Exhibit A, and all patents issuing from said patents and patent applications, including any divisionals, continuations and continuations-in-part (to the extent that they cover the
same subject matter of the original application), and reissues and reexaminations of any such patents, together with all non-US counterparts of any of the foregoing. 

“NET SALES” means the gross selling price actually invoiced by ANAPTYSBIO and/or its AFFILIATES or SUBLICENSEES to an arm’s-length third-party
purchaser of a COMMERCIALIZED PRODUCT less the following discounts: [*]. 
 “REGULATORY AGENCY” means, with respect to any particular country or,
where applicable, a multinational jurisdiction governmental authority, body, commission, agency or other instrumentality of such country or multinational jurisdiction (e.g., the EMEA with respect to the European Union), with the primary
responsibility for the evaluation or approval of pharmaceutical products before a COMMERCIAL PRODUCT can be tested, marketed, promoted, distributed or sold in such country or multinational jurisdiction, including such governmental bodies, if any,
that have jurisdiction over the pricing of such pharmaceutical product. The term “REGULATORY AGENCY” includes, without limitation, the FDA and the EMEA. 

  

					
		  	3	  	*Confidential Treatment Requested.

 “RESEARCH PURPOSES” means for purposes of using the MATERIALS and/or MILLIPORE INTELLECTUAL PROPERTY to
express ANAPTYSBIO PROTEINS for pharmaceutical research and preclinical development programs conducted by or on behalf of ANAPTYSBIO (including, without limitation, by or for (i) ANAPTYSBIO’s AFFILIATES or SUBLICENSEES, and
(ii) ANAPTYSBIO PARTNERS. 
 “SALE” means the sale, transfer, exchange, or other disposition of COMMERCIALIZED PRODUCTS for consideration to
an arm’s-length THIRD PARTY, other than an AFFILIATE or SUBLICENSEE. Sales of COMMERCIALIZED PRODUCTS shall be deemed consummated upon the first to occur of: (a) receipt of payment from the purchaser; (b) delivery of COMMERCIALIZED
PRODUCTS to the purchaser or common carrier; or (c) release of COMMERCIALIZED PRODUCTS from consignment. 
 “SUBLICENSEE” means a sublicensee
of intellectual property rights owned or controlled by ANAPTYSBIO concerning ANAPTYSBIO TECHNOLOGY necessary or useful for developing and/or commercializing one or more COMMERCIALIZED PRODUCTS. The SUBLICENSEE will have no rights to use MILLIPORE
INTELLECTUAL PROPERTY to generate new cells or cell lines, but may use ANAPTYSBIO CELL LINES generated by ANAPTYSBIO which express ANAPTYSBIO PROTEINS. For purposes of clarification, ANAPTYSBIO has the right to grant a sublicense to use ANAPTYSBIO
CELL LINES for the purpose of development and/or commercialization of COMMERCIALIZED PRODUCTS, but no rights to grant a sublicense of the MILLIPORE INTELLECTUAL PROPERTY to generate cells or cell lines other than ANAPTYSBIO CELL LINES. 

“TERM” means the time period which commences on the EFFECTIVE DATE and terminates on the last-to–expire Valid Claim (defined below) of the US
patents listed in Exhibit A. For avoidance of doubt, any COMMERCIALIZED PRODUCTS manufactured prior to the last-to– expire Valid Claim of the US patents listed in Exhibit A shall be subject to payments due as provided in Article 4. For purposes
hereof, “Valid Claim” means a claim contained in (a) an issued and unexpired patent which has not been held unenforceable, unpatentable or invalid by a decision of a court or other governmental agency of competent jurisdiction,
unappealable or unappealed within the time allowed for appeal, and which has not been admitted to be invalid or unenforceable through abandonment, reissue, disclaimer or otherwise, or (b) a pending patent application; provided, however, that if
a claim of a pending patent application shall not have issued within ten (10) years after the earliest filing date from which such claim takes priority, such claim shall not constitute a Valid Claim for the purposes of this Agreement unless and
until a patent issues with such claim. 
 “TERRITORY” means worldwide. 

“THIRD PARTY” means any person or entity that is not a signor of this AGREEMENT or an AFFILIATE. 

ARTICLE 3. GRANT OF NON-EXCLUSIVE LICENSE 

3.1. Research Rights. MILLIPORE hereby grants ANAPTYSBIO, solely within the FIELD OF USE and TERRITORY, the non-exclusive right and
license, under the MILLIPORE 

