Document:

EX-10.11

 [ * ] = 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. 
  

Exhibit 10.11 
  

 
  

COLLABORATION AGREEMENT 
 BY AND
BETWEEN 
 ASTELLAS PHARMA INC. 

AND 
 FIBROGEN, INC. 

 
  

 
 June 1, 2005 

			
	CONFIDENTIAL	 	EXECUTION COPY

  

 TABLE OF CONTENTS 

 

							
	 ARTICLE 1 DEFINITIONS
	  	 	1	  
			
	        1.1	  	“Actions”	  	 	1	  
	        1.2	  	“Affiliate”	  	 	1	  
	        1.3	  	“Astellas Indemnitees”	  	 	1	  
	        1.4	  	“Astellas Territory”	  	 	1	  
	        1.5	  	“Authorized Designee”	  	 	1	  
	        1.6	  	“Bridging Strategy”	  	 	1	  
	        1.7	  	“Bulk Product”	  	 	2	  
	        1.8	  	“Commercialize”	  	 	2	  
	        1.9	  	“Completion”	  	 	2	  
	        1.10	  	“Confidential Information”	  	 	2	  
	        1.11	  	“Control” or “Controlled”	  	 	2	  
	        1.12	  	“Controlling Party”	  	 	2	  
	        1.13	  	“Data”	  	 	2	  
	        1.14	  	“Delivery” or “Delivered”	  	 	2	  
	        1.15	  	“Development Plan”	  	 	2	  
	        1.16	  	“Development Program”	  	 	2	  
	        1.17	  	“Enforcement Action”	  	 	2	  
	        1.18	  	“Event”	  	 	2	  
	        1.19	  	“Expanded Field”	  	 	2	  
	        1.20	  	“Expenses”	  	 	2	  
	        1.21	  	“FDA”	  	 	2	  
	        1.22	  	“FG Acquired Patents”	  	 	3	  
	        1.23	  	“FG Development Program”	  	 	3	  
	        1.24	  	“FG Indemnitees”	  	 	3	  
	        1.25	  	“FG Technology”	  	 	3	  
	        1.26	  	“FG Patents”	  	 	3	  
	        1.27	  	“FG Technical Information”	  	 	3	  
	        1.28	  	“FG Territory”	  	 	3	  
	        1.29	  	“Field”	  	 	4	  
	        1.30	  	“First Commercial Sale”	  	 	4	  
	        1.31	  	“Force Majeure Event”	  	 	4	  
	        1.32	  	“Fully Burdened Costs”	  	 	4	  
	        1.33	  	“Future Third Party Intellectual Property”	  	 	4	  
	        1.34	  	“GMP Guidelines”	  	 	4	  
	        1.35	  	“[ * ]”	  	 	4	  
	        1.36	  	“[ * ] Percentage”	  	 	5	  
	        1.37	  	“HIF”	  	 	5	  

  
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 [ * ] = 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. 

 TABLE OF CONTENTS 

(continued) 
  

							
	 	  	 	  	Page	 
	        1.38	  	“IND”	  	 	5	  
	        1.39	  	“Indemnitee”	  	 	5	  
	        1.40	  	“Indemnitor”	  	 	5	  
	        1.41	  	“Indications”	  	 	5	  
	        1.42	  	“Initial Development Plan”	  	 	5	  
	        1.43	  	“Initiate” or Initiation”	  	 	5	  
	        1.44	  	“Inspected Party” and “Inspecting Party”	  	 	5	  
	        1.45	  	“Joint Development Committee” or “JDC”	  	 	5	  
	        1.46	  	“Lead Compound”	  	 	5	  
	        1.47	  	“Listed Price”	  	 	5	  
	        1.48	  	“Litigation Agreement”	  	 	5	  
	        1.49	  	“Major Indication”	  	 	6	  
	        1.50	  	“Marketing Approval”	  	 	6	  
	        1.51	  	“Marketing Approval Application” or “MAA”	  	 	6	  
	        1.52	  	“Net Sales”	  	 	6	  
	        1.53	  	“Phase I”	  	 	6	  
	        1.54	  	“Phase II”	  	 	6	  
	        1.55	  	“Phase III”	  	 	6	  
	        1.56	  	“Product Specification”	  	 	7	  
	        1.57	  	“Preexisting Third Party Intellectual Property”	  	 	7	  
	        1.58	  	“Proof of Concept”	  	 	7	  
	        1.59	  	“Prosecution and Interference Activities”	  	 	7	  
	        1.60	  	“Protected Field”	  	 	7	  
	        1.61	  	“Reference Materials”	  	 	7	  
	        1.62	  	“Relevant Standards”	  	 	7	  
	        1.63	  	“Sales Price”	  	 	7	  
	        1.64	  	“Standard Materials”	  	 	7	  
	        1.65	  	“Sublicensee”	  	 	8	  
	        1.66	  	“Technical Product Failure”	  	 	8	  
	        1.67	  	“Third Party Agreements”	  	 	8	  
	        1.68	  	“Third Party Licensor”	  	 	8	  
		
	 ARTICLE 2 JOINT DEVELOPMENT COMMITTEE
	  	 	8	  
			
	        2.1	  	Joint Development Committee	  	 	8	  
	        2.2	  	Membership	  	 	8	  
	        2.3	  	JDC Meetings	  	 	8	  
	        2.4	  	Decisions	  	 	9	  
		
	 ARTICLE 3 DEVELOPMENT PLANS
	  	 	9	  
			
	        3.1	  	General	  	 	9	  
	        3.2	  	Annual Review	  	 	9	  
	        3.3	  	Periodic Reviews	  	 	9	  
		
	 ARTICLE 4 DEVELOPMENT PROGRAM
	  	 	10	  
			
	        4.1	  	Development Program for the Astellas Territory	  	 	10	  

  
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 [ * ] = 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. 

 TABLE OF CONTENTS 

(continued) 
  

							
	 	  	 	  	Page	 
	        4.2	  	Global Harmonization	  	 	10	  
	        4.3	  	Selection of Lead Compounds	  	 	10	  
	        4.4	  	Regulatory Matters	  	 	11	  
		
	 ARTICLE 5 RECORDKEEPING; PUBLICATION
	  	 	13	  
			
	        5.1	  	Reports and Records	  	 	13	  
	        5.2	  	Review of Publications	  	 	14	  
		
	ARTICLE 6 DEVELOPMENT PROGRAM FUNDING	  	 	15	  
			
	        6.1	  	Payments for Reimbursement; Net Payments	  	 	15	  
		
	 ARTICLE 7 USE OF PRECLINICAL AND CLINICAL DATA
	  	 	17	  
			
	        7.1	  	Exchange	  	 	17	  
	        7.2	  	Disclosure	  	 	18	  
	        7.3	  	Regulatory Requirements	  	 	18	  
	        7.4	  	Review of Protocols	  	 	18	  
		
	 ARTICLE 8 MARKETING RIGHTS
	  	 	19	  
			
	        8.1	  	Astellas	  	 	19	  
	        8.2	  	FibroGen	  	 	19	  
	        8.3	  	Covenants	  	 	19	  
		
	 ARTICLE 9 TRANSFER PRICING
	  	 	20	  
			
	        9.1	  	Transfer for Non-Commercial Purpose	  	 	20	  
	        9.2	  	Transfer for Commercial Purpose	  	 	21	  
	        9.3	  	Payment	  	 	22	  
	        9.4	  	Reference Materials; Standard Materials	  	 	22	  
		
	 ARTICLE 10 ADDITIONAL PAYMENTS; BOOKS AND RECORDS
	  	 	22	  
			
	        10.1	  	Quarterly Reports	  	 	22	  
	        10.2	  	Payment Method	  	 	22	  
	        10.3	  	Currency Conversion	  	 	23	  
	        10.4	  	Taxes	  	 	23	  
	        10.5	  	Records; Inspections	  	 	24	  
		
	 ARTICLE 11 DUE DILIGENCE
	  	 	24	  
			
	        11.1	  	Astellas’ Due Diligence	  	 	24	  
	        11.2	  	FG’s Due Diligence	  	 	24	  
	        11.3	  	Development Diligence	  	 	25	  
		
	 ARTICLE 12 MANUFACTURING RIGHTS
	  	 	26	  
			
	        12.1	  	Procedures	  	 	26	  
	        12.2	  	FG Right	  	 	27	  
	        12.3	  	Manufacture and Supply	  	 	27	  
	        12.4	  	Product Specifications	  	 	27	  
	        12.5	  	Orders Forecast	  	 	27	  

  
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 [ * ] = 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. 

 TABLE OF CONTENTS 

(continued) 
  

							
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	        12.6	  	Shipment	  	 	28	  
	        12.7	  	Inspection of Shipment/Right to Reject	  	 	28	  
	        12.8	  	Inspection of Facilities	  	 	28	  
	        12.9	  	Recall	  	 	29	  
	        12.10	  	Warranty	  	 	29	  
	        12.11	  	Interruption in Supply	  	 	29	  
	        12.12	  	Reference and Standard Materials	  	 	29	  
		
	ARTICLE 13 LICENSE GRANTS	  	 	29	  
			
	        13.1	  	Grant to Astellas	  	 	29	  
	        13.2	  	Sublicenses	  	 	29	  
	        13.3	  	No Rights Beyond Lead Compounds	  	 	30	  
	        13.4	  	Expanded Field Negotiation	  	 	30	  
		
	ARTICLE 14 INTELLECTUAL PROPERTY	  	 	30	  
			
	        14.1	  	Ownership of Inventions	  	 	30	  
	        14.2	  	Patent Prosecution	  	 	31	  
	        14.3	  	Defense of Third Party Infringement Claims	  	 	31	  
	        14.4	  	Enforcement	  	 	32	  
	        14.5	  	Third Party Agreements	  	 	33	  
		
	ARTICLE 15 REPRESENTATIONS AND WARRANTIES	  	 	34	  
			
	        15.1	  	FG Warranties	  	 	34	  
	        15.2	  	Astellas Warranties	  	 	34	  
	        15.3	  	Disclaimer of Warranties	  	 	34	  
		
	ARTICLE 16 CONFIDENTIALITY	  	 	35	  
			
	        16.1	  	Confidential Information	  	 	35	  
	        16.2	  	Permitted Disclosures	  	 	35	  
	        16.3	  	Clinical Data	  	 	36	  
	        16.4	  	Press Releases	  	 	36	  
		
	ARTICLE 17 INSURANCE; INDEMNIFICATION	  	 	36	  
			
	        17.1	  	Insurance	  	 	36	  
	        17.2	  	Indemnification of FG	  	 	36	  
	        17.3	  	Indemnification of Astellas	  	 	37	  
	        17.4	  	Procedure	  	 	37	  
		
	ARTICLE 18 TERM AND TERMINATION	  	 	37	  
			
	        18.1	  	Term	  	 	37	  
	        18.2	  	Termination for Cause or Technical Product Failure	  	 	37	  
	        18.3	  	Termination in case of Generic Competition	  	 	38	  
	        18.4	  	Negative Advice from Authorities	  	 	39	  
	        18.5	  	Admission of Invalidity or Unenforceability of FG Patent	  	 	39	  
	        18.6	  	Termination upon Notice	  	 	39	  

  
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 [ * ] = 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. 

 TABLE OF CONTENTS 

(continued) 
  

							
	 	  	 	  	Page	 
	        18.7	  	Effect of Termination	  	 	39	  
		
	ARTICLE 19 DISPUTE RESOLUTION	  	 	40	  
			
	        19.1	  	Disputes	  	 	40	  
	        19.2	  	Full Arbitration	  	 	40	  
		
	ARTICLE 20 MISCELLANEOUS	  	 	41	  
			
	        20.1	  	Confidential Terms	  	 	41	  
	        20.2	  	Governing Law	  	 	41	  
	        20.3	  	Force Majeure	  	 	41	  
	        20.4	  	No Implied Waivers; Rights Cumulative	  	 	42	  
	        20.5	  	Independent Contractors	  	 	42	  
	        20.6	  	Notices	  	 	42	  
	        20.7	  	Assignment	  	 	43	  
	        20.8	  	Modification	  	 	43	  
	        20.9	  	Severability	  	 	43	  
	        20.10	  	Counterparts	  	 	43	  
	        20.11	  	Headings	  	 	43	  
	        20.12	  	Export Laws	  	 	43	  
	        20.13	  	Language	  	 	43	  
	        20.14	  	Entire Agreement	  	 	43	  
		
	EXHIBIT A LIST OF PATENTS	  	 	45	  
		
	 EXHIBIT B INDICATIONS
	  	 	46	  
		
	 EXHIBIT C INITIAL DEVELOPMENT PLAN
	  	 	47	  

  
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 [ * ] = 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	 	EXECUTION COPY

  

COLLABORATION AGREEMENT 

This COLLABORATION AGREEMENT (“Agreement”), effective as of June 1, 2005 (the “Effective Date”), is made by and
between FibroGen, Inc., a Delaware corporation having offices at 225 Gateway Boulevard, South San Francisco, California 94080 (“FG” or “FibroGen”), and Astellas Pharma Inc., a Japanese corporation having offices at 3-11
Nihonbashi-Honcho, 2-Chome, Chuo-ku, Tokyo, 103-8411 Japan (“Astellas”). 
 BACKGROUND 

A. FG has a research and development program focused on the development of small molecule prolyl hydroxylase inhibitors which stabilize
hypoxia inducible factor (“HIF”), for the treatment of anemia. 
 B. Astellas desires to collaborate with FG on the development
and commercialization of, and license the rights to use as therapeutics, certain small molecule prolyl hydroxylase inhibitors on the terms and conditions set forth below for use in the Astellas Territory (as defined below). 

NOW THEREFORE, for and in consideration of the covenants, conditions, and undertakings hereinafter set forth, it is agreed by and between the
parties as follows: 
 ARTICLE 1 

DEFINITIONS 
 1.1
“Actions” shall have the meaning as set forth in Section 14.3 below. 
 1.2 “Affiliate” shall mean
any entity which controls, is controlled by or is under common control with Astellas or FG. For purposes of this definition only, “control” shall mean beneficial ownership (direct or indirect) of at least fifty percent (50%) of the
shares of the subject entity entitled to vote in the election of directors (or, in the case of an entity that is not a corporation, for the election of the corresponding managing authority). 

1.3 “Astellas Indemnitees” shall have the meaning as set forth in Section 17.3 below. 

1.4 “Astellas Territory” shall mean the country of Japan. 

1.5 “Authorized Designee” shall mean an officer of FG or Astellas, as the case may be, designated by the Chief Executive
Officer of the respective corporation, that has been granted full authority to resolve a dispute arising between FG and Astellas as required under Section 2.4 or Section 19.1 hereof. 

1.6 “Bridging Strategy” shall mean the decision by Astellas to file an MAA in the Astellas Territory by submitting the data
from the Phase III clinical trial of FG or its Affiliate or Sublicensee. 

  
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 [ * ] = 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	 	EXECUTION COPY

  

 1.7 “Bulk Product” shall mean a Lead Compound supplied by FG to Astellas as
a bulk formulated drug (such as in a form, including, but not limited, to a capsule, tablet or caplet formulation) without packaging. 
 1.8
“Commercialize” shall mean directly or indirectly develop, manufacture, sell, market or distribute. 
 1.9
“Completion” shall be deemed to occur, with respect to a particular clinical trial for a Lead Compound, upon clinical database lock for such trial. 

1.10 “Confidential Information” shall have the meaning as set forth in Section 16.1 below. 

1.11 “Control” or “Controlled” shall mean possession of the ability to grant a license or sublicense as provided
for herein without violating the terms of an agreement with a third party. 
 1.12 “Controlling Party” shall have the
meaning as set forth in Section 14.3 below. 
 1.13 “Data” shall have the meaning as set forth in Section 7.1
below. 
 1.14 “Delivery” or “Delivered” shall mean when Lead Compound is made available by FG to Astellas at the
Ex Works location. 
 1.15 “Development Plan” shall mean the plan for the Development Program in effect from time to time,
as established in accordance with Article 3 below. 
 1.16 “Development Program” shall mean all Astellas activities
with respect to the development and commercialization of Lead Compounds for applications within the Field in the Astellas Territory, in accordance with the Development Plan in effect at that time. 

1.17 “Enforcement Action” shall have the meaning as set forth in Section 14.4 below. 

1.18 “Event” shall have the meaning as set forth in Article 6 below. 

1.19 “Expanded Field” shall mean the treatment of any indications in which therapeutic utility is derived from
[ * ], including, without limitation, [ * ]. The Expanded Field shall not include the Field. 
 1.20
“Expenses” shall have the meaning as set forth in Section 14.3 below. 
 1.21 “FDA” shall mean the
U.S. Food and Drug Administration, or any successor agency. 

  
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 [ * ] = 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	 	EXECUTION COPY

  

 1.22 “FG Acquired Patents” shall mean those FG Patents that are in-licensed
or otherwise acquired by FG. 
 1.23 “FG Development Program” shall mean those activities by or on behalf of FG directly
related to the development and commercialization of Lead Compounds for applications within the Field in the FG Territory that are directly useful or necessary for Commercialization in the Astellas Territory. 

1.24 “FG Indemnitees” shall have the meaning as set forth in Section 17.2 below. 

1.25 “FG Technology” shall mean FG Patents and FG Technical Information. 

1.26 “FG Patents” shall mean all patents including all reissues, renewals, re-examinations and extensions thereof, and any
patent applications therefor, including all divisionals or continuations, in whole or in part, thereof, which claim or otherwise cover the composition, manufacture, sale or use of a Lead Compound and that are Controlled by FG or its Affiliates
during the term of this Agreement, subject to Section 14.5.1. For purposes of this definition, a patent or patent application shall be deemed to “cover” a Lead Compound if the manufacture, use or sale of such Lead Compound would, but
for the license granted herein, infringe, contributorily infringe or constitute inducement to infringement of such patent or patent application, if issued or granted as pending. All patents and patent applications listed on Exhibit A, as revised
from time to time to remove patents and/or patent applications by mutual agreement or to add patents and/or patent applications by FG, shall be within the scope of definition of the FG Patents, provided, however, that in the event FG designates any
additional Lead Compounds, FG shall add to the list on Exhibit A patents and patent applications which claim or otherwise cover the composition, or manufacture, sale or use of the additional Lead Compounds within the Field and the Astellas
Territory, and upon the cessation of the designation as any compound as Lead Compound and Astellas’ cessation of development of such Lead Compound, FG shall remove at its sole discretion the related patent or patent application from Exhibit A.

 1.27 “FG Technical Information” shall mean confidential information, tangible and intangible, and materials, including,
but not limited to: trade secrets and know how, pharmaceutical, chemical, biological and biochemical compositions; and technical and non-technical data and information, and/or the results of tests, assays, methods and processes; and plans,
specifications and/or other documents containing said information and data; in each case that is possessed by FG as of the Effective Date or discovered, developed or Controlled by FG or its Affiliates during the term of this Agreement, to the extent
such relates to the development, manufacture, sale or use of a Lead Compound subject to Section 14.5.1, and such information related to a candidate for use as a Lead Compound provided by FG to Astellas in connection with the Lead Compound
selection decision consultation process described in Section 4.3. 
 1.28 “FG Territory” shall mean all areas of the
world outside of the Astellas Territory. 

  
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 [ * ] = 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	 	EXECUTION COPY

  

 1.29 “Field” shall mean the treatment of anemia solely in the Indications,
by means of the stabilization of HIF causing the stimulation of erythropoiesis (including an increase in endogenous erythropoietin production) and/or a subsequent increase in hematocrit through modulation of prolyl hydroxylase and/or asparaginyl
hydroxylase. For purposes of clarity, FG and Astellas agree and acknowledge that the Field and the Indications exclude [ * ]. 

1.30 “First Commercial Sale” shall mean, with respect to each Lead Compound, the first bona fide commercial sale of such Lead
Compound to a non-Affiliate third party by or under authority of Astellas or FG, or their Affiliates or Sublicensees, as the case may be, in the FG Territory or the Astellas Territory, respectively. 

1.31 “Force Majeure Event” shall mean the occurrence of any event causing a failure to perform where failure to perform is
beyond the reasonable control of the non-performing party, as described in Section 20.3. 
 1.32 “Fully Burdened
Costs” with respect to a Lead Compound shall mean all costs to produce, package and distribute the product to Astellas or its carrier at the Ex Works location (in compliance with Section 12.6) and any royalties or other consideration
(not reimbursed by Astellas) paid to third parties related to the acquisition or sale of product, with costs to produce and package the product to include the direct material, labor and indirect costs that are incurred by FG or its Affiliate(s)
associated with the manufacture, filling, packaging, labeling, preparation of product for shipment and/or other preparation of such Lead Compound, as applicable, including, but not limited to taxes, fees, and customs incurred, as applicable. Costs
will be determined in accordance with U.S. Generally Accepted Accounting Principles (U.S. GAAP) and will include but not be limited to the costs of facilities, labor, purchasing, depreciation of equipment, materials, payments to third parties for
any necessary contract work related to the manufacture or testing of the product, the validation studies, quality assurance, quality control and other testing, storage, shipping (if requested by Astellas), costs related to distribution and a
reasonable allocation of general and administrative overhead. Costs related to distribution include the labor, materials and overhead necessary to prepare and package the final product for shipment to the Ex Works location. 

1.33 “Future Third Party Intellectual Property” shall mean any intellectual property rights, including without limitation all
patents, trademarks, or copyrights, and any applications therefor, including any applications for registration, issuance, or grant thereof, owned or Controlled by a third party that are necessary for the practice of the license granted hereunder
that were not owned or Controlled by FG as of the Effective Date and that do not qualify as Pre-existing Third Party Intellectual Property under Section 1.56. 

1.34 “GMP Guidelines” shall mean then-current applicable Good Manufacturing Practices guidelines and regulations of the FDA.

 1.35 “[ * ]” shall have the meaning as set forth in Section 1.36 below. 

  
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 [ * ] = 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	 	EXECUTION COPY

  

 1.36 “[ * ] Percentage” shall be determined, for any Lead
Compound, (i) by dividing (a) the [ * ], which shall be defined as the difference between (x) the [ * ], and (y) the [ * ], by (b) the [ * ]; and
(ii) multiplying the result of (i) above by 100. 
 1.37 “HIF” shall mean hypoxia inducible factor. 

1.38 “IND” shall mean an Investigational New Drug application, as defined in the U.S. Federal Food, Drug and Cosmetic Act and
the regulations promulgated thereunder, or comparable filing in a foreign jurisdiction, in each case with respect to a Lead Compound for use within the Field. 

1.39 “Indemnitee” shall have the meaning as set forth in Section 17.4 below. 

1.40 “Indemnitor” shall have the meaning as set forth in Section 17.4 below. 

1.41 “Indications” shall mean those indications listed on Exhibit B and any other indications to be agreed upon hereafter
between FG and Astellas, each of which shall be referred to as an Indication. 
 1.42 “Initial Development Plan” shall mean
the Initial Development Plan as described in Section 3.2.1 hereof. 
 1.43 “Initiate” or Initiation” shall mean
with respect to a particular clinical trial for a Lead Compound, the initial dosing of the first patient in such trial in accordance with the protocol therefor. 

1.44 “Inspected Party” and “Inspecting Party” shall have the meanings as set forth in Section 10.5 below. 

1.45 “Joint Development Committee” or “JDC” shall have the meaning as set forth in Section 2.1 below. 

1.46 “Lead Compound” shall mean any compound Controlled by FG that is designated by FG as a lead compound for clinical
development in an Indication in accordance with Section 4.3 for the duration of such designation. Any Lead Compound which receives a Marketing Approval in the Astellas Territory shall remain a Lead Compound for the duration of such Marketing
Approval. As of the Effective Date, FG-2216 shall be deemed to be a Lead Compound. 
 1.47 “Listed Price” shall have the
meaning as set forth in Section 9.2. 
 1.48 “Litigation Agreement” shall have the meaning as set forth in
Section 14.4 below. 

  
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 [ * ] = 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	 	EXECUTION COPY

  

 1.49 “Major Indication” shall have the meaning set forth in
Section 11.3.1 below. 
 1.50 “Marketing Approval” shall mean, with respect to each Lead Compound, approval in the
Astellas Territory by the Japanese Ministry of Health, Labour and Welfare, or in the FG Territory by U.S. or European regulatory authorities, as the case may be, to market such Lead Compound for an indication within the Field. It is understood that
pricing or reimbursement approval shall constitute a part of the Marketing Approval. In any event, Marketing Approval shall be deemed to have occurred with respect to a Lead Compound no later than the date of the First Commercial Sale of such Lead
Compound in the FG Territory or the Astellas Territory as the case may be, by or under authority of FG or Astellas respectively, or their Affiliate or Sublicensee, as the case may be, whether or not formal approval by the relevant health regulatory
authority is required for the First Commercial Sale of such Lead Compound. 
 1.51 “Marketing Approval Application” or
“MAA” shall mean, within the FG Territory, a New Drug Application or similar application as required under the U.S. Federal Food, Drug and Cosmetics Act and the regulations promulgated thereunder, or such similar filing in Europe, or a
comparable filing for Marketing Approval in the Astellas Territory, in each case with respect to a Lead Compound for use within the Field. 

1.52 “Net Sales” shall mean the gross amount billed or invoiced by Astellas, its Affiliates and its Sublicensees to
unaffiliated third parties for the Lead Compound(s) in bona fide arm’s length transaction, less the following deductions: 
  

	 	i)	credits or allowances, if any, given or made on account of rejection or return of the Lead Compound(s); 

  

	 	ii)	trade and quantity discounts actually allowed and taken in such amounts as are customary in the trade; 

  

	 	iii)	duties, sales taxes, excise taxes, insurance and transportation charges actually paid; and 

  

	 	iv)	charge back payments or rebates actually paid to wholesalers. 

 1.53
“Phase I” shall mean human clinical trials, the principal purpose of which is preliminary determination of safety in healthy individuals or patients as required in 21 C.F.R. §312.21, or similar clinical study in a
country other than the United States, and for which there are no primary endpoints relating to efficacy included in the protocol. 
 1.54
“Phase II” shall mean human clinical trials, for which the primary endpoints include a determination of dose ranges and/or a preliminary determination of efficacy in patients with the Indication being studied as required in
21 C.F.R. §312.21, or similar clinical study in a country other than the United States. 
 1.55 “Phase III” shall
mean human clinical trials, the principal purpose of which is to establish safety and efficacy of one or more particular doses in patients with the Indication being studied as required in 21 C.F.R. §312.21, or similar clinical study in a
country 

  
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other than the United States. For purposes of this Section 1.55, and Sections 1.53 and 1.54 above, a particular trial that (i) is intended to overlap two phases of trials,
(ii) combines the elements of two phases of trials, or (iii) is treated by the FDA or comparable foreign agency as two phases of trials, such as a Phase I/II trial or a Phase II/III trial, shall be deemed a trial of the later, as well as
the earlier, phase (i.e., a Phase II and a Phase III, respectively). 
 1.56 “Product Specification” shall mean,
with respect to a Bulk Product, the written document describing, the testing procedures and results required to determine compliance with release specifications, including, and quality control testing procedures to be determined, and be amended from
time to time, by mutual agreement of both parties. The release specifications of such Product Specifications shall be determined taking into account and shall be designed to meet the shelf life requirements of the Japanese Ministry of Health, Labor
and Welfare for the Lead Compound, provided, that the Product Specifications shall not require compliance with such shelf life requirements. 

1.57 “Preexisting Third Party Intellectual Property” shall mean any intellectual property rights, including without
limitation all patents, trademarks, copyrights, and any applications therefor, including any applications for registration, issuance, or grant thereof, owned or Controlled by a third party that are necessary for the practice of the license granted
hereunder and that the existence of which was discoverable or otherwise could have been known on or prior to the Effective Date and were not owned or Controlled by FG as of the Effective Date. 

1.58 “Proof of Concept” shall mean for any Indication, a demonstration of correction of anemia in relevant patients in a
human clinical study. 
 1.59 “Prosecution and Interference Activities” shall mean the preparation, filing, prosecution and
maintenance of patent applications and patents and any continuing applications thereof, and any re-examinations, reissues, renewals and requests for patent term extensions therefor, and any U.S., international or foreign counterparts of any of the
foregoing, together with the conduct of any interference, opposition or other similar proceeding pertaining to patent applications or patents. 

1.60 “Protected Field” shall have the meaning as set forth in Section 14.1. 

1.61 “Reference Materials” shall have the meaning as set forth in Section 12.12 below. 

1.62 “Relevant Standards” shall have the meaning as set forth in Section 12.8 below. 

1.63 “Sales Price” shall mean the price per unit obtained by dividing the Net Sales during the relevant calendar quarter by
the number of units sold during the same period. 
 1.64 “Standard Materials” shall have the meaning as set forth in
Section 12.12 below. 

