Document:

EX-10.10

 Exhibit 10.10 

THE SYMBOL [***] DENOTES PLACES WHERE CERTAIN IDENTIFIED 

INFORMATION HAS BEEN EXCLUDED FROM THE EXHIBIT BECAUSE IT IS BOTH 

(i) NOT MATERIAL AND (ii) WOULD LIKELY CAUSE COMPETITIVE HARM TO THE 

COMPANY IF PUBLICLY DISCLOSED. 
  

 
 PROFIT RIGHT AND WAIVER AGREEMENT 

among 
 NEWAMSTERDAM PHARMA
B.V. 
 and 
 DEZIMA
PHARMA B.V. 
 and 

MITSUBISHI TANABE PHARMA CORPORATION 

Dated 9 April 2020 
  

 
  

 
  
  

  
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 TABLE OF CONTENTS 
  

							
	 TABLE OF CONTENTS
	  	 	2	 
		
	 INTRODUCTION
	  	 	4	 
		
	 RECITALS
	  	 	4	 
			
	 1
	  	DEFINITIONS AND INTERPRETATION	  	 	6	 
			
	 1.1
	  	Definitions and interpretation	  	 	6	 
			
	 1.2
	  	Schedules and Annexes	  	 	6	 
			
	 2
	  	SALE, PURCHASE AND TRANSFER	  	 	6	 
			
	 2.1
	  	Sale and purchase of the Joint Patent and MTPC Intellectual Property	  	 	6	 
			
	 2.2
	  	MTPC Waivers	  	 	7	 
			
	 2.3
	  	Transfer of the Joint Patent and MTPC Intellectual Property	  	 	7	 
			
	 2.4
	  	Termination of the Future Agreement	  	 	8	 
			
	 2.5
	  	Novation and Waiver Agreement MTPC	  	 	9	 
			
	 3
	  	CONSIDERATION	  	 	9	 
			
	 3.1
	  	Consideration for the MTPC Waivers	  	 	9	 
			
	 3.2
	  	MTPC Waiver Profit Right	  	 	10	 
			
	 3.3
	  	MTPC Waiver IPO Share Right	  	 	11	 
			
	 3.4
	  	Consideration for the IP Transfer	  	 	12	 
			
	 3.5
	  	MTPC IP Profit Right	  	 	12	 
			
	 3.6
	  	MTPC IP IPO Share Right	  	 	13	 
			
	 3.7
	  	Right to match	  	 	14	 
			
	 4
	  	CONDITIONS PRECEDENT	  	 	15	 
			
	 4.1
	  	MTPC Conditions Precedent	  	 	15	 
			
	 5
	  	POST-CLOSING OBLIGATIONS	  	 	15	 
			
	 6
	  	CONFIDENTIALITY	  	 	16	 
			
	 6.1
	  	Confidentiality	  	 	16	 
			
	 6.2
	  	Exemptions	  	 	16	 
			
	 7
	  	MISCELLANEOUS	  	 	17	 
			
	 7.1
	  	Further action, further assurances	  	 	17	 
			
	 7.2
	  	Binding effect	  	 	17	 
			
	 7.3
	  	Entire Agreement	  	 	17	 
			
	 7.4
	  	Invalid provisions	  	 	17	 

  
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	 7.5
	  	 Amendment
	  	 	18	 
			
	 7.6
	  	 Costs
	  	 	18	 
			
	 7.7
	  	 No implied forfeit of rights
	  	 	18	 
			
	 7.8
	  	 Third party beneficiaries
	  	 	18	 
			
	 7.9
	  	 Counterparts
	  	 	18	 
			
	 7.10
	  	 Notices
	  	 	18	 
			
	 7.11
	  	 Language
	  	 	20	 
			
	 7.12
	  	 Assignment
	  	 	20	 
			
	 7.13
	  	 Choice of law
	  	 	20	 
			
	 7.14
	  	 Disputes
	  	 	20	 
		
	 Signature page
	  	 	21	 
		
	 Schedule 1.     DEFINITIONS AND INTERPRETATION
	  	 	22	 
		
	 Schedule 2.     NOVATION AND WAIVER AGREEMENT MTPC
	  	 	30	 
		
	 Schedule 3.     ADDRESSES FOR NOTICES
	  	 	31	 
		
	 Schedule 4.     [***]
	  	 	32	 

  
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 PROFIT RIGHT AND WAIVER AGREEMENT 

INTRODUCTION 
 This profit right and waiver agreement (the
“Agreement”) is entered into on 9 April 2020 among: 
  

	1.	 NEWAMSTERDAM PHARMA B.V., a private company with limited liability (besloten ven-nootschap met beperkte aansprakelijkheid), incorporated under the laws of the Netherlands, having its registered seat in Naarden and having its address at Gooimeer
2-35, 1411 DC Naarden, registered with the Dutch trade register under number 76133141 (“Newco”); 

  

	2.	 DEZIMA PHARMA B.V., a private company with limited liability (besloten vennootschap met beperkte
aansprakelijkheid), incorporated under the laws of the Netherlands, having its registered seat in Breda and having its address at Minervum 7061, 4817 ZK Breda, registered with the Dutch trade register under number 55971946 (the
“Company” and together with Newco and their subsidiaries from time to time the “Dezima Group”); 

  

	 	 and 

  

	3.	 MITSUBISHI TANABE PHARMA CORPORATION, a corporation organised under the laws of Japan, having its place
of business located at 2-10, Dosho-machi 3-chome, Chuo-ku, Osaka 541-8505, Japan (“MTPC”).

 RECITALS 
  

	A.	 On 6 September 2012, MTPC and the Company entered into a license agreement relating to the Compound in
lieu of a 30% profit split. Under this license agreement as amended from time to time (the “Dezima Original License”), MTPC granted to the Company a licence to develop, authorize, make, have made, use, have used, sell, offer for
sale, have sold, import and have imported the Compound and/or the Product in the Territory. The Dezima Original License has terminated as of the date of execution of the Future Agreement, as defined below. 

 

	B.	 On 16 September 2015, Saga Investments Coöperatief U.A. (“Amgen”) acquired all
shares in the share capital of the Company pursuant to a share sale and purchase agreement between Amgen, the Company, the selling shareholders of the Company and the Sellers’ Representative (as defined therein), and as amended on or around
13 October 2015 (the “2015 SPA”) for an upfront payment and additional milestone payments. The 2015 SPA is attached as Annex II to the Transfer Agreement (as defined below). 

 

	C.	 As part of the share transfer to Amgen, MTPC, the Company and Amgen entered into a transfer agreement dated
16 September 2015 (the “Transfer Agreement”) whereby MTPC transferred the Assigned Intellectual Property (as defined in the Transfer Agreement) related to the Compound to the Company, including the rights to register in the
Dezima Territory (as defined in the Transfer Agreement) subject to the Future Agreement. Furthermore, MTPC and the Company entered into a future agreement dated 16 September 2015 (the “Future Agreement”) regarding MTPC’s
future rights on certain Assigned Intellectual Property as well as Dezima Intellectual Property and MTPC Intellectual Property (each as defined in the Future Agreement). 

  
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	D.	 Pursuant to the Future Agreement, the Company granted MTPC, among other things, an exclusive royalty-free
license, with the right to sublicense, on the Assigned Know How (as defined in the Future Agreement) to, among other things, research, develop, register, make, have made, use, have used, sell, offer for sale, have sold, import and have imported any
compounds and any products containing such compounds in the Field in the MTPC Territory (as defined in the Future Agreement). 

  

	E.	 As consideration for granting the Company the rights to the Compound in the Dezima Territory, MTPC received,
consistent with the Dezima Original License, a 30% profit split, consisting of the Mitsubishi Initial Payment and an amount in relation to the Escrow Payment and Interest thereon (each as defined in the 2015 SPA). Furthermore, MTPC is on the basis
of the 2015 SPA entitled to certain (i) Mitsubishi Milestone Payments (ii) Mitsubishi Escrow Payments and (iii) Mitsubishi Royalty Payments, if any (each as defined in the 2015 SPA, together the “Mitsubishi Payment”).
Pursuant to the Transfer Agreement and the comfort letter dated 16 September 2015, any Mitsubishi Payment is to be paid by Amgen or Amgen Inc. to MTPC on behalf of the Company. 