  
 4 

 
INTELLECTUAL PROPERTY and to use and modify the MATERIALS, with the right to grant sublicenses as expressly provided in this AGREEMENT, to use the MATERIALS and MILLIPORE INTELLECTUAL PROPERTY
for RESEARCH PURPOSES in ANAPTYSBIO’s research facilities worldwide or the worldwide research facilities of a SUBLICENSEE or of a THIRD PARTY retained by ANAPTYSBIO or a SUBLICENSEE to perform contract research and/or contract development on
behalf of ANAPTYSBIO (a “CRO”) and specifically related to ANAPTYSBIO TECHNOLOGY and/or ANAPTYSBIO PROTEINS. 
 3.2. Commercial
Rights. MILLIPORE hereby grants ANAPTYSBIO, solely within the FIELD OF USE and TERRITORY, the non-exclusive right and license, under the MILLIPORE INTELLECTUAL PROPERTY, with the right to grant sublicenses as expressly provided in this
Agreement, to make, have made, use, have used, sell, have sold and import COMMERCIALIZED PRODUCTS for COMMERCIAL PURPOSES. 
 3.3.
ANAPTYSBIO’s authorized SUBLICENSEES are expressly prohibited from using the MILLIPORE INTELLECTUAL PROPERTY to [*]. ANAPTYSBIO may conduct activities pursuant to the rights granted hereunder, including, without limiting, cell line development,
through use of AFFILIATES and/or service providers. A service provider that is engaged by ANAPTYSBIO or a SUBLICENSEE of ANAPTYSBIO shall not itself be considered a SUBLICENSEE. 

ARTICLE 4. LICENSE FEES AND ROYALTY OBLIGATIONS 

In partial consideration of the rights granted to ANAPTYSBIO herein, ANAPTYSBIO shall: 

4.1. Pay MILLIPORE a non-refundable first research license fee in the sum of [*] Dollars ($[*]) upon execution of this AGREEMENT. 

4.2. Pay MILLIPORE a non-refundable second research license fee in the sum of [*] Dollars ($[*]) on [*]. 

4.3. Pay MILLIPORE subsequent non-refundable annual research license fees in the sums of [*] Dollars ($[*]) on the [*], subject to clause
4.3.1 below. 
 4.3.1 In the event that the majority of stock or substantially all the assets of ANAPTYSBIO is transferred [*]. 

All annual research license fees shall be paid within thirty (30) days following annual anniversaries of the EFFECTIVE DATE of this AGREEMENT and shall
be adjusted upward only, on a year-to-year basis, beginning after the third anniversary of the EFFECTIVE DATE, in accordance with increases in the United States Consumer Price Index – All Urban Consumers – US City Average (CPI). 

4.4. Pay MILLIPORE the applicable milestone payment below within thirty (30) days following the first achievement of each of the
milestone events below (or, in the case of each of the clinical COMMERCIAL MILESTONES below, the first achievement of such clinical COMMERCIAL MILESTONE in the first MAJOR MARKET in which such clinical COMMERCIAL MILESTONE was first achieved) by
ANAPTYSBIO or its AFFILIATES 

  

					
		  	5	  	*Confidential Treatment Requested.

 
and/or SUBLICENSEES for each and every COMMERCIALIZED PRODUCT, on a product- by-product basis, as follows: 
  

							
	COMMERCIAL MILESTONE	  	Milestone Payment	 
			
	4.4.1	  	Enrollment of first patient in the first Phase I clinical trial of each COMMERCIALIZED PRODUCT	  	 	$[*]	  
			
	4.4.2	  	Enrollment of first patient in the first Phase II clinical trial of each COMMERCIALIZED PRODUCT	  	 	$[*]	  
			
	4.4.3	  	Enrollment of first patient in the first Phase III clinical trial of each COMMERCIALIZED PRODUCT	  	 	$[*]	  
			
	4.4.4	  	First commercial SALE of each COMMERCIALIZED PRODUCT in a MAJOR MARKET	  	 	$[*]	  
			
	4.4.5	  	When each COMMERCIALIZED PRODUCT first reaches SALES of over $[*] in the first applicable calendar year	  	 	$[*]	  
			
	4.4.6	  	When each COMMERCIALIZED PRODUCT first reaches SALES of over $[*] in the first applicable calendar year	  	 	$[*]	  
			
	4.4.7	  	When each COMMERCIALIZED PRODUCT first reaches SALES of over $[*] in the first applicable calendar year	  	 	$[*]	  

 For purposes of clarification, subject to clause 4.5 below, each of the milestone payments specified in this
clause 4.4 shall be payable only one time per COMMERCIALIZED PRODUCT regardless of the number of indications for which a COMMERCIALIZED PRODUCT is developed or approved, and, in the case of the milestone payments for COMMERCIAL MILESTONES [*],
regardless of the number of MAJOR MARKETS in which a COMMERCIALIZED PRODUCT achieves the same COMMERCIAL MILESTONE. 
 In the event
ANAPTYSBIO sells all or substantially all of its rights to one or more COMMERCIALIZED PRODUCTS to a THIRD PARTY, whether by merger, sale of stock, sale of assets or otherwise, [*]% of the milestone payment for the next-to-occur clinical COMMERCIAL
MILESTONE for the MOST-ADVANCED COMMERCIALIZED PRODUCT (defined below) to which such THIRD PARTY acquires rights will be due, which amount shall be fully creditable against future payments due hereunder. All remaining COMMERCIAL MILESTONES shall
continue in full force and effect. “MOST ADVANCED COMMERCIALIZED PRODUCT” means, of all of the COMMERCIALIZED 

  

					
		  	6	  	*Confidential Treatment Requested.

 
PRODUCTS to which a THIRD PARTY acquires rights in a transaction or series of transactions of the type described in the first sentence of this Section 4.3.1, the COMMERCIALIZED PRODUCT that
is at the most advanced stage of development but has not yet achieved all of the clinical COMMERCIAL MILESTONES (i.e., COMMERCIAL MILESTONES 1, 2 and 3) at the time of consummation of such transaction(s). 

