Document:

EX-10.9

 Exhibit 10.9 

Execution Version 
 CERTAIN
CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, MARKED BY [***], HAS BEEN
OMITTED BECAUSE DERMAVANT SCIENCES LTD. HAS DETERMINED THE INFORMATION (I) IS
NOT MATERIAL AND (II) WOULD LIKELY CAUSE COMPETITIVE HARM TO DERMAVANT
SCIENCES LTD. IF PUBLICLY DISCLOSED. 
 Dated 1 April
2019 
 GlaxoSmithKline Trading Services Limited 

– and – 

Dermavant Sciences GmbH 
  

 
 COMMERCIAL MANUFACTURING AND SUPPLY
AGREEMENT 
 in respect of Tapinarof 
  

 

 CONFIDENTIAL 
  

 TABLE OF CONTENTS 

 

							
	 	 	 	  	Page	 
			
	 1.
	 	DEFINITIONS AND INTERPRETATION	  	 	1	 
			
	 2.
	 	GSK’S OBLIGATIONS	  	 	17	 
			
	 3.
	 	DEVELOPMENT SERVICES	  	 	19	 
			
	 4.
	 	PURCHASER’S OBLIGATIONS	  	 	21	 
			
	 5.
	 	NEW PRODUCT SKUS	  	 	24	 
			
	 6.
	 	CAPITAL EXPENDITURE	  	 	25	 
			
	 7.
	 	MATERIALS	  	 	26	 
			
	 8.
	 	PURCHASER MATERIALS	  	 	27	 
			
	 9.
	 	INTELLECTUAL PROPERTY	  	 	28	 
			
	 10.
	 	PRODUCT FORECASTS AND ORDERS	  	 	29	 
			
	 11.
	 	DELIVERY OF PRODUCT	  	 	33	 
			
	 12.
	 	PRICE	  	 	34	 
			
	 13.
	 	INVOICE AND PAYMENT	  	 	35	 
			
	 14.
	 	ELECTRONIC SYSTEMS	  	 	36	 
			
	 15.
	 	QUALITY ASSURANCE	  	 	37	 
			
	 16.
	 	DEFECTIVE PRODUCTS	  	 	37	 
			
	 17.
	 	PRODUCT LICENCE	  	 	39	 
			
	 18.
	 	PRODUCT SPECIFICATIONS	  	 	39	 
			
	 19.
	 	WRITE OFFS	  	 	40	 
			
	 20.
	 	REGULATORY COMPLIANCE	  	 	42	 
			
	 21.
	 	PRODUCT EVENTS	  	 	42	 
			
	 22.
	 	PHARMACOVIGILANCE	  	 	43	 
			
	 23.
	 	CONFIDENTIALITY	  	 	44	 

  
 CERTAIN
CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, MARKED BY [***], HAS BEEN
OMITTED BECAUSE DERMAVANT SCIENCES LTD. HAS DETERMINED THE INFORMATION (I) IS
NOT MATERIAL AND (II) WOULD LIKELY CAUSE COMPETITIVE HARM TO DERMAVANT
SCIENCES LTD. IF PUBLICLY DISCLOSED. 
  

 CONFIDENTIAL 
  

							
			
	 24.
	 	FORCE MAJEURE	  	 	46	 
			
	 25.
	 	CAPACITY CONSTRAINTS	  	 	46	 
			
	 26.
	 	AUDIT AND INSPECTION RIGHTS	  	 	47	 
			
	 27.
	 	RELATIONSHIP MANAGEMENT	  	 	50	 
			
	 28.
	 	WARRANTIES	  	 	51	 
			
	 29.
	 	INDEMNITIES	  	 	53	 
			
	 30.
	 	LIABILITY	  	 	54	 
			
	 31.
	 	TECHNOLOGY TRANSFER	  	 	55	 
			
	 32.
	 	TERM AND TERMINATION	  	 	57	 
			
	 33.
	 	CONSEQUENCES OF EXPIRY OR TERMINATION	  	 	58	 
			
	 34.
	 	SURVIVAL OF RIGHTS, DUTIES AND OBLIGATIONS	  	 	60	 
			
	 35.
	 	NOTICES	  	 	60	 
			
	 36.
	 	RELATIONSHIP OF THE PARTIES	  	 	62	 
			
	 37.
	 	ASSIGNMENT AND NOVATION	  	 	62	 
			
	 38.
	 	SUB-CONTRACTORS	  	 	64	 
			
	 39.
	 	ENTIRE AGREEMENT	  	 	64	 
			
	 40.
	 	SEVERABILITY	  	 	64	 
			
	 41.
	 	VARIATION, WAIVER AND AMENDMENT	  	 	64	 
			
	 42.
	 	COUNTERPARTS	  	 	65	 
			
	 43.
	 	NO SET OFF	  	 	65	 
			
	 44.
	 	LANGUAGE	  	 	65	 
			
	 45.
	 	NO COMPENSATION	  	 	66	 
			
	 46.
	 	DISPUTE RESOLUTION	  	 	66	 
			
	 47.
	 	GOVERNING LAW AND JURISDICTION	  	 	67	 

  
 CERTAIN
CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, MARKED BY [***], HAS BEEN
OMITTED BECAUSE DERMAVANT SCIENCES LTD. HAS DETERMINED THE INFORMATION (I) IS
NOT MATERIAL AND (II) WOULD LIKELY CAUSE COMPETITIVE HARM TO DERMAVANT
SCIENCES LTD. IF PUBLICLY DISCLOSED. 
  

 CONFIDENTIAL 
  

					
	 SCHEDULE 1 PRODUCTS AND PRICES
	  	 	69	 
		
	 SCHEDULE 2 SCOPE OF WORK FOR DEVELOPMENT SERVICES
	  	 	74	 
		
	 SCHEDULE 3 TOLL MANUFACTURE PROVISIONS
	  	 	77	 
		
	 SCHEDULE 4 FEES
	  	 	80	 
		
	 EXHIBIT 1 CAPITAL WORK AT [***]
	  	 	81	 

  
 CERTAIN
CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, MARKED BY [***], HAS BEEN
OMITTED BECAUSE DERMAVANT SCIENCES LTD. HAS DETERMINED THE INFORMATION (I) IS
NOT MATERIAL AND (II) WOULD LIKELY CAUSE COMPETITIVE HARM TO DERMAVANT
SCIENCES LTD. IF PUBLICLY DISCLOSED. 
  

 CONFIDENTIAL 
  

 THIS AGREEMENT is made the 1st day of April 2019

 BETWEEN: 
  

	(1)	 GlaxoSmithKline Trading Services Limited a company registered in Ireland (company registration
number 406446), whose registered office is at Currabinny, Carrigaline, Cork, Ireland (“GSK”); 

 AND

  

	(2)	 Dermavant Sciences GmbH, a company incorporated under the laws of Switzerland (company
registration number CHE-449.750.216) whose registered office is at Viaduktstrasse 8, 4051 Basel, Switzerland (the “Purchaser”). 

WHEREAS: 
  

	(A)	 The GSK Group is engaged in, among other things, the manufacture of medicinal products and consumer healthcare
products. 

  

	(B)	 The Purchaser is engaged in, among other things, the development, distribution and sale of medicinal products
and/or consumer healthcare products. 

  

	(C)	 The Purchaser wishes to engage the services of a third party contract manufacturer for the Products and GSK is
willing to (i) provide certain development services required to prepare for the Manufacture of Commercial Products and Commercial API at the Manufacturing Sites, (ii) to manufacture (or have manufactured), as applicable, the Commercial API
for use in the Manufacture of Commercial Product for the Purchaser, and (iii) to manufacture (or have manufactured) such Commercial Product using Commercial API on a toll basis, in each case in accordance with the terms and conditions of this
Agreement. 

 NOW IT IS AGREED as follows: 
  

	1.	 DEFINITIONS AND INTERPRETATION 

 

	1.1	 Each capitalized term used but not otherwise defined in this Agreement has the meaning given to such term in
the Purchase Agreement. The following additional terms have the respective meanings set forth in the preamble to this Agreement or below. This Agreement shall control to the extent any conflict exists between any defined term used in this Agreement
and any defined term used in the Purchase Agreement. 

 “Actual Cost” means, in respect of a Toll
Material, the cost to the Purchaser (and/or its relevant Affiliates) of acquiring and supplying that Toll Material to GSK (or the Nominated Supplier), including the costs of Delivery of such Toll Material but excluding (for the avoidance of doubt)
any profit made by the Purchaser or any of its Affiliates through the application of transfer pricing.  
 “Adverse
Event” means any untoward medical occurrence associated with the use of a Product in humans, whether or not considered drug-related (including any unfavourable and unintended sign, symptom, or disease temporally associated with the use of a
Product (whether or not considered related to the Product)), any failure to produce expected benefits and any adverse event associated with circumstances of overdose, medication error, abuse or misuse. 

  
 CERTAIN
CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, MARKED BY [***], HAS BEEN
OMITTED BECAUSE DERMAVANT SCIENCES LTD. HAS DETERMINED THE INFORMATION (I) IS
NOT MATERIAL AND (II) WOULD LIKELY CAUSE COMPETITIVE HARM TO DERMAVANT
SCIENCES LTD. IF PUBLICLY DISCLOSED. 
  

1 

 CONFIDENTIAL 
  

 “Affected Party” has the meaning given in the definition of “Force
Majeure Event” in this Clause 1.1. 
 “Affected Products” has the meaning given in Clause 25.2, and
“Affected Product” shall be construed accordingly. 
 “Affected Site” has the meaning given
in Clause 25.1. 
 “Affiliate” means any corporation or business entity Controlled by, Controlling, or under
common Control with a Party to this Agreement. 
 “Allocation” has the meaning given in Clause 25.2. 

“API” means, in respect of a Commercial Product, a substance used in that Commercial Product intended to furnish
pharmacological activity or to otherwise have direct effect in the diagnosis, cure, mitigation, treatment or prevention of disease, or to have direct effect in restoring, correcting or modifying physiological functions in human beings. 

“Applicable Law” means, with respect to a country or registrational jurisdiction in the Territory, any Federal,
state, local or country constitution, law, statute, ordinance, Order, rule or regulation, including any rules, regulations, guidelines or other requirements of the Regulatory Authorities applicable to the Development, Manufacturing or
Commercialisation a Product, that may be in effect from time to time in a country or registrational jurisdiction. 
 “Business
Day” means any day other than (i) a Saturday, Sunday or other day on which banks in New York, New York, Basel, Switzerland and London, England are permitted or required to close by law or regulation or (ii) the nine
(9) consecutive calendar days beginning on December 24th and continuing through January 1st of each Calendar Year. 
 “Calendar
Quarter” means a three (3) month period commencing on the day following any Calendar Quarter Day and ending on the next-following Calendar Quarter Day. 

“Calendar Quarter Day” means any of March 31st, June 30th, September 30th and December 31st. 

“Calendar Year” means a period of twelve (12) months commencing on January 1st. 

“Capacity Reservation Period” has the meaning given in Clause 10.9. 

“CAPAs” has the meaning given in Clause 15.2. 

“CapEx Letter Agreement” means the letter agreement dated 5 November 2018 entered into between
GlaxoSmithKline Intellectual Property Development Ltd, Glaxo Group Limited and the Purchaser in respect of the installation of necessary capital improvements at the designated Manufacturing Site in respect of Commercial API in Cork, Ireland,
including the initial capital expenditure and reimbursement in relation to same. 

  
 CERTAIN
CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, MARKED BY [***], HAS BEEN
OMITTED BECAUSE DERMAVANT SCIENCES LTD. HAS DETERMINED THE INFORMATION (I) IS
NOT MATERIAL AND (II) WOULD LIKELY CAUSE COMPETITIVE HARM TO DERMAVANT
SCIENCES LTD. IF PUBLICLY DISCLOSED. 
  

2 

 CONFIDENTIAL 
  

 [***] 

“Certificate of Analysis” means a document identified as such, signed or released by a Qualified Person (or Person designated
by the Qualified Person to sign or release such document) in accordance with cGMP that: 
  

	 	(A)	 sets forth the analytical test results for each specified lot of Products Delivered to the Purchaser under this
Agreement; and 

  

	 	(B)	 confirms that such Products have been Manufactured in accordance with the applicable Specifications.

 “China Territory” means, collectively, the People’s Republic of China, including
Hong Kong Special Administrative Region, Macau Special Administrative Region and Taiwan (as specified in the Welichem Agreement (as such term is defined in the Purchase Agreement)).  

“Claim” has the meaning given in Clause 29.4. 

“Clinical Supply Agreement” means that certain Clinical Manufacturing and Supply Agreement in respect of
Tapinarof and Clinical Placebo, dated as of August 20, 2018. 
 “Clinical Trial” means any
clinical investigation of a Product (whether pre- or post-Regulatory Approval), including any study or clinical investigation required by a Regulatory Authority. 

“CoGs” means, in respect of a Product, [***], but excluding: 

 

	 	(A)	 [***]; 

  

	 	(B)	 [***]; 

  

	 	(C)	 [***]; and 

  

	 	(D)	 [***]. 

“Commencement Conditions” has the meaning given in Clause 2.6. 

  
 CERTAIN
CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, MARKED BY [***], HAS BEEN
OMITTED BECAUSE DERMAVANT SCIENCES LTD. HAS DETERMINED THE INFORMATION (I) IS
NOT MATERIAL AND (II) WOULD LIKELY CAUSE COMPETITIVE HARM TO DERMAVANT
SCIENCES LTD. IF PUBLICLY DISCLOSED. 
  

3 

 CONFIDENTIAL 
  

 “Commencement Date” means the first Business Day following the date on which
the last of the Commencement Conditions to be satisfied is so satisfied. 
 “Commercial API” has the meaning set forth in
Schedule 1. 
 “Commercial API Base Cost” has the meaning given in Schedule 1, Part B. 

“Commercial Products” means [***] and [***], individually or collectively as the context may require. 

“[***]” has the meaning set forth in Schedule 1. 

“[***]” has the meaning set forth in Schedule 1. 

“Commercial Product Base Cost” has the meaning given in Schedule 1, Part B. 

“Commercialise” means any and all activities, whether initiated or conducted prior to or following Regulatory
Approval, constituting using, marketing, promoting, distributing, offering for sale, selling and importing a Product (other than for the purposes of a Clinical Trial), and “Commercialising” and
“Commercialisation” shall be construed accordingly. 
 “Commercially Reasonable Efforts”
means, with respect to the efforts to be expended by a Party to achieve any objective, the reasonable, diligent efforts to accomplish such objective as a similarly situated party in the pharmaceutical industry would normally use to accomplish a
similar objective in its own interests under similar circumstances. 
 “Confidential Information” means: 

 

	 	(A)	 all information (including but not limited to trade secrets, protocols, specifications, techniques, source and
object code, business and marketing plans and projections, capital investment plans, arrangements and agreements with third parties and the content thereof, customer information, Intellectual Property, formulae, suppliers and customer lists,
financial data, designs and models) passing from the Disclosing Party to the Receiving Party (or its Personnel), whether deliberately or inadvertently, before, on or after the date of this Agreement, relating to the business affairs or finances of
the Disclosing Party that is designated, marked, or described as confidential, or might be reasonably regarded by the Disclosing Party as confidential to it; and 

 

	 	(B)	 the existence, provisions and subject matter of this Agreement (in respect of which each Party shall be deemed
to be a Disclosing Party). 

 “Consent” means any consent, authorisation, permit, certificate, licence or
approval of, exemption by, or filing or registration with, any Regulatory Authority (including any Product Licence). 
 [***] 

  
 CERTAIN
CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, MARKED BY [***], HAS BEEN
OMITTED BECAUSE DERMAVANT SCIENCES LTD. HAS DETERMINED THE INFORMATION (I) IS
NOT MATERIAL AND (II) WOULD LIKELY CAUSE COMPETITIVE HARM TO DERMAVANT
SCIENCES LTD. IF PUBLICLY DISCLOSED. 
  

4 

 CONFIDENTIAL 
  

 [***] 

“Contract” means any contract, agreement, lease, undertaking, indenture, commitment, loan, note, license, arrangement,
understanding or other legally binding obligation, whether written or oral. 
 “Contract Year” means a period of twelve
(12) months commencing on the Effective Date or any anniversary thereof. 
 “Control” (and variations
thereof) means: 
  

	 	(A)	 with respect to any Know-How, Patents, Regulatory Documentation or
other information, the possession by a Party, including its Affiliates, of the ability (without taking into account any rights granted by one Party to the other Party under the terms of this Agreement) to disclose, licence, or sublicense such Know-How, Patents, Regulatory Documentation or other information without violating the terms of any Contract or other arrangement with, or necessitating the consent of, any Third Party; and 

 

	 	(B)	 as to a Person, the power to direct or cause the direction of the management and policies of such Person,
whether, through the ownership of voting securities, by contract or otherwise. 

 “Current Good
Manufacturing Practice” or “cGMP” means current practices for the Manufacture of Products required: 
  

	 	(A)	 if the Manufacturing Site is within the European Union or the Product is to be supplied to a country within the
European Union, by the provisions of Chapter II of EC Commission Directive 2003/94/EC together with the Guide to Good Manufacturing Practice published by the EC Commission in 1992 (ISBN
92-826-3180-X) (as the same may be amended from time to time); or 

 

	 	(B)	 if the Product is to be supplied to a region covered by the International Conference on Harmonisation of
Technical Requirements for Registration of Pharmaceuticals for Human Use (“ICH”), by the relevant ICH Quality Guidelines relating to good manufacturing practice (as the same may be amended from time to time); or

  

	 	(C)	 if the Manufacturing Site is in any other part of the world and the Product is not to be supplied to a country
within the European Union, by such standards as may be agreed in writing between the Parties to reflect the requirements of a Regulatory Authority in the country where the Product is Manufactured or supplied; or 

  
 CERTAIN
CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, MARKED BY [***], HAS BEEN
OMITTED BECAUSE DERMAVANT SCIENCES LTD. HAS DETERMINED THE INFORMATION (I) IS
NOT MATERIAL AND (II) WOULD LIKELY CAUSE COMPETITIVE HARM TO DERMAVANT
SCIENCES LTD. IF PUBLICLY DISCLOSED. 
  

5 

 CONFIDENTIAL 
  

	 	(D)	 by such other requirements as may be agreed between the Parties and set forth in the Quality Agreement,

 each as reflected in the Quality Management System and the GSK Group’s policies and guidelines from time to time.

 “Defaulting Party” has the meaning given in Clause 32.3. 

“Defect” means, in respect of a Product, a failure to comply with the applicable Specification and/or to have
been Manufactured in accordance with cGMP. 
 “Defective” and “Defective Product” shall be construed
accordingly. 
 “Delegated Shared Source Material” has the meaning given in Clause 26.2. 

“Delivery” means, in respect of any quantity of Product, delivery of that Product in accordance with the Delivery Terms;
provided that such Product has first been released by GSK or its Affiliate pursuant to (and to the extent required by) the Quality Agreement. “Deliver”, “Delivery” and “Delivered” shall be
construed accordingly. 
 “Delivery Terms” means: 
  

	 	(A)	 for Commercial API, FCA ([***]) (Incoterms 2010), except for Commercial API that the Parties agree will be left
in GSK’s possession [***] pursuant to Clause 11 (Delivery of Product); and 

  

	 	(B)	 for Commercial Product, FCA ([***]) (Incoterms 2010). 

“Development” means all pre-clinical, clinical, CMC (chemistry,
manufacturing and controls) and regulatory activities with respect to a Product in a given country or jurisdiction in the Territory prior to Regulatory Approval of such Product in such country is obtained for the indication under study.
“Development” includes the preparation, filing, and maintenance of Regulatory Documentation relating to obtaining Regulatory Approval for the first time for a Product. When used as a verb, “Develop” means to engage
in Development. 
 “Development Services” has the meaning given in Clause 3.1. 

“Disclosing Party” has the meaning given in Clause 23.1. 

“Dispute” has the meaning given in Clause 46.2. 

“Effective Date” means 1 September 2018. 

“Expected Loss” means, in respect of each Commercial Product, the expected loss of the Toll Materials specified in Schedule 3
(Toll Manufacture Provisions) (taking account of samples of Toll Materials and/or Commercial Product that GSK is required by Applicable Law to retain). 

“FDA” means the United States Food and Drug Administration, or a successor agency in the United States with responsibilities
comparable to those of the United States Food and Drug Administration. 

  
 CERTAIN
CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, MARKED BY [***], HAS BEEN
OMITTED BECAUSE DERMAVANT SCIENCES LTD. HAS DETERMINED THE INFORMATION (I) IS
NOT MATERIAL AND (II) WOULD LIKELY CAUSE COMPETITIVE HARM TO DERMAVANT
SCIENCES LTD. IF PUBLICLY DISCLOSED. 
  

6 

 CONFIDENTIAL 
  

 “Firm Order” has the meaning given in Clause 10.5. 

“Firm Zone” has the meaning given in Clause 10.3. 

“First Supply Period” means the period commencing on the Commencement Date and ending: 

 

	 	(A)	 if the Commencement Date is on or before 30 June, on 31 December of the Calendar Year in which the
Commencement Date falls; or 

  

	 	(B)	 if the Commencement Date is on or after 1 July of a Calendar Year, on 31 December of the Calendar
Year following that in which the Commencement Date falls. 

 “Force Majeure Event” means, in relation to a
Party (the “Affected Party”), any circumstances beyond the reasonable control of the Affected Party or its Affiliate which directly prevent or have a material adverse effect on the Affected Party’s performance of its
obligations under this Agreement and includes any of the following: 
  

	 	(A)	 war, threat of or preparation for war, armed conflict; 

 

	 	(B)	 terrorist attack, civil war, civil commotion or riots; 

 

	 	(C)	 epidemic or pandemic; 

 

	 	(D)	 any law or government order, rule, regulation or direction, or any action taken by a Governmental Entity,
including but not limited to imposing an embargo, export or import restriction, quota or other restriction or prohibition, or failing to grant a necessary licence or consent; and 

 

	 	(E)	 to the extent beyond the reasonable control of the Affected Party, any labour dispute, including strikes,
industrial action or lockouts. 

 “Forecast Schedule” has the meaning given in Clause 10.1. 

“FTE” has the meaning given in Clause 3.5. 

“FTE Rate” means, in respect of any Development Services or Technology Transfer, the applicable FTE rate identified in
Schedule 4 (Fees). 
 “Governmental Entity” means any court, administrative body, local authority or other
governmental or quasi-governmental entity with competent jurisdiction, any supra-national, national, federal, state, municipal, provincial or local governmental, regulatory or administrative authority, agency, commission, court, tribunal, arbitral
body, self-regulated entity, private body exercising any regulatory, taxing, importing or other governmental or quasi-governmental authority or other governmental entity, including any relevant Regulatory Authority. 

“GSK Arising IP” has the meaning given in Clause 9.2. 

“GSK Group” means GSK together with its Affiliates. 

  
 CERTAIN
CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, MARKED BY [***], HAS BEEN
OMITTED BECAUSE DERMAVANT SCIENCES LTD. HAS DETERMINED THE INFORMATION (I) IS
NOT MATERIAL AND (II) WOULD LIKELY CAUSE COMPETITIVE HARM TO DERMAVANT
SCIENCES LTD. IF PUBLICLY DISCLOSED. 
  

7 

 CONFIDENTIAL 
  

 “GSK Indemnitee” has the meaning given in Clause 29.2. 

“GSK Background IP” means any Intellectual Property, including the Licensed
Know-How that is 
  

	 	(A)	 owned (or licensed to) the GSK Group at the Effective Date; or 

 

	 	(B)	 developed or acquired by, or licensed to (other than by the Purchaser), the GSK Group on or after the Effective
Date. 

 “GSK Intellectual Property” means GSK Background IP and GSK Arising IP. 

“GSK System” has the meaning given in Clause 14.1. 

“GSK System IP” means any and all Intellectual Property subsisting in the GSK System that is GSK Intellectual Property. 

“Incremental Order Quantity” or “IOQ” means, in respect of a Product, the
quantity specified as such in Part A of Schedule 1. 
 “Indemnified Party” has the meaning given in Clause 29.4. 

“Indemnifying Party” has the meaning given in Clause 29.4. 

“Independent Expert” means a laboratory or other expert mutually agreed upon by the Parties (or, if no such agreement can be
reached within a reasonable time, a laboratory or other expert appointed by the President of the International Chamber of Commerce of London or his nominee upon the application of either Party) with expertise relevant to the matter to be determined.

 “Initial Term” has the meaning given in Clause 32.1. 

“Insolvency Event” means, in relation to a Person: 

 

	 	(A)	 it is, or is deemed for the purpose of any Applicable Law, to be insolvent or unable to pay its debts as they
fall due; 

  

	 	(B)	 it admits an inability to pay debts as they fall due; 

 

	 	(C)	 it suspends making payments on any of its debts or announces an intention to do so; 

 

	 	(D)	 by reason of actual or anticipated financial difficulties, it begins negotiations with any creditor for the
rescheduling of any of its indebtedness outside the ordinary course of business; 

  

	 	(E)	 it is in breach of any covenant or other term of a loan or financial facility and a counterparty accelerates,
or calls for repayment of, any outstanding indebtedness as a result of such breach; 

  

	 	(F)	 the fair value of its assets is less than its liabilities (taking into account contingent and prospective
liabilities and disregarding inter-company loans between Affiliates); or 

  
 CERTAIN
CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, MARKED BY [***], HAS BEEN
OMITTED BECAUSE DERMAVANT SCIENCES LTD. HAS DETERMINED THE INFORMATION (I) IS
NOT MATERIAL AND (II) WOULD LIKELY CAUSE COMPETITIVE HARM TO DERMAVANT
SCIENCES LTD. IF PUBLICLY DISCLOSED. 
  

8 

 CONFIDENTIAL 
  

	 	(G)	 a moratorium is declared in respect of any indebtedness. 

“Insolvency Proceeding” means, in relation to a Person: 

 

	 	(A)	 any step is taken with a view to a moratorium or a composition or similar arrangement with its creditors;

  

	 	(B)	 a meeting of its shareholders or directors is convened for the purpose of considering any resolution for, to
bring an application for, or to file documents with a court or any registrar for, its winding-up, judicial management or dissolution or any such resolution is passed; 

 

	 	(C)	 any Person brings an application for, or files documents with a court or any registrar for, its winding-up, judicial management or dissolution or such order is made; or 

  

	 	(D)	 a liquidator, judicial manager, administrator or similar officer is appointed in respect of any of its assets.

 “Intellectual Property” means Patents, utility models, trademarks, service marks, rights in designs,
copyrights, rights in databases and rights in Know-How (whether or not any of these is registered or capable of registration and including applications for registration of any such thing) and all other similar
rights or forms of protection of a similar nature or having equivalent or similar effect to any of these which may subsist anywhere in the world. 

“Invoice Currency” means: 
  

	 	(A)	 in relation to Commercial API (including any Safety Stock Fee in respect of raw materials for use in the
Manufacture of Commercial API and any Storage Fee), [***]; and 

  

	 	(B)	 otherwise (including in relation to any Safety Stock Fee in respect of raw materials for use in the Manufacture
of Commercial Product), [***]. 

 “[***] CPI” means the Consumer Price Index published by the [***]
from time to time. 
 “Joint Steering Team” has the meaning given in Clause 27.2. 

“Know-How” means any non-public, proprietary
technical information (including information relating to an invention), discovery, process, method, composition, formula, procedure, protocol, technique, result of experimentation or testing, data, trade secret, drawing or other know-how, whether or not patentable or copyrightable. 
 “Latent Defect” means, in respect
of a Product, a Defect that is existing at the time of Delivery of that Product which [***]. 
 “Launch Period” means the
period commencing [***] prior to a Relevant Launch and ending [***] after that Relevant Launch. 

  
 CERTAIN
CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, MARKED BY [***], HAS BEEN
OMITTED BECAUSE DERMAVANT SCIENCES LTD. HAS DETERMINED THE INFORMATION (I) IS
NOT MATERIAL AND (II) WOULD LIKELY CAUSE COMPETITIVE HARM TO DERMAVANT
SCIENCES LTD. IF PUBLICLY DISCLOSED. 
  

9 

 CONFIDENTIAL 
  

 “Launch Product” means Product for Commercialisation in
a Relevant Launch Market to be Manufactured during or for the applicable Launch Period. 
 “LAV” or
“Local Added Value” means, in respect of a Product, [***], but excluding: 
  

	 	(A)	 [***]; 

  

	 	(B)	 [***]; and 

  

	 	(C)	 [***]; and 

  

	 	(D)	 [***]. 

“Lead Time” means, in respect of a Product, the period of time that GSK will require to Manufacture and supply
such Product from the date that the Materials (including any Purchaser Materials) required for such Manufacture are available and on hand to Manufacture the Products, as specified in Part A of Schedule 1 or as otherwise notified in writing by GSK to
the Purchaser from time to time. 
 “Losses” means all losses, claims, liabilities, costs, awards, fines, penalties,
expenses (including reasonable legal fees and other professional expenses) and damages of any nature whatsoever and whether or not reasonably foreseeable or avoidable. 

“Manufacture” means the planning, purchasing of Materials for, manufacturing, processing, compounding, storage, filling,
packaging, labelling, leafleting, testing, waste disposal, quality assurance and control, despatch, sample retention and, to the extent permitted by Applicable Law, stability testing and technical release. 

“Manufacturing Licence” means all licences necessary for or in connection with the Manufacture of a Product at the
Manufacturing Site. 
 “Manufacturing Site” means: 
  

	 	(A)	 in respect of Commercial API, the manufacturing site operated by GSK or its Affiliate at [***]; and

  

	 	(B)	 in respect of Commercial Products, the manufacturing site operated by GSK or its Affiliate at [***].

 “Materials” means APIs, raw materials, intermediates, excipients, processing aids, packaging and
labelling materials and components used in Manufacture of the Products. 

  
 CERTAIN
CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, MARKED BY [***], HAS BEEN
OMITTED BECAUSE DERMAVANT SCIENCES LTD. HAS DETERMINED THE INFORMATION (I) IS
NOT MATERIAL AND (II) WOULD LIKELY CAUSE COMPETITIVE HARM TO DERMAVANT
SCIENCES LTD. IF PUBLICLY DISCLOSED. 
  

10 

 CONFIDENTIAL 
  

 “Minimum Order Quantity” or
“MOQ” means, in respect of a Product, the quantity specified as such in Part A of Schedule 1. 

“Missing Products” has the meaning given in Clause 10.9. 

“NDA Approval” has the meaning given in the Purchase Agreement. 

“New Product SKU” means a product that is similar to, or is intended to replace, an existing Product, which GSK and Purchaser
agree in writing to Manufacture (or have Manufactured) and supply and purchase under and subject to the terms of this Agreement. 

“Nominated Manufacturer” means, in respect of Commercial API or Commercial Products, the Person who from time to time owns
and/or operates the relevant Manufacturing Site. 
 “Nominated Supplier” means any member of the GSK Group to whom GSK sub-contracts the supply of Products to the Purchaser. 

“Non-Delegated Shared Source Material” has the meaning given in Clause 26.3. 

“Order” means any binding judgments, orders, writs, injunctions, decisions, rulings, decrees and awards of any Governmental
Entity or arbitral body. 
 “Party” means a party to this Agreement, and “Parties” shall be construed
accordingly. 
 “Patents” means (i) all patents and pending patent applications, including any and all
provisional applications, substitutions, continuations, continuations-in-part, renewals, supplementary protection certificates, registrations, extensions, reissues,
reexaminations or divisionals; (ii) all patent applications filed either from such patents, patent applications or provisional applications or from an application claiming priority from either of these, including divisionals, continuations, continuations-in-part, substitutions, provisionals, converted provisionals, and continued prosecution applications; (iii) any and all patents that have issued or in the
future issue from the foregoing patents and patent applications described in clauses (i) and (ii), including utility models, petty patents and design patents and certificates of invention; (iv) any and all extensions or restorations by
existing or future extension or restoration mechanisms, including revalidations, reissues, re-examinations, supplemental examinations, inter partes reviews, post-grant reviews, oppositions and other existing
or future post-issuance proceedings, and extensions (including future pending or issued unexpired patent term extension or supplemental protection certificate or equivalent extension right) of the foregoing patents or patent applications described
in clauses (i), (ii) and (iii); (v) any and all letters patent in the United States and all foreign countries which may be granted therefore and thereon; and (vi) all rights under the International Convention for the Protection of Industrial
Property. 
 “Person” means any individual, general partnership, limited partnership, limited liability partnership, limited
liability company, corporation, trust, joint venture, association, organization or other entity or Governmental Entity, or any agency or political subdivisions thereof. 

“Personnel” has the meaning given in Clause 23.2. 

  
 CERTAIN
CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, MARKED BY [***], HAS BEEN
OMITTED BECAUSE DERMAVANT SCIENCES LTD. HAS DETERMINED THE INFORMATION (I) IS
NOT MATERIAL AND (II) WOULD LIKELY CAUSE COMPETITIVE HARM TO DERMAVANT
SCIENCES LTD. IF PUBLICLY DISCLOSED. 
  

11 

 CONFIDENTIAL 
  

 “Price” means: 

 

	 	(A)	 in respect of a Product, the price set forth in (or determined in accordance with) Part B of Schedule 1
(Products and Prices) and Clause 12 (Price); and 

  

	 	(B)	 in respect of a Development Service, the price set forth in (or determined in accordance with) Schedule 2
(Scope of Work for Development Services) and the applicable Scope of Work. 

 “Proceedings” means
any action, arbitration, investigation, litigation or suit commenced, brought, conducted, or heard by or before, or otherwise involving, any Governmental Entity or arbitrator. 

“Product” means the Commercial API and Commercial Products individually or collectively as the context may
require. 
 “Product Event” has the meaning given in Clause 21.2. 

“Product Licence” means any product licence, marketing authorisation or other authorisation(s) required
for the Development, Commercialisation, clinical investigation, import or export of the Products in the Territory. 
 “Purchase
Agreement” means the Asset Purchase Agreement dated July 10, 2018 by and among GlaxoSmithKline Intellectual Property Development Limited, Glaxo Group Limited and Dermavant Sciences GmbH. 

“Purchaser Arising IP” has the meaning given in Clause 9.3. 

“Purchaser Background IP” means any Intellectual Property that is 

 

	 	(A)	 owned by (or licensed to) the Purchaser or its Affiliates at the Effective Date, including the Transferred IP;
or 

  

	 	(B)	 developed or acquired by, or licensed to (other than by GSK), the Purchaser or its Affiliates on or after the
Effective Date. 

 “Purchaser Indemnitee” has the meaning given in Clause 29.1. 

“Purchaser Intellectual Property” means Purchaser Background IP and Purchaser Arising IP. 

“Purchaser Materials” means, in relation to Commercial Product, the Commercial API and other Toll Materials
provided by Purchaser under this Agreement on a [***] in connection with the Manufacture of Commercial Product (including, in relation to Commercial Product, Commercial API that is Manufactured by GSK and sold to Purchaser under this Agreement).

 “Purchaser Materials Certificate of Analysis” means a document identified as such, signed or released by a
Qualified Person (or a Person designated by the Qualified Person or otherwise appropriate in a given jurisdiction to sign or release such document) in accordance with cGMP that: 

 

	 	(A)	 sets forth the analytical test results for each specified lot of Purchaser Materials provided by or on behalf
of Purchaser; and 

  
 CERTAIN
CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, MARKED BY [***], HAS BEEN
OMITTED BECAUSE DERMAVANT SCIENCES LTD. HAS DETERMINED THE INFORMATION (I) IS
NOT MATERIAL AND (II) WOULD LIKELY CAUSE COMPETITIVE HARM TO DERMAVANT
SCIENCES LTD. IF PUBLICLY DISCLOSED. 
  

12 

 CONFIDENTIAL 
  

	 	(B)	 confirms that such Purchaser Materials have been manufactured in accordance with the applicable Specifications.

 “Qualified Person” means the Person employed (or whose services are otherwise engaged) by
the Purchaser or its Affiliate (in respect of Commercial API and Commercial Product) who is responsible for authenticating the pharmaceutical analysis of the applicable Product, as required under Applicable Law (including, if applicable, EC
Directive 2001/83/EC). 
 “Quality Agreement” means the quality agreement between GSK (or its Affiliate) and the Purchaser
to be entered into prior to the Commencement Date. 
 “Quality Management System” means the GSK Group’s
system of quality management controls designed to ensure regulatory compliance and to assure product safety, quality and efficacy in the GSK Group’s operations with regard to the manufacture and supply of investigational materials or products
for sale or distribution and implemented pursuant to the GSK Group’s Corporate Policy entitled Quality Management System (POL-GSKF-514). 

“Receiving Party” has the meaning given in Clause 23.1. 

“Reconciliation Value” means the value calculated in accordance with the formula set forth in Schedule 3 (Toll Manufacture
Provisions), paragraph 3.3. 
 “Regulatory Approval” means, in a particular country or regulatory
jurisdiction, any and all approvals (including pricing and reimbursement approvals), licences, registrations or authorizations of any Regulatory Authority or any other Governmental Entity (including INDs, product approvals, pricing approvals, import
permits, and, in each case any supplements and amendments thereto) necessary or useful for the testing, commercial manufacture, distribution, marketing, promotion, offer for sale, use, import, export and sale of any compound or (bio)pharmaceutical
product in a given country or regulatory jurisdiction. 
 “Regulatory Approval Application” means an
application submitted to the appropriate Regulatory Authority seeking Regulatory Approval of a Product in a country in the Territory, including INDs and NDAs (new drug applications). 