 

	F.	 The obligations under the Transfer Agreement and the Future Agreement in relation to the Dezima Territory may
only be transferred in accordance with clause 10.1 of the Transfer Agreement and clause 20.2 of the Future Agreement, whereby any acquirer will assume all rights of Amgen and/or the Company pursuant to a Product Line Sale (as defined in the 2015
SPA). 

  

	G.	 In 2017, Amgen Inc. announced (i) the discontinuation of the further development of the Compound in the
Amgen Inc. research & development organisation and (ii) to seek out-licensing opportunities for the program in the Dezima Territory. As a result of such discontinuation, the Parties consider it
unlikely that any Mitsubishi Payment will ever become payable and the collective earn-out rights would hence be rendered worthless, unless an out-licensing partner would
be found by Amgen or Amgen Inc. When it understood that the likelihood of Amgen successfully partnering the program with a third party was deemed very low, Newco initiated discussions with Amgen regarding the potential future development of the
Company and the Compound. 

  

	H.	 On or around the date of this Agreement, Newco has entered into an agreement with Amgen to acquire all shares
in the share capital of the Company (the “2020 SPA”), including all rights and obligations related to the Compound in the Dezima Territory (the “Amgen Transaction”). 

 

	I.	 In consideration for the MTPC Waiver Profit Right and the MTPC Waiver IPO Share Right to be granted by Newco to
MTPC and subject to the terms and conditions of this Agreement, MTPC wishes (a) to waive its rights to payment that are or at any time may become due under (i) the 2015 SPA, (ii) the Transfer Agreement, (iii) the comfort letter
dated 16 September 2015, addressed to MTPC and signed by Forbion Capital Fund II Management B.V. and Shareholder Representative Services 

  
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LLC and (iv) the funding commitment and comfort letters dated 16 September 2015 signed by Amgen Inc., as ultimate parent company of Amgen and (b) to be irrevocably and
unconditionally released from any and all of MTPC’s liabilities and obligations (if any) under, or otherwise arising in respect of, the Transfer Agreement (the latter through the execution of a novation and waiver agreement (the
“Novation and Waiver Agreement MTPC”). An agreed form of the Novation and Waiver Agreement MTPC is attached hereto as Schedule 2 (Novation and Waiver Agreement MTPC)). 

 

	J.	 Additionally, as MTPC has no further interest in directly or indirectly participating in any clinical
development or future commercial development of the Compound, MTPC wishes to sell and transfer to the Company the rights and obligations under the Transfer Agreement and the Future Agreement, including Mitsubishi Intellectual Property in the MTPC
Territory and the Company wishes to purchase and acquire these rights and obligations on the terms and conditions of this Agreement. 

NOW HEREBY AGREE AS FOLLOWS 
  

	1	 DEFINITIONS AND INTERPRETATION 

 

	1.1	 Definitions and interpretation 

 

	1.1.1	 Capitalised terms and expressions used in this Agreement have the meanings set out in part 1 of Schedule
1 (Definitions and interpretation). 

  

	1.1.2	 The provisions set out in part 2 of Schedule 1 (Definitions and interpretation) shall apply
throughout this Agreement. 

  

	1.2	 Schedules and Annexes 

Each of the Schedules and Annexes form part of this Agreement and have the same force and effect as if set out in the body of this Agreement.
Any reference to this Agreement shall include a reference to all Schedules and Annexes. 
  

	2	 SALE, PURCHASE AND TRANSFER 

 

	2.1	 Sale and purchase of the Joint Patent and MTPC Intellectual Property 

Subject to the MTPC Conditions Precedent, MTPC hereby sells and the Company hereby purchases from MTPC, in consideration for the MTPC IP Profit
Right and the MTPC IP IPO Share Right, all MTPC’s rights and obligations under the Joint Patent and all MTPC Intellectual Property in the MTPC Territory. 

  
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	2.2	 MTPC Waivers 

  

	2.2.1	 Subject to the MTPC Conditions Precedent, in consideration for the MTPC Waiver Profit Right and the MTPC waiver
IPO Share Right, MTPC hereby waives any and all rights to payments that are or at any time may become due, including any Mitsubishi Payment, under: 

  

	 	a.	 the 2015 SPA; 

  

	 	b.	 the Transfer Agreement; and 

 

	 	c.	 the comfort letter addressed to MTPC and signed by Forbion Capital Fund II Management B.V. and Shareholder
Representative Services LLC, dated 16 September 2015, 

 jointly the “MTPC Waivers”. 

 

	2.3	 Transfer of the Joint Patent and MTPC Intellectual Property 

 

	2.3.1	 Subject to the MTPC Conditions Precedent, MTPC hereby assigns and transfers to the Company, and the Company
hereby accepts such assignment and transfer of: 

  

	 	a.	 all MTPC rights and obligations under the Joint Patent; and 

 

	 	b.	 all MTPC Intellectual Property related to the Compound in the MTPC Territory, 

jointly referred to as the “IP Transfer”. 
  

	2.3.2	 The Parties shall use reasonable efforts to complete registration of the IP Transfer within six (6) months
after the date on which this Agreement becomes effective, subject to the MTPC Conditions Precedent (as defined in Clause 4.1 hereof), in accordance with Clause 4.1 hereof. 

 

	2.3.3	 With respect to all intellectual property (i) transferred pursuant to the IP Transfer or (ii) owned
by the Company for which MTPC has paid maintenance fees during 2019, MTPC shall continue to pay the maintenance fees that are due and payable from the date of this Agreement until 31 July 2020. As from 1 August 2020, all such fees shall be
paid by either the Company or NewCo. The Company shall reimburse MTPC for the documented maintenance fees paid by MTPC pursuant to the first sentence of this clause. 

 

	2.3.4	 It is understood and agreed that 

 

	 	a.	 The raw data and documents related to [***] which are currently stored at MTPC’s facilities and of which
list is set out in Schedule 4 [***] hereof (collectively, the “[***]”) will remain to be stored by MTPC at its facilities in accordance with its own data storage related policies and procedures to the extent the Company
continues developing the [***]; and 

  
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	 	b.	 upon the receipt of the Company’s reasonably advance written request, MTPC will cause the [***] to be
shipped to the Company; 

 Provided, however, that, 

 

	 	(i)	 the [***] may be deleted, disposed or otherwise handled by MTPC in its sole discretion and expense at any time
(x) if an event set out in either (a) or (b) of Clause 5 of this Agreement occurred; or (y) if the Company notifies MTPC of the Company’s intent that the Company no longer needs the [***] with or without any reason or that the
Company requests the deletion or disposal of the [***] 

  

	 	(ii)	 MTPC has the right to request the Company to take the delivery of the [***] by providing the Company with a
written notice at least six(6) month prior to the MTPC’s requesting shipment schedule of the [***] in any case where MTPC decides not to continue to remain the [***] stored at MTPC’s facilities and, upon the receipt of the Company’s
notice of taking the delivery of the [***] MTPC will cause the [***] to be shipped to the Company; and 

  

	 	(iii)	 if the Company does not provide any its written notice requesting shipment of the [***] to the Company within
thirty (30) calendar days in correspondence with MTPC’s written notice as provided in the paragraph (ii) above, the [***] may be deleted, disposed or otherwise handled by MTPC in its sole discretion and expense at any time.

 At the time of the shipment of the [***] from MTPC to the Company, THE [***] DATA ARE PROVIDED “AS IS”,
“AS AVAILABLE” AND WITH NO WARRANTIES OF ANY KIND and the delivery terms thereto will be CPT (sea port or air port in Netherlands) (Inco-terms 2020). MTPC will be responsible for arranging carriage and delivering the [***] to the agreed
sea port or air port where the Company will take the delivery of the [***] and the Company will be the importer of the [***] and thus responsible for custom clearance and all applicable taxes and duties. 