4.5. ANAPTYSBIO shall notify MILLIPORE, in writing, of the achievement of each COMMERCIAL MILESTONE for which a milestone payment is due under
clause 4.4(a) or 4.4(b) within thirty (30) calendar days after such achievement. For purposes of this AGREEMENT, a COMMERCIALIZED PRODUCT that contains a particular ANAPTYSBIO PROTEIN or particular ANAPTYSBIO PROTEINS and any and all other
COMMERCIALIZED PRODUCTS (such as modified, improved or “next generation” COMMERCIALIZED PRODUCTS) that contains the same ANAPTYSBIO PROTEIN(S) shall collectively be considered one and the same COMMERCIALIZED PRODUCT, regardless of whether
such COMMERCIALIZED PRODUCTS are sold under different product names or trademarks. Without limiting the generality of the foregoing, and solely by way of example, if (i) development of a COMMERCIALIZED PRODUCT containing a particular ANAPTYSBIO
PROTEIN or particular ANAPTYSBIO PROTEINS is abandoned after one or more of the COMMERCIAL MILESTONES has been achieved, and (ii) any COMMERCIALIZED PRODUCT containing the same ANAPTYSBIO PROTEIN(S) is developed as a replacement for the
abandoned COMMERCIALIZED PRODUCT, then no milestone payment shall be due upon achievement of any COMMERCIAL MILESTONE by the replacement COMMERCIALIZED PRODUCT that was previously achieved by the abandoned COMMERCIALIZED PRODUCT. 

4.6. All payments due pursuant to this AGREEMENT shall be paid in United States dollars. 

ARTICLE 5. SUBLICENSING RIGHTS AND OBLIGATIONS 

ANAPTYSBIO may sub-license only the rights granted to it under clause 3.1 and/or clause 3.2 to any CRO(s) and to THIRD PARTY(IES), in each case, solely for
the use of cells, cell lines or clones containing the MATERIALS which express ANAPTYSBIO PROTEINS so long as: 
  

	 	a)	All terms and conditions of any sublicense shall contain terms and conditions that are consistent with the terms and conditions of this AGREEMENT. 

 

	 	b)	ANAPTYSBIO shall pay continuing applicable Milestone Payments to MILLIPORE on the achievement of COMMERCIAL MILESTONES by any SUBLICENSEE in accordance with Clause 4.4 above. 

 

	 	c)	 The sublicense does not permit any SUBLICENSEE or CRO to transfer or assign its sublicense to use the MILLIPORE INTELLECTUAL PROPERTY; provided,
however, that a sublicense may permit such SUBLICENSEE or CRO to assign such sublicense to an AFFILIATE or to any successor-in-interest by way of merger, acquisition, or sale of all or substantially all of its assets related to such sublicense, in
which event such SUBLICENSEE or CRO shall be obligated to notify ANAPTYSBIO and in such 

  
 7 

	 	
instances, ANAPTYSBIO shall be obligated to notify MILLIPORE in writing of such assignment; and provided, further, that a sublicense may permit a SUBLICENSEE to sublicense its rights to a CRO so
long as ANAPTYSBIO complies with clause (e) below. 

  

	 	d)	The sublicense shall contain provisions that any sublicense to use the MILLIPORE INTELLECTUAL PROPERTY that was granted to the SUBLICENSEE or CRO shall terminate upon the termination of this AGREEMENT; provided,
however, that the sublicense may permit the SUBLICENSEE or CRO to retain and continue using any already-existing ANAPTYSBIO CELL LINES as permitted by Article 9. 

  

	 	e)	ANAPTYSBIO shall notify MILLIPORE in writing of the sublicense and its applicable terms concerning the MILLIPORE INTELLECTUAL PROPERTY promptly following the signing of such sublicense; provided, however, that
ANAPTYSBIO shall not be required to disclose to MILLIPORE the financial terms of any sublicense. 

 ARTICLE 6. REPORTING
OBLIGATIONS 
 6.1. ANAPTYSBIO and its SUBLICENSEES and AFFILIATES will keep accurate books and records showing all COMMERCIALIZED
PRODUCTS offered for sale, imported, sold and or otherwise exploited and all NET SALES and any other amounts payable herein. Such books and records will be preserved for at least three (3) years after the date of the payment to which they
pertain and will be open to inspection by an independent certified public accountant retained by MILLIPORE at reasonable times (but no more frequently than annually) on prior written notice to ANAPTYSBIO solely to determine the accuracy of reports
and payments made by ANAPTYSBIO under this AGREEMENT and to assess ANAPTYSBIO’s compliance with the payment terms of this AGREEMENT. Such independent certified public accountant shall execute and deliver a confidentiality agreement reasonably
requested by ANAPTYSBIO and shall not disclose to MILLIPORE any information other than information relating to accuracy of reports and payments made by ANAPTYSBIO under this AGREEMENT and the compliance by ANAPTYSBIO of the terms of this AGREEMENT.
MILLIPORE shall bear the fees and expenses of such examination. If, however, an error in payments due of more than [*] percent ([*]%) or $[*] (whichever is greater) for any year is discovered in any examination, then ANAPTYSBIO shall reimburse
MILLIPORE the reasonable fees and expenses of such examination and shall remit the underpayment to MILLIPORE along with applicable simple interest due at the rate of [*] per annum within [*] days of delivery of the examination result to ANAPTYSBIO.