“Regulatory Authority” means, in a particular country or regulatory jurisdiction, any applicable supranational, national,
regional, state or local regulatory agency, department, bureau, commission, council or other Governmental Entity involved in granting Regulatory Approval for a product in such country or regulatory jurisdiction, including without limitation, the
FDA. 
 “Regulatory Documentation” means any and all (i) applications, registrations, licenses,
authorizations and approvals, and non-clinical and clinical study authorization applications or notifications (including all INDs, Regulatory Approval Applications, Regulatory Approvals and amendments and
supplements to any of the foregoing and all supporting files, writings, data, studies and reports) prepared for submission to a Regulatory Authority or any other Governmental Entity with a view to the obtaining or maintaining of any Regulatory
Approval, (ii) substantive correspondence to or with the FDA, any Regulatory Authority or any other Governmental Entity, (iii) pharmacovigilance databases, adverse drug experience reports and associated documents, and investigations of
adverse drug experience reports, and (iv) non-clinical, clinical and other data contained or referenced in or supporting any of the foregoing. 

  
 CERTAIN
CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, MARKED BY [***], HAS BEEN
OMITTED BECAUSE DERMAVANT SCIENCES LTD. HAS DETERMINED THE INFORMATION (I) IS
NOT MATERIAL AND (II) WOULD LIKELY CAUSE COMPETITIVE HARM TO DERMAVANT
SCIENCES LTD. IF PUBLICLY DISCLOSED. 
  

13 

 CONFIDENTIAL 
  

 “Rejection Notice” has the meaning given in Clause 16.1. 

“Relationship Manager” has the meaning given in Clause 27.1. 

“Relevant Launch” means first launch of a Product in a Relevant Launch Market.  

“Relevant Launch Market” means, as applicable, each of the US, the EU or Japan. 

“Renewal Term” has the meaning given in Clause 32.1. 

“Reporting Year” means, in respect of each Commercial Product, (i) the period commencing on the Effective Date and ending
on the next occurring December 31st and (ii) each subsequent Calendar Year during the Term. 
 “Returns” shall mean any
and all returns, reports, forms (including elections, declarations, amendments, claims for refund, schedules, information returns or attachments thereto) and any other documents filed or required to be filed with a Governmental Entity with respect
to Taxes. 
 “Safety Stock Fee” has the meaning given in Clause 7.5. 

“Sales Tax” means any sales, goods, services, turnover, value-added, or similar Tax and any Tax charged on the import or
export of any goods or services, including VAT but excluding any Tax imposed on or with respect to the income of GSK or any of its Affiliates (however denominated). 

“Scope Change” has the meaning given in Clause 3.10. 

“Scope of Work” has the meaning given in Clause 3.2. 

“Second Source” has the meaning given in Clause 31.2. 

“Service Dispute” has the meaning given in Schedule 2 (Scope of Work for Development Services). 

“Shared Source Material” means a Material produced by a Third Party at a facility at which that same Third Party manufactures
materials used by the GSK Group in the manufacture of products other than Product. 
 “SKU” means stock-keeping unit. 

“Specifications” means, with respect to each Product, the technical specifications for the required quality and
characteristics of the Product as agreed between the Parties in writing in the Quality Agreement (as the same may be amended from time to time in accordance with this Agreement). 

“Storage Fee” has the meaning given in Clause 11.2. 

  
 CERTAIN
CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, MARKED BY [***], HAS BEEN
OMITTED BECAUSE DERMAVANT SCIENCES LTD. HAS DETERMINED THE INFORMATION (I) IS
NOT MATERIAL AND (II) WOULD LIKELY CAUSE COMPETITIVE HARM TO DERMAVANT
SCIENCES LTD. IF PUBLICLY DISCLOSED. 
  

14 

 CONFIDENTIAL 
  

 “Tax” or “Taxes” means any and all taxes, assessments,
levies, tariffs, duties, or other charges imposed by a Governmental Entity, including all federal, state, territory, local, foreign and other income, franchise, profits, gross receipts, capital gains, capital stock, transfer, sales, use, Value Added
Tax, ad valorem, occupation, property, excise, severance, windfall profits, stamp, licence, payroll, employment, unemployment, disability, social security, withholding, escheat, environmental, customs duty, estimated and other taxes, assessments,
charges, duties, fees, levies or other governmental charges imposed by any Governmental Entity of any kind whatsoever (whether payable directly or by withholding and whether or not requiring the filing of a Return), together with any penalties and
interest and any additional amounts with respect thereto and shall include any liability for such amounts as a result of (i) being a transferee or successor or member of a combined, consolidated, unitary or affiliated group, or (ii) a
contractual obligation to indemnify any Person or other entity. 
 “Technical Change Procedure” means the procedure for
changing the Specifications for the Product, as set forth in the Quality Agreement. 
 “Technology Transfer” has the meaning
given in Clause 31.1. 
 “Technology Transfer Plan” has the meaning given in Clause 31.1. 

“Term” has the meaning given in Clause 32.1. 

“Terminating Party” has the meaning given in Clause 32.3. 

“Territory” means worldwide, excluding the China Territory. 

“Third Party” means a Person who or which is neither a Party nor an Affiliate of a Party. 

“Third Party Claim” means all demands, claims, actions and Proceedings by a Third Party or liability to a Third
Party (in each case, whether criminal or civil, in contract, tort or otherwise) for Losses related to such demand, claim, action or Proceeding. 

“Toll Material” means, in respect of a Commercial Product, API for use in the Manufacture of that Commercial
Product, including the Commercial API Manufactured by GSK and purchased by the Purchaser pursuant to this Agreement. 
 “[***]
CPI” means the Consumer Prices Index published by the [***] from time to time. 
 “Unique Source Material” means a
Material produced by a Third Party at a facility from which the GSK Group does not source materials for the manufacture of products other than Product. 

“Unused Capacity Fee” has the meaning given in Clause 10.9. 

“Value Added Tax” or “VAT” means the tax imposed by Council Directive 2006/112/EC
of the European Community and any national legislation implementing that directive together with legislation supplemental thereto and in particular, in relation to the United Kingdom, the tax imposed by the Value Added Tax Act of 1994 or other tax
of a similar nature imposed elsewhere instead of or in addition to value added tax; and outside the European Union (and including the United Kingdom in the event that the United Kingdom ceases to be a member of the European Union during the term of
this Agreement), any tax corresponding to, or substantially similar to, the common system of value added tax referred to in this definition, excluding any Tax imposed on or with respect to the income of GSK or any of its Affiliates. 

  
 CERTAIN
CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, MARKED BY [***], HAS BEEN
OMITTED BECAUSE DERMAVANT SCIENCES LTD. HAS DETERMINED THE INFORMATION (I) IS
NOT MATERIAL AND (II) WOULD LIKELY CAUSE COMPETITIVE HARM TO DERMAVANT
SCIENCES LTD. IF PUBLICLY DISCLOSED. 
  

15 

 CONFIDENTIAL 
  

 “Volume Projection” has the meaning given in Clause 10.1. 

“WIP” has the meaning given to it in Schedule 3 (Toll Manufacture Provisions) paragraph 2.1. 

“Working Hours” means 09:00 to 17:00 on a Business Day. 

“Year 2” has the meaning given in Clause 4.1. 

“Year 3” has the meaning given in Clause 4.1. 
  

	1.2	 In this Agreement, unless otherwise specified: 

 

	 	(A)	 any Schedules form part of this Agreement and shall have the same force and effect as if set forth in the body
of this Agreement, and references to this Agreement include them; 

  

	 	(B)	 references to Recitals, Clauses and Schedules are to recitals and clauses of, and schedules to, this Agreement
and references in a Schedule or part of a Schedule to paragraphs are to paragraphs of that Schedule or that part of that Schedule; 

  

	 	(C)	 the headings and contents table in this Agreement are for convenience only and do not affect its
interpretation; 

  

	 	(D)	 references to the singular include the plural and vice versa; 

 

	 	(E)	 words denoting persons include individuals, companies, partnerships, unincorporated associations and other
bodies (in each case, wherever resident and whether or not having separate legal personality) and references to a company shall include any company, corporation or other body corporate wherever or however incorporated or established;

  

	 	(F)	 a reference to: 

  

	 	(i)	 a statute, statutory provision, regulation, directive or other enactment shall be construed as including a
reference to any subordinate legislation or instrument made from time to time under that statute, provision, regulation, directive or enactment whether before, on or after the date of this Agreement; and 

 

	 	(ii)	 a statute, statutory provision, regulation, directive, enactment or subordinate legislation shall be construed
as including a reference to that statute, provision, regulation, directive, enactment or subordinate legislation as in force at the date of this Agreement and as from time to time amended, modified, consolidated, superseded, re-enacted or replaced (whether with or without modification) after the date of this Agreement; 

  
 CERTAIN
CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, MARKED BY [***], HAS BEEN
OMITTED BECAUSE DERMAVANT SCIENCES LTD. HAS DETERMINED THE INFORMATION (I) IS
NOT MATERIAL AND (II) WOULD LIKELY CAUSE COMPETITIVE HARM TO DERMAVANT
SCIENCES LTD. IF PUBLICLY DISCLOSED. 
  

16 

 CONFIDENTIAL 
  

	 	(G)	 general words shall not be given a restrictive meaning by reason of the fact that they are preceded by or
followed by particular examples intended to be embraced by the general words and accordingly: 

  

	 	(i)	 the rule known as ejusdem generis shall not apply; and 

 

	 	(ii)	 the words “includes”, “including” and “in particular” (or
similar term) are not to be construed as implying any limitation and shall be read and construed as if immediately followed by the words “without limitation”; 

 

	 	(H)	 any reference to this Agreement or any other document is to this Agreement or that document as in force for the
time being and as amended from time to time in accordance with this Agreement and/or that document (as the case may be); 

  

	 	(I)	 if a payment under this Agreement is due on a day which is not a Business Day, the due date for that payment
shall be the next Business Day; and 

  

	 	(J)	 terms other than those defined in this Agreement shall be given their plain English meaning and those terms,
acronyms and phrases known in the pharmaceutical/ healthcare industry shall be interpreted in accordance with their generally accepted meanings. 

  

	2.	 GSK’S OBLIGATIONS  

 

	2.1	 With effect from the Commencement Date and in consideration of the Price, GSK shall Manufacture (or have
Manufactured) and supply to the Purchaser, as applicable, Commercial API and the Commercial Products, as ordered from time to time by the Purchaser in accordance with Clause 10 (Product Forecasts and Orders), in each case subject to the terms
of this Agreement. 

  

	2.2	 GSK shall Manufacture (or have Manufactured), as applicable, the Commercial API and Commercial Products at the
Manufacturing Site, in each case in accordance with: 

  

	 	(A)	 Current Good Manufacturing Practice; 

 

	 	(B)	 the Specifications; 

  

	 	(C)	 the Manufacturing Licence; 

 

	 	(D)	 the Quality Agreement; and 

 

	 	(E)	 all laws and regulations relevant to the Manufacture of the relevant Product at the Manufacturing Site.

  

	2.3	 Notwithstanding Clause 31.1, GSK shall not be required to use in the Manufacture of Commercial Product any API
that has not been Manufactured by or for GSK under this Agreement. For the avoidance of doubt, Commercial API Manufactured by or for GSK under this Agreement and subsequently stored by or on behalf of Purchaser (including by a Third Party) shall be
considered ‘Manufactured by or for GSK under this Agreement’. 

  
 CERTAIN
CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, MARKED BY [***], HAS BEEN
OMITTED BECAUSE DERMAVANT SCIENCES LTD. HAS DETERMINED THE INFORMATION (I) IS
NOT MATERIAL AND (II) WOULD LIKELY CAUSE COMPETITIVE HARM TO DERMAVANT
SCIENCES LTD. IF PUBLICLY DISCLOSED. 
  

17 

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	2.4	 Subject to Clause 3 (Development Services), with effect from the Effective Date GSK shall perform the
Development Services, if any are requested and agreed by the Parties, in accordance with the Scope of Work and all laws and regulations relevant to the performance of the Development Services. 

 

	2.5	 Subject to Clause 2.2 and without prejudice to the generality of Clause 38
(Sub-Contractors), the Parties hereby acknowledge that GSK may: 

  

	 	(A)	 use the Person(s) who from time to time own and operate the relevant Manufacturing Site to Manufacture the
Commercial API and Commercial Products for and on behalf of GSK, provided that: 

  

	 	(i)	 such Manufacture shall take place at the Manufacturing Site; and 

 

	 	(ii)	 GSK shall remain primarily liable to the Purchaser as principal obligor for the performance of its obligations
under this Agreement in respect of such Manufacture; and 

  

	 	(B)	 nominate any member of the GSK Group to act as its Nominated Supplier under this Agreement to supply Products
to, and receive payment from, the Purchaser, provided that GSK shall remain primarily liable to the Purchaser as principal obligor for the performance of its obligations under this Agreement in respect of such supply. 

 

	2.6	 Notwithstanding the entry into force of this Agreement in accordance with Clause 32.1, but subject to Clause
2.7, the commencement of GSK’s obligations under this Agreement with respect to the Manufacture and supply of the Products, as applicable, is subject to, and conditional on satisfaction of each of the following conditions (the
“Commencement Conditions”): 

  

	 	(A)	 successful completion (including release) of Commercial API and Commercial Product validation batches;

  

	 	(B)	 the Specifications have been agreed between the Parties; 

 

	 	(C)	 the Parties and/or their Affiliates have agreed and signed the Quality Agreement; and 

 

	 	(D)	 the Purchaser has filed the first Regulatory Approval Application. 

 

	2.7	 Clause 2.6 shall not prevent the Manufacture and supply of any validation batches of Product that may be
Manufactured and supplied pursuant to any Scope of Work as part of the Development Services prior to the satisfaction of the Commencement Conditions. 

  

	2.8	 The Purchaser acknowledges that, unless otherwise agreed in writing or otherwise expressly set forth in this
Agreement, GSK will cease performing the Development Services and the Manufacture and supply of the Products at the latest on expiry of the Term. For the avoidance of doubt, without prejudice to Clause 33 (Consequences of Expiry or
Termination) and except as otherwise provided for under Clause 31 (Technology Transfer), the Purchaser shall be solely responsible for making alternative arrangements for the Manufacture and supply of the Products and the performance of
any development services in connection with the Products following the expiry or termination of this Agreement. 

  
 CERTAIN
CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, MARKED BY [***], HAS BEEN
OMITTED BECAUSE DERMAVANT SCIENCES LTD. HAS DETERMINED THE INFORMATION (I) IS
NOT MATERIAL AND (II) WOULD LIKELY CAUSE COMPETITIVE HARM TO DERMAVANT
SCIENCES LTD. IF PUBLICLY DISCLOSED. 
  

18 

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	3.	 DEVELOPMENT SERVICES 

 

	3.1	 The Parties may agree that GSK shall perform certain development work in connection with:

  

	 	(A)	 the process scale up for the Manufacture of Commercial API at the Manufacturing Site; 

 

	 	(B)	 knowledge transfer from GSK’s R&D facilities to the Manufacturing Sites in respect Commercial API and
Commercial Product; 

  

	 	(C)	 analytical methods transfer from the Third Party responsible for undertaking analytical testing in respect of
Commercial API and Commercial Product to the Manufacturing Sites; 

  

	 	(D)	 the validation of commercial Manufacturing processes for Commercial API and Commercial Product (including the
Manufacture of validation batches); and 

  

	 	(E)	 CMC (chemistry, manufacturing and controls) development activities in support of obtaining or maintaining
Regulatory Approval(s), 

 (“Development Services”). For clarity, Development Services are
not intended to include activities in support of manufacturing and supply of Product that are customary in respect of manufacturing and supply [***]. 
  

	3.2	 The Purchaser may from time to time request that GSK perform Development Services, provided that:

  

	 	(A)	 if prior to receipt of NDA Approval, GSK shall [***]; 

 

	 	(B)	 if on or after receipt of NDA Approval, GSK shall [***]; and 

 

	 	(C)	 if GSK agrees to perform the requested Development Services, GSK shall (subject to the Parties agreeing the
applicable Scope of Work in accordance with Clause 3.2(A) or 3.2(B) (as applicable) and Clause 3.3) perform such Development Services in accordance with the terms of this Agreement and the associated Scope of Work. 

  
 CERTAIN
CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, MARKED BY [***], HAS BEEN
OMITTED BECAUSE DERMAVANT SCIENCES LTD. HAS DETERMINED THE INFORMATION (I) IS
NOT MATERIAL AND (II) WOULD LIKELY CAUSE COMPETITIVE HARM TO DERMAVANT
SCIENCES LTD. IF PUBLICLY DISCLOSED. 
  

19 

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	3.3	 Any Development Services agreed between the Parties pursuant to Clause 3.2 shall be documented in a scope of
work in the form set forth in Schedule 2 signed on behalf of each of the Parties (each a “Scope of Work”) which shall define the roles and responsibilities of the Parties in the performance of such Development
Services, including the tasks to be completed, any deliverables to be delivered by GSK and the fees payable by the Purchaser (as determined in accordance with Schedule 2 (Scope of Work for Development Services)), together with an agreed
timeline for the performance, completion and/or delivery of the applicable Development Services. 

  

	3.4	 If GSK is unable or unwilling to perform Development Services requested pursuant to Clause 3.2, GSK shall
provide a reasonably detailed justification setting forth why it is not able or willing to perform such Development Services. 

  

	3.5	 For the avoidance of doubt but without prejudice to Clause 3.12, GSK shall not be required to perform any
Development other than Development Services agreed pursuant to this Clause 3 (Development Services). 

  

	3.6	 Each Party shall use its Commercially Reasonable Efforts to perform the Development Services in accordance with
the applicable Scope of Work and the timelines for the performance, completion and/or delivery of such Development Services set forth in the applicable Scope of Work. 

 

	3.7	 Any deliverables (including Purchaser Materials) required to be provided by the Purchaser for the purposes of
any Development Services shall be provided [***]. 

  

	3.8	 Neither GSK nor any of its Affiliates shall bear any liability under or in relation to this Agreement in
connection with any failure to perform, complete or deliver, or delay in performing, completing or delivering, any Development Services to the extent resulting from any failure, default or delay on the part of the Purchaser in performing the tasks
and obligations, or delivering the deliverables (including any Purchaser Materials required for the performance of the Development Services by GSK), assigned to the Purchaser under the applicable Scope of Work or to the extent resulting from any
delay in supply, or defect in, the Purchaser’s deliverables, provided that this Clause 3.8 is without prejudice to any liability GSK may have (whether under this Agreement or under the Clinical Supply Agreement) in respect of any defect
in Purchaser Materials required as deliverables for the purposes of any Development Services. 

  

	3.9	 The Purchaser shall pay to GSK (or its nominated Affiliate) such fees, costs, expenses, payments and other sums
as may be specified in a Scope of Work. Insofar as a Scope of Work provides for fees to be determined by reference to the FTE Rate, such FTE Rate shall be payable only in respect of time spent engaged in the activities covered by such Scope of Work.
In the event that the Scope of Work does not provide for the payment of fees, costs, expenses, milestone payments or other sums, the Purchaser shall reimburse to GSK (or its nominated Affiliate) all costs and expenses incurred in respect of the
Development Services undertaken pursuant to such Scope of Work, provided that such costs and expenses are agreed in advance by the Parties. 

  

	3.10	 Any proposed change or addition to the Development Services or the timeline for the performance, completion or
delivery of such Development Services shall be deemed a proposal to change the Scope of Work (a “Scope Change”). Either Party may propose a Scope Change, but no Scope Change shall be implemented without the prior
written agreement of the other Party. If a Scope Change is agreed by the Parties, the Parties shall document the Scope 

  
 CERTAIN
CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, MARKED BY [***], HAS BEEN
OMITTED BECAUSE DERMAVANT SCIENCES LTD. HAS DETERMINED THE INFORMATION (I) IS
NOT MATERIAL AND (II) WOULD LIKELY CAUSE COMPETITIVE HARM TO DERMAVANT
SCIENCES LTD. IF PUBLICLY DISCLOSED. 
  

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Change (including any change in fees payable) in a supplementary addendum to, or an amended and restated version of, the Scope of Work and, with effect from the date on which the Scope Change is
so documented, all references in this Agreement to the Scope of Work shall be deemed to be references to the Scope of Work as so supplemented or amended and restated (as the case may be) and all references to the Development Services shall be deemed
to be references to the Development Services as documented in the supplemented, or amended and restated, Scope of Work. If the Parties fail to agree on a Scope Change within [***] of commencing discussions and a dispute arises, such dispute shall be
determined in accordance with the provisions of Clause 46 (Dispute Resolution). 

  

	3.11	 At the end of each month, GSK and the Purchaser shall review the status of the Development Services (and each
Party shall share any relevant information for the purposes of such review) and, in the event of any Scope Change and/or delay in the performance of the Development Services, each Party shall use Commercially Reasonable Efforts to agree on new
timeframes for the applicable Development Services. If the Parties fail to agree on new timeframes for the applicable Development Services within [***] of commencing discussions and a dispute arises, such dispute shall be determined in accordance
with the provisions of Clause 46 (Dispute Resolution). 

  

	3.12	 The Purchaser acknowledges that, save for the Development Services and with effect from the Effective Date, the
GSK Group will not support any development work in respect of the Manufacture of any Product (including variations to Product Licences required as a result of such work), unless such work is required by Applicable Law or GSK otherwise agrees to the
performance of such development work in writing. The Purchaser shall [***] in respect of any such development work undertaken pursuant to this Clause 3.12 and the implementation of such development work, provided that [***].

  

	3.13	 In the event that the Purchaser fails to pay any undisputed sum in respect of any Development Services, or any
development work (or its implementation) for which the Purchaser is to bear the cost pursuant to Clause 3.12, then in such an event: 

  

	 	(A)	 neither GSK nor its Affiliates shall bear any liability under this Agreement for any breach of its terms
resulting from any failure to carry out, or delay in carrying out, such Development Services or other development work; and 

  

	 	(B)	 the Purchaser shall indemnify each member of the GSK Group against all actions, Proceedings, demands and claims
by any Third Party arising from any failure to carry out, or delay in carrying out, such work. 

  

	4.	 PURCHASER’S OBLIGATIONS  

 

	4.1	 Subject to Clauses 4.3 and 31.4, during the Term, the Purchaser shall purchase: 

 

	 	(A)	 in respect of Commercial API: 

 

	 	(i)	 during the First Supply Period, [***] of its requirements for Commercial API during that First Supply Period
(and in any event not less than [***]); 

  
 CERTAIN
CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, MARKED BY [***], HAS BEEN
OMITTED BECAUSE DERMAVANT SCIENCES LTD. HAS DETERMINED THE INFORMATION (I) IS
NOT MATERIAL AND (II) WOULD LIKELY CAUSE COMPETITIVE HARM TO DERMAVANT
SCIENCES LTD. IF PUBLICLY DISCLOSED. 
  

21 

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	 	(ii)	 in the Calendar Year following the First Supply Period (“Year 2”), not less than the greater
of (a) [***] of its requirements for Commercial API during Year 2 and (b) [***]; 

  

	 	(iii)	 in the Calendar Year following Year 2 (“Year 3”), not less than the greater of (a) [***] of
its requirements for Commercial API during Year 3 and (b) [***]; and 

  

	 	(iv)	 in each subsequent Calendar Year during the Term, not less than the greater of (a) [***] of its requirements
for Commercial API during that Calendar Year and (b) [***] batches; and 

  

	 	(B)	 in respect of Commercial Product: 

 

	 	(i)	 during the First Supply Period, [***] of its unit requirements for Commercial Product during that First Supply
Period (and in any event not less than [***]); 

  

	 	(ii)	 in Year 2, not less than the greater of (a) [***] of its unit requirements for Commercial Product during Year 2
and (b) [***]; 

  

	 	(iii)	 in Year 3: 

  

	 	(a)	 if Clause 4.2 does not apply, not less than the greater of (1) [***] of its unit requirements for Commercial
Product during Year 3 and (2) [***]; or 

  

	 	(b)	 if Clause 4.2 does apply, not less than the greater of (1) [***] of its unit requirements for Commercial
Product during Year 3 and (2) [***]; and 

  

	 	(iv)	 in each subsequent Calendar Year during the Term 

 

	 	(a)	 if Clause 4.2 does not apply, not less than the greater of (a) [***] of its unit requirements for Commercial
Product during that Calendar Year and (b) [***]; or 

  

	 	(b)	 if Clause 4.2 does apply, not less than the greater of (1) [***] of its unit requirements for Commercial
Product during that Calendar Year and (2) [***], 

  
 CERTAIN
CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, MARKED BY [***], HAS BEEN
OMITTED BECAUSE DERMAVANT SCIENCES LTD. HAS DETERMINED THE INFORMATION (I) IS
NOT MATERIAL AND (II) WOULD LIKELY CAUSE COMPETITIVE HARM TO DERMAVANT
SCIENCES LTD. IF PUBLICLY DISCLOSED. 
  

22 

 CONFIDENTIAL 
  

 from GSK (or the Nominated Supplier) in accordance with this Agreement. If this Agreement
terminates or expires during the First Supply Period or any other Calendar Year for any reason, the provisions of this Clause 4.1 will apply to the part of the First Supply Period or other Calendar Year ending on (and including) the date of
termination or expiry (taking due account of any Products purchased pursuant to Clause 33 (Consequences of Expiry or Termination)), provided that the requirements set out in (A) and (B) above will be reduced on a pro-rata basis to reflect the length of such part First Supply Period or other Calendar Year. 
  

	4.2	 For the purposes of Clauses 4.1(B)(iii) and 4.1(B)(iv), this Clause 4.2 applies if, but only if, in Year 3 or a
subsequent Calendar Year during the Term (as applicable), the Purchaser’s total aggregate demand for Commercial Product (whether Manufactured by GSK or by a Third Party) is less than [***]. 

 

	4.3	 The volumes taken into account in determining whether the Purchaser has complied with its obligations under
Clause 4.1 in respect of the First Supply Period or any other Calendar Year shall include: 

  

	 	(A)	 with respect to the First Supply Period only, any validation batches of Commercial API and/or Commercial
Product (including any failed batches) Manufactured during or prior to the First Supply Period pursuant to Development Services performed under this Agreement; 

 

	 	(B)	 with respect to any Calendar Year after the First Supply Period, any validation batches of Commercial API
and/or Commercial Product (including any failed batches) Manufactured in such Calendar Year pursuant to Development Services performed under this Agreement; 

  

	 	(C)	 any samples of Commercial Product Delivered under this Agreement during that First Supply Period or other
Calendar Year; and 

  

	 	(D)	 any quantities of Commercial API and/or Commercial Product for which there is a Firm Order for Delivery during
that First Supply Period or other Calendar Year but which GSK fails to Deliver. 

  

	4.4	 Within [***] following the end of (i) the First Supply Period and (ii) each subsequent Calendar Year,
the Purchaser shall provide GSK with documented evidence of the total quantity of Commercial API (in kilograms) and the total quantity of Commercial Product (in number of units) Manufactured by GSK and any Third Party during such First Supply Period
or subsequent Calendar Year (as applicable). 

  

	4.5	 If, in respect of the First Supply Period or any subsequent Calendar Year, the Purchaser does not purchase at
least the quantity of Commercial Product required by Clause 4.1(B), then GSK shall invoice the Purchaser for a sum equal to the difference (in tubes, regardless of size) between the quantity of Commercial Product actually purchased by the Purchaser
(or otherwise taken into account pursuant to Clause 4.3) during that First Supply Period or other Calendar Year and the quantity of Commercial Product required to be purchased during that First Supply Period or other Calendar Year pursuant to Clause
4.1(B) multiplied by: 

  

	 	(A)	 in respect of the First Supply Period, Year 2 or any other Calendar Year in which (by virtue of Clause 4.2 and
ignoring the effect of any pro rata reduction applied in accordance with Clause 4.1) the quantity required to be purchased pursuant to Clause 4.1(B) is less than [***]), [***]; or 

  
 CERTAIN
CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, MARKED BY [***], HAS BEEN
OMITTED BECAUSE DERMAVANT SCIENCES LTD. HAS DETERMINED THE INFORMATION (I) IS
NOT MATERIAL AND (II) WOULD LIKELY CAUSE COMPETITIVE HARM TO DERMAVANT
SCIENCES LTD. IF PUBLICLY DISCLOSED. 
  

23 

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	 	(B)	 in respect of any other Calendar Year during the Term, [***], 

in each case, as adjusted by [***] CPI at the start of 2019 and each subsequent Calendar Year in accordance with paragraph 4 of Part C of
Schedule 1. The Purchaser shall pay each invoice issued pursuant to this Clause 4.5 in accordance with Clause 13 (Invoice and Payment). Without prejudice to GSK’s rights in respect of any failure by the Purchaser to comply with its
obligations under Clause 4.1(A) in respect of Commercial API, the provisions of this Clause 4.5 shall be GSK’s sole remedy in respect of any failure by the Purchaser to comply with its obligations under Clause 4.1(B) in respect of Commercial
Product. 
  

	4.6	 The Purchaser shall not (itself or through any Third Party): 

 

	 	(A)	 expressly or implicitly market, advertise or otherwise promote in any way the sale of any Product as a GSK
Group product or as containing any GSK Group product; or 

  

	 	(B)	 use the name or logo of any member of the GSK Group in connection with any Product, 

in each case, unless (and only to the extent) required to do so by Applicable Law. If the Purchaser contends that it is required by Applicable
Law to do any act or thing covered by this Clause 4.6, it shall: 
  

	 	(i)	 prior to doing any such act or thing, provide GSK with a copy of all relevant materials; and

  

	 	(ii)	 consider in good faith any comments GSK may have in respect of the manner in which the name of any member of
the GSK Group is used in such materials; and 

  

	 	(iii)	 if such materials include the logo of any member of the GSK Group, not use such materials without GSK’s
prior written approval (such approval not to be unreasonably withheld). 

  

	 	For	 the avoidance of doubt, a breach of this Clause 4.6 will constitute a material breach of this Agreement.

  

	5.	 NEW PRODUCT SKUS 

 

	5.1	 The Purchaser may, from time to time and in accordance with this Clause 5, request that GSK Manufacture (or
have Manufactured) and supply (or have supplied) New Product SKUs under this Agreement. Any such request shall be accompanied by reasonable details of: 

  

	 	(A)	 the characteristics of the New Product SKU; 

 

	 	(B)	 the anticipated market(s) to supply: and 

 

	 	(C)	 a volume plan for a period equal to [***]. 

  
 CERTAIN
CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, MARKED BY [***], HAS BEEN
OMITTED BECAUSE DERMAVANT SCIENCES LTD. HAS DETERMINED THE INFORMATION (I) IS
NOT MATERIAL AND (II) WOULD LIKELY CAUSE COMPETITIVE HARM TO DERMAVANT
SCIENCES LTD. IF PUBLICLY DISCLOSED. 
  

24 

 CONFIDENTIAL 
  

	5.2	 Upon receipt of a request pursuant to Clause 5.1, GSK will conduct an impact assessment as soon as reasonably
practicable, The Joint Steering Team shall review the Purchaser’s request and GSK’s impact assessment and, following such review (and subject to any amendments that may be agreed between the Parties), may agree upon the proposal for the
New Product SKU, on a basis consistent with the terms of this Agreement in respect of the Manufacture of such New Product SKU and a budget for the estimated costs to be incurred in connection with such New Product SKU, provided that:

  

	 	(A)	 if so agreed, any development work required to be performed by GSK to prepare for the Manufacture and supply of
a New Product SKU (including new configurations of the Products) shall be deemed a Development Service and Clause 3 (Development Services) shall apply; 

 

	 	(B)	 [***], no member of the GSK Group shall be obliged to [***] unless otherwise agreed by the Parties); and

  

	 	(C)	 any incremental costs incurred by any member of the GSK Group associated with such New Product SKU shall be
[***] unless otherwise agreed by the Parties. 

  

	5.3	 Any New Product SKU that is introduced in accordance with this Clause 5 shall be subject to the terms of this
Agreement and shall, with effect from the date on which the Parties record in writing their agreement to add such New Product SKU to this Agreement, be deemed to be a Product, provided that, prior to such addition in writing, such New Product SKU
shall not be deemed a Product hereunder. 

  

	6.	 CAPITAL EXPENDITURE 

 

	6.1	 The Parties acknowledge and agree that certain capital expenditure at the Manufacturing Site operated by GSK or
its Affiliate at [***] in respect of Commercial API is governed by, and is subject to the terms and conditions of, the CapEx Letter Agreement and nothing in this Clause 6 (Capital Expenditure) shall apply in relation to such capital
expenditure. 

  

	6.2	 Subject to Clause 6.1, where capital expenditure is required in respect of the Manufacture of Products under
this Agreement, including in connection with: 

  

	 	(A)	 any technology transfer, tooling or equipment or Artwork required to enable Manufacture to commence at the
Manufacturing Site; and 

  

	 	(B)	 a request from the Purchaser for a change to the Specification, source of Materials or Purchaser Materials,
development work, revised Artwork or the introduction of any new SKU by agreement between the Parties, 

  
 CERTAIN
CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, MARKED BY [***], HAS BEEN
OMITTED BECAUSE DERMAVANT SCIENCES LTD. HAS DETERMINED THE INFORMATION (I) IS
NOT MATERIAL AND (II) WOULD LIKELY CAUSE COMPETITIVE HARM TO DERMAVANT
SCIENCES LTD. IF PUBLICLY DISCLOSED. 
  

25 

 CONFIDENTIAL 
  

 then, subject to Clause 6.3, such expenditure shall: 

 

	 	(i)	 to the extent such expenditure relates exclusively to the Products or their Manufacture, be [***]; and

  

	 	(ii)	 to the extent such expenditure is incurred in respect of regulatory compliance of the Manufacturing Site and
does not relate exclusively to the Products, be borne by the Parties in such proportions as they may agree (each acting reasonably and in good faith) such that [***]. 

 

	6.3	 For the avoidance of doubt, any asset, equipment or improvement installed or effected at the Manufacturing Site
shall belong to GSK or the Nominated Manufacturer, irrespective of which Party bears the cost of the capital expenditure associated with such asset, equipment or improvement. 

 

	6.4	 The Parties understand and agree that, as of the Effective Date, certain capital expenditures are expected to
be required at the Manufacturing Site operated by GSK or its Affiliate at [***] in respect of the Manufacture of Commercial Product in [***], and that the terms of such capital improvements shall be negotiated in good faith and implemented in a
Scope of Work covering specific Development Services related to anticipated capital improvements required as of the Effective Date that will be performed pursuant to and in accordance with the terms of Clause 6.1 and the specific agreed terms set
forth in Exhibit 1 (Capital Work at [***]). 

  

	6.5	 In the event that the Purchaser fails to pay any sum in respect of capital expenditure for which the Purchaser
is to bear the cost pursuant to Clause 6.2: 

  

	 	(A)	 [***]; and 

  

	 	(B)	 [***]. 

  

	7.	 MATERIALS 

  

	7.1	 GSK (or the Nominated Manufacturer) shall be responsible for ordering and purchasing all Materials required to
enable GSK to meet its Development Services, Manufacturing and supply obligations under this Agreement; provided that for the purposes of Manufacturing Commercial Product the Purchaser shall provide Commercial API on a [***]. The costs of the
Materials and the management and procurement of such Materials that are specifically required for or specifically allocated to the Manufacture of Commercial API or Commercial Product hereunder shall be [***]. 

 

	7.2	 GSK shall not [***] 

  

	 	[***]	 without the Purchaser’s prior written consent (not to be unreasonably withheld or delayed).

  
 CERTAIN
CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, MARKED BY [***], HAS BEEN
OMITTED BECAUSE DERMAVANT SCIENCES LTD. HAS DETERMINED THE INFORMATION (I) IS
NOT MATERIAL AND (II) WOULD LIKELY CAUSE COMPETITIVE HARM TO DERMAVANT
SCIENCES LTD. IF PUBLICLY DISCLOSED. 
  

26 

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	7.3	 Subject to the terms of the Quality Agreement and Clause 18.1, GSK may at any time change the supplier of any
Delegated Shared Source Material to which Clause 7.2 does not apply provided that GSK will consult with the Purchaser prior to changing or introducing any such Delegated Shared Source Material to meet its Manufacturing and supply obligations
under this Agreement. 

  

	7.4	 Notwithstanding anything to the contrary in the Quality Agreement, the Purchaser shall not for the purposes of
this Agreement be deemed to be directly responsible for performing quality assurance audits and oversight in respect of a Delegated Shared Source Material. 

  

	7.5	 During the Term, GSK shall (having regard to the applicable Firm Zone and the lead times for the raw materials
concerned) manage its stock quantities of raw materials that are specifically required for or specifically allocated to the Manufacture of Commercial API or Commercial Product such that GSK will be able to support the Purchaser’s Firm Orders
for Products. If the Purchaser requires GSK to hold additional quantities of raw materials as safety stock, the Purchaser shall pay GSK a storage fee to cover any GSK costs and expenses incurred in connection with holding and storing such safety
stock that is not required for Manufacture in support of Firm Orders (the “Safety Stock Fee”). The Safety Stock Fee is set forth on Schedule 4 (Fees). For the avoidance of doubt, such safety stock may not
be used for the manufacture of any products other than Commercial API or Commercial Product (as applicable) under this Agreement, and notwithstanding Clause 25 (Capacity Constraints), all such raw materials held as safety stock and for which
the Purchaser has paid (or is liable to pay) a Safety Stock Fee shall be used solely to fulfil Firm Orders from the Purchaser until exhausted. 

  

	8.	 PURCHASER MATERIALS 

 

	8.1	 The Purchaser shall supply the Purchaser Materials to GSK at the designated Manufacturing Site in respect of
Commercial Product in a timely manner [***] on a [***]. 

  

	8.2	 GSK will not (and will procure that the Nominated Manufacturer does not) use the Purchaser Materials for any
purpose other than the Manufacture of Commercial Products for the Purchaser under this Agreement (including for testing, quality and compliance purposes). 

  

	8.3	 GSK shall not be liable for any failure to meet, or for any delay in meeting, any Firm Order for Commercial
Products if such failure is as a result of any failure by the Purchaser to supply, or delay by the Purchaser in supplying, in a timely manner sufficient quantities of Purchaser Materials that comply with all applicable requirements of Applicable
Law, cGMP and the applicable Specifications and have sufficient unexpired shelf life to enable such Purchaser Materials to be the Manufacture of Products in accordance with the schedule of Deliveries of any Commercial Products contemplated by the
Forecast Schedule; except in the event that such failure is due to the failure of GSK to supply Commercial API in a timely manner or that meets cGMP (taking due account of the applicable Lead Time for such Commercial API). 