  
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 1.65 “Sublicensee” shall mean a third party to whom FG or Astellas has
directly or indirectly granted the right in its respective territory to make, use and sell a Lead Compound or a third party to whom FG or Astellas has directly or indirectly granted the right to distribute a Lead Compound supplied by FG or Astellas
(respectively). For purposes of this Agreement, FG and Astellas shall not be deemed Sublicensees of the other. 
 1.66 “Technical
Product Failure” shall mean as a [ * ], which is not attributed to Astellas’ failure to fulfill its obligations hereunder. 

1.67 “Third Party Agreements” shall mean collectively those agreements between FG and a third party existing as of the
Effective Date, pursuant to which FG obtained rights applicable to the development, manufacture, sale or use of Lead Compounds hereunder (but excluding options or similar agreements to acquire such rights). If, after the Effective Date, FG enters
into an agreement to license or acquire rights from a third party with respect to subject matter to be utilized in connection with Lead Compounds in accordance with Section 14.5 below, such agreements shall also be deemed Third Party Agreements
for purposes of this Agreement. 
 1.68 “Third Party Licensor” shall have the meaning as set forth in Section 14.5.1
below. 
 ARTICLE 2 

JOINT DEVELOPMENT COMMITTEE 

2.1 Joint Development Committee. Astellas and FG shall establish a joint development committee to oversee, review and coordinate the
research and development of Lead Compounds for applications within the Field pursuant to the Development Program (“Joint Development Committee” or “JDC”). From time to time, the JDC may establish subcommittees or project teams to
oversee particular projects or activities, and such subcommittees or project teams will be constituted as the JDC agrees (e.g., for oversight of the development or other day-to-day matters). 

2.2 Membership. The JDC shall be comprised of an equal number of representatives from each of Astellas and FG, selected by such
party. The exact number of such representatives shall be [ * ] for each of Astellas and FG, or such other number as the parties may agree. Subject to the foregoing provisions of this Section 2.2, FG and Astellas may replace its
respective JDC representatives at any time, upon prior written notice to the other party. 
 2.3 JDC Meetings. The JDC shall meet no
fewer than [ * ] times each calendar year, or as otherwise agreed by the parties, with the understanding that [ * ] meetings are to be held at mutually agreed locations alternating among Japan, California, Hawaii,
or at such other locations as the parties agree, and the other [ * ] meetings are to be held by means of telecommunication, videoconference or correspondence as deemed appropriate. The parties shall conduct team meetings at the same
time and location as the JDC meetings. At its meetings, the JDC will, as applicable, (i) formulate and review the Development Program objectives, including approval of all proposed pre-clinical and clinical studies to be performed,
(ii) monitor the progress of the Development Program toward those objectives, (iii) review and approve the 

  
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Development Plan, pursuant to Section 3.3 of this Agreement, including review, approve and monitor the progress of the clinical and regulatory plans, (iv) resolve issues surrounding the
marketing of the Lead Compounds, (v) discuss the selection of Lead Compounds, (vi) coordinate manufacturing issues, including the development of standards, scheduling of batch production, and qualification with regulatory requirements for
the Astellas Territory, (vii) resolve issues arising out of the Development Program or this Agreement, and (viii) undertake and/or approve such other matters as are specifically provided for the JDC under this Agreement. One meeting each
year will be focused specifically on setting Development Program goals and strategy. Other representatives of FG or Astellas may attend JDC or subcommittee meetings as non-voting observers. Astellas’ lead representative shall chair the meetings
and shall be responsible for preparing the agenda and minutes for such meetings, and shall provide such minutes to FG in English. Such minutes as approved by the JDC shall constitute the official record of the actions of the JDC. The JDC may also
convene or be polled or consulted from time to time by means of telecommunications, videoconferences or correspondence, as deemed necessary or appropriate. Each party shall bear its own personnel, travel and lodging expenses relating to JDC
meetings. 
 2.4 Decisions. Decisions of the JDC shall be made by unanimous agreement of the members present in person or by
other means (e.g., teleconference) at any meeting; provided that at least two (2) representatives of each party is present at such meeting. In the event that the JDC is unable to reach unanimous agreement on an issue, the issue shall be
referred for resolution in accordance with Article 19 hereof. 
 ARTICLE 3 

DEVELOPMENT PLANS 
 3.1
General. Subject to Section 3.2 below, Astellas shall prepare and propose to the JDC a detailed Development Plan pursuant to which the Development Program will be performed. The Development Plan shall specify the objectives and work
plan activities by Astellas with respect to the Development Program. 
 3.2 Annual Review 

3.2.1 Initial Development Plan. The initial Development Plan is attached hereto as Exhibit C (the “Initial Development
Plan”), and shall be fixed for the period from the Effective Date through March 31, 2006, unless otherwise agreed by the JDC. 

3.2.2 Other. Beginning upon the date of signing of this Agreement and by December 31 of each year thereafter until expiration or
termination of this Agreement, Astellas shall submit to the JDC the proposed plan required under Section 3.1 above for the following fiscal year, including for regulatory activities within the Astellas Territory. The JDC shall review such
proposals as soon as possible and shall approve the Development Plan for such following fiscal year, with such changes as the JDC may agree to the plan proposed by Astellas, no later than March 15 of the current fiscal year. 

3.3 Periodic Reviews. The JDC shall review the Development Plan on an ongoing basis and may make changes thereto including
variances to the Development Plan in effect. 

  
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 ARTICLE 4 

DEVELOPMENT PROGRAM 
 4.1
Development Program for the Astellas Territory. Astellas shall follow FG’s development activities for the Lead Compounds, (i.e., Astellas shall develop, and shall have the right and obligation to develop, only those compounds that
FG has designated as Lead Compounds, for the duration of such designation and for which FG or its Sublicensee is pursuing clinical development in the FG Territory), for those Indications being developed by FG or its sublicensee, and such Astellas
development shall comply with, without limitation the procedures set forth in Section 11.3.1. In fulfillment thereof, Astellas shall conduct, directly or through third parties, the Development Program for the Astellas Territory, all in
accordance with the Development Plan then in effect, and shall be responsible for all costs related to the Astellas Territory. Astellas agrees to keep the JDC informed as to the progress of its activities under the Development Program for Lead
Compounds hereunder. FG shall, subject to Section 4.2.2, provide reasonable assistance to Astellas regarding Astellas’ performance of its development activities within the scope of the Development Program hereunder and provide updates to
Astellas as to the FG Development Program. It is understood and agreed that the Development Program for the Astellas Territory shall include all clinical trials and other development activities necessary to obtain Marketing Approvals for Lead
Compounds for the Astellas Territory. 
 4.2 Global Harmonization 

4.2.1 Reporting; Redundant Activities. FG shall provide to Astellas regular reports with respect to the FG Development Program
with respect to the Lead Compounds. Such reports may be provided at the JDC meetings provided for in Section 2.3. Recognizing that the Lead Compounds may be developed on a global basis and that regulatory and budget efficiencies can be achieved
through the worldwide use of appropriate data and files, the parties will seek to design pre-clinical and clinical development activities included in the Development Plan in a manner to maximize global clinical and regulatory harmonization. 

4.2.2 Additional Activities. Without limiting the obligations set forth in 4.2.1, the costs of any non-clinical or clinical
developmental work, whether performed by Astellas or FG, to support needs specific to the Astellas Territory and not required to be performed for the FG Territory, or at the request of Astellas, shall be borne by Astellas. 

4.3 Selection of Lead Compounds. FG shall consult with Astellas with respect to Lead Compound selection, and shall provide to Astellas
information as reasonably necessary to evaluate Lead Compound candidates in connection with the Lead Compound selection process, including without limitation the information relating to patent situations in the Astellas Territory. For the avoidance
of doubt, such Lead Compound candidates shall potentially include any and all compounds Controlled by FG during the term hereof for use in the Field. Notwithstanding anything contained in this Agreement, FG shall designate, at its sole discretion
but in line with the basic policy that the same Lead Compound shall be Commercialized both in Astellas Territory and FG Territory for the same Indication(s), Lead Compound(s) in accordance with the terms of this Section 4.3, and shall notify
the JDC of such designations. At any one time, FG may designate up to two (2) Lead Compounds for Commercialization in any Indication; provided, that in the event that FG designates two (2) Lead

  
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Compounds for Commercialization in an Indication, it shall designate one (1) as the primary Lead Compound and one (1) as the secondary Lead Compound. In the event FG determines to cease
development of a primary Lead Compound in an Indication, FG may designate the secondary Lead Compound as the primary Lead Compound for such Indication. In the event, prior to Marketing Approval in the Astellas Territory, FG determines to stop
development of a Lead Compound, FG shall notify the JDC, and upon such notification, such compound shall no longer be considered a Lead Compound; provided, however, that Astellas may complete those development activities on-going at the time of such
notification for such Lead Compound for a reasonable period of time, unless such notification is based on safety concerns. In the event FG determines to [ * ], FG shall [ * ] within [ * ] days of
such [ * ]. In the event that FG [ * ], Astellas may, subject to the [ * ], [ * ], provided, however, that the [ * ] shall apply upon the [ * ] set
forth in such Sections, rather than the [ * ]. 
 4.4 Regulatory Matters 

4.4.1 Regulatory Filing. FG shall be responsible, directly or through third parties, for the preparation, filing and maintenance of
all regulatory documents in the FG Territory with respect to the Lead Compound(s), which shall be filed in the name of FG or its designee. Astellas shall be responsible for all preparation, filing and maintenance of all regulatory documents in the
Astellas Territory with respect to the Lead Compound(s), which shall be filed in the name of Astellas. Astellas shall select and own the trademark(s) to be used to identify any Lead Compound in the Astellas Territory. 

4.4.2 Reporting Adverse Experiences 

(a) With respect to adverse drug experiences relating to any Lead Compound, the parties shall promptly report such experiences to the
appropriate regulatory authorities in the countries in which such Lead Compound is being developed or commercialized, in accordance with the appropriate laws and regulations of the relevant countries and authorities, and each party shall ensure that
its Affiliates and Sublicensees comply with such reporting obligations. In addition, in order that each party may be fully informed of these experiences, each party shall report to the other party all “adverse events” involving such Lead
Compound. “Serious adverse events” for all fatal and life-threatening adverse events shall be reported to the designated safety contact person of the other party by e-mail within five (5) calendar days of a party’s and/or its
agent’s becoming aware of such an event (a “reporting party”), and all other serious adverse events shall be forwarded to the other party within seven (7) calendar days of the reporting party’s and/or its agent’s
becoming aware of such an event. To the extent legally possible, FG and Astellas shall report to the other all serious adverse events with respect to a Lead Compound in the Field at least twenty-four (24) hours prior to reporting the same to a
regulatory authority, and shall report adverse events which may constitute a dose limiting toxicity in a reasonably prompt time after the occurrence of such event. The reporting party shall report all non-serious adverse events on a monthly basis;
provided that, non-serious adverse event data arising from a clinical trial will be included in the clinical trial report which 

  
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shall be prepared and sent to the other party as soon as practicable following completion of the final clinical report. 

(b) An “adverse event” is any negative symptom experienced at the time of or after the taking of a medicinal (investigational)
product, whether or not considered a medicinal (investigational) product related, including any side effects, injury, toxicity or sensitivity reaction, or significant failure of expected pharmacological action. Also included are instances of
symptomatic overdose, abuse or withdrawal reactions. 
 (c) A “serious adverse event” includes any of the following outcomes:
death, a life-threatening event; that is, an adverse event that puts the patient at risk of dying, requires hospitalization, prolongs existing hospitalization or results in persistent or significant incapacity or disability, congenital anomaly/birth
defect. Other important medical events that may otherwise jeopardize a patient or may require intervention to prevent one of the statuses of patients listed in the preceding sentence shall also be considered serious. 

(d) The parties also agree to develop and implement such other procedures as may be necessary or appropriate to ensure that each party
remains in compliance with all reporting requirements imposed by any regulatory authority in the Astellas Territory, and in the FG Territory. Upon the Initiation of Phase III, FG shall implement and be responsible for the maintenance of a complete
global safety database. FG will be responsible for preparing, with Astellas’ cooperation set forth below in this Section 4.4.2(d), Periodic Safety Reports for clinical studies requested by European and U.S. authorities, and Periodic Safety
Update Reports (PSURs). FG shall send a draft PSUR for review to Astellas in the beginning of week 5 after database lock point. Astellas has one week for review. FG shall provide copies of the final PSURs to Astellas in the same timing as they are
submitted to the authorities. Astellas will provide FG with the data needed for making the PSURs. Maintenance of Company Core Safety Information (CCSI) is under the responsibility of FG who will communicate all revisions to Astellas. FG shall
prepare the periodic safety reports for clinical studies requested by European and U.S. authorities and provide Astellas with the copy of such reports at the time of submission to the regulatory authorities in the FG Territory. Astellas will provide
FG with the data needed for making such periodic safety reports. 
 (e) Each party shall immediately inform the other party of measures
taken in order not to jeopardize public health or hygiene including but not limited to, discontinuation of manufacture, import and marketing, clinical trial suspension, recall and disposal of the Lead Compound or the product or the prescription
product, irrespective of whether it is due to regulatory actions or voluntary actions. 

  
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 (f) Both parties hereby nominate the safety contact persons as follows: 

Medical Affairs Department 

FibroGen, Inc. 
 225 Gateway
Boulevard 
 San Francisco, California 94080 

Attn: Vice President, Medical Affairs 

Tel: 1-650-866-7875 
 Fax:
1-650-866-7360 
 E-mail:dyeowell@fibrogen.com 

With a copy to: 
 Chief
Executive Officer 
 FibroGen, Inc. 

225 Gateway Boulevard 
 San
Francisco, California 94080 
 Tel: 1-650-866-7200 

Fax: 1-650-866-7201 

E-mail:tneff@fibrogen.com 

Pharmacovigilance Department, QA, RA, and 

Pharmacovigilance Division 

Astellas Pharma Inc. 

[ * ] 
 The
safety contact persons for each party hereto may be updated from time to time as necessary upon notice to the other party. 
 ARTICLE 5

 RECORDKEEPING; PUBLICATION 

5.1 Reports and Records. Each of Astellas and FG shall use best efforts to maintain (or cause such records to be maintained) records of
the Development Program and FG Development Program, respectively, in sufficient detail and in good scientific manner as will properly reflect all work done and results achieved in the performance of the Development Program or FG Development Program,
as the case may be. Upon [ * ] days advance notice or such shorter time period as may be required in order to meet any regulatory requirements, each party shall allow the other party to have access to all records, materials and data
generated by or on behalf of such party with respect to each Lead Compound for applications within the Field at reasonable times, in a reasonable manner and, upon request, to the extent required under Article 7 hereof. 

  
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 5.1.1 Retention. Each of Astellas and FG shall retain its records for the
minimum period of time required by applicable law in all cases, and for not less than [ * ] following the expiration or termination of this Agreement. 

5.1.2 Reports. Not less than [ * ] prior to each JDC meeting under Section 2.3 above, each of Astellas and FG
shall provide the JDC with a written report in English; Astellas’ report summarizing the progress of the Development Program, including the developmental, clinical and other activities performed by Astellas, its Affiliates and/or Sublicensees
with respect to each Lead Compound during the preceding period; and FG’s report summarizing the progress of the FG Development Program. 

5.1.3 Activities Outside the Field. The parties understand and acknowledge that FG is engaged in other research and development
activities directed to prolyl hydroxylase inhibition and/or the stabilization of HIF, and that the focus of this collaboration and the Development Program is directed to the Field. Accordingly, it is understood that, notwithstanding any other
provision of this Agreement, the obligations of FG specified herein to make available and disclose to Astellas data, technical information, scientific results and findings and other subject matter is limited in each case to subject matter directed
to Lead Compounds within the Field. 
 5.2 Review of Publications. As soon as is practicable prior to the oral public
disclosure, and prior to the submission to any outside person for publication of scientific data resulting from the Development Program, in each case to the extent the contents of the oral disclosure or publication have not been previously disclosed
pursuant to this Section 5.2 before such proposed disclosure, FG or Astellas, as the case may be, shall provide to the other party a copy of the publication, or a written summary of any oral disclosure, to be made or submitted, and shall allow
the other party at least [ * ], to determine whether such disclosure or publication contains subject matter for which patent protection should be sought prior to publication or which either party believes should be modified to avoid
disclosure of Confidential Information or regulatory or other issues. With respect to publications by investigators or other third parties of scientific data resulting from the Development Program, such disclosures and publications shall also be
subject to review by the reviewing party under this Section 5.2. 
 5.2.1 Publication Rights. Subject to the provisions of
Articles 7 and 16, after the expiration of [ * ] from the date of receipt of such disclosure or publication, unless the authoring party has received the written notice specified below, the authoring party shall be free to
submit such publication or to orally disclose or publish the disclosed research results in any manner consistent with academic standards. 

5.2.2 Disapproval of Publication. Prior to the expiration of the [ * ] period specified in Section 5.2.1 above,
the reviewing party may notify in writing the submitting party of its determination that such oral presentation or publication contains Confidential Information of the reviewing party or objectionable material or material that consists of patentable
subject matter of the reviewing party for which patent protection should be sought. In such event, and unless otherwise mutually agreed, the submitting party shall withhold publication of its disclosure. 

  
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 ARTICLE 6 

DEVELOPMENT PROGRAM FUNDING 

6.1 Payments for Reimbursement; Net Payments. FG hereby acknowledges receipt of U.S. $[ * ] on February 13, 2004,
U.S. $[ * ] on January 28, 2005, and U.S. $[ * ] on March 22, 2005 as initial payments for reimbursement of historical research and development expenditures for the Lead Compounds. Astellas agrees to
pay to FG the amounts set forth in Section 6.1.1 below. The parties hereto acknowledge that the Development Program hereunder involves a high degree of risk and uncertainty; accordingly, both parties hereto expressly disclaim any implied
warranty as to the results of the Development Program. 
 6.1.1 Reimbursement Payments. As reimbursement and payment for FG’s
historical research and development expenditures with respect to pre-clinical and clinical development of Lead Compounds, Astellas agrees to make the following non-refundable, non-creditable (except as set forth in Section 14.3 below)
reimbursement payments to FG upon the first occurrence of each event specified below (each, an “Event”): 
  

					
	 	  	EVENT	  	AMOUNT
	1.	  	Upon [ * ], provided, that U.S. $[ * ] million of such amount shall be paid no later than [ * ] irrespective of whether the [ * ] has
occurred.	  	U.S. $[ * ]
			
	2.	  	Upon each of [ * ], for a total of U.S. $[ * ]	  	U.S. $[ * ]
			
	3.	  	Upon [ * ] or in the event that Astellas chooses to utilize the Bridging Strategy, the payment shall be made concurrent with the payment required in paragraph 4 of this Section 6.1.1 below.	  	U.S. $[ * ]
			
	4.	  	Upon the first [ * ].	  	U.S. $[ * ]

 6.1.2 Product Approval Payments. As reimbursement and payment for FG’s historical and ongoing
research and development expenditures with respect to pre-clinical and clinical development of Lead Compounds and as payment for the successful marketing and sales of Lead Compound(s), Astellas agrees to make the following non-refundable,
non-creditable (except as set forth in Section 14.3 below) reimbursement payments to FG upon the first occurrence of each Event (other than paragraph 5 of this Section 6.1.2 below) specified below. Notwithstanding the foregoing, in the
event that Astellas decides not to pursue Commercialization in [ * ] set forth in paragraph 3 or 4 of this Section 6.1.2, the milestone payment associated with the [ * ] set forth in paragraph 3

  
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shall be due and payable upon the first [ * ] of either [ * ], and the milestone payment associated with the [ * ] set forth in paragraph 4
shall be due and payable upon the second [ * ] for a [ * ]; and in the event Astellas decides to pursue only [ * ] set forth in paragraph 3 or 4 of this Section 6.1.2, and pursues
Commercialization of either of the [ * ], the milestone payment for associated with the [ * ] for the [ * ] shall be due and payable upon the first [ * ] for a
[ * ]; and in the event that Astellas decides to pursue [ * ] set forth in paragraphs 3 and 4 of this Section 6.1.2 and also does not pursue [ * ], the parties shall a [ * ]
for which the milestone payments associated with the [ * ] set forth in paragraph(s) 3 and/or 4 of this Section 6.1.2, as the case may be, shall be due, as negotiated in good faith by the parties hereto. 

 

					
	 	  	EVENT	  	AMOUNT
	1.	  	Upon the first [ * ] for the [ * ]; provided, that in the event Astellas chooses the Bridging Strategy, such payment shall be increased by an additional U.S. $[ * ] for a total of
U.S. $[ * ]	  	U.S. $[ * ]
			
	2.	  	Upon the first [ * ] in the Astellas Territory for the [ * ]; provided, that in the event Astellas chooses the Bridging Strategy, such payment shall be increased by an additional U.S.
$[ * ] for a total of U.S. $[ * ].	  	U.S. $[ * ]
			
	3.	  	Upon the first [ * ] in the Astellas Territory for the [ * ]; provided, that in the event Astellas chooses the Bridging Strategy, such payment shall be increased by an additional U.S.
$[ * ] for a total of U.S. $[ * ].	  	U.S. $[ * ]
			
	4.	  	Upon the first [ * ] in the Astellas Territory for the first indication within [ * ] (see Exhibit B); provided, that in the event Astellas chooses the Bridging Strategy, such payment shall be
increased by an additional U.S. $[ * ] for a total of U.S. $[ * ].	  	U.S. $[ * ]

  
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	5.	  	Upon [ * ] in the Astellas Territory for each of up to [ * ] indications listed on Exhibit B, including separate indications within [ * ] up to a total of U.S.
$[ * ].	  	U.S. $[ * ]

 6.1.3 Sales Success Payments. As reimbursement and payment for FG’s historical and ongoing
research and development expenditures with respect to pre-clinical and clinical development of Lead Compounds and as payment for the successful marketing and sales of the Lead Compound(s), Astellas agrees to make the following non-refundable,
non-creditable (except as set forth in Section 14.3 below) reimbursement payments to FG upon the first occurrence of the Event specified below. 
  

			
	EVENT	  	AMOUNT
	Upon receipt of [ * ] aggregate annual Net Sales achieved for the first time in the Astellas Territory for all indications and Lead Compounds by Astellas and its Affiliates and Sublicensees.	  	U.S. [ * ]

 If at the occurrence of an Event (except for Event 2) as set forth in Section 6.1.1 above with respect to
a particular Lead Compound the payment corresponding to the occurrence of any preceding Event (except for Event 2) (i.e., “previous” as contemplated by the Event number sequence specified above) has not been made, then the
corresponding payment(s) for such preceding Event (except for Event 2) shall then be due. 
 The payments set forth in Sections 6.1.1,
6.1.2 and 6.1.3 hereof shall each be due and payable within [ * ] after occurrence of the corresponding Event. Astellas agrees to promptly notify FG in writing of its achievement of any Event under Sections 6.1.1, 6.1.2 and
6.1.3. 
 ARTICLE 7 

USE OF PRECLINICAL AND CLINICAL DATA 

7.1 Exchange. Subject to the provisions of this Article 7 and Article 16 below, the parties shall have access to the
underlying preclinical and clinical data (including raw data thereof), analysis, reports, protocols and correspondence (collectively with such filings, “Data”), at reasonable times, upon fifteen (15) days advance notice or such
shorter notice as may be required in order to meet any regulatory requirements and (upon request) in English, (it being understood and agreed that Astellas shall provide in English without cost to FG summaries of all final reports and all documents
necessary to comply with regulatory and legal requirements, and 

  
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shall provide all other documents in English with reasonable costs shared equally between the parties) of the other party in accordance with the following: 

(a) FG shall have access to and the right to use for any purpose, any Data developed by or on behalf of Astellas or its Affiliates or
Sublicensees in the course of the Development Program with respect to indications within the Field for Lead Compounds. Astellas shall obtain from such Sublicensees access to all Data prepared by or for such Sublicensee with respect to a Lead
Compound, with the right to provide such Data and/or access to FG and its Sublicensees, and any sublicense failing to provide such obligation on the part of the Sublicensee shall be voidable at the option of FG. 

(b) Astellas shall have access to and the right to use solely for the purpose of this Agreement, any Data developed by or on behalf of FG or
its Affiliates or Sublicensees with respect to Lead Compounds in connection with the Field (i) to the extent necessary to support the application to the regulatory authority in the Astellas Territory or to fulfill other Japanese Ministry of
Health, Labor and Welfare regulatory requirements, or (ii) if not necessary to support such application or to fulfill such Japanese Ministry of Health, Labor and Welfare regulatory requirements, to the extent FG is permitted subject to
FG’s third party obligations; provided that FG shall [ * ] negotiate the availability of such Data to Astellas from such Sublicensee, and provided, further, that Astellas agrees not to use or disclose to third parties any such
data for purposes outside the Field except as authorized under this Agreement. 
 7.2 Disclosure. Subject to the provisions of
this Section 7.2, FG and Astellas may each provide copies or summaries of Data to its Affiliates and/or its permitted Sublicensees to the extent reasonably necessary for the development and commercialization of Lead Compounds in accordance with
this Agreement, or in the case of FG of products other than Lead Compounds. It is understood that the foregoing shall include the right to disclose Data to third parties with whom Astellas or FG are discussing entering into agreements for such
permitted purposes, subject to reasonable conditions of confidentiality, provided, that Astellas may not disclose any Data to any third party competitor of FG within the Field worldwide without the prior written consent of FG. 

7.3 Regulatory Requirements. Notwithstanding the provisions of Section 7.2, in all agreements with third parties or Affiliates
involving the development of Data, FG and Astellas, respectively, shall require that such third parties and Affiliates provide the other party with all such Data, to the extent such Data is required in order for each party to meet its obligations to
the other party under Section 4.4.2 above. 
 7.4 Review of Protocols. Astellas agrees that all final protocol summaries for all
clinical trials and GLP toxicology studies to be conducted by or under authority of Astellas will be subject to the review and approval of the JDC, in accordance with the following procedures set forth in this Section 7.4. Astellas shall submit
to FG and the JDC the original draft protocol summary in English for any clinical trial or GLP toxicology study it proposes to conduct, and such protocol summary shall be reviewed and approved by the JDC. The protocol summary shall contain all
information as may be requested by the JDC. Upon Astellas’ completion of the final protocol for the proposed clinical trial or GLP toxicology study, in the 

  
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event that such protocol deviates from the original protocol summary, Astellas shall resubmit to FG and the JDC for review and approval a revised, final protocol summary that indicates all
changes from the original protocol summary. Notwithstanding the foregoing, FG reserves the right to request and Astellas shall provide any portion of full text of the protocols in English for review by the JDC, which portion is at issue. In the
event FG requests such a full text protocol, it shall review and provide comments to the JDC as soon as practicable, and within five (5) business days of receipt. 

ARTICLE 8 
 MARKETING
RIGHTS 
 8.1 Astellas. Astellas shall have the exclusive right to market, sell and distribute the Lead Compounds supplied by FG
for use in the Astellas Territory within the Field under the license granted in Article 13. Astellas may exercise its rights under this Section 8.1 through one or more Sublicensees; provided, that any such Sublicensee agrees to terms identical
in all material respects to those contained in this Agreement, and, provided, further, that any arrangement between Astellas and an Astellas Sublicensee with respect to a Lead Compound shall be subject to the requirements of Section 13.2. 

8.2 FibroGen. FG shall have the exclusive right, including the right to authorize others, to market, sell and distribute the Lead
Compounds for any use in the FG Territory. Subject to the restrictions contained in Section 8.3.4 hereof, FG retains the exclusive right, including the right to authorize others, to market, sell and distribute worldwide the Lead Compounds for
use outside the Field. 
 8.3 Covenants 

8.3.1 General. It is understood that, with respect to any particular Lead Compound, whether or not the use and sale of such Lead
Compound by FG and/or Astellas in any country requires a license under intellectual property rights of the other, neither FG nor Astellas shall market, sell or distribute a Lead Compound anywhere in the world except in accordance with this
Agreement, including this Article 8. 
 8.3.2 Independent Activities by Astellas. During the term of this Agreement, in the
event Astellas seeks to Commercialize any molecules for the Field or the Expanded Field, except for actions taken within the Field in the course of the exercise of the license granted under Section 13.1 hereof and expressly authorized under
this Agreement, Astellas shall notify FG immediately upon the commencement of any such activities, and provided that [ * ] such activities are and will be in the future conducted completely independently of any of FG Technology
and/or any other FG materials, confidential information, intellectual property or other related information provided by or on behalf of FG to Astellas under this Agreement or any other agreement between FG and Astellas relating to the subject matter
hereof, Astellas may proceed with such Commercialization, subject at all times to the obligations contained in this Agreement with respect to any intellectual property in connection with or related to such activities and FG’s right to terminate
this Agreement pursuant to Section 18.2.1 hereof. 