 

	2.4	 Termination of the Future Agreement 

 

	2.4.1	 Subject to the MTPC Conditions Precedent, at the Amgen Closing, the Company and MTPC shall execute a
termination agreement pursuant to which the Future Agreement shall be terminated, provided that such termination shall not affect the following clauses thereof: clause 14 (Termination of the Original Agreement), clause 15
(Confidentiality), clause 19 (Indemnities) to the extent relating to the period up to the Amgen Closing Date, and clause 20 (Miscellaneous). 

  
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	2.4.2	 Subject to the MTPC Conditions Precedent, at the Amgen Closing, each of the Company and MTPC shall waive any
and all claims, rights and interests they have towards the other party under the Future Agreement (including in respect of any claim or cause of action in respect of any breach thereof, whether known or unknown), other than in relation to clause 19
(Indemnities) of the Future Agreement, to the extent relating to the period up to the Amgen Closing Date. 

  

	2.5	 Novation and Waiver Agreement MTPC 

 

	2.5.1	 Subject to the MTPC Conditions Precedent, at the Amgen Closing, the Novation and Waiver Agreement MTPC shall be
entered into by and between the Newco, the Company, Amgen and MTPC pursuant to which the Amgen’s status of contracting party of the Transfer Agreement shall be transferred to and assumed by the Newco; MTPC irrevocably and unconditionally
releases Amgen from any and all liabilities (if any) under, or otherwise arising in respect of the Transfer Agreement and two comfort letters granted by Amgen, Inc; and the Newco and the Company irrevocably and unconditionally releases MTPC from any
and all liabilities and obligations (if any) under, or otherwise arising in respect of, the Transfer Agreement. The provisions of Clause 2.5.1 hereof and the Novation and Waiver Agreement MPTC shall not prejudice Clause 2.2.1 hereof. An agreed form
of the Novation and Waiver Agreement MTPC is attached hereto as Schedule 2 (Novation and Waiver Agreement MTPC). 

  

	3	 CONSIDERATION 

 

	3.1	 Consideration for the MTPC Waivers 

 

	3.1.1	 The consideration for the MTPC Waivers consists of: 

 

	 	a.	 the MTPC Waiver Profit Right, hereby granted by Newco to MTPC; and 

 

	 	b.	 the MTPC Waiver IPO Share Right, hereby granted by Newco to MTPC. 

Any deduction or withholding of Tax in relation to the MTPC Waiver Profit Right and the MTPC Waiver IPO Share Right is for the sole risk and
expense of MTPC. 
  

	3.1.2	 It is understood and agreed that: 

 

	 	a.	 the MTPC Waiver Profit Right shall lapse if the MTPC Waiver IPO Share Right is exercised by MTPC; and

  

	 	b.	 the MTPC Waiver IPO Share Right shall lapse if as a result of one or more Exit Events the MTPC Waiver Profit
Right is exercised by MTPC and either (i) all assets of the Dezima Group relating to the Compound are sold, leased, transferred, licensed or otherwise disposed of or (ii) there are no Remaining Shares. 

  
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 For the avoidance of doubt, whether or not MTPC exercises its right to match with respect to
the MTPC Territory in accordance with Clause 3.7 of this Agreement has no effect on the MTPC Waiver Profit Right or the MTPC Waiver IPO Share Right. 
  

	3.2	 MTPC Waiver Profit Right 

 

	3.2.1	 The “MTPC Waiver Profit Right” is MTPC’s right to receive an amount equal to a portion of
the Proceeds (a “Waiver Profit Right Payment”) in respect of each Exit Event, to be calculated, subject to Clauses 3.2.2 and 3.2.3, as follows: 

 

	 	a.	 [***] of the Proceeds if the Exit Event occurs at a moment in time when [***] or 

 

	 	b.	 6% (six percent) of the Proceeds if the Exit Event occurs at a moment in time when the Dezima Group has
received an amount greater than EUR 100,000,000 (one hundred million euros) in aggregate cumulative Financing, 

 whereby
(i) there may be one or more Exit Events and (ii) each Exit Event shall trigger both the MTPC Waiver Profit Right and the MTPC IP Profit Right simultaneously. 
  

	3.2.2	 In the event of a Share Sale or Merger concerning less than all of the shares (and all other options, warrants,
convertibles and other securities) of the Company (or, as the case may be, its direct holding company) (“Partial Sale”), any Waiver Profit Right Payment resulting from a further Exit Event occurring after such Partial Sale shall
solely be calculated on the Proceeds received on the shares (and all other options, warrants, convertibles and other securities) as participate in the Proceeds of such further Exit Event excluding those shares (options, warrants, convertibles and
other securities) as previously participated in the Proceeds on the Partial Sale (“Remaining Shares”). The Waiver Profit Right Payment on Exit Events occurring after such first Share Sale or Merger shall be: 

 

	 	a.	 [***] of the Proceeds received on the Remaining Shares if the Partial Sale occurs at a moment in time when
[***] or 

  

	 	b.	 6% (six percent) of the Proceeds received on the Remaining Shares if the Partial Sale occurs at a moment in
time when [***] 

  

	3.2.3	 Newco shall pay (or procure the payment of) the Waiver Profit Right Payment to MTPC as soon as practicably
possible after the date on which the corresponding Proceeds are paid in respect of the Exit Event. In the event of an Exit Event where the Proceeds are not or not entirely distributable in cash or contingent, the Parties shall consult each other and
discuss the options in good faith as to how to settle all or part of the proceeds of the MTPC Waiver Profit Right in cash and the remainder in kind and/or on a contingent basis. 

  
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	3.3	 MTPC Waiver IPO Share Right 

 

	3.3.1	 The “MTPC Waiver IPO Share Right” is MTPC’s right to receive a number of IPO Shares in
the share capital of the IPO Company, as the case may be, in the event of an IPO. Subject to Clause 3.3.2, the number of IPO Shares is to be calculated as follows: 

 

	 	a.	 in the event that the IPO occurs at a moment in time when the [***], the number of IPO Shares to be issued will
be such number as, when valued at the IPO Price per share, have an aggregate value equivalent to [***] of the Pre-Public Offering Valuation; or 

 

	 	b.	 in the event that the IPO occurs at a moment in time when the Dezima Group has received an amount greater than
EUR 100,000,000 (one hundred million euros) in aggregate cumulative Financing, the number of IPO Shares to be issued will be such number as, when valued at the IPO Price per share, have an aggregate value equivalent to 6% (six percent) of the Pre-Public Offering Valuation, 

 whereby an IPO shall trigger both the MTPC Waiver IPO
Share Right and the MTPC IP IPO Share Right. 
  

	3.3.2	 In case of an IPO after Clause 3.2.2 has been applied, the number of IPO Shares issuable to MTPC shall be
calculated as follows: 

  

	 	a.	 [***] of the Remaining Shares (on an as converted basis) if the first Share Sale or Merger occurs at a moment
in time when [***]; or 

  

	 	b.	 6% (six percent) of the Remaining Shares (on an as converted basis) if the first Share Sale or Merger occurs at
a moment in time when [***]. 

  
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	3.4	 Consideration for the IP Transfer 

 

	3.4.1	 The consideration for the IP Transfer consists of: 

 

	 	a.	 the MTPC IP Profit Right, hereby granted by Newco to MTPC; and 

 

	 	b.	 the MTPC IP IPO Share Right, hereby granted by Newco to MTPC. 

Any deduction or withholding of Tax in relation to the MTPC IP Profit Right and the MTPC IP IPO Share Right is for the sole risk and expense of
MTPC. 
  

	3.4.2	 It is understood and agreed that: 

 

	 	a.	 the MTPC IP Profit Right shall lapse if the MTPC IP IPO Share Right is exercised by MTPC; and

  

	 	b.	 the MTPC IP IPO Share Right shall lapse if as a result of one or more Exit Events the MTPC IP Profit Right is
exercised by MTPC and either (i) all assets of the Dezima Group relating to the Compound are sold, leased, transferred, licensed or otherwise disposed of or (ii) there are no Remaining Shares. 