 6.2. For each COMMERCIALIZED PRODUCT, ANAPTYSBIO shall identify to MILLIPORE the reference number for all applicable Biological Master
Files (or equivalent) for such COMMERCIALIZED PRODUCT filed by ANAPTYSBIO or its SUBLICENSEES or ANAPTYSBIO PARTNERS with the relevant REGULATORY AGENCIES. MILLIPORE shall have the right to identify to any REGULATORY AGENCY such reference number for
any such Biological Master File (or equivalent) with regard to COMMERCIALIZED PRODUCTS developed by THIRD PARTIES with the use of MILLIPORE INTELLECTUAL PROPERTY, for the sole purpose of notifying the REGULATORY AGENCY of the existence of such prior
Biological Master File. Any such identification shall be made solely to the REGULATORY AGENCY and shall not constitute authorization to or by MILLIPORE or any THIRD PARTY 

  

					
		  	8	  	*Confidential Treatment Requested.

 
(except the REGULATORY AGENCY) to access, reference or use any such filing or any data therein or to disclose or use any confidential or proprietary information in any such filing or in any IND
(or equivalent) or Biological Master File (or equivalent) or other filing submitted by ANAPTYSBIO or any AFFILIATE or SUBLICENSEE with any REGULATORY AGENCY. 

ARTICLE 7. OWNERSHIP OF THE INTELLECTUAL PROPERTY 

7.1. The MILLIPORE INTELLECTUAL PROPERTY and MATERIALS shall at all times remain the property of MILLIPORE. 

7.2. ANAPTYSBIO shall at all times be the sole owner of ANAPTYSBIO’s technology made prior to or outside the scope of the license
(“ANAPTYSBIO’s BACKGROUND TECHNOLOGY”), all ANAPTYSBIO CELL LINES, all ANAPTYSBIO TECHNOLOGY and all ANAPTYSBIO PROTEINS. 

7.3. ANAPTYSBIO agrees that the MILLIPORE INTELLECTUAL PROPERTY and MATERIALS will be used solely within the FIELD OF USE. 

7.4. ANAPTYSBIO agrees that it shall hold and use the MILLIPORE INTELLECTUAL PROPERTY and MATERIALS in a confidential and secure manner, to
the extent provided in Article 10 below. 
 ARTICLE 8. INTELLECTUAL PROPERTY IMPROVEMENTS 

Any and all results, discoveries, improvements and/or inventions (whether or not patentable) (a) made solely by or on behalf of ANAPTYSBIO shall be the
sole and exclusive property of ANAPTYSBIO, except that any made by ANAPTYSBIO that [*]; (b) made solely by MILLIPORE shall be the sole and exclusive property of MILLIPORE, except that any made by MILLIPORE which relate to or are enabled by
ANAPTYSBIO’s BACKGROUND TECHNOLOGY, the ANAPTYSBIO CELL LINES, the ANAPTYSBIO PROTEINS and/or the ANAPTYSBIO TECHNOLOGY shall be the sole and exclusive property of ANAPTYSBIO (it being understood, however, that ANAPTYSBIO is not granting to
MILLIPORE any license or other right to use, or any access to, ANAPTYSBIO’s BACKGROUND TECHNOLOGY, the ANAPTYSBIO CELL LINES, the ANAPTYSBIO PROTEINS and/or the ANAPTYSBIO TECHNOLOGY); and (c) made jointly by MILLIPORE and ANAPTYSBIO shall
be the joint property of MILLIPORE and ANAPTYSBIO; provided that any jointly made results, discoveries, improvements and/or inventions [*]. Each PARTY, upon the request and cost of the other PARTY, shall promptly perform all necessary acts to
execute any patent applications, assignments and/or other documents which the other PARTY deems necessary or useful for the prosecution of results, discoveries, improvement and/or inventions owned by such other PARTY. 

ARTICLE 9. TERM AND TERMINATION 

9.1. This AGREEMENT shall commence on the EFFECTIVE DATE and shall, unless terminated earlier as provided herein, continue in full force and
effect. The term during which ANAPTYSBIO shall pay to MILLIPORE research license fees and milestone payments pursuant to this AGREEMENT shall end upon the expiration of the TERM. Upon the expiration of the

  

					
		  	9	  	*Confidential Treatment Requested.

 
TERM, the licenses and other rights granted by MILLIPORE to ANAPTYSBIO pursuant to this AGREEMENT shall be fully paid-up. 

9.2. ANAPTYSBIO shall have the right to voluntarily terminate this AGREEMENT, for any or no reason, on not less than ninety (90) days
written notice to MILLIPORE. However, the obligation to pay the first year research license fee (clause 4.1) is non-terminable in the event ANAPTYSBIO exercises its rights pursuant this paragraph. 