  
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 8.3.3 Use of FG Technology by Astellas. Astellas shall use the FG Technology
only to exercise the rights granted under Section 13.1 of this Agreement and as expressly authorized under the Development Program, and shall not under any circumstances use or apply any FG Technology, including without limitation any FG
know-how and/or any other FG materials, confidential information, intellectual property or other related information provided by FG to Astellas under this Agreement or any other agreement between FG and Astellas relating to the subject matter
hereof, for any use outside the Field at any time or within the Field after the expiration or termination of this Agreement. 
 8.3.4
Activities Outside Field by Astellas. Without limiting the foregoing, Astellas agrees that during the term of this Agreement it will not (and will not authorize any third party, including, without limitation, any Affiliates or
Sublicensees, to) (i) Commercialize any Lead Compound within the Field in the Astellas Territory, except a Lead Compound that has been designated a Lead Compound by the JDC and that has received Marketing Approval in the Astellas Territory for
use in the Field, (ii) Commercialize any Lead Compound for use outside the Field or outside the Astellas Territory, (iii) provide any supplies of any Lead Compound to any third party, including, without limitation, any Affiliates or
Sublicensees, which Astellas knows or has reason to know is being marketed, sold or distributed for use outside the Field or outside the Astellas Territory, (iv) conduct or sponsor, or provide any supplies of any Lead Compound for use in, any
clinical trial designed to demonstrate that a Lead Compound can be used outside the Field, or (v) seek regulatory approval of, or use labeling for a Lead Compound stating that such Lead Compound is for use outside the Field. 

8.3.5 Activities in Astellas Territory by FG During the term of this Agreement, FG shall not Commercialize by itself or through its
Sublicensee any Lead Compound or other compound, whether or not designated as a Lead Compound, within the Field in the Astellas Territory, or any Lead Compound outside the Field in the Astellas Territory, provided, however, that FG may develop a
Lead Compound or other compound in the Astellas Territory in those Indications for which Astellas has determined not to pursue Commercialization or for which Astellas has lost the right to pursue Commercialization due to failure to meet diligence
obligations hereunder; and provided, further, that FG may Commercialize compounds other than Lead Compounds outside the Field in the Astellas Territory, irrespective of whether such compound has the effect of stabilizing HIF causing the stimulation
of erythropoiesis (including an increase in endogenous erythropoietin production) and/or a subsequent increase in hematocrit through modulation of prolyl hydroxylase and/or asparaginyl hydroxylase. 

ARTICLE 9 
 TRANSFER
PRICING 
 9.1 Transfer for Non-Commercial Purpose. In exchange for the transfer of any Lead Compound to Astellas for a
non-commercial purpose, Astellas shall pay FG the total amount of the Fully Burdened Costs for such Lead Compound as reasonably determined by FG. Lead Compound transferred to Astellas for a non-commercial purpose shall not be used for a commercial
purpose. 

  
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 9.2 Transfer for Commercial Purpose. For any Lead Compound transferred to
Astellas to be used for any commercial purpose, in exchange for the transfer of such Lead Compound to Astellas, Astellas shall pay FG the amounts set forth in this Section 9.2. All transfers of Lead Compound for use following Marketing Approval
shall be deemed transfers for a commercial purpose, except transfers under Section 9.2(c), and transfers for the purpose of conducting clinical trials, which shall be considered transfers for a non-commercial purpose. 

(a) For any quantities of Lead Compound shipped by FG to Astellas prior to the issuance of the national health insurance price as determined
by the Japanese Ministry of Health, Labour and Welfare (the “Listed Price”), Astellas shall pay for such quantities at a price equal to [ * ] of the estimate of the Listed Price as determined in good faith by FG and
Astellas, subject to adjustment upon the issuance of the actual Listed Price. Upon the issuance of such Listed Price by the Japanese Ministry of Health, Labour and Welfare, Astellas shall pay to FG, or FG shall reimburse Astellas, as the case may
be, the amount of any difference between the payment made for such Lead Compound at the estimated Listed Price and the payment required based upon the actual Listed Price. 

(b) For all other transfers of Lead Compound, except as set forth in subparagraphs (c) or (d) below, Astellas shall pay for such
quantities at a price equal to [ * ] of the Listed Price. In the event that a new Listed Price has been notified to Astellas by the Japanese Ministry of Health, Labour and Welfare before implementation of the new Listed Price, then
such new Listed Price shall be used for calculation of the price of Lead Compound to be shipped on and after the later to occur of (i) [ * ] before implementation of the new Listed Price, and (ii) the date upon which
Astellas has amended the price of Lead Compound to wholesalers in response to such notification by the Japanese Ministry of Health, Labour and Welfare, even before implementation of the new Listed Price. 

(c) With respect to Lead Compound to be distributed as samples to medical providers and for which Astellas shall not receive any payment or
other consideration, Astellas shall pay to FG the sum of its Fully Burdened Costs for amounts of Lead Compound shipped to Astellas; provided, however, that the parties shall mutually agree upon the amount of such samples for distribution without
consideration in the Astellas Territory. 
 (d) Upon the later of (i) the initial retail sale of a generic equivalent (as defined by
the Japanese Ministry of Health, Labour and Welfare) of such Lead Compound in the Territory, and (ii) and the expiration of the last to expire of the FG Patents with respect to such Lead Compound effectively precluding third parties from
selling said generic equivalent, for any quantities shipped by FG to Astellas, Astellas shall pay FG for such quantities [ * ] of the Sales Price; provided, however, that in the event that the payment of the [ * ]
of the Sales Price would result in FG’s [ * ] Percentage falling below [ * ], FG shall have the option to initiate a renegotiation of the transfer price upon notice to Astellas, in which case the parties shall
use best efforts in good faith to renegotiate reasonable terms for the transfer price; provided, further, that in the event the transfer price is not renegotiated to FG’s satisfaction or FG elects not to initiate a renegotiation, FG may elect
to terminate its manufacturing obligations by written notice to Astellas, and FG and Astellas shall negotiate reasonable terms for transfer of manufacturing. During such period of renegotiation, FG shall transfer the Lead Compound to Astellas at a
price 

  
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equal to the greater of [ * ] of the Sales Price and the price resulting if FG’s [ * ] Percentage for such Lead Compound is equal to [ * ].

 9.3 Payment. Any payments to be made with respect to the transfer of any Lead Compound in accordance with Section 9.1 or
9.2 above shall be immediately due to FG upon shipment, which shall be paid by Astellas to FG no later than [ * ] of the date of invoice, which invoice FG shall deliver to Astellas upon Delivery of Lead Compound to Astellas pursuant
to Section 9.2(a), (b) or (c), and shall be made in U.S. dollars. For transfer of any Lead Compound in accordance with Section 9.1 or 9.2(c) above, FG shall deliver to Astellas, within ten (10) days of receipt of a firm
commitment order from Astellas, an invoice for the estimated Fully Burdened Costs of the Lead Compound to be transferred to Astellas. Within [ * ] after the transfer of the Lead Compound to Astellas, FG shall provide a revised final
invoice to Astellas that shall indicate the actual Fully Burdened Costs of the Lead Compound. If the actual Fully Burdened Costs are less than the estimated Fully Burdened Costs, FG shall include a reimbursement payment to Astellas for the
difference between the initial estimated Fully Burdened Costs and the actual Fully Burdened Costs. If the actual Fully Burdened Costs are greater than the estimated Fully Burdened Costs, Astellas shall pay such difference within
[ * ] of receipt of an invoice from FG for such amounts. For payments for the transfer of Lead Compound under Section 9.2(d) hereof, FG’s invoice to Astellas shall be calculated based on the current Listed Price as set by
the Japanese Ministry of Health, Labour and Welfare. Upon calculation of the Sales Price, Astellas shall submit, for any amounts actually sold, the Sales Price to FG, and FG shall credit Astellas for the difference between the invoice cost, cost
calculated based on the Listed Price and the cost calculated based on the Sales Price. 
 9.4 Reference Materials; Standard
Materials. In exchange for the transfer by FG of any Reference Materials or Standard Materials for the purposes of conducting analytical, release, stability and other studies authorized under the Development Program, Astellas shall pay to
FG, FG’s Fully Burdened Costs of such materials as reasonably determined by FG. 
 ARTICLE 10 

ADDITIONAL PAYMENTS; BOOKS AND RECORDS 

10.1 Quarterly Reports. Astellas shall make quarterly reports to FG within sixty (60) days after the end of each calendar quarter
(April 1 though June 30, July 1 through September 30, October 1 though December 31, January 1 through March 31), which reports shall include, (a) the Net Sales, unit shipments and other
distributions, including samples, by Astellas, and its Affiliates and Sublicensees, in such calendar quarter and (b) such other information as may be reasonably requested by FG to ensure either proper payment by Astellas of amounts required
under this Agreement or to calculate payments with respect to FG’s Third Party Agreements. Concurrently with making such report, Astellas shall remit payment to FG for any payments due under this Agreement. 

10.2 Payment Method. All payments under this Agreement shall be made by bank wire transfer in immediately available funds to an account
designated by the payee. All 

  
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such payments made by or on behalf of Astellas hereunder shall be made by a Japanese entity. All dollar amounts specified in this Agreement, and, except as specifically authorized under
Section 10.3 hereof, all payments made hereunder, are and shall be made in U.S. dollars. Any payments due under this Agreement which are not paid by the date such payments are due under this Agreement shall bear interest to the extent permitted
by applicable law at the U.S. prime rate per annum quoted in the “Money Rates” column of The Wall Street Journal (U.S., Western Edition) on the first business day after such payment is due, plus an additional [ * ],
calculated on the number of days such payment is delinquent. This Section 10.2 shall in no way limit any other remedies available to either party. 

10.3 Currency Conversion. In the event that the amount of an Astellas payment obligation in U.S. dollars must be determined by the
calculation of an underlying amount received by Astellas in Japanese Yen utilizing the U.S. dollar-Japanese Yen exchange rate (i.e., a transfer payment under Section 9.2(a), (b) or (d) hereof), currency conversion from Japanese Yen to
U.S. dollars shall be made using the closing exchange rate reported in the Wall Street Journal (U.S. Western Edition) for the date on which the Lead Compound is Delivered to Astellas. If any such payment is not made by the due date, the exchange
rate utilized for determination of such payment obligation shall be the exchange rate [ * ] reported in the Wall Street Journal (U.S. Western Edition) during the period from the date of invoice through the due date, not including
any additional amounts owed under Section 10.2 hereof. 
 10.4 Taxes 

10.4.1 Generally. Each party shall bear and, except as otherwise expressly provided in this Section 10.4, pay any and all taxes,
duties, levies, and other similar charges (and any related interest and penalties), however designated, imposed on that party as a result of the existence or operation of this Agreement. If laws or regulations require that taxes be withheld, the
paying party will (i) timely pay the taxes to the proper taxing authority, and (ii) send proof of payment to the other party within [ * ] following that payment. 

10.4.2 Certain Payments. Notwithstanding Section 10.4.1, all payments by Astellas required under this Agreement above, including
under Section 6.1.1 are expressed as net amounts and shall be made free and clear of, and without reduction for, any withholding taxes, provided, however, that in the event that any withholding taxes are due on the payments Astellas shall make
to FG under Sections 6.1.2 and 6.1.3, Astellas shall make such payments directly to the Japanese Tax Authority and shall be entitled to reduce the amount paid to FG by [ * ] of the amount of the withholding taxes paid to Japanese
Tax Authority in respect of such payment, unless the amount of such withholding taxes is reduced by a decision of the Japanese tax authority, or is subsequently adjusted downward as result of appeal, in which event the next payment due hereunder,
including, without limitation, a transfer payment or a payment upon termination, shall be increased by such amount. Any such taxes which are otherwise imposed on payments to FG shall be the sole responsibility of Astellas. Astellas shall provide FG
with official receipts issued by the appropriate taxing authority or such other evidence as is reasonably requested by FG to establish that such taxes have been paid. Astellas and FG shall cooperate to minimize the withholding taxes due on the
amounts payable by Astellas to FG hereunder to the extent permissible under law, including, but not limited to, 

  
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making appropriate application(s) to the tax authorities within the Astellas Territory. If possible, FG shall use its reasonable efforts to apply for the tax refund from U.S. tax authorities for
the withholding taxes paid to the Japanese Tax Authority on the payment U.S. $[ * ] payment made by Astellas to FG on January 13, 2004 as set forth in Section 6.1 when such application for the tax refund becomes possible,
and if FG has received any such tax refund, FG shall reimburse to Astellas for the amounts corresponding to the withholding taxes paid in Astellas’ accounts as set forth above. 

10.5 Records; Inspections. Astellas shall keep, and require its Affiliates and Sublicensees to keep, complete, true and accurate
books of accounts and records for the purpose of determining payments due pursuant to this Agreement. Such books and records shall be kept for at least [ * ] following the end of the calendar quarter to which they pertain. FG shall
keep, and require its Sublicensee(s) to keep, complete, true and accurate books of accounts and records for the purpose of verifying the accuracy of the [ * ] Percentage and Fully Burdened Costs. Such records will be open for
inspection at the principal place of business of each party (the “Inspected Party”) during such [ * ] period by an independent auditor chosen by the other party (the “Inspecting Party”) and reasonably acceptable
to the Inspected Party for the purpose of verifying the amounts payable by Astellas to FG hereunder or the accuracy of the [ * ] Percentage and/or Fully Burdened Costs. Such inspections may be made no more than once each calendar
year, at reasonable times and on reasonable notice. Any books of accounts or records shall not be inspected more than once. The independent auditor retained by the Inspecting Party shall be obligated to execute a reasonable confidentiality agreement
with the Inspected Party prior to commencing any such inspection, which, among other customary clauses, contains the provisions to the effect that such auditor shall not disclose to the Inspecting Party any information other than as necessary to
accomplish the purpose of the inspection. Inspections conducted under this Section 10.5 shall be at the expense of the Inspecting Party. Any underpaid or overcharged amounts that are discovered will be paid by the Inspected Party, and with
interest on such underpaid or overcharged amounts at the rate set forth in Section 10.2 above. The parties will endeavor to minimize disruption of the Inspected Party’s normal business activities to the extent reasonably practicable. 

ARTICLE 11 
 DUE
DILIGENCE 
 11.1 Astellas’ Due Diligence. Astellas shall use its commercially reasonable efforts (i) to conduct any
development work undertaken under the Development Program, and any and all clinical trials (including without limitation Phase III) required to obtain, and thereafter to take such other actions as are necessary to obtain, Marketing Approvals for any
Lead Compound in the Astellas Territory as soon as practicable, and (ii) to launch each such Lead Compound in the Astellas Territory as soon as practicable after receiving Marketing Approval in the Astellas Territory for such Lead Compound.

 11.2 FG’s Due Diligence. FG shall use its commercially reasonable efforts to conduct, and to the extent possible taking into
account safety and other applicable issues, complete a Phase II clinical trial with FG-2216 or another Lead Compound in the FG Territory. 

  
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 11.3 Development Diligence 

11.3.1 Astellas shall pursue development of Indications according to the following terms: (i) Astellas shall pursue Commercialization in
“Treatment of anemia in patients with chronic kidney disease undergoing dialysis” and “Treatment of anemia in patients with chronic kidney disease not undergoing dialysis”; (ii) Astellas shall notify FG within six
(6) months of the execution of this Agreement whether it shall pursue Commercialization in [ * ]; (iii) Astellas shall notify FG within six (6) months of the date FG notifies Astellas that it has demonstrated Proof of
Concept whether it will pursue Commercialization in [ * ]; (iv) Astellas shall notify FG within six (6) months of the date FG notifies Astellas that it has demonstrated Proof of Concept whether it will pursue
Commercialization in [ * ]; and (v) Astellas shall notify FG, upon Marketing Approval for any Lead Compound in each of the following Indications, whether it will pursue Commercialization of such Indication:
[ * ], and any other indications to be added hereafter to the definition of the Indication by mutual agreement; and (vi) if FG is pursuing Commercialization of [ * ], Astellas shall notify FG after Marketing
Approval whether it shall pursue Commercialization of such Indication. Should Astellas inform FG that it does not wish to pursue Commercialization of any Indication, or should Astellas fail to meet the due diligence obligations under
Section 11.3.2 for any Indication as set forth in Section 11.3.1(iv) or under Section 11.3.3 for any Indication as set forth in Section 11.3.1(v), such Indication shall no longer be considered an Indication for the purposes of
this Agreement, and Astellas shall have no right or shall lose any right with respect to such Indication under this Agreement including, without limitation, the licenses granted under Sections 8.1 and 13.1 hereof. Each Indication for which Astellas
is obligated to pursue Commercialization under Section 11.3.1(i) or for which it decides to pursue Commercialization under Sections 11.3.1(ii), (iii) or (iv) shall be a “Major Indication”. 

11.3.2 In addition to the obligations set forth in Section 11.1 and 11.3, for each Major Indication, until such time as Astellas obtains
Marketing Approval in the Astellas Territory for such Major Indication, with respect to each Lead Compound for each Major Indication, Astellas shall: 

(a) If required for development of a Lead Compound in an Indication, Initiate Phase I clinical trials within [ * ] after the
later of (i) the Effective Date, for Indications for which FG has commenced clinical trials prior to the execution of this Agreement, and (ii) FG’s or its Sublicensees Initiation of a Phase I clinical trial for other such Indications.

  
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 (b) Initiate Phase II clinical trials within the later of (i) [ * ]
after FG’s, or its Sublicensee’s, Initiation of Phase II, (ii) [ * ] after Astellas’ Completion of its Phase I clinical trial(s), (iii) if Astellas’ obligations under this Subsection 11.3.2(b) are
triggered upon FG’s notification of demonstration of Proof of Concept in an Indication, [ * ] after the date Astellas notifies FG that it will pursue Commercialization in such Indication, and (iv) in the event
Astellas’ obligations under this Section 11.3.2(b) are triggered by the designation of a secondary Lead Compound as a primary Lead Compound, [ * ] after such designation. 

(c) Either notify FG of its intent to employ the Bridging Strategy, if applicable, or Initiate Phase III clinical trials within
[ * ] of the later of (i) FG’s, or its Sublicensee’s Initiation of a Phase III clinical trial and (ii) Astellas’ Completion of its Phase II clinical trial(s). 

11.3.3 For each of the Indications set forth in Section 11.3.1(v), Astellas shall Initiate Phase II clinical studies within
[ * ] of its notification to FG that it will pursue Commercialization in such Indication. 
 11.3.4 Astellas’
diligence obligations set forth in Section 11.3.2 shall apply to all Lead Compounds designated by FG, provided, that for each Indication for which such diligence obligations apply, the diligence obligations shall only apply to the primary Lead
Compound designated by FG, and for the secondary Lead Compound, Astellas’ diligence obligations shall be limited to those set forth in Section 11.3.2(a) until the designation of the secondary Lead Compound as the primary Lead Compound,
provided, further, upon such designation, that such diligence obligation shall be expanded to include the requirement that Astellas complete the Phase I clinical studies required to Initiate Phase II clinical studies in the Indication with such
secondary Lead Compound. 
 ARTICLE 12 

MANUFACTURING RIGHTS 
 12.1
Procedures. FG shall have the exclusive right to determine the methods and procedures for the manufacture of all Lead Compounds. If FG intends to make any change in the methods or procedures, including, without limitation, manufacturing
process, analyzing process and/or site change for manufacture of the Lead Compounds, FG shall notify Astellas in writing of such intended change; provided, that if in Astellas’ reasonable opinion, such change may lead to any amendment to the
relevant Marketing Approval or Marketing Approval Application, Astellas shall use best efforts to (i) as soon as possible petition the Japanese Ministry of Health, Labor and Welfare to make the change without an amendment to the Marketing
Approval or MAA and shall concurrently prepare an application for amendment to the Marketing Approval or MAA, and (ii) if the Japanese Ministry of Health, Labor and Welfare determines such an amendment is required, shall notify FG and submit
the application for amendment immediately following notice of such requirement, and FG shall not make the intended change without a prior written consent from Astellas, such consent not to be unreasonably withheld or delayed, provided, further, that
consent shall be deemed granted upon notice that an amendment is not required or approval of an amendment from the Japanese 

  
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Ministry of Health, Labor and Welfare. FG shall provide Astellas with all the data and information necessary for Astellas to amend the Marketing Approval or MAA in Astellas Territory and shall
continue to supply Astellas with the Lead Compound as manufactured with the manufacturing methods and procedures or at the manufacturing site described in Astellas’ (or its Affiliate’s or Sublicensee’s) then current Marketing Approval
or MAA until Astellas will have finished the necessary amendment to the relevant Marketing Approval or MAA or received notice that an amendment is not required. 

12.2 FG Right. FG shall have the worldwide exclusive right (itself or through third party vendors) to manufacture (or have
manufactured) Lead Compounds. Astellas and its Affiliates and Sublicensees shall not directly or indirectly make, produce or manufacture any Lead Compounds. 

12.3 Manufacture and Supply. FG shall have the exclusive right and obligation to supply the Lead Compounds to Astellas and its
Affiliates and Sublicensees for all development and commercial purposes, and Astellas and its Affiliates and Sublicensees shall purchase such Lead Compounds exclusively from FG. It is understood that FG may engage subcontractors with respect to the
manufacture of such Lead Compounds to fulfill its supply obligations to Astellas hereunder. In all cases, supply by FG of Lead Compounds hereunder shall be Ex Works (Incoterms 2000) the manufacturing facility. Subject to Section 8.3.5 hereof,
nothing herein is intended to preclude FG from granting rights to supply or supplying (a) any Lead Compound outside of the Astellas Territory to any third party for use within or outside the Field, or (b) any compound Controlled by FG
within the Astellas Territory except for a Lead Compound for the duration of its designation in compliance with the terms and conditions of this Agreement. 

12.4 Product Specifications. The Lead Compounds to be supplied by FG hereunder shall meet the Product Specifications. In addition
to, but not in limitation of, the foregoing, FG and Astellas agree that upon Marketing Approval for any Lead Compound, FG’s obligation to supply Astellas with Lead Compound shall be limited to, and all payment obligations set forth in
Section 9.2 shall be based on, the supply of Bulk Product, unless otherwise agreed by the parties. The packaging for the Lead Compound to be distributed commercially by Astellas shall contain a clearly visible acknowledgment that the Lead
Compound was manufactured by FG, and shall contain a registered trademark of the FG logo or other trademark approved by FG. 
 12.5
Orders Forecast 
 12.5.1 Orders for Non-Commercial Use. In connection with the supply of any Lead Compound for
non-commercial use in the Territory, Astellas shall provide FG with a firm purchase order as early as possible prior to its requirements, and in no event less than [ * ] prior to the shipment or other release date(s) requested by
Astellas for such Lead Compound. FG shall provide such Lead Compound to Astellas as soon as practicable within such time period, subject, prior to Marketing Approval, to the reasonable lead time requirements of third party contract manufacturers.
All forecasts shall be prepared in good faith in order to facilitate FG’s manufacture and shipment of the Lead Compound in compliance with this Agreement. 

  
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 12.5.2 Forecast and Order for Commercial Use. In connection with the supply of any
Lead Compound for commercial use in the Astellas Territory upon FG’s request, Astellas and FG shall negotiate in good faith appropriate forecasting and firm purchase order lead times, taking into consideration the reasonable notice requirements
of FG and its third party manufacturers. All forecasts shall be prepared in good faith in order to facilitate FG’s manufacture and shipment of the Lead Compound in compliance with this Agreement. 

12.6 Shipment. Astellas, or FG at Astellas’ request if specified in a purchase order by Astellas, shall arrange for shipment
of the Lead Compound as specified in each purchase order by Astellas, Ex Works (Incoterms 2000) the manufacturing facility. For purposes of this Agreement, and notwithstanding anything to the contrary contained within the term “Ex Works”,
it is hereby acknowledged and agreed that title and risk of loss shall transfer to Astellas from receipt by Astellas at the manufacturing facility. Astellas shall bear the costs of such carrier, including the costs of insurance of the shipment, and
all customs, duties, sales taxes and other governmental charges related to the importation and sales of the Lead Compound. 
 12.7
Inspection of Shipment/Right to Reject. Each shipment of Lead Compound from FG to Astellas shall contain such laboratory and quality control certificate as are necessary to show that the Lead Compound is in conformity with the Product
Specifications. Astellas shall promptly inspect each shipment. In the event that any portion of the shipment fails to conform to the Product Specifications, Astellas shall notify FG within [ * ] of Astellas’ receipt of such
shipment. Such notice shall specify the manner in which the Lead Compound fails to meet the Product Specifications. In the absence of such notification, Astellas shall be deemed to have accepted the shipment. FG and Astellas agree to consult with
each other to resolve any discrepancy between each other’s determinations regarding any possible nonconformity of the Lead Compound. If such consultation does not resolve the discrepancy, the parties agree to nominate a reputable independent
laboratory or other independent third party, in each case acceptable to both parties, to carry out tests on representative samples taken from such shipment, and the results of such tests shall be binding on both parties. If the results of such tests
demonstrate that the Lead Compound does not meet the Product Specifications, then FG shall pay the costs of such tests; otherwise, Astellas shall pay for the costs of such tests. FG shall, at its expense, promptly replace any Lead Compound to the
extent that, in accordance with this Section 12.7, it is determined that it does not conform to the Product Specifications. Unless otherwise instructed by FG, all non-conforming Lead Compound shall be returned to FG at the place of manufacture
at FG’s direction and at FG’s expense. If Astellas detects at any time any defect in the Lead Compound which has not been found through Astellas’ inspection, it shall notify FG to that effect within [ * ] of the
discovery of such defect, and the procedures set forth above in this Section 12.7 shall be applied to such defective Lead Compound, provided, that FG shall only be responsible to pay for costs of defects that are the result of FG’s gross
negligence or willful misconduct. 
 12.8 Inspection of Facilities. Astellas shall have the right, upon reasonable advance notice and
during regular business hours, to inspect and audit, either by itself or through its Affiliates or consultants, the facilities (including any facilities of sub-contractors) being used by FG for production of the Lead Compound to assure compliance
with applicable laws, rules and regulations, including, without limitation, Japanese regulatory standards and FG quality control procedures (“Relevant Standards”). FG shall also reasonably comply with inspection

  
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requests of the Japanese Ministry of Health, Labor & Welfare. Such inspection and audit shall be conducted at Astellas’ sole cost and expense in a manner so as to minimize
disruption of FG’s, or its subcontractor’s or Sublicensee’s, business operations. FG shall, within [ * ] after FG’s receipt of written notice from Astellas detailing any deficiencies which may be noted in any
such audit which relate to the Relevant Standards use good faith efforts to remedy such deficiencies, and submit a plan to the Astellas outlining steps proposed to be taken. 

12.9 Recall. In the event that Astellas deems it necessary to recall any Lead Compound from the market, it may do so in its sole
discretion, after notification to the FG. The costs and expenses for such recall shall be borne by Astellas unless caused by a failure for which FG is required to indemnify Astellas pursuant to Section 17.3, or by FG’s gross negligence or
willful misconduct, in which event it shall be borne by FG. 
 12.10 Warranty. FG represents and warrants that the Lead
Compounds to be supplied to Astellas under this Agreement shall conform to the Product Specifications and shall, as appropriate, be manufactured in compliance with GMP Guidelines. Subject to Sections 12.9 and 17.3 hereof, FG’s sole obligation
and Astellas’ sole remedy with respect to Lead Compound which does not 
 meet the warranty contained herein is limited to replacement of such Lead
Compound and reimbursement of Astellas’ out of pocket expenses for shipping to FG at the address designated by FG. 
 12.11
Interruption in Supply. For any particular Lead Compound, in order to minimize any interruptions in supply hereunder, FG and Astellas agree that within [ * ], FG shall maintain two separate, validated manufacturing sites
(which may either be its own manufacturing facilities or facilities of a contract manufacturer) for such Lead Compound. 
 12.12
Reference and Standard Materials. For any Lead Compound provided to Astellas hereunder, upon Astellas’ request and pursuant to Section 9.4 hereof, FG shall provide to Astellas reasonable quantities of reference materials, including
analogs, metabolites, impurities, degradates and radio-labeled compounds (“Reference Materials”) and standard materials, i.e. defined, highly purified Lead Compound (“Standard Materials”) for such Lead Compound for the purposes
of conducting analytical, release, stability and other studies as may be authorized by the JDC under the Development Program. 
 ARTICLE
13 
 LICENSE GRANTS 

13.1 Grant to Astellas. Subject to the terms and conditions of this Agreement including Article 12 above, FG hereby grants to
Astellas an exclusive license under the FG Technology to: use, package, sell, have sold, import, market and otherwise distribute the Lead Compounds for use solely in the Field in the Astellas Territory 

13.2 Sublicenses. The licenses granted under Section 13.1 above include the right to grant and authorize sublicenses, subject
to the requirements of this Agreement and Section 7.2. Notwithstanding the foregoing, Astellas shall not have the right to authorize a Sublicensee to market, sell or distribute Lead Compounds without FG’s prior written consent

  
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(which consent shall not be unreasonably withheld). For the purposes of the foregoing, and without limitation, it shall be deemed reasonable for FG to withhold consent for competitive concerns.