For the avoidance of doubt, whether or not MTPC exercises its right to match with respect to the MTPC Territory in accordance with Clause 3.7
of this Agreement has no effect on the MTPC IP Profit Right or the MTPC IP IPO Share Right. 
  

	3.5	 MTPC IP Profit Right 

 

	3.5.1	 The “MTPC IP Profit Right” is MTPC’s right to receive an amount equal to a portion of the
Proceeds (a “IP Profit Right Payment”) in respect of each Exit Event, to be calculated, subject to Clauses 3.5.2 and 3.5.3, as follows: 

  

	 	a.	 [***] of the Proceeds if the Exit Event occurs at a moment in time when [***]; or 

 

	 	b.	 1.63% (one point sixty-three percent) of the Proceeds if the Exit Event occurs at a moment in time when the
Dezima Group has received an amount greater than EUR 100,000,000 (one hundred million euros) in aggregate cumulative Financing, 

whereby (i) there may be one or more Exit Events and (ii) each Exit Event shall trigger both the MTPC Waiver Profit Right and the
MTPC IP Profit Right simultaneously. 
  

	3.5.2	 In the event of a Partial Sale, any IP Profit Right Payment resulting from a further Exit Event occurring after
such Partial Sale shall solely be calculated on the Proceeds received on the Remaining Shares. The IP Profit Right Payment on Exit Events occurring after such first Share Sale or Merger shall be: 

  
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	 	a.	 [***] of the Proceeds received on the Remaining Shares if the Partial Sale occurs at a moment in time when
[***]; or 

  

	 	b.	 [***] of the Proceeds received on the Remaining Shares if the Partial Sale occurs at a moment in time when
[***]. 

  

	3.5.3	 Newco shall pay (or procure the payment of) the IP Profit Right Payment to MTPC as soon as practicably possible
after the date on which the corresponding Proceeds are paid in respect of the Exit Event. In the event of an Exit Event where the Proceeds are not or not entirely distributable in cash or contingent, the Parties shall consult each other and discuss
the options in good faith as to how to settle all or part of the proceeds of the MTPC IP Profit Right in cash, and the remainder in kind and/or on a contingent basis. 

 

	3.6	 MTPC IP IPO Share Right 

 

	3.6.1	 The “MTPC IP IPO Share Right” is MTPC’s right to receive a number of IPO Shares in the
share capital of the IPO Company, as the case may be, in the event of an IPO. Subject to Clause 3.6.2, the number of IPO Shares is to be calculated as follows: 

 

	 	a.	 in the event that the IPO occurs at a moment in time when [***], the number of shares to be issued will be such
number as, when valued at the IPO Price per share, have an aggregate value equivalent to [***] of the Pre-Public Offering Valuation; or 

 

	 	b.	 in the event that the IPO occurs at a moment in time when the Dezima Group has received an amount greater than
EUR 100,000,000 (one hundred million euros) in aggregate cumulative Financing, the number of shares to be issued will be such number as, when valued at the IPO Price per share, have an aggregate value equivalent to 1.63% (one point sixty-three
percent) of the Pre-Public Offering Valuation, 

 whereby an IPO shall trigger
both the MTPC Waiver IPO Share Right and the MTPC IP IPO Share Right. 

  
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	3.6.2	 In case of an IPO after Clause 3.2.2 has been applied, the number of IPO Shares issuable to MTPC shall be
calculated as follows: 

  

	 	a.	 [***] of the Remaining Shares (on an as converted basis) if the first Share Sale or Merger occurs at a moment
in time when [***]; or 

  

	 	b.	 [***] of the Remaining Shares (on an as converted basis) if the first Share Sale or Merger occurs at a moment
in time when [***]. 

  

	3.7	 Right to match 

 

	3.7.1	 The Parties acknowledge and agree that execution of the right to match may significantly influence a sales
process and/or IPO process and/or the costs in relation thereto. MTPC shall hence once the intention of an Exit Event or an IPO has been communicated to it in writing by Newco in good faith consider to conditionally or unconditionally waive its
rights to match. 

  

	3.7.2	 Each of Newco and the Company shall comply with the provisions of this Clause 3.7 (Right to match),
before pursuing a sale of rights in the Compound or an out-license of rights to the Compound in the MTPC Territory or a part thereof (the “MTPC Territory Exit”), unless such sale or out-license is included in an Asset Sale. 

  

	3.7.3	 If Newco or the Company wishes to pursue an MTPC Territory Exit with a bona fide third party, Newco or the
Company, as the case may be, shall send MTPC a written notice thereof including the terms, both of a financial and of a non-financial nature, including but not limited to obligations to further develop the
Compound (if any), of the offer (the “Offer Notice”). Upon receipt of the Offer Notice, MTPC shall have thirty (30) days to inform by sending a notice to Newco or the Company, as the case may be, that it will match the terms
set out in the Offer Notice (the “Exercise Notice”). 

  

	3.7.4	 Upon Newco’s or the Company’s receipt of the Exercise Notice, Newco and/or the Company and MTPC shall
in good faith finalise transaction documentation between them on the terms set out in the Offer Notice. 

  

	3.7.5	 If (i) MTPC does not deliver the Exercise Notice within the aforementioned thirty (30) days, or
(ii) such good faith finalisation of transaction documentation does not result in a final agreement within two (2) months after receipt of the Offer Notice, Newco or the Company, as the case may be, shall be permitted to pursue an MTPC
Territory Exit with a bona fide third party. 

  

	3.7.6	 For clarity, MTPC right to match set forth in this Clause 3.7 (Right to match) shall be lapse once all
assets and/or shares of the Dezima Group are sold and/or transferred, or an IPO has occurred. 

  
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	4	 CONDITIONS PRECEDENT 

 

	4.1	 MTPC Conditions Precedent 

This Agreement has been entered into on the date of or prior to the execution of the 2020 SPA. The effectiveness of this Agreement is subject
to the following conditions precedent (the “MTPC Conditions Precedent”): 
  

	a.	 the Xention Condition; 

 

	b.	 the Moelis Condition; 

 

	c.	 the Former Shareholders waiving their rights under the 2015 SPA; and 

 

	d.	 the Amgen Closing takes place in which Newco acquires all issued shares in the share capital of the Company
from Amgen in accordance with the share sale and purchase agreement to be separately executed between Amgen and Newco, structured as a Product Line Sale, and Amgen shall transfer all its rights and interests related to Compound, other than those the
Company already owns, to Newco or the Company in return for a profit right in Newco. 

 This Agreement shall become
effective upon the Amgen Closing. 
  

	5	 POST-CLOSING OBLIGATIONS 

The Company shall transfer to MTPC (i) all MTPC rights and obligations under the Joint Patent and (ii) all MTPC Intellectual Property
related to the Compound in the MTPC Territory if and when: 
  

	 	(a)	 the Company or Newco decides to discontinue the clinical development of the Compound; or 

 

	 	(b)	 four (4) years after the Amgen Closing Date have expired and no patient enrolment in a clinical trial for the
Compound has taken place. 

 The Company shall provide MTPC with its written notice promptly upon occurrence of the event
of either (a) or (b). 
 Subsequently, the Company and MTPC will enter into a new future agreement on similar terms and conditions as
the Future Agreement. This post-closing obligation of the Company shall lapse upon MTPC’s receipt of payment by the Newco required hereunder in correspondence with the occurrence of an Exit Event or an IPO. 

  
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	6	 CONFIDENTIALITY 

 

	6.1	 Confidentiality 

 

	6.1.1	 Subject to the provision of Clause 6.2 (Exemptions) neither the Company, Newco nor MTPC shall make (or
permit any other Affiliate to make) any announcement concerning this Agreement or any ancillary matter before, on, or after Closing. 

  

	6.1.2	 The Parties shall keep confidential the terms of this Agreement and all information provided to it by or on
behalf of the other Party or otherwise obtained by or in connection with this Agreement which relates to the other Party or an Affiliate of the other Party. 