9.3. Either PARTY may terminate this AGREEMENT upon material breach of this AGREEMENT by the other PARTY (including, in the case of
termination by MILLIPORE, a breach resulting from ANAPTYSBIO’s failure to pay any sums due hereunder) where such breach shall not have been remedied within sixty (60) days of the receipt of a written notification from the other PARTY
identifying the breach and requiring its remedy. Upon termination of this AGREEMENT by ANAPTYSBIO on account of the material breach by MILLIPORE, MILLIPORE shall promptly refund to ANAPTYSBIO the pro rata portion of any research license fees
attributable to the period of time following such termination. 
 9.4. In the event of termination of this AGREEMENT, ANAPTYSBIO’s
licenses under clauses 3.1 and 3.2 with respect to any ANAPTYSBIO CELL LINES generated before such termination (including, without limitation, ANAPTYSBIO’s right to sublicense such ANAPTYSBIO CELL LINES in accordance with clause (d) of
Article 5) and ANAPTYSBIO’s rights with respect to ANAPTYSBIO PROTEINS expressed by such ANAPTYSBIO CELL LINES, shall survive such termination and continue in full force and effect, subject to the terms and conditions of this AGREEMENT
(including, without limitation, Article 4 hereof); provided, however, that if MILLIPORE terminates this AGREEMENT for ANAPTYSBIO’s uncured material breach of any of its payment obligations under Article 4, then ANAPTYSBIO’s licenses with
respect to such existing ANAPTYSBIO CELL LINES shall terminate, and ANAPTYSBIO shall destroy such existing ANAPTYSBIO CELL LINES as specified below in this Article 9. 

9.5. Upon termination of this AGREEMENT by MILLIPORE pursuant to the terms hereof, each sublicense by ANAPTYSBIO to a SUBLICENSEE to use the
MILLIPORE INTELLECTUAL PROPERTY for COMMERCIAL PURPOSES that was in effect before such termination will survive such termination; provided, however, that (i) such sublicense was granted in accordance with the terms of this AGREEMENT;
(ii) such SUBLICENSEE is not the cause of such breach; (iii) such SUBLICENSEE agrees in writing to assume all applicable obligations of ANAPTYSBIO under this AGREEMENT; and (iv) MILLIPORE continues to receive from such SUBLICENSEE all
payments under Article 4 that MILLIPORE would have received from ANAPTYSBIO with respect to such SUBLICENSEE’s activities had this AGREEMENT remained in effect. 

9.6. ANAPTYSBIO agrees that, upon termination of this AGREEMENT, all MATERIALS and other MATERIALS incorporated in mixtures or combinations
with ANAPTYSBIO TECHNOLOGY and/or ANAPTYSBIO PROTEINS in its possession or control, including any in the possession of its CROs or SUBLICENSEES or ANAPTYSBIO PARTNERS, shall be destroyed within thirty (30) days following such termination,
unless otherwise agreed in writing by the PARTIES; provided, however, that neither ANAPTYSBIO nor any of its CROs or SUBLICENSEES or ANAPTYSBIO PARTNERS shall be required to 

  
 10 

 
destroy or to cease using any existing ANAPTYSBIO CELL LINES to which ANAPTYSBIO retains its license as set forth above in this Article 9 or any ANAPTYSBIO PROTEINS expressed by such ANAPTYSBIO
CELL LINES; and provided, further, that notwithstanding anything contained in this AGREEMENT to the contrary, ANAPTYSBIO shall have the right following such termination to sell any inventory of COMMERCIALIZED PRODUCTS and finish and sell any work in
progress. ANAPTYSBIO’s obligation pursuant to this paragraph shall not apply if this AGREEMENT is terminated by ANAPTYSBIO on account of the breach of this AGREEMENT by MILLIPORE. 

9.7. Articles 6, 7, 8, 9 (including any other provisions specified herein as surviving), 10, 12, 13, 14 & 15 shall survive
termination of this AGREEMENT or expiration of TERM and continue in full force and effect. 
 ARTICLE 10. CONFIDENTIALITY 

10.1. Each PARTY agrees to maintain, and require its employees, agents, representatives and AFFILIATES and their employees, agents and
representatives to maintain, CONFIDENTIAL INFORMATION of the other PARTY with the same degree of care it uses to protect its own CONFIDENTIAL INFORMATION of a similar nature, and each PARTY represents that it exercises reasonable care to protect its
own CONFIDENTIAL INFORMATION. Each PARTY agrees not to use, and require its employees, agents, representatives and AFFILIATES and their employees, agents and representatives not to use, the CONFIDENTIAL INFORMATION of the other PARTY for any purpose
other than performing its obligations and exercising its rights under this AGREEMENT, except as otherwise explicitly set forth in this Article. 

10.2. Each PARTY agrees to maintain in confidence and not to disclose to any THIRD PARTY, other than its employees, agents, representatives
and AFFILIATES and their employees, agents and representatives, any CONFIDENTIAL INFORMATION of the other PARTY, either during or for five years after expiration of the TERM or earlier termination of this AGREEMENT. 