  
 CERTAIN
CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, MARKED BY [***], HAS BEEN
OMITTED BECAUSE DERMAVANT SCIENCES LTD. HAS DETERMINED THE INFORMATION (I) IS
NOT MATERIAL AND (II) WOULD LIKELY CAUSE COMPETITIVE HARM TO DERMAVANT
SCIENCES LTD. IF PUBLICLY DISCLOSED. 
  

27 

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	8.4	 Each quantity of Purchaser Materials will be accompanied by Certificate of Analysis relating to such Purchaser
Materials, which, to the extent required by Applicable Law in the relevant jurisdiction, shall be signed by the Purchaser’s Qualified Person in respect of Commercial API. 

 

	8.5	 The Purchaser shall retain title to the Purchaser Materials at all times. From the time Purchaser Materials are
delivered to GSK’s loading dock at the relevant Manufacturing Site to the time such Purchaser Materials are returned (or Product is delivered) to the Purchaser’s designated carrier at GSK’s loading dock, GSK shall bear the risk of
loss of or damage to such Purchaser Materials arising from GSK’s [***] and shall be responsible for compensating the Purchaser for the lost or damaged Purchaser Materials (up to an amount not exceeding the Actual Cost of such Purchaser
Materials to the Purchaser). At all other times and in all other circumstances, the Purchaser and shall bear the risk of loss or destruction to the Purchaser Materials. 

 

	8.6	 The Purchaser shall inform and keep GSK and the Nominated Manufacturer informed of all safety hazards and
changes in regulations and guidance (statutory or otherwise) which the Purchaser or its Affiliate knows or believes affect or may affect the use, handling, storage, labelling, transport, treatment and disposal of any Purchaser Materials.

  

	9.	 INTELLECTUAL PROPERTY 

 

	9.1	 Each Party shall at all times remain the owner of its respective GSK Background IP or Purchaser Background IP.

  

	9.2	 All Intellectual Property or Know-How generated by or on behalf of GSK
(whether alone or together with Purchaser or Purchaser’s Affiliate) in the course of the performance of the obligations, services and activities under this Agreement (including Intellectual Property,
Know-How or improvements relating to the manufacture of pharmaceutical products generally or related to the Manufacturing Site), other than Intellectual Property or
Know-How that is exclusive to Developing, Manufacturing, or Commercialising the API, Commercial API, Commercial Products or the Purchaser Background IP, shall be owned by GSK (the “GSK Arising
IP”). For clarity, GSK Arising IP shall not include Purchaser Background IP or Purchaser Arising IP. 

  

	9.3	 All Intellectual Property or Know-How generated by or on behalf of the
Parties (or either of them) in the course of the performance of the obligations, services and activities under this Agreement that is exclusive to Developing, Manufacturing, or Commercialising the API, Commercial API, Commercial Products or the
Purchaser Background IP shall be owned by the Purchaser (the “Purchaser Arising IP”). For clarity, Purchaser Arising IP shall not include GSK Background IP or GSK Arising IP.  

 

	9.4	 The Purchaser hereby grants to GSK and its Affiliates a non-exclusive,
worldwide, fully paid-up and royalty free licence (with the right to grant sub-licences to Nominated Manufacturers) to use the Purchaser Intellectual Property solely as
necessary for the performance of GSK’s obligations under this Agreement, including supplying and Manufacturing (or having Manufactured) the applicable Products and the performance of the Development Services. GSK will not use any Purchaser
Background IP, Purchaser Know-How or Purchaser Arising IP for any other purpose nor will it disclose or otherwise share any Purchaser Background IP, Purchaser Know-How
or Purchaser Arising IP with any Third Party. 

  
 CERTAIN
CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, MARKED BY [***], HAS BEEN
OMITTED BECAUSE DERMAVANT SCIENCES LTD. HAS DETERMINED THE INFORMATION (I) IS
NOT MATERIAL AND (II) WOULD LIKELY CAUSE COMPETITIVE HARM TO DERMAVANT
SCIENCES LTD. IF PUBLICLY DISCLOSED. 
  

28 

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	9.5	 To the extent that the output of the Development Services or any deliverables or results produced by GSK in
connection with its performance under this Agreement incorporates any GSK Background IP, GSK Know-How or GSK Arising IP, GSK hereby grants to the Purchaser a
non-exclusive, perpetual, fully paid-up and royalty free licence (with the right to grant sub-licences, including through
multiple tiers) to use any such GSK Background IP, GSK Know-How or GSK Arising IP solely and exclusively to the extent necessary for the purposes of Developing, Manufacturing or Commercialising the Products.
Except as otherwise expressly provided for under the Purchase Agreement, the Purchaser shall not use any GSK Background IP, GSK Know-How or GSK Arising IP anywhere else or for any other purpose and shall not
disclose or otherwise share GSK Background IP, GSK Know-How or GSK Arising IP with any Third Party. 

  

	9.6	 At the other Party’s reasonable expense, each Party shall do all such further acts and things, and execute
all such other documents as the other Party may from time to time reasonably require in order to give full effect to the assignments and licences of rights granted under this Agreement. 

 

	9.7	 Nothing in this Agreement shall be deemed or implied to be, and each Party disclaims all implied rights to, the
grant by a Party to the other Party of any right, title or interest in such Party’s Confidential Information or Intellectual Property, except as are expressly set forth in this Agreement. 

 

	10.	 PRODUCT FORECASTS AND ORDERS 

 

	10.1	 Within [***] of the Effective Date, and thereafter on a [***] basis until the date on which the Purchaser files
the first Regulatory Approval Application, the Purchaser shall provide to GSK or (if GSK so directs) the Nominated Manufacturer a non-binding rolling projection of the Purchaser’s expected volume
requirements for Commercial API and Commercial Products for at least the following [***] (the “Volume Projection”). For the avoidance of doubt, the Volume Projection is not a Forecast Schedule and the Purchaser shall not be
required to provide any further Volume Projection with effect from the date on which the Purchaser files the first Regulatory Approval Application. 

  

	10.2	 On the first day of the month following the filing of the first Regulatory Approval Application, and thereafter
on the first day of each subsequent month during the Term (or on such other date or at such frequency, as the Parties may agree in writing), the Purchaser shall provide to GSK or (if GSK so directs) the Nominated Manufacturer a rolling forecast
schedule of volume requirements for: 

  

	 	(A)	 Commercial API; and 

  

	 	(B)	 Commercial Products on a
SKU-by-SKU basis, 

 in each case, for at
least the following [***] or such shorter period as may then remain under the Term (the “Forecast Schedule”). The Forecast Schedule shall show estimates of required Product quantities (by SKU in the case of Commercial Products,
which SKUs shall differentiate Commercial Products with regard to packaging configuration, labelling and strength) on a [***]. Notwithstanding the foregoing, the Parties understand and agree that, in order to facilitate a successful commercial
launch of Launch Products in each 

  
 CERTAIN
CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, MARKED BY [***], HAS BEEN
OMITTED BECAUSE DERMAVANT SCIENCES LTD. HAS DETERMINED THE INFORMATION (I) IS
NOT MATERIAL AND (II) WOULD LIKELY CAUSE COMPETITIVE HARM TO DERMAVANT
SCIENCES LTD. IF PUBLICLY DISCLOSED. 
  

29 

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Relevant Launch Market, certain adjustments or deviations to the forecasting and ordering mechanisms set forth in this Agreement may be necessary or useful and, to that end, the Parties shall
cooperate in good faith to facilitate such flexibility, as set forth in additional detail in Clause 10.12. 
  

	10.3	 The quantity requirements shown: 

 

	 	(A)	 in the first [***] in respect of Commercial API; and 

 

	 	(B)	 in the first [***] in respect of Commercial Product, 

of the Forecast Schedule (the “Firm Zone”) will constitute a binding commitment on the part of the Purchaser to purchase such
specified quantities of such Products. 
  

	10.4	 The Purchaser shall deliver purchase orders or equivalent documentation, corresponding to the Commercial API
and Commercial Product volumes shown in each month of the Firm Zone to GSK on a [***]. Each purchase order shall, as applicable, unless otherwise agreed between the Parties: 

 

	 	(A)	 comprise of quantities equivalent to the applicable MOQ (or to for that MOQ plus one or more applicable IOQs).
If GSK does (in its discretion) accept a purchase order for a quantity of Product that is not equivalent to the applicable MOQ (or to the MOQ plus one or more IOQs), the Purchaser shall remain liable under Clause 19 (Write Offs) for [***];
and 

  

	 	(B)	 specify the quantities of Product ordered (by SKU and by country, and required Delivery date, which shall:

  

	 	(i)	 in respect of Commercial Product, not be less than the applicable Lead Time (as set forth on Schedule 1) from
the date of the relevant purchase order; and 

  

	 	(ii)	 in respect of Commercial API, not be less than [***] from the date of the relevant purchase order.

  

	10.5	 Purchase orders issued by the Purchaser under Clause 10.4 shall be delivered either electronically or by such
other means, and to such location or contact person or system, as GSK shall specify in writing. GSK or the Nominated Manufacturer shall respond to each such purchase order received from the Purchaser within [***] of receipt. Provided that the
quantity requirements for any purchase order comply with the restrictions set forth in Clause 10.4 and subject to Clause 10.6, GSK shall accept the purchase order (each such order then becoming a “Firm Order”) and its
response shall include confirmation of the quantity and the date for Delivery. If GSK does not respond to any purchase order received within such [***] period, then such purchase order shall be deemed to be accepted. 

 

	10.6	 In the event that discussion is required regarding the timing of Manufacture and Delivery of any Firm Order (or
any adjustment to the quantities set forth in the Firm Order), including if the quantities of Commercial API in the Firm Zone exceed the quantities shown API shown in the Forecast Schedule for the period corresponding to the Lead Time for Commercial
API, the 

  
 CERTAIN
CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, MARKED BY [***], HAS BEEN
OMITTED BECAUSE DERMAVANT SCIENCES LTD. HAS DETERMINED THE INFORMATION (I) IS
NOT MATERIAL AND (II) WOULD LIKELY CAUSE COMPETITIVE HARM TO DERMAVANT
SCIENCES LTD. IF PUBLICLY DISCLOSED. 
  

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relevant planning personnel from both Parties will use reasonable endeavours to agree and confirm any necessary changes to the Firm Order concerned and to the Forecast Schedule. Notwithstanding
the foregoing, GSK shall have no obligation to agree to any production schedule or Delivery timetable which would exceed GSK’s (or the Nominated Manufacturer’s) anticipated capacity or otherwise present an unreasonable interference with
GSK’s (or the Nominated Manufacturer’s) other operations, including any current operational processes (including shift patterns), or allocation of manufacturing capacity (having regard, among other things, to the applicable Lead Time).

  

	10.7	 GSK shall use Commercially Reasonable Efforts during Working Hours to satisfy any changes in quantity, Delivery
phasing or Delivery dates requested by the Purchaser in respect of a Firm Order or any additional order, provided that: 

  

	 	(A)	 the Purchaser shall [***] in the event it is able to meet such change; and 

 

	 	(B)	 without prejudice to Clause 10.7(A), if the Purchaser wishes to reduce the quantities of Product in any Firm
Order and GSK (or the Nominated Manufacturer) agrees to such reduction, the Purchaser shall in any event [***]. 

  

	10.8	 It is understood that, subject to Clause 10.9 and without prejudice to Clause 19 (Write Offs), the
remaining [***] in respect of Commercial Product, and [***] in respect of Commercial API, of each Forecast Schedule (i.e., the period after the applicable Firm Zone) constitutes an estimate of the future Product requirement of the Purchaser and does
not comprise a specific purchase requirement or a commitment by the Purchaser to purchase such Product (except as otherwise provided in this Agreement). It is further understood that each such Forecast Schedule does not constitute a commitment by
GSK to Manufacture or supply such Product. 

  

	10.9	 The quantity requirements shown: 

 

	 	(A)	 in the subsequent [***] following the Firm Zone in respect of Commercial API; and 

 

	 	(B)	 in the subsequent [***] following the Firm Zone in respect of Commercial Product; 

of the Forecast Schedule (the “Capacity Reservation Period”) will constitute an estimate of future Product requirements of the
Purchaser for which they require capacity to be reserved at the Manufacturing Site. Notwithstanding that the Purchaser is not obliged to purchase an amount of Product equivalent to the Capacity Reservation Period, if in a Calendar Year the Purchaser
purchases less than the volume shown in the Capacity Reservation Period, an additional fee (the “Unused Capacity Fee”) shall become due and payable by the Purchaser for that Calendar Year. The Unused Capacity Fee shall be equal to
[***] had the quantity of Products forecast during the Capacity Reservation Period but not subsequently ordered (the “Missing Products”) actually been Manufactured and purchased during that Calendar Year, provided that: 

 

	 	(i)	 the Unused Capacity Fee shall be [***] (whether for GSK or its Affiliates or for any Third Party); and

  
 CERTAIN
CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, MARKED BY [***], HAS BEEN
OMITTED BECAUSE DERMAVANT SCIENCES LTD. HAS DETERMINED THE INFORMATION (I) IS
NOT MATERIAL AND (II) WOULD LIKELY CAUSE COMPETITIVE HARM TO DERMAVANT
SCIENCES LTD. IF PUBLICLY DISCLOSED. 
  

31 

 CONFIDENTIAL 
  

	 	(ii)	 GSK shall use Commercially Reasonable Efforts to reduce, avoid or otherwise mitigate any such Unused Capacity
Fee by so reallocating capacity at the Manufacturing Site as far as practicable. 

 Any Unused Capacity Fee payable under
this Clause 10.9 will be invoiced by GSK to the Purchaser after the end of the Calendar Year (such invoice to be paid by the Purchaser in accordance with Clause 13 (Invoice and Payment)). 

 

	10.10	 For the avoidance of doubt, no Unused Capacity Fee shall be payable pursuant to Clause 10.9 in respect of
Missing Products that are Commercial Products for which the Purchaser is required to pay the sum specified in Clause 4.5. 

  

	10.11	 Without prejudice to Clause 7.5, the provisions of this Clause 10 (Product Forecasts and Orders) are
subject to the provisions of Clause 25 (Capacity Constraints) in the event that an Allocation is required to be made. 

  

	10.12	 In order to facilitate a successful commercial launch of Products in each Relevant Launch Market and to provide
flexibility on Delivery phasing and timing for each Launch Product in each Relevant Launch Market, the Parties agree as follows: 

  

	 	(A)	 On Purchaser’s reasonable request, Purchaser may elect to require GSK to hold additional safety stock of
raw materials required to Manufacture Commercial Product in accordance with Clause 7.3, provided that for clarity, the Safety Stock Fee will be payable. 

  

	 	(B)	 Having regard to the safety stock held pursuant to Purchaser’s instructions, and provided that sufficient
Commercial API is or is expected to be available to GSK on a timely basis, GSK will use Commercially Reasonable Efforts to reduce the Lead Time required for the Manufacture of Launch Product. 

 

	 	(C)	 GSK will use Commercially Reasonable Efforts to expedite the finalisation of Artwork for, and the printing of,
packaging materials required for Launch Products to comply with any anticipated launch timelines, including by reserving capacity at printing service providers and committing to the purchase of such services on an expedited basis.

  

	 	(D)	 On Purchaser’s request, GSK will use Commercially Reasonable Efforts to make Manufacturing capacity
available at the Manufacturing Site in respect of Commercial Product on short notice and/or to reserve capacity for Manufacture in excess of that required for the forecast volumes that Purchaser can release at short notice. 

  
 CERTAIN
CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, MARKED BY [***], HAS BEEN
OMITTED BECAUSE DERMAVANT SCIENCES LTD. HAS DETERMINED THE INFORMATION (I) IS
NOT MATERIAL AND (II) WOULD LIKELY CAUSE COMPETITIVE HARM TO DERMAVANT
SCIENCES LTD. IF PUBLICLY DISCLOSED. 
  

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	 	(E)	 [***]. 

  

	 	(F)	 During a Launch Period, Purchaser will be released from its binding commitments in the Firm Zone in respect of
the Launch Product to the extent that changes are permitted in accordance with this Clause 10.10. 

  

	 	(G)	 The additional flexibility arrangements agreed pursuant to Clauses 10.10 (A)-(F) above will not affect:

  

	 	(i)	 the Manufacture of Commercial API in any way; or 

 

	 	(ii)	 the MOQ and IOQ applicable to the Manufacture of Commercial Product. 

 

	11.	 DELIVERY OF PRODUCT 

 

	11.1	 Subject to Clause 25 (Capacity Constraints), GSK (or the Nominated Supplier) shall Deliver the Products
on the date specified in the relevant Firm Order, provided that: 

  

	 	(A)	 the quantity of Product Delivered by GSK may vary by [***] from the quantity specified in the relevant Firm
Order; and 

  

	 	(B)	 the date of Delivery may vary by [***] from the date specified in the relevant Firm Order,

 and such variance shall not constitute a breach of this Agreement by GSK or entitle the Purchaser to reject such
Delivery. Delivery of Commercial API and Commercial Products shall take place following release by GSK of such Products in accordance with (and the extent required by) the Quality Agreement, provided that, for clarity, the Purchaser shall
only be required to pay for the quantity of Product that is actually Delivered. 
  

	11.2	 In respect of Commercial API, the Parties may agree that some or all of the quantities of such Commercial API
Delivered pursuant to Clause 11.1 shall remain in the possession of GSK or its Affiliate on [***]. The Purchaser shall pay GSK a storage fee to cover any GSK costs and expenses incurred in connection with holding and storing such [***] stock
(“Storage Fee”). The Storage Fee is set forth in Schedule 4 (Fees). For the avoidance of doubt, no Storage Fee is payable in respect of quantities of Commercial API required for the Manufacture of the Commercial Product shown in the
Firm Zone and that are held by GSK at designated Manufacturing Site in respect of Commercial Product for the purposes of such Manufacture. 

  
 CERTAIN
CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, MARKED BY [***], HAS BEEN
OMITTED BECAUSE DERMAVANT SCIENCES LTD. HAS DETERMINED THE INFORMATION (I) IS
NOT MATERIAL AND (II) WOULD LIKELY CAUSE COMPETITIVE HARM TO DERMAVANT
SCIENCES LTD. IF PUBLICLY DISCLOSED. 
  

33 

 CONFIDENTIAL 
  

	11.3	 Subject to paragraph 2 of Schedule 3 (Toll Manufacturing Provisions), the risk in and title to the
Commercial Products shall remain with GSK (or its Affiliate) until Delivered, at which point it shall pass to the Purchaser. Title to Commercial API shall pass to the Purchaser when such Commercial API is purchased by Purchaser, but risk in such
Commercial API shall remain with GSK in accordance with Clause 8.5 for so long as such Commercial API is in GSK’s possession as Purchaser Materials. 

  

	11.4	 Other than in respect of Commercial API that the Parties agree shall be retained by GSK on Consignment, the
Purchaser shall collect the Products Delivered from the Manufacturing Site on the date of Delivery, or such date as GSK, the Nominated Supplier or the Nominated Manufacturer may notify to the Purchaser (provided that, and if the Delivery date
notified to the Purchaser is earlier or later than the Delivery window contemplated by Clause 11.1, the Delivery date must be agreed with the Purchaser). Notwithstanding the foregoing, and without limiting Clause 20.2, Purchaser may, [***], elect to
obtain Delivery at any point within [***] of the notified date of Delivery by providing notice to GSK of such revised Delivery date. 

  

	11.5	 Commercial API that the Parties agree shall be retained by GSK [***] at the Manufacturing Site in respect of
Commercial API shall be collected by the Purchaser from such Manufacturing Site on such date as may be agreed between the Parties. 

  

	11.6	 For the avoidance of doubt, irrespective of whether or not any quantity of Commercial API is retained by GSK
[***] for a period of time after Delivery, the Purchaser shall be responsible for the delivery of Toll Materials to the designated Manufacturing Site in respect of Commercial Product. 

 

	12.	 PRICE 

  

	12.1	 The Purchaser shall pay: 

 

	 	(A)	 the applicable Price (as determined in accordance with this Clause 12 (Price)) for Products supplied
under this Agreement; 

  

	 	(B)	 the fees in respect of Development Services supplied under this Agreement as set forth in (or determined in
accordance with) the applicable Scope of Work; 

  

	 	(C)	 the fees payable in respect of any Technology Transfer undertaken pursuant to this Agreement (except as
otherwise expressly set forth in this Agreement); and 

  

	 	(D)	 any Storage Fee and/or Safety Stock Fee and/or Unused Capacity Fee payable pursuant to this Agreement.

  

	12.2	 The Price and other fees payable pursuant to this Agreement shall be exclusive of Sales Tax imposed on or with
respect to such payments, which the Purchaser shall pay in addition to the Price or other fee upon presentation by GSK of a valid Sales Tax invoice. 

  
 CERTAIN
CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, MARKED BY [***], HAS BEEN
OMITTED BECAUSE DERMAVANT SCIENCES LTD. HAS DETERMINED THE INFORMATION (I) IS
NOT MATERIAL AND (II) WOULD LIKELY CAUSE COMPETITIVE HARM TO DERMAVANT
SCIENCES LTD. IF PUBLICLY DISCLOSED. 
  

34 

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	12.3	 The Price for the Commercial API shall be equal to the Commercial API Base Cost (as determined in accordance
with Part B of Schedule 1) [***] and the Price for Commercial Products shall be equal to the Commercial Product Base Cost (as determined in accordance with Part C of Schedule 1) [***]. 

 

	13.	 INVOICE AND PAYMENT 

 

	13.1	 GSK (or the Nominated Supplier) shall invoice the Purchaser upon each Delivery of Products or performance of
the Development Services. Each invoice shall specify, as applicable: 

  

	 	(A)	 the Price in respect of the Products Delivered or the Development Services performed (or the development work
undertaken pursuant to Clause 3.12 and the implementation of such development work); 

  

	 	(B)	 the quantity of Products Delivered; 

 

	 	(C)	 the amount of Sales Tax due in respect of the Products Delivered or Development Services performed (or the
development work undertaken pursuant to Clause 3.12 and the implementation of such development work); and 

  

	 	(D)	 any other fees payable or amounts reimbursable to GSK pursuant to this Agreement. 

 

	13.2	 Any amounts reimbursable to GSK pursuant to this Agreement other than the Price for Product Delivered or
Development Services performed and any associated Sales Tax may be invoiced separately from any invoice relating to the Price for Product Delivered or Development Services performed and any associated Sales Tax. 

 

	13.3	 The Purchaser shall pay the invoices issued by GSK or the Nominated Supplier in the applicable Invoice Currency
within [***] from the date of receipt of the respective invoice by electronic transfer to the account nominated by GSK or the Nominated Supplier in writing. 

  

	13.4	 If Purchaser fails to make any payment pursuant to this Agreement when due, simple interest shall thereafter
accrue on the sum due to GSK (or the Nominated Supplier) until the date of payment at the per annum rate of [***] above the then-current prime rate reported in The Wall Street Journal or the maximum rate allowable by Applicable Laws, whichever is
the lower. 

  

	13.5	 All payments by the Purchaser under this Agreement shall be made without any deduction or withholding of any
monies, unless required by Applicable Law. In the event that monies are deducted or withheld, the Purchaser shall promptly pay the amount withheld to the appropriate Governmental Entity and shall provide GSK (or the Nominated Supplier) with the
original receipt issued by that Governmental Entity or other sufficient evidence of payment. To the extent that amounts are so withheld and paid to the proper taxing authority, such amounts shall be treated for all purposes of this Agreement as
having been paid to GSK (or the applicable Nominated Supplier) with respect to whom such amounts were withheld. Each Party agrees to cooperate with the other Party in claiming refunds or exemptions from such deductions or withholdings under any
relevant agreement or treaty which is in effect. The Parties shall discuss and cooperate regarding applicable mechanisms for minimizing such Taxes to the extent possible in compliance with Applicable Law. In addition, the Parties shall cooperate in
accordance with Applicable Law to minimize indirect Taxes (including Sales Tax) in connection with this Agreement. 

  
 CERTAIN
CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, MARKED BY [***], HAS BEEN
OMITTED BECAUSE DERMAVANT SCIENCES LTD. HAS DETERMINED THE INFORMATION (I) IS
NOT MATERIAL AND (II) WOULD LIKELY CAUSE COMPETITIVE HARM TO DERMAVANT
SCIENCES LTD. IF PUBLICLY DISCLOSED. 
  

35 

 CONFIDENTIAL 
  

	14.	 ELECTRONIC SYSTEMS 

 

	14.1	 GSK hereby grants, or shall procure the grant of, a limited licence (being a royalty-free licence under the GSK
System IP, for the Term and revocable by GSK in the event of a breach by the Purchaser of the obligations set forth in this Clause 14 (Electronic Systems)) to use the GSK Group’s “Collaborate” information technology
system or such successor or alternative demand management software or system as the GSK Group may deploy (the “GSK System”). Such licence shall permit the Purchaser to use the GSK System only for the purposes of
complying with its obligations under this Agreement and meeting GSK’s requirements for demand planning, management and Delivery of Products. The use of such GSK System shall be subject to the following further conditions: 

 

	 	(A)	 other than the warranty set forth in Clause 28.1(B), GSK gives no representation or warranty as to the GSK
System, including that it shall be available at any time, or shall operate in error-free fashion, and the Purchaser agrees that any failure of such GSK System shall not limit or exclude any obligation or responsibility on the part of the Purchaser;

  

	 	(B)	 the Purchaser shall remain responsible for maintaining (i) such internet or telecommunications
connectivity and (ii) such minimum IT hardware requirements as may be necessary to enable the Purchaser to access such GSK System; and 

  

	 	(C)	 if the GSK Group provides the Purchaser with passwords or other access or authentication credentials, to use
the GSK System, the Purchaser shall provide those credentials only to named personnel (and shall communicate the names of such personnel to GSK and/or its Affiliate), and shall procure that the named personnel shall not share their credentials with
any other Purchaser personnel. 

  

	14.2	 The Purchaser shall take reasonable care to ensure that: 

 

	 	(A)	 nothing done by its employees shall contaminate, corrupt, impair or adversely affect any of the GSK
Group’s computers, computer software and computer data and, without prejudice to the generality of the foregoing, shall take due care to ensure that no invasive programs, “computer viruses” or “logic bombs” shall be
introduced to any of the GSK Group’s computers, computer software or data; and 

  

	 	(B)	 it operates reasonably up to date commercially available anti-virus software, including regularly updating the
virus signature files of such software (as recommended by the relevant licensor), and an electronic firewall and such other technical safeguards as good IT practice requires in relation to the Purchaser’s network or IT infrastructure (in each
case to the extent that such network or infrastructure may connect to the GSK System). 

  
 CERTAIN
CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, MARKED BY [***], HAS BEEN
OMITTED BECAUSE DERMAVANT SCIENCES LTD. HAS DETERMINED THE INFORMATION (I) IS
NOT MATERIAL AND (II) WOULD LIKELY CAUSE COMPETITIVE HARM TO DERMAVANT
SCIENCES LTD. IF PUBLICLY DISCLOSED. 
  

36 

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	15.	 QUALITY ASSURANCE 

 

	15.1	 GSK shall maintain such records as are necessary and appropriate to demonstrate compliance with cGMP in
connection with the supply of the Development Services and the Manufacture of the Commercial API and Commercial Products. 

  

	15.2	 GSK shall be responsible for devising and implementing any corrective actions and/or preventative actions
(“CAPAs”) that may be required in connection with the Manufacture and technical release of Products, other than any CAPAs relating to analytical testing and release, which shall be the responsibility of the Purchaser.

  

	15.3	 The respective responsibilities of each Party in relation to technical and quality matters are further set
forth in the Quality Agreement. In the event of a conflict between the terms of the Quality Agreement and the terms of this Agreement with respect to the quality or monitoring of the Product, the terms of the Quality Agreement shall, to the extent
of such conflict, prevail. 

  

	16.	 DEFECTIVE PRODUCTS 

 

	16.1	 The Purchaser shall notify GSK or the Nominated Supplier (or ensure that GSK or the Nominated Supplier is
notified) in writing of any Delivery that is (in whole or in part) incomplete in accordance with the terms of this Agreement within: 

  

	 	(A)	 [***] following Purchasers receipt of possession and control of any shipment of Products from any common
carrier following Delivery thereof (including, if applicable, the expiration or final release of any holds instituted by any governmental authority in connection with the import or export of any Product); or 

 

	 	(B)	 in respect of Commercial API that the Purchaser elects on Delivery to leave in GSK’s possession [***]
pursuant to Clause 11.2, within [***] of Delivery (or, if the relevant Manufacturing Site cannot accommodate a visit by the Purchaser during that [***] period, such later date as may be agreed between the Parties), 

(such notice being a “Rejection Notice”). Following receipt of the Rejection Notice, GSK shall: 

 

	 	(i)	 work in good faith with the Purchaser on a plan to complete the incomplete Delivery; and 

 

	 	(ii)	 use Commercially Reasonable Efforts to rectify the incomplete delivery as soon as possible and in any event
within [***] of receipt of the Rejection Notice. 

 If no Rejection Notice is provided to GSK or the Nominated Supplier
within the applicable period specified in this Clause 16.1, then, without limiting any other remedies otherwise available to Purchaser, including under Clause 16.2, the Delivery shall be deemed complete and accepted. 

 

	16.2	 Without limiting Clause 16.1, the Purchaser shall have the right to reject any allegedly Defective Products
upon written notice to GSK, such notice to include the reason(s) for the rejection and to be accompanied with any supporting documentation or other evidence, such right to be exercised within the period stipulated in the Quality Agreement (or, if no
such period is stipulated): 

  

	 	(A)	 in respect of Defects that ought to be detected pursuant to the incoming inspections required pursuant to the
Quality Agreement, the period specified in Clause 16.1(A) or 16.1(B) (as applicable); 

  
 CERTAIN
CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, MARKED BY [***], HAS BEEN
OMITTED BECAUSE DERMAVANT SCIENCES LTD. HAS DETERMINED THE INFORMATION (I) IS
NOT MATERIAL AND (II) WOULD LIKELY CAUSE COMPETITIVE HARM TO DERMAVANT
SCIENCES LTD. IF PUBLICLY DISCLOSED. 
  

37 

 CONFIDENTIAL 
  

	 	(B)	 in respect of Defects not covered by Clause 16.2(A) but which are not Latent Defects, within [***] following
Purchaser’s receipt of possession and control any shipment of Products from any common carrier following Delivery thereof (including, if applicable, the expiration or final release of any holds instituted by any governmental authority in
connection with the import or export of any Product); or 

  

	 	(C)	 in the case of Latent Defects, within [***] after discovery of the Latent Defect. 

Unless the Purchaser complies with the provisions of this Clause 16.2, the Delivery of Products shall be deemed accepted by the Purchaser. 

 

	16.3	 If the Purchaser purports to reject any Products pursuant to Clause 16.2: 

 

	 	(A)	 the Purchaser shall store the rejected Products in quarantine in accordance with GSK’s reasonable
instructions and shall allow GSK (or its nominated representatives) to inspect and/or analyse the same; 

  

	 	(B)	 the Parties shall use reasonable endeavours to agree whether or not the rejected Products are Defective; and

  

	 	(C)	 if, within [***] of GSK or the Nominated Supplier being notified pursuant to Clause 16.2, the Parties fail to
agree whether or not the rejected Products are Defective, the dispute shall be referred to and determined by an Independent Expert whose decision shall be final and binding on the Parties. The Independent Expert shall act as an expert and not as an
arbitrator and (unless the Independent Expert otherwise determines) his or her fees shall be paid by the Party against whom the Independent Expert’s decision is given. 

 

	16.4	 If the Parties agree, or if the Independent Expert finds, that any Products are Defective and have been
properly rejected, then, subject to Clause 16.5 and without limiting Clause 16.7, GSK shall, at Purchaser’s option, either: 

  

	 	(A)	 replace the Defective Products at GSK’s sole cost and expense and as soon as reasonably possible (provided
that the original Defective Product has been paid for by Purchaser) (which replacement may, in respect of Commercial API, comprise the same batch(es) of Commercial API following the reprocessing of that Commercial API at GSK’s sole cost); or

  

	 	(B)	 refund to the Purchaser the Price paid for such Defective Products [***]. 

  
 CERTAIN
CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, MARKED BY [***], HAS BEEN
OMITTED BECAUSE DERMAVANT SCIENCES LTD. HAS DETERMINED THE INFORMATION (I) IS
NOT MATERIAL AND (II) WOULD LIKELY CAUSE COMPETITIVE HARM TO DERMAVANT
SCIENCES LTD. IF PUBLICLY DISCLOSED. 
  

38 

 CONFIDENTIAL 
  

 In addition, GSK shall, at its option, either collect at its own expense the Defective
Products from the Purchaser or reimburse the Purchaser for any reasonable costs incurred in its disposal of the Defective Products. Subject to Clause 29 (Indemnities) and Clause 30 (Liability), the remedy set forth in this Clause 16.4,
together with any additional remedy set forth in Clauses 16.7 (if applicable) and 21.3 (if applicable), shall be the Purchaser’s sole and complete remedy under this Agreement with respect to any Defective Products properly rejected by the
Purchaser in accordance with Clause 16.2. 
  

	16.5	 In respect of Commercial API, if GSK is able to reprocess that Commercial API within [***] of the date on which
the Parties agree, or the Independent Expert finds, that such Commercial API is Defective, GSK shall have the right to undertake such reprocessing (and the Purchaser shall not make any contrary election pursuant to Clause 16.4).

  

	16.6	 If any rejected Products are found by the Independent Expert not to be Defective, the Purchaser shall pay for
such Products in accordance with the payment provisions set forth in this Agreement. 

  

	16.7	 For the avoidance of doubt, if any Commercial Product is finally determined to be Defective, then, to the
extent that the applicable Defect is determined to [***], then [***]. 

  

	17.	 PRODUCT LICENCE 

 

	17.1	 The Purchaser shall (or shall procure that its Affiliate shall), at its own expense, obtain and maintain all
Product Licences in the Territory which may from time to time be required by any Regulatory Authority or other Governmental Entity. The Purchaser shall be responsible for responding to all requests for information related to such Product Licences
made by, and for making all legally required filings relating to such Product Licences with, any Regulatory Authority or other Governmental Entity having jurisdiction to make such requests or require such filings. 

 

	17.2	 Without prejudice to the Purchaser’s obligations under Clause 17.1, if any Product Licence relating
directly to any of the Products is suspended or revoked after the Effective Date, the Purchaser shall promptly notify GSK (and, if applicable, each of the Nominated Manufacturer and the Nominated Supplier) of the event and shall promptly inform GSK
of the anticipated impact on the Purchaser’s purchases of the affected Product and the Purchaser’s general intentions with respect to the affected Product. 

 

	18.	 PRODUCT SPECIFICATIONS 

 

	18.1	 Subject to the provisions of Clause 2 (GSK’s Obligations) and unless otherwise
required to do so by a Governmental Entity, GSK shall not without the prior written consent of the Purchaser, make any change to the Specifications that might reasonably be expected to impact the Product Licence. 

  
 CERTAIN
CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, MARKED BY [***], HAS BEEN
OMITTED BECAUSE DERMAVANT SCIENCES LTD. HAS DETERMINED THE INFORMATION (I) IS
NOT MATERIAL AND (II) WOULD LIKELY CAUSE COMPETITIVE HARM TO DERMAVANT
SCIENCES LTD. IF PUBLICLY DISCLOSED. 
  

39 

 CONFIDENTIAL 
  

	18.2	 Each application by GSK for any consent pursuant to Clause 18.1 shall be submitted in writing and assessed by
the Purchaser in accordance with the Technical Change Procedure. Any agreed change made under this Clause 18.2 shall be implemented at GSK’s cost. 

  

	18.3	 The Purchaser shall bear the costs of any change to the Specifications or the Manufacturing process required by
Applicable Law or a Governmental Entity (including the cost of any write-off in accordance with Clause 19 (Write Offs) and/or any related development work in accordance with Clause 3 (Development
Services)). Notwithstanding the foregoing, if a required change to the Specifications or any Manufacturing process is such that GSK cannot reasonably implement the change without significant interference with its other operations at the
Manufacturing Site, the provisions of Clause 32.2 shall apply. 

  

	18.4	 Prior to implementation of any change referred to in this Clause 18 (Product Specifications), the
Parties shall agree on a procedure to ensure that the change is approved by the relevant Governmental Entity, and that GSK is given a reasonable period of time to implement any changes which such Governmental Entity may approve.

  

	18.5	 All Products Delivered hereunder will be suitably packed for shipment by GSK in accordance with the terms of
this Agreement, the Quality Agreement and Applicable Law. Without limiting the foregoing, each Product delivered hereunder will be shipped packaged in containers in accordance with the applicable Specifications or as otherwise agreed by the Parties
in writing. Each such container will be individually labeled with a description of its contents, including the manufacturer lot number, quantity of Product, date of Manufacture, required storage conditions and expiration date. 

 

	19.	 WRITE OFFS  

 

	19.1	 Where: 

  

	 	(A)	 the Purchaser submits a purchase order for a quantity of Product other than the MOQ (or the MOQ plus one or
more IOQs) and GSK agrees to Deliver such quantity; 

  

	 	(B)	 any changes to the Manufacture of the Products and/or Specification are implemented pursuant to a request of
any Regulatory Authority or pursuant to Applicable Law; provided that the foregoing shall be limited to Product deliverable [***]; 

  

	 	(C)	 GSK or the Nominated Manufacturer agrees to any changes requested by the Purchaser in accordance with this
Agreement; or 

  

	 	(D)	 solely in relation to long-lead time Materials and safety stock of Materials held pursuant to Clause 7.5, the
quantity requirement for a Product shown for any month in any Forecast Schedule varies from the quantity requirements forecast for that month in any previous Forecast Schedule, [***], 

the provisions of Clause 19.2 shall apply. 