 13.3 No Rights Beyond Lead Compounds. Except as expressly provided herein, nothing in this Agreement shall be deemed to grant
to Astellas rights in FG Technology other than the rights granted hereunder to the Lead Compounds, or for applications outside the Field or outside the Astellas Territory, or to manufacture Lead Compounds; nor shall any provision of this Agreement
be deemed to restrict FG’s right to exploit any FG Technology and/or the Lead Compounds outside the Astellas Territory. 
 13.4
Expanded Field Negotiation. Following the signing of this Agreement, FG agrees to negotiate in good faith with Astellas for a license to develop compounds for the Expanded Field in the Astellas Territory, exclusively for a period of
[ * ] following such date, and non-exclusively thereafter until the execution of a license agreement with a third party to develop compounds for the Expanded Field. FG and Astellas hereby agree that FG’s obligation to negotiate
non-exclusively for the Expanded Field shall not constitute a right of first offer, right of first refusal, right of first negotiation or any obligation to enter into any agreement with Astellas at any time, and the failure of such negotiations to
result in an agreement between FG and Astellas with respect to the Expanded Field shall not constitute a breach of this Agreement. 

ARTICLE 14 
 INTELLECTUAL
PROPERTY 
 14.1 Ownership of Inventions. Subject to Section 14.1.1, title to all inventions and other intellectual
property made related to (i) the Development Program, (ii) the Lead Compounds, (iii) FG Technology or FG Confidential Information, (iv) the Field, or (v) the Expanded Field (subsections 14.1(i)-(v), collectively, the
“Protected Field”) shall be owned by or is hereby assigned to FG; provided, however that Astellas shall own inventions of general applicability relating solely to drug delivery systems created exclusively by Astellas under subsection
14.1(i), excluding inventions related to or based on subsections 14.1(ii), (iii), (iv), or (v), and provided, further, that Astellas hereby grants to FG a worldwide, fully paid non-exclusive license with the right to sublicense to practice such
inventions with respect to the FG Technology. Astellas agrees to execute any and all assignments and other documents necessary to effectuate the foregoing. 

14.1.1 Notwithstanding Section 14.1, in the event that Astellas develops, completely independently from any FG Technology and/or any
other FG materials, confidential information, intellectual property or other related information provided by or on behalf of FG to Astellas under this Agreement or any other agreement between FG and Astellas relating to the subject matter hereof,
any inventions or intellectual property rights related to the Field or the Expanded Field, [ * ], Astellas shall own such intellectual property and hereby grants to FG and its Sublicensees a non-exclusive, royalty-free, irrevocable
license to such intellectual property for the FG Territory. Astellas agrees to execute any and all assignments and other documents necessary to effectuate the foregoing. 

  
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 14.2 Patent Prosecution 

14.2.1 FG Inventions. FG shall control all Prosecution and Interference Activities pertaining to FG Patents and patent applications
and patents related to its, its Affiliate’s or its Sublicensee’s inventions in the Protected Field worldwide using counsel of its choice and shall bear the costs of such Prosecution and Interference Activities, provided, however, that; and
Astellas shall reimburse to FG, within [ * ] of receipt by Astellas of invoice therefor, any such costs to the extent incurred in connection with or reasonably allocable to the FG Patents registered and/or to be registered in the
Astellas Territory and related to the Field and the Lead Compounds, provided, further, that, with respect to patents or patent applications excluding those covering composition of matter claims and all patents listed on Exhibit A hereto as of the
Effective Date, Astellas may postpone such reimbursement until the respective FG Patent will have been registered in the Astellas Territory if [ * ], on condition that once the respective FG Patent has been registered in the
Astellas Territory, Astellas shall pay to FG such costs, plus interest to the extent permitted by applicable law at the U.S. prime rate per annum quoted in the “Money Rates” column of The Wall Street Journal (U.S., Western Edition),
calculated in each case from the date such costs were incurred, plus an additional [ * ] thereof. 
 14.2.2 Astellas
Inventions. Astellas shall not file for or otherwise seek to obtain (directly or indirectly) patent or other intellectual property protection for inventions that are related to the Protected Field, without the prior written consent of FG, which
may be withheld at FG’s sole discretion, subject to Section 14.1.1, and provided also that Astellas may file for or otherwise seek to obtain patent protection for inventions related to drug delivery systems as described in
Section 14.1. To the extent that FG consents to the filing of any patent application or other intellectual property protection related to the foregoing, such patent application or other intellectual property protection shall be subject to
Section 14.1, unless otherwise agreed in writing. 
 14.2.3 Cooperation. Astellas shall cooperate with and assist FG in
connection with Prosecution and Interference Activities and shall use best efforts to consult with FG regarding the prosecution and maintenance of the FG Patents for the FG Territory and the Astellas Territory for those FG Patents for which Astellas
or its Affiliates, Sublicensees or investigators are inventors, except solely for inventions (i) of general applicability relating solely to drug delivery systems created by Astellas under subsection 14.1(i), or (ii) created in compliance
with Section 14.1.1 as determined solely by FG in good faith. 
 14.3 Defense of Third Party Infringement Claims. If the
development, manufacture, sale or use of any Lead Compound pursuant to this Agreement results in a claim, suit or proceeding (collectively, “Actions”) alleging patent infringement against FG or Astellas (or their respective Affiliates or
Sublicensees), such party shall promptly notify the other party hereto in writing. The party subject to such Action (for purposes of this Section 14.3, the “Controlling Party”) shall have the exclusive right to defend and control the
defense of any such Action using counsel of its own choice; provided, however, that if such Action is directed to the subject matter of a patent of the other party (i.e., for Astellas, a FG Patent), such other party may participate in the
defense and/or settlement thereof at its own expense with counsel of its choice. 

  
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Except as agreed in writing by Astellas and FG, Astellas shall not enter into any settlement relating to a Lead Compound, if such settlement admits the invalidity or unenforceability, or limits
any claim, of any patent within the FG Technology. The Controlling Party agrees to keep the other party hereto reasonably informed of all material developments in connection with any such Action. Any cost, liability or expense associated with such
action (including amounts paid in settlement) (together, “Expenses”) shall be borne by the Controlling Party; provided, that if Astellas is the Controlling Party, and the Action is related to Future Third Party Intellectual Property, with
respect to Expenses related solely to such Future Third Party Intellectual Property, it shall be entitled to deduct up to [ * ] of the Expenses incurred on an annual basis from [ * ] in such year under this
Agreement, provided, however, that (i) the total amount deducted shall not exceed [ * ] thereunder, and (ii) notwithstanding (i) above, Astellas’ right to deduct Expenses incurred shall be further limited such
that in no event shall the sum of (a) the Expenses deducted by Astellas under this Section 14.3, and (b) the consideration FG contributes for the acquisition of intellectual property from Third Party Licensors for the Astellas
Territory as set forth in Section 14.5, exceed [ * ] hereunder, and, provided further, that if FG is the Controlling Party, it shall be entitled to reimbursement by Astellas of [ * ] of such Expenses, as
incurred. Notwithstanding the foregoing, Astellas shall be solely responsible (without right of deduction) for all Expenses related to any Action relating to Preexisting Third Party Intellectual Property. 

14.4 Enforcement. Subject to the provisions of this Section 14.4, in the event that FG or Astellas reasonably believes that any FG
Technology necessary for the development, manufacture, use or sale of a Lead Compound is infringed or misappropriated by a third party or is subject to a declaratory judgment action arising from such infringement, in each case with respect to the
development, manufacture, sale or use of a product within the Field and within the Astellas Territory, Astellas or FG (respectively) shall promptly notify the other party hereto. Promptly after such notice the parties shall meet to discuss the
course of action to be taken with respect to an Enforcement Action (as defined below) with respect to such infringement or misappropriation, including the control thereof and sharing of costs and expenses related thereto, for the purposes of
entering into a litigation agreement setting forth the same (“Litigation Agreement”). If the parties do not enter such Litigation Agreement, FG shall have the initial right (but not the obligation) to enforce the intellectual property
rights with respect to the FG Technology, or defend any declaratory judgment action with respect thereto (such action, for purposes of this Section 14.4, an “Enforcement Action”). 

14.4.1 Information. Absent a Litigation Agreement, the party initiating or defending any such Enforcement Action within the Field
shall keep the other party hereto reasonably informed of the progress of any such Enforcement Action, and such other party shall have the right to participate with counsel of its own choice at its own expense. 

14.4.2 Enforcement Costs; Recoveries. Absent a Litigation Agreement, FG shall have the initial right to initiate such an Enforcement
Action, and shall notify Astellas within a reasonable time whether it elects to exercise such right. In the event that FG elects to initiate or defend such Enforcement Action, FG shall be responsible for [ * ] of the costs
and expenses while Astellas shall be responsible for [ * ] of the costs and expenses, and all amounts recovered shall first be applied to reimbursement of each 

  
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party’s costs and expenses with the remainder to be allocated to FG and Astellas at the ratio of [ * ] and [ * ]. In the event that FG elects not to
initiate or defend such Enforcement Action, Astellas shall have the right to initiate or defend such Enforcement Action in its own name, and to the extent permitted under Third Party Agreements, in the name of FG or in the names of both FG and
Astellas, in which case, Astellas shall be responsible for [ * ] of the costs and expenses while FG shall be responsible for [ * ] of the costs and expenses, and all amounts recovered shall first be applied to
reimbursement of each party’s costs and expenses with the remainder to be allocated to Astellas and FG at the ratio of [ * ] and [ * ]. 

14.4.3 Cooperation in Enforcement Action. Absent a Litigation Agreement, at the request of the party which has the right to initiate
or defend an Enforcement Action, the other party shall reasonably cooperate in the Enforcement Action, such cooperation to include, without limitation, furnishing records, information and testimony, and attending conferences, discovery proceedings,
hearings, trials and appeals; provided, that the requesting party shall reimburse to the cooperating party for the out-of-pocket expenses incurred for such cooperation pursuant to the reimbursement regime set forth in Section 14.4.2. 

14.5 Third Party Agreements 

14.5.1 Future Agreements. It is understood that FG may find it necessary to utilize in connection with a Lead Compound intellectual
property that is controlled by a non-Affiliate third party (such party, a “Third Party Licensor”), in addition to or in lieu of the FG Technology existing as of the Effective Date. FG shall have the right to obtain (by purchase, license,
or otherwise) rights to such intellectual property with the right to sublicense to Astellas. In the event that FG determines that it must obtain such rights, it shall provide notice and submit a description of such rights to Astellas, and shall
discuss with Astellas the need to obtain such rights. Astellas shall inform FG within [ * ] of receipt of such notice whether it believes it is necessary to obtain such rights for the Astellas Territory and wishes to obtain such
rights. In the event Astellas determines to obtain such rights, FG shall obtain a worldwide license for the rights under such terms and conditions as are [ * ], and such intellectual property of the Third Party Licensor shall be
deemed to be the part of FG Technology, provided, however, that, notwithstanding anything contained in this Agreement (i) for Preexisting Third Party Intellectual Property, [ * ] shall pay [ * ] of all
consideration due in connection with the acquisition of such rights for the Astellas Territory, and (ii) for Future Third Party Intellectual Property, [ * ] shall [ * ] pay [ * ] of all
consideration due in connection with the acquisition of such rights for the Astellas Territory, provided, however, notwithstanding FG’s obligation to contribute to the consideration due for Future Third Party Intellectual Property under
(ii) above, FG’s obligation to contribute shall be limited such that in no event shall the sum of (a) the consideration FG contributes for the acquisition of intellectual property from Third Party Licensors for the Astellas Territory,
and (b) the Expenses for which Astellas has the right to deduct under Section 14.3 exceed [ * ] hereunder, and Astellas shall be responsible for all consideration related to the acquisition of rights from Third Party
Licensors in excess of such amount. In the event Astellas determines not to obtain such rights for the Astellas Territory, FG shall obtain a license for the FG Territory but not the Astellas Territory, and Astellas shall be solely responsible for
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Action, for all Expenses related to any such Action, and any right of Astellas to deduct Expenses under this Agreement against payments required to be made to FG hereunder shall not apply to any
action brought with respect to such rights. 
 14.5.2 Payment; Reports. If FG is obligated to pay amounts to a Third Party Licensor,
FG shall notify Astellas [ * ] in advance of the due date of such payment obligation (or such later date as FG may determine), and Astellas shall reimburse its share of such payments within [ * ] after receipt of
notice therefor. 
 14.5.3 Limitation. To the extent that FG Patents includes any intellectual property licensed under FG’s
License Agreement with Imigen, Inc. relating to HIF stabilization technology dated as of October 30, 2003, and amended as from time to time of which a redacted copy shall have been provided to Astellas prior to the Effective Date, Astellas
shall be considered a sublicensee and be subject to the applicable requirements thereunder. 
 14.5.4 Compliance with Third Party
Agreements. Notwithstanding anything to the contrary contained herein, Astellas agrees to comply with the requirements (upon sublicensees or otherwise) of FG’s License Agreement with Imigen, Inc. relating to HIF stabilization technology
dated as of October 30, 2003. In addition, Astellas agrees to comply with the requirements (upon sublicensees or otherwise) of any future Third Party Agreements for which Astellas obtains rights through an FG license pursuant to
Section 14.5.1 hereof. 
 ARTICLE 15 

REPRESENTATIONS AND WARRANTIES 

15.1 FG Warranties. FG warrants and represents to Astellas, as of the execution of this Agreement, that (i) it is a
corporation duly organized, validly existing and in good standing under the laws of the State of Delaware; (ii) the execution, delivery and performance of this Agreement have been duly authorized by all necessary corporate action on the part of
FG; (iii) there is no pending litigation which alleges or any communication alleging that Commercialization of any Lead Compound or any compound Controlled by FG for use in the Field has infringed or misappropriated the intellectual property
rights of any Third Party or has been obtained by misappropriating any Third Party’s intellectual property right; and (iv) subject to the terms and conditions of the agreements for the FG Acquired Patents, FG has complete title to and
ownership of the FG Patents, free and clear from any mortgages, pledges, liens, security interests, conditional and installment sale agreements, encumbrances, charges or claims of any kind. 

15.2 Astellas Warranties. Astellas warrants and represents to FG, as of the execution of this Agreement, that (i) it is a
corporation duly organized, validly existing and in good standing under the laws of Japan; and (ii) the execution, delivery and performance of this Agreement have been duly authorized by all necessary corporate action on the part of Astellas.

 15.3 Disclaimer of Warranties. EXCEPT AS OTHERWISE SET FORTH HEREIN, FG AND ASTELLAS EXPRESSLY DISCLAIM ANY WARRANTIES OR
CONDITIONS, EXPRESS, IMPLIED, STATUTORY OR OTHERWISE, WITH RESPECT TO 

  
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THE DEVELOPMENT PROGRAM, OR THE FG TECHNOLOGY OR LEAD COMPOUNDS, INCLUDING, WITHOUT LIMITATION, ANY WARRANTY OF MERCHANTABILITY, OR FITNESS FOR A PARTICULAR PURPOSE, VALIDITY OF FG TECHNOLOGY,
PATENTED OR UNPATENTED, AND NONINFRINGEMENT OF THE INTELLECTUAL PROPERTY RIGHTS OF THIRD PARTIES. 
 ARTICLE 16 

CONFIDENTIALITY 
 16.1
Confidential Information. Except as expressly provided herein, the parties agree that the receiving party shall not publish or otherwise disclose and shall not use for any purpose other than this Agreement any information furnished to it
by the other party hereto pursuant to this Agreement which if disclosed in tangible form is marked “Confidential” or with other similar designation to indicate its confidential or proprietary nature or if disclosed orally is indicated
orally to be confidential or proprietary by the party disclosing such information at the time of such disclosure and is confirmed in writing as confidential or proprietary by the disclosing party within a reasonable time after such disclosure
(collectively, “Confidential Information”). Notwithstanding the foregoing, Confidential Information shall not include information that, in each case is demonstrated by written documentation: 

(a) was already known to the receiving party, other than under an obligation of confidentiality directly or indirectly to the disclosing
party at the time of disclosure hereunder; 
 (b) was generally available to the public or otherwise part of the public domain at the time
of its disclosure to the receiving party hereunder; 
 (c) became generally available to the public or otherwise part of the public domain
after its disclosure and other than through any act or omission of the receiving party in breach of this Agreement; or 
 (d) was
subsequently lawfully disclosed to the receiving party by any third party without any confidentiality obligation directly or indirectly to the disclosing party or developed by the receiving party without reference to any information or materials
disclosed by the disclosing party. 
 It is agreed and understood that all matters discussed and presented at the meetings of the JDC shall
be considered Confidential Information hereunder, subject to the terms and conditions of this Agreement. 
 16.2 Permitted
Disclosures. Notwithstanding the provisions of Section 16.1 above, each party hereto may disclose the other party’s Confidential Information to the extent such disclosure is reasonably necessary to exercise the rights granted to
it, or reserved by it, under this Agreement (including, without limitation, entering into and/or performing business or scientific relationships with respect to products outside the Field as permitted hereunder), in filing or prosecuting patent
applications, prosecuting or defending litigation, complying with applicable governmental regulations, submitting information to tax or other governmental 

  
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authorities (including regulatory authorities), or conducting clinical trials hereunder with respect to Lead Compounds, provided that if a party is required by law to make any such disclosure of
the other party’s Confidential Information, to the extent it may legally do so, it will give reasonable advance notice to the latter party of such disclosure and, save to the extent inappropriate in the case of patent applications or otherwise,
will use its reasonable efforts to secure confidential treatment of such Confidential Information prior to its disclosure (whether through protective orders or otherwise). 

16.3 Clinical Data. Except as expressly permitted under Sections 7.2 and 16.2, and for publications or disclosures in
accordance with Section 5.2, neither party shall disclose to third parties pre-clinical data, clinical data or regulatory filings, comprising Confidential Information of the other party. 

16.4 Press Releases. Except as may already be, or is agreed to be, publicly disclosed, in the event that either party proposes to
release a press release with respect to this Agreement or the Development Program, such party shall obtain the prior written consent of the other party, which shall not be unreasonably withheld. 

ARTICLE 17 
 INSURANCE;
INDEMNIFICATION 
 17.1 Insurance. Each party shall secure and maintain in effect during the term of this Agreement and for
a period of five (5) years thereafter insurance policy(ies) underwritten by a reputable insurance company and in a form and having limits standard and customary for entities in the biopharmaceutical industry for exposures related to the Lead
Compounds. Such insurance shall include general liability, clinical trial liability and products liability coverage with respect to such party’s performance of the Development Program and commercialization of Lead Compounds hereunder. Upon
request by the other party hereto, certificates of insurance evidencing the coverage required above shall be provided to the other party. 

17.2 Indemnification of FG. Astellas shall indemnify each of FG and its Affiliates and the directors, officers, and employees of
FG and such Affiliates and the successors and assigns of any of the foregoing (the “FG Indemnitees”), and hold each FG Indemnitee harmless from and against any and all liabilities, damages, settlements, claims, actions, suits, penalties,
fines, costs or expenses (including, without limitation, reasonable attorneys’ fees and other expenses of litigation) incurred by any FG Indemnitee to the extent not otherwise covered by insurance, arising from or occurring as a result of any
claim, action, suit, or other proceeding brought by third parties against a FG Indemnitee arising from or occurring as a result of any development, testing, manufacture, importation, use, offer for sale, sale or other distribution of any Lead
Compound by or for the benefit of Astellas or its Affiliates or Sublicensees, distributors or agents (including, without limitation, product liability and infringement claims) except to the extent caused by failure of the Lead Compound supplied by
FG to meet the Product Specifications in effect at the time of manufacture, or material deviation by FG or its sub-contractor from GMP Guidelines in manufacturing the Lead Compound, or FG’s breach of this Agreement or willful misconduct. 

  
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 17.3 Indemnification of Astellas. FG shall indemnify each of Astellas and its
Affiliates and the directors, officers, and employees of Astellas and such Affiliates and the successors and assigns of any of the foregoing (the “Astellas Indemnitees”), and hold each Astellas Indemnitee harmless from and against any and
all liabilities, damages, settlements, claims, actions, suits, penalties, fines, costs or expenses (including, without limitation, reasonable attorneys’ fees and other expenses of litigation) incurred by any Astellas Indemnitee to the extent
not otherwise covered by insurance, arising from or occurring as a result of any claim, action, suit, or other proceeding brought by third parties against an Astellas Indemnitee to the extent caused by failure of the Lead Compound supplied by FG to
meet the Product Specifications in effect at the time of manufacture, or material deviation by FG or its sub-contractor from GMP Guidelines in manufacturing the Lead Compound, except in each case in this Section 17.3 to the extent caused by
Astellas’ breach of this Agreement or willful misconduct. 
 17.4 Procedure. A party (for purposes of this
Section 17.4, the “Indemnitee”) that intends to claim indemnification under any provision of this Agreement shall promptly notify the indemnifying party (the “Indemnitor”) in writing of any claim, action, suit, or other
proceeding brought by third parties in respect of which the Indemnitee or any of its Affiliates, or their directors, officers, employees, successors or assigns intend to claim such indemnification hereunder. As between the parties hereto the
Indemnitor shall have the right to control the defense and settlement of such claim, action, suit, or other proceeding; provided, that the Indemnitee shall have the right to participate in such defense or settlement with counsel of its own choosing
at its expense. The Indemnitee shall not make any settlement of any loss, claim, damage, liability or action without the consent of the Indemnitor, to the extent such consent is not withheld unreasonably or delayed. The failure to deliver written
notice to the Indemnitor within a reasonable time after the commencement of any such action, if prejudicial to its ability to defend such action, shall relieve such Indemnitor of any liability to the Indemnitee under this Article 17 but the
omission so to deliver written notice to the Indemnitor shall not relieve the Indemnitor of any liability that it may have to any Indemnitee otherwise than under this Article 17. Without limiting the foregoing, the Indemnitee shall keep the
Indemnitor fully informed of the progress of any claim, action, suit, or other proceeding for which it intends to claim indemnification under this Article 17. 

ARTICLE 18 
 TERM AND
TERMINATION 
 18.1 Term. This Agreement shall become effective as of the Effective Date and, shall continue in full force
and effect until terminated pursuant to this Article 18. 
 18.2 Termination for Cause or Technical Product Failure 

18.2.1 Material Breaches. FG may forthwith terminate this Agreement in the event Astellas fails to make any payment due under
Articles 6, 9 or 14, within [ * ] following receipt of written notice of such default, or materially breaches its obligations under Articles 8 or 14, and fails to cure such breach within [ * ] following receipt
of written notice of such default. Astellas may forthwith terminate this Agreement in the 

  
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event FG materially breaches its obligations under Article 7 or Article 12, and fails to cure such breach within [ * ] following receipt of written notice of such default. Any
termination shall become effective at the end of such [ * ] or [ * ] period unless the defaulting or breaching party (or any other party on its behalf) has cured any such default prior to the expiration of the
[ * ] or [ * ] period, as the case may be. 
 18.2.2 Independent Activities. Notwithstanding
anything contained in Section 8.3.2 or Section 14.1.1, in the event that Astellas Commercializes any molecules for the Field or the Expanded Field, except for actions taken within the Field in the course of the exercise of the licenses
granted under Sections 8.1 and 13.1 hereof and expressly authorized under this Agreement, even if FG determines that Astellas’ activities are completely independent of any FG Technology and/or any other FG materials, confidential information,
intellectual property or other related information provided by FG to Astellas under this Agreement or any other agreement between FG and Astellas relating to the subject matter hereof, FG shall have the right at its sole discretion to terminate this
Agreement upon [ * ] notice to Astellas. 
 18.2.3 Technical Product Failure. Astellas may terminate this Agreement
upon [ * ] notice to FG upon Technical Product Failure. 
 18.2.4 Development Diligence Failure. FG may terminate
this Agreement upon thirty (30) days notice to Astellas in the event Astellas fails to meet any of its development diligence requirements as set forth in Article 11 hereof, provided, however, that with respect to the development diligence
obligations set forth in Section 11.3.2, such termination right on behalf of FG shall be triggered only upon Astellas’ failure to meet such development diligence obligations for a Major Indication (except those Major Indications set forth
in Section 11.3.1(iv)), and Astellas may terminate this Agreement upon thirty (30) days notice to FG in the event FG fails to meet the development diligence requirement as set forth in Section 11.2 hereof. 

18.2.5 Other Material Non-Performance/Misrepresentation. Other than a breach giving rise to a termination right as set forth in
Sections 18.2.1 or 18.2.4, or a termination pursuant to a Technical Product Failure as set forth in Section 18.2.3 in the event of (i) a party’s breach or default in any other material respect in the performance or observance of
any other material term, covenant or provision of this Agreement, or (ii) if any representation by a party contained in this Agreement shall prove to have been incorrect in any material respect when made, resulting in material adverse
consequences for the other party, (any such default or material incorrect representation a “Material Non-Performance”), such Material Non-Performance shall be remedied only as provided in Section 18.7.4 below. 

18.3 Termination in case of Generic Competition. In the event generic equivalents has captured the [ * ] of the
quantity of Lead Compound sold by Astellas during the [ * ] preceding such termination calculated on a annual basis; or in the event, after the entry into the market of generic equivalents, that Astellas’ annual sales fall
below $[ * ] for all Lead Compounds, Astellas may terminate this Agreement upon [ * ] written notice to FG; provided, that Astellas does not Commercialize any Lead Compound after such termination until the
expiration of the last to expire FG Patents applicable to such Lead Compound. 

  
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 18.4 Negative Advice from Authorities. Astellas may terminate this Agreement upon
[ * ] notice to FG in the event Astellas has commenced Phase III clinical studies in those of the following Indications that FG is developing: “Treatment of anemia in patients with chronic kidney disease undergoing
dialysis”, “Treatment of anemia in patients with chronic kidney disease not undergoing dialysis” and [ * ], and the Japanese Ministry of Health, Labor & Welfare has provided written notification that it will
not approve the Lead Compounds in such Indications or the JDC determines, after the submission by Astellas of Marketing Approval Applications for such Indications, and the receipt of a response or request of the Japanese Ministry of Health,
Labor & Welfare that contains development demands that are so onerous that it is not reasonable to continue with Development of the Lead Compounds in such Indications. 

18.5 Admission of Invalidity or Unenforceability of FG Patent. Astellas may terminate this Agreement upon [ * ] notice
to FG in the event that FG enters into a settlement under Section 14.3 that admits the invalidity or unenforceability of all patents within the FG Technology, including patents covering Lead Compounds. 