  

	6.1.3	 MTPC undertakes to the Dezima Group that it shall (and shall procure that each Affiliate shall) treat as
confidential, and will not at any time disclose or use, any confidential information of the Dezima Group concerning, comprising or otherwise relating to [***] or the development or commercial-isation thereof (including, without limitation, any trade
secrets, know-how, manufacturing specifications, study designs, development plans, commercialisation plans, forecasts, market analysis, competitor analysis, data and other results arising from development
activities, and any analysis of or reports in respect of any such data or results). 

  

	6.2	 Exemptions 

Nothing in this Clause 5 (Confidentiality) prevents any announcement being made or any confidential information being disclosed by any
Party: 
  

	 	b.	 on or following the Closing Date, if the Parties have reasonably agreed on the contents of such announcement;

  

	 	c.	 to the extent required by law or any competent regulatory body or recognised stock exchange or under any
agreement with any Tax Authority existing at the date of this Agreement or to comply with any applicable accounting requirements; any Party so required to disclose any confidential information shall promptly notify the other Parties, to the extent
lawful to do so, before disclosure occurs and shall consult with the other Parties regarding the timing and content of such disclosure; 

  

	 	d.	 to the extent that such information is public knowledge other than through unlawful disclosure of which that
Party at the time of such disclosure was or could reasonably have been aware that it was unlawful; 

  

	 	e.	 in legal proceedings to the extent reasonably necessary to exercise its rights under this Agreement;

  

	 	f.	 to that Party’s professional advisers subject to a duty of confidentiality and only to the extent
necessary for any lawful purpose; 

  

	 	g.	 by the Dezima Group to a direct shareholder of Newco; 

  
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	 	h.	 by the Dezima Group to Amgen (or its Affiliates, advisers, agents or auditors) in connection with the 2020 SPA.
For the avoidance of doubt, Newco may provide a copy of this Agreement to Amgen and may notify Amgen of any further information pertinent to the determination of any payment as may be due to Amgen under the 2020 SPA; 

 

	 	i.	 by the Dezima Group to Xention (or its Affiliates, advisers, agents or auditors) in connection with the Xention
Condition; and/or 

  

	 	j.	 by the Dezima Group to Moelis (or its Affiliates, advisers, agents or auditors) in connection with the Moelis
Condition. 

  

	7	 MISCELLANEOUS 

 

	7.1	 Further action, further assurances 

 

	7.1.1	 If at any time after Closing any further action is necessary or desirable in order to implement this Agreement,
each Party shall at its own cost execute and deliver any further documents and take all such necessary action as may reasonably be requested from each of such Party. 

 

	7.1.2	 To the extent any patents or patent applications that are based on international applications [***] [***] or
[***] are found to remain with MTPC or its Affiliates at any time in the future, MTPC will procure that such patents are transferred to the Company. Any costs and expenses and consideration in relation thereto is deemed covered by the Consideration
paid by the Company under Clause 3 of this Agreement. 

  

	7.2	 Binding effect 

This Agreement shall not have any binding effect until each Party has validly signed this Agreement. 

 

	7.3	 Entire Agreement 

This Agreement contains the entire agreement between the Parties relating to the subject matter covered hereby and supersedes any previous oral
or written agreements, arrangements and understandings between the Parties. 
  

	7.4	 Invalid provisions 

In the event that a provision of this Agreement is null and void or unenforceable (either in whole or in part), the remainder of this Agreement
shall continue to be effective to the extent that, given this Agreement’s substance and purpose, such remainder is not inextricably related to the null and void or unenforceable provision. The Parties shall negotiate in good faith to reach
agreement on a new provision which differs as little as possible from the null and void or unenforceable provision, taking into account the substance and purpose of this Agreement. 

  
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	7.5	 Amendment 

No amendment to this Agreement shall have any force or effect unless and until it is in writing and signed by each of the Parties. 

 

	7.6	 Costs 

Except as provided otherwise in this Agreement, each Party shall bear its own costs in connection with the preparation, negotiation,
implementation and signing of this Agreement. 
  

	7.7	 No implied forfeit of rights 

 

	7.7.1	 Other than the waivers included in Clause 2.4.2, Clause Error! Reference source not found. and the MTPC
Waivers, nothing shall be construed as a waiver under this Agreement unless a document to that effect has been signed by the Parties or notice to that effect has been given. 

 

	7.7.2	 Where a Party does not exercise any right under this Agreement (which shall include the granting by a Party to
any other Party of an extension of time in which to perform its obligations under any provision hereof), this shall not be deemed to constitute a forfeit of any such rights (rechtsverwerking). The rights of each Party under this Agreement may
be exercised as often as necessary and are cumulative and not exclusive of rights and remedies provided by law. 

  

	7.8	 Third party beneficiaries 

Except as expressly stated in this Agreement, the terms of this Agreement may be enforced only by a Party to this Agreement or a Party’s
permitted assigns or successors and there are no third party beneficiaries with any rights to enforce any of the provisions of this Agreement. 
  

	7.9	 Counterparts 

This Agreement may be executed in any number of counterparts. This has the same effect as if the signatures on the counterparts were on a
single copy of this Agreement. 
  

	7.10	 Notices 

  

	7.10.1	 Any notice, request, consent or other communication under or in connection with this Agreement shall be in
writing and delivered by hand or sent by registered mail or sent as an email to the relevant email address referred to in Schedule 3 (Addresses for notices). Delivery by courier shall be regarded as delivery by hand. 

  
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	7.10.2	 Notices, requests, consents or other communications under or otherwise in connection with this Agreement shall
be sent to the addresses of the Parties as specified in Schedule 3 (Addresses for notices) or such other address as the Parties to be given notice may have notified to the other Party from time to time in accordance with this Clause 7.10
(Notices) for that purpose. 

  

	7.10.3	 A notice, request, consent or other communication under or otherwise in connection with this Agreement shall be
effective, in the absence of earlier receipt: 

  

	 	a.	 if delivered by hand to the relevant address referred to in Clause 7.10.2, at the time of delivery;

  

	 	b.	 if sent by registered mail to the relevant address referred to in Clause 7.10.2 and that address is in the same
country as the sender, at the expiration of 2 (two) days after the time of posting; 

  

	 	c.	 if sent by registered mail to the relevant address referred to in Clause 7.10.2 and that address is not in the
same country as the sender, at the expiration of seven (7) days after the time of posting; and 

  

	 	d.	 if sent by email to the relevant email address referred to in Clause 7.10.2, at the time the email was sent.

  

	7.10.4	 If a notice, request, consent or other communication under or otherwise in connection with this Agreement would
otherwise be deemed to have been delivered outside normal business hours (being 9:30 a.m. CET to 5:30 p.m. CET on a Business Day) in the time zone of the territory of the recipient under the preceding provisions of this Clause 7.10 (Notices),
it shall be deemed to have been delivered at the next opening of such normal business hours in the territory of the recipient. 

  

	7.10.5	 In proving service of the notice, request, consent or other communication under or otherwise in connection with
this Agreement, it shall be sufficient to show that delivery by hand was made or that the envelope containing the notice, request, consent or communication was properly addressed and posted as registered mail or that the email was recorded in the IT
system of the sender as having been sent and that the sender did not receive within 1 (one) hour of sending the email an error message indicating failure to deliver. For the avoidance of doubt, a notification that the recipient of an email is out of
the office, or no longer working at an organisation, shall not constitute an error message indicating failure to deliver. 

  

	7.10.6	 The provisions of this Clause 7.10 (Notices) shall not apply in relation to the service of documents for
the purpose of litigation. 

  
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	7.11	 Language 

The language of this Agreement is English and all notices to be given in connection with this Agreement must be in English. All demands,
requests, statements, certificates or other documents or communications to be provided in connection with this Agreement must be in English or accompanied by a certified English translation; in this case the English translation prevails unless the
document or communication is a statutory or other official document or communication of which the mandatory language is another language than English. 
  