  
 CERTAIN
CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, MARKED BY [***], HAS BEEN
OMITTED BECAUSE DERMAVANT SCIENCES LTD. HAS DETERMINED THE INFORMATION (I) IS
NOT MATERIAL AND (II) WOULD LIKELY CAUSE COMPETITIVE HARM TO DERMAVANT
SCIENCES LTD. IF PUBLICLY DISCLOSED. 
  

40 

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	19.2	 Where this Clause 19.2 applies, the Purchaser shall reimburse to GSK or the Nominated Manufacturer the cost of write-off (calculated in accordance with IFRS) of: 

  

	 	(A)	 Materials reasonably purchased or ordered by GSK or the Nominated Manufacturer in view of quantities indicated
in any Forecast Schedule and the terms agreed with the supplier of such Materials, including any applicable minimum order quantity and/or lead times (which may exceed the Firm Zone); 

 

	 	(B)	 Purchaser Materials reasonably purchased or ordered by GSK or the Nominated Manufacturer in view of quantities
indicated in any Forecast Schedule; 

  

	 	(C)	 safety stock quantities of Materials as required pursuant to Clause 7.5; and 

 

	 	(D)	 work-in-progress and/or
Products Manufactured in light of the quantity requirements shown in the Forecast Schedule (taking due account of the applicable Lead Time), 

to the extent that such Materials, Purchaser Materials,
work-in-progress and/or Products will not be used: 
  

	 	(i)	 in the Manufacture of Products to meet Firm Orders (or in the case of certain Materials with long lead times
and/or safety stock of Materials held pursuant to Clause 7.5, prior to the Firm Zone); or 

  

	 	(ii)	 in the case of Materials not used by GSK or the Nominated Manufacturer at the Manufacturing Site exclusively in
the Manufacture of Products, in the manufacture at the relevant Manufacturing Site of other products for GSK, its Affiliates or Third Parties, 

in each case within the shelf-life of such Materials, Purchaser Materials,
work-in-progress or Products, whether as a result of expiry of the Term, termination of this Agreement or otherwise. GSK shall provide the Purchaser with the cost of
long-lead time Materials and the associated lead times provided by GSK’s supplier. Each of GSK and the Nominated Manufacturer at the Manufacturing Site will use Commercially Reasonable Efforts to use Materials that are not used exclusively in
the Manufacture of Products in the manufacture at the relevant Manufacturing Site of other products for GSK, its Affiliates or Third Parties. To the extent that neither GSK nor the Nominated Manufacturer at the Manufacturing Site will be able to use
Materials that are not used exclusively in the Manufacture of Products, then, at the election of Purchaser, GSK will (in connection with the write off of such Materials pursuant to this Clause 19.2) allow the Purchaser to collect any such Materials
or ship any such Materials to Purchaser (in each case, at Purchaser’s cost). 
  

	19.3	 For the avoidance of doubt, it is acknowledged that Purchaser Materials are held by GSK or the Nominated
Manufacturer on a [***] and, accordingly, the cost to GSK or the Nominated Manufacturer of writing off Purchaser Materials will not exceed the cost (if any) incurred by GSK of the Nominated Manufacturer in destroying or otherwise disposing of such
Purchaser Materials or in storing such Purchaser Materials pending collection by, or shipment to, the Purchaser (or its designee) from the Manufacturing Site. 

  
 CERTAIN
CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, MARKED BY [***], HAS BEEN
OMITTED BECAUSE DERMAVANT SCIENCES LTD. HAS DETERMINED THE INFORMATION (I) IS
NOT MATERIAL AND (II) WOULD LIKELY CAUSE COMPETITIVE HARM TO DERMAVANT
SCIENCES LTD. IF PUBLICLY DISCLOSED. 
  

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	20.	 REGULATORY COMPLIANCE  

 

	20.1	 GSK or the Nominated Manufacturer shall: 

 

	 	(A)	 provide to the Purchaser all such documents and information available to GSK or the Nominated Manufacturer as
may be required by a Regulatory Authority from the Purchaser with respect to the Manufacture of the Product; and 

  

	 	(B)	 allow such inspections of the Manufacturing Site as may be requested by such Regulatory Authority.

 GSK shall notify the Purchaser in writing of the findings of such inspections insofar as they affect the Products or
their Manufacture. 
  

	20.2	 Prior to any Commercial API or Commercial Products being Delivered to Purchaser (including, for clarity, making
such Product available for pick-up by the Purchaser (or its designee)), GSK (or the Nominated Manufacturer) shall: 

  

	 	(A)	 perform batch investigations (if applicable); and 

 

	 	(B)	 following the testing of such Commercial API or Commercial Products, a review of the relevant batch
documentation and confirmation of compliance with cGMP: 

  

	 	(i)	 issue a Manufacturer’s Batch Certificate; and 

 

	 	(ii)	 perform the technical release of the Product for Delivery to the Purchaser and issue a Certificate of Analysis.

  

	20.3	 Each Party shall maintain in accordance with and for the period required under cGMP and Applicable Law all such
records relating to the Manufacture and distribution of the Products as it may be required to hold under such Applicable Law. 

  

	21.	 PRODUCT EVENTS 

 

	21.1	 Any and all complaints of which GSK becomes aware relating to the quality or efficacy any Product shall
promptly be forwarded to the Purchaser’s senior quality officer or that person’s designee. The Purchaser shall promptly inform GSK and/or the Nominated Manufacturer of any and all complaints that the Purchaser receives which may relate to
manufacturing or other processes at the Manufacturing Site. Notification shall be given by telephone, with a written confirmation immediately following. 

  

	21.2	 In the event that a Regulatory Authority requires, or the Purchaser decides to initiate, a recall, withdrawal
or field correction (each, a “Product Event”) with respect to any Product Manufactured and supplied under this Agreement, the Purchaser shall immediately notify GSK and each Party shall fully cooperate with the other
Party to implement the same. 

  

	21.3	 If (and only if and to the extent that) the Product Event is: 

 

	 	(A)	 required by Applicable Law or customary industry practice; and 

 

	 	(B)	 necessitated by a failure on the part of GSK to comply with all its obligations under this Agreement,

  
 CERTAIN
CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, MARKED BY [***], HAS BEEN
OMITTED BECAUSE DERMAVANT SCIENCES LTD. HAS DETERMINED THE INFORMATION (I) IS
NOT MATERIAL AND (II) WOULD LIKELY CAUSE COMPETITIVE HARM TO DERMAVANT
SCIENCES LTD. IF PUBLICLY DISCLOSED. 
  

42 

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 GSK shall, in addition to any obligations set forth in the Quality Agreement: 

 

	 	(i)	 replace the Product recalled; or 

 

	 	(ii)	 (at the Purchaser’s election or where it is not reasonably practicable for GSK to replace the Product)
refund the Purchaser for the recalled Product; and 

  

	 	(iii)	 within [***] of receipt of an invoice for the same, reimburse the Purchaser for its reasonable out of pocket
expenses incurred in carrying out the Product Event, provided that: 

  

	 	(a)	 such expenses are evidenced in writing; and 

 

	 	(b)	 GSK shall not be liable for any costs or expenses arising to the extent of attributable to the acts or
omissions of the Purchaser, its Affiliates or its or their distributors, wholesalers or other customers. 

 Subject to
Clause 29 (Indemnities) and Clause 30 (Liability), the remedy set forth in this Clause 21.3 shall be the Purchaser’s sole and complete remedy under this Agreement with respect to any Product Event. 

 

	21.4	 Subject to Clause 21.3, all costs relating to a Product Event shall be [***]. The Purchaser shall reimburse to
GSK all costs and expenses incurred by GSK and its Affiliates in respect of a Product Event within [***] of receipt of an invoice for the same. 

  

	21.5	 In the event of a dispute between the Parties in relation to the allocation of costs between the Parties in
relation to a Product Event in accordance with this Clause 21 (Product Events), the matter shall be determined by an Independent Expert and the decision of the Independent Expert shall be final and binding on the Parties. The Independent
Expert shall act as an expert and not as an arbitrator and (unless the Independent Expert otherwise determines) its fees shall be borne between the Parties in the same proportion as the costs of the Product Event are allocated between them by the
Independent Expert. 

  

	21.6	 For the avoidance of doubt, any Toll Materials used in the Manufacture of such Commercial Product [***] shall
be taken into account in determining [***] in respect of the relevant Reporting Year. 

  

	22.	 PHARMACOVIGILANCE 

 

	22.1	 If a Party becomes aware of any action that may be or will be taken or required by any Regulatory Authority for
safety reasons connected with any product containing the same active substance as the Product, it shall immediately, and in any event not later than [***] after so becoming aware, notify the other Party’s senior quality officer in writing and
provide all available relevant details. 

  

	22.2	 Without prejudice to Clause 22.1, GSK shall notify the Purchaser promptly following its receipt of information
of a possible Adverse Event with respect to any Product. To the extent an Adverse Event of which the Purchaser becomes aware may relate to manufacturing or other processes at the Manufacturing Site, the Purchaser shall inform GSK of such Adverse
Event and shall disclose to GSK any information it has regarding that Adverse Event. 

  
 CERTAIN
CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, MARKED BY [***], HAS BEEN
OMITTED BECAUSE DERMAVANT SCIENCES LTD. HAS DETERMINED THE INFORMATION (I) IS
NOT MATERIAL AND (II) WOULD LIKELY CAUSE COMPETITIVE HARM TO DERMAVANT
SCIENCES LTD. IF PUBLICLY DISCLOSED. 
  

43 

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	22.3	 Upon receipt of notification of a Product complaint and/or Adverse Event in respect of any of the Products, GSK
will conduct an internal investigation to determine the validity of such complaint. The findings of such investigation shall be reported in writing to the Purchaser within three (3) Business Days of such finding, or such other time as may be
set forth in the Quality Agreement. 

  

	23.	 CONFIDENTIALITY 

 

	23.1	 All Confidential Information disclosed by a Party (together with its Affiliates, the “Disclosing
Party”) to the other Party (together with its Affiliates, the “Receiving Party”) shall be used by the Receiving Party solely in connection with the activities contemplated by this Agreement, shall be
maintained in confidence by the Receiving Party, and shall not otherwise be disclosed by the Receiving Party to any other Person, firm or agency, governmental or private (other than a Party’s Affiliates), without the prior written consent of
the Disclosing Party. 

  

	23.2	 The Receiving Party may disclose Confidential Information to (a) its Affiliates, directors, officers,
employees, consultants, attorneys, vendors, suppliers, contractors, collaborators and advisors (“Personnel”) who have a need to know for the Development, Manufacture, and Commercialisation of Products in accordance
with this Agreement, prosecution and maintenance of any Patent or to enforce or exercise rights under this Agreement, including in connection with Regulatory Approval Applications and obtaining Regulatory Approvals or (b) to actual or potential
investors, acquirers, permitted licensees/sublicensees and other financial or commercial partners who need to know such Confidential Information in connection with their evaluating or carrying out an actual or potential investment, acquisition,
collaboration, public offering, merger or other similar transaction, in each case relating to the Transferred Assets (“Authorised Third Parties”), provided that each of GSK and the Purchaser shall: 

 

	 	(A)	 procure that its Personnel and Authorised Third Parties shall be bound by confidentiality obligations at least
as strict as this Clause 23 (Confidentiality) (except, in respect of Confidential Information that is not Know-How or Intellectual Property, to the extent that a shorter confidentiality period is
customary in the industry); and 

  

	 	(B)	 each remain liable for the compliance of its Personnel or Authorised Third Parties with the obligations of
confidentiality set out in this Clause 23 (Confidentiality). 

  

	23.3	 The obligations of confidentiality set forth in Clauses 23.1 and 23.2 shall not extend to any information which
(as evidenced by competent documentation): 

  

	 	(A)	 was known or used by the Receiving Party prior to its date of disclosure to the Receiving Party;

  

	 	(B)	 either before or after the date of the disclosure to the Receiving Party, is lawfully disclosed to the
Receiving Party by sources (other than the Disclosing Party) not known by the Receiving Party to be subject to a duty of confidentiality to the Disclosing Party with respect to such Confidential Information; 

 

	 	(C)	 either before or after the date of the disclosure to the Receiving Party, becomes published or generally known
to the public (including information known to the public through the sale of products in the ordinary course of business) through no fault or omission on the part of the Receiving Party or its Affiliates; or 

  
 CERTAIN
CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, MARKED BY [***], HAS BEEN
OMITTED BECAUSE DERMAVANT SCIENCES LTD. HAS DETERMINED THE INFORMATION (I) IS
NOT MATERIAL AND (II) WOULD LIKELY CAUSE COMPETITIVE HARM TO DERMAVANT
SCIENCES LTD. IF PUBLICLY DISCLOSED. 
  

44 

 CONFIDENTIAL 
  

	 	(D)	 is independently developed by or for the Receiving Party without reference to or reliance upon the Confidential
Information. 

  

	23.4	 Subject to Clause 23.3, the obligations of confidentiality set forth in Clauses 23.1 and 23.2 shall expire

  

	 	(A)	 in respect of Confidential Information that is Know-How or Intellectual
Property, when such Know-How or Intellectual Property ceases to be confidential; and 

  

	 	(B)	 in respect of other Confidential Information, [***] after the expiry or termination of this Agreement.

  

	23.5	 Clauses 23.1 and 23.2 shall not preclude the Receiving Party from disclosing Confidential Information to the
extent the Receiving Party reasonably concludes, after consultation with counsel, that the disclosure of such Confidential Information is necessary (a) to comply with Applicable Laws or any Order, including complying with the Securities Act of
1933, as amended, the Securities Exchange Act of 1934, as amended, the rules and regulations of the U.K. Financial Conduct Authority or other applicable securities laws, (b) to defend or prosecute litigation or to comply with governmental
regulations, (c) in connection with the filing of documentation in order to obtain or maintain Regulatory Approvals or (d) in connection with any filing with a Governmental Entity with respect to a Patent; provided that, unless
prohibited by Applicable Laws or any Order, the Receiving Party provides prior written notice of such disclosure to the Disclosing Party and takes reasonable and lawful actions to avoid and/or minimize the degree of such disclosure.

  

	23.6	 Subject to Clauses 23.3, and save to the extent necessary to comply with any continuing obligations under this
Agreement or Applicable Law, the Receiving Party shall, upon expiry or termination of this Agreement and at the other Party’s request, return or destroy all of the Disclosing Party’s Confidential Information which it has in its possession
or under its control, provided that: 

  

	 	(A)	 the Receiving Party may retain one confidential copy in the Receiving Party’s confidential files solely
for purposes of monitoring compliance with the terms of this Clause 23 (Confidentiality); and 

  

	 	(B)	 nothing in this Clause 23.6 shall require the Receiving Party or its Personnel to delete or otherwise destroy
any copies of the Disclosing Party’s Confidential Information that is stored in electronic form in back-up archives of its information technology systems that are not accessible to such Personnel in the
ordinary course of business. 

  

	23.7	 For clarity, the provisions of this Clause 23 (Confidentiality) shall not prejudice the rights or
obligations of either Party (or their respective Affiliates) under the Purchase Agreement. 

  
 CERTAIN
CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, MARKED BY [***], HAS BEEN
OMITTED BECAUSE DERMAVANT SCIENCES LTD. HAS DETERMINED THE INFORMATION (I) IS
NOT MATERIAL AND (II) WOULD LIKELY CAUSE COMPETITIVE HARM TO DERMAVANT
SCIENCES LTD. IF PUBLICLY DISCLOSED. 
  

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	24.	 FORCE MAJEURE  

 

	24.1	 If any Force Majeure Event occurs in relation to either Party which affects or may affect the performance of
any of its obligations under this Agreement, it shall notify the other Party as soon as practicable as to the nature and extent of the circumstances in question. 

 

	24.2	 The Affected Party shall not be deemed to be in breach of this Agreement, and shall not otherwise be liable to
the other Party, by reason of any delay in performance, or the non-performance of any of its obligations under this Agreement, to the extent that the delay or
non-performance is due to any Force Majeure Event, and the time for performance of that obligation shall be extended accordingly. 

 

	24.3	 If the performance by the Affected Party of any of its obligations under this Agreement is prevented or delayed
by a Force Majeure Event for a continuous period in excess of [***], the Parties shall enter into bona fide discussions with a view to alleviating its effects, or to agreeing upon such alternative arrangements as may be fair and reasonable in the
circumstances. 

  

	24.4	 If the Affected Party is prevented or delayed from performance of any of its obligations under this Agreement
by a Force Majeure Event for [***] or more, the other Party shall in its discretion have the right to terminate this Agreement with immediate effect by giving written notice to the Affected Party. 

 

	25.	 CAPACITY CONSTRAINTS 

 

	25.1	 If GSK or the Nominated Manufacturer is unable to Manufacture the quantities of Products forecasted or ordered
by the Purchaser due to: 

  

	 	(A)	 shortages of Materials that are used both in the Manufacture of Products and in the manufacture of products for
the GSK Group or its Third Party customers; or 

  

	 	(B)	 constraints on the capacity at: 

 

	 	(i)	 the Manufacturing Site; or 

 

	 	(ii)	 any manufacturing site operated by the GSK Group at which any Materials are manufactured,

 (the “Affected Site”), in each case including as a result of any repair or remediation being required
in respect of the Affected Site or any equipment at the Affected Site that is used in the Manufacture of Products or Materials (as applicable), and provided that such capacity constraints are outside of the reasonable control of GSK or any of its
Affiliates, 
 then, without prejudice to Clause 24 (Force Majeure), Clauses 25.2 and 25.3 shall apply. 

 

	25.2	 In the circumstances contemplated by Clause 25.1, GSK shall (or shall procure that its Affiliate shall),
subject to Clause 25.5, allocate the available Materials, or available capacity at the Affected Site, between: 

  

	 	(A)	 the Products; 

  
 CERTAIN
CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, MARKED BY [***], HAS BEEN
OMITTED BECAUSE DERMAVANT SCIENCES LTD. HAS DETERMINED THE INFORMATION (I) IS
NOT MATERIAL AND (II) WOULD LIKELY CAUSE COMPETITIVE HARM TO DERMAVANT
SCIENCES LTD. IF PUBLICLY DISCLOSED. 
  

46 

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	 	(B)	 products manufactured by the GSK Group for Commercialisation by the GSK Group that rely on the same Materials
or Affected Site; and 

  

	 	(C)	 products manufactured by the GSK Group for Commercialisation by its Third Party customers that rely on the same
Materials or Affected Site, 

 (collectively, the “Affected Products”) in a fair and
reasonable manner as if all Affected Products were to be Commercialised by and for the sole benefit of the GSK Group, taking account of all relevant factors, including the indications of each Affected Product, the risk and likely duration of any
stock out of each Affected Product, the availability in the relevant jurisdiction of alternatives to each Affected Product and whether or not each Affected Product is medically critical (the “Allocation”). 

 

	25.3	 In the circumstances contemplated by Clause 25.1: 

 

	 	(A)	 the Purchaser shall, on request, provide GSK or its Affiliate with such information as GSK or its Affiliate may
reasonably require in order to determine the Allocation in accordance with Clause 25.2; 

  

	 	(B)	 notwithstanding anything to the contrary in Clause 10 (Product Forecasts and Orders), each Firm Order
shall be deemed to be revised (as to quantities of Products and/or Delivery dates, as applicable) to the extent necessary to accord with the Allocation (and the Purchaser shall be deemed to agree with such revision); and 

 

	 	(C)	 for the purposes of Clause 11 (Delivery of Product), the due date for Delivery in respect of any Firm
Order shall reflect any revision to the such Firm Order made pursuant to this Clause 25.3. 

  

	25.4	 Following any Allocation, the Parties shall, at the Purchaser’s request,
co-operate in good faith (each acting reasonably) to devise a plan for the re-supply of Products in greater quantities than contemplated by the then-current Forecast
Schedule once the circumstances giving rise to the Allocation cease to apply (and, notwithstanding anything to the contrary in Clause 10 (Product Forecasts and Orders), future Forecast Schedules may be revised to accord with such agreed
plan). 

  

	25.5	 Any Materials for which the Purchaser is paying any Safety Stock Fee under this Agreement shall
(notwithstanding any overall shortages of such Materials and any Allocation that is or would otherwise be implemented in accordance with this Clause 25 (Capacity Constraints)) be used solely in the Manufacture of Products under this
Agreement. For the avoidance of doubt, no Toll Materials in GSK’s possession may be used by GSK for any purposes other than the Manufacture of Commercial Products. 

 

	26.	 AUDIT AND INSPECTION RIGHTS 

 

	26.1	 The Parties acknowledge and agree that, in accordance with Applicable Law, [***]. 

  
 CERTAIN
CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, MARKED BY [***], HAS BEEN
OMITTED BECAUSE DERMAVANT SCIENCES LTD. HAS DETERMINED THE INFORMATION (I) IS
NOT MATERIAL AND (II) WOULD LIKELY CAUSE COMPETITIVE HARM TO DERMAVANT
SCIENCES LTD. IF PUBLICLY DISCLOSED. 
  

47 

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	26.2	 Notwithstanding Clause 26.1, the Purchaser may [***] in relation to the Third Party and Third Party facility
from which a Shared Source Material is obtained for use in the Manufacture of Products. Clause 26.5(B) shall apply to Shared Source Materials in respect of which the Purchaser does so elect (each, a “Delegated Shared Source
Material”). 

  

	26.3	 [***] 

  

	26.4	 For the avoidance of doubt, Materials that are, at any time during the Term: 

 

	 	(A)	 Unique Source Materials may: 

 

	 	(i)	 become Shared Source Materials if the GSK Group begins purchasing from the relevant Third Party and Third Party
facility materials for purposes other than the Manufacture of Products; and/or 

  

	 	(ii)	 be deemed to be Shared Source Materials for the purposes of this Agreement if (and for so long as) the GSK
Group is [***]; 

  
 CERTAIN
CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, MARKED BY [***], HAS BEEN
OMITTED BECAUSE DERMAVANT SCIENCES LTD. HAS DETERMINED THE INFORMATION (I) IS
NOT MATERIAL AND (II) WOULD LIKELY CAUSE COMPETITIVE HARM TO DERMAVANT
SCIENCES LTD. IF PUBLICLY DISCLOSED. 
  

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	 	(B)	 Shared Source Materials may become Unique Source Materials if: 

 

	 	(i)	 the GSK Group ceases purchasing from the relevant Third Party and Third Party facility materials for purposes
other than the Manufacture of Products; and/or 

  

	 	(ii)	 such Materials have been deemed to be Shared Source Materials for the purposes of this Agreement pursuant to
Clause 26.4(A)(ii) and the GSK Group subsequently [***]; 

  

	 	(C)	 Delegated Shared Source Materials may become Non-Delegated Shared
Source Materials if the Purchaser notifies GSK in writing that it will (from a date to be specified in such notice) no longer [***]; and 

  

	 	(D)	 Non-Delegated Shared Source Materials may become Delegated Shared
Source Materials if the Purchaser notifies GSK in writing that it will (from a date to be specified in such notice) [***]. 

  

	26.5	 Subject to Clauses 26.6 to 26.8, the Purchaser shall have the right, not more than [***] (other than “for
cause” audits), to audit and inspect: 

  

	 	(A)	 those parts of the Manufacturing Site and related plant and machinery used for the Manufacture of Products for
the Purchaser under this Agreement; and 

  

	 	(B)	 (i)        [***] 

 

	 	(ii)	 [***], 

provided that: 
  

	 	(a)	 [***]; and 

  

	 	(b)	 [***]. 

  
 CERTAIN
CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, MARKED BY [***], HAS BEEN
OMITTED BECAUSE DERMAVANT SCIENCES LTD. HAS DETERMINED THE INFORMATION (I) IS
NOT MATERIAL AND (II) WOULD LIKELY CAUSE COMPETITIVE HARM TO DERMAVANT
SCIENCES LTD. IF PUBLICLY DISCLOSED. 
  

49 

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	26.6	 The Purchaser shall give GSK and/or the Nominated Manufacturer not less than [***] prior written notice of any
inspection proposed to be undertaken pursuant to Clause 26.5, and each such inspection shall occur during Working Hours at the Manufacturing Site, provided that in the event of any “for cause” audit for which Applicable Law requires
a shorter notice period, in which case the Purchaser shall provide GSK with as much notice as possible consistent with Applicable Law. 

  

	26.7	 The Purchaser’s audit and inspection rights under this Clause 26 (Audit and Inspection Rights)
shall not extend to any parts of the Manufacturing Site, or any documents, records or other information, which do not relate to the Manufacture of Products for the Purchaser under this Agreement. GSK shall be entitled to redact information relating
to any other product, materials, plant, equipment or premises from any documentation made available to the Purchaser pursuant to this Clause 26 (Audit and Inspection Rights). 

 

	26.8	 The Purchaser’s audit shall be conducted by one team only and shall not last more than [***].

  

	26.9	 The Purchaser shall: 

 

	 	(A)	 within [***] of the date of this Agreement, provide GSK with a written summary of [***]; and

  

	 	(B)	 [***]. 

  

	26.10	 Subject to any obligations of confidentiality the Purchaser may have to a Third Party supplier of [***], the
Purchaser shall provide GSK with a report of any [***], provided that: 

  

	 	(A)	 [***]; and 

  

	 	(B)	 [***]. 

  

	27.	 RELATIONSHIP MANAGEMENT 

 

	27.1	 The Parties shall as soon as reasonably practicable after the Effective Date each appoint a relationship
manager with responsibility for managing the implementation of technical aspects 

  
 CERTAIN
CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, MARKED BY [***], HAS BEEN
OMITTED BECAUSE DERMAVANT SCIENCES LTD. HAS DETERMINED THE INFORMATION (I) IS
NOT MATERIAL AND (II) WOULD LIKELY CAUSE COMPETITIVE HARM TO DERMAVANT
SCIENCES LTD. IF PUBLICLY DISCLOSED. 
  

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	 	of Manufacture and supply of Products and other issues related to this Agreement (a “Relationship Manager”). The Relationship Manager will be responsible for dealing with all day-to-day operational matters relevant to this Agreement and shall be empowered to designate functional team managers from its Party (including a supply manager) to oversee
specific aspects of the Parties activities hereunder. Unless otherwise agreed between the Parties, the Relationship Manager and other appropriate representatives from each Party shall endeavour to meet no less than once every Calendar Quarter to
discuss the forecasts delivered by Purchaser pursuant to this Agreement and other matters relevant to the Manufacture and supply of Products under this Agreement. The Purchaser shall provide to GSK at such meetings all readily available and
appropriate data (in Purchasers sole discretion) relating to the Products or the Purchaser’s prospective demands and trends for the Products. 

  

	27.2	 The Relationship Managers shall convene a joint steering team including other representatives of the Parties
(such as technical or quality personnel) by invitation for each meeting (the “Joint Steering Team”). The Joint Steering Team shall meet once a month and be co-chaired by the
Relationship Managers for the purposes of planning the technical and commercial implementation of this Agreement, including but not limited to: 

  

	 	(A)	 agreeing the Scope of Works for Development Services and reviewing the progress of Development Services;

  

	 	(B)	 reviewing the progress of capital expenditure projects under the CapEx Letter Agreement and this Agreement;

  

	 	(C)	 reviewing the progress of the Commencement Conditions and agreeing when such conditions are satisfied;

  

	 	(D)	 reviewing and agreeing the proposed timelines for submission of the first Regulatory Approval Application and
Manufacturing Site readiness; 

  

	 	(E)	 reviewing any ongoing technical transfer activities; 

 

	 	(F)	 setting up appropriate supply and demand planning for Manufacture once the Commencement Conditions have been
met; 

  

	 	(G)	 agree the Expected Losses; and 

 

	 	(H)	 reviewing proposals for New Product SKUs and any associated Development Services. 

 

	28.	 WARRANTIES 

  

	28.1	 GSK warrants that: 

  

	 	(A)	 it has full capacity and authority to enter into this Agreement and to perform its obligations under this
Agreement; 

  

	 	(B)	 it has the title and/or right to grant the Purchaser the right to use the GSK System IP in accordance with the
terms of this Agreement; 

  
 CERTAIN
CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, MARKED BY [***], HAS BEEN
OMITTED BECAUSE DERMAVANT SCIENCES LTD. HAS DETERMINED THE INFORMATION (I) IS
NOT MATERIAL AND (II) WOULD LIKELY CAUSE COMPETITIVE HARM TO DERMAVANT
SCIENCES LTD. IF PUBLICLY DISCLOSED. 
  

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	 	(C)	 the use of GSK Background IP in the performance of the Development Services does not infringe the Intellectual
Property of any Third Party; and 

  

	 	(D)	 during the Term of this Agreement, 

 

	 	(i)	 the Products will be Manufactured in accordance with cGMP and Applicable Laws and will on Delivery comply with
the Specifications; 

  

	 	(ii)	 GSK shall at all times maintain necessary licences, certifications and approvals for the Manufacturing of the
Commercial API and, Commercial Products at the Manufacturing Site; and 

  

	 	(iii)	 GSK shall maintain the Manufacturing Site and its records and personnel in accordance with cGMP.

  

	28.2	 The Purchaser warrants that: 

 

	 	(A)	 it has full capacity and authority to enter into this Agreement and to perform its obligations under this
Agreement; 

  

	 	(B)	 it has the title and/or right to grant GSK the right to use the Purchaser Intellectual Property in accordance
with the terms of this Agreement; 

  

	 	(C)	 the use by GSK or the Nominated Manufacturer of the Purchaser Intellectual Property for the purposes of this
Agreement will not infringe the Intellectual Property of any Third Party; provided that the Purchaser makes no representation regarding the Transferred IP; 

 

	 	(D)	 it holds (and will throughout the Term continue to hold) all necessary Consents to perform its obligations as
contemplated by this Agreement and: 

  

	 	(i)	 it has paid (and will throughout the Term continue to pay) all fees due in relation to such Consents;

  

	 	(ii)	 it is not (and will not during the Term be) in breach of any conditions under any such Consents where such
breach would be likely to have an adverse effect on the Purchaser’s ability to perform its obligations under this Agreement; and 

  

	 	(E)	 during the Term of this Agreement, it will perform its obligations under this Agreement in compliance with
Applicable Laws. 

  

	28.3	 Except as expressly stated in this Agreement, all warranties, representations and conditions whether express or
implied by statute, common law or otherwise (including, without limitation, any implied warranties of quality or fitness for purpose) are excluded to the extent permitted by Applicable Law. 

  
 CERTAIN
CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, MARKED BY [***], HAS BEEN
OMITTED BECAUSE DERMAVANT SCIENCES LTD. HAS DETERMINED THE INFORMATION (I) IS
NOT MATERIAL AND (II) WOULD LIKELY CAUSE COMPETITIVE HARM TO DERMAVANT
SCIENCES LTD. IF PUBLICLY DISCLOSED. 
  

52 

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	29.	 INDEMNITIES 

  

	29.1	 Subject to Clause 30 (Liability), GSK shall indemnify the Purchaser, the Purchaser’s Affiliates and
its or their respective employees, officers and directors (each a “Purchaser Indemnitee”), and keep them indemnified, on demand, from and against any and all Losses that any of them may suffer or incur arising out of
or in connection with any Third Party Claim for any: 

  

	 	(A)	 personal injury, illness or death; or 

 

	 	(B)	 damage to Third Party property, 

 

	 	arising	 as a direct result of a breach of GSK’s warranty at Clause 28.1(D). 

 

	29.2	 Subject to Clause 30 (Liability), the Purchaser shall indemnify GSK, GSK’s Affiliates and its or
their respective employees, officers and directors (each a “GSK Indemnitee”), and keep them indemnified, on demand, from and against any and all Losses that any of them may suffer or incur arising out of or in
connection with any Third Party Claim for any: 

  

	 	(A)	 personal injury, illness or death; or 

 

	 	(B)	 damage to Third Party property, 

arising from the use, storage, or Development of Products by the Purchaser, its Affiliates, agents or
sub-licensees. This indemnity shall not apply to the extent that a claim under it results from GSK’s failure to Manufacture and/or supply Products in accordance with this Agreement. 

 

	29.3	 Subject to Clause 30 (Liability), the Purchaser shall indemnify the GSK Indemnitees, and keep them
indemnified, on demand, from and against any and all Losses that any of them may suffer or incur arising out of or in connection with any Third Party Claim that any use of the Purchaser Intellectual Property infringes the Intellectual Property of a
Third Party (other than with respect to Transferred IP). 

  

	29.4	 The procedure for claiming under any indemnity under this Agreement shall be as follows: 

 

	 	(A)	 if any Person (the “Indemnified Party”) receives a claim or demand in respect of
a matter which is the subject of an indemnity in its favour under this Agreement (a “Claim”) it shall give promptly the Party obliged to indemnify it (the “Indemnifying Party”) a notice
describing in reasonable detail the facts giving rise to the claim for indemnification hereunder, (if then known) the amount or the method of computation of the amount of such claim, and a reference to the provision of this Agreement upon which such
claim is based; 

  

	 	(B)	 the Indemnifying Party shall have the sole and absolute right to undertake the defence, negotiation, or
settlement of any such Claim with legal counsel of its choice. The Indemnified Party shall cooperate in such defence, negotiation, or settlement and, at its expense, shall make available all records, materials and witnesses reasonably requested by
the Indemnifying Party in connection with such Claim; and 

  

	 	(C)	 if the Indemnifying Party assumes the defence of a Claim: 

 

	 	(i)	 the Indemnifying Party shall not be liable to the Indemnified Party for any legal or other expenses
subsequently incurred by the Indemnified Party in connection with the defence of such Claim; 

  
 CERTAIN
CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, MARKED BY [***], HAS BEEN
OMITTED BECAUSE DERMAVANT SCIENCES LTD. HAS DETERMINED THE INFORMATION (I) IS
NOT MATERIAL AND (II) WOULD LIKELY CAUSE COMPETITIVE HARM TO DERMAVANT
SCIENCES LTD. IF PUBLICLY DISCLOSED. 
  

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	 	(ii)	 the Indemnifying Party shall keep the Indemnified Party informed of, and shall from time to time consult with
the Indemnified Party regarding the status of, any Proceedings and shall provide to the Indemnified Party copies of all documents filed in, and written communications relating to, any such Proceedings, provided that the Indemnifying Party
shall not be obliged to do anything that it has been advised by external counsel would amount to a waiver of legal privilege in any information; 

  

	 	(iii)	 the Indemnifying Party shall obtain the written consent of the Indemnified Party (such consent not to be
unreasonably withheld) prior to ceasing to defend, settling or otherwise disposing of any Claim if, as a result thereof, the Indemnified Party: 

  

	 	(a)	 would become subject to injunctive or other equitable relief; or 

 

	 	(b)	 may reasonably object to such disposition of such Claim based on a material adverse effect on the Indemnified
Party (including any anticipated adverse effect on the Indemnified Party’s goodwill or reputation); and 

  

	 	(iv)	 the Indemnifying Party shall not be liable for any Claim settled by the Indemnified Party without its consent.

  

	29.5	 For clarity, the provisions of this Clause 29 (Indemnities) shall not prejudice the rights or
obligations of either Party (or their respective Affiliates) under the Purchase Agreement, provided that no Party (together with its Affiliates) shall be entitled to recover any sum by way of damages or other compensation under this Agreement
in respect of Losses for which it has been compensated under the Purchase Agreement (and vice versa). 

  

	30.	 LIABILITY 

  

	30.1	 Notwithstanding any other provision of this Agreement, nothing in this Agreement shall exclude or limit either
Party’s liability to the extent the same may not be excluded or limited as a matter of law, including (to such extent) liability for [***]. 

  

	30.2	 Subject to Clause 30.1, neither Party shall be liable to the other under or in relation to this Agreement
(including, for the avoidance of doubt, under or in relation to any indemnity given in this Agreement), whether arising in contract, tort, negligence, breach of statutory duty or otherwise, for any: 

 

	 	(A)	 loss of profits; 

  

	 	(B)	 loss of revenue; 

  

	 	(C)	 loss of savings or anticipated savings; 

 

	 	(D)	 loss of business or business opportunities; 

 

	 	(E)	 loss of or damage to goodwill; 

  
 CERTAIN
CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, MARKED BY [***], HAS BEEN
OMITTED BECAUSE DERMAVANT SCIENCES LTD. HAS DETERMINED THE INFORMATION (I) IS
NOT MATERIAL AND (II) WOULD LIKELY CAUSE COMPETITIVE HARM TO DERMAVANT
SCIENCES LTD. IF PUBLICLY DISCLOSED. 
  

54 

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	 	(F)	 any indirect or consequential loss or damage; or 

 

	 	(G)	 any punitive or exemplary damages, 

in each case, whether or not the possibility of such loss or damage could have been reasonably foreseen and whether or not actually
contemplated by the Parties. 
  

	30.3	 Subject to Clauses 30.1, 30.2 and 30.4, GSK’s total liability in respect of this Agreement (including, for
the avoidance of doubt, under or in relation to any indemnity given in this Agreement), whether arising in contract, tort, negligence, breach of statutory duty or otherwise, shall be limited: 

 

	 	(A)	 subject to Clause 30.3(B), in any Calendar Year, to [***] of sales, at the Price, of Products supplied to the
Purchaser under this Agreement during that Calendar Year; and 

  

	 	(B)	 in aggregate over the Term of this Agreement to [***] of sales, at the Price, of Products supplied to the
Purchaser under this Agreement during the Term, provided that, such limitation on GSK’s total liability shall not apply if GSK’s liability arises from [***]. 