18.6 Termination upon Notice. Subject to Section 18.7.2, Astellas may terminate this Agreement upon six (6) months notice to
FG for any reason or no reason. 
 18.7 Effect of Termination 

18.7.1 Accrued Obligations. Termination of this Agreement for any reason shall not release either party hereto from any liability
which, at the time of such termination, has already accrued to the other party or which is attributable to a period prior to such termination nor preclude either party from pursuing all rights and remedies it may have hereunder or at law or in
equity with respect to any breach of this Agreement. 
 18.7.2 Termination. In the event of (a) a termination by Astellas under
Section 18.6 during the period from the execution of this Agreement until the last to expire of the FG Patents, or (b) by FG under Section 18.2.1, 18.2.2, 18.2.4 or 18.2.5 hereof, Astellas shall, upon the effective date of such
termination, pay to FG (i) a termination fee of $[ * ] U.S. dollars and (ii) any payments to which FG is otherwise entitled to receive hereunder in the period from the date of such termination notice until the
[ * ]. 
 18.7.3 Survival. Articles 1, 5, 14, 16, 17, 18, 19 and 20, and Sections 8.3.3 and 10.5, shall survive any
termination of this Agreement, along with FG’s rights and Astellas’ obligations (but not Astellas’ rights or FG’s obligations, except to the extent required by the Japanese Ministry of Health, Labor and Welfare) under
Section 5.1.1 and Article 7. In addition, the following provisions shall survive termination of this Agreement for any reason: Astellas shall assign or cause to be assigned to FG (or if not so assignable, Astellas shall take all reasonable
actions to make available to FG) all regulatory filings and registrations (including MAAs and Marketing Approvals) with respect to the Lead Compounds that have been filed or made by or under authority of Astellas, and the rights in trademark with
respect to each Lead Compound as provided for in Section 4.4.1, in each case such assignment (or availability) 

  
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shall be made within [ * ] after the notice of termination. From and after the date of a notice of termination, FG shall have no further obligations under this Agreement beyond
those obligations that survive termination in such events as specified in this Section 18.7.3. 
 18.7.4 Material
Non-Performance. In the event of any Material Non-Performance by a party, the other party shall, without reasonable delay following discovery of such Material Non-Performance notify the defaulting party in writing, and the parties shall consult
with each other in good faith to endeavor to agree upon the most effective means to cure such Material Non-Performance and, if necessary, to effect a remedy in favor of the non-defaulting party for the consequences of such Material Non-Performance
by the defaulting party (collectively, the “Resolution”). In the event (i) the parties are unable to agree upon Resolution, or (ii) the defaulting party, in the exercise of reasonable diligence shall have been unable to remedy
such Material Non-Performance, then in either such event the remedy of the non-defaulting party with respect to the Material Non-Performance by the defaulting party shall be determined by arbitration pursuant to Section 19.2 hereof, and the
arbitrators shall be authorized to fashion such remedy, including equitable relief, which may include termination of this Agreement in whole or in part, as the arbitrators shall determine appropriate, except that termination of this Agreement in
whole shall only be the remedy of last resort. 
 18.7.5 License Upon Termination. In the event of a termination of this Agreement,
FG shall have an irrevocable, exclusive, license, with the right to grant and authorize sublicenses, to any trademarks used by Astellas in association with the Lead Compounds hereunder to make, use, sell, import and otherwise exploit products within
the Field in the Astellas Territory. Such license shall be royalty-free, provided, however, if such trademark is not a global trademark (i.e. materially different from the trademark used in the FG Territory) and either (i) if Astellas
terminates this Agreement under Section 18.2.1 or 18.2.4, or (ii) if this Agreement is terminated in accordance with the procedure as provided for in Section 18.2.5 as a result of FG’s Material Non-Performance, in which event FG
and Astellas shall negotiate in good faith a reasonable fee for such license. 
 ARTICLE 19 

DISPUTE RESOLUTION 
 19.1
Disputes. If the parties are unable to resolve any dispute between them regarding the breach, interpretation or enforcement of this Agreement, either party may, by written notice to the other, have such dispute referred to their Authorized
Designees, provided that such individuals are not directly involved in the dispute (i.e., the dispute occurs at the JDC, such individuals shall not be members of the JDC), for good faith negotiations. If after [ * ] such executives
are unable to resolve the issue, each of Astellas and FG shall have the right to refer the matter to mediation upon notice to the other party, and the parties shall choose a mediator within [ * ] of the receipt of such notice, and
shall negotiate in good faith to resolve such matter through the mediator within [ * ] thereafter. 
 19.2 Full
Arbitration. Any dispute, controversy or claim arising out of or relating to the breach, interpretation or enforcement of this Agreement, including disputes relating to termination of this Agreement, shall be settled by binding arbitration in
the manner 

  
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described in this Section 19.2. The arbitration shall be conducted pursuant to the rules of Arbitration of the International Chamber of Commerce then in effect. Notwithstanding those rules,
the following provisions shall apply to the arbitration hereunder: 
 19.2.1 Arbitrators. The arbitration shall be conducted by a
panel of three (3) arbitrators, with one (1) arbitrator chosen by each of FG and Astellas and the third appointed by the other two (2) arbitrators. If the parties are unable to agree upon a single arbitrator, or the third arbitrator
in case of a panel of three (3), such third arbitrator (as the case may be) shall be appointed in accordance with the rules of the Arbitration of the International Chamber of Commerce. 

19.2.2 Proceedings. Except as otherwise provided herein, the parties shall use their best efforts to complete the arbitration within
[ * ] after the appointment of the Panel under Section 19.2.1 above, unless a party can demonstrate to the Panel that the complexity of the issues or other reasons warrant the extension of one or more of the time tables. In
such case, the Panel may extend such time table as reasonably required. The Panel shall, in rendering its decision, apply the substantive law of the State of California, without regard to its conflicts of laws provisions, except that the
interpretation of and enforcement of this Article 19 shall be governed by the U.S. Federal Arbitration Act. The proceeding shall be conducted in English and shall take place in the city of Vancouver, British Columbia, Canada. The judgment of the
Panel shall be binding upon the parties and enforceable in any court of competent jurisdiction. 
 19.2.3 Interim Relief.
Notwithstanding anything in this Article 19 to the contrary, FG and Astellas shall each have the right to apply to any court of competent jurisdiction for a temporary restraining order, preliminary injunction, or other similar interim or
conservatory relief, as necessary, pending resolution under the above described arbitration procedures. Nothing in the preceding sentence shall be interpreted as limiting the powers of the arbitrators with respect to any dispute subject to
arbitration under this Agreement. 
 ARTICLE 20 

MISCELLANEOUS 
 20.1
Confidential Terms. Except as expressly provided herein, each party agrees not to disclose any terms of this Agreement to any third party without the consent of the other party, except (i) as required by securities or other applicable
laws or (ii) to prospective and other investors and such party’s accountants, attorneys and other professional advisors, or (iii) to others under reasonable conditions of confidentiality. 

20.2 Governing Law. This Agreement and any dispute arising from the performance or breach hereof shall be governed by and construed and
enforced in accordance with, the laws of the State of California, without reference to conflicts of laws principles. 
 20.3 Force
Majeure. Nonperformance of any party (except for payment of amounts due hereunder) shall be excused to the extent that performance is rendered impossible by strike, fire, earthquake, flood, governmental acts or orders or restrictions, failure of
suppliers, or any other reason where failure to perform is beyond the reasonable control of the non-

  
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performing party. In such event FG or Astellas, as the case may be, shall promptly notify the other party of such inability and of the period for which such inability is anticipated to continue.
Without limiting the foregoing, the party subject to such inability shall use reasonable efforts to minimize the duration of any force majeure event. 

20.4 No Implied Waivers; Rights Cumulative. No failure on the part of FG or Astellas to exercise and no delay in exercising any right
under this Agreement, or provided by statute or at law or in equity or otherwise, shall impair, prejudice or constitute a waiver of any such right, nor shall any partial exercise of any such right preclude any other or further exercise thereof or
the exercise of any other right. 
 20.5 Independent Contractors. Nothing contained in this Agreement is intended implicitly, or is
to be construed, to constitute FG or Astellas as partners in the legal sense. No party hereto shall have any express or implied right or authority to assume or create any obligations on behalf of or in the name of any other party or to bind any
other party to any contract, agreement or undertaking with any third party. 
 20.6 Notices. All notices, requests and other
communications hereunder shall be in writing and shall be personally delivered or sent by registered or certified mail, return receipt requested, postage prepaid; facsimile transmission (receipt verified); or express courier service (signature
required), in each case to the respective address specified below, or such other address or fax number as may be specified in writing to the other party hereto: 
  

			
	Astellas:	  	Astellas Pharma Inc.
		  	Attn: Director of Legal Department
		  	[ * ]
		
	with copy to:	  	Astellas Pharma Inc.
		  	Attn: Licensing, Corporate Strategy
		  	[ * ]
		
	FG:	  	FibroGen, Inc.
		  	Attn: Chief Executive Officer
		  	225 Gateway Boulevard
		  	San Francisco, California 94080
		  	Fax: 1-650-866-7202
		
	with a copy to:	  	FibroGen, Inc.
		  	Attn: Legal Department
		  	225 Gateway Boulevard
		  	San Francisco, California 94080
		  	Fax: 1-650-866-7343

  
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 20.7 Assignment. This Agreement shall not be assignable by either party to any third
party without the written consent of the other party hereto; except that either party may assign this Agreement without the other party’s consent to an entity that acquires substantially all of the business or assets of the assigning party
within the Field, in each case whether by merger, transfer of assets, or otherwise. Upon a permitted assignment of this Agreement, all references herein to the assigning party shall be deemed references to the party to whom the Agreement is so
assigned. 
 20.8 Modification. No amendment or modification of any provision of this Agreement shall be effective unless in writing
signed by all parties hereto. No provision of this Agreement shall be varied, contradicted or explained by any oral agreement, course of dealing or performance or any other matter not set forth in an agreement in writing and signed by all parties.

 20.9 Severability. If any provision hereof should be held invalid, illegal or unenforceable in any jurisdiction, the parties shall
negotiate in good faith a valid, legal and enforceable substitute provision that most nearly reflects the original intent of the parties and all other provisions hereof shall remain in full force and effect in such jurisdiction and shall be
liberally construed in order to carry out the intentions of the parties hereto as nearly as may be possible. Such invalidity, illegality or unenforceability shall not affect the validity, legality or enforceability of such provision in any other
jurisdiction. 
 20.10 Counterparts. This Agreement may be executed in one or more counterparts, each of which shall be deemed an
original, and all of which together, shall constitute one and the same instrument. 
 20.11 Headings. Headings used herein are for
convenience only and shall not in any way affect the construction of or be taken into consideration in interpreting this Agreement. 
 20.12
Export Laws. Notwithstanding anything to the contrary contained herein, all obligations of FG and Astellas are subject to prior compliance with United States and foreign export regulations and such other United States and foreign laws and
regulations as may be applicable, and to obtaining all necessary approvals required by the applicable agencies of the governments of the United States and foreign jurisdictions. FG and Astellas shall cooperate with each other and shall provide
assistance to the other as reasonably necessary to obtain any required approvals. 
 20.13 Language. This Agreement is in the English
language only, which language shall be controlling in all respects, and all versions hereof in any other language shall not be binding on the parties hereto. All communications and notices to be made or given pursuant to this Agreement shall be in
the English language. 
 20.14 Entire Agreement. This Agreement (including the Exhibits hereto) constitutes the entire agreement,
both written or oral, with respect to the subject matter hereof, and supersedes all prior or contemporaneous understandings or agreements, including the Binding Term Sheet, dated as of February 9, 2004 by and between FG and Astellas, as amended

  
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on January 25, 2005, whether written or oral, between FG and Astellas with respect to such subject matter. 

IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly executed and delivered in duplicate originals as of the date
first above written. 
  

							
	ASTELLAS PHARMA INC.	  	FIBROGEN, INC.
				
	 By:
	  	     /s/ Toichi Takenaka
	  	By:	  	     /s/ Thomas B. Neff

		  	 Toichi Takenaka
 President and Chief
Executive Officer
	  		  	 Thomas Neff
 President and Chief Executive
Officer

				
	 Date:
	  	     1.September.05
	  	Date:	  	     23 August 05

  
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 EXHIBIT A 

LIST OF PATENTS 
 [ * ]

  
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 EXHIBIT B 

INDICATIONS 
 Included indications:

  

	 	•	 	Treatment of anemia in patients with chronic kidney disease undergoing dialysis 

  

	 	•	 	Treatment of anemia in patients with chronic kidney disease not undergoing dialysis 

  

	 	•	 	[ * ] 

  
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 EXHIBIT C 

INITIAL DEVELOPMENT PLAN 

[ * ] 

  
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 [ * ] = 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. 
  

Exhibit 10.12 
 FIBROGEN
– ASTELLAS 
 Anemia License and Collaboration Agreement 

This Anemia License and Collaboration Agreement (“Agreement”) is made and entered into, effective as April 28, 2006 (“Effective
Date”), by and between Astellas Pharma Inc., having a principal place of business at 3-11, Nihonbashi-Honcho 2-chome, Chuo-ku, Tokyo 103-8411, Japan (“Astellas”) and FibroGen, Inc., having a principal place of business at 225 Gateway
Boulevard, South San Francisco, California 94080 U.S.A. (“FibroGen”). 
  

			
	 Definitions:
	  	 1.      “Affiliate” shall mean any entity which controls,
is controlled by or is under common control with Astellas or FibroGen. For purposes of this definition only, “control” shall mean the beneficial ownership (direct or indirect) of at least fifty percent (50%) of the voting power (or
equivalent power) of the subject entity for the election or designation of directors (or, in the case of an entity that is not a corporation, for the election or designation of the corresponding managing authority).

 

2.      “Anemia Indication” shall mean a treatment, for anemia, or intended to
increase hemoglobin or hematocrit in a pathological deficiency in the oxygen-carrying component of the blood, measured in unit volume concentrations of hemoglobin, red blood cell volume, or red blood cell number. For the avoidance of doubt, Anemia
Indication shall not include [ * ]. Furthermore, FibroGen and Astellas agree and acknowledge that the Anemia Indications shall include, without limitation, the indications listed on Exhibit A hereto.

 

3.      “Authorized Designee” shall mean an officer of FibroGen or Astellas,
as the case may be, designated by the Chief Executive Officer of the respective corporation, that has been granted full authority to resolve a dispute arising between FibroGen and Astellas.

 
 4.      “Bulk
Product” shall mean a Product supplied by FibroGen to Astellas as a bulk formulated and finished drug (such as in a form of, including, but not limited, to a capsule, tablet or caplet formulation) without packaging.

 

5.      “Collaboration” shall mean the Product Commercialization activities
undertaken by or for either or both parties under this Agreement.
  

6.      “Commercialize” shall mean directly or indirectly develop,
manufacture, sell, market or distribute.
  

7.      “Control” or “Controlled” shall mean possession of the
ability to grant a license or sublicense as provided for herein without violating the terms of an agreement with a third party.
  

8.      “Core Indications” are defined as “Treatment of anemia in
patients with chronic kidney disease undergoing dialysis”, “Treatment of anemia in patients with chronic kidney disease not undergoing dialysis”,[ * ].

 

9.      “Development Program” shall mean the activities to be performed
hereunder

			
		  	 with respect to the development of Products for applications within the Field, in accordance with the applicable
development plans (as established hereunder) in effect at that time.
  

10.    “Development Termination Date” shall mean [ * ] before the
Patent Expiration Date, provided, however, that in no event shall the Development Termination Date occur prior to [ * ]. The Development Termination Date shall be adjusted forward or backward (but in no event earlier than
[ * ]) in time as appropriate to account for a change in the Patent Expiration Date and for those extensions provided for under the “Designation of Products” section below.

 
 11.    “FDA” shall
mean the U.S. Food and Drug Administration, or any successor agency.
  

12.    “Field” shall mean the treatment of Anemia Indications, together with any
additional indications, if any, added to the Field in accordance with the provisions in the “License” section of this Agreement, by means of the stabilization of HIF causing the stimulation of erythropoiesis (including an increase in
endogenous erythropoietin production) and/or a subsequent increase in hematocrit through modulation of prolyl hydroxylase and/or asparaginyl hydroxylase.
  

13.    “First Commercial Sale” shall mean, with respect to each Product in a given
country, the first bona fide commercial sale of such Product in such country to a non-Affiliate third party by or under authority of Astellas, or its Affiliates or Sublicensees, as the case may be, in the Territory.

 
 14.    “FibroGen
Acquired Patents” shall mean those FibroGen Patents not originally owned by FibroGen that are in-licensed or otherwise acquired by FibroGen.
  

15.    “FibroGen Technology” shall mean FibroGen Patents and FibroGen Technical
Information.
  

16.    “FibroGen Patents” shall mean all patents including all reissues, renewals,
re-examinations, supplemental protection certificates, and extensions thereof, and any patent applications, including all divisionals, substitutions or continuations, in whole or in part, thereof, which claim or otherwise cover the composition,
manufacture, sale or use of a Product and that are owned or Controlled by FibroGen or its Affiliates as of the Effective Date or during the term of this Agreement (for the avoidance doubt, regardless of whether originally invented or created before
or after the Effective Date). For purposes of this definition, a patent or patent application shall be deemed to “cover” a Product if the manufacture, use or sale of such Product would, but for the license granted herein, infringe,
contributorily infringe or constitute inducement to infringement of such patent or patent application, if issued or granted as pending.
  

17.    “FibroGen Technical Information” shall mean confidential information, tangible
and intangible, and materials, including, but not limited to: trade

  

					
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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. 

			
		  	 secrets and know how; pharmaceutical, chemical, biological and biochemical compositions; technical and non-technical
data and information, and/or the results of tests, assays, methods and processes; clinical data and regulatory filings (such as INDs, DMFs and NDAs); and plans, protocols, specifications and/or other documents containing said information and data;
in each case that is possessed by FibroGen as of the Effective Date or discovered, developed, owned or Controlled by FibroGen or its Affiliates during the term of this Agreement, to the extent any of the foregoing relates to the development,
manufacture, sale, marketing or use of a Product, together with any information, know-how, trade secrets or documents related to a candidate HIF Compound for potential use as a Product provided by FibroGen to Astellas in connection with the Product
selection decision and consultation process.
  

18.    “Fully Burdened Cost” with respect to a Product shall mean all costs actually
incurred by FibroGen or its Affiliate(s) attributable and fairly allocable to produce, package and distribute the Product to Astellas or its carrier and any royalties or other consideration (not reimbursed by Astellas) paid to third parties for the
acquisition or sale of such Product, which costs to produce and package the Product to include the direct material and labor and indirect costs (fairly allocated) that are incurred by FibroGen or its Affiliate(s) associated with the manufacture,
filling, packaging, labeling, and preparation of product for shipment and/or other preparation of such Product, as applicable, including, but not limited to taxes, fees, and customs incurred, as applicable. Fully Burdened Costs will be determined in
accordance with U.S. Generally Accepted Accounting Principles (U.S. GAAP) and will include but not be limited to the attributable and fairly allocable costs of facilities, labor, purchasing, depreciation of equipment, materials, payments to third
parties for any necessary contract work for the manufacture or testing of the Product, quality assurance, quality control and other testing (including validation studies), storage (if requested by Astellas), shipping and costs for distribution,
excess capacity costs (it being understood that any excess capacity costs included in the Product transfer price actually paid by FibroGen to a subcontractor or supplier for the purchase of such Products from such subcontractor/supplier is not
subject to scrutiny hereunder for being “attributable and fairly allocable” as such excess capacity costs would be if incurred by FibroGen in FibroGen’s own manufacturing activities) and a reasonable allocation of general and
administrative overhead for the manufacturing operations. Costs for distribution consist of the labor, materials and reasonably allocated overhead necessary to prepare and package the final product for shipment to Astellas.

 
 19.    “Future Third
Party Intellectual Property” shall mean any intellectual property rights, including without limitation all patents, trademarks, or copyrights, and any applications therefor, including any applications for registration, issuance, or grant
thereof, owned or Controlled by a third party that are necessary for the practice of the license granted hereunder that were not owned or Controlled by FibroGen as of the Effective Date and that do not qualify as Pre-existing Third Party
Intellectual Property.

  

					
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 [ * ] = 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. 

			
		  	 20.    “Generic” means, with respect to a Product Commercialized by
Astellas in a country, a product (other than an actual Product Commercialized by Astellas pursuant to this Agreement — but not excluding that same Product if commercialized by a third party competitor) that (a) contains the same active
pharmaceutical ingredient contained in such Product (i.e. the HIF Compound that constitutes such Product, without regard to any other active pharmaceutical ingredients that may or may not also be contained in such product and/or Product), whether in
the same or modified formulation, and (b) has the same intended use and therapeutic benefit as such Product (including, without limitation, as evidenced by having been approved for one of the same indications as the Product).

 
 21.    “Generic
Competition” shall exist during a given calendar quarter with respect to a Product in any country in the Territory if, during such calendar quarter, one or more Generics shall be sold commercially in such country and shall have, in the
aggregate, a [ * ] or more market share of the aggregate of Products and Generics (based on data provided by IMS International, or if such data is not available, such other reliable data source as reasonably determined by Astellas
and FibroGen) as measured by unit sales.
  

22.    “[ * ] Percentage” shall be determined, for any Product, (i) by
dividing (a) the [ * ], which shall be defined as the difference between (x) the [ * ], and (y) the [ * ], by (b) the [ * ]; and (ii) multiplying the result of (i) above by 100.

 
 23.    “HIF” shall
mean hypoxia inducible factor.
  

24.    “HIF Compound” shall mean any molecule that stabilizes HIF through modulation of
prolyl hydroxylase and/or asparaginyl hydroxylase.
  

25.    “IND” shall mean an Investigational New Drug application, as defined in the U.S.
Federal Food, Drug and Cosmetic Act and the regulations promulgated thereunder, or comparable filing in a foreign jurisdiction, in each case with respect to a Product for use within the Field.

 
 26.    “Indication”
shall mean any given indication within the Field.
  

27.    “Initiate” or “Initiation” shall mean with respect to a particular
clinical trial for a Product, the initial dosing of the first patient in such trial in accordance with the protocol therefor.
  

28.    “JDCA” shall mean the Japanese Definitive Collaboration Agreement between
FibroGen and Astellas effective June 1, 2005.
  

29.    “Marketing Approval” shall mean, with respect to each Product, approval in the
Territory by the appropriate regulatory agency to market such Product for an Indication within the Field. It is understood that pricing or reimbursement approval shall constitute a part of the Marketing Approval. For purposes of the Milestone
Payments triggered by Marketing Approval set forth below, the First Commercial Sale of a Product (excluding permitted sales for compassionate use — also referred to as named patient supply in Europe — pending diligent efforts to obtain
Marketing Approval) shall trigger such

  

					
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		  	 Milestone Payments (if not already triggered by the applicable Marketing Approval itself) solely in the following
manner: a First Commercial Sale in an applicable country [ * ] shall trigger the corresponding Marketing Approval-based Milestone Payments, as applicable.
  

30.    “Marketing Approval Application” or “MAA” shall mean, a New Drug
Application or similar application as required under the U.S. Federal Food, Drug and Cosmetics Act and the regulations promulgated thereunder, or such similar filing in Europe, or a comparable filing for Marketing Approval in the Territory, in each
case with respect to a Product for use within the Field.
  

31.    “Net Sales” shall mean the gross amount billed or invoiced by Astellas, its
Affiliates, and its Sublicensees to non-Affiliated third parties for the Product(s) in bona fide arm’s length transaction, less the following deductions:
  

31.1.  credits, refunds or allowances, if any, given or made on account of rejection or return of the
Product(s) or otherwise in respect of Products sold hereunder;
  

31.2.  trade, quantity and other discounts, as well as retroactive price adjustments in such amounts as are
customary in the trade;
  

31.3.  compulsory government rebates whether now or hereafter existing;

 
 31.4.  duties, customs, sales taxes,
excise taxes, insurance and transportation charges actually paid to the extent included in the gross amount actually billed or invoiced, as appropriate; and
  

31.5.  charge back payments or rebates actually paid to wholesalers.

 
 In the event that Astellas, its Affiliates and its Sublicensees
bundles sales of Products with sales of other products, or if any Product (a) is a combination product that contains an active pharmaceutical ingredient(s) (i.e., a chemical entity performing an identifiable therapeutic or prophylactic function) in
addition to the active pharmaceutical ingredient that is the HIF Compound which constitutes that Product, or (b) is sold in combination with a specialized delivery device, then the parties shall negotiate in good faith an appropriate allocation of
any amounts that would affect Net Sales.
  
 In the event that
Astellas or any of its Affiliates appoints an exclusive distributor for a Product in one or more countries in the Territory subject to an obligation to promote and market the Product or perform other comparable activities for such Product in such
countries and the distributor buys the Product from Astellas or its Affiliates at a reduced sales price to account for such distributor’s costs of promotion or marketing or other comparable activities, the Net Sales of Product to such third
party for the purposes of transfer pricing or royalties hereunder shall be adjusted upward to account for such reduction in sales price.
  

32.    “Patent Expiration Date” shall mean the date of expiration (or, if applicable,
invalidation) of the last patent in the Territory within the FibroGen Patents

  

					
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		  	 containing a claim (a) which covers the composition of any Product, or (b) for which the entry of a Generic within the
Field within the Territory would constitute infringement of such claim (irrespective of any license or sublicense granted under such claim). The JSC shall confirm the Patent Expiration Date (in part to allow for confirmation of the Development
Termination Date) within six (6) months of the Effective Date, and shall confirm any changes thereto after the occurrence of an event (such as the designation of new Products or changes with respect to the FibroGen Patents) which would result in
such a change.
  

33.    “Phase I” shall mean human clinical trials, the principal purpose of which is
preliminary determination of safety in healthy individuals or patients as required in 21 C.F.R. §312.21, or similar clinical study in a country other than the United States, and for which there are no primary endpoints relating to efficacy
included in the protocol.
  

34.    “Phase IIb” shall mean human clinical trials, for which the primary endpoints
include a determination of dose ranges, if not already determined, and a preliminary determination of efficacy in patients with the Indication being studied as required in 21 C.F.R. §312.21, or similar clinical study in a country other than the
United States which design is intended to enable the Initiation of the Phase III or Pivotal clinical trial.
  

35.    “Phase III” or “Pivotal” shall mean human clinical trials, the
principal purpose of which is to establish safety and efficacy of one or more particular doses in patients with the Indication being studied in a manner designed to be sufficient to support Marketing Approval for such Indication, as required in 21
C.F.R. §312.21(c), or similar clinical study in a country other than the United States. For purposes of clarity, in the event that a Phase IIb has not already occurred with respect to the Indication being studied, upon the Initiation of a Phase
III or Pivotal clinical trial, such clinical trial shall also be considered the Initiation of a Phase IIb clinical trial.
  

36.    “Preexisting Third Party Intellectual Property” shall mean any intellectual
property rights, including without limitation all patents, trademarks, copyrights, and any applications therefor, including any applications for registration, issuance, or grant thereof, that are owned or Controlled by a third party and that are
necessary for the practice of the license granted hereunder, the existence of which was discoverable or otherwise could have been known on or prior to the Effective Date and were not owned or Controlled by FibroGen as of the Effective Date.

 
 37.    “Product” or
“Products” shall mean any HIF Compound designated by FibroGen for clinical development in an Anemia Indication in accordance with the terms herein. As of the Effective Date, each of FG-2216 and FG-4592 shall be deemed to be a Product. For
the avoidance of doubt, Product shall include the finished form of a pharmaceutical product containing such a HIF Compound described above, whether or not other ingredients (active or otherwise) are contained in such product.

  

					
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 [ * ] = 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. 

			
		  	 38.    “Sublicensee” shall mean a third party to whom FibroGen or
Astellas has directly or indirectly granted the right under FibroGen Technology in its respective territory to make, use or sell a Product. For purposes of this Agreement, FibroGen and Astellas shall not be deemed Sublicensees of the other.

 
 39.    “Technical
Product Failure” shall mean (i) a [ * ] (as hereinafter defined) which is not attributed to Astellas’ failure to fulfill its obligations hereunder (including, without limitation, such a [ * ] based upon
results from completed or terminated toxicology or other preclinical studies provided, that for FG-2216 only, results generated pursuant to such a toxicology or other preclinical study performed by or on behalf of Astellas and approved by either
FibroGen or the JDRC or performed by or on behalf of FibroGen may be considered for purposes of this subsection (i), and, provided, further that the seven preclinical studies identified on Exhibit C which have already been approved by the JDC shall
be deemed approved by FibroGen — obtained after the Effective Date, in which case a party may require (upon written request) that the JSC retain an independent expert panel, such experts to be chosen in equal numbers by each of FibroGen and
Astellas, to obtain an opinion as to whether such results constitute such a [ * ], which opinion the JSC shall consider in good faith (and which procedure shall be subject to the timing provisions set forth in the third paragraph of
the “Term and Termination” section below), (ii) a statistically significant ([ * ]) increase over placebo in [ * ], or a statistically significant ([ * ]) increase over placebo and
marketed recombinant erythropoietin products in [ * ] Products, (iii) a serious problem in the safety (including, without limitation, such serious problems based upon toxicology or other preclinical results obtained after the
Effective Date) of all of the then existing Products not related to manufacture (provided such manufacturing problem may be remedied) occurs which prevents all of the then existing Products from obtaining required clearance for entering or
continuing human clinical trials for all of the Core Indications (or which otherwise results in all Products being prevented from entering human clinical trials) for a period of [ * ] after such event occurs in the event no Product
has yet received Marketing Approval, (iv) after a Product has obtained Marketing Approval, the Marketing Approvals in [ * ] for all Products on the market in such countries are revoked or suspended for a period of at least
[ * ], or (v) receipt of non-approvable letters from appropriate regulatory authorities for not less than [ * ] indications each. For the avoidance of doubt, results from clinical studies of [ * ]
shall not by themselves form the basis of Technical Product Failure unless and until such results appear in studies in other Anemia Indications with the Product or otherwise arise with respect to commercial use of the Product and such other studies
or commercial use are sufficient themselves without reference to the results of the [ * ] studies to trigger one of the instances of Technical Product Failure above (it being understood, for the avoidance of doubt, that results from
such [ * ] studies shall not constitute grounds for either party to institute the expert panel procedure for the JSC described in (i) above).