	7.12	 Assignment 

No Party may assign or novate this Agreement or assign or novate any of its rights thereunder without the prior written consent of the other
Parties. 
  

	7.13	 Choice of law 

This Agreement and the documents to be entered into pursuant to it, shall be exclusively governed by and construed in accordance with the laws
of State of New York, the United States of America . Any matter, claim or dispute arising out of or in connection with this Agreement, whether contractual or non-contractual, is to be governed by and
determined in accordance with the laws of State of New York, U.S.A. 
  

	7.14	 Disputes 

The Parties agree that any dispute arising out of or in connection with this Agreement, whether contractual or
non-contractual, shall be finally settled under the Rules of Arbitration of the International Chamber of Commerce by three (3) arbitrators appointed in accordance with the said Rules as they are in force
at the time the arbitration is commenced, whereby: 
  

	 	a.	 language of the arbitration shall be English; 

 

	 	b.	 the place of arbitration shall be in Osaka Japan if initiated by Newco or the Company and in Amsterdam, the
Netherlands, if initiated by MTPC; 

  

	 	c.	 notwithstanding the foregoing, nothing in this Clause 7.14 (Disputes) shall preclude Parties from
applying for injunctive relief in summary proceedings (kort geding) before any competent court instead of arbitrators, insofar such injunctive relieve cannot be obtained through emergency arbitration with the International Chamber of
Commerce. 

 This Agreement has been entered into on the date stated at the beginning of this Agreement. 

Signature page follows 

  
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 Execution copy 
  

 Signature page 

[Profit right and waiver agreement – Signature page] 

For and on behalf of 
 NewAmsterdam Pharma B.V. 

 

									
	 /s/ H.A. Slootweg
	 		 	 /s/ V. van Houten

	By:	 	H.A. Slootweg	 		 	By:	 	V. van Houten
	Title:	 	 Director of Forbion International
 Management
B.V. its director
	 		 	Title:	 	 Director of Forbion International
 Management
B.V. its director

 For and on behalf of 
 Dezima
Pharma B.V. 
  

									
	 /s/ H.A. Slootweg
	 		 	 /s/ V. van Houten

	By:	 	H.A. Slootweg	 		 	By:	 	V. van Houten
	Title:	 	 Director of Forbion International
 Management
B.V. its director
	 		 	Title:	 	 Director of Forbion International
 Management
B.V. its director

 For and on behalf of 

Mitsubishi Tanabe Pharma Corporation 
  

			
	 /s/ Hiroaki Ueno, Ph.D.

	By:	 	Hiroaki Ueno, Ph.D.
	Title:	 	 President & Representative Director

Chief Executive Officer

 

 
 Execution copy 
  

 SCHEDULE 1. DEFINITIONS AND INTERPRETATION 

 

			
	“2015 SPA”	  	has the meaning ascribed thereto in Recital B
		
	“2020 SPA”	  	has the meaning ascribed thereto in Recital H
		
	“Affiliate”	  	means in relation to any Person, any direct or indirect subsidiary or direct or indirect holding company of that Person (including its ultimate beneficial owner) and any other direct or indirect subsidiary of such holding
company
		
	“Agreement”	  	means this profit right and waiver agreement, as defined in the introduction to this Agreement
		
	“Amgen Closing Date”	  	means the date of the Amgen Closing which shall be the date of execution of the notarial deed of transfer whereby all shares in the capital of the Company are transferred by Amgen to Newco
		
	“Amgen Closing”	  	means the transfer of all the shares in the Company as contemplated by the 2020 SPA
		
	“Amgen Transaction”	  	has the meaning ascribed thereto in Recital H
		
	“Amgen”	  	has the meaning ascribed thereto in Recital B
		
	“Asset Sale”	  	has the meaning set out in the definition of Exit Event
		
	“Authority”	  	means a supranational, national, provincial, municipal or other governmental authority, administrative body or court of a relevant jurisdiction (including any subdivision thereof)
		
	“Business Day”	  	means a day (other than a Saturday or a Sunday) on which banks are generally open in the Netherlands or Japan for the conduct of normal business
		
	“Company”	  	has the meaning ascribed thereto in the introduction of this Agreement
		
	“Dezima Group”	  	has the meaning ascribed thereto in the introduction of this Agreement
		
	“Dezima Original License”	  	has the meaning ascribed thereto in Recital A
		
	“Dezima Territory”	  	means all [***]

  
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	“Dezima”	  	has the meaning ascribed thereto in the introduction of this Agreement
		
	“Exit Event”	  	means a single transaction or series of related transactions (i) resulting in the sale, lease, transfer, license or other disposition of all or a substantial part of the assets of the Company (and its Affiliates) (including shares
in its subsidiaries from time to time and the intellectual property rights in relation to the Compound) (an “Asset Sale”), or (ii) resulting in the sale or transfer of all or part of the shares in the capital of the Company (or
any direct or indirect holding company thereof (including, without limitation, Newco) resulting in a direct or indirect change of control over the Company (or any such holding company of the Company) (it being understood that any sale or transfer of
more than 50% of the then outstanding shares in the capital of the Company or any holding company of the Company or Newco shall be deemed to result in a change of control) (a “Share Sale”) or (iii) resulting in a merger
(juridische fusie) or demerger (splitsing), re-organisation, acquisition or consolidation involving the Company (or any direct or indirect holding company thereof (including, without limitation, Newco) or its subsidiaries from
time to time with any other company resulting in Newco or the Company not being the surviving company and/or resulting in a change of control over Newco or the Company or any direct or indirect holding company of Newco or the Company (a
“Merger”), (iv) deemed an Exit Event by the board of Newco, or (v) resulting in any proceeds (whether in cash, shares or surplus assets) actually paid or distributed to, or for the benefit of, all shareholders (or any class
thereof) of the Company (or any direct or indirect holding company (including, without limitation, Newco)) and/or a surviving company.
		
		  	For the purposes of this definition, reference to any direct or indirect holding company of Newco or the Company shall not include any investment fund (whether limited partnership or other form of legal entity) managed by Forbion II
Management B.V. or any of its Affiliates (nor any general partner or nominee to the extent holding any investment on behalf of any such investment fund).
		
		  	An Exit Event shall not include:

  
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		  	 (i) a Share Sale or Merger undertaken in anticipation of an IPO pursuant to which a new
holding company (the “New Holding Company”) acquires the entire issued share capital of the Company (or its holding company) in consideration of the issue to the holder of shares (and other options, warrants, convertibles and
other securities) of the Company (or, as the case, such holding company) (the “Sellers”) of new shares (and other options, warrants, convertibles and other securities) in the New Holding Company with the result that the nature and
extent of the interests of the Sellers in the New Holding Company subsequent to such transaction is equivalent to the nature and extent of the interests of the Sellers in the Company (or the holding company) immediately prior to such transaction
(and no other person(s) then hold any interest in the New Holding Company); and

		
		  	 (ii)  an Asset Sale comprising the sale, lease, transfer, license or other disposition
of all or a substantial part of the assets of the Company to a wholly owned subsidiary of the Company (provided that, for the avoidance of doubt, a subsequent disposition of the Company’s interests in such subsidiary, or disposition by such
subsidiary of interests in such assets, shall constitute an Asset Sale)

		
	“Financing”	  	means the proceeds in cash or in kind (net of taxes and commissions, if any) received by Newco from investors by way of subscription for non-redeemable equity securities in the share capital
of Newco or from shareholders by way share premium contribution
		
	“Former Shareholders”	  	means the parties listed in Schedule 1 to the 2015 SPA
		
	“Future Agreement”	  	has the meaning ascribed thereto in Recital C
		
	“IP Profit Right Payment”	  	has the meaning ascribed thereto in Clause 3.5.1
		
	“IPO Company”	  	means the company whose shares are admitted to trading pursuant to the IPO
		
	“IPO Price”	  	means the price per share as set forth in the pricing agreement or similar document at which IPO Shares are offered by

  
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		  	the Company to investors in connection with any placing undertaken in connection with the IPO
		