 

	30.4	 Subject to Clause 30.1, GSK shall further not be liable for any Losses suffered or incurred by Purchaser,
Purchaser’s Affiliates or any of its or their respective employees, officers or directors, to the extent that such Losses arise from: 

  

	 	(A)	 the use by GSK and/or the Nominated Manufacturer of the Purchaser Intellectual Property for the purposes of
this Agreement (without prejudice to any liability that GSK or its Affiliate may have under the Purchase Agreement in respect of Transferred IP); 

  

	 	(B)	 the implementation of, and compliance with, Specifications and Manufacturing instructions provided by the
Purchaser to GSK (provided that GSK has complied with such Specifications and Manufacturing instructions); 

  

	 	(C)	 any failure by the Purchaser to comply with its obligations under this Agreement; 

 

	 	(D)	 any Commercialisation of the Product; 

 

	 	(E)	 any other use of the Products outside of the Territory; 

 

	 	(F)	 the late Delivery of any Products to the extent that such late Delivery was due to any failure by the Purchaser
to comply with this Agreement; or 

  

	 	(G)	 the negligence or wilful misconduct of the Purchaser or its Personnel. 

 

	31.	 TECHNOLOGY TRANSFER 

 

	31.1	 If: 

  

	 	(A)	 Clause 31.2 applies; or 

  
 CERTAIN
CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, MARKED BY [***], HAS BEEN
OMITTED BECAUSE DERMAVANT SCIENCES LTD. HAS DETERMINED THE INFORMATION (I) IS
NOT MATERIAL AND (II) WOULD LIKELY CAUSE COMPETITIVE HARM TO DERMAVANT
SCIENCES LTD. IF PUBLICLY DISCLOSED. 
  

55 

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	 	(B)	 Clause 31.3 applies; or 

 

	 	(C)	 Clause 32.3 applies where Purchaser is the Terminating Party; or 

 

	 	(D)	 Clause 32.5 applies; or 

 

	 	(E)	 Clause 32.6(B) applies; or 

 

	 	(F)	 Clause 37.2(ii) applies; 

GSK shall, subject to Clause 31.5, facilitate a one-time technology transfer to the Purchaser (or
Purchaser’s designee) (the “Technology Transfer”). The Parties shall use Commercially Reasonable Efforts to create a technology transfer plan relating to the Technology Transfer (the “Technology
Transfer Plan”). The Technology Transfer Plan shall relate solely to the production process employed by GSK in the Manufacture of the Products and (unless initiated pursuant to Clause 31.2) shall be developed based on the expected
date of expiry or termination of this Agreement and the availability of GSK Personnel and resources to support such transfer. Purchaser and GSK shall cooperate to ensure that supporting such Technology Transfer pursuant to the Technology Transfer
Plan does not place an undue burden on GSK personnel and other resources. GSK shall transfer (subject to the terms of the licences granted in the Purchase Agreement) applicable records, documentation, GSK
Know-How and GSK Intellectual Property in accordance with the Technology Transfer Plan and the timelines, formats, and other guidelines set forth therein. Except for a Technology Transfer pursuant to Clause
31.1(C), 31.1(D), 31.1(E) or 31.1(F), the Purchaser shall reimburse GSK for such Technology Transfer support services [***]. The Purchaser will reimburse GSK for such services pursuant to Clause 13 (Invoice and Payment). If there is
(i) an ongoing Technology Transfer at the time of expiration or termination of the Agreement or (ii) this Agreement is terminated by the Purchaser pursuant to Clause 32.3(A) or Clause 37.2, the Technology Transfer Plan will survive for
[***] from such termination or expiration date. For clarity, the Purchaser shall not be required to reimburse GSK for any Technology Transfer support services, or direct costs or expenses associated with such Technology Transfer, if such Technology
Transfer has been initiated by the Purchaser pursuant to Clause 31.1(C), 31.1(D), 31.1(E) or 31.1(F). 
  

	31.2	 Subject to Clause 4.1 and without prejudice to Clause 2.3, the Purchaser may utilize one or more Third Parties
to act as second source(s) of manufacture for Products (each, a “Second Source”). The Purchaser may elect to implement a Technology Transfer to a Second Source pursuant to Clause 31.1(A) at any time by notice in writing to GSK.

  

	31.3	 The Purchaser may elect to implement a Technology Transfer pursuant to Clause 31.1(B) in the event of:

  

	 	(A)	 a material or repeated failure on the part of GSK to meet, or notification by GSK that it will be unable to
meet, any Firm Order for Commercial Product or Commercial API; or 

  
 CERTAIN
CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, MARKED BY [***], HAS BEEN
OMITTED BECAUSE DERMAVANT SCIENCES LTD. HAS DETERMINED THE INFORMATION (I) IS
NOT MATERIAL AND (II) WOULD LIKELY CAUSE COMPETITIVE HARM TO DERMAVANT
SCIENCES LTD. IF PUBLICLY DISCLOSED. 
  

56 

 CONFIDENTIAL 
  

	 	(B)	 a material or repeated failure on the part of GSK to Manufacture Commercial Product or Commercial API in
accordance with cGMP or the applicable Specifications, 

 provided that (in each case) such failure is not due to any act
or omission of Purchaser. 
  

	31.4	 Following a Technology Transfer undertaken pursuant to Clause 31.1(B) or Clause 31.1(C) (but not a Technology
Transfer undertaken pursuant to Clause 31.1(A) or Clause 31.1(D)), Purchaser shall be relieved of its obligations under Clause 4.1 to purchase certain requirements for Products from GSK, as set out therein. 

 

	31.5	 For the avoidance of doubt, GSK shall not be required to support more than one Technology Transfer in respect
of Commercial API and one Technology Transfer in respect of Commercial Products, such that: 

  

	 	(A)	 the recipient Third Party and/or manufacturing site of a Technology Transfer in respect of Commercial API may
be a different from the recipient Third Party and/or manufacturing site of a Technology Transfer in respect of Commercial Products; 

  

	 	(B)	 if any Technology Transfer has been initiated in respect of Commercial API pursuant to a provision of Clause
31.1, no additional Technology Transfer in respect of Commercial API may subsequently be initiated or required pursuant to the same or any other provision of Clause 31.1 (but this is without prejudice to the Purchaser’s rights to implement a
Technology Transfer in respect of Commercial Products pursuant to any provision of Clause 31.1); and 

  

	 	(C)	 if any such Technology Transfer has been initiated in respect of Commercial Products pursuant to a provision of
Clause 31.1, no additional Technology Transfer in respect of Commercial Products may subsequently be initiated or required pursuant to the same or any other provision of Clause 31.1 (but this is without prejudice to the Purchaser’s rights to
implement a Technology Transfer in respect of Commercial API pursuant to any provision of Clause 31.1). 

  

	32.	 TERM AND TERMINATION 

 

	32.1	 This Agreement shall come into force on the Effective Date and, unless terminated earlier in accordance with
the provisions of this Agreement, shall continue in force for a period of [***] from the Commencement Date (the “Initial Term”). The term of this Agreement may be extended by mutual agreement of the Parties (each a
“Renewal Term”, and collectively with the Initial Term, the “Term”). 

  

	32.2	 GSK shall have the right to terminate this Agreement: without prejudice to the provisions of Clause 3
(Development Services), on [***] notice in writing to the Purchaser if GSK cannot reasonably implement a required change to the Specifications or any Manufacturing process without significant interference to its other operations at the
Manufacturing Site or capital expenditure following a period of no less than [***] of consultation with Purchaser regarding the foregoing changes and potential solutions for the implementation thereof. 

  
 CERTAIN
CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, MARKED BY [***], HAS BEEN
OMITTED BECAUSE DERMAVANT SCIENCES LTD. HAS DETERMINED THE INFORMATION (I) IS
NOT MATERIAL AND (II) WOULD LIKELY CAUSE COMPETITIVE HARM TO DERMAVANT
SCIENCES LTD. IF PUBLICLY DISCLOSED. 
  

57 

 CONFIDENTIAL 
  

	32.3	 Without prejudice to its other rights and remedies, either Party (the “Terminating
Party”) may, by written notice to the other Party (the “Defaulting Party”), terminate this Agreement immediately if: 

 

	 	(A)	 the Defaulting Party commits a material breach of this Agreement and, where such breach is capable of remedy,
fails to remedy the same within [***] after receipt of a written notice from the Terminating Party giving particulars of the breach and requiring it to be remedied; or 

 

	 	(B)	 an Insolvency Event or an Insolvency Proceeding occurs (save as part of a bona fide reorganisation not
involving insolvency) in respect of the Defaulting Party or its ultimate parent. 

  

	32.4	 This Agreement may be terminated at any time by the mutual written consent of the Parties.

  

	32.5	 GSK may terminate this Agreement in whole or in part at any time on giving not less than [***] written notice
to the Purchaser if the GSK Group proposes to close the Manufacturing Site; provided that upon such notice of termination, Purchaser may elect to initiate a Technology Transfer pursuant to Clause 31.1(D). 

 

	32.6	 Either Party may terminate this Agreement in respect of a Product immediately upon written notice to the other
Party if any Regulatory Authority reaches a final determination that: 

  

	 	(A)	 such Product is not safe for use in humans; or 

 

	 	(B)	 the relevant Manufacturing Site’s cGMP certification shall be withdrawn or not renewed.

  

	32.7	 Either Party may terminate this Agreement in accordance with Clause 24.4. 

 

	32.8	 The Purchaser may terminate this Agreement in accordance with Clause 37.2. 

 

	32.9	 GSK may terminate this Agreement in accordance with Clause 37.5. 

 

	33.	 CONSEQUENCES OF EXPIRY OR TERMINATION 

 

	33.1	 Upon expiry or termination of this Agreement for any reason, but subject to Clause 33.2 and 33.3:

  

	 	(A)	 the Parties shall use reasonable efforts to wind down activities under this Agreement in a reasonable manner
and avoid incurring any additional expenditures or non-cancellable obligations; 

  
 CERTAIN
CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, MARKED BY [***], HAS BEEN
OMITTED BECAUSE DERMAVANT SCIENCES LTD. HAS DETERMINED THE INFORMATION (I) IS
NOT MATERIAL AND (II) WOULD LIKELY CAUSE COMPETITIVE HARM TO DERMAVANT
SCIENCES LTD. IF PUBLICLY DISCLOSED. 
  

58 

 CONFIDENTIAL 
  

	 	(B)	 unless otherwise agreed to in writing by the Parties, all stock held by GSK, the Nominated Manufacturer or the
Nominated Supplier at the date of expiry or termination shall be dealt with as soon as practicable as follows: 

  

	 	(i)	 Products which comply with the terms of this Agreement shall either be: 

 

	 	(a)	 Delivered by GSK or the Nominated Supplier to the Purchaser (and the Purchaser shall pay GSK or the Nominated
Supplier for such Products in accordance with the terms of this Agreement); or 

  

	 	(b)	 at the Purchaser’s written request and cost (in accordance with Clause 19 (Write Offs)), destroyed
by the GSK Group; 

  

	 	(ii)	 work-in-progress started by GSK
or the Nominated Manufacturer shall either be: 

  

	 	(a)	 completed by GSK or the Nominated Manufacturer and Delivered to the Purchaser (and the Purchaser shall pay GSK
or the Nominated Supplier for such Products in accordance with the terms of this Agreement); or 

  

	 	(b)	 at the Purchaser’s written request and cost (in accordance with Clause 19 (Write Offs)), destroyed
by GSK; and 

  

	 	(iii)	 after completion of any
work-in-progress pursuant to Clause 33.1(B)(ii)(a), any remaining Purchaser Materials held by GSK or the Nominated Manufacturer shall (at the Purchaser’s election)
either be: 

  

	 	(a)	 made available for the Purchaser to collect from the Manufacturing Site at its own cost; or

  

	 	(b)	 at the Purchaser’s written request and cost (in accordance with Clause 19 (Write Offs)), destroyed
by GSK; and 

  

	 	(iv)	 after completion of any
work-in-progress pursuant to Clause 33.1(B)(ii)(a), Clause 19 (Write Offs) shall apply in respect of all remaining Materials (including the inventory of safety
stock of raw materials as required pursuant to Clause 7.5) held or ordered by GSK or the Nominated Manufacturer and all such Materials shall be destroyed by GSK at the Purchaser’s cost. 

 

	 	(C)	 the terms and conditions of this Agreement shall apply to any Products completed and/or Delivered pursuant to
Clause 33.1(B) or 33.3; 

  

	 	(D)	 except to the extent necessary to comply with Clause 33.1(B), the licence granted by the Purchaser in respect
of Purchaser Intellectual Property and the licence granted by GSK in respect of the GSK System shall automatically terminate; and 

  

	 	(E)	 each Party shall comply with Clause 23.5, provided that neither Party shall be obliged to return or
destroy any Confidential Information required to be used in connection with the completion or Delivery of any Products pursuant to Clause 33.1(B) until such Products have been Delivered. 

  
 CERTAIN
CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, MARKED BY [***], HAS BEEN
OMITTED BECAUSE DERMAVANT SCIENCES LTD. HAS DETERMINED THE INFORMATION (I) IS
NOT MATERIAL AND (II) WOULD LIKELY CAUSE COMPETITIVE HARM TO DERMAVANT
SCIENCES LTD. IF PUBLICLY DISCLOSED. 
  

59 

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	33.2	 If this Agreement is terminated by GSK pursuant to Clause 32.3(B) due to any Insolvency Event or an Insolvency
Proceeding occurring in relation to the Purchaser, neither GSK nor any member of the GSK Group shall be required, by virtue of Clause 33.1, to: 

  

	 	(A)	 Deliver any Product in the possession of GSK, the Nominated Manufacturer or the Nominated Supplier;

  

	 	(B)	 complete any work-in-progress
started prior to the date of such termination by GSK or the Nominated Manufacturer; or 

  

	 	(C)	 otherwise take any step that may serve to increase the amount of any debt owed by the Purchaser to GSK or any
other member of the GSK Group, 

 and Clause 19 (Write Offs) shall apply in respect of all Products, work-in-progress and Materials held or ordered by GSK, the Nominated Supplier or the Nominated Manufacturer as at the date of such termination, in each case, unless Purchaser
is able to provide a guarantee of payment for such efforts that is reasonably acceptable to GSK. 
  

	33.3	 After expiry or termination of this Agreement, the Parties shall provide each other with reasonable support
with respect to any investigation carried out by a Regulatory Authority with respect to the Manufacture of any Product under this Agreement, provided that the reasonable costs of the assisting Party in providing such assistance shall be
reimbursed by the Party requesting such assistance. 

  

	33.4	 The Quality Agreement shall automatically terminate upon expiry or termination of this Agreement (save for any
provisions of such Quality Agreement that are expressly stated to survive expiry or termination of this Agreement). 

  

	34.	 SURVIVAL OF RIGHTS, DUTIES AND OBLIGATIONS 

 

	34.1	 The expiry or termination of this Agreement shall not release either Party from any liability or right of
action which at the time of expiry or termination has already accrued to such Party or which may thereafter accrue in respect of any act or omission prior to such expiry or termination. Such rights shall include recovery of any monies due under this
Agreement. 

  

	34.2	 The expiry or termination of this Agreement shall not affect the coming into force or continuation in force of
any provision hereof which is expressly or by implication intended to come into force or continue in force on or after such expiry or termination. 

  

	34.3	 Without prejudice to the generality of Clause 34.2, the provisions of the following Clauses shall survive the
expiry or termination of this Agreement: [***]. 

  

	35.	 NOTICES 

  

	35.1	 All notices and other communications provided for hereunder shall be in writing in the English language, shall
specifically refer to this Agreement, shall be addressed to the receiving Party’s address set forth below or to such other address as a Party may designate by notice hereunder: A notice given under or in connection with this Agreement shall be:

  

	 	(A)	 in writing in the English language and signed by or on behalf of the Party giving the notice;

  
 CERTAIN
CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, MARKED BY [***], HAS BEEN
OMITTED BECAUSE DERMAVANT SCIENCES LTD. HAS DETERMINED THE INFORMATION (I) IS
NOT MATERIAL AND (II) WOULD LIKELY CAUSE COMPETITIVE HARM TO DERMAVANT
SCIENCES LTD. IF PUBLICLY DISCLOSED. 
  

60 

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	 	(B)	 sent for the attention of the person and to the address given in this Clause 35 (Notices);

  

	 	(C)	 delivered by hand; 

  

	 	(D)	 delivered by commercial courier; or 

 

	 	(E)	 sent by pre-paid first-class recorded delivery post in the country in
which the recipient’s address is located (or such other next working day postal delivery service in that country). 

  

	35.2	 The addresses for service of notice are: 

 

	 	(A)	 in the case of GSK: 

  

					
	                	 	Address:	  	 980 Great West Road
 Brentford

Middlesex
 TW8 9GS

United Kingdom

			
		 	[***]	  	[***]
			
		 	with a copy to:	  	
			
		 	Address:	  	 980 Great West Road
 Brentford

Middlesex
 TW8 9GS

United Kingdom

			
		 	[***]	  	[***]

  

	 	(B)	 in the case of the Purchaser: 

 

					
	                	 	Address:	  	 Dermavant Sciences GmbH
 Viaduktstrasse 8

4051 Basel
 Switzerland

			
		 	[***]	  	[***]
		 	with a copy to:	  	
		 	Address:	  	 Dermavant Sciences Inc.
 320 West 37th Street, 5th Floor
 New York, NY 10018

			
		 	[***]	  	[***]

  
 CERTAIN
CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, MARKED BY [***], HAS BEEN
OMITTED BECAUSE DERMAVANT SCIENCES LTD. HAS DETERMINED THE INFORMATION (I) IS
NOT MATERIAL AND (II) WOULD LIKELY CAUSE COMPETITIVE HARM TO DERMAVANT
SCIENCES LTD. IF PUBLICLY DISCLOSED. 
  

61 

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	35.3	 A Party may change the details recorded for it in this Clause 35 (Notices) by notice to the other Party
(in accordance with this Clause 35 (Notices)). Such change shall take effect one (1) Business Day after that notice is deemed received pursuant to Clause 35.4. 

 

	35.4	 Unless proved otherwise and subject to Clause 35.5, a notice is deemed to have been received:

  

	 	(A)	 if delivered by hand, at the time of delivery; or 

 

	 	(B)	 if delivered by commercial courier, at the time of signature of the courier’s receipt; or

  

	 	(C)	 if sent by pre-paid first class recorded delivery post or other next
working day delivery service, [***] from the date of posting or at the time recorded by the delivery service. 

  

	35.5	 If deemed receipt under Clause 35.4 is not within Working Hours in the place of deemed receipt, the notice will
be deemed received at the start of the next period of Working Hours in that place. 

  

	35.6	 A notice given under this Agreement is not valid if sent by e-mail or
by fax. However, this is not intended to prohibit the use of e-mail for day to day operational communications between the Parties or their Affiliates. 

 

	35.7	 This Clause 35 (Notices) does not apply to the service of documents in respect of any Proceedings.

  

	36.	 RELATIONSHIP OF THE PARTIES 

Each Party is an independent contractor and neither is the agent of the other. Save where expressly stated in this Agreement, neither Party is
authorised to incur any expenditure or cost for the other Party or any of its Affiliates without the written consent of that other Party. Nothing in this Agreement shall be deemed to create an employment, agency, joint venture or partnership
relationship between the Parties or any of their agents or employees for any purpose. 
  

	37.	 ASSIGNMENT AND NOVATION 

 

	37.1	 Subject to the remaining provisions of this Clause 37 (Assignment and Novation), neither Party may
sublicense or assign this Agreement or any of its rights or obligations under this Agreement (including the benefit of any receivable arising under this Agreement) to a Person other than an Affiliate without the prior written consent of the other
Party (acting in its sole discretion), and any such consent shall not (and shall not be deemed to) relieve the assigning Party of any of its obligations or liabilities to the other Party under or pursuant to this Agreement. Subject to the remaining
provisions of this Clause 37 (Assignment and Novation), any purported assignment without a consent shall be void. 

  
 CERTAIN
CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, MARKED BY [***], HAS BEEN
OMITTED BECAUSE DERMAVANT SCIENCES LTD. HAS DETERMINED THE INFORMATION (I) IS
NOT MATERIAL AND (II) WOULD LIKELY CAUSE COMPETITIVE HARM TO DERMAVANT
SCIENCES LTD. IF PUBLICLY DISCLOSED. 
  

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	37.2	 GSK shall be entitled at any time by notice in writing to the Purchaser: 

 

	 	(A)	 to assign the whole or any part of the benefit of, or its rights and benefits under; or 

 

	 	(B)	 to novate the whole or any part of the benefit and burden of, or its rights, benefits, obligations and burdens
under, 

 this Agreement to (i) any Affiliate (including any Nominated Manufacturer or Nominated Supplier); or
(ii) a Third Party purchaser of the Manufacturing Site, provided that in the absence of a novation, GSK shall remain liable to the Purchaser in its capacity as principal obligor. In the event that GSK assigns or novates this Agreement to
a Third Party purchaser of the Manufacturing Site, then at any time in the [***] period commencing on the date on which GSK notifies the Purchaser of such assignment or novation, the Purchaser shall have the right to elect in writing to: 

 

	 	(i)	 terminate this Agreement with effect from the later of (1) the date of such election in writing and
(2) the effective date of such assignment or novation; and 

  

	 	(ii)	 provided that the Purchaser terminates this Agreement, initiate a Technology Transfer pursuant to Clause
31 (Technology Transfer), 

  

	37.3	 Following any assignment or novation pursuant to Clause 37.2, all references in this Agreement to GSK shall be
deemed, where appropriate, to include GSK’s assigns. 

  

	37.4	 The Purchaser shall, on being required to do so by GSK, execute or procure the execution of all documents which
GSK may reasonably consider necessary to effect the novation (in whole or in part) of this Agreement pursuant to Clause 37.2. 

  

	37.5	 The Purchaser shall be entitled at any time by notice in writing to GSK: 

 

	 	(A)	 to assign in whole (but not in part) the benefit of, or its rights and benefits under; or

  

	 	(B)	 to novate in whole (but not in part) the benefit and burden of, or its rights, benefits, obligations and
burdens under, 

 this Agreement to (i) any Affiliate; or (ii) a Third Party purchaser of all or substantially
all of the business or assets of the Purchaser to which this Agreement relates, provided that in the absence of a novation, the Purchaser shall remain liable to GSK in its capacity as principal obligor. In the event that the Purchaser assigns
or novates this Agreement to a Third Party purchaser of all or substantially all of the business or assets of the Purchaser to which this Agreement relates, then at any time in the six (6) month period commencing on the date on which the
Purchaser notifies GSK of such assignment or novation, GSK shall have the right to elect in writing to terminate this Agreement with effect from the later of (1) the date of such election in writing and (2) the effective date of such
assignment or novation. 
  

	37.6	 Following any assignment or novation pursuant to Clause 37.5, all references in this Agreement to the Purchaser
shall be deemed, where appropriate, to include the Purchaser’s assigns. 

  
 CERTAIN
CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, MARKED BY [***], HAS BEEN
OMITTED BECAUSE DERMAVANT SCIENCES LTD. HAS DETERMINED THE INFORMATION (I) IS
NOT MATERIAL AND (II) WOULD LIKELY CAUSE COMPETITIVE HARM TO DERMAVANT
SCIENCES LTD. IF PUBLICLY DISCLOSED. 
  

63 

 CONFIDENTIAL 
  

	37.7	 GSK shall, on being required to do so by the Purchaser, execute or procure the execution of all documents which
the Purchaser may reasonably consider necessary to effect the novation (in whole) of this Agreement pursuant to Clause 37.5. 

  

	38.	 SUB-CONTRACTORS 

 

	38.1	 GSK may sub-contract the performance of: 

 

	 	(A)	 any of its obligations under this Agreement to an Affiliate (including any Affiliate appointed to act as
Nominated Manufacturer or Nominated Supplier); and/or 

  

	 	(B)	 any of its obligations under this Agreement in relation to the Manufacture of Commercial API (and any
Development Services or capital work related to such Manufacture) to the relevant Nominated Manufacturer; and/or 

  

	 	(C)	 any of its obligations under this Agreement in relation to the Manufacture of Commercial Products (and any
Development Services or capital work related to such Manufacture) to the relevant Nominated Manufacturer. 

  

	38.2	 For the avoidance of doubt, if GSK appoints a sub-contractor to perform
its obligations in accordance with this Clause 38 (Sub-Contractors), GSK shall remain liable to the Purchaser for the performance of all its obligations and for any act or omission under this Agreement
of such sub-contractor in the performance of such obligations. 

  

	39.	 ENTIRE AGREEMENT 

This Agreement, including the Schedules, and the Purchase Agreement represent the entire agreement and understanding between the Parties and
supersedes all prior agreements between the Parties with respect to its subject matter and constitutes a complete and exclusive statement of the terms of the agreement between the Parties with respect to its subject matter. This Agreement may not be
amended or modified except by a written agreement duly executed by each of the Parties hereto pursuant to Clause 41. 
  

	40.	 SEVERABILITY 

If any provision of this Agreement is held invalid or unenforceable by any court of competent jurisdiction, the other provisions of this
Agreement will remain in full force and effect. Any provision of this Agreement held invalid or unenforceable only in part or degree will remain in full force and effect to the extent not held invalid or unenforceable. 

 

	41.	 VARIATION, WAIVER AND AMENDMENT 

 

	41.1	 A variation of or amendment to this Agreement shall be in writing and signed by or on behalf of each Party.

  

	41.2	 Any waiver of any right in connection with this Agreement: 

 

	 	(A)	 is only effective if it is in writing, refers expressly to this Clause 41 (Variation, Waiver and
Amendment) and is signed by the waiving Party; and 

  
 CERTAIN
CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, MARKED BY [***], HAS BEEN
OMITTED BECAUSE DERMAVANT SCIENCES LTD. HAS DETERMINED THE INFORMATION (I) IS
NOT MATERIAL AND (II) WOULD LIKELY CAUSE COMPETITIVE HARM TO DERMAVANT
SCIENCES LTD. IF PUBLICLY DISCLOSED. 
  

64 

 CONFIDENTIAL 
  

	 	(B)	 applies only in the circumstances for which it is given and shall not prevent the Party who has given the
waiver from subsequently relying on the provision it has waived. 

  

	41.3	 No failure to exercise or delay in exercising any right or remedy provided under or in connection with this
Agreement or by any Applicable Law constitutes a waiver of such right or remedy or shall prevent any future exercise in whole or in part thereof. The waiver of a right to require compliance with any provision of this Agreement in any instance shall
not operate as a waiver of any further exercise or enforcement of that right and the waiver of any breach shall not operate as a waiver of any subsequent breach. 

 

	41.4	 No single or partial exercise of any right or remedy under this Agreement shall preclude or restrict the
further exercise of any such right or remedy. 

  

	41.5	 Unless specifically provided otherwise, rights arising under this Agreement are cumulative and do not exclude
rights provided by any Applicable Law. 

  

	42.	 COUNTERPARTS 

This Agreement and any amendment hereto may be executed in any number of counterparts, each of which when executed and delivered shall be
deemed to be an original and all of which counterparts taken together shall constitute but one and the same instrument. The exchange of copies of this Agreement or amendments thereto and of executed signature pages by facsimile transmission or by
email transmission in portable document format (PDF), or similar format, shall constitute effective execution and delivery of such instrument(s) as to the Parties and may be used in lieu of the original Agreement or amendment for all purposes.
Signatures of the Parties transmitted by facsimile or by email in portable document format (PDF), or similar format, shall be deemed to be their original signatures for all purposes. 

 

	43.	 NO SET OFF 

Unless and to the extent expressly stated otherwise in this Agreement, neither Party shall be entitled to set off against any sum owed by that
Party or its Affiliates any sum owed by the other Party or its Affiliates. 
  

	44.	 LANGUAGE 

  

	44.1	 Any notice given under or in connection with this Agreement shall be in English. Any document provided in
connection with this Agreement shall be provided in English or provided with a certified English translation. If there is any inconsistency between the English version of this Agreement and any version in any other language, the English version
prevails. 

  

	44.2	 If Applicable Law requires this Agreement to be executed in a language other than English, or if Applicable Law
requires a Party to submit to any Governmental Entity a translation of this Agreement into a language other than English: 

  

	 	(A)	 the Purchaser shall procure, at its own cost and expense, a translation of this Agreement; and

  

	 	(B)	 GSK shall, at its own cost and expense, in good faith and acting reasonably, review and endeavour to agree the
accuracy of that translation. 

  
 CERTAIN
CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, MARKED BY [***], HAS BEEN
OMITTED BECAUSE DERMAVANT SCIENCES LTD. HAS DETERMINED THE INFORMATION (I) IS
NOT MATERIAL AND (II) WOULD LIKELY CAUSE COMPETITIVE HARM TO DERMAVANT
SCIENCES LTD. IF PUBLICLY DISCLOSED. 
  

65 

 CONFIDENTIAL 
  

	44.3	 If the Parties are unable to agree the accuracy of a translation prepared pursuant to Clause 44.2, that dispute
shall be resolved by an Independent Expert and the decision of the Independent Expert shall be final and binding on the Parties. The Independent Expert’s fees shall be borne by the Party against whom the Independent Expert’s decision is
given. 

  

	44.4	 The Parties shall not execute a translation of this Agreement or (as the case may be) submit a translation of
this Agreement to any Governmental Entity until such translation has been agreed by the Parties (or the matter has been determined by the Independent Expert). 

 

	44.5	 Notwithstanding any requirement under Applicable Law for this Agreement to executed in a language other than
English, the Parties shall in any event execute one or more counterparts of this Agreement in the English language and: 

  

	 	(A)	 any copy of this Agreement that is executed in a translation that has been agreed between the Parties (or
determined by the Independent Expert) shall be deemed to be an additional counterpart of this Agreement for the purposes of Clause 42 (Counterparts); and 

 

	 	(B)	 as between the Parties, in the event of any conflict or inconsistency between the English language version of
this Agreement and any translation of this Agreement, the provisions of the English language version shall prevail. 

  

	45.	 NO COMPENSATION 

Without prejudice to any remedies for breach or Clause 33 (Consequences of Expiry or Termination), no compensation, whether for loss of
profit or otherwise, shall be payable to either Party by virtue of the expiry or termination of this Agreement. 
  

	46.	 DISPUTE RESOLUTION 

 

	46.1	 The provisions of this Clause 46 (Dispute Resolution) shall not apply in relation to any dispute arising
under any of Clauses 16.3, 21.5 and 44.3. Each such dispute shall be determined by an Independent Expert in accordance with the provisions of the applicable Clause. 

 

	46.2	 Subject to Clause 46.1, each Party shall use its reasonable endeavours to resolve any dispute or difference
arising out of or in connection with this Agreement (a “Dispute”) by prompt discussion in good faith at a managerial level appropriate to the Dispute in question. This discussion shall be a pre-condition to the commencement of legal Proceedings before any court. This procedure shall be invoked by either Party giving notice to the other setting out the issues in the Dispute and referring to this Clause
46 (Dispute Resolution) and, unless the Parties agree otherwise, shall be treated as having been exhausted if the Dispute has not been resolved within [***] after the giving of the notice. 

 

	46.3	 Subject to Clause 46.4, nothing in Clause 46.2 precludes any Party from commencing or continuing Proceedings in
any court at any time: 

  

	 	(A)	 for an interim order to restrain any other Party from doing any act or compelling any other Party to do any
act; or 

  

	 	(B)	 for a judgment for a liquidated sum to which there is no arguable defence; or 

  
 CERTAIN
CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, MARKED BY [***], HAS BEEN
OMITTED BECAUSE DERMAVANT SCIENCES LTD. HAS DETERMINED THE INFORMATION (I) IS
NOT MATERIAL AND (II) WOULD LIKELY CAUSE COMPETITIVE HARM TO DERMAVANT
SCIENCES LTD. IF PUBLICLY DISCLOSED. 
  

66 

 CONFIDENTIAL 
  

	 	(C)	 the purpose of which is to prevent a claim from becoming time-barred due to the expiry of any statutory or
contractual limitation period. 

  

	46.4	 Clause 46.3 shall not permit any Party to continue any court Proceedings without compliance with Clause 46.2:

  

	 	(A)	 if the Proceedings were commenced in reliance upon Clause 46.3(A), once the court has ordered, or the Parties
have agreed in writing, that the defendant should have permission to defend; or 

  

	 	(B)	 if the Proceedings were commenced in reliance upon Clause 46.3(C), once the Proceedings have been issued and
served, and the defendant has acknowledged service. 

  

	47.	 GOVERNING LAW AND JURISDICTION 

 

	47.1	 This Agreement and its negotiation, execution, performance or
non-performance, interpretation, termination, construction and all claims or causes of action (whether in contract, in tort, at law, or otherwise) that may be based upon, arise out of, or relate to this
Agreement or the transactions contemplated hereby (including any claim or cause of action based upon, arising out of or related to any representation or warranty made in connection with this Agreement or as an inducement to enter this Agreement),
shall be exclusively governed by, and construed in accordance with, the laws of the State of Delaware regardless of laws that might otherwise govern under any applicable conflict of laws principles. 

 

	47.2	 Each Party hereby irrevocably submits to the exclusive jurisdiction of the Delaware courts in relation to all
matters, whether contractual or non-contractual, arising out of or in connection with this Agreement or its negotiation, existence, validity or enforceability. Any Proceeding concerning such matters shall be
brought only in the Delaware courts. Each Party hereby waives (and agrees not to raise) any objection, on the ground of forum non conveniens or on any other ground, to the taking of Proceedings in the Delaware courts. 

 

	47.3	 Each Party undertakes not to contest the enforcement against it of any judgment of the Delaware courts in
Proceedings on the ground that those courts did not have jurisdiction over it. 

 [The signatures follow on the next
page.] 
  

  
 CERTAIN
CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, MARKED BY [***], HAS BEEN
OMITTED BECAUSE DERMAVANT SCIENCES LTD. HAS DETERMINED THE INFORMATION (I) IS
NOT MATERIAL AND (II) WOULD LIKELY CAUSE COMPETITIVE HARM TO DERMAVANT
SCIENCES LTD. IF PUBLICLY DISCLOSED. 
  

67 

 CONFIDENTIAL 
  

 IN WITNESS of which each Party has caused this Commercial Manufacturing and Supply Agreement in
respect of Tapinarof to be duly executed by its duly authorised representative in a manner binding upon it on the day and year first before written. 

[The Schedules follow the signatures.] 
  

					
	 	 	)	 	 
	Signed by ................................................................	 	)	 	 
	for and on behalf of	 	)	 	 
	GLAXOSMITHKLINE TRADING SERVICES	 	)	 	 
	LIMITED	 	)	 	 
	 	 	)	 	................................................................

  

					
	 	 	)	 	 
	Signed by ................................................................	 	)	 	 
	for and on behalf of	 	)	 	 
	DERMAVANT SCIENCES GMBH	 	)	 	 
	 	 	)	 	................................................................

  
 CERTAIN
CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, MARKED BY [***], HAS BEEN
OMITTED BECAUSE DERMAVANT SCIENCES LTD. HAS DETERMINED THE INFORMATION (I) IS
NOT MATERIAL AND (II) WOULD LIKELY CAUSE COMPETITIVE HARM TO DERMAVANT
SCIENCES LTD. IF PUBLICLY DISCLOSED. 
  

68 

 CONFIDENTIAL 
  

 SCHEDULE 1 

PRODUCTS AND PRICES 
 PART
A:        THE PRODUCTS 
  

	[***]	 

  
 CERTAIN
CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, MARKED BY [***], HAS BEEN
OMITTED BECAUSE DERMAVANT SCIENCES LTD. HAS DETERMINED THE INFORMATION (I) IS
NOT MATERIAL AND (II) WOULD LIKELY CAUSE COMPETITIVE HARM TO DERMAVANT
SCIENCES LTD. IF PUBLICLY DISCLOSED. 
 69 

 CONFIDENTIAL 
  

 PART B:        PRICES FOR COMMERCIAL API 

 

	[***]	 

  
 CERTAIN
CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, MARKED BY [***], HAS BEEN
OMITTED BECAUSE DERMAVANT SCIENCES LTD. HAS DETERMINED THE INFORMATION (I) IS
NOT MATERIAL AND (II) WOULD LIKELY CAUSE COMPETITIVE HARM TO DERMAVANT
SCIENCES LTD. IF PUBLICLY DISCLOSED. 
 70 

 CONFIDENTIAL 
  

 PART C:        PRICES FOR COMMERCIAL PRODUCT 

 

	[***]	 

  
 CERTAIN
CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, MARKED BY [***], HAS BEEN
OMITTED BECAUSE DERMAVANT SCIENCES LTD. HAS DETERMINED THE INFORMATION (I) IS
NOT MATERIAL AND (II) WOULD LIKELY CAUSE COMPETITIVE HARM TO DERMAVANT
SCIENCES LTD. IF PUBLICLY DISCLOSED. 
 71 

 CONFIDENTIAL 
  

 Table 1 
  

	[***]	 

  
 CERTAIN
CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, MARKED BY [***], HAS BEEN
OMITTED BECAUSE DERMAVANT SCIENCES LTD. HAS DETERMINED THE INFORMATION (I) IS
NOT MATERIAL AND (II) WOULD LIKELY CAUSE COMPETITIVE HARM TO DERMAVANT
SCIENCES LTD. IF PUBLICLY DISCLOSED. 
 72 

 CONFIDENTIAL 
  

 Table 2 
  

	[***]	 

  
 CERTAIN
CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, MARKED BY [***], HAS BEEN
OMITTED BECAUSE DERMAVANT SCIENCES LTD. HAS DETERMINED THE INFORMATION (I) IS
NOT MATERIAL AND (II) WOULD LIKELY CAUSE COMPETITIVE HARM TO DERMAVANT
SCIENCES LTD. IF PUBLICLY DISCLOSED. 
 73 

 CONFIDENTIAL 
  

 SCHEDULE 2 

SCOPE OF WORK FOR DEVELOPMENT SERVICES 

Each Scope of Work describes the activities and deliverables contemplated by the Parties for the applicable Development Services, together with the timeline
for the performance or delivery of those Development Services. 
  