  

					
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		  	 40.    “Territory” shall mean the countries listed in Exhibit
B.
  
 41.    “Third
Party Agreements” shall mean collectively those agreements between FibroGen and a third party existing as of the Effective Date, pursuant to which FibroGen obtained rights applicable to the development, manufacture, sale or use of Products
hereunder (but excluding options or similar agreements to acquire such rights). If, after the Effective Date, FibroGen enters into an agreement to license or acquire rights from a third party with respect to Products or subject matter to be utilized
in connection with Products, such agreements shall also be deemed Third Party Agreements for purposes of this Agreement.
  

42.    “Valid Claim” shall mean a claim of an issued and unexpired patent within the
FibroGen Patents, which claim has not been revoked or held invalid or unenforceable by a court or other government agency of competent jurisdiction from which no appeal can be or has been taken within the time period for doing so and has not been
held or admitted to be invalid or unenforceable through re-examination or disclaimer, reissue, opposition procedure, nullity suit or otherwise.

 

	 License:
	  	 FibroGen hereby grants an exclusive license to Astellas in the Field, with the right to sublicense to its Affiliates or third parties,
under all FibroGen Technology to Commercialize (including to make, have made, use, sell, have sold, offer to sell and import) Products in the Territory.
  

Neither party shall Commercialize (directly or indirectly), nor license or authorize third parties or Affiliates to Commercialize FG-2216, FG-4592 or any other
Products in the Territory for indications outside of the Field (or knowingly sell or supply any such Products to a third party or Affiliate for such purpose), during the term of the Agreement. However, in the event that FibroGen proposes to develop
any Product for any indication outside of the Field it shall notify Astellas thereof, designating such indication (a “Designated Indication”) in writing. Upon such designation, Astellas shall have the right to include in this exclusive
license for the applicable Product solely for the proposed indication, and in the event it determines to exercise such right, such Designated Indication shall (without payment of any additional upfront fees, milestones or other consideration except
for those payments already provided for hereunder) be added to the Field (and included in the license to Astellas hereunder) solely with respect to the applicable Product(s) and solely for so long as such compound is a Product and is being
Commercialized for such Designated Indication (i.e., none of (a), (b) and (c) below have occurred), after which time period the Designated Indication shall be immediately removed from the Field for such Product (for the avoidance of doubt, Astellas
shall have no rights hereunder with respect to the Designated Indication except with respect to each applicable Product for which FibroGen originally proposed or developed such Designated Indication, and all rights to such Designated Indication for
a given Product shall terminate upon (a) the permanent cessation (excluding, for example, suspension, termination or completion pending further review, consideration or development planning) of all clinical studies by both parties with respect to
such Product for such Indication prior to Marketing

  

					
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		  	 Approval in such Indication, (b) the termination of all Marketing Approvals for such Indication without either party intending or
considering to restore or replace any such Marketing Approval, or (c) the decision of the JSC to permanently cease all Commercialization of such Product in such Indication). If Astellas chooses to join development for such Designated Indication,
such Designated Indication shall be treated as a Joint Indication in accordance with the provisions therefor below, and Astellas shall be responsible for 50% of development costs for such Designated Indication in accordance with the Transatlantic
Clinical Development Plan and other provisions governing pursuit of Joint Indications herein, otherwise any subsequent joining of development for such Designated Indication by Astellas shall be subject to the rules governing adoption of a previously
independently-pursued Indication as provided below. In the event the addition of a Designated Indication raises issues that require amendment of the terms of this Agreement with respect to such Designated Indication, the parties shall confer in good
faith regarding the adoption of any such amendment. For the avoidance of doubt, FibroGen shall have no right to, and shall not, Commercialize (directly or indirectly, by license, supply of Product or otherwise) any Product for a Designated
Indication in the Territory during the term of this Agreement.
  
 Except for
Astellas’ Commercialization of Products in accordance with the other terms and conditions of this Agreement (directly and/or through Affiliates and permitted Sublicensees), neither party shall Commercialize (directly or indirectly), nor license
or authorize third parties or Affiliates to Commercialize any HIF Compound (whether or not a Product), within the Field, in the Territory (or knowingly sell or supply HIF Compounds to a third party or Affiliate for such purpose) during the term of
the Agreement (which for the avoidance of doubt does not prohibit Astellas nor FibroGen from conducting research nor FibroGen from Commercializing HIF Compounds other than Products in the Territory for any use outside the Field, subject to its
obligations with respect to Products hereunder). Astellas agrees that during the term of this Agreement (i) it will not (and will not authorize any third party to) Commercialize any Product for use outside the Field or outside the Territory,
(ii) it will not (and will not authorize any third party to) provide any supplies of any Product to any third party which Astellas knows or has reason to know (including because Astellas has been provided notice by FibroGen thereof) is being
marketed, sold or distributed for use outside the Territory, (iii) it will use commercially reasonable efforts (which level of efforts shall not take into account any financial gain of Astellas from sales of such Products outside the Field) to not
(and will not authorize any third party to) provide any supplies of Product to any third party which Astellas knows or has reason to know (including because Astellas has been provided notice by FibroGen thereof) is being marketed, sold or
distributed outside the Field, (iv) with respect to any third party (including without limitation any Affiliates, Sublicensees, distributors) marketing or distributing Product in the Territory pursuant to an agreement with Astellas, it will enforce
the terms of any such agreements in the event such entity distributes such Product outside the Territory to prevent such ex-Territory distribution, (v) it will not (and will not authorize any third party to) conduct or sponsor, or knowingly
provide any supplies of any Product for use in, any clinical trial designed to demonstrate that a Product can be used outside the

  

					
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		  	 Field, or (vi) it will not (and will not authorize any third party to) seek regulatory approval of, or label, a Product for use outside
the Field. Astellas further agrees that for a period of [ * ] following the termination of this Agreement by Astellas other than For Cause, it will not Commercialize (directly or indirectly), nor license or authorize third parties
or Affiliates to Commercialize any HIF Compound (whether or not a Product), in the Territory (or knowingly sell or supply HIF Compounds to a third party or Affiliate for such purpose) (which, for the avoidance of doubt, does not prohibit Astellas
from conducting research).
  
 The Milestone Payments and the transfer or royalty
payments to be made under “Cost of Supply; Transfer Price Payments” section have substantial present value to FibroGen. Consequently, if, (a) during the term of this Agreement, Astellas performs any Commercialization activities outside
this Collaboration with respect to any HIF Compound for use as a therapeutic, Astellas shall notify FibroGen immediately in writing, and even if Astellas establishes [ * ] that such activities are completely independent of FibroGen
and its technology and information (including, without limitation, FibroGen Technology), FibroGen shall have the right to terminate the Agreement following notice to Astellas if Astellas has not cured within [ * ] (subject to
reasonable extensions solely as required to comply with applicable laws and regulations for cure activities that cannot be completed in such time period without violation of such laws and regulations including, without limitation, regulatory
requirements concerning transfer or winding-down of clinical trials) any such activities, including, [ * ], and (b) in the event that Astellas acquires an entity or all or substantially all of the assets of an entity or is acquired
by or merges with an entity and such entity is Commercializing any HIF Compound for use as a therapeutic, Astellas shall notify FibroGen immediately of such acquisition and whether it shall (i) divest itself of such HIF Compound(s), in which event
it shall have [ * ] from the date of such acquisition in which to divest itself of such HIF Compound or (ii) cure the Commercialization of any such HIF Compound, within [ * ] from the date of such acquisition,
subject to such reasonable extensions solely as required to comply with applicable laws and regulations for cure activities that cannot be completed in such time period without violation of such laws and regulations including, without limitation,
regulatory requirements concerning transfer or winding-down of clinical trials) such activities (as described above), and in the event that Astellas fails to meet the timelines for divestiture or cure under (i) and (ii), respectively, of this
section FibroGen shall have the right to terminate this Agreement upon notice to Astellas (for the avoidance of doubt, in the case of an event under (b) which Astellas cures by either (i) or (ii), [ * ]). Astellas will not use and
apply any of FibroGen’s proprietary know-how provided to Astellas by or on behalf of FibroGen under this Agreement or any other Agreement relating to the subject matter hereof and related to HIF Compounds, the Field, HIF, except as part of the
Collaboration (including, for the avoidance of doubt, in performing its obligations or exercising the rights granted to Astellas hereunder) for the avoidance of doubt, during the term of this Agreement or at any time after the expiration or
termination of this Agreement.
  

	 Right of Negotiation:
	  	During the term of this Agreement, prior to FibroGen licensing rights to any

  

					
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 [ * ] = Certain confidential
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		  	 Products in the Field in countries outside the Territory (except for North America (i.e., the US, Canada and Mexico) and Japan) (and, for
the avoidance of doubt, with respect to a given country only prior to the execution of a license for such rights in such country), FibroGen shall notify Astellas in writing of its intent to license and Astellas shall have [ * ] to
negotiate a license for such rights (during which time FibroGen and Astellas shall make appropriate personnel available for discussions about such a license); provided, however, that if FibroGen fails to execute a license with respect to such
countries for the applicable Product or Products within [ * ] after the end of any such sixty day period, the foregoing negotiation right shall again apply with respect to the applicable countries and FibroGen must provide notice
for a new [ * ] negotiation period as provided above before licensing such territories for the applicable Product or Products. For the avoidance of doubt, the right of negotiation provided for in this paragraph shall apply to any
acquirer or permitted assignee of FibroGen, but shall not apply to any FibroGen sublicensee under this Agreement with respect to a given country so sublicensed, provided the foregoing negotiation rights were afforded to Astellas prior to the grant
of such sublicense for such country.
  

	 Right to Sublicense:
	  	 Astellas’ right to sublicense to third parties, as provided in the first paragraph of the License Section of this Agreement, is
[ * ], provided that [ * ]. It shall not be [ * ] for a sublicense to any person that [ * ]. In the event that Astellas enters into such a sublicense
with a third party (which, for the avoidance of doubt, excludes Affiliates, provided that, for the avoidance of doubt, the obligations of Astellas with respect to any activities performed under this Agreement by any Affiliates shall apply to such
Affiliates), such sublicense shall (i) obligate any such third party to notify Astellas immediately if (a) such sublicensee initiates a Phase II clinical trial or otherwise engages in Commercialization activities from and after such point of
initiation of a Phase II clinical trial) with human therapeutics for the treatment of an Anemia Indication, or (b) the sublicensee is acquired by, merged with, or otherwise comes under control of or common control with any entity that is
Commercializing (from and after such point of initiation of a Phase II clinical trial) with a human therapeutic for the treatment of an Anemia Indication, and (ii) provide Astellas the right to terminate the sublicense if such an event described in
(i) above occurs. Upon receipt of any such notice from an Astellas sublicensee, or absent such notice, upon becoming aware of any of the events described in (i)(a) or (b) above, Astellas shall exercise its right to terminate the sublicense unless
the JSC approves otherwise.
  
 For avoidance of doubt, nothing in this Agreement is
intended to preclude FibroGen from licensing, assigning or otherwise transferring rights to any Products in North America and in such case, FibroGen may delegate any obligations set forth herein to such sublicensee or transferee as appropriate;
provided, however, for the avoidance of doubt, no such sublicense, transfer or delegation shall release or limit FibroGen’s obligations to Astellas under the terms and conditions of this Agreement.

 
 Upon execution of this Agreement, FibroGen shall provide DFCI appropriate notice of
Astellas’ grant of sublicenses to (i) its Affiliates hereunder and (ii) future permitted sublicensee upon consent by FibroGen to grant such sublicense.

  

					
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 [ * ] = 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. 

			
	 Designation of Products:
	  	 In addition to FG-2216 and FG-4592, a HIF Compound shall become a Product hereunder when any such HIF Compound owned or Controlled by
FibroGen is so designated by FibroGen (by notice to Astellas as described below) prior to the Final Development Termination Date. FibroGen shall provide notice to Astellas of any such designation, identifying the HIF Compound subject thereto.

 
 FibroGen shall consult with Astellas with respect to HIF Compounds in research and
development by FibroGen that show promise for Anemia Indications and shall provide to Astellas information (other than structures) as reasonably necessary to evaluate such HIF Compounds in connection with the designation process (and generally in
response to reasonable, periodic requests from Astellas and for providing periodic status reporting to the JSC), including without limitation the information relating to patent situations in the Territory. Without imposing any obligation on the part
of FibroGen to identify or generate any additional HIF Compounds, FibroGen shall make good faith and diligent efforts to present potential Products that it reasonably believes offer substantial clinical benefit over then-current Products from such
HIF Compounds owned or Controlled by FibroGen to the JSC for review, provided that FibroGen shall present results from any Phase II clinical trial conducted in the Field with a potential Product to the JSC for review. If Astellas, through the JSC,
commits to a Development Program (as described in the development sections below) for Commercialization of such HIF Compounds, then FibroGen shall designate such HIF Compounds as Products. For the avoidance of doubt, a given HIF Compound shall be
deemed designated as a Product (and written notice thereof provided to Astellas) once FibroGen (directly or indirectly, including by a licensee) Initiates a Phase III clinical trial with such HIF Compound in patients for an Anemia Indication prior
to the Final Development Termination Date. Once designated as a Product(s), a given compound shall remain a Product until (a) the permanent cessation (excluding, for example, suspension, termination or completion pending further review,
consideration, development planning or regulatory discussions) of all clinical studies by both parties with respect to such Product for all Indications prior to Marketing Approval, (b) the termination of all Marketing Approvals for such Product
without either party intending or considering to restore or replace at least one such Marketing Approval or obtain a new Marketing Approval, or (c) the decision of the JSC to permanently cease all Commercialization of such Product for all
Indications (provided such cessation of development is not due to the compound having already received Marketing Approval or otherwise being commercially successful), and upon the occurrence of any such event, said HIF Compound shall no longer be a
Product hereunder and all rights granted to Astellas by FibroGen hereunder to such HIF Compound shall revert to FibroGen. For the avoidance of doubt, when a given HIF Compound (including FG-2216 and FG-4592) becomes a Product, such designated
Product shall include all salts, esters, complexes, chelates, crystalline and amorphous morphic forms, pegylated forms, enantiomers (excluding regioisomers), prodrugs, solvates, metabolites and catabolites of the active pharmaceutical ingredient
that is the HIF Compound of such Product, except to the extent any of the foregoing has a different basic chemical structure than the active pharmaceutical ingredient that is the HIF Compound of such Product.

  

					
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 [ * ] = 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. 

			
		  	 During the [ * ] period beginning on the date that is [ * ], (each such period, a
“Look-in Period”) Astellas shall be given the opportunity to review and to perform due diligence on the HIF Compounds currently being researched and developed by FibroGen for the purposes of determining whether it shall continue, after
such Development Termination Date, development under the Agreement of additional Products other than those Products already designated under this Agreement. In the event the [ * ] is accelerated (due to
[ * ] or similar causes), such that Astellas does not get the benefit of such a [ * ] look period at such time, such [ * ] shall be extended to the extent required to allow for
such a [ * ] period.
  
 During any aforementioned Look-in
Period, FibroGen shall provide such information, consultation and assistance (excluding disclosure of actual compound structures) as reasonably requested by Astellas to allow Astellas to conduct diligence on all eligible HIF Compounds of FibroGen
that show some promise for Anemia Indications and to determine if Astellas desires to continue with Commercialization of additional Products other than those Products already designated under this Agreement under the Collaboration. Astellas shall
indicate in writing, prior to such Development Termination Date, whether it wishes to extend this Agreement beyond the current (at that time) term and fund further pre-clinical and clinical development (as more fully described below) for
Commercialization of additional potential Products other than those Products already designated under this Agreement under the Collaboration after the Development Termination Date. If Astellas so notifies FibroGen in writing prior to such
Development Termination Date of its intent to extend the Agreement: (a) the term of the Agreement shall be extended for a minimum of ten (10) years from the then applicable Development Termination Date and the Development Termination Date itself
shall be reset for a minimum of five (5) years after the then applicable Development Termination Date, with both such dates otherwise subject to extension (e.g., depending on the Patent Expiration Date) as provided for under the terms of this
Agreement; (b) Astellas shall commit to participating in the Development Program for any new Product designated by FibroGen hereunder during the term of this Agreement (including the Core Indications as set forth below), in accordance with the terms
hereof (including by Astellas funding fifty percent (50%) of the Transatlantic Clinical Development Plan (as defined below) therefore); and (c) Astellas shall fund fifty percent (50%) of any preclinical development work of any newly designated
Products conducted in accordance with a JSC approved preclinical development plan following Product designation by FibroGen, provided that all Indications for which a Product has received Marketing Approval in the Territory or shall receive
Marketing Approval in the Territory in the [ * ] following such Development Termination Date shall be the only Core Indications for purposes of this Agreement with respect to Products designated after such Development Termination
Date.
  

	 Governance:
	  	 The parties shall form a Joint Steering Committee (JSC) that will oversee and coordinate all activities of the Collaboration and manage
two subcommittees:
  

  

					
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 [ * ] = 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. 

			
		  	 A.     the Joint Development and Regulatory Committee (JDRC), and

 
 B.     the Joint
Commercialization Committee (JCC).
  
 Each Subcommittee is co-chaired by one
representative from each party and responsible for planning and implementation of actions and activities to support the Products.
  

	 Joint Steering Committee:
	  	 A Joint Steering Committee (JSC) shall be formed with an equal number of representatives from FibroGen and Astellas (which such number
shall initially be set at [ * ] for each party, unless and until the parties agree upon a different number). The JSC shall have as its overall purpose the responsibility of overseeing and reviewing (i) development, registration,
marketing, manufacturing, and sale of the Product in the Territory for the Core and Joint Indications, (ii) the status and implementation of the Transatlantic Clinical Development Plan, and (iii) coordination issues in worldwide Commercialization of
Products marketed both within and outside the Territory. The JSC shall also be responsible for resolving any disputes that cannot be decided at the subcommittee level. The JSC shall meet at least [ * ] times per year
([ * ] of which may be by teleconference), unless the parties agree otherwise. Actions to be taken by the JSC (as well as the JDRC and JCC) pursuant to the terms of this Agreement shall be taken only following the unanimous vote of
the members of the JSC (or such other committee as the case may be). The JSC shall attempt to have all decisions approved by all members of the JSC. Except as otherwise set forth herein, disputes that cannot be resolved by the JSC shall be resolved
via the Dispute Resolution process outlined below.
  

	 Joint Development and Regulatory Committee:
	  	 A Joint Development and Regulatory Committee (JDRC) shall be formed with an equal number of representatives from FibroGen and Astellas (to
be set by the JSC or as otherwise agreed by the parties). The JDRC shall have as its overall purpose the responsibility of achieving the necessary Marketing Approvals for Products in the Territory through a transatlantic Development Program.
Disputes arising at the JDRC level shall be elevated to the JSC for resolution.
  

	 Joint Commercialization Committee:
	  	 A Joint Commercialization Committee (JCC) shall be formed with an equal number of representatives from FibroGen and Astellas. The JCC
shall have as its overall purpose the responsibility of coordinating the launch of the Product(s) in the Territory including trademarking, however, Astellas shall lead and retain control over marketing and commercialization in the Territory.
Disputes arising at the JCC level shall be elevated to the JSC for resolution.
  

	 Development:
	  	During the term of the Agreement, Astellas shall use commercially reasonable efforts to develop Products in the Territory and FibroGen shall use commercially reasonable efforts to develop Products in North America, in each case
for the Core Indications and all other indications for which it agrees to pursue development hereunder. During the term of this Agreement, Astellas will use commercially reasonable efforts to sell, market and distribute the Products for Indications
for which such Products have received Marketing Approval. Notwithstanding the foregoing, in the event that Astellas Commercializes any product that [ * ] for an Anemia Indication outside of this Agreement (a “Competing
Product”), commercially reasonable efforts shall be determined without consideration of the fact that it is (i.e. as if it were not) Commercializing any such Competing Product.

  

					
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 [ * ] = 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. 

			
		  	 FibroGen and Astellas will coordinate through the JSC and the JDRC a development strategy for North America and the Territory and will
conduct those studies and pursue such clinical trials and regulatory filings that are necessary and sufficient for Marketing Approval of the Products therein (the “Transatlantic Clinical Development Plan”). The JDRC shall periodically
review and update the Transatlantic Clinical Development Plan as appropriate, provided that in any event all changes and updates to the Transatlantic Clinical Development Plan shall require approval by the JSC. Astellas shall be responsible for
handling regulatory filings and approvals in the Territory and shall hold and own all filings, approvals and registrations for the Products in the Territory, which shall be assigned to FibroGen upon the termination of this Agreement (excluding
expiration or termination by Astellas for FibroGen’s breach). The parties shall regularly exchange information and status updates with respect to their activities conducted and results obtained under the Transatlantic Development Plan
(including by providing periodic status updates to the JDRC) and shall provide such assistance as is reasonably requested by the other party in its performance of the Transatlantic Development Plan.

 
 Either party may decide whether or not to pursue Indications outside of the Core
Indications at any time in the Development Program. If either party decides to pursue development of such an additional Indication(s), it shall notify the other party so that the parties can create and execute a joint development plan in accordance
with the provisions herein (e.g., incorporation into the Transatlantic Clinical Development Plan as well as, if applicable, local Product development plans for activities specific to a party’s respective territory) for such Indication (a
“Joint Indication”). If, however, either party decides not to pursue such non-Core Indication which the other party is pursuing, such Indication shall not be a Joint Indication and the other party may pursue such Indication independently;
provided, however, that if the declining party later decides to join in the development of any such other Indications outside of the Core Indications it shall be considered a Joint Indication and such joining party must work with the existing
developing party to develop a new plan hereunder that is based on, and is designed to work with (and not interrupt), the existing developing party’s development plan and timelines for its respective territory, and such joining party shall
reimburse the developing party for [ * ] of any development costs incurred previously by such developing party for that Indication from the Effective Date.

 
 Reporting of adverse experiences under this Agreement shall be governed by the terms and
conditions of Section 4.4.2 of the JDCA (as reasonably applied to this Agreement — e.g., “Lead Compound” therein shall refer to “Product” for purposes of this Agreement), provided that Astellas shall have responsibilities
regarding PSURs in the Territory, such documents to be subject to final approval by the JDRC and further provided that non-serious adverse events are reported from Astellas to FibroGen and from FibroGen to Astellas, on a quarterly basis, as
determined by both parties at the JDRC for the respective compound. Notwithstanding the foregoing, the parties shall meet and agree upon a

  

					
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 [ * ] = 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. 

			
		  	 pharmacovigilence agreement that shall comply with applicable laws and regulations and shall include by way of example, but not
limitation, (i) establishment and maintenance of a global safety database in accordance with mutually agreed specifications, terms and conditions, which will provide each party with access thereto in order to fulfill their respective reporting
duties and obligations, and (ii) review and approval of PSURs in North America and the Territory by the JDRC to the extent compatible with applicable laws and regulations.
  

Subject to the confidentiality obligations hereunder, each party shall provide the other party access to, and, where practical, copies of, preclinical and
clinical data (including raw data thereof), analyses, reports, protocols and correspondence, as well as all regulatory filings and approvals, in such party’s possession with respect to the Products at reasonable times and upon reasonable
request by the other party. The other party shall have the right to use and the right to reference such information and materials, and the associated regulatory filings and approvals, for the purpose of the other party’s Commercialization
activities for the Products hereunder (including for the purpose of including and referencing the same in its regulatory filings for Products in its respective territory). Each party shall reasonably cooperate with the other, including by executing
such documents, as may be necessary to evidence or implement the foregoing rights of reference with respect to regulatory filings.
  

For the avoidance of doubt notwithstanding anything to the contrary in this Agreement, neither party shall be obligated hereunder (a) to develop (or fund
development of) a Product for a non-Core Indication, unless the parties have otherwise agreed to develop a Product for such an Indication, e.g., without limitation, a Designated Indication or a Joint Indication, nor (b) to develop (or fund
development of) more than two Products at any one time (plus, if applicable, potentially a pre-clinical development program for a third Product following Astellas’ decision to extend the Collaboration after a Development Termination Date)
unless FibroGen designates a Product based upon Astellas’ commitment, through the JSC, to Commercialize such Product hereunder in accordance with the “Designation of Product” Section, it being understood and agreed that such
limitations on the number of Products a party is obligated to develop shall exclude for the purposes of such calculation Products for which Marketing Approval has been received. Either party may decline to pursue development of any Product in excess
of the two or three Products limits specified above, provided that if the declining party later decides to join in the development of any such other Product, such joining party shall work with the existing developing party to develop a new plan
hereunder that is based on, and is designed to work with (and not interrupt), the existing developing party’s development plan and timelines for its respective territory, and such joining party shall reimburse the developing party for
[ * ] of any development costs incurred previously by such developing party for that Product from the Effective Date to the extent not already shared.

		
	 Development Plan:
	  	Astellas and FibroGen each agrees to pursue Marketing Approval of the Core Indications and Joint Indications in the Territory and North America, respectively, on a concurrent basis. Astellas and FibroGen will develop and agree to
the initial

  

					
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 [ * ] = 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. 

			
		  	 Transatlantic Clinical Development Plan for such concurrent development within 6 months of the signing of the Agreement and until then,
the parties shall cooperate on a reasonable transition of Product development to the Collaboration based on FibroGen’s existing clinical development plan as coordinated through the JDRC. For avoidance of doubt, FibroGen’s current or
planned clinical studies with FG-2216 for [ * ] in Phase II, treatment of anemia in patients with chronic kidney disease not undergoing dialysis in Phase IIb, treatment of anemia in patients with chronic kidney disease undergoing
dialysis in Phase Ib/IIa, treatment of anemia in patients with chronic kidney disease undergoing dialysis in Phase IIb, and treatment of [ * ] in Phase II, and FG-4592 in Phase IIa as set forth in Exhibit D attached hereto shall be
included in the initial Transatlantic Clinical Development Plan unless later modified by the JDRC.
  

Each party shall have the right to designate two (2) Priority Indications (which designation can be adjusted on an annual basis by no more than one changed
Indication per year), so long as any such indication is not then approved for treatment with recombinant erythropoietin in the respective Territory. In the event that the parties cannot agree on a matter relating to a Priority Indication whether
designated by FibroGen or Astellas (following appropriate efforts to resolve such matters in the JDRC and JSC) resulting in a significant delay (e.g. [ * ]) from the timeline in the Transatlantic Clinical Development Plan, either
party shall have the right to pursue the affected Priority Indication in its respective territory without involvement of the JSC, the JDRC and the other party; provided, however, that in such event (a) each such party shall fund its own development
costs for such Indication, (b) in the event that a party desires to use the other party’s data (or references to regulatory filings) for obtaining approval for such Indication in its own territory, such party shall reimburse the other party for
[ * ] of any development costs incurred previously by such other party to generate such data and make such filings for such Indication (excluding any portion of such costs that were already subject to sharing before the foregoing
was triggered).
  
 FibroGen and Astellas agree to use commercially reasonable efforts to
pursue development of [ * ] on an expedited approval basis in North America and the EU, unless mutually agreed by the parties. Results from clinical studies of [ * ] shall not form the basis of the termination of
this Agreement.
  
 In the event that either party is acquired by, or grants a license to
develop and market a Product for a Core Indication to another company that manufactures and markets recombinant erythropoietin (whether at the time of the acquisition or license grant, or thereafter), and thereafter, a significant delay (e.g. 3
months) occurs on a Core Indication (or the relevant Core Indication in case of said grant of license) beyond the timeline set forth in the Transatlantic Clinical Development Plan in effect at the time of the acquisition, at the time of said grant
of license, as applicable, as a result of a failure of the parties to agree within the JDRC or JSC or a failure of cooperation by the acquired party or its successor, the licensor party or its licensee, as applicable, in accordance with the terms of
this Agreement, then the other party shall have the right to pursue such Core Indication in its respective territory without involvement of the JSC, the JDRC or the other party, or its successor; provided, however, that in such event (a) each such
party shall fund its

  

					
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 [ * ] = 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. 

			
		  	own development costs for such Core Indication, and (b) in the event that a party desires to use the other party’s data (or references to regulatory filings) for obtaining approval for such Indication in its own territory,
such party shall reimburse the other party for [ * ] of any development costs incurred previously by such other party to generate such data and make such filings for such Core Indication (excluding any portion of such costs
that were already subject to sharing before the foregoing was triggered).
		