	“IPO Shares”	  	means shares in the capital of the IPO Company being of the same class as admitted to trading pursuant to the IPO
		
	“IPO”	  	means an introductory public offering or other form of offering that results in the admission to trading of the shares in the capital of the Company (or any direct or indirect holding company of the Company (including, without
limitation, Newco)) on a Major Exchange
		
	“Joint Patent”	  	means international PCT application published as [***] filed in the name of Dezima and MTPC jointly [***] and any and all patents and/or patent applications issued and/or filed on the basis of this international PCT application,
including the patent applications filed in [***]
		
	“Major Exchange”	  	means any market in securities operated by an investment exchange which is a ‘Recognised Investment Exchange’, ‘Recognised Overseas Investment Exchange’ or ‘Designated Investment Exchange’ in each case
as so designated by the UK Financial Conduct Authority from time to time or which the Seller may otherwise approves in writing to be a Major Exchange for the purposes of this Agreement
		
	“Merger”	  	has the meaning set out in the definition of Exit Event
		
	“Mitsubishi Payment”	  	has the meaning ascribed thereto in Recital E
		
	“Moelis Condition”	  	means Moelis waiving its rights under the Moelis Payment Agreement
		
	“Moelis Payment Agreement”	  	means the agreement amongst Amgen, the Company and Moelis dated 16 September 2015
		
	“Moelis”	  	means Moelis & Company UK LLP
		
	“MTPC Conditions Precedent”	  	has the meaning ascribed thereto in Clause 4.1
		
	“MTPC Intellectual Property”	  	has the meaning ascribed thereto in the Future Agreement
		
	“MTPC IP IPO Share Right”	  	has the meaning ascribed thereto in Clause 3.6.1

  
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	“MTPC IP Profit Right”	  	has the meaning ascribed thereto in Clause 3.5.1
		
	“MTPC Territory Exit”	  	has the meaning ascribed thereto in Clause 3.7.2
		
	“MTPC Territory”	  	means [***]
		
	“MTPC Waiver IPO Share Right”	  	has the meaning ascribed thereto in Clause 3.3.1
		
	“MTPC Waiver Profit Right”	  	has the meaning ascribed thereto in Clause 3.2.1
		
	“MTPC Waivers”	  	has the meaning ascribed thereto in Clause 2.2
		
	“MTPC”	  	has the meaning ascribed thereto in the introduction of this Agreement
		
	“New Holding Company”	  	has the meaning set out in the definition of Exit Event
		
	“Novation and Waiver Agreement MTPC “	  	has the meaning ascribed thereto in Recital I.
		
	“Partial Sale”	  	has the meaning ascribed thereto in Clause 3.2.2
		
	“Party”	  	means the parties to this Agreement
		
	“Pre-Public Offering Valuation”	  	means the top-end of the valuation range of the Company or Newco, as the case may be, as determined by the lead underwriters of the IPO
		
	“Proceeds”	  	means any proceeds (whether in cash, shares or surplus assets) actually paid or distributed to, or for the benefit of, the shareholders of the Company (or any direct or indirect holding company (including, without limitation,
Newco)) and/or a surviving company resulting from an Exit Event, net of all transaction costs reasonably incurred thereby in respect of such Exit Event
		
	“Remaining Shares”	  	has the meaning ascribed thereto in Clause 3.2.2
		
	“Sellers”	  	has the meaning set out in the definition of Exit Event
		
	“Share Sale”	  	has the meaning set out in the definition of Exit Event
		
	[***] or the “Compound”	  	means the proprietary [***] as was the subject of the Dezima Original License and coded as [***] having the following structure:

  
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		  	[***]
		
	“[***] Raw Data”	  	has the meaning ascribed thereto in Clause 2.3.3.
		
	“Territory”	  	means all countries in the world except [***]
		
	“Transfer Agreement”	  	has the meaning ascribed thereto in Recital C
		
	“Waiver Profit Right Payment”	  	has the meaning ascribed thereto in Clause 3.2.1
		
	“Xention Condition”	  	means Xention waiving its rights under the Xention Payment Agreement
		
	“Xention Payment Agreement”	  	means the agreement amongst Amgen, the Company and Xention dated 16 September 2015
		
	“Xention”	  	means Xention Limited, a company incorporated in England & Wales with registered number 04452808

 Part 2 Provisions 
 For
the purpose of this Agreement: 
  

	 	a.	 Gender and number Words denoting the singular shall include the plural and vice versa, unless
specifically defined otherwise. Words denoting one gender shall include another gender. 

  

	 	b.	 Reference to include The words “include”, “included” or “including” are
used to indicate that the matters listed are not a complete enumeration of all matters covered and will be construed as meaning as “including without limitation” except to the extent specifically provided otherwise in this Agreement.

  

	 	c.	 Headings The headings are for convenience or reference only and are not to affect the construction of
this Agreement or to be taken into consideration in the interpretation of this Agreement. 

  
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 Execution copy 
  

	 	d.	 Clauses, Recitals, Schedules, etc. Unless otherwise stated, Clause, Recital, Schedule or Annex means a
clause (including all subclauses), a recital, a Schedule or an Annex in or to this Agreement. 

  

	 	e.	 Days Unless the context clearly indicates a contrary intention, when any number of days is prescribed in
this Agreement, it must be calculated exclusively of the first and inclusively of the last day unless the last day falls on a day other than a Business Day, in which case the last day will be the next succeeding day which is a Business Day.

  

	 	f.	 Drafting party No provision of this Agreement shall be interpreted adversely against a Party solely
because that Party was responsible for drafting that particular provision. It is acknowledged that representatives of each Party have participated in the drafting and negotiation of this Agreement. 

 

	 	g.	 Documents A reference to any document referred to in this Agreement is a reference to that document as
amended, varied or supplemented (other than in breach or the provisions of this Agreement) from time to time. 

  

	 	h.	 Subsidiary A company is a subsidiary of another company, its holding company, if that other company:

  

	 	i.	 holds a majority of the voting rights in it; 

 

	 	ii.	 has the right, either alone or pursuant to an agreement with other shareholders or members, to appoint or
remove a majority of its management board or its supervisory board (if any); 

  

	 	iii.	 is a shareholder or member of it and controls alone or together with other Persons, pursuant to an agreement
with other shareholders or members, a majority of the voting rights in it; or 

  

	 	iv.	 is a subsidiary of a company which is itself a subsidiary of that other company. 

 

	 	i.	 Person References to a person shall be construed so as to include any individual, firm, company,
corporation, limited liability company, trust, unincorporated organisation, entity or division, government, governmental authority, tax authority, state or agency of a state or any joint venture, association, partnership (whether or not having
separate legal personality). 

  
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	 	j.	 Ordinary course of business An action taken by a Person will be deemed to have been taken in the
“ordinary course of business” only if: such action is consistent with the past practices of such Person and is taken in the ordinary course of the normal
day-to-day operations of such Person; and such action is similar in nature and magnitude to actions customarily taken, without any authorisation by the supervisory board
or other governing board or body exercising similar authority (where applicable) of such Person. 

  

	 	k.	 Arm’s length Where any provision is qualified or phrased by reference to an “arm’s
length” basis or principle, such qualification or reference means the conditions which would be obtained between comparable, independent Persons in comparable transactions (taking into account the assets used, the responsibilities and risks
assumed and the division of benefits between the Parties) and comparable circumstances (taking into account the times and places of performance and the parties’ business strategies), thereby providing the closest approximation of the workings
of the open market. 

  

	 	l.	 Reasonable endeavours Where any obligation is qualified or phrased by reference to use reasonable
endeavours, best efforts or wording of a similar nature, it means the efforts that a person desirous of achieving a result would use in similar circumstances to ensure that such result is achieved as expeditious as possible and, regard shall be had,
among other factors, to: 

  

	 	v.	 the price, financial interest and other terms of the obligation; 

 

	 	vi.	 the degree of risk normally involved in achieving the expected result; and 

 

	 	vii.	 the ability of an unrelated person to influence the performance of the obligation. 