	1.	 General assumptions 

In addition to any specific assumptions set forth in a Scope of Work for the applicable Development Services, the following assumptions apply generally to all
Development Services undertaken pursuant to or in connection with such Scope of Work: 
  

	1.1	 Where applicable, GSK or its Affiliate will perform the Development Services set forth in a Scope of Work in
accordance with, and subject to, the GSK Group’s policies and standard operating procedures and Applicable Law. 

  

	1.2	 The Price payable by the Purchaser under a Scope of Work includes [***]. Unless otherwise provided in a Scope
of Work, Development Services shall be charged at the defined FTE Rate set forth in Schedule 4 (Fees) together with all of GSK’s direct costs and expenses for such Development Services and, if applicable, a management fee. Any
Manufacturing required to support Development Services under a Scope of Work will be charged at an agreed per batch cost (inclusive of an appropriate manufacturing margin) as set forth in the applicable Scope of Work. 

 

	1.3	 GSK or its Affiliates shall invoice the Purchaser in accordance with Clause 13 (Invoice and Payment) on
a monthly basis (or on such other basis as may be agreed in the relevant Scope of Work). GSK shall notify the Purchaser in writing of the completion of the relevant Development Service. The Purchaser must notify GSK of its approval of such
Development Service and any related deliverables in writing within [***] of receipt of the notification of completion of such Development Service. GSK shall not be obliged to proceed with any activities for subsequent Development Services (if any)
prior to receiving in writing the Purchaser’s approval and acceptance of each preceding Development Service and related deliverables (if any), unless otherwise agreed between the Parties. 

 

	1.4	 In the event that any dispute or difference arises out of or in connection with the performance of a
Development Service under a Scope of Work and the Purchaser does not give its acceptance in respect of a Development Service and any related deliverables in accordance with paragraph 1.3 above (a “Service Dispute”), each Party shall
use its reasonable endeavours to resolve any such Service Dispute by prompt discussion in good faith at a managerial level appropriate to the Service Dispute in question. This procedure shall be invoked by either Party giving notice to the other
setting out the issues in the Service Dispute and referring to this paragraph and, unless the Parties agree otherwise, shall be treated as having been exhausted if the Service Dispute has not been resolved within [***] after the giving of the
notice. If the Service Dispute is treated as having been exhausted, GSK may terminate the relevant Scope of Work with immediate effect. 

  
 CERTAIN
CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, MARKED BY [***], HAS BEEN
OMITTED BECAUSE DERMAVANT SCIENCES LTD. HAS DETERMINED THE INFORMATION (I) IS
NOT MATERIAL AND (II) WOULD LIKELY CAUSE COMPETITIVE HARM TO DERMAVANT
SCIENCES LTD. IF PUBLICLY DISCLOSED. 
 74 

 CONFIDENTIAL 
  

	1.5	 Neither GSK nor any of its Affiliates shall support any development work or undertake any capital expenditure
in respect of the performance of the Development Services or the Manufacture of the Products under this Agreement. If any capital expenditure is identified during the Term as being required in respect of the Development Services or the Products, the
Parties shall discuss and agree in writing what is required and the expenditure shall be borne by the Purchaser. In the event that the Purchaser fails to pay any sum in respect of capital expenditure for which it is to bear the cost pursuant to this
paragraph 1.5, neither GSK nor its Affiliates shall bear any liability under this Agreement for any breach of its terms resulting from any failure to undertake, or delay in undertaking, such capital expenditure or any consequential failure to
Manufacture (or delay in Manufacturing) the Products pursuant to this Agreement. 

  
 CERTAIN
CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, MARKED BY [***], HAS BEEN
OMITTED BECAUSE DERMAVANT SCIENCES LTD. HAS DETERMINED THE INFORMATION (I) IS
NOT MATERIAL AND (II) WOULD LIKELY CAUSE COMPETITIVE HARM TO DERMAVANT
SCIENCES LTD. IF PUBLICLY DISCLOSED. 
 75 

 CONFIDENTIAL 
  

 Form of Scope of Work — Development Services 

The Purchaser’s request is for GSK to (i) [•] and (ii) [•]. 

The estimated Price (in aggregate) for GSK to complete the performance of these Development Services is [•]. 

In order to progress with [•], the following activities are to be performed by the Parties: 

Service 1: TBD 
  

			
		
	Target Start	  	
		
	Target Completion	  	
		
	Assumptions	  	
		
	Activities	  	 GSK responsibilities:
 Purchaser
responsibilities:

		
	Deliverables	  	•
		
	Estimated Price	  	•

 Service 2: TBD 
  

			
		
	Target Start	  	
		
	Target Completion	  	
		
	Assumptions	  	
		
	Activities	  	 GSK responsibilities:
 Purchaser
responsibilities:

		
	Deliverables	  	•
		
	Estimated Price	  	•

  

					
	GlaxoSmithKline	 	 	 	Dermavant
	  
	 	 	 	  

	 [Name]

[Title]

[Date]
	 		 	 [Name]
 [Title]

[Date]

  
 CERTAIN
CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, MARKED BY [***], HAS BEEN
OMITTED BECAUSE DERMAVANT SCIENCES LTD. HAS DETERMINED THE INFORMATION (I) IS
NOT MATERIAL AND (II) WOULD LIKELY CAUSE COMPETITIVE HARM TO DERMAVANT
SCIENCES LTD. IF PUBLICLY DISCLOSED. 
 76 

 CONFIDENTIAL 
  

 SCHEDULE 3 

TOLL MANUFACTURE PROVISIONS 
  

	1.	 SUPPLEMENTARY PROVISIONS IN RELATION TO TOLL MANUFACTURE OF COMMERCIAL PRODUCTS 

 Save to the extent expressly amended or disapplied by virtue of this Schedule 3 (Toll Manufacture Provisions),
all other terms and conditions of this Agreement apply. In this Schedule 3 (Toll Manufacture Provisions), unless otherwise specified, any reference to a paragraph is to a paragraph of this Schedule 3 (Toll Manufacture Provisions). 

 

	2.	 USE OF TOLL MATERIALS  

 

	2.1	 Title to the Toll Materials, that part of any
work-in-progress containing the Toll Materials (“WIP”) and that part of Commercial Products containing the Toll Materials shall at all
times remain with and vest in the Purchaser. GSK or the Nominated Supplier shall use such Toll Materials, WIP and Commercial Products solely for the purposes of this Agreement. 

 

	2.2	 The risk in (but not title to) the Toll Materials shall pass to GSK on Delivery to GSK (or the Nominated
Supplier) (or shall remain with GSK in respect of Toll Materials that the Parties agree shall be left in GSK’s possession [***]). 

  

	2.3	 The Toll Materials, WIP and Commercial Products shall at all times be stored separately from (but may be stored
in the same warehouse or other facility as) other goods and merchandise in the possession of GSK or the Nominated Supplier and the containers holding the Toll Materials, WIP and Commercial Products shall be clearly marked in such a way as to
identify that they are owned by the Purchaser or for use only for the Purchaser. 

  

	3.	 LOSS AND RECONCILIATION OF TOLL MATERIALS  

 

	3.1	 The Parties agree that the Expected Loss in respect of each Commercial Product shall be no higher than [***]
and, as soon as there is sufficient experience of commercial manufacture of Commercial Products for the Expected Loss to be more precisely determined, the Parties shall agree the actual percentage of Expected Loss through the Joint Steering Team,
provided that, for clarity, such percentage shall never be higher than [***]. The Expected Losses identify in percentage terms the proportion of each Toll Material reasonably expected to be lost in the Manufacture of the relevant Commercial
Product(s), including in the event of a batch rejection. The Expected Losses take into account GSK’s and the Nominated Supplier’s requirements to retain samples of the Toll Materials and/or Commercial Products in accordance with Applicable
Law. The Expected Losses shall be applicable throughout the Term unless otherwise mutually agreed by the Parties. 

  

	3.2	 GSK shall report quarterly to the Purchaser and/or its Affiliate on the usage of each Toll Material it
achieves, in order for the Parties to calculate the actual usage achieved by GSK and the Nominated Supplier, and for this purpose shall provide to the Purchaser by the end of the month following each Calendar Quarter Day and the date of termination
or expiry of this Agreement a reconciliation report (in respect of the previous Calendar Quarter or period and Reporting Year to date) in such format as the Parties may agree showing: 

  
 CERTAIN
CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, MARKED BY [***], HAS BEEN
OMITTED BECAUSE DERMAVANT SCIENCES LTD. HAS DETERMINED THE INFORMATION (I) IS
NOT MATERIAL AND (II) WOULD LIKELY CAUSE COMPETITIVE HARM TO DERMAVANT
SCIENCES LTD. IF PUBLICLY DISCLOSED. 
 77 

 CONFIDENTIAL 
  

	 	(A)	 the opening quantities of each Toll Material held by GSK or the Nominated Supplier at the start of the Calendar
Quarter; 

  

	 	(B)	 the receipts of each Toll Material from the Purchaser (or its Affiliate) during that Calendar Quarter;

  

	 	(C)	 the actual usage of each Toll Material during that Calendar Quarter and during that Reporting Year through the
end of such Calendar Quarter in the Manufacture of Commercial Products and the quantities of Commercial Products Manufactured; and 

  

	 	(D)	 the stock of each Toll Material and related WIP and Commercial Products containing the same, held by GSK or the
Nominated Supplier remaining unprocessed or not yet Delivered to the Purchaser or its Affiliate at the end of such Calendar Quarter; 

provided that the first such report in respect of each Commercial Product shall relate to the period commencing on the Effective Date
and ending on the first Calendar Quarter Day falling at least one (1) month after the Effective Date. 
  

	3.3	 On the last Business Day of the month following the end of each Reporting Year during the Term (including
following the final Reporting Year of the Term), the Parties shall calculate the Reconciliation Value for the Reporting Year just ended as follows: 

[***] 
  

	3.4	 If the Reconciliation Value is positive, GSK shall reimburse the Purchaser (or its Affiliate) for such
Reconciliation Value. 

  

	3.5	 If the Reconciliation Value is negative, such Reconciliation Value shall be carried forward to the next
Reporting Year and used in calculating the subsequent Reconciliation Value in accordance with the formula set forth at paragraph 3.3. 

  
 CERTAIN
CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, MARKED BY [***], HAS BEEN
OMITTED BECAUSE DERMAVANT SCIENCES LTD. HAS DETERMINED THE INFORMATION (I) IS
NOT MATERIAL AND (II) WOULD LIKELY CAUSE COMPETITIVE HARM TO DERMAVANT
SCIENCES LTD. IF PUBLICLY DISCLOSED. 
 78 

 CONFIDENTIAL 
  

	3.6	 For the purposes of the calculation in paragraph 3.3, the loss of any of the Toll Materials that are Defective
(other than as a result of any negligent act or omission of GSK or its Affiliates following Delivery of such Toll Materials) or written off pursuant to Clause 19 (Write Off Costs) and paragraph 5 (Supplementary Write Off Provisions)
shall be disregarded. 

  

	4.	 REQUIREMENTS FOR TOLL MATERIALS  

 

	4.1	 On the [***] of each calendar month (or on such other Business Day during each month as may be agreed), GSK
shall notify the Purchaser of its requirements for Toll Materials based on the Forecast Schedule and the applicable Lead Time for the relevant Commercial Product. 

 

	4.2	 GSK shall be released of its obligations to supply the relevant Commercial Product to the Purchaser to the
extent that the quantity of Toll Materials in its possession is not sufficient to Manufacture such Commercial Product (other than as a result of GSK’s failure to comply with its obligations in respect of any agreed Manufacture of Commercial
API). 

  

	5.	 SUPPLEMENTARY WRITE OFF PROVISIONS  

For the avoidance of doubt, in determining any sum to be reimbursed by the Purchaser (or its Affiliate) to the GSK Group pursuant to Clause 19
(Write Off Costs), the cost to the GSK Group of any Toll Materials required to be written off shall be [***].   

  
 CERTAIN
CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, MARKED BY [***], HAS BEEN
OMITTED BECAUSE DERMAVANT SCIENCES LTD. HAS DETERMINED THE INFORMATION (I) IS
NOT MATERIAL AND (II) WOULD LIKELY CAUSE COMPETITIVE HARM TO DERMAVANT
SCIENCES LTD. IF PUBLICLY DISCLOSED. 
 79 

 CONFIDENTIAL 
  

 SCHEDULE 4 

FEES 
 [***] 

  
 CERTAIN
CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, MARKED BY [***], HAS BEEN
OMITTED BECAUSE DERMAVANT SCIENCES LTD. HAS DETERMINED THE INFORMATION (I) IS
NOT MATERIAL AND (II) WOULD LIKELY CAUSE COMPETITIVE HARM TO DERMAVANT
SCIENCES LTD. IF PUBLICLY DISCLOSED. 
 80 

 CONFIDENTIAL 
  

 EXHIBIT 1 

CAPITAL WORK AT [***] 
 [***] 

  
 CERTAIN
CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, MARKED BY [***], HAS BEEN
OMITTED BECAUSE DERMAVANT SCIENCES LTD. HAS DETERMINED THE INFORMATION (I) IS
NOT MATERIAL AND (II) WOULD LIKELY CAUSE COMPETITIVE HARM TO DERMAVANT
SCIENCES LTD. IF PUBLICLY DISCLOSED. 
 81EX-10.10

 Exhibit 10.10 

CERTAIN CONFIDENTIAL INFORMATION CONTAINED IN THIS
DOCUMENT, MARKED BY [***], HAS BEEN OMITTED BECAUSE DERMAVANT SCIENCES LTD. HAS
DETERMINED THE INFORMATION (I) IS NOT MATERIAL AND (II) WOULD LIKELY
CAUSE COMPETITIVE HARM TO DERMAVANT SCIENCES LTD. IF PUBLICLY DISCLOSED. 

EXECUTION COPY 
 FUNDING
AGREEMENT 
 This Funding Agreement (this “Agreement”) is entered into as of July 10, 2018 (the
“Effective Date”), between Dermavant Sciences GmbH, a company organized under the laws of Switzerland (“Dermavant”), and NovaQuest Co-Investment Fund VIII, L.P.
a limited partnership organized under the laws of Delaware, with a place of business at 4208 Six Forks Road, Suite 920 Raleigh, NC 27609 (“NovaQuest”). Dermavant and NovaQuest are each referred to herein by name or,
individually, as a “Party” or, collectively, as “Parties.” 
 INTRODUCTION 

A. Dermavant is dedicated to the research, development and commercialization of products for the treatment of certain human diseases,
disorders, and conditions. 
 B. NovaQuest and Dermavant desire to enter into an agreement pursuant to which NovaQuest will fund in part
Dermavant’s acquisition of rights to the Product (as defined below) pursuant to that certain Asset Purchase Agreement (the “APA”), to be dated on or around the date hereof, by and among Dermavant, GlaxoSmithKline
Intellectual Property Development Ltd, and Glaxo Group Limited. 
 C. Simultaneously with the Closing, [***], will enter into
a [***] with NovaQuest, whereby [***]. 
 NOW, THEREFORE, in consideration of the premises and mutual covenants
herein below, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Parties agree as follows: 

ARTICLE I 
 DEFINITIONS

 1.1 When used and capitalized in this Agreement (other than the headings of the Articles and Sections), including the foregoing
recitals, exhibits, and schedules hereto, the following terms shall have the meanings assigned to them in this Article and include the plural as well as the singular. 

“10 Non-Bank Rule” means the rule that the aggregate number of lenders under
this Agreement which are not Qualifying Banks must not at any time exceed ten (10), all in accordance with the meaning of the Guidelines or legislation or explanatory notes addressing the same issues that are in force at such time. 

 “20 Non-Bank Rule” means the
rule that the aggregate number of creditors (including the lenders under this Agreement), other than Qualifying Banks, of the Swiss Borrower under all its outstanding debts relevant for classification as debenture (Kassenobligation) must not at any
time exceed twenty (20), all in accordance with the meaning of the Guidelines or legislation or explanatory notes addressing the same issues that are in force at such time. 

“[***]” has the meaning set forth in Section 11.3(a) (Dispute Resolution). 

“[***]” has the meaning set forth in Section 11.3(a) (Dispute Resolution). 

“AD Indication” means atopic dermatitis. 

“AD Milestone Payment” has the meaning set forth in Section 4.1(a)(i) (Quarterly Interest Payments). 

“Affiliate” means, with respect to an entity, any business entity controlling, controlled by, or under common control
with, such entity, but only so long as such control exists. For the purposes of this definition, “controlling,” “controlled”, and “control” mean the possession, directly (or indirectly through one or more intermediary
entities), of the power to direct the management or policies of an entity, including through ownership of fifty percent (50%) or more of the voting securities of such entity (or, in the case of an entity that is not a corporation, ownership of fifty
percent (50%) or more of the corresponding interest for the election of the entity’s managing authority). 

“Agreement” has the meaning set forth in the preamble hereto. 

“APA” has the meaning set forth in Section B of the Introduction hereto. 

“Applicable Law” means any applicable law, rule, or regulation of any Governmental Authority of competent
jurisdiction, or judgment, order, writ, decree, permit, or license of any Governmental Authority of competent jurisdiction. 

“Applicable Rate” means an interest rate of twelve percent (12%) per annum. 

“Arbitration” has the meaning set forth in Section 11.3(a) (Dispute Resolution). 

“Arbitration Notice” has the meaning set forth in Section 11.3(a) (Dispute Resolution). 

“Arbitrator” has the meaning set forth in Section 11.3(b) (Selection of Arbitrators). 

“Auditor” has the meaning set forth in Section 4.5 (Audit Dispute). 

“Business Day” means any day other than Saturday, Sunday, or any day on which banking institutions located in New
York, New York (United States) or Basel, Switzerland are permitted or obligated by law to close. 
 “Change of
Control” means any of the following: (i) the sale or disposition of all or substantially all of the assets of Dermavant to a Third Party; (ii) the acquisition by a Third Party of more than fifty percent (50%) of the voting
power of the outstanding voting securities of Dermavant; or (iii) the merger or consolidation of Dermavant with or into a Third Party, other than 

  
 CERTAIN
CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, MARKED BY [***], HAS BEEN
OMITTED BECAUSE DERMAVANT SCIENCES LTD. HAS DETERMINED THE INFORMATION (I) IS
NOT MATERIAL AND (II) WOULD LIKELY CAUSE COMPETITIVE HARM TO DERMAVANT
SCIENCES LTD. IF PUBLICLY DISCLOSED. 
  

2 

 
in the case of this clause (iii) a merger or consolidation of Dermavant in which holders of voting securities of Dermavant immediately prior to such merger or consolidation will hold at
least fifty percent (50%) of the voting power of the outstanding voting securities of the acquiring Third Party or the surviving corporation in such merger or consolidation, as the case may be, immediately after such acquisition or consolidation;
provided, however, that if: (x) the acquiring entity (or its parent entity) in any transaction set forth in clause (i), (ii), or (iii) is a Qualified Party, and (y) the surviving entity in such transaction expressly agrees to assume
Dermavant’s obligations under the Agreement, then such transaction shall not be deemed to constitute a Change of Control. 

“Closing” has the meaning set forth in Section 2.3 (Closing). 

“Closing Date” means the date on which the Closing actually occurs. 

“Code” means the Internal Revenue Code of 1986, as amended. 

“Combination Product” means a Product that is comprised of or contains the compound set forth in Schedule 1 in
addition to one or more additional active ingredients (whether co- formulated or co-packaged) that are neither the compound set forth in Schedule 1, nor generic or other
non-proprietary compositions of matter. 
 “Commercialize”,
“Commercializing”, or “Commercialization” means any and all activities directed to marketing, promoting, distributing, importing, exporting, offering to sell, or selling the Product, including
manufacturing and activities directed to obtaining Pricing Approvals, if applicable. 
 “Commercially Reasonable
Efforts” means, with respect to each Indication, (i) before receipt of Marketing Approval of the Product in a jurisdiction, the level of effort and resources, consistent with the exercise of prudent scientific and business
judgment, that would be dedicated by a publicly traded pharmaceutical company with a market capitalization in excess of one billion dollars ($1,000,000,000) to the development of a product at a similar stage in its lifecycle to the Product, and
(ii) after receipt of Marketing Approval of the Product in a jurisdiction, the level of effort and resources, consistent with the exercise of prudent scientific and business judgment, that would be dedicated by a publicly traded pharmaceutical
company with a market capitalization in excess of one billion dollars ($1,000,000,000) to manufacturing and commercialization of a product of similar commercial potential to the Product as determined on a market-by-market basis, all without regard to any payments owed to NovaQuest. Without limiting or derogating from the foregoing, Commercially Reasonable Efforts requires that Responsible Parties: (a) set
specific and meaningful objectives and timelines for carrying out the Development activities (in accordance with the Development Plan) and Commercialization activities and (b) allocate resources reasonably designed to advance progress with
respect to such objectives and timelines. Notwithstanding the foregoing, Commercially Reasonable Efforts for the development and commercialization of the Product outside of the United States shall not be measured with reference to any minimum market
capitalization or public company status. 

  
 CERTAIN
CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, MARKED BY [***], HAS BEEN
OMITTED BECAUSE DERMAVANT SCIENCES LTD. HAS DETERMINED THE INFORMATION (I) IS
NOT MATERIAL AND (II) WOULD LIKELY CAUSE COMPETITIVE HARM TO DERMAVANT
SCIENCES LTD. IF PUBLICLY DISCLOSED. 
  

3 

 “Competing Product” means a branded topical product that:
(a) has received marketing approval in the United States to treat the same Indication(s) for which the Product has received Marketing Approval, (b) is not a product or product candidate owned, licensed or under development by Dermavant as
of the Closing, and (c) achieves at least [***] market share in that Indication in the United States in any given quarter (measured by total volume of prescriptions in that Indication in the United States, as reported by EvaluatePharma, or a
similar company to the extent EvaluatePharma’s data is not available). 
 “Confidential Information” has the
meaning set forth in Section 6.1 (Definition of Confidential Information). 
 “Controlled Affiliate” means,
with respect to Dermavant, Dermavant Sciences Ltd., or an Affiliate that is under the control of Dermavant Sciences Ltd. In no event shall an Affiliate that controls Dermavant Sciences Ltd., or that is under common control with Dermavant Sciences
Ltd., be deemed a “Controlled Affiliate” of Dermavant. 
 “Cover” means that the use, manufacture, sale,
offer for sale, development, commercialization, or importation of the subject matter in question by an unlicensed entity would infringe a claim of a Patent. 

“CRE Considerations” means issues relating to safety, efficacy, the proposed product label, patent protection
(including scope, strength of claims, and term), market potential, anticipated pricing, reimbursement terms, manufacturing costs and other costs of goods sold, addressable patient population, potential competition from third parties, the regulatory
environment, and other relevant scientific and technical factors, all without regard to any payments owed to NovaQuest. 

“Dermavant” has the meaning set forth in the preamble hereto. 

“Develop”, “Developing”, or “Development” means engaging in
manufacturing, preclinical, clinical, or other research and development activities directed towards obtaining Marketing Approval of the Product. 

“Development Plan” means the plan attached hereto as Exhibit 1, setting forth the Product Development
Activities for the Product, as amended from time to time in accordance with the terms of this Agreement. 
 “Disclosing
Party” has the meaning set forth in Section 6.1 (Definition of Confidential Information). 

“Dispute” has the meaning set forth in Section 11.3(a) (Dispute Resolution). 

“Dispute Notice” has the meaning set forth in Section 11.3(a) (Dispute Resolution). 

“Effective Date” has the meaning set forth in the preamble hereto. 

“European Union” or “E.U.” means the European Union, as its membership may be constituted from
time to time. 

  
 CERTAIN
CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, MARKED BY [***], HAS BEEN
OMITTED BECAUSE DERMAVANT SCIENCES LTD. HAS DETERMINED THE INFORMATION (I) IS
NOT MATERIAL AND (II) WOULD LIKELY CAUSE COMPETITIVE HARM TO DERMAVANT
SCIENCES LTD. IF PUBLICLY DISCLOSED. 
  

4 

 “E.U. AD Milestone Payment Trigger Date” means the first anniversary
of receipt by a Responsible Party of Marketing Approval for the Product for the AD Indication in the EU; provided, however, that there shall be no E.U. AD Milestone Payment Trigger Date if any Responsible Party has obtained Marketing Approval for
the Product for the AD Indication in the United States either before such E.U. approval or within [***] of receipt of such approval in the E.U. 

“E.U. Psoriasis Milestone Payment Trigger Date” means the first anniversary of receipt by a Responsible Party of
Marketing Approval for the Product for the Psoriasis Indication in the EU; provided, however, that there shall be no E.U. Psoriasis Milestone Payment Trigger Date if any Responsible Party has obtained Marketing Approval for the Product for the
Psoriasis Indication in the United States either before such E.U. approval or within [***] of receipt of such approval in the E.U. 

“Exchange Act” means the Securities Exchange Act of 1934, as amended, and the rules and regulations promulgated
thereunder. 
 “Excluded Taxes” means any of the following Taxes imposed on or with respect to NovaQuest or required
to be withheld or deducted from a payment to NovaQuest: (a) Taxes imposed on or measured by net income (however denominated), franchise Taxes, and branch profits Taxes, in each case (i) imposed as a result of NovaQuest being organized
under the laws of, or having its principal office located in, the jurisdiction imposing such Tax (or any political subdivision thereof) or (ii) that are Other Connection Taxes; (b) U.S. federal withholding Taxes imposed on amounts payable
to or for the account of NovaQuest pursuant to a law in effect on the latter of the date on which (i) NovaQuest becomes a party hereto or acquires its right to receive payments hereunder or (ii) Dermavant assigns its rights and obligations
to an Affiliate that is a U.S. Person; (c) Taxes attributable to NovaQuest’s failure to comply with Section 4.4(b); (d) any withholding Taxes imposed under FATCA; (e) Taxes resulting directly from NovaQuest changing its
jurisdiction of domicile or form of legal entity; and (f) Swiss Withholding Tax imposed as a result of NovaQuest (i) making an incorrect declaration of its status as to whether or not it is a Qualifying Bank or (ii) failing to comply
with its obligations under Section 11.7 (Successors and Assigns). For the purposes of the definition of “Excluded Taxes,” the term “NovaQuest” includes any subsequent lenders (successors or assignees of NovaQuest according
to Section 11.7 ((Successors and Assigns)). 
 “FATCA” means Sections 1471 through 1474 of the Code, as of the
date of this Agreement (or any amended or successor version that is substantively comparable and not materially more onerous to comply with), any current or future regulations or official interpretations thereof, any agreements entered into pursuant
to Section 1471(b)(1) of the Code and any fiscal or regulatory legislation, rules or practices adopted pursuant to any intergovernmental agreement, treaty or convention among Governmental Authorities and implementing such sections of the Code.

 “FDA” means the United States Food and Drug Administration, or any successor agency thereto. 

“Fiscal Quarter” means each of the following three-month periods during each Fiscal Year: January 1 through March
31; April 1 through June 30; July 1 through September 30; and October 1 through December 31; provided, that the first Fiscal Quarter shall commence on the Closing Date and end on the last day of the month of next quarter end (i.e.,
March 31, June 30, September 30, or December 31, as applicable). 

  
 CERTAIN
CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, MARKED BY [***], HAS BEEN
OMITTED BECAUSE DERMAVANT SCIENCES LTD. HAS DETERMINED THE INFORMATION (I) IS
NOT MATERIAL AND (II) WOULD LIKELY CAUSE COMPETITIVE HARM TO DERMAVANT
SCIENCES LTD. IF PUBLICLY DISCLOSED. 
  

5 

 “Fiscal Year” means the twelve (12)-month period from April 1
through March 31. 
 “GAAP” means generally accepted accounting principles, as in effect on the date or for the
period with respect to which such standards are applied. 
 “Governmental Authority” means any multi-national,
national, federal, state, local, or foreign court or governmental agency, authority, instrumentality, or regulatory body. 
 [***] 

“Guidelines” means, together, guideline S-02.123 in relation to interbank
loans of 22 September 1986 (Merkblatt “Verrechnungssteuer auf Zinsen von Bankguthaben, deren Gläubiger Banken sind (Interbankguthaben)” vom 22. September 1986), guideline S-02.122.1 in
relation to bonds of April 1999 (Merkblatt “Obligationen” vom April 1999), guideline S-02.130.1 in relation to money market instruments and book claims of April 1999 (Merkblatt vom April 1999
betreffend Geldmarktpapiere und Buchforderungen inländischer Schuldner), guideline S-02.128 in relation to syndicated credit facilities of January 2000 (Merkblatt “Steuerliche Behandlung von
Konsortialdarlehen, Schuldscheindarlehen, Wechseln und Unterbeteiligungen” vom Januar 2000), circular letter No. 34 of 26 July 2011
(1-034-V-2011) in relation to deposits (Kreisschreiben Nr. 34 “Kundenguthaben” vom 26. Juli 2011) and the circular
letter No. 15 of 7 February 2007 (1- 015-DVS-[2007]) in relation to bonds and derivative financial instruments as
subject matter of taxation of Swiss federal income tax, Swiss withholding tax and Swiss stamp taxes (Kreisschreiben Nr. 15 “Obligationen und derivative Finanzinstrumente als Gegenstand der direkten Bundessteuer, der Verrechnungssteuer und der
Stempelabgaben” vom 7. Februar 2007), in each case as issued, amended or replaced from time to time, by the Swiss Federal Tax Administration or as substituted or superseded and overruled by any law, statute, ordinance, court decision,
regulation or the like as in force from time to time. 
 “IFRS” means international accounting standards, as in
effect on the date or for the period with respect to which such standards are applied, as established by the International Financial Reporting Standards. 

“Indemnified Party” has the meaning set forth in Section 10.2(a) (Notice). 

“Indemnifying Party” has the meaning set forth in Section 10.2(a) (Notice). 

“Indication” means each of the AD Indication and the Psoriasis Indication. 

“Indications” means both of the forgoing, collectively. 

  
 CERTAIN
CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, MARKED BY [***], HAS BEEN
OMITTED BECAUSE DERMAVANT SCIENCES LTD. HAS DETERMINED THE INFORMATION (I) IS
NOT MATERIAL AND (II) WOULD LIKELY CAUSE COMPETITIVE HARM TO DERMAVANT
SCIENCES LTD. IF PUBLICLY DISCLOSED. 
  

6 

 “Initial Public Offering” means either: (a) the first
underwritten public offering of equity securities by Dermavant or a Controlled Affiliate pursuant to the Securities Act, or (b) any transaction in which fifty percent (50%) or more of the equity securities of Dermavant or a Controlled Affiliate
are acquired by an entity with a class of securities registered under Section 12(b) or 12(g) of the Exchange Act and in which Dermavant’s or such Controlled Affiliate’s stockholders immediately prior to such transaction will hold a
majority of the voting securities of the surviving entity immediately after such transaction. 
 “Japan AD Milestone Payment
Trigger Date” means the first anniversary of receipt by a Responsible Party of Marketing Approval for the Product for the AD Indication in Japan; provided, however, that there shall be no Japan AD Milestone Payment Trigger Date if any
Responsible Party has obtained Marketing Approval for the Product for the AD Indication in the United States either before such Japanese approval or within [***] of receipt of such approval in Japan. 

“Japan Psoriasis Milestone Payment Trigger Date” means the first anniversary of receipt by a Responsible Party of
Marketing Approval for the Product for the Psoriasis Indication in Japan; provided, however, that there shall be no Japan Psoriasis Milestone Payment Trigger Date if any Responsible Party has obtained Marketing Approval for the Product for the
Psoriasis Indication in the United States either before such Japanese approval or within [***] of receipt of such approval in Japan. 

“Joint Steering Committee” or “JSC” has the meaning set forth in Section 5.2(a)
(Generally). 
 “Liabilities” means any and all indebtedness, liabilities, and obligations, whether accrued, fixed
or contingent, mature or inchoate, known or unknown, reflected on a balance sheet, or otherwise, including those arising under any law or judgment of any court of any kind or any award of any arbitrator of any kind, and those arising under any
contract, commitment, or undertaking. 
 “License Agreement” means (i) any license of Product Rights granted by
Dermavant or its Affiliates to a Third Party and (ii) a sublicense of Product Rights granted by a Licensee. 

“Licensee” means a Third Party that is granted any Product Rights under a License Agreement. 

“Lien” means any mortgage, lien, pledge, deed of trust, hypothecation, title defect, charge, security interest, or
other encumbrance of any nature. 
 “Losses” has the meaning set forth in Section 10.1(a) (By Dermavant). 

“Marketing Approval” means, for the Product, any and all approvals (including supplements, amendments, pre- and post-approvals), licenses, registrations, or authorizations of any national, supra-national (e.g., the European Commission or the Council of the European Union), regional, state, or local regulatory agency,
department, bureau, commission, council, or other governmental entity, that are necessary for the manufacture, distribution, use, sale, and marketing of the Product for one or both of the Indications. 

  
 CERTAIN
CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, MARKED BY [***], HAS BEEN
OMITTED BECAUSE DERMAVANT SCIENCES LTD. HAS DETERMINED THE INFORMATION (I) IS
NOT MATERIAL AND (II) WOULD LIKELY CAUSE COMPETITIVE HARM TO DERMAVANT
SCIENCES LTD. IF PUBLICLY DISCLOSED. 
  

7 

 “Marketing Approval Revocation/Withdrawal” means, with respect to
the Product, (a) any public announcement by the FDA, including in accordance with Section 915 of the Food and Drug Administration Amendments Act of 2007, that the Product is being withdrawn due a risk of death, a life-threatening
condition, or serious safety or health risks to patients, or (b) initiation of withdrawal of the Product by a Responsible Party upon making a reasonable and good faith determination that the Product presents a risk of death, a life-threatening
condition, or such serious safety or health risks to patients such that, based on then-available data, the Responsible Party cannot ethically and in good faith continue to administer or promote the Product to patients. 

“Marketing Approval Support Documents” means any required applications, filings, or submissions provided to Regulatory
Authorities or Governmental Authorities in connection with obtaining a Marketing Approval. 
 “Material Adverse
Effect” means a material adverse effect on (a) the validity or enforceability of this Agreement; (b) the ability of Dermavant or any other Responsible Party to perform any of Dermavant’s material obligations under this
Agreement; or (c) the Development or Commercialization of the Product. 
 “Material Adverse Event” means
(a) any Regulatory Authority has imposed, or communicated its intent to impose, a suspension, clinical hold, or other adverse regulatory action regarding the Development Plan or the Product where such action has had or would reasonably be
expected to have a material adverse effect on the further Development of the Product; (b) Dermavant or any other Responsible Party terminates a clinical study contained in the Development Plan; or (c) the occurrence of any of the events
described in the definition of Technical Failure. 
 “Material Contract” means (a) any material agreement to
which Dermavant or any Responsible Party (other than a Licensee that has rights to Develop or Commercialize the Product only pursuant to a Solely Ex-U.S. License Agreement) is a party related to the
Development, marketing, promotion, manufacture, sale, or distribution of the Product or (b) any other agreement to which Dermavant or any Responsible Party (other than a Licensee that has rights to Develop or Commercialize the Product only
pursuant to a Solely Ex-U.S. License Agreement) is a party for which breach, non-performance, or failure to renew by a party thereto would reasonably be expected to have
a Material Adverse Effect. 
 “Measurement Period” has the meaning set forth in Section 4.1(b) (Sales Milestone
Interest Payments). 
 “NDA” means a new drug application (as defined in Title 21 of the CFR, as amended from time
to time) submitted to the FDA seeking approval to introduce, distribute, sell, or market a drug product for human therapeutic use in the U.S. (including a new drug application submitted under Section 505(b)(2) of the Federal Food, Drug, and
Cosmetic Act). 
 “Net Sales” means the gross amount invoiced by Dermavant, its Affiliates, and its or their
Licensees to Third Parties for sales of the Product anywhere in the world, less the following items to the extent allocable to such Product calculated in accordance with GAAP or IFRS: 

(a) Trade, quantity and cash discounts allowed and actually taken or accrued for sales of the Product; 

  
 CERTAIN
CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, MARKED BY [***], HAS BEEN
OMITTED BECAUSE DERMAVANT SCIENCES LTD. HAS DETERMINED THE INFORMATION (I) IS
NOT MATERIAL AND (II) WOULD LIKELY CAUSE COMPETITIVE HARM TO DERMAVANT
SCIENCES LTD. IF PUBLICLY DISCLOSED. 
  

8 

 (b) Discounts, refunds, rebates (including, but not limited to, wholesaler inventory
management fees), credits, cost of free goods, chargebacks, retroactive price adjustments, and any other customary allowances actually taken or accrued for sales of the Product, which effectively reduce the net selling price; 

(c) Other payments required by law to be made under Medicaid, Medicare, or other government special medical assistance programs; 

(d) Write-offs or allowances for bad debts; 

(e) Credits for actual product returns, recalls, rejections, and allowances for sales of the Product; 

(f) Price reductions or rebates, retroactive or otherwise, imposed by or negotiated with Governmental Authorities with regard to sales of the
Product; 
 (g) Charges for freight, postage, shipping, delivery, service and insurance charges; 

(h) Fees or commissions paid to non-affiliated brokers or agents, or other third-party distributors,
including specialty distributors; 
 (i) Taxes imposed on the production, sale, delivery or any other disposition of the Product, including,
without limitation, sales, use, excise, turnover, inventory, or value added Taxes (but excluding Taxes imposed on or with respect to net income, however denominated); and 

(j) Any other charges, costs, expenses, or accruals that are customarily deducted in the determination of “net sales” in accordance
with GAAP or IFRS, as applicable, and as consistently applied by those Responsible Parties who are engaged in sales of the Product. 
 Net Sales shall not
include sales or other dispositions of a Product by Dermavant, its Affiliates, and its or their Licensees to Third Parties for sales of the Product anywhere in the world for purposes of resale by any of the parties in the foregoing, provided,
however, that a Product’s resale shall be included in Net Sales. 
 Net Sales shall be determined from the books and records of each Responsible Party
maintained in accordance with GAAP or IFRS, as applicable, consistently applied. 
 In the event that the Product is sold as part of a Combination Product,
then Net Sales for such Combination Product shall be calculated by multiplying the Net Sales of the Combination Product in the applicable period by the fraction: A divided by (A+B), in which “A” is the average selling price of the Product,
as applicable, sold in substantial quantities comprising the related Product as the sole therapeutically active ingredient in the applicable country, and “B” is the average selling price of any product that is sold separately in
substantial quantities comprising the other therapeutically active ingredients in such country, in each case during the accounting period in which the sales of the Combination Product were made, or if no sales of the Product, as applicable, or
product comprising the other active ingredients occurred during such period, then such average selling prices as sold during the most recent accounting period in which such sales did occur in such country. If the Product, as contained in such
Combination Product, is not sold separately in finished form in such country, Dermavant and NovaQuest shall submit the matter to an independent valuation to be conducted by a valuation firm mutually accepted by the Parties. 