10.3. Without granting any right or license to the use of its CONFIDENTIAL INFORMATION, except as specifically provided hereunder, each PARTY
agrees that the limitations of non-use and non-disclosure of CONFIDENTIAL INFORMATION it provides to the other PARTY under this AGREEMENT shall not apply to such information, to the extent and only to the extent, that the receiving PARTY can
credibly document that such information: 
  

	 	(i)	is now or hereafter becomes generally known or available to the public without the receiving PARTY’s breach of any obligation owed to the providing PARTY; or 

 

	 	(ii)	is independently developed by the receiving PARTY without use of or reference to CONFIDENTIAL INFORMATION of the providing PARTY, or 

 

	 	(iii)	was acquired by the receiving PARTY before receiving such information from the providing PARTY under this AGREEMENT, without restriction as to use or disclosure; or 

  
 11 

	 	(iv)	is hereafter rightfully furnished to the receiving PARTY by an AFFILIATE or THIRD PARTY without any breach of an obligation of confidentiality to the providing PARTY and without restriction on use or disclosure; or

  

	 	(v)	is disclosed or used by the receiving PARTY with the prior written consent of the providing PARTY, on a case-by-case basis. 

10.4. For purposes of clarifying clause 10.3 (confidentiality and non-use exclusions), information that is combined, synthesized or used by
the providing PARTY in a particular manner, as provided to the receiving PARTY under this AGREEMENT, shall not be deemed “known”, “available”, “developed”, “acquired”, or “furnished” separately to
the receiving PARTY merely because the various pieces of information were previously known, available, developed, acquired, or furnished without being so combined, synthesized or used. 

10.5. A receiving PARTY may disclose CONFIDENTIAL INFORMATION to the extent required to do so by applicable law, an administrative or court
order, or governmental regulation; provided that the receiving PARTY promptly notifies the providing PARTY when it learns that disclosure may be required, and the receiving PARTY shall, at the providing PARTY’s expense, take reasonable action
to avoid the disclosure or limit its scope. Any information disclosed pursuant to this clause 10.5 will remain the CONFIDENTIAL INFORMATION of the providing PARTY and subject to this AGREEMENT. 

10.6. Either PARTY may, without the prior written consent of the other PARTY, disclose the terms of this AGREEMENT to such PARTY’s
lawyers or other paid consultants or advisors, under substantially the same terms as clauses 10.1 through 10.5 (confidentiality and non-use requirements), solely for the purpose of discussions related to business decisions of such PARTY. Any
information disclosed pursuant to this clause 10.6 will remain the CONFIDENTIAL INFORMATION of the providing PARTY and subject to this AGREEMENT. 

10.7. The terms of this AGREEMENT are deemed confidential, but (a) either PARTY may disclose the existence of this AGREEMENT, without
disclosing the terms, in a media release or similar public announcement provided that such PARTY allows the other PARTY a reasonable opportunity to review and comment on the content of such release or announcement prior to its release which approval
shall not be unreasonably withheld or delayed, and (b) ANAPTYSBIO may disclose the existence of this AGREEMENT to its current or prospective banks or other financial institutions or current or prospective investors for the purpose of raising
capital or borrowing money. 
 10.8. Notwithstanding anything contained in this AGREEMENT to the contrary, ANAPTYSBIO shall be permitted to
disclose CONFIDENTIAL INFORMATION of MILLIPORE and the existence and terms of this AGREEMENT to (a) ANAPTYSBIO’s current or prospective banks or other financial institutions or investors for the purpose of raising capital or borrowing
money or maintaining compliance with agreements, arrangements and understandings relating thereto, and (b) to any person or entity who proposes to be a SUBLICENSEE or to purchase or otherwise succeed (by merger, operation of law or otherwise)
to all of ANAPTYSBIO’s right, title and interest in, to and under this Agreement, if such person 

  
 12 

 
or entity agrees to maintain the confidentiality of such CONFIDENTIAL INFORMATION pursuant to written confidentiality agreement. 

ARTICLE 11. REPRESENTATIONS AND WARRANTIES; INSURANCE 

11.1. Each PARTY hereby represents and warrants to the other PARTY that (a) it has all requisite power and authority to enter into this
AGREEMENT and to consummate the transactions contemplated hereby, and (b) this AGREEMENT has been duly and validly executed and delivered by such PARTY and constitutes its valid, legal and binding obligation, enforceable against it in
accordance with its terms, subject to bankruptcy, insolvency, reorganization, moratorium and similar laws affecting the enforcement of creditors’ rights generally and by general principles of equity, regardless of whether such enforceability is
considered in a proceeding in equity or at law. 
 11.2. MILLIPORE hereby represents and warrants to ANAPTYSBIO that as of the EFFECTIVE
DATE (a) to its knowledge, neither the grant of the licenses pursuant to this AGREEMENT nor the practice of the MILLIPORE INTELLECTUAL PROPERTY or use of the MATERIALS by ANAPTYSBIO, its AFFILIATES and/or its SUBLICENSEES shall infringe or
misappropriate any patent or other intellectual property rights of any THIRD PARTY and it does not know of any claim of a THIRD PARTY with respect to any such infringement or misappropriation; and (b) MILLIPORE owns or controls the entire
right, title, and interest in and to the MILLIPORE INTELLECTUAL PROPERTY and the MATERIALS as of the EFFECTIVE DATE; and (c) the MATERIALS have been manufactured by or on behalf of MILLIPORE in accordance with all applicable laws. 