	 Development Costs:
	  	All costs and expenses (including reasonable FTE costs and the Fully Burdened Cost of clinical supplies of the Product) incurred by either party for the Transatlantic Clinical Development Plan after the Effective Date shall be
reported, adjusted and reconciled between them on a quarterly basis so that FibroGen and Astellas are to share such costs and expenses equally. For avoidance of doubt, the foregoing costs and expenses are exclusive of those relating to Japan, which
are governed by the terms of the JDCA. Any costs and expenses to be reimbursed under this Agreement shall be limited to amounts reasonably incurred and fairly allocated to development activities hereunder and shall be consistent with the
Transatlantic Clinical Development Plan, or other plan approved by the JSC or JDRC and with the cost principles of mitigating the total cost of the Development Program as much as possible by adequately allocating the work among FibroGen, Astellas
and their respective contractors, the specifics of which will be agreed upon hereafter between the parties. At least two (2) months before the beginning of each calendar year, the JDRC shall prepare a detailed annual budget for the calendar year
covering the development activities of each party specified the Transatlantic Clinical Development Plan based upon the cost principles of this paragraph for review and approval by the JSC. The JDRC shall review the annual budget at least quarterly
and propose any necessary amendments, such amendments shall be subject to review and approval by the JSC. In the event that a party expects to exceed the annual budget by more than [ * ] in any given quarter or by more than
[ * ] for a given year, the party shall promptly notify the JDRC and the JDRC shall determine whether amendment of the annual budget is reasonably required and, if so, propose an amendment of the budget, which shall be
subject to the review and approval of the JSC. In the event that a party exceeds the annual budget (with any JSC approved amendment thereto) by more than [ * ] in any given quarter or [ * ] for the
annual budget, the party shall not be in breach of this agreement as a result of exceeding the budget; provided, however, that the party shall not be entitled cost sharing with the other party in accordance with the Section “Development
Costs” for that portion of its costs and expenses in excess of the annual budget for that quarter plus [ * ] or that year plus [ * ], as applicable, except that development costs incurred in
conducting the Transatlantic Clinical Development Plan in excess of [ * ] for the quarter or [ * ] for the year, as applicable, of the amounts so budgeted shall also be reimbursed if both Parties
approve the excess Development Expenses (either before or after they are incurred), and each party shall determine in good faith whether such development costs were reasonably incurred in the performance of the Transatlantic Clinical Development
Plan. Within six (6) months of the Effective Date, the JSC shall establish a procedure for controlling and monitoring the budget to ensure that all clinical trials approved in the Transatlantic Clinical Development Plan shall have appropriately
allocated and approved budgets in a timely manner.

  

					
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 [ * ] = 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. 

			
		  	 Astellas and FibroGen shall conduct all clinical and regulatory development activities specifically required in the Territory and North
America, respectively, if any (i.e., to the extent not included in the Transatlantic Clinical Development Plan) at each of their own respective cost and expense in accordance with a local development plan to be approved by the JSC and JDRC (provided
that the budget and costs therefore shall not be subject to JSC or JDRC approval).
  

FibroGen and Astellas will negotiate in the Transatlantic Clinical Development Plan the reasonable allocation of the costs for the Core Indications incurred
from the Effective Date until the date such plan takes effect, for the currently open clinical trials in the Territory.

		
	 Manufacturing & Supply:
	  	 Each of FibroGen and Astellas may manufacture (which shall include have manufactured by third parties for purposes of this Agreement)
Product for development, use and sale in the Territory. In the event that FibroGen manufactures, FibroGen shall provide Astellas with Product in the form of Bulk Product (as described in the JDCA) and FibroGen shall be obligated to maintain two
separate, validated manufacturing sites within [ * ].
  
 The parties
agree that FibroGen shall manufacture and supply all of both parties’ requirements for Product for non-commercial and commercial use for so long as Astellas desires FibroGen to do so, provided, however, that during such period of time as
FibroGen is manufacturing and supplying all Product on behalf of Astellas, Astellas shall not grant to any Sublicensee or other third party (which, for the avoidance of doubt, excludes Affiliates) any right to make or have made any Product. Prior to
completion of the first Phase III clinical trials for the Products, the parties shall negotiate and enter into a commercial supply agreement with respect to the commercial supply of Products to Astellas by FibroGen, consistent with the terms and
conditions hereof and otherwise containing customary terms and conditions.
  
 In
connection with the supply of any Product for non-commercial use: (a) for supplies needed for the Transatlantic Clinical Development Plan, FibroGen shall provide such supplies in accordance therewith or, if not so specified, as necessary for the
conduct of such trials on the timelines specified in such Transatlantic Clinical Development Plan, (b) for supplies needed to conduct trials specific to the Territory and not part of the Transatlantic Clinical Development Plan, Astellas shall
provide FibroGen with a firm purchase order reasonably prior to its requirements as mutually agreed by the parties. FibroGen shall provide such Product to Astellas as soon as practicable within such time period, subject to the reasonable lead time
requirements of third party contract manufacturers. All forecasts shall be prepared in good faith in order to facilitate FibroGen’s manufacture and shipment of the Product in compliance with this Agreement. All Products supplied by FibroGen to
Astellas hereunder (whether for commercial or non-commercial use) shall be manufactured in compliance with applicable laws and regulatory requirements, including cGMP and ICH, and Marketing Approvals therefor, and in accordance with the terms and
conditions of Section 12.4 through 12.12 of the JDCA (as reasonably applied to this Agreement, including that shipment shall be Ex-Works (Incoterms 2000)) and shall conform to the specifications
therefore.

  

					
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 [ * ] = 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. 

			
		  	 In connection with the supply of any Product for commercial use in the Territory upon FibroGen’s request, Astellas and FibroGen shall
negotiate in good faith for inclusion in the commercial supply agreement appropriate forecasting and firm purchase order lead times, taking into consideration the reasonable notice requirements of FibroGen and its third party manufacturers. All
forecasts shall be prepared in good faith in order to facilitate FibroGen’s manufacture and shipment of the Product in compliance with this Agreement.
  

In the event that Astellas determines to manufacture, whether directly or through Affiliates or third parties, Product for the Territory, Astellas shall
provide FibroGen with not less than [ * ] notice, or such other notice as reasonably required to comply with FibroGen’s obligations to third party manufacturers (for the avoidance of doubt, manufacture by Astellas’
Affiliates or other third parties at the direction of Astellas or its Affiliates in breach of this sentence shall be deemed Astellas’ breach); provided, however, that in the case of FibroGen’s material failure to supply Astellas’
reasonably forecasted commercial requirements under the terms and conditions contained in the supply agreement, Astellas may initiate the process of taking over manufacturing its own requirements immediately upon reasonable notice to FibroGen with a
reasonable opportunity to cure. In the event that Astellas determines to manufacture Products for the Territory hereunder, FibroGen shall provide to Astellas such information (including know-how, processes, procedures, formulas and protocols),
consultation and assistance as is reasonably necessary for Astellas and/or its contract manufacturer to set and implement manufacturing operations for the Product and to manufacture Products for the Territory (at Astellas’ expense unless
resulting from FibroGen’s material and uncured breach of its manufacture and supply obligations hereunder or under the supply agreement, provided, that, a force majeure event shall not be considered a material breach of the obligation to supply
under this Agreement or the supply agreement).

		
	 Cost of Supply; Transfer Price Payments:
	  	 For Products to be used for a non-commercial purpose in the Territory (as described below), (a) FibroGen’s Fully Burdened Cost
therefore shall be divided equally between the parties to the extent such supplies are for use in conducting the Transatlantic Clinical Development Plan, and (b) Astellas will pay FibroGen’s Fully Burdened Cost of such Products to the extent
(i) such supplies are for use by Astellas other than as part of the Transatlantic Clinical Development Plan or (ii) such supplies are for use as promotional samples to be disseminated by Astellas.

 
 For Products to be used for a commercial purpose in the Territory (as described below),
if FibroGen manufactures Product, Astellas will pay to FibroGen a transfer price based upon a good faith estimation as agreed by the parties equal to [ * ] of Net Sales on Net Sales up to $[ * ] US dollars per year
in the Territory, and [ * ] on Net Sales above $[ * ] US dollars per year in the Territory, such price to be set at the beginning of each calendar year for the upcoming year, with a reconciliation of such transfer
price paid for Products to conform to the actual Net Sales on a quarterly basis for such Products (with a corresponding payment or

  

					
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 [ * ] = 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. 

			
		  	 credit adjustment made between the parties so that Astellas will have paid the -amounts based on actual Net Sales for such Products,
rather than the estimated transfer price, after applying such reconciliation). If Astellas manufactures Products, Astellas will pay to FibroGen [ * ] of its Net Sales on Net Sales up to $[ * ] US
dollars per year in the Territory, and [ * ] on Net Sales above $[ * ] US dollars per year in the Territory with respect to such Products, to be paid and calculated on a quarterly basis. In the event
that both FibroGen and Astellas manufacture, calculation of Net Sales within the Territory shall be aggregated for the purposes of calculation of the $[ * ] annual threshold. In the event that FibroGen materially fails to
manufacture and supply Astellas’ requirements for Products for the Territory under the commercial supply agreement (following reasonable opportunities to cure such failure in accordance with such supply agreement), and Astellas determines to
manufacture Product for the Territory, Astellas shall be entitled to reduce the foregoing payments to FibroGen by the amount of its fully burdened manufacturing costs of Products (so that it is incurring the same aggregate amount with respect to
Product supply and sale that it would have incurred if FibroGen was manufacturing such Product). The foregoing transfer price and royalty rates shall be reduced from [ * ] down to [ * ], on a
country-by-country and Product-by-Product basis upon the first to occur of (a) the onset of Generic Competition with respect to a particular Product in a particular country, or (b) the expiration (or invalidation, revocation or unenforceability, as
the case may be) of the last Valid Claim within the FibroGen Patents in a particular country that cover the particular Product in such country (provided that, with respect to countries in which there are no such Valid Claims to begin with,
[ * ], (ii) the onset of Generic Competition in such country as per (a) above, or (iii) expiration (or invalidation, revocation or unenforceability, as the case may be) of the last Valid Claim within the FibroGen Patents that cover
the particular Product [ * ].
  
 In the event that FibroGen is
manufacturing Product and the weighted average percentage of payment amount for supply of the FibroGen-manufactured Products per unit (across the entire Territory) drops below [ * ] as provided above due to Generic
Competition or patent expiry, FibroGen shall have the following [ * ] protection: if the [ * ] Percentage on the Products for FibroGen fall below [ * ] after the entry of
Generic Competition, FibroGen shall have the right to renegotiate the manufacturing and supply payment terms, or terminate the supply obligations. If FibroGen elects to terminate (or the parties fail to reach new terms following negotiation as per
below), Astellas shall have the right to manufacture the product under the terms and conditions to be then agreed upon between FibroGen and Astellas, and FibroGen shall upon request continue to provide Product for a reasonable time to facilitate
technology transfer for the manufacturing process. If FibroGen elects to renegotiate, FibroGen and Astellas shall use best efforts in good faith to renegotiate reasonable terms.

 
 All transfers of Products for use following Marketing Approval shall be deemed transfers
for a commercial purpose, except transfers for the purpose of conducting clinical trials, which shall be considered transfers for a non-commercial purpose. All transfers of Products for use as samples shall be at the Fully Burdened Cost of such
Products such price to be set at the beginning of each calendar year for the upcoming year.

  

					
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 [ * ] = 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. 

			
	 Upfront and Milestone Payments to FibroGen:
	  	 In return for the foregoing rights Astellas shall pay FibroGen the following installments (except for (i), within thirty (30) days of the
occurrence of the applicable event below):
  

i)       $40 million US dollars within fourteen (14) business days in Japan of
execution of this Agreement, $40 million US dollars within fourteen (14) business days in Japan of the earlier of the execution of the Detailed Commercialization Agreement (as defined below) or the conversion of the Agreement into the final
operative Agreement, $70 million US dollars on January 31, 2007, $70 million US dollars on January 31, 2008, and $80 million US on January 31, 2009 (collectively, the “Upfront Payments”);

 
 ii)     $40 million US
dollars upon Initiation of the first Phase IIb clinical trial (provided such trial is included within the Transatlantic Clinical Development Plan) for a first Product in any of the Core Indications (except for [ * ]) in any country
in the EU or the US;
  

iii)    $[ * ] US dollars upon Initiation of the first Phase IIb clinical trial
(provided such trial is included within the Transatlantic Clinical Development Plan) for a second Product in any of the Core Indications (except for [ * ]) in any country in the EU or the US;

 
 iv)    $50 million US dollars
upon the Initiation of the first Phase III or Pivotal clinical trial (provided such trial is included within the Transatlantic Clinical Development Plan) in any of the Core Indications (except for [ * ]) in any country in the EU or
the US);
  

v)      $[ * ] US dollars upon filing of the first Marketing Approval
Application for any Product for any of the Core Indications (except for [ * ]) in any country in the EU; and
  

vi)    $[ * ] US dollars upon filing of the second Marketing Approval Application
for any Product for any of the Core Indications (except for [ * ]) in any country in the EU.
  

Each of the payments to be made under (ii) – (vi) above and under the “Milestone Payments to FibroGen for Approval Success” section below shall
be a “Milestone Payment” for the purposes of this Agreement.

		
	 Milestone Payments to FibroGen for Approval Success:
	  	 Astellas shall pay FibroGen $[ * ] US dollars upon granting of each of the first three Marketing Approvals in the Core
Indications (except for [ * ]) in the EU (for a total aggregate amount of $[ * ] US dollars).
  

Astellas shall pay FibroGen $[ * ] US dollars upon the first Marketing Approvals in a Core Indication (except for [ * ]) in
[ * ].

		
	 Net Payments:
	  	All Upfront Payments and Milestone Payments made by Astellas to FibroGen set forth herein are net amounts and shall be made free and clear of, and without any reduction for, withholding taxes or similar deductions, except as may
be required under applicable law. In the event Astellas is required to withhold taxes or make

  

					
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 [ * ] = 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. 

			
		  	similar deductions from any Upfront Payments to FibroGen hereunder, Astellas shall [ * ] such payment to FibroGen by [ * ] so that after such withholding or deduction is made, FibroGen will have
received [ * ]; provided, however, that with respect to both Upfront Payments and Milestone Payments (a) in the event that a change in applicable tax laws after the Effective Date requires that such a withholding or deduction be
made (despite efforts to minimize them consistent with applicable law as provided below) that would not have been required prior to such change in law, the parties shall [ * ] the cost of such withholding or deduction (so that the
amount of increase in payment above shall [ * ] of the applicable withholding or deduction), and (b) should FibroGen be able, within the maximum period allowable by applicable law, to utilize as a tax credit or tax deduction any
amounts withheld or deducted by Astellas as provided above, FibroGen shall promptly notify Astellas of the amount of such tax credit or other tax benefit within [ * ] after such amount can first be calculated and, at the time of
such notice, refund the amount of such credit (or amount of tax saved with respect to such deduction) to Astellas to the extent any payment to be made hereunder is increased on account of and up to the amount of such withholding or deduction. For
the avoidance of doubt, Astellas shall not be required to increase or make additional payments to FibroGen in the event withholding or deduction is required with respect to any royalty or transfer payments to FibroGen hereunder (and to the extent so
required Astellas may deduct or withhold from such payments thereby reducing the amount paid to FibroGen). The parties shall reasonably cooperate and take such reasonable actions (solely to the extent consistent with applicable law), including by
executing such documents, providing such information and changing the method of payment, as may be reasonably required to minimize or obtain exemption from any such deduction or withholding from amounts payable hereunder and to enable the applicable
party to claim tax credits and/or tax deductions with respect thereto.
		
	 Reporting and Audit Rights:
	  	 Each party shall provide the other party with quarterly reports setting forth costs and expenses incurred by the party which are subject
to sharing or reimbursement hereunder (or which are otherwise relevant to payments to be made hereunder, such as FibroGen’s Fully Burdened Cost of Products) during such quarter and, in the case of Astellas, setting forth the Net Sales of
Products in such quarter (broken down by country and by Product) within [ * ] of the end of such quarter.
  

Each party shall keep complete and accurate books, records and accounts as required to verify costs and expenses to be reimbursed or shared hereunder and as
otherwise necessary to verify the amount and accuracy of payments required to be made hereunder for a period of [ * ] following the end of the calendar quarter to which they pertain. Each party shall have the right, on at least
[ * ] advance written notice and not more than once in any twelve (12) month period, to have an independent accounting firm that is reasonably acceptable to the other party (the “Auditor”) examine such books, records and
accounts of the other party during the other party’s normal business hours solely to verify the accuracy of the amount of payments made or required to be made by the other party hereunder, provided that in no event shall a party be entitled to
audit a given period of such books, records and accounts of the other party more than once. The Auditor shall execute a

  

					
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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. 

			
		  	 confidentiality agreement with the audited party in a form reasonably acceptable to audited party that prohibits the Auditor from
disclosing or using information obtained in connection with the examination (other than the disclosure to the auditing party of the amount of any underpayment or overpayment). Any such examination shall be at the auditing party’s expense;
provided, however, that if such audit reveals an underpayment (or overcharge, as the case may be) by the audited party of more than [ * ] during the audited period, the audited party shall pay all reasonable costs of the
audit.
  

	 Intellectual Property Rights:
	  	 FibroGen shall own all intellectual property rights developed by either party under the Collaboration related to the Products, the Field
and/or stabilization of HIF, excluding intellectual property created exclusively by Astellas (or its contractors, licensees, Affiliates and similar third parties other than FibroGen itself), (i) relating solely to drug delivery systems (unless such
delivery systems are derived from FibroGen Technology or confidential information of FibroGen obtained by Astellas from FibroGen (excluding in, each case, FibroGen Technical Information that would qualify under one or more of the exceptions in
16.1(a), (b) or (d) in the JDCA)), or (ii) which is or corresponds to other generally applicable technologies, unless such generally applicable technologies are derived from FibroGen Technology or confidential information of FibroGen obtained by
Astellas from FibroGen (excluding in, each case, FibroGen Technical Information that would qualify under one or more of the exceptions in 16.1(a), (b) or (d) in the JDCA), (i.e. such technology can be directed towards at least one product or
indication outside the HIF Compounds, Field or HIF and could be similarly used with or applied to other products or indications that are not (and do not contain) any HIF Compound, the Field or HIF — such as generally applicable clinical trial
technologies or generally applicable manufacturing technologies — and such technology (and corresponding intellectual property) does not completely comprise, cover, or prevent or block the use or exploitation of any HIF Compound, the Field or
HIF, or the modulation or stabilization thereof), which intellectual property to such delivery systems in (i) above and other generally applicable technologies in (ii) above (collectively, “General Applicable Technology”) shall be owned by
Astellas but will be licensed back (with the right to sublicense) to FibroGen solely for use with Products (outside the Territory and Japan) within the Field and under Collaboration during the term of this Agreement and thereafter to the extent
necessary to Commercialize HIF Compounds, on a fully paid, free of charge, irrevocable basis. Astellas agrees to execute any and all assignments and other documents, if any, if and to the extent necessary, to effectuate the foregoing and the
assignment of all other rights contemplated under this Agreement.
  
 In the event that
Astellas develops, during the term of the Agreement, completely independently (as determined [ * ]) from any FibroGen Technology and/or any other FibroGen proprietary materials, confidential information, intellectual property
or other related information relating to HIF Compounds, the Field or HIF, or the stabilization or modulation thereof (excluding, in each case, any of the foregoing FibroGen Technical Information that would qualify under one or more of the exceptions
in 16.1(a), (b) or (d) in the JDCA) provided by or on behalf of 

  

					
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 [ * ] = 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. 

			
		  	 FibroGen to Astellas under this Agreement or any other agreement between FibroGen and Astellas relating to the subject matter hereof, any
inventions or intellectual property rights which comprise, cover, or prevent or block the use or exploitation of, any HIF Compounds, the Field or HIF (or the modulation thereof), Astellas shall own such intellectual property and hereby grants to
FibroGen and its Sublicensees a non-exclusive, royalty-free, fully paid irrevocable license to such intellectual property during the term of this Agreement and thereafter (provided, that to the extent any intellectual property qualifies as Generally
Applicable Technology, the license granted shall be limited to the extent necessary to Commercialize HIF Compounds), on a fully-paid, free-of-charge, irrevocable basis.
  

For the avoidance of doubt, to the extent that Section 14.2.2 of the JDCA would prevent Astellas from pursuing patent protection for any Generally Applicable
Technology created solely under this Agreement, so long as Astellas is not prohibited from pursuing such patent protection under this Agreement, that Astellas is entitled to own, Section 14.2.2 of the JDCA shall be deemed amended by the parties to
allow Astellas to prepare, file, prosecute and maintain such patents, provided, that, for the avoidance of doubt, the foregoing sentence shall not in any way limit FibroGen’s rights under this Agreement.

 
 FibroGen shall control all patent-related efforts, including filing, prosecution,
maintenance, and defense of patent rights owned or Controlled by FibroGen (subject to Astellas’ rights to enforce patents and participate in suits by third parties alleging infringement in the Territory as provided below). FibroGen and Astellas
will split equally all costs incurred after the Effective Date in filing, prosecution, and maintenance of the FibroGen Patents which cover the Products, and in defending interference and opposition proceedings to which such FibroGen Patents may be
subject, in all such cases in the Territory and North America. FibroGen shall reasonably consult with Astellas regarding the filing, maintenance, prosecution and defense of the FibroGen Patents.

 
 Astellas will have the right to enforce applicable FibroGen patents against third party
infringers within the Territory in the event FibroGen fails to enforce such rights, under terms and conditions that are otherwise consistent with Section 14.4 of the JDCA (as reasonably applied to the this Agreement and the Territory), except that,
if FibroGen is the party bringing the suit to enforce the intellectual property rights, Astellas shall be responsible for [ * ] of the costs and expenses of such litigation and shall receive [ * ] any
proceeds (with FibroGen being responsible for, and entitled to, [ * ] of such expenses and proceeds respectively), and if Astellas is the party bringing the suit to enforce the intellectual property rights, Astellas shall be
responsible for [ * ] of the costs and expenses of such litigation and shall receive [ * ] of any proceeds (with FibroGen being responsible for, and entitled to, [ * ] of such
expenses and proceeds respectively).
  
 Future Third Party Agreements regarding
intellectual property controlled by a non-Affiliate third party shall be governed by terms and conditions consistent with Section 14.5 of the JDCA (as reasonably applied to this Agreement). Furthermore, Astellas shall have the right to propose to
FibroGen obtaining rights to third party

  

					
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 [ * ] = 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. 

			
		  	intellectual property with the right to sublicense to Astellas and FibroGen shall in good faith determine whether such intellectual property is necessary to Commercialize any Product hereunder. If FibroGen agrees to license such
intellectual property, it shall be governed by Section 14.5 (as applied to this Agreement); however, if FibroGen refuses to license such intellectual property and a license thereto is required to Commercialize Products in the Territory without
infringing such intellectual property, Astellas may enter into such license itself and, to the extent such license includes Future Third Party Intellectual Property and the use of a Product in the Field in the Territory would constitute infringement
of applicable claims contained in the patents and patent applications, if issued, that are the subject of the license, Astellas may deduct from any payment due to FibroGen hereunder [ * ] of the costs therefor with respect to
Products in the Territory not to exceed [ * ] of the total annual amounts due FibroGen hereunder, provided that in no event shall the sum of (a) the consideration FibroGen contributes or Astellas deducts for the acquisition
of intellectual property from third parties for the Territory in this paragraph and (b) the costs, liabilities and expenses that Astellas has the right to deduct under the last paragraph of this Intellectual Property Rights Section exceed
[ * ] hereunder. FibroGen shall use reasonable efforts to provide Astellas with relevant terms of any third party licenses that FibroGen is negotiating pursuant to this paragraph prior to execution of such license for review
and comment. Astellas shall have the right to see the relevant final terms of any third party license entered into by FibroGen that apply or relate to the rights granted to Astellas hereunder (including all terms that Astellas is obligated to comply
with hereunder), and to reject the sublicense of rights thereunder if it so chooses, before becoming responsible for any costs, expenses, payments or other obligations with respect thereto, provided, that Astellas shall not be entitled to deduct
consideration with respect to Future Third Party Intellectual Property under any license thereto entered into by itself in excess of the consideration that it would have been entitled to deduct had FibroGen obtained a license for the Territory on
the terms presented to Astellas or on the terms finally agreed to, at FibroGen’s discretion. Nothing herein shall otherwise limit Astellas’ right to enter into third party license agreements at its own expense. For the avoidance of doubt,
third party licensing costs that are not specific to a territory (e.g., up fronts and milestones) shall be fairly allocated between the Territory (and Japan) and North America with respect to the parties respective obligations therefore.
Notwithstanding anything to the contrary contained herein, Astellas agrees to comply with the applicable requirements provided to Astellas prior to its acceptance thereof (imposed upon sublicensees or other third parties such as distributors) of
FibroGen’s License Agreement with DFCI. In addition, Astellas agrees to comply with the applicable requirements (imposed upon sublicensees or other applicable third parties similarly situated to Astellas with respect to such agreements) of any
future Third Party Agreements for which Astellas obtains rights through a FibroGen license pursuant this Agreement, and to obligate any of its Affiliates granted sublicenses hereunder, sublicensees or other third parties to comply with any such
requirements and to enforce the compliance with such obligations upon such sublicensees or other third parties, provided that FibroGen has provided Astellas with copies of the provisions in such future Third Party Agreements that impose and set
forth such requirements prior to Astellas’ acceptance thereof.

  

					
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 [ * ] = 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. 

			
		  	 FibroGen shall be solely responsible for all payments due to any third party licensors of FibroGen (including DFCI) in effect as of the
Effective Date (as well as any amended or successor agreements thereto to the extent covering the same or similar licensed subject matter) without any obligation of Astellas to reimburse or share the cost thereof. FibroGen shall comply with its
obligations under any third party license agreement for which rights are licensed to Astellas hereunder and shall not amend any such agreements in a manner that restricts, reduces or limits the rights granted to Astellas hereunder. If FibroGen is
obligated to pay amounts to a Third Party Licensor (as defined under the JDCA, as reasonably applied to this Agreement), FibroGen shall notify Astellas [ * ] in advance of the due date of such payment obligation (or such later date
as FibroGen may determine), and Astellas shall reimburse its share of such payments within [ * ] after receipt of notice therefor.
  

Third party claims or infringement actions against Astellas or FibroGen that the manufacture, development, sale or use of any Product in the Territory pursuant
to this Agreement infringes a patent controlled by such third party shall be governed by terms and conditions consistent with Section 14.3 of the JDCA (as reasonably applied to this Agreement; provided that, subject to the FibroGen’s right to
participate as set out in Section 14.3 of the JDCA as reasonably applied to this Agreement, Astellas shall have the right, without limitation, to take any action it deems necessary to resolve any such claim or infringement action to which it is a
party, provided, however, that neither party shall enter into any settlement that admits the invalidity or unenforceability, or limits any claims, of any patent of the other party (for the avoidance of doubt, all FibroGen Technology, including
without limitation all claims and patents, licensed to Astellas hereunder shall be sole property of FibroGen for purposes of this paragraph), without the prior written consent of the other party, and provided further that if Astellas is subject to
an infringement action or otherwise named as a party with respect to any claims or infringement actions regarding the manufacture, development, importation, sale or use of any Product in the Territory, irrespective of whether FibroGen is subject to
such infringement action or otherwise named as a party with respect to such claims, Astellas shall be the Controlling Party thereof and bear all costs, liability and expense associated with such claims or infringement action (subject to the
[ * ] deduction with respect to Future Third Party Intellectual Property described below, applying Section 14.3 of the JDCA), provided, that FibroGen shall participate in the defense and/or settlement thereof at its own
expense with counsel of its choice as provided for in Section 14.3 of the JDCA. For the avoidance of doubt, FibroGen shall be fully responsible for any cost, liability and expenses of any Action or other infringement action regarding the Products
outside the Territory and Japan, and, notwithstanding anything to the contrary in this Agreement, FibroGen shall have the right, without limitation, to take any action regarding FibroGen Technology it deems necessary to resolve any claim or
infringement action, irrespective of whether it may affect the Territory or Japan.
  

For the avoidance of doubt, with respect to Preexisting Third Party Intellectual

  

					
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 [ * ] = 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. 

			
		  	 Property, Astellas shall be responsible for and pay 100% of all consideration due in connection with the acquisition or defense of
infringement of such rights for the Territory and with respect to Future Third Party Intellectual Property, Astellas shall have the right to deduct up to [ * ] of any cost, liability and expenses for the Territory in
accordance with Section 14.3 of the JDCA (as reasonably applied to this Agreement).
  