  
 29EX-10.11

 Execution Version 

Exhibit 10.11 
  

					
	

	 	                                      
                                         
         	  	
			
	 NewAmsterdam Pharma Holding B.V.
 Gooimeer 2-35
 1411 DC Naarden
 The
Netherlands
	 		  	Naarden, 20 July 2022
			
		 		  	 BY ELECTRONIC TRANSMISSION
 Saga
Investments Coöperatief U.A.
 Mr. J.A. Bouman

			
		 		  	 WITH COPY TO
 Andrew Turney

Associate General Counsel, Amgen

 Re: SPA Notice 
 Dear Mr.
Bouman, 
 Reference is made to the share sale and purchase agreement among Saga Investments Coöperatief U.A. (“Amgen” or
“you”), NewAmsterdam Pharma Holding B.V. (formerly NewAmsterdam Pharma B.V.) (“NAP” or “us”) and Dezima Pharma B.V. (the “Company”) dated 9 April 2020 regarding the acquisition
by NAP of all issued shares in the share capital of the Company (the “SPA”). Unless stated otherwise herein, capitalized terms used in this letter agreement shall have the same meaning as ascribed thereto in the SPA. 

Waiver of Match Rights 
 NAP hereby communicates to
you in writing its intention to pursue a business combination with a special purpose acquisition company (the “Business Combination”) which constitutes an Exit Event involving the payment of Proceeds, thereby triggering Amgen’s
Profit Right in accordance with Clause 3.3.1 of the SPA and Amgen’s rights to match in accordance with Clauses 3.5.2 through 3.5.5 of the SPA (the “Match Rights”). We kindly ask you to confirm by countersigning this letter that
Amgen hereby irrevocably and unconditionally waives its Match Rights with respect to the Business Combination for the period commencing on the date hereof through and including 31 October 2022; provided that if a definitive agreement with
respect to the Business Combination (the “Merger Agreement”) is executed on or prior to 31 October 2022, such waiver will survive unless and until the Merger Agreement is terminated prior to consummation of the Business
Combination. If such Merger Agreement with respect to the Business Combination is not entered into on or prior to 31 October 2022 or is terminated prior to consummation of the Business Combination, NAP and Amgen agree that all of Amgen’s
rights and NAP’s obligations in connection with the Match Rights shall thereafter be effective and enforceable. NAP shall promptly (but no later than 10 days thereafter) notify Amgen of the execution of the Merger Agreement and, thereafter, the
consummation (or termination) of the Business Combination. 

 For the avoidance of doubt, and solely for the purpose of this letter, Amgen acknowledges and agrees that
the Business Combination does not trigger Amgen’s IPO Share Right in accordance with Clause 3.4 of the SPA nor the right to repurchase in accordance with Clauses 3.5.6 through 3.5.8 of the SPA. 

Satisfaction of Profit Right 
 In connection with,
and immediately prior to, the consummation of the Business Combination in accordance with the terms of the Merger Agreement, NAP will consummate a share exchange, pursuant to which each shareholder of NAP will contribute and transfer each share of
NAP held by it to New Amsterdam Pharma Company B.V. (“Holdco”) in exchange for shares of Holdco or any successor thereto or to NAP that is the ultimate combined public company after the Business Combination (and references to Holdco
in this letter shall be deemed to include a reference to any such successor) (the “Share Exchange”) on the basis of an exchange rate derived from an aggregate valuation of $491,000,000 for all shares of NAP on a fully diluted basis
(the “Exchange Rate”). In addition, each such shareholder will be entitled to receive its pro rata share of 1,886,137 additional shares of Holdco (each valued today at $10), if and when NAP achieves a certain future development
milestone (the “Earnout Shares”). This letter is based on the assumption that the exchange rate in the Share Exchange and the number of Earnout Shares set forth in the executed Merger Agreement, in each case, are consistent with the
above. In the event that either such exchange rate or number of Earnout Shares are less than those set forth above, this letter shall be null and void. 

By countersigning this letter, Amgen hereby irrevocably and unconditionally acknowledges and agrees that the payment to Amgen of the Profit Right Payment upon
consummation of the Business Combination in accordance with Clause 3 of the SPA (including, for the avoidance of doubt, with respect to any Deferred Proceeds), which shall be paid in the form of shares of Holdco, or any successor thereto or to NAP
that is the ultimate combined public company after the Business Combination, shall be deemed full satisfaction of all of Amgen’s rights and NAP’s obligations under Clause 3 of the SPA, which rights and obligations shall thereafter be
extinguished automatically with no further action by Amgen or NAP. Contingent upon, and effective immediately prior to, the consummation of the Share Exchange, NAP hereby assigns its obligations under Clause 3.3 of the SPA to Holdco, Holdco hereby
accepts such assignment, and Amgen further hereby irrevocably and unconditionally acknowledges and agrees to such assignment. 
 The Profit Right Payment
shall be made in the form of Holdco shares, as follows (for the avoidance of doubt, references below to shares on a “fully diluted basis” assume the exercise of all NAP options outstanding immediately prior to the Share Exchange and are
made after giving effect to the issuance of Holdco shares to Amgen described in such respective clause and the corresponding issuance of Holdco shares to Mitsubishi Tanabe Pharma Corporation (“MTPC”) in satisfaction of the MTPC
Waiver Profit Right and the MTPC IP Profit Right, as such terms are defined in the profit right and waiver agreement among MTPC, NAP and the Company, dated 9 April 2020): 

(a) shortly after the Share Exchange, and prior to consummation of the Business Combination, a number of Holdco shares equal to (i) 10% of the
number of shares of NAP outstanding immediately prior to the consummation of the Share Exchange on a fully diluted basis, multiplied by (ii) the Exchange Rate and then (iii) rounded to the nearest whole number where an entitlement
to five-tenths (0.5) of a Holdco share shall be rounded up; and 
 (b) if and when the relevant development milestone is achieved, as soon as
practicable thereafter, a number of Holdco shares equal to (i) 10% of the number of Earnout Shares on a fully diluted basis and then (ii) rounded to the nearest whole number where an entitlement to five-tenths (0.5) of a Holdco share shall be
rounded up. 
 Registration Rights and Lock-up 

Amgen further acknowledges and agrees that the shares of Holdco to be issued to Amgen may constitute restricted securities under United States securities laws.
Prior to or promptly following the consummation of the Business Combination, Holdco shall grant Amgen customary registration rights with respect to such shares on terms substantially similar to those granted to other NAP shareholders in connection
with the Business Combination. In consideration of such registration rights, Amgen hereby agrees to execute a customary lock-up agreement restricting the transfer of those shares, on terms substantially
similar to those entered into by other NAP shareholders in connection with the Business Combination. 

 Shareholders’ Agreement 

Amgen further acknowledges and agrees that the board of directors of NAP intends to treat the Share Exchange as a Deemed Liquidation Event (as such term is
defined in that certain shareholders’ agreement among the shareholders of NAP, dated January 11, 2021, as amended or supplemented from time to time). 

Choice of law and disputes 
 Clauses 12.15 and
12.16 of the SPA apply mutatis mutandis to this letter. 

 Yours sincerely, 
  

							
	NewAmsterdam Pharma Holding B.V.	  		  	NewAmsterdam Pharma Holding B.V.	  	
				
	 /s/ M.H. Davidson
	  		  	 /s/ Johannes Kastelein
	  	
	M.H. Davidson	  		  	Wester Investments B.V.	  	
	Director	  		  	represented by Johannes Kastelein	  	
		  		  	Director	  	

 New Amsterdam Pharma Company B.V. 
  

	
	 /s/ Louise Kooij

	 LouFré Management B.V.
 represented by
LouFré Holding B.V.
 represented by Louise Kooij

	Director

 For approval and confirmation of the above: 

Saga Investments Coöperatief U.A. 
  

							
	 /s/ Justin G. Claeys
	  		  	 /s/ Jan Bouman
	  	
	Name: Justin G. Claeys	  		  	Name: Jan Bouman	  	
	Title: Director	  		  	Title: Director

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