11.3. ANAPTYSBIO warrants that it will not MANUFACTURE, use, sublicense or sell COMMERCIALIZED PRODUCT for any purpose other than those
purposes for which it is authorized under Articles 3 and 5. 
 11.4. ANAPTYSBIO shall take out, maintain and keep current in respect of the
manufacture, sale and use of COMMERCIALIZED PRODUCT all appropriate insurances, as determined by ANAPTYSBIO in good faith, including, commencing upon the first commercial SALE by ANAPTYSBIO of a COMMERCIALIZED PRODUCT, adequate product liability
insurance and appropriate THIRD PARTY and other insurance. 
 11.5. EXCEPT AS PROVIDED HEREIN, NEITHER PARTY MAKES ANY REPRESENTATIONS AND
EXTENDS NO WARRANTIES OF ANY KIND, EITHER EXPRESS OR IMPLIED, INCLUDING, BUT NOT LIMITED TO, WARRANTIES OF MERCHANTABILITY AND FITNESS FOR A PARTICULAR PURPOSE. 

ARTICLE 12. INDEMNITY & LIMITATION OF LIABILITY 

12.1. ANAPTYSBIO shall indemnify, defend and hold MILLIPORE and its directors, officers, employees and agents harmless from and against any
and all THIRD PARTY claims, demands, or causes of action (each, a “Liability”) arising out of or relating in any way to (i) the possession, manufacture, use, sale or other disposition of COMMERCIALIZED PRODUCT hereunder, whether based
on breach of warranty, negligence, product liability or otherwise, (ii) the exercise of any right granted to ANAPTYSBIO pursuant to this Agreement, or (iii) any 

  
 13 

 
breach of this Agreement by ANAPTYSBIO, except to the extent, in each case, that such Liability is caused by the negligence or willful misconduct of MILLIPORE, its directors, officers, employees
and/or agents as determined by a court of competent jurisdiction or by MILLIPORE’s breach of this AGREEMENT; provided, however, that upon receiving notice of any such Liability, MILLIPORE shall promptly notify ANAPTYSBIO and permit ANAPTYSBIO
to handle and control the defense (including litigation and settlement) of such Liability, at ANAPTYSBIO’s sole expense, and MILLIPORE shall reasonably cooperate with ANAPTYSBIO in the defense of such Liability, at ANAPTYSBIO’s sole
expense. 
 12.2. LIMITATION OF LIABILITY. NEITHER PARTY OR ITS AFFILIATES SHALL BE LIABLE TO THE OTHER PARTY OR THE OTHER PARTY’S
AFFILIATES FOR ANY CONSEQUENTIAL, SPECIAL, INDIRECT OR EXEMPLARY DAMAGES OR FOR THE LOSS OF PROFITS ARISING FROM THE PERFORMANCE OR NONPERFORMANCE OF THIS AGREEMENT OR ANY ACTS OR OMISSIONS ASSOCIATED HEREWITH. 

ARTICLE 13. NOTICE 
 13.1.
Any notices required or permitted to be given under this AGREEMENT shall be deemed given on the date received in writing: personally; or by a letter delivered to a reputable courier guaranteeing next day service; or by facsimile, with confirmation
by prepaid first class letter sent the same day. 
  

			
	If to MILLIPORE:	  	Attn. Business Development Department 290 Concord Road Billerica, MA 01821
		
	with a copy to:	  	 Intellectual Property Department
 28820 Single
Oak Drive
 Temecula, CA 92590

		
	If to ANAPTYSBIO:	  	 AnaptysBio, Inc.
 10835 Road to the Cure, Suite
100
 San Diego, California 92121
 Attention: Chief Executive
Officer

		
	with a copy to:	  	 AnaptysBio, Inc.
 10835 Road to the Cure, Suite
100
 San Diego, California 92121
 Attention: Vice President,
Corporate Development

 13.2. Any PARTY may change its designated address and facsimile number by notice to the other PARTY in the
manner provided in this Article 13. 
 ARTICLE 14. DISPUTE RESOLUTION 

14.1. In the event any PARTY claims breach of this AGREEMENT, the PARTIES shall consult with each other in good faith on the most effective
means to cure the breach and to achieve any necessary restitution of its consequences. This consultation shall be undertaken 

  
 14 

 
within a period of [*] days following the receipt of a written request to consult, and the consultation period shall not exceed [*] days. During the consultation period, neither litigation nor
arbitration may be pursued until attempts at consultative dispute resolution have been exhausted. 
 14.2. Any dispute between the PARTIES
arising out of or related to this AGREEMENT and not resolved by consultation as provided in clause 14.1 shall be finally settled by binding, expedited arbitration in accordance with the applicable rules of the American Arbitration Association
regarding commercial or business disputes (“Rules”) then in effect. The arbitration proceeding shall be conducted in Denver, CO, and carried out by a single arbitrator, selected according to such Rules. Each PARTY shall be responsible for
any costs or expenses incurred in presenting such PARTY’s case to the arbitrators, such as attorneys’ fees or expert witness fees, and all other fees and expenses of the arbitrator shall initially be paid equally by the PARTIES, provided
that the arbitrator shall have the authority, but not the obligation, to require a PARTY to reimburse all or any portion of such costs, expenses and/or fees in the final award. The decision of the arbitrator shall be final and binding on the
PARTIES, provided however that the arbitrator shall not have the authority to alter any explicit provision of this AGREEMENT. Judgment upon the arbitrator’s decision may be entered in any court of competent jurisdiction. 