	 Trademark:
	  	 Astellas and FibroGen will make commercially reasonable efforts to develop a worldwide trademark approved by the JCC and owned by FibroGen
and exclusively licensed to Astellas in the Territory (without additional consideration) for the duration of the term of the Agreement (and thereafter as set forth in the “Effect of Termination and Expiration” section below). Costs for the
filing, registration, prosecution and maintenance of the worldwide trademark will be split equally by the parties. If a worldwide trademark cannot be developed, or if localized trademarks have compelling marketing or regulatory advantages within the
Territory, Astellas will develop at its own expense and own any trademark(s) for the Territory. If in the case of termination (but not expiration) except for the Technical Product Failure, Astellas will assign the Product trademark(s) to FibroGen
with the sole consideration to be reimbursement of the actual costs incurred in filing, registration, prosecution and maintenance of the trademark (provided, however, that in the event this Agreement is terminated for material breach or
non-performance by FibroGen, the parties shall negotiate reasonable consideration for the assignment of such trademark).
  

	 Term and Termination:
	  	 This Agreement shall become effective on the Effective Date, and, unless earlier terminated as provided herein, shall continue in full
force and effect until the later of (i) the onset of Generic Competition with respect to all Products in the entire Territory (considered in the aggregate, i.e., after the total sales of all Generics is [ * ] of the sales of all
Products and all Generics combined, even if total sales of a Generic with respect to the corresponding Product is less than [ * ] of their combined sales), and (ii) the Patent Expiration Date.

 
 Astellas may terminate this Agreement if (i) there has occurred Technical Product
Failure, or (ii) if FibroGen materially breaches the Agreement consistent with the terms of Section 18.2.1, 18.2.4, or 18.2.5 as governed by the terms of 18.7.4 of the JDCA (in each case as reasonably applied to this Agreement including
cross-references to the applicable provisions herein as opposed to the cross-referenced Sections of the JDCA and Astellas having the corresponding rights to terminate for FibroGen’s act or omission under Sections 18.2.4 of the JDCA that
FibroGen has for Astellas’ act or omission under those sections) or if FibroGen has materially breached (a) its non-compete obligations hereunder, (b) the Section on “Intellectual Property Rights,” or (c) its payment obligations under
Development Costs, provided, that for the avoidance of doubt, Astellas may not terminate the Agreement for breach by FibroGen in the event that FibroGen disputes such breach in good faith until an arbitral decision in accordance with the Section
“Dispute Resolution” is made holding that FibroGen is in breach (the triggers under (i) and (ii) being “For Cause”), or (iii) otherwise without cause. Such termination of this Agreement shall take effect, immediately upon the
receipt by FibroGen of notice from Astellas that it shall terminate due to the occurrence of

  

					
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 [ * ] = 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. 

			
		  	 Technical Product Failure (subject to the provisions regarding timing of termination in the event of a dispute below), immediately upon
expiry of such cure period in case of (ii), and six (6) months after notice to FibroGen in case of (iii).
  

In the event of termination prior to February 1, 2009, by Astellas for any reason, or termination by FibroGen as provided for hereunder, Astellas will pay
FibroGen any as yet unpaid Upfront Payments; provided, however, that if this Agreement is terminated by Astellas for Technical Product Failure within nine (9) months of the Effective Date, Astellas shall pay to FibroGen a total of
$[ * ] of Upfront Payments after subtracting for any previously paid Upfront Payments (but no other termination fees) prior to such date of termination, and if this Agreement is terminated by Astellas for Technical Product
Failure between nine (9) months and eighteen (18) months of the Effective Date, Astellas shall pay to FibroGen a total of $[ * ] of Upfront Payments after subtracting for any previously paid Upfront Payments (but no other
termination fees) prior to such date of termination, and if this Agreement is terminated by Astellas for Technical Product Failure beyond eighteen (18) months after the Effective Date, Astellas shall pay to FibroGen a total of
$[ * ] of Upfront Payments after subtracting for any previously paid Upfront Payments (but no other termination fees) prior to such date of termination. In the case where an adverse event or testing results occur which leads
to Technical Product Failure and termination as determined by the JSC as described in subclause (i) of the Technical Product Failure Definition above, the effective date of termination for purposes of the foregoing clause regarding relief from
Upfront Payments, if applicable, shall be the date Astellas provides written notice to the JSC that it intends to terminate the Agreement due to Technical Product Failure and irrevocably commits that the Astellas members of the JSC will vote for
termination of the Agreement rather than, for the avoidance of doubt, the date of any such event or results or the date the JSC ultimately determines that a Technical Product Failure occurs (or the date when a dispute with respect thereto is
ultimately resolved under dispute resolution hereunder), and in such a case of such written notice, the JSC shall convene within a reasonable period of time to consider the question of whether a Technical Product Failure has occurred or not. In the
case where an adverse event or trial results occur which lead to Technical Product Failure and termination as described in subclause (iii) of the Technical Product Failure Definition above, the effective date of termination for purposes of the
foregoing clause regarding relief from Upfront Payments, if applicable, shall be the date Astellas provides written notice to the JSC that it intends to terminate the Agreement due to such an event or trial results (for the avoidance of doubt,
Astellas may provide such notice based upon the lack of clearance to conduct the applicable clinical trials, and would not have to wait until the end of the [ * ] period for which such lack of clearance must persist for Technical
Product Failure to occur under (iii)) and irrevocably commits that the Astellas members of the JSC will vote for termination of the Agreement, rather than the date, for the avoidance of doubt, that a event or trial results occur (or the date when a
dispute with respect thereto is ultimately resolved under dispute resolution hereunder).
  

Notwithstanding the receipt of any notice of intention to terminate due to

  

					
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 [ * ] = 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. 

			
		  	 Technical Product Failure, this Agreement and the obligations hereunder shall continue until the actual termination of this Agreement, and
in the event that this agreement terminates due to such Technical Product Failure and Astellas has made any Upfront Payment(s) between the date of such notice and the date of termination, FibroGen shall [ * ].

 
 In the event of a termination by Astellas other than For Cause:

 
 (i) from the Effective Date until January 31, 2009, in addition to and without
limitation of any payments obligations under this Agreement, Astellas will pay FibroGen a $[ * ] termination fee;
  

(ii) from February 1, 2009 until Marketing Approval in three (3) Core Indications, Astellas will pay FibroGen the greater of (x) a
$[ * ] termination fee, and (y) [ * ]; and
  

(iii) after Marketing Approval in three (3) Core Indications until expiration of the Agreement, Astellas shall pay to FibroGen the lesser of (x) a
$[ * ] termination fee, and (y) [ * ]; provided that the amount of the payment under this (iii) shall be no less than $[ * ].

 
 In the event of a termination by Astellas For Cause, Astellas shall have no further
payment obligations other than specifically described above. All payments due upon termination shall be paid within [ * ] of such termination.
  

FibroGen may terminate the Agreement in the case of certain material breaches by Astellas consistent with the terms of Sections 18.2.1, 18.2.4, or 18.2.5 as
governed by the terms of 18.7.4 of the JDCA (in each case as reasonably applied to this Agreement including cross-references to the applicable provisions herein as opposed to the cross-referenced Sections of the JDCA). For the avoidance of doubt,
subject to FibroGen’s right to terminate upon notice following Astellas’ failure to cure as set forth in the License section above, FibroGen may not terminate the Agreement for breach by Astellas in the event that Astellas disputes such
breach in good faith until an arbitral decision in accordance with the Section “Dispute Resolution” is made holding that Astellas is in breach.
  

	 Effect of Termination and Expiration:
	  	In the event of expiration of this Agreement (as opposed to early termination other than as per mutual agreement), all licenses granted to Astellas hereunder (including trademark license if Astellas uses the worldwide trademark
of FibroGen) shall survive and become fully paid-up and royalty-free and Astellas shall be able to continue Commercialization of Products in the Territory in the Field at its own discretion. Upon such expiration, Astellas shall not owe any
royalties, milestones or other payments to FibroGen with respect to subsequent Commercialization of Products; provided, however, that all products supplied to Astellas by FibroGen shall be compensated at a price set at the point where
[ * ]. FibroGen shall continue to manufacture and supply Astellas’ requirements of Products after expiration (under the terms of this Agreement and the commercial supply agreement, except for the foregoing stated transfer
price) for a period of up to [ * ], during which time the parties shall arrange for a transition of manufacturing to Astellas or its designee in accordance with the provisions governing manufacturing technology transfer
above.

  

					
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 [ * ] = 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. 

			
		  	 Without limiting the foregoing, the following provisions shall survive expiration or any termination of this Agreement: Definitions (to
the extent required to interpret surviving provisions), Reporting and Audit Rights (until the parties are no longer required to keep such books, records and accounts), Term and Termination, Indemnification, Intellectual Property Rights (to the
extent such Intellectual Property Rights terms on their face or would when reasonably applied extend beyond expiration or termination of this Agreement (e.g., without limitation, infringement with respect to activities conducted during the term of
the Agreement, restrictions on Astellas’ right to use FibroGen know-how) and to the extent regarding ownership of intellectual property that was developed, invented, created or protected during the term of this Agreement), Confidentiality,
Dispute Resolution (to the extent required to resolve disputes ongoing as of termination or expiration or required to resolve disputes regarding surviving provisions), Limitation of Liability, and each party’s obligation to provide the other
party with (a) data (including raw data) analyses, reports, protocols and correspondence under development during the term of the Agreement and (b) data created during, or results from, activities performed during the Agreement, following such
expiration or termination. In addition, during the period from notice of any termination until such termination, and following such a termination of this Agreement, Astellas shall have the obligation to comply with regulatory requirements to provide
FibroGen with all data reasonably necessary for FibroGen to continue to supply existing patients and to meet its legal obligations based on Astellas’ Commercialization activities including the list of entities to whom Astellas and its
Affiliates sell Product; provided that FibroGen shall maintain such data confidential in accordance with the Section “Confidentiality” hereunder and shall only use such data in Commercialization of Products in the Territory.

 
 To the extent provided therein the following provisions shall survive termination of this
Agreement: Trademark (regarding assignment of the trademark), Development (regarding Astellas’ obligation to transfer Marketing Approvals) and the final sentence of License.

 
 From and after the date of a notice of termination, FibroGen and Astellas shall have no
further obligations under this Agreement beyond those obligations that expressly survive termination in such events as specified herein.
  

	 Representations and Warranties:
	  	FibroGen warrants and represents to Astellas, as of the Effective Date, that (i) it is a corporation duly organized, validly existing and in good standing under the laws of the State of Delaware; (ii) the execution, delivery and
performance of this Agreement have been duly authorized by all necessary corporate action on the part of FibroGen and will not violate or conflict with any agreement or other instrument to which it is a party; (iii) there is no pending litigation
which alleges or any communication alleging that Commercialization of FG-2216 or FG-4592 or any compound Controlled by FibroGen for use in the Field has infringed or misappropriated the intellectual property rights of any third party or has been
obtained by misappropriating any third party’s intellectual property right; (iv) subject to the terms and conditions of the agreements for the FibroGen Acquired

  

					
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 [ * ] = 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. 

			
		  	 Patents, FibroGen has complete title to and ownership of the FibroGen Patents, free and clear from any mortgages, pledges, liens, security
interests, conditional and installment sale agreements, encumbrances, charges or claims of any kind; (v) FibroGen has the right to grant the licenses granted to Astellas hereunder; (vi) the only agreement under which FibroGen has in-licensed
FibroGen Technology (including FibroGen Acquired Patents) from a third party is the DFCI Agreement and FibroGen has obtained all necessary consents thereunder to grant Astellas the rights therein to be conveyed hereunder including, without
limitation, the consent of DFCI for FibroGen to grant the sublicense granted to Astellas hereunder and for Astellas to further sublicense such rights to its Affiliates; (vii) all such in-license agreements are in full force and effect, and FibroGen
is not in breach of any such agreement and has not received any notice of breach; and (viii) FibroGen has not knowingly breached its duty of candor (including, without limitation, it obligation under 37 C.F.R. 56) to the USPTO, or any foreign
equivalent thereof to the applicable foreign patent office, in preparing, filing, prosecuting, or maintaining any FibroGen Patent.
  

Astellas warrants and represents to FibroGen, as of the Effective Date, that (i) it is a corporation duly organized, validly existing and in good standing
under the laws of Japan; (ii) the execution, delivery and performance of this Agreement have been duly authorized by all necessary corporate action on the part of Astellas.
  

EXCEPT AS SET FORTH IN THIS AGREEMENT, FIBROGEN AND ASTELLAS MAKE NO, AND EXPRESSLY DISCLAIM ANY, WARRANTIES OR REPRESENTATIONS, EXPRESS, IMPLIED, STATUTORY OR
OTHERWISE WITH RESPECT TO THE DEVELOPMENT PROGRAM OR CONCERNING THE SUBJECT MATTER OF THIS AGREEMENT, INCLUDING, WITHOUT LIMITATION, ANY WARRANTY OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR USE, VALIDITY OF FIBROGEN TECHNOLOGY, PATENTED OR
UNPATENTED, AND NONINFRINGEMENT OF THE INTELLECTUAL PROPERTY RIGHTS OF THIRD PARTIES.
  

	 Indemnification:
	  	Astellas shall indemnify each of FibroGen and its Affiliates and the directors, officers, and employees of FibroGen and such Affiliates and the successors and assigns of any of the foregoing (the “FibroGen
Indemnitees”), and hold each FibroGen Indemnitee harmless from and against any and all liabilities, damages, settlements, claims, actions, suits, penalties, fines, costs or expenses (including, without limitation, reasonable attorney’s
fees and other expenses of litigation) to the extent not otherwise paid for by insurance, incurred by any FibroGen Indemnitee arising from or occurring as a result of any claim, action, suit, or other proceeding brought by third parties against a
FibroGen Indemnitee arising from or occurring as a result of any development or testing (except for the avoidance of doubt, by or jointly with FibroGen), manufacture (if applicable), importation, use, offer for sale, sale or other distribution of
any Product with respect to all of the foregoing, solely to the extent such manufacture, importation, use, offer for sale, sale or other distribution activities occur in the Territory by or for the sole benefit of Astellas or its Affiliates or
Sublicensees, distributors or agents (excluding FibroGen to the extent any of the foregoing could be deemed to include FibroGen)

  

					
	Execution Copy	 	32	 	CONFIDENTIAL

  
 [ * ] = 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. 

			
		  	 (including, without limitation, product liability and infringement claims subject to the section on “Intellectual Property
Rights” above) except, in all cases above, to the extent caused by failure of the Product supplied by FibroGen to meet the Product Specifications in effect at the time of manufacture, or material deviation by FibroGen or its subcontractor from
cGMP (or ICH) guidelines in manufacturing the Product, or FibroGen’s breach of this Agreement, or willful misconduct.
  

FibroGen shall indemnify each of Astellas and its Affiliates and the directors, officers, and employees of Astellas and such Affiliates and the successors and
assigns of any of the foregoing (the “Astellas Indemnitees”), and hold each Astellas Indemnitee harmless from and against any and all liabilities, damages, settlements, claims, actions, suits, penalties, fines, costs or expenses
(including, without limitation, reasonable attorney’s fees and other expenses of litigation) to the extent not otherwise paid for by insurance, incurred by any Astellas Indemnitee arising from or occurring as a result of any claim, action,
suit, or other proceeding brought by third parties against a Astellas Indemnitee (i) arising from or occurring as a result of any development or testing (except for the avoidance of doubt, by or jointly with Astellas), manufacture (excluding
manufacture for Astellas), importation (excluding importation into the Territory), use, offer for sale, sale or other distribution of any Product with respect to all of the foregoing, solely to the extent such manufacture, importation, use, offer
for sale, sale or other distribution activities occur outside the Territory and Japan by or for the sole benefit of FibroGen or its Affiliates or Sublicensees, distributors or agents (excluding Astellas to the extent any of the foregoing could be
deemed to include Astellas) (including, without limitation, product liability and infringement claims subject to the section on “Intellectual Property Rights” above) and (ii) to the extent caused by any failure of the Product supplied by
FibroGen to meet the Product Specifications in effect at the time of manufacture, or material deviation by FibroGen or its subcontractor from cGMP (or ICH) guidelines in manufacturing the Product, except, in all cases above, to the extent caused by
Astellas’ breach of this Agreement, or willful misconduct.
  
 Claims for
indemnification under this Agreement shall be governed by terms and conditions consistent with the procedures set forth in Section 17.4 of the JDCA (as reasonably applied to this Agreement).

 

	 Confidentiality:
	  	 Disclosures of confidential information under this Agreement shall be governed by terms and conditions consistent with Section 16 of the
JDCA (as reasonably applied to this Agreement) provided that Confidential Information (as that term is defined in the JDCA) under this Agreement shall also be deemed Confidential Information under the JDCA and vice-versa thereby allowing the parties
to use and disclose Confidential information exchanged under one agreement for the purpose of the other agreement in accordance with Section 16 of the JDCA.
  

Except with the prior written consent of the other party, each party agrees not to disclose the terms of this Agreement except as such party believes is
reasonably necessary to comply with securities laws or other applicable laws (subject to the provisions below), or to investors, accountants, attorneys or other advisors, or

  

					
	Execution Copy	 	33	 	CONFIDENTIAL

  
 [ * ] = 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. 

			
		  	 other consultants or representatives under reasonable obligations of confidentiality. If a party desires to make a public announcement
regarding the terms of this Agreement, such party shall submit any such press release or public disclosure to the other party for review and comment, and the receiving party shall promptly review such public disclosure within [ * ]
of receipt to determine whether to provide or withhold consent thereto (provided that, without relieving any party of the obligation to submit any such disclosure to the other party for review and comment (to the extent practicable under the
circumstances and legally allowed), no consent shall be required with respect to legal obligations to disclose). If the receiving party does not respond within such [ * ] period, the press release or public disclosure shall be
deemed approved. In addition, if a public disclosure is required by law, including without limitation in a filing with the Securities and Exchange Commission, the disclosing party shall provide copies of the disclosure reasonably in advance of such
filing or other disclosure for the nondisclosing party’s prior review and comment, and consent may not be unreasonably withheld (provided that no consent shall be required with respect to legal obligations to disclose). Upon execution of this
Agreement, the parties shall agree to a redacted version of this Agreement to be used for any and all submissions permitted under this Section unless otherwise agreed by the parties in writing or required to comply with law (in which case the
parties shall cooperate to work to limit such disclosure as may be allowed by law).
  

FibroGen and Astellas shall jointly agree on any proposed press release or other public disclosure prior to issuance regarding this Collaboration between the
parties. The parties agree to immediately undertake the issuance of a mutually agreed press release upon execution of this Agreement and, as applicable, upon execution of the Detailed Commercialization Agreement or this Agreement becoming the final
operative agreement relating to the Collaboration. Notwithstanding any of the foregoing to the contrary, neither party shall require consent to publicly disclose information that has already been consented to by the other party in a previous
disclosure (or which is otherwise publicly known without the fault of the disclosing party).fmil
  

Subject to the International Committee of Medical Journal Editors (“ICMJE”) Uniform Requirements for Manuscripts Submitted to Biomedical Journals and
applicable legal requirements, the JDRC (with approval of the JSC) will determine the overall strategy for publishing and presenting results of studies pertaining to the Products and the JDRC or JSC shall approve all publications in the Territory or
North America prior to publication. Publication of results shall be governed by terms and conditions consistent with Section 5.2 of the JDCA (as reasonably applied to this Agreement). Publication cannot include any information that the JSC has
determined to be a trade secret.
  

	 Dispute Resolution:
	  	Any dispute between the parties under this Agreement that cannot be resolved by the JSC may, at the written request of either party, be referred to an Authorized Designee of each party who has the authority to resolve such
dispute; except that the Authorized Designee shall not be directly involved in the dispute. Such representatives of both parties shall meet within twenty-one (21) days of such request to resolve such disputes. In case the representatives fail to
resolve the

  

					
	Execution Copy	 	34	 	CONFIDENTIAL

  
 [ * ] = 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. 

			
		  	 dispute within thirty (30) days of the original request, all disputes shall be settled exclusively by arbitration in accordance with the
rules of Arbitration of the International Chamber of Commerce. The place of arbitration shall be Vancouver, B.C., Canada. The arbitration proceedings shall be conducted in English. The decision shall be final and binding upon both parties. Judgment
upon the award may be entered in any court having jurisdiction thereof. The parties shall be entitled to obtain injunctive relief from the courts where appropriate, pending the outcome of any arbitration hereunder. This Agreement shall be governed
by the laws of California, without reference to conflict of laws principles.
  

	 Legal Effect:
	  	 This Agreement shall constitute the operative agreement between FibroGen and Astellas and shall be in full force and effect as of its
execution by the parties. The parties shall make best efforts to enter into a more detailed collaboration agreement reflecting more fully the terms and conditions of this Agreement (the “Detailed Commercialization Agreement”) within ninety
(90) days of the execution of this Agreement unless mutually extended. If the parties do not enter into a Detailed Commercialization Agreement in such period, then this Agreement shall become the final operative agreement governing the relationship
between the parties.
  

	 Limitation of Liability:
	  	IN NO EVENT SHALL EITHER PARTY BE LIABLE FOR INCIDENTAL, CONSEQUENTIAL, INDIRECT, PUNITIVE OR SPECIAL DAMAGES OF THE OTHER PARTY ARISING OUT OF OR RELATED TO THIS AGREEMENT, HOWEVER CAUSED, UNDER ANY THEORY OF LIABILITY EVEN IF
ADVISED OF THE POSSIBILITY OF SUCH DAMAGES.

 This Agreement constitutes the entire understanding between the parties with respect to the subject matter hereof. No
modification or waiver of this Agreement will be effective unless in writing and signed by both parties hereto. If any provision of this Agreement should be held invalid or unenforceable, the remaining provisions will be unaffected and will remain
in full force and effect, to the extent consistent with the intent of the parties as evidenced by this Agreement as a whole. Titles and headings are for convenience only and are not to be used for interpreting this Agreement. This Agreement is
governed by the laws of the State of California, excluding application of, or reference to, its conflicts of laws principles. This Agreement may not be assigned, in whole or in part, except (a) in connection with the merger, acquisition or sale
of a party or of the business of such party to which this Agreement relates or (b) with the prior written consent of the other party. Subject to the foregoing, this Agreement shall inure to the benefit of and bind parties and their respective
successors and permitted assigns. The relationship of the parties under this Agreement is that of independent contractors, and nothing contained in this Agreement shall be construed to (a) give either party the power to direct or control the
day-to-day activities, expressly including marketing activities, of the other, (b) constitute the parties as partners, joint venturers, co-owners or otherwise as participants in a joint or common undertaking, or (c) allow either party to
have any right or authority, express or implied, to assume or create any obligation of any kind, or to make any representation or warranty, on behalf of the other party or to bind the other party in any respect whatsoever. This Agreement may be
executed in one or more counterparts, including, without limitation, by facsimile or electronic transmission counterparts, each of which shall be deemed an original and all of which shall be taken together and deemed to be one instrument. All
notices and other communications hereunder will be deemed to have been duly given only if delivered personally, by facsimile with confirmation of receipt, by mail (first class, postage prepaid), or by overnight delivery using a globally-recognized
carrier, to the parties at the addresses 

  

					
	Execution Copy	 	35	 	CONFIDENTIAL

  
 [ * ] = 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. 

 
provided in the first paragraph of this Agreement or to such other address as the addressee shall have last furnished in writing in accord with this provision to the addressor. All notices shall
be deemed effective upon receipt by the addressee. Astellas may perform its obligations and exercise its rights hereunder by or through one or more of its Affiliates or one or more contractors or subcontractors (subject to limitations on
sublicensing herein) or otherwise avail its Affiliates of Astellas’ benefits hereunder, provided that Astellas shall remain subject to all of its obligations hereunder and the terms and conditions of this Agreement. 

IN WITNESS WHEREOF, the parties have caused this Agreement to be executed by their respective duly authorized representatives as set forth below. 

 

											
	 FIBROGEN
	 	ASTELLAS	 	
						
	By:	 	     /s/ Thomas B. Neff
	 		 	By:	 	     /s/ Toichi Takenaka
	 	
	Name:	 	Thomas B. Neff	 		 	Name:	 	Toichi Takenaka, Ph.D.	 	
	Title:	 	President & CEO	 		 	Title:	 	President & CEO	 	

  

					
	Execution Copy	 	36	 	CONFIDENTIAL

  
 [ * ] = 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. 

 EXHIBIT A 

INDICATIONS 
 Included Indications: 

 

	•	 	Treatment of anemia in patients with chronic kidney disease undergoing dialysis 

  

	•	 	Treatment of anemia in patients with chronic kidney disease not undergoing dialysis 

  

	•	 	[ * ] 

  

					
	Execution Copy	 	37	 	CONFIDENTIAL

  
 [ * ] = 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. 

 EXHIBIT B 

TERRITORY 
  

			
	 •      Albania

 

•      Andorra

 

•      Armenia

 

•      Austria

 

•      Azerbaijan

 

•      Belarus

 

•      Belgium

 

•      Bosnia & Herzegovina

 

•      Bulgaria

 

•      Croatia

 

•      Cyprus

 
 •      Czech
Republic
  

•      Denmark

 

•      Estonia

 

•      Finland

 

•      France

 

•      Georgia

 

•      Germany

 

•      Greece

 

•      Hungary

 

•      Iceland

 

•      Ireland

 

•      Italy

 

•      Kazakhstan

 

•      Kyrgyzstan

 

•      Latvia

 

•      Liechtenstein

 

•      Lithuania

 

•      Luxembourg

 

•      Macedonia

 

•      Malta

 

•      Moldova

 

•      Monaco

 

•      Netherlands

 

•      Norway
	 	 •      Poland

 

•      Portugal

 

•      Romania

 

•      Russia

 
 •      San
Marino
  

•      Serbia and Montenegro (Yugoslavia)

 

•      Slovakia

 

•      Slovenia

 

•      Spain

 

•      Sweden

 

•      Switzerland

 

•      Tajikistan

 

•      Turkey

 

•      Turkmenistan

 

•      Ukraine

 
 •      United
Kingdom
  

•      Uzbekistan

 
 •      Vatican
City
  

•      Bahrain

 

•      Egypt

 

•      Iran

 

•      Iraq

 

•      Israel

 

•      Jordan

 

•      Kuwait

 

•      Lebanon

 

•      Oman

 

•      Qatar

 
 •      Saudi
Arabia
  

•      Syria

 
 •      United
Arab Emirates
  

•      Yemen

 
 •      South
Africa

  

					
	Execution Copy	 	38	 	CONFIDENTIAL

  

 [ * ] = 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. 

 EXHIBIT C 

JDCA Preclinical Trials 
  

									
	 Test Name
	  	 Current Status
	 	 	Timing	 
	 [ * ]
	  	 	[ 	* ] 	 	 	[ 	* ] 
			
	 [ * ]
	  	 	[ 	* ] 	 	 	[ 	* ] 
			
	 [ * ]
	  	 	[ 	* ] 	 	 	[ 	* ] 
			
	 [ * ]
	  	 	[ 	* ] 	 	 	[ 	* ] 
			
	 [ * ]
	  	 	[ 	* ] 	 	 	[ 	* ] 
			
	 [ * ]
	  	 	[ 	* ] 	 	 	[ 	* ] 
			
	 [ * ]
	  	 	[ 	* ] 	 	 	[ 	* ] 

  

					
	Execution Copy	 	39	 	CONFIDENTIAL

  

 [ * ] = 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. 

 EXHIBIT D 

FibroGen’s Current and Planned Clinical Studies 

FibroGen’s current or planned clinical studies with FG-2216 include: 

 

					
	 Study
	  	 Protocol
	  	 Status

	 [ * ]
	  	[ * ]	  	[ * ]
			
	 [ * ]
	  	[ * ]	  	[ * ]
			
	 [ * ]
	  	[ * ]	  	[ * ]
			
	 [ * ]
	  	[ * ]	  	[ * ]
			
	 [ * ]
	  	[ * ]	  	[ * ]
			
	 [ * ]
	  	[ * ]	  	[ * ]
			
	 [ * ]
	  	[ * ]	  	[ * ]
			
	 [ * ]
	  	[ * ]	  	[ * ]
			
	 [ * ]
	  	[ * ]	  	[ * ]
			
	 [ * ]
	  	[ * ]	  	[ * ]
			
	 [ * ]
	  	[ * ]	  	[ * ]

 FibroGen’s current or planned clinical studies with FG-4592 include: 

 

					
	 Study
	  	 Protocol
	  	 Status

	 [ * ]
	  	[ * ]	  	[ * ]
			
	 [ * ]
	  	[ * ]	  	[ * ]
			
	 [ * ]
	  	[ * ]	  	[ * ]
			
	 [ * ]
	  	[ * ]	  	[ * ]

 NOTE: It is expected that sufficient time exists for newly formed JDRC and JSC to have input into the design and execution of
the clinical studies for FG-2216 and FG-4592 listed above in the shaded boxes. 

  

					
	Execution Copy	 	40	 	CONFIDENTIAL

  
 [ * ] = 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.

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