  
 CERTAIN
CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, MARKED BY [***], HAS BEEN
OMITTED BECAUSE DERMAVANT SCIENCES LTD. HAS DETERMINED THE INFORMATION (I) IS
NOT MATERIAL AND (II) WOULD LIKELY CAUSE COMPETITIVE HARM TO DERMAVANT
SCIENCES LTD. IF PUBLICLY DISCLOSED. 
  

9 

 “Net Sales Report” has the meaning set forth in Section 4.1(c)
(Net Sales Reports). “Non-Bank Rules” means, together, the 10 Non-Bank Rule and the 20 Non-Bank Rule.

 “Non-Technical Termination Payment” means one hundred million dollars
($100,000,000), plus an amount equal to the Applicable Rate (compounded annually), starting on the Closing Date and ending on the date on which such Non-Technical Termination Payment is delivered to NovaQuest
in accordance with Section 3.2(c)(iii) (Effect of Program Termination), minus any amounts paid to NovaQuest pursuant to Section 4.1(a)(Quarterly Interest Payments) on or prior to such date. 

“NovaQuest” has the meaning set forth in the preamble hereto. 

“NovaQuest Expense-Sharing Payment” means one hundred million dollars ($100,000,000). 

“NovaQuest Indemnitees” has the meaning set forth in Section 10.1(a) (By Dermavant). 

“Other Connection Taxes” means, with respect to NovaQuest, Taxes imposed as a result of a present or former connection
between NovaQuest and the jurisdiction imposing such Tax (other than connections arising from NovaQuest having executed, delivered, become a party to, performed its obligations under, received payments under, received or perfected a security
interest under, engaged in any other transaction pursuant to or enforced this Agreement). 
 “Parent” has the
meaning set forth in Section C of the Introduction hereto. “Party” or “Parties” has the meaning set forth in the preamble hereto. 

“Patents” means all patents (including all reissues, extensions, substitutions, confirmations, re-registrations, re-examinations, revalidations, supplementary protection certificates, and patents of addition) and patent applications (including all provisional
applications, requests for continuation, continuations, continuations-in-part, and divisionals) and all equivalents of the foregoing in any country in the world. 

“Person” means any natural person, corporation, trust, joint venture, association, unincorporated organization,
cooperative, company, partnership, trust, limited liability company, government (domestic or foreign), and any agency or instrumentality thereof, or any other entity recognized by law. 

“Permitted Non-Qualifying Bank” means a lender under this Agreement which is
not a Qualifying Bank but has been accepted as a lender under this Agreement by the Swiss Borrower. 

  
 CERTAIN
CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, MARKED BY [***], HAS BEEN
OMITTED BECAUSE DERMAVANT SCIENCES LTD. HAS DETERMINED THE INFORMATION (I) IS
NOT MATERIAL AND (II) WOULD LIKELY CAUSE COMPETITIVE HARM TO DERMAVANT
SCIENCES LTD. IF PUBLICLY DISCLOSED. 
  

10 

 “Phase III Trial” means a human clinical trial of a Product, which
trial is designed to: (a) establish that the Product is safe and efficacious for its intended use; (b) define warnings, precautions, and adverse reactions that are associated with the Product in the dosage range to be prescribed;
(c) support Marketing Approval of the Product; and (d) be generally consistent with 21 C.F.R. § 312.21(c). 

“Pricing Approval” means any pricing and reimbursement approvals that must be obtained from a Regulatory Authority
before placing the Product on the market for sale in a particular country or group of countries. 
 “Primary
Contact” means an individual appointed by each Party who will serve as such Party’s main contact for the other Party with regard to this Agreement. 

“Prime Rate” has the meaning set forth in Section 4.5 (Interest). 

“Product” means that certain topical, non-steroidal, and non-immunosuppressant pharmaceutical product for the treatment of dermatologic indications, known as Tapinarof and more particularly described in Schedule 1. 

“Product Assets” means (a) all assets primarily related to the Product and that are owned by, licensed to, or
otherwise controlled by Dermavant or any Responsible Party (other than a Licensee that has rights to Develop or Commercialize the Product only pursuant to a Solely Ex-U.S. License Agreement), including all of
the following: Product IP Rights, Product IP Agreements, all regulatory filings, product packaging, product inserts, product labels, regulatory approval applications, regulatory approvals, regulatory exclusivity, copies of correspondence with
regulatory authorities, copies of pre-clinical and clinical data, copies of pharmacology and biology data, Material Contracts, and inventory and (b) any other assets that are owned by, licensed to, or
otherwise controlled by Dermavant or any Responsible Party (other than a Licensee that has rights to Develop or Commercialize the Product only pursuant to a Solely Ex-U.S. License Agreement) that are
reasonably necessary for the Development, Commercialization, manufacture, formulation, use, or sale of the Product, the absence of which would be reasonably expected to cause a Material Adverse Effect. In no event shall the Product Assets include
deposit or securities accounts, accounts receivable, chattel paper, negotiable instruments, equity interests or any security. 

“Product Development Activities” means the activities to be conducted by Dermavant and Responsible Parties in
connection with the performance of the Development Plan. 
 “Product Development Period” means the period commencing
on the Closing Date and continuing until Marketing Approval of the Product for both Indications in the United States. 
 “Product
IP Agreements” means any contract pursuant to which Dermavant or any Responsible Party has been granted, assigned, or otherwise conveyed any right, title, or interest in or to any Product IP Rights. 

“Product IP Rights” means all intellectual property relating to the Product owned or licensed by Dermavant or any
Responsible Party, including: (a) Product Know-How; (b) all Patents Covering the Product (including its composition, formulation, delivery, manufacture, or use); and (c) all works protectable
under copyright laws, trademarks, service marks, and trade names that relate to the Product. 

  
 CERTAIN
CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, MARKED BY [***], HAS BEEN
OMITTED BECAUSE DERMAVANT SCIENCES LTD. HAS DETERMINED THE INFORMATION (I) IS
NOT MATERIAL AND (II) WOULD LIKELY CAUSE COMPETITIVE HARM TO DERMAVANT
SCIENCES LTD. IF PUBLICLY DISCLOSED. 
  

11 

 “Product Know-How” means, as
related to the Product, all technical, scientific, and other know-how and information, trade secrets, knowledge, technology, means, methods, processes, practices, formulae, instructions, skills, techniques,
procedures, experiences, ideas, technical assistance, designs, drawings, assembly procedures, computer programs, apparatus, specifications, data, results and other material, including, pre-clinical and
clinical trial results, manufacturing procedures, test procedures, and purification and isolation techniques (whether or not confidential, proprietary, patented, or patentable) in written, electronic, or any other form now known or hereafter
developed, and all other discoveries, developments, information and inventions (whether or not confidential, proprietary, patented, or patentable), and tangible embodiments of any of the foregoing, including any discoveries, developments,
information, or inventions relating to the stability, safety, efficacy, operation, manufacture, ingredients, preparation, indications, presentation, formulation, means of delivery, or dosage of any pharmaceutical composition or preparation. 

“Product Rights” means licenses or rights to the Product or under Product IP Rights, for making, Developing,
Commercializing, marketing, promoting, distributing, selling, offering for sale, importing, or otherwise exploiting the Product. 

“Program” means Developing the Product in accordance with Section 3.1(a) (Development Diligence). 

“Proposed Amendment Notice” has the meaning set forth in Section 3.1(a)(ii) (Amendments to Development Plan).

 “Psoriasis Indication” means psoriasis. 

“Psoriasis Milestone Payment” has the meaning set forth in Section 4.1(a)(ii) (Quarterly Interest Payments). 

“PV Election Amount” has the meaning set forth in Section 4.1(a)(iii) (Quarterly Interest Payments). 

“PV Payment” means the net present value of the PV Election Amount calculated using the Microsoft Excel NPV function
using a discount rate equal to [***], applied on a quarterly basis. 
 [***] 

“Qualified Party” means: (a) a pharmaceutical company with annual global pharmaceutical revenue for its most
recently completed fiscal year, based on most recent data collected or compiled by EvaluatePharma (or a similar company to the extent EvaluatePharma’s data is not available), of at least [***]; (b) a pharmaceutical company that is a solvent
corporation which, at the time of determination: (1) has its common stock listed for trading on a national stock exchange or market quotation system (or foreign equivalent) and (2) has a market capitalization in excess of [***]; or
(c) any other party designated in writing by mutual agreement of Dermavant and NovaQuest as a “Qualified Party.” 

  
 CERTAIN
CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, MARKED BY [***], HAS BEEN
OMITTED BECAUSE DERMAVANT SCIENCES LTD. HAS DETERMINED THE INFORMATION (I) IS
NOT MATERIAL AND (II) WOULD LIKELY CAUSE COMPETITIVE HARM TO DERMAVANT
SCIENCES LTD. IF PUBLICLY DISCLOSED. 
  

12 

 “Qualifying Bank” means: (a) any bank as defined in the Swiss
Federal Code for Banks and Savings Banks dated 8 November 1934 (Bundesgesetz über die Banken und Sparkassen); or (b) a person or entity which effectively conducts banking activities with its own infrastructure and staff as its
principal purpose and which has a banking license in full force and effect issued in accordance with the banking laws in force in its jurisdiction of incorporation, or if acting through a branch, issued in accordance with the banking laws in the
jurisdiction of such branch, all and in each case within the meaning of the Guidelines. 
 “Quarterly Interest
Payment” means an amount equal to [***] of the NovaQuest Expense-Sharing Payment. 
 “Quarterly Report”
means a written report submitted by Dermavant to NovaQuest in accordance with the provisions of Section 4.3(a) (Quarterly Reports) that contains the following information with respect to the applicable Fiscal Quarter: a reasonably detailed
clinical update and regulatory update and a reasonably detailed summary of any legal action brought by Dermavant against a Third Party for such Third Party’s infringement of any Patents Covering the Product. To the extent that Dermavant is
required to file periodic reports under the Exchange Act, such reports, as publicly filed on the SEC’s EDGAR database, shall constitute a “Quarterly Report” hereunder. 

“Receiving Party” has the meaning set forth in Section 6.1 (Definition of Confidential Information). 

“Recordkeeping Period” has the meaning set forth in Section 4.3(b) (Records). 

“Regulatory Authority” means any Governmental Authority that is responsible for issuing approvals, licenses,
registrations, or authorizations necessary for the manufacture, import, sale, and use of the Product for human therapeutic use in any applicable regulatory jurisdiction, including, but not limited to, the FDA, and any corresponding national or
regional regulatory authorities elsewhere in the world. 
 “Regulatory Filing” means an NDA, investigational new
drug application, clinical trial application, any counterparts or equivalents of any of the foregoing, any drug master file, any Marketing Approvals or Pricing Approvals, and any other filings or submissions required by or provided to Regulatory
Authorities or Governmental Authorities relating to the Development, manufacture, Commercialization, or other exploitation of the Product, including any supporting documentation, correspondence, meeting minutes, amendments, supplements,
registrations, licenses, regulatory drug lists, advertising and promotion documents, adverse event files, complaint files, and manufacturing, shipping, or storage records with respect to any of the foregoing. 

“Representing Party” has the meaning set forth in Section 11.5 (Expenses). 

  
 CERTAIN
CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, MARKED BY [***], HAS BEEN
OMITTED BECAUSE DERMAVANT SCIENCES LTD. HAS DETERMINED THE INFORMATION (I) IS
NOT MATERIAL AND (II) WOULD LIKELY CAUSE COMPETITIVE HARM TO DERMAVANT
SCIENCES LTD. IF PUBLICLY DISCLOSED. 
  

13 

 “Responsible Party” means (a) each of Dermavant, any of its
Controlled Affiliates, and any other Affiliate of Dermavant materially engaged in the Development or Commercialization of the Product and (b) each Licensee. 

“Sales Milestone Event” has the meaning set forth in Section 4.1(b) (Sales Milestone Interest Payments). 

“Sales Milestone Interest Payment” means an amount equal to thirty percent (30%) of the NovaQuest Expense-Sharing
Payment. 
 “Securities Act” means the Securities Act of 1933, as amended, and the rules and regulations promulgated
thereunder 
 “Security Agreements” means those certain security agreements, dated as of the Closing Date, pursuant
to which the obligations of Dermavant under this Agreement will be secured by perfected first-priority (subject to permitted liens) security interests in its rights in and to the Product Assets, subject to certain customary exceptions to be agreed.
The Security Agreements will be entered into on customary terms, in form and substance reasonably acceptable to Dermavant and NovaQuest, including, customary obligations related to perfection (including delivery of, and notice of changes with
respect to, any information necessary for perfection), maintenance of security interest and further assurances, preservation of collateral, maintenance of insurance, representations and warranties with respect to collateral, collateral release
provisions, and other customary terms, in each case subject to customary thresholds and exceptions. 
 “Senior
Officer” means, with respect to Dermavant, the General Counsel of Dermavant Sciences, Inc., and with respect to NovaQuest, its managing partner. A Party may change its Senior Officer at any time, but must give notice to the other Party
of any such change as soon as reasonably practical. 
 “Solely Ex-U.S. License
Agreement” means a License Agreement under the Product Rights that does not include any rights to Develop or Commercialize the Product in the U.S. 

“Successful Completion” means, with respect to each Indication, successful completion of the clinical trials described
in the Development Plan, including the achievement of the primary clinical endpoint identified in the protocol for such trials, as well as the reasonable satisfaction of other non-clinical activities set forth
in the Development Plan, to the extent reasonably necessary for Dermavant to submit required Regulatory Filings for such Indication. 

“Swiss Borrower” means Dermavant or any other loan party which is incorporated in Switzerland or, if different, is
considered to be tax resident in Switzerland for Swiss Withholding Tax purposes. 
 “Swiss Federal Tax
Administration” means the tax authorities referred to in article 34 of the Swiss Withholding Tax Act. 
 “Swiss
Withholding Tax” means taxes imposed under the Swiss Withholding Tax Act. 

  
 CERTAIN
CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, MARKED BY [***], HAS BEEN
OMITTED BECAUSE DERMAVANT SCIENCES LTD. HAS DETERMINED THE INFORMATION (I) IS
NOT MATERIAL AND (II) WOULD LIKELY CAUSE COMPETITIVE HARM TO DERMAVANT
SCIENCES LTD. IF PUBLICLY DISCLOSED. 
  

14 

 “Swiss Withholding Tax Act” means the Swiss Federal Act on the
Withholding Tax of 13 October 1965 (Bundesgesetz über die Verrechnungssteuer). 
 “Tax” means any
(a) all federal, provincial, territorial, state, municipal, local, foreign, or other taxes, imposts, rates, levies, assessments and other charges in the nature of a tax (and all interest and penalties thereon and additions thereto imposed by
any governmental authority), including without limitation all income, excise, franchise, gains, capital, real property, goods and services, transfer, value added, gross receipts, windfall profits, severance, ad valorem, personal property,
production, sales, use, license, stamp, documentary stamp, mortgage recording, employment, payroll, social security, unemployment, disability, escheat, estimated or withholding taxes, and all customs and import duties, together with all interest,
penalties and additions thereto imposed with respect to such amounts, in each case whether disputed or not; (b) any Liability for the payment of any amounts of the type described in clause (a) as a result of being or having been a member
of an affiliated, consolidated, combined or unitary group; and (c) any Liability for the payment of any amounts as a result of being party to any tax sharing agreement or arrangement or as a result of any express or implied obligation to
indemnify any other person with respect to the payment of any amounts of the type described in clause (a) or (b). 

“Technical Failure” means, with respect to either Indication: 

(a) Dermavant or an independent data monitoring safety board has made a reasonable and good faith determination that the Product presents a
risk of death, a life-threatening condition, or such serious safety or health risks to patients such that, based on then-available data, Dermavant cannot ethically and in good faith continue to administer the Product to patients; provided that such
a determination shall be deemed to be a Technical Failure of both Indications (for clarity, even if such determination is made after a termination due to a reason other than for a Technical Failure with respect to one Indication); 

(b) Any material adverse development, occurrence or event with respect to the Development of the Product, as a result of which a Qualified
Party may reasonably make a good faith determination to cease continued Development of the Product; provided that such a determination shall be deemed to be a Technical Failure with respect to both Indications (for clarity, even if such
determination is made after a termination due to a reason other than for a Technical Failure with respect to one Indication); or 
 (c)
Dermavant has received either a final, unconditional, non-approval letter pursuant to 21 C.F.R. § 314.120 or a complete response letter pursuant to 21 C.F.R. § 314.110 from the FDA (or an equivalent
letter from any other Regulatory Authority) regarding the Product and the contents of such letter: (i) render Dermavant’s receipt of Marketing Approval in the U.S. on or before September 30, 2023, not reasonably likely, or (ii) would
require Dermavant to conduct one or more additional Phase III Trials prior to resubmitting an application for Marketing Approval and such additional Phase III Trial(s) would reasonably be anticipated to cost more than [***]; provided that such a
determination shall be deemed to be a Technical Failure of both Indications (for clarity, even if such determination is made after a termination due to a reason other than for a Technical Failure with respect to one Indication). 

  
 CERTAIN
CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, MARKED BY [***], HAS BEEN
OMITTED BECAUSE DERMAVANT SCIENCES LTD. HAS DETERMINED THE INFORMATION (I) IS
NOT MATERIAL AND (II) WOULD LIKELY CAUSE COMPETITIVE HARM TO DERMAVANT
SCIENCES LTD. IF PUBLICLY DISCLOSED. 
  

15 

 “Technical Failure Notice” has the meaning set forth in
Section 3.2(a) (Termination for Technical Failure). 
 “Technical Failure Termination Payment” has the meaning
set forth in Section 3.2(c)(ii) (Effect of Program Termination). 
 “Term” has the meaning set forth in
Section 9.1 (Term of Agreement). 
 “Termination Notice” has the meaning set forth in Section 3.2(a)
(Termination for Technical Failure). 
 “Third Party” means any Person, including a Governmental Authority, other
than Dermavant, NovaQuest, and their respective Affiliates. 
 “Third Party Claim” has the meaning set forth in
Section 10.1(a) (By Dermavant). 
 “United States” or “U.S.” means the United States of
America, including its territories and possessions. 
 “U.S. AD Approval” has the meaning set forth in
Section 4.1(a)(i)(1) (AD Payments). 
 “U.S. Person” means any Person that is a “United States
Person” as defined in Section 7701(a)(30) of the Code. 
 “U.S. Psoriasis Approval” has the meaning set forth
in Section 4.1(a)(ii)(1) (AD Payments). 
 ARTICLE II 

SCOPE OF AGREEMENT AND CLOSING DELIVERABLES 

2.1 Subject to the terms and conditions hereof, solely with respect to the Program, NovaQuest shall pay Dermavant the NovaQuest
Expense-Sharing Payment in exchange for the Quarterly Interest Payments and the right to receive Sales Milestone Interest Payments (when and if earned) from Dermavant as set forth herein. 

2.2 Dermavant accepts and acknowledges that NovaQuest is agreeing, on the terms and conditions set forth in this Agreement, only to make the
NovaQuest Expense-Sharing Payment and is not assuming any liability or obligation of Dermavant. 
 2.3 Closing. The closing of the
transactions contemplated by this Agreement (the “Closing”) will take place promptly (and in any event within two Business Days) following satisfaction of the conditions set forth in Section 2.4 (Closing Conditions). At
the Closing, (a) NovaQuest will deliver the NovaQuest Expense-Sharing Payment and (b) Dermavant and NovaQuest will each deliver duly executed copies of the Security Agreements and [***]. 

  
 CERTAIN
CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, MARKED BY [***], HAS BEEN
OMITTED BECAUSE DERMAVANT SCIENCES LTD. HAS DETERMINED THE INFORMATION (I) IS
NOT MATERIAL AND (II) WOULD LIKELY CAUSE COMPETITIVE HARM TO DERMAVANT
SCIENCES LTD. IF PUBLICLY DISCLOSED. 
  

16 

 2.4 Closing Conditions. 

(a) Dermavant Closing Conditions. Dermavant’s obligation to consummate the transactions under this Agreement as contemplated at
Closing shall be subject to the satisfaction of the following Closing conditions: 
  

	 	(i)	 NovaQuest shall have delivered an Officer’s Certificate, executed by an officer of NovaQuest, certifying
that the representations and warranties set forth in Section 7.2 are true and correct in all material respects as of the Closing Date (except with respect to representations and warranties qualified by the term “material,” which
representations and warranties shall be true and correct in all respects as of the Closing Date); and 

  

	 	(ii)	 The “Closing” of the APA (as defined in the APA) shall have occurred. 

(b) NovaQuest Closing Conditions. NovaQuest’s obligation to consummate the transactions under this Agreement as contemplated at
Closing, including the funding of the NovaQuest Expense-Sharing Payment, shall be subject to the satisfaction of the following Closing conditions: 
  

	 	(i)	 Dermavant shall have delivered an Officer’s Certificate, executed by an officer of Dermavant, certifying
that: (x) Dermavant has complied in all material respects with the covenants set forth in Section 8.5 (Interim Covenants), and (y) the representations and warranties set forth in Section 7.1 are true and correct in all material
respects as of the Closing Date (except with respect to representations and warranties qualified by the term “material” or Material Adverse Effect, which representations and warranties shall be true and correct in all respects as of the
Closing Date); and 

  

	 	(ii)	 The “Closing” of the APA (as defined in the APA) shall have occurred. 

ARTICLE III 
 DEVELOPMENT
AND COMMERCIALIZATION 
 3.1 Performance of Development Plan and Commercialization Obligations. 

(a) Development Diligence. 

(i) Diligence. Dermavant shall, and shall ensure that each Responsible Party shall, use Commercially Reasonable Efforts to perform all
activities described in the Development Plan, and to otherwise Develop the Product, in a manner that is (A) consistent with the Development Plan and (B) intended to ensure that Dermavant is reasonably likely to obtain Marketing Approval in
the U.S. by the date set forth in the Development Plan. Dermavant shall submit all Marketing Approval Support Documents to Regulatory Authorities in the United States on or before the date that is [***] after Successful Completion; provided,
however, that Dermavant shall be permitted to delay the submission of the Marketing Approval Support Documents for the first Indication for which it has achieved Successful Completion if it reasonably determines that it would be feasible to file the
Marketing Approval Support Documents for both Indications at substantially the same time and thereby achieve substantially the same targeted approval dates. 

  
 CERTAIN
CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, MARKED BY [***], HAS BEEN
OMITTED BECAUSE DERMAVANT SCIENCES LTD. HAS DETERMINED THE INFORMATION (I) IS
NOT MATERIAL AND (II) WOULD LIKELY CAUSE COMPETITIVE HARM TO DERMAVANT
SCIENCES LTD. IF PUBLICLY DISCLOSED. 
  

17 

 (ii) Amendments to Development Plan. In the event that Dermavant desires to amend the
Development Plan in any material respect, it shall notify NovaQuest in reasonable detail of the proposed amendment (the “Proposed Amendment Notice”). During the [***] period following NovaQuest’s receipt of a Proposed
Amendment Notice, NovaQuest shall notify Dermavant that the amendment described in such Proposed Amendment Notice either (i) does not constitute a material amendment to the Development Plan, in which case Dermavant shall be free to amend the
Development Plan as described in the Proposed Amendment Notice or (ii) constitutes a material amendment to the Development Plan, in which case Dermavant shall not amend the Development Plan without NovaQuest’s prior written consent, which
consent shall not be unreasonably withheld, conditioned or delayed; provided, however, that NovaQuest’s consent for an amendment shall not be required if such amendment is being made pursuant to the recommendation or direction of the FDA that
is either conveyed in writing or conveyed orally and subsequently confirmed in writing (e.g., documented in FDA meeting minutes); and provided, further, that if Dermavant amends the Development Plan in a manner that is inconsistent with this
Section 3.1(a)(ii) (Amendments to Development Plan), such amendment shall be deemed to constitute a termination due to a reason other than for a Technical Failure of the applicable Indication (for clarity, such termination is solely with
respect to the Indication that is affected by the Proposed Amendment Notice). For the purposes of this Section 3.1(a)(ii) (Amendments to Development Plan), a “material” amendment to the Development Plan shall be an amendment that,
either alone or together with one or more other amendments, would reasonably be expected to (I) delay the receipt of Marketing Approval of either Indication in the U.S. by more than [***] from the projected approval date set forth in the
Development Plan (as amended), or (II) result in a Material Adverse Effect. 
 (b) Commercialization Diligence. Dermavant shall,
and shall ensure that each Responsible Party shall, use Commercially Reasonable Efforts to Commercialize the Product in the United States and each other jurisdiction in which Marketing Approval has been obtained and for each Indication for which
Marketing Approval has been obtained, in each case taking into account the CRE Considerations. 
 3.2 Program Termination. Dermavant
shall not, and shall ensure that no Responsible Party shall, suspend or terminate the Program during the Term for any reason (including a commercially reasonable reason), except that Dermavant may: (y) terminate the Program for Technical
Failure only in accordance with this Section 3.2 (Program Termination) or (z) effect a Non-Technical Termination only in accordance with this Section 3.2 (Program Termination). For the avoidance
of doubt, suspension or termination of the Program other than in accordance with this Section 3.2 (Program Termination) shall be deemed a material breach of this Agreement by Dermavant. 

(a) Termination for Technical Failure. In the event Dermavant reasonably and in good faith believes a Technical Failure has occurred,
it shall provide to NovaQuest [***] notice of the same setting forth the details and evidence of the purported Technical Failure (“Technical Failure Notice”). Promptly following the delivery of a Technical Failure Notice, the

  
 CERTAIN
CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, MARKED BY [***], HAS BEEN
OMITTED BECAUSE DERMAVANT SCIENCES LTD. HAS DETERMINED THE INFORMATION (I) IS
NOT MATERIAL AND (II) WOULD LIKELY CAUSE COMPETITIVE HARM TO DERMAVANT
SCIENCES LTD. IF PUBLICLY DISCLOSED. 
  

18 

 
Parties (including, at a minimum, each Party’s Senior Officer and Primary Contact) will meet in person to review and discuss the purported Technical Failure and the possible termination of
the Program, and Dermavant will reasonably consider NovaQuest’s feedback with respect to the Technical Failure. Dermavant will keep NovaQuest informed of any material decision-making process regarding such termination. In the event that
Dermavant decides, after reasonably considering NovaQuest’s feedback, to terminate the Program for Technical Failure, Dermavant shall promptly deliver written notice of the same to NovaQuest (the “Termination Notice”).
Dermavant shall not delay delivery of a Termination Notice so as to reduce the amount of any Technical Failure Termination Payment payable pursuant to Section 3.2(c)(ii) (Effect of Program Termination). 

(b) Non-Technical Termination. The Parties acknowledge and agree that termination of the
Program with respect to both Indications for any reason (even a commercially reasonable reason) other than a Technical Failure shall be a “Non-Technical Termination”. (For clarity, any
termination with respect to only a single Indication due to any reason other than a Technical Failure shall not be a Non-Technical Termination.) Upon the occurrence of a
Non-Technical Termination, Dermavant shall (i) promptly notify NovaQuest of such termination and (ii) within [***] of the date of termination or deemed
Non-Technical Termination under this Section 3.2(b) (Non- Technical Termination), pay NovaQuest the Non-Technical
Termination Payment. A Non- Technical Termination shall be deemed to have occurred if: (A) there has been no Technical Failure with respect to both Indications, and (B) Dermavant and its Responsible
Parties fail, for at least [***], to use Commercially Reasonable Efforts to actively and materially engage in the Development of the Product in a manner consistent with Dermavant’s obligations hereunder to Develop the Product (a
“Deemed Non-Technical Termination”). If NovaQuest provides notice to Dermavant of a Deemed Non-Technical Termination, such Deemed Non-Technical Termination shall be effective [***] from the date of such notice unless during such [***] period Dermavant reasonably demonstrates that it is using Commercially Reasonable Efforts to Develop the
Product in a manner consistent with its obligations hereunder. 
 (c) Effect of Program Termination. In addition to any other rights,
remedies, or obligations set forth herein: 
 (i) if Dermavant terminates the Program with respect to either Indication or both Indications
for any reason, then, in addition to any other rights, remedies, or obligations set forth herein, Dermavant’s payment obligations pursuant to ARTICLE IV (Dermavant’s Payments) shall survive such that if Dermavant resumes the Program within
[***] with respect to a previously terminated Indication, Dermavant will thereafter be obligated to make payments to NovaQuest pursuant to Section 4.1(a)(Quarterly Interest Payments) if, as and when they accrue and become due with respect to
such previously terminated Indication (which payments shall be offset dollar-for-dollar by an amount equal to any termination fees paid to NovaQuest pursuant to
Section 3.2(c)(ii) (Effect of Program Termination) or Section 3.2(c)(iii) (Effect of Program Termination)); and 

  
 CERTAIN
CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, MARKED BY [***], HAS BEEN
OMITTED BECAUSE DERMAVANT SCIENCES LTD. HAS DETERMINED THE INFORMATION (I) IS
NOT MATERIAL AND (II) WOULD LIKELY CAUSE COMPETITIVE HARM TO DERMAVANT
SCIENCES LTD. IF PUBLICLY DISCLOSED. 
  

19 

 (ii) if Dermavant terminates the Program for Technical Failure pursuant to
Section 3.2(a) (Termination for Technical Failure), Dermavant shall pay NovaQuest a payment (the “Technical Failure Termination Payment”) within [***] of the date on which the Termination Notice is delivered, which
Technical Failure Termination Payment shall be calculated as follows: 
 [***,] 

[***] For the avoidance of doubt, if one Indication experiences a Technical Failure at a time while Dermavant is continuing to Develop the Product for the
other Indication, then there shall not be a deemed termination of the Program for a Technical Failure unless and until Dermavant ceases Development of the second Indication, at which time a Termination Notice shall be delivered and the applicable
payment set forth under this Section 3.2(c)(ii) shall be due. 
 (iii) Following the occurrence of a
Non-Technical Termination pursuant to Section 3.2(b) (Non-Technical Termination), Dermavant shall, within [***] of the date of the
Non-Technical Termination, pay NovaQuest a Non-Technical Termination Payment. 

(iv) For the avoidance of doubt, if Dermavant makes either a Non-Technical Termination Payment or a
Technical Failure Termination Payment and subsequently resumes the Program for either Indication, then in no event shall the re-termination of such Program result in any additional payments under
Section 3.2(c) (Effect of Program Termination). 
 ARTICLE IV 

DERMAVANT’S PAYMENTS 

4.1 Quarterly Interest Payments; Sales Milestone Interest Payments; Net Sales Reports. 

(a) Quarterly Interest Payments. 

(i) AD Payments. 
 (1)
Dermavant will pay NovaQuest [***] or [***] Quarterly Interest Payments (each such payment, an “AD Milestone Payment”) as follows: (A) within [***] of a Responsible Party’s first receipt of Marketing Approval of the
Product in the United States for the AD Indication (“U.S. AD Approval”); (B) on the [***] of the Fiscal Quarter immediately following the date of U.S. AD Approval; and (C) on the [***] of (X) each of the succeeding
[***] Fiscal Quarters or, (Y) in the event of a termination of the Program solely with respect to the Psoriasis Indication due to an event other than for a [***], each of the succeeding [***] Fiscal Quarters; provided, however, that, solely in
the case of clause (Y), each Sales Milestone Interest Payment paid to NovaQuest (up to an aggregate of [***] 

  
 CERTAIN
CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, MARKED BY [***], HAS BEEN
OMITTED BECAUSE DERMAVANT SCIENCES LTD. HAS DETERMINED THE INFORMATION (I) IS
NOT MATERIAL AND (II) WOULD LIKELY CAUSE COMPETITIVE HARM TO DERMAVANT
SCIENCES LTD. IF PUBLICLY DISCLOSED. 
  

20 

 
[***]) shall be credited against (and deemed a prepayment of) each Quarterly Interest Payment otherwise owed in reverse chronological order, such that, the final Quarterly Interest Payments owed
pursuant to clause (Y) of this Section 4.1(a)(i) are deemed discharged on account of the prior payment of the Sales Milestone Interest Payment. For clarity, Dermavant shall pay NovaQuest [***] AD Milestone Payments if there is no
termination of the Program solely with respect to the Psoriasis Indication or Dermavant shall pay NovaQuest [***] AD Milestone Payments if there is a termination of the Program solely with respect to the Psoriasis Indication and due to an event
other than for a [***]. The maximum number of AD Milestone Payments due hereunder (i.e., [***] or [***], as applicable) shall be referred to herein as the “Maximum Number of AD Milestone Payments”. 

Upon the occurrence of Marketing Approval Revocation/Withdrawal applicable to the AD Indication, the total number of quarterly AD Milestone
Payments due under this Section 4.1(a)(i)(1) (AD Payments) shall be reduced to the number of AD Milestone Payments received by NovaQuest as of the date of such Marketing Approval Revocation/Withdrawal. In the event that such Marketing Approval
is reinstated (or the equivalent concept in a jurisdiction) in any jurisdiction following such Marketing Approval Revocation/Withdrawal and prior to the expiration of the Measurement Period, then the number of AD Milestone Payments due under this
Section 4.1(a)(i)(1) (AD Payments) shall be restored to the Maximum Number of AD Milestone Payments that would have been due and payable immediately prior to the occurrence of Marketing Approval Revocation/Withdrawal (i.e., either [***] or
[***]), minus any payments made prior to Marketing Approval Revocation/Withdrawal. If such Marketing Approval is reinstated as set forth above, then Dermavant shall re-commence payment of the AD Milestone
Payments on the first day of each of the succeeding Fiscal Quarters following reinstatement until NovaQuest has received, in the aggregate, the Maximum Number of AD Milestone Payments (i.e., either [***] or [***], as applicable), inclusive of any
payments made prior to such Marketing Approval Revocation/Withdrawal. 
 (2) During the period commencing on the E.U. AD Milestone Payment
Trigger Date and continuing until the earliest of the date of U.S. AD Approval, payment of the Non-Technical Termination Payment in accordance with Section 3.2(c)(iii) or Marketing Approval
Revocation/Withdrawal, Dermavant will pay NovaQuest [***)] E.U. AD Payments as follows: (A) within [***] following the E.U. AD Milestone Payment Trigger Date; (B) on the [***] day of the Fiscal Quarter immediately following the date of
E.U. AD Milestone Payment Trigger Date; and (C) on the [***] day of each of the succeeding [***] Fiscal Quarters. “E.U. AD Payment” means an amount equal to [***] of the Quarterly Interest Payment. 

  
 CERTAIN
CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, MARKED BY [***], HAS BEEN
OMITTED BECAUSE DERMAVANT SCIENCES LTD. HAS DETERMINED THE INFORMATION (I) IS
NOT MATERIAL AND (II) WOULD LIKELY CAUSE COMPETITIVE HARM TO DERMAVANT
SCIENCES LTD. IF PUBLICLY DISCLOSED. 
  

21 

 (3) During the period commencing on the Japan AD Milestone Payment Trigger Date and
continuing until the earliest of the date of U.S. AD Approval, payment of the Non-Technical Termination Payment in accordance with Section 3.2(c)(iii) or Marketing Approval Revocation/Withdrawal,
Dermavant will pay NovaQuest [***] Japan AD Payments as follows: (A) within [***] following the Japan AD Milestone Payment Trigger Date; (B) on the [***] day of the Fiscal Quarter immediately following the date of Japan AD Milestone
Payment Trigger Date; and (C) on the [***] day of each of the succeeding [***] Fiscal Quarters. “Japan AD Payment” means an amount equal to [***] of the Quarterly Interest Payment. 

(4) Dermavant may credit E.U. AD Payments and Japan AD Payments paid to NovaQuest against any interest payments due pursuant to
Section 4.1(a) (regardless of the Indication to which such payments relate). Additionally, Dermavant may also credit any Non-Technical Termination Payment paid to NovaQuest against any E.U. AD Payments
and Japan AD Payments otherwise payable in accordance with this Section 4.1(a)(i). 
  

	 	(ii)	 Psoriasis Payments. 

(1) Dermavant will pay NovaQuest a total of [***] Quarterly Interest Payments (each such payment, a “Psoriasis Milestone
Payment”) as follows: (A) within [***] of a Responsible Party’s first receipt of Marketing Approval in the United States of the Product for the Psoriasis Indication (“U.S. Psoriasis Approval”); (B) on
the [***] day of the Fiscal Quarter immediately following the date of U.S. Psoriasis Approval; and (C) on the first day of (X) each of the succeeding [***] Fiscal Quarters or, (Y) in the event of a termination of the Program solely
with respect to the AD Indication due to an event other than for a [***], each of the succeeding [***] Fiscal Quarters; provided, however, that, solely in the case of clause (Y), each Sales Milestone Interest Payment paid to NovaQuest (up to an
aggregate of [***]) shall be credited against (and deemed a prepayment of) each Quarterly Interest Payment otherwise owed in reverse chronological order, such that, the final Quarterly Interest Payments owed pursuant to clause (Y) of this
Section 4.1(a)(ii) are deemed discharged on account of the prior payment of the Sales Milestone Interest Payment. For clarity, Dermavant shall pay NovaQuest [***] Psoriasis Milestone Payments if there is no termination of the Program solely
with respect to the AD Indication or Dermavant shall pay NovaQuest [***] Psoriasis Milestone Payments if there is a termination of the Program solely with respect to the AD Indication and due to an event other than for a [***]. The maximum number of
Psoriasis Milestone Payments due hereunder (i.e., [***] or [***)], as applicable) shall be referred to herein as the “Maximum Number of Psoriasis Milestone Payments.” 