 
 14.3. Notwithstanding clauses 14.1 and 14.2 or any other provision of this
Agreement to the contrary, either PARTY shall at all times have the right to seek injunctive or other equitable relief from a court of competent jurisdiction in the context of a bona fide emergency or prospective irreparable harm, and such an action
may be filed and maintained notwithstanding any consultation or ongoing arbitration proceeding. Further, in the event ANAPTYSBIO or its AFFILIATE thereof files an action seeking a declaration of patent invalidity and/or unenforceability of any
MILLIPORE INTELLECTUAL PROPERTY, ANAPTYSBIO shall bear all of MILLIPORE’s fees, costs and expenses associated with litigating such action, including the fees, costs and expenses associated with any appeals. 

ARTICLE 15. MISCELLANEOUS 

15.1. Amendments. No change, modification, extension, termination, or waiver of this AGREEMENT, or any of the provisions herein
contained, shall be valid unless made in writing and signed by duly authorized representatives of the PARTIES hereto. 
 15.2.
Assignment. Neither this AGREEMENT nor any rights or benefits hereunder shall be assignable or transferable by either PARTY without the written consent of the other PARTY; provided, however, that either PARTY shall have the right to assign
this AGREEMENT to an AFFILIATE or to any successor-in-interest by way of merger, acquisition, or sale of all or substantially all of its assets related to the performance of this AGREEMENT. Should a merger, acquisition or sale occur, the affected
PARTY shall notify the other PARTY. Any purported assignment by a PARTY not in accordance with this clause shall be void. 
 15.3.
Binding Effect. This AGREEMENT shall be binding upon and inure to the benefit of the successors and permitted assigns of the PARTIES. 

  

					
		  	15	  	*Confidential Treatment Requested.

 15.4. Counterparts. This AGREEMENT may be executed in two or more counterparts, each of
which shall be deemed an original, but all of which together shall constitute one and the same instrument. 
 15.5. Exhibit
Incorporation. All Exhibits cited herein are incorporated by reference and made a part of this AGREEMENT. 
 15.6. Headings. The
Article, paragraph and clause headings, and paragraph parenthetical cross-references contained herein are for the purposes of convenience of reference only and are not intended to define or limit the contents of said Articles, paragraphs or clauses.

 15.7. Independent Contractors. Nothing in this AGREEMENT is intended nor is to be construed as to constitute the PARTIES as
partners, joint venturers, or principal and agent with respect to this AGREEMENT. No PARTY shall have any express or implied authority to bind the other PARTY to any other agreement, contract, obligation or undertaking with any THIRD PARTY. 

15.8. Interpretation. Whenever required by the context, the singular term shall include the plural, the plural term shall include the
singular, and the gender of any pronoun shall include all genders. Whenever the last day for the exercise of any privilege or the discharge of any duty hereunder shall fall on a Saturday, Sunday, or national or local holiday, the PARTY having such
privilege or duty shall have until 5:00 pm on the next succeeding business day to exercise such privilege or to discharge such duty. It is further agreed that no usage of trade or other regular practice between the PARTIES hereto shall be used to
interpret or alter the terms of this AGREEMENT. Since the PARTIES have participated jointly in the negotiation and drafting of this AGREEMENT, in the event an ambiguity or question of interpretation arises, no presumption or burden of proof shall
arise favoring or disfavoring any PARTY by virtue of authorship of any provision of this AGREEMENT. 
 15.9. Prior Agreements. This
AGREEMENT together with the Exhibits hereto, sets forth the entire understanding between the PARTIES with respect to the mattes dealt with herein and supersedes any and all prior agreements, written or oral, previously entered into by the PARTIES
covering the matters dealt with herein. 
 15.10. Severability. If any provision of this AGREEMENET is in violation of any law or is
found to be otherwise unenforceable by a court or competent administrative body from which there is no appeal, or no appeal is taken, such provision shall be deleted and the PARTIES shall negotiate in good faith to substitute for any such invalid or
unenforceable provision, a valid and enforceable provision that achieves to the greatest extent possible the economic, legal and commercial objectives of the invalid or unenforceable provision, a valid and enforceable provision that achieves to the
greatest extent possible the economic, legal and commercial objectives of the invalid or unenforceable provision. 
 15.11. Waiver.
No delay on the part of any PARTY hereto in exercising any power or right hereunder shall operate as a waiver thereof, nor shall nay single or partial exercise of any power or right hereunder operate as a waiver thereof, nor shall any single or
partial exercise of 

  
 16 

 
any power or right hereunder preclude other or further exercise thereof or the exercise of any other power or right. 

For purposes hereof, a facsimile of a signed copy shall have the same force and effect as an original signed AGREEMENT. 

 

									
	MILLIPORE CORPORATION	 		 	ANAPTYSBIO, INC.
					
	By:	 	/s/ Andrew Bulpin	 		 	By:	 	/s/ Tom Smart
	Name/Title: A Bulpin VP	 		 	Name/Title: Tom Smart, CEO
			
	Date: 18 May 2009	 		 	Date: May 14, 2009

  
 17 

 Exhibit A 

[*] 

  
 *Confidential
Treatment Requested. 

 Exhibit B 

[*] 

  
 *Confidential
Treatment Requested.

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