  
 CERTAIN
CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, MARKED BY [***], HAS BEEN
OMITTED BECAUSE DERMAVANT SCIENCES LTD. HAS DETERMINED THE INFORMATION (I) IS
NOT MATERIAL AND (II) WOULD LIKELY CAUSE COMPETITIVE HARM TO DERMAVANT
SCIENCES LTD. IF PUBLICLY DISCLOSED. 
  

22 

 Upon the occurrence of Marketing Approval Revocation/Withdrawal applicable to the Psoriasis
Indication, the total number of quarterly Psoriasis Milestone Payments due under this Section 4.1(a)(ii)(1) shall be reduced to the number of Psoriasis Milestone Payments received by NovaQuest as of the date of such Marketing Approval
Revocation/Withdrawal. In the event that Marketing Approval for the Psoriasis Indication is reinstated (or the equivalent concept in a jurisdiction) in any jurisdiction following such Marketing Approval Revocation/Withdrawal and prior to the
expiration of the Measurement Period, then the number of Psoriasis Milestone Payments due under this Section 4.1(a)(ii)(1) (Psoriasis Payments) shall be restored to the Maximum Number of Psoriasis Milestone Payments prior to the occurrence of
such Marketing Approval Revocation/Withdrawal (i.e., either [***] or [***]), minus any payments made prior to such Marketing Approval Revocation/Withdrawal. If such Marketing Approval is reinstated as set forth above, then Dermavant shall re-commence payment of the Psoriasis Milestone Payments on the first day of each of the succeeding Fiscal Quarters following reinstatement until NovaQuest has received, in the aggregate, the Maximum Number of
Psoriasis Milestone Payments (i.e., either [***] or [***], as applicable), inclusive of any payments made prior to such Marketing Approval Revocation/Withdrawal. 

(2) During the period commencing on the E.U. Psoriasis Milestone Payment Trigger Date and continuing until the earliest of the date of U.S.
Psoriasis Approval, payment of the Non-Technical Termination Payment in accordance with Section 3.2(c)(iii) or Marketing Approval Revocation/Withdrawal, Dermavant will pay NovaQuest [***] E.U. Psoriasis
Payments as follows: (A) within [***] following the E.U. Psoriasis Milestone Payment Trigger Date; (B) on the [***] day of the Fiscal Quarter immediately following the date of E.U. Psoriasis Milestone Payment Trigger Date; and (C) on
the [***] day of each of the succeeding [***] Fiscal Quarters. “E.U. Psoriasis Payment” means an amount equal to [***] of the Quarterly Interest Payment. 

(3) During the period commencing on the Japan Psoriasis Milestone Payment Trigger Date and continuing until the earliest of the date of U.S.
Psoriasis Approval, payment of the Non-Technical Termination Payment in accordance with Section 3.2(c)(iii) or Marketing Approval Revocation/Withdrawal, Dermavant will pay NovaQuest [***] Japan Psoriasis
Payments as follows: (A) within [***] following the Japan Psoriasis Milestone Payment Trigger Date; (B) on the [***] day of the Fiscal Quarter immediately following the date of the Japan Psoriasis Milestone Payment Trigger Date; and
(C) on the [***] day of each of the succeeding [***)] Fiscal Quarters. “Japan Psoriasis Payment” means an amount equal to [***] of the Quarterly Interest Payment. 

  
 CERTAIN
CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, MARKED BY [***], HAS BEEN
OMITTED BECAUSE DERMAVANT SCIENCES LTD. HAS DETERMINED THE INFORMATION (I) IS
NOT MATERIAL AND (II) WOULD LIKELY CAUSE COMPETITIVE HARM TO DERMAVANT
SCIENCES LTD. IF PUBLICLY DISCLOSED. 
  

23 

 (4) Dermavant may credit E.U. Psoriasis Payments and Japan Psoriasis Payments paid to
NovaQuest against any interest payments due pursuant to Section 4.1(a) (regardless of the Indication to which such payments relate). Additionally, Dermavant may also credit any Non-Technical Termination
Payment paid to NovaQuest against any E.U. Psoriasis Payments and Japan Psoriasis Payments otherwise payable in accordance with this Section 4.1(a)(ii). 

(iii) At any time prior to any portion(s) of an AD Milestone Payment or Psoriasis Milestone Payment coming due, Dermavant may in lieu of
making such payment, elect to pay NovaQuest a PV Payment. To make such an election, Dermavant shall, prior to the applicable AD Milestone Payment or Psoriasis Milestone Payment coming due, provide to NovaQuest: (a) written notice setting forth
the dates for which the PV Payment is being made, as well as both the amount of the AD Milestone Payment or Psoriasis Milestone Payment for which it elects to make a PV Payment (the “PV Election Amount”) and the details of
the PV Payment calculation and (b) the PV Payment. Upon making a PV Payment for a particular AD Milestone Payment or Psoriasis Milestone Payment, Dermavant shall then not be required to make such payment(s) when they would otherwise come due
(e.g., if Dermavant makes PV Payments covering four (4) quarterly installments for a given Indication, then it shall be relieved from making such four (4) quarterly payments as and when they otherwise would come due). 

(b) Sales Milestone Interest Payments. For the period commencing on the date on which Marketing Approval is first obtained for any
Indication and ending on the later of the last day of the Fiscal Year that is [***] after the earlier of the first U.S. AD Approval or the first U.S. Psoriasis Approval (the “Measurement Period”), Dermavant shall pay
NovaQuest a Sales Milestone Interest Payment no later than [***] after the delivery of the applicable Net Sales Report that shows the first achievement of each of the following events (each a “Sales Milestone Event”): 

 

	 	(i)	 Net Sales in a Fiscal Year equal or exceed [***]; 

 

	 	(ii)	 Net Sales in a Fiscal Year equal or exceed [***]; 

 

	 	(iii)	 Net Sales in a Fiscal Year equal or exceed [***]; and 

 

	 	(iv)	 Net Sales in a Fiscal Year equal or exceed [***]. 

Each of the foregoing Sales Milestone Interest Payments shall be made only one time following the achievement of the respective Sales Milestone Event. In the
event that no U.S. AD Approval or no U.S. Psoriasis Approval occurs during the [***] following the date on which Marketing Approval is first obtained for any Indication, then the Measurement Period shall expire on the [***] of the date on which
Marketing Approval is first obtained for any Indication. 

  
 CERTAIN
CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, MARKED BY [***], HAS BEEN
OMITTED BECAUSE DERMAVANT SCIENCES LTD. HAS DETERMINED THE INFORMATION (I) IS
NOT MATERIAL AND (II) WOULD LIKELY CAUSE COMPETITIVE HARM TO DERMAVANT
SCIENCES LTD. IF PUBLICLY DISCLOSED. 
  

24 

 (c) Net Sales Reports. Following the first Marketing Approval of the Product and
through the end of the Measurement Period, Dermavant shall deliver a written report setting forth, in reasonable detail, the cumulative global Net Sales occurring during and through the end of each Fiscal Quarter and the year-to-date global Net Sales for such Fiscal Year (the “Net Sales Report”). The Net Sales Report shall be delivered to NovaQuest no later than (i)
[***] after the end of each Fiscal Quarter (other than the last Fiscal Quarter of a fiscal year) and (ii) [***] after the end of the last Fiscal Quarter of a Fiscal Year. All Net Sales Reports and information contained therein shall be Confidential
Information of Dermavant. 
 4.2 NovaQuest’s Account. All payments under this Agreement to NovaQuest shall be made in U.S.
Dollars by wire transfer in immediately available funds, to such account as NovaQuest designates in writing from time to time. With respect to Net Sales invoiced in a currency other than U.S. Dollars, such Net Sales will be converted into the
U.S. Dollar equivalent using the conversion rate existing in the United States (as reported in The Wall Street Journal, New York edition) for the applicable currency on the last Business Day of the applicable Fiscal Quarter. If The
Wall Street Journal ceases to publish such exchange rate, then the rate of exchange to be used shall be that reported in such other business publication of national circulation in the United States on which the Parties reasonably agree. 

4.3 Dermavant’s Reports and Record Keeping; NovaQuest’s Audit Rights. 

(a) Quarterly Reports: No later than: (i) [***] after the end of each Fiscal Quarter (other than the last Fiscal Quarter of a fiscal
year) and (ii) [***] after the end of the last Fiscal Quarter of a Fiscal Year during the Product Development Period, Dermavant will submit to NovaQuest a Quarterly Report for the most recently completed Fiscal Quarter. 

(b) Records. Dermavant shall, and shall ensure that the Responsible Parties shall, keep and maintain for a period of [***] from the end
of any calendar month accounts and records of all data reasonably required to verify: 
 (i) any information required to be provided to
NovaQuest under this Agreement; and 
 (ii) (A) the gross amount invoiced by any Responsible Party to Third Parties for sales of the Product
and (B) the calculation of Net Sales. 
 Dermavant’s and the Responsible Parties’ recordkeeping obligations shall survive until the date that
is [***] from the date on which Dermavant makes the last possible Sales Milestone Interest Payment (the “Recordkeeping Period”). 

(c) Audit of Dermavant. From the Closing Date until the expiration of the Recordkeeping Period, upon prior written notice to Dermavant,
NovaQuest shall have the right to audit, through an independent certified public accountant of national recognition selected by NovaQuest and reasonably acceptable to Dermavant, those accounts and records of Dermavant and its Affiliates involved in
the Commercialization of the Product as may be reasonably necessary to verify Dermavant’s and such Affiliates’ compliance with this Agreement. Such audits must occur during normal business hours and upon providing at least [***] prior
written notice, and may occur no more than once per Fiscal Year. NovaQuest shall be solely 

  
 CERTAIN
CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, MARKED BY [***], HAS BEEN
OMITTED BECAUSE DERMAVANT SCIENCES LTD. HAS DETERMINED THE INFORMATION (I) IS
NOT MATERIAL AND (II) WOULD LIKELY CAUSE COMPETITIVE HARM TO DERMAVANT
SCIENCES LTD. IF PUBLICLY DISCLOSED. 
  

25 

 
responsible for the cost of any such audit, unless the independent certified public accountant’s report shows, in respect of any Fiscal Year then being reviewed, an underreporting of Net
Sales for such Fiscal Year by more than [***], in which case Dermavant shall be responsible for the reasonable expenses incurred by NovaQuest for the independent certified public accountant’s services. 

(d) Audit of Licensees. Dermavant shall include in each License Agreement terms record keeping and audit rights substantially similar
to those set forth herein. From the Closing Date until the expiration of the Recordkeeping Period, if Dermavant completes an audit of a Licensee’s books and records prior to the end of the Recordkeeping Period, Dermavant shall, subject to
reasonable confidentiality obligations and any applicable limitations under Applicable Law, share the written results of any such audit of a Licensee. In addition, prior to the expiration of the Recordkeeping Period, if, with respect to any
Licensee, Dermavant does not during any consecutive [***] period undertake an audit reasonably sufficient to verify such Licensee’s compliance with the terms of this Agreement applicable to a Responsible Party then, upon the reasonable request
of NovaQuest, Dermavant shall undertake such an audit of such Licensee’s books and records, in accordance with the provisions of the applicable License Agreement (which, for the avoidance of doubt, shall be provisions that are substantially
similar to those that are set forth herein) and subject to any limitations under Applicable Law, and NovaQuest shall reimburse Dermavant for the reasonable out-of-pocket
costs of such audit unless the results of the audit shows, in respect of any Fiscal Year then being reviewed, an underreporting of Net Sales for such Fiscal Year by more than [***], in which case Dermavant shall be responsible for such costs. 

(e) Audit Dispute. If Dermavant disputes the results of any audit conducted pursuant to this Section 4.3 (Dermavant’s Reports
and Record Keeping; NovaQuest’s Audit Rights), the Parties shall work in good faith to resolve the disagreement. If the Parties are unable to reach a mutually acceptable resolution of any such dispute within [***], the dispute shall be
submitted for resolution to a certified public accounting firm jointly selected by each Party’s certified public accountants or to such other Person as the Parties shall mutually agree (the “Auditor”). The decision of
the Auditor shall be final and the costs of such procedure as well as the initial audit shall be borne between the Parties in such manner as the Auditor shall determine. If the Auditor determines that there has been an underpayment by Dermavant,
Dermavant shall pay to NovaQuest the underpayment within [***] after the Auditor’s decision, plus interest (as set forth in Section 4.5 (Interest)) from the original due date. If the Auditor determines that there has been an overpayment by
Dermavant, then Dermavant may take a credit for such overpayment against any future payments due to NovaQuest. 
 4.4 Taxes. 

(a) If any Governmental Authority requires Dermavant to deduct or withhold any amount from, or NovaQuest to pay any present or future Tax,
assessment, or other governmental charge on, any payment to NovaQuest (“Withholding Payment”), Dermavant will, in addition to paying NovaQuest such reduced payment, simultaneously pay NovaQuest such additional amounts such
that NovaQuest receives the full contractual amount of the applicable payment from Dermavant as if no such Withholding Payment had occurred, provided, that, Dermavant shall not be required to pay such additional amounts with respect to any
Withholding Payment that is 

  
 CERTAIN
CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, MARKED BY [***], HAS BEEN
OMITTED BECAUSE DERMAVANT SCIENCES LTD. HAS DETERMINED THE INFORMATION (I) IS
NOT MATERIAL AND (II) WOULD LIKELY CAUSE COMPETITIVE HARM TO DERMAVANT
SCIENCES LTD. IF PUBLICLY DISCLOSED. 
  

26 

 
attributable to any Excluded Taxes. Each Party agrees to cooperate with the other Party in claiming refunds or exemptions from such deductions or withholdings under any relevant agreement or
treaty which is in effect. The Parties shall discuss and cooperate regarding applicable mechanisms for minimizing such Taxes to the extent possible in compliance with Applicable Law. 

(b) 
  

	 	(i)	 If NovaQuest is entitled to an exemption from or reduction of a Withholding Payment with respect to payments
made under this Agreement, it shall deliver to Dermavant, at the time or times reasonably requested by Dermavant, such properly completed and executed documentation reasonably requested by Dermavant as will permit such payments to be made without
withholding or at a reduced rate of withholding. In addition, NovaQuest, if reasonably requested by Dermavant, shall deliver such other documentation prescribed by Applicable Law or reasonably requested by Dermavant as will enable Dermavant to
determine whether or not NovaQuest is subject to backup withholding or information reporting requirements. Notwithstanding anything to the contrary in the preceding two sentences, the completion, execution and submission of such documentation (other
than such documentation set forth in paragraphs (b)(ii) of this Section) shall not be required if in NovaQuest’s reasonable judgment such completion, execution or submission would subject NovaQuest to any material unreimbursed cost or expense
or would materially prejudice the legal or commercial position of NovaQuest and, for clarity, NovaQuest shall be deemed to have complied with its obligations under this Section if it has so exercised its reasonable judgment. NovaQuest agrees that if
any form or certification it previously delivered expires or becomes obsolete or inaccurate in any respect, it shall update such form or certification or notify Dermavant in writing of its legal inability to do so, in either case within a reasonable
amount of time following Dermavant’s request for an update. 

  

	 	(ii)	 Without limiting the generality of the foregoing, in the event that Dermavant assigns its rights and
obligations hereunder to an Affiliate that is a U.S. Person, NovaQuest shall deliver to Dermavant from time to time upon the reasonable request of Dermavant, executed copies of IRS Form W-9 or W-8, as applicable, certifying that it is exempt from U.S. federal backup withholding tax. 

  

	 	(iii)	 If a payment made to NovaQuest hereunder would be subject to U.S. federal withholding Tax imposed by FATCA if
NovaQuest were to fail to comply with the applicable reporting requirements of FATCA (including those contained in Section 1471(b) or 1472(b) of the Code, as applicable), NovaQuest shall deliver to Dermavant at the time or times prescribed by
Applicable Law and at such time or times reasonably requested by Dermavant such documentation prescribed by Applicable Law (including as prescribed by Section 1471(b)(3)(C)(i) of the Code) and such additional documentation reasonably requested
by Dermavant as may be necessary for Dermavant to comply with its obligations under FATCA and to determine that NovaQuest has complied with its obligations under FATCA or to determine the amount, if any, to deduct and withhold from such payment.
Solely for purposes of this clause (iii), “FATCA” shall include any amendments made to FATCA after the date of this Agreement. 

  
 CERTAIN
CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, MARKED BY [***], HAS BEEN
OMITTED BECAUSE DERMAVANT SCIENCES LTD. HAS DETERMINED THE INFORMATION (I) IS
NOT MATERIAL AND (II) WOULD LIKELY CAUSE COMPETITIVE HARM TO DERMAVANT
SCIENCES LTD. IF PUBLICLY DISCLOSED. 
  

27 

	 	(iv)	 Dermavant shall deliver to NovaQuest the original or a certified copy of a receipt issued by any Governmental
Authority evidencing the payment of any withholding Tax on NovaQuest’s behalf. 

 (c) NovaQuest and each of its
assignees under this Agreement shall, at the time that it becomes a party hereunder, represent, in the applicable assignment agreement which it executes on becoming a party, and for the benefit of Dermavant, that it is not a Qualifying Bank. 

4.5 Late Interest. In the event that a payment under this Agreement is not made when due, such outstanding payment will accrue
interest, beginning on the date when the payment was due, at an annual rate equal to [***], plus the Prime Rate, (or the maximum rate permitted under Applicable Law, whichever is less). Such accrued interest will be compounded annually. Payment of
accrued interest will accompany payment of the outstanding payment. “Prime Rate” means the prime rate as reported in The Wall Street Journal, New York Edition, on the date such payment first comes due. 

4.6 Minimum Interest Rates and Payments Recalculation. The Parties do not expect that the payments made by Dermavant hereunder will be
subject to Swiss Withholding Tax, but if a Tax deduction is required by Swiss law to be made by a Swiss Borrower in respect of any interest payable by it under this Agreement and should it be unlawful for such Swiss Borrower to comply with
Section 4.4(a) (Taxes), taking into account any exclusions set out in this Agreement, for any reason, the applicable interest rate in relation to that interest payment shall be: (i) the interest rate which would have applied to that
interest payment in the absence of this Section 4.6 divided by (ii) [***] and (a) that the Swiss Borrower shall be obliged to pay the relevant interest at the adjusted rate in accordance with this Section 4.6 (Minimum Interest Rates
and Payments Recalculation), (b) the Swiss Borrower shall make the Tax deduction on the interest so recalculated and (c) all references to a rate of interest in this Agreement shall be construed accordingly. No recalculation of interest shall
be made under this Section 4.6 (Minimum Interest Rates and Payments Recalculation) if an event of default has not occurred or is not continuing and the Non-Bank Rules would not have been violated if
(i) such lender under this Agreement which is not a Permitted Non-Qualifying Bank in relation to which the Swiss Borrower makes the payment, was a Qualifying Bank but on that date that lender under this
Agreement is not or has ceased to be a Qualifying Bank other than as a result of any change of law after the date it became a lender under this Agreement or (ii) such lender under this Agreement, in relation to which the Swiss Borrower makes
the payment, had complied with its obligations under Section 11.7 (Successors and Assigns). For avoidance of doubt, Dermavant shall not be required to pay any additional amounts under Section 4.4 (Taxes) above if a recalculation of
interest is made pursuant to this Section 4.6 (Minimum Interest Rates and Payments Recalculation). 

  
 CERTAIN
CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, MARKED BY [***], HAS BEEN
OMITTED BECAUSE DERMAVANT SCIENCES LTD. HAS DETERMINED THE INFORMATION (I) IS
NOT MATERIAL AND (II) WOULD LIKELY CAUSE COMPETITIVE HARM TO DERMAVANT
SCIENCES LTD. IF PUBLICLY DISCLOSED. 
  

28 

 ARTICLE V 

INFORMATION RIGHTS 
 5.1
Generally. 
 (a) In connection with NovaQuest’s service on the Joint Steering Committee contemplated by Section 5.2 (Joint
Steering Committee), the representatives appointed by NovaQuest may request Dermavant to provide them with such information relating to the Development and Commercialization of the Product as reasonably necessary for them to fulfill their role on
the Joint Steering Committee. Such information requests by NovaQuest may relate to the following matters: 
 (i) general
Development and commercial readiness overview and updates, including any issues with regard to manufacturing; 
 (ii)
material Regulatory Filings, including an NDA; 
 (iii) safety update reports provided to a Regulatory Authority; 

(iv) clinical trial protocols, statistical analysis plans, final clinical study reports, and equivalent documents from pre-clinical trials; and 
 (v) clinical trial enrollment, progress, and results and
general progress of the Development Plan. 
 Dermavant may reasonably select the means of communication for delivery of such information, including via
summaries, reports, and presentations made during meetings of the Joint Steering Committee; provided, however, that upon NovaQuest’s reasonable request, Dermavant shall respond to NovaQuest’s questions regarding the matters described in
clauses (i) through (v) of this Section 5.1 (Generally). 
 5.2 Joint Steering Committee. 

(a) Generally. In order to fulfill the objectives and provide monitoring of, and communication regarding, the Program and this
Agreement, the Parties shall form a joint steering committee (the “Joint Steering Committee” or “JSC”), whose initial members are listed on Exhibit 2. The JSC may (i) review and comment on
the Development and Commercialization of the Product; (ii) serve as a forum for discussion for matters relating to the Development and Commercialization of the Product; (iii) discuss potential material amendments to the Development Plan
and clinical trial protocols; and (iv) review clinical study reports. The JSC shall be the primary forum for Dermavant to communicate with NovaQuest regarding the progress with respect to Development and Commercialization of the Product as well
as any problems associated with the foregoing. The JSC shall have no decision-making power or authority to bind either Party. 

  
 CERTAIN
CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, MARKED BY [***], HAS BEEN
OMITTED BECAUSE DERMAVANT SCIENCES LTD. HAS DETERMINED THE INFORMATION (I) IS
NOT MATERIAL AND (II) WOULD LIKELY CAUSE COMPETITIVE HARM TO DERMAVANT
SCIENCES LTD. IF PUBLICLY DISCLOSED. 
  

29 

 (b) JSC Membership. The JSC shall include two (2) representatives (including the
Primary Contact) appointed by Dermavant who have appropriate authority over the Development or Commercialization of the Product and two (2) representatives (including the Primary Contact and another senior executive of NovaQuest) appointed by
NovaQuest. Upon reasonable notice of a Party, other representatives of such Party may attend meetings of the JSC; provided, that if such representatives are not employees of a Party, they shall be subject to (i) approval of the other Party
(such approval to not be unreasonably withheld or delayed) and (ii) confidentiality obligations at least substantially equivalent to those set forth herein. NovaQuest’s initial Primary Contact shall be [***]. Dermavant’s initial
Primary Contact shall be [***]. A Party may change its Primary Contact or appointees to the JSC at any time, but must give notice to the other Party of any such change as soon as reasonably practical. NovaQuest agrees that neither of its
representatives on the JSC will be involved in the development of a Competing Product during the term of this Agreement. 
 (c)
Meetings. The JSC shall meet at least one time every [***] until the first commercial sale of the Product. Such meetings shall be conducted either in person at the offices of Dermavant or such other location as mutually agreed upon, or by
telephone or videoconference, as the Parties agree. 
 (d) Termination. The Joint Steering Committee shall be dissolved upon an
Initial Public Offering. 
 5.3 Notification of Material Adverse Events. Dermavant will promptly notify NovaQuest if it is aware of
the occurrence of a Material Adverse Event (and Dermavant shall be responsible for requiring that each other Responsible Party notifies Dermavant of a Material Adverse Effect upon such Responsible Party becoming aware thereof). 

5.4 Notice of Certain Events. In addition to its notification obligations set forth in Section 5.3 (Notification of Material
Adverse Events), Dermavant will notify NovaQuest in writing with respect to the following matters regarding the Product promptly upon Dermavant’s knowledge thereof (and Dermavant shall be responsible for requiring that each other Responsible
Party notifies Dermavant of such matters upon such Responsible Party becoming aware thereof): 
 (a) any decision to cease the Development or
Commercialization of the Product in any material respect (it being understood and agreed that delivery of a Proposed Amendment Notice pursuant to Section 3.1(a)(ii) shall, if it clearly communicates Dermavant’s decision to cease the
Development of the Product and is delivered promptly following such decision by Dermavant, satisfy the obligation under this Section 5.4(a)); 

(b) the actual or written threatened revocation, withdrawal, suspension, cancellation, termination, or material adverse modification of any
approvals or authorizations of Governmental Authorities with respect to the Product; or 
 (c) Dermavant’s or, following
Dermavant’s knowledge, any other Responsible Party’s being debarred, excluded, suspended, or otherwise ineligible to participate in government health care programs; or the receipt by Dermavant or any other Responsible Party of any material
written notice (adverse or otherwise) from any Governmental Authority regarding the approvability or approval of the Product. 

  
 CERTAIN
CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, MARKED BY [***], HAS BEEN
OMITTED BECAUSE DERMAVANT SCIENCES LTD. HAS DETERMINED THE INFORMATION (I) IS
NOT MATERIAL AND (II) WOULD LIKELY CAUSE COMPETITIVE HARM TO DERMAVANT
SCIENCES LTD. IF PUBLICLY DISCLOSED. 
  

30 

 ARTICLE VI 

CONFIDENTIAL INFORMATION 

6.1 Definition of Confidential Information. For purposes of this Agreement, the term “Confidential Information”
of a Party means any confidential and/or proprietary information furnished by or on behalf of such Party or its Affiliates (the “Disclosing Party”) to another Party or its Affiliates (the “Receiving
Party”) pursuant to this Agreement or learned through observation during visit(s) to any facility of the Disclosing Party. Notwithstanding the foregoing, Confidential Information shall not include information that, in each case as
demonstrated by written documentation or other competent evidence: 
 (i) was already known to the Receiving Party, other than under an
obligation of confidentiality, at the time it was disclosed to or learned by the Receiving Party hereunder; 
 (ii) was generally available
to the public or otherwise part of the public domain at the time it was disclosed to or learned by the Receiving Party hereunder; 
 (iii)
became generally available to the public or otherwise part of the public domain after it was disclosed to or learned by the Receiving Party hereunder, other than through any act or omission of the Receiving Party in breach of this Agreement; 

(iv) was lawfully disclosed to the Receiving Party, after it was disclosed to or learned by the Receiving Party hereunder, by a Third Party
that is not bound by any obligation of confidentiality with respect to such information; or 
 (v) is independently developed by the
Receiving Party without the benefit or use of the Confidential Information of the Disclosing Party. 
 6.2 Obligations. Except as
authorized in this Agreement or except upon obtaining the Disclosing Party’s prior written permission to the contrary, Receiving Party agrees that for the Term and for [***] thereafter, it will: 

(a) maintain in confidence, and not disclose to any Person or entity, the Disclosing Party’s Confidential Information; 

(b) not use the Disclosing Party’s Confidential Information for any purpose, except for performing Receiving Party’s obligations and
exercising its rights under this Agreement; and 
 (c) protect the Disclosing Party’s Confidential Information in its possession by
using the same degree of care as it uses to protect its own Confidential Information (but, in any event, no less than a reasonable degree of care). 

Notwithstanding anything to the contrary in this Agreement, Disclosing Party will be entitled to injunctive relief to restrain the breach or threatened breach
by Receiving Party of this ARTICLE VI (Confidential Information) without having to prove actual damages or threatened irreparable harm or post any bond or other security. Such injunctive relief will be in addition to any rights and remedies
available to the Disclosing Party at law, in equity, and under this Agreement for such breach or threatened breach. 

  
 CERTAIN
CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, MARKED BY [***], HAS BEEN
OMITTED BECAUSE DERMAVANT SCIENCES LTD. HAS DETERMINED THE INFORMATION (I) IS
NOT MATERIAL AND (II) WOULD LIKELY CAUSE COMPETITIVE HARM TO DERMAVANT
SCIENCES LTD. IF PUBLICLY DISCLOSED. 
  

31 

 6.3 Permitted Disclosures. 

(a) Permitted Disclosures. 

(i) Generally. The Receiving Party may disclose the Disclosing Party’s Confidential Information (without the Disclosing
Party’s prior written permission) if such disclosure is made to the Receiving Party’s Affiliates, employees, agents, consultants, tax advisors, accountants, or attorneys, in each case, who need to know such Confidential Information and who
are, prior to receiving such disclosure, bound by written or professional confidentiality and non-use obligations no less stringent than those contained herein. 

(ii) NovaQuest Disclosures. Solely in connection with the Closing and to the extent reasonably necessary, in NovaQuest’s sole
discretion, for NovaQuest to obtain funding for the NovaQuest Expense-Sharing Payment and enter into this Agreement, NovaQuest shall be permitted to disclose Dermavant’s Confidential Information to other Persons who: (A) are limited
partners, investors or potential investors (or advisors or fiduciaries to such Persons, including trustees, directors, members of a limited partner advisory committee, or members of an investment committee) of NovaQuest being asked to, directly or
indirectly, fund (or approve for funding) a portion of the NovaQuest Expense-Sharing Payment, and (B) need to know such Confidential Information in connection with making his, her, or its investment decision regarding this Agreement and are
bound by written or professional confidentiality and non-use obligations no less stringent than those contained herein. In addition, NovaQuest may disclose the identity of Dermavant, the Product that is the
subject of this Agreement, and the fact that this Agreement provides for quarterly interest payments and milestone interest payments to Persons who are or are employed or retained by investors or potential investors in NovaQuest and its Affiliates
or potential investment targets of NovaQuest and its Affiliates, provided that any such Persons are, prior to receiving such disclosure, bound by written or professional confidentiality and non-use obligations
no less stringent than those contained herein. 
 (iii) Dermavant Disclosures. Dermavant shall be permitted to disclose Confidential
Information (including the existence and terms of this Agreement) to potential or actual investors, lenders, investment bankers, acquirers, licensees/sublicensees and other financial and commercial partners as may be necessary in connection with
their evaluation of such potential or actual investment, loan, financing (including an Initial Public Offering or any other offering of securities), collaboration, merger, acquisition or similar transaction; provided, however, that such persons
shall be subject to obligations of confidentiality and non-use with respect to such Confidential Information substantially similar to the obligations of confidentiality and
non-use of the Receiving Party pursuant to this ARTICLE VI (Confidential Information) (unless a shorter duration of confidentiality is customary in the industry). 

(iv) Regulatory Disclosures. The Receiving Party may disclose the Disclosing Party’s Confidential Information (without the
Disclosing Party’s prior written permission) if such disclosure is made to officers, employees, or advisors of any Regulatory Authorities for the purpose of performing Product Development Activities, submitting Regulatory Filings for the
Program, or obtaining Marketing Approval for the Product. 

  
 CERTAIN
CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, MARKED BY [***], HAS BEEN
OMITTED BECAUSE DERMAVANT SCIENCES LTD. HAS DETERMINED THE INFORMATION (I) IS
NOT MATERIAL AND (II) WOULD LIKELY CAUSE COMPETITIVE HARM TO DERMAVANT
SCIENCES LTD. IF PUBLICLY DISCLOSED. 
  

32 

 Notwithstanding the foregoing, the Receiving Party shall be responsible for any breach of this ARTICLE VI
(Confidential Information) by any of the Third Parties described in this Section 6.3(a) (Permitted Disclosures) to which it discloses Confidential Information (as if such Third Party was bound by the terms of this ARTICLE VI (Confidential
Information)), and shall take all reasonably necessary measures to restrain such Third Parties from unauthorized disclosure or use of the Confidential Information. 

(b) Legally Required. Receiving Party may disclose Disclosing Party’s Confidential Information, without Disclosing Party’s
prior written permission, to any Person to the extent such disclosure is necessary to comply with Applicable Law (including the Securities Act and the Exchange Act), applicable stock exchange requirements, or an order or subpoena from a court of
competent jurisdiction; provided, however, that Receiving Party, to the extent it may legally do so, shall give reasonable advance notice to Disclosing Party of such disclosure and, at Disclosing Party’s reasonable request and expense,
Receiving Party shall use its reasonable efforts to secure confidential treatment of such Confidential Information prior to its disclosure (whether through protective orders or otherwise). 

6.4 Terms of Agreement. The Parties agree that they will each treat the existence, contents and terms of this Agreement as
confidential, and neither Party shall make any press release or other public disclosure that discloses or otherwise concerns this Agreement or any terms hereof, without the prior written consent of the other Party, except to the extent allowed under
Section 6.3 (Permitted Disclosures) or as otherwise permitted in accordance with this Section 6.4 (Terms of Agreement). Consistent with Section 6.3(b) (Permitted Disclosures), the Parties agree to use reasonable efforts to provide the
other with a copy of that portion of any filing required by a securities agency regarding this Agreement or its terms to review prior to filing and to consider any comments of the other Party in good faith, and to the extent either Party is required
to file or disclose this Agreement with a securities agency, such Party shall consider in good faith the other Party’s comments with respect to confidential treatment of this Agreement’s terms and shall redact this Agreement in a manner
allowed by the securities agency to protect sensitive terms, and shall be permitted to file this Agreement, as so redacted, with the securities agency. For purposes of clarity, each Party is free to discuss with Third Parties the information
regarding this Agreement and the Parties’ relationship disclosed in such securities filings and any other authorized public announcements. 

6.5 Use of Names. Neither Party shall mention or otherwise use the name, insignia, symbol, trademark, trade name, or logotype of the
other Party or its Affiliates (or any abbreviation or adaptation thereof) in any publication, press release, promotional material, or other form of publicity without the prior written approval of such other Party in each instance. Notwithstanding
the foregoing, the restrictions imposed by this Section 6.5 (Use of Names) shall not prohibit Receiving Party from making any disclosure identifying any Person to the extent required by Applicable Law or the rules of a stock exchange on which
the securities of the Disclosing Party are listed (or to which an application for listing has been submitted), provided that the Receiving Party shall provide the Disclosing Party with written notice of such disclosure. 

  
 CERTAIN
CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, MARKED BY [***], HAS BEEN
OMITTED BECAUSE DERMAVANT SCIENCES LTD. HAS DETERMINED THE INFORMATION (I) IS
NOT MATERIAL AND (II) WOULD LIKELY CAUSE COMPETITIVE HARM TO DERMAVANT
SCIENCES LTD. IF PUBLICLY DISCLOSED. 
  

33 

 ARTICLE VII 

REPRESENTATIONS AND WARRANTIES; LIMITATION OF LIABILITY 

7.1 Dermavant’s Representations and Warranties. Except as set forth in disclosure schedules attached hereto, Dermavant represents
and warrants to NovaQuest as of the Effective Date as follows: 
 (a) Organization. Dermavant is a company duly organized, validly
existing, and in good standing under the laws of Switzerland. 
 (b) No Consent. No consent, approval, license, order, authorization,
registration, declaration, or filing with or of any Third Party, other than Marketing Approval required with respect to the Product and customary UCC and similar filings needed to perfect NovaQuest’s liens under the Security Agreements, is
required by Dermavant in connection with the execution and delivery by Dermavant of this Agreement, the performance by Dermavant of its obligations under this Agreement, the Security Agreements, or the consummation of any of the transactions
contemplated hereby or thereby. 
 (c) Authorization. Dermavant has all necessary corporate power, right, and authority to carry on
its business as it is presently carried on by Dermavant, enter into, execute, and deliver this Agreement and the Security Agreements, and perform all of the covenants, agreements and obligations to be performed by Dermavant hereunder and thereunder.
This Agreement has been, and as of the Closing, the Security Agreements will be, duly executed and delivered by Dermavant and constitute Dermavant’s valid and binding obligation, enforceable against Dermavant in accordance with the terms of
each respective agreement, subject to bankruptcy, insolvency, reorganization, or similar laws affecting the rights of creditors generally and equitable principles. 

(d) No Conflicts. The execution and delivery of this Agreement and the Security Agreements by Dermavant and the performance by
Dermavant of its obligations hereunder and thereunder does not and will not (i) violate any provision of the organizational documents of Dermavant; (ii) conflict with or violate any Applicable Law that applies to Dermavant, its Controlled
Affiliates, Parent, or their respective assets or properties; (iii) require any permit, authorization, consent, approval, exemption, or other action by, notice to, or filing with any entity or Governmental Authority (other than as expressly
contemplated hereby); (iv) violate, conflict with, result in a material breach of, or constitute (with or without notice or lapse of time or both) a material default under, or an event that would give rise to any right of notice, modification,
acceleration, payment, cancellation, or termination under, or in any manner release any party thereto from any obligation under, any permit or contract to which Dermavant, its Controlled Affiliates, or Parent is a party or by which any of its
properties or assets are bound; or (v) result in the creation or imposition of any Lien on any part of the Product Assets or the properties or assets of Dermavant, except, in the case of each of clauses (ii), (iii), (iv) or (v), as would not
reasonably be expected to have, individually or in the aggregate, a Material Adverse Effect. 

  
 CERTAIN
CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, MARKED BY [***], HAS BEEN
OMITTED BECAUSE DERMAVANT SCIENCES LTD. HAS DETERMINED THE INFORMATION (I) IS
NOT MATERIAL AND (II) WOULD LIKELY CAUSE COMPETITIVE HARM TO DERMAVANT
SCIENCES LTD. IF PUBLICLY DISCLOSED. 
  

34 

 (e) Product Assets. Except as set forth in Schedule 7.1(e), Dermavant solely
owns all right, title, and interest in and to (i) the Product; (ii) all Patents that Cover the Development, manufacture, use, or sale of the Product, all of which are listed in Schedule 7.1(e); and (iii) all material data,
trade secrets, Product IP Rights, and other intellectual property rights used by it in the research, Development, and manufacture of the Product. Schedule 7.1(e) specifies as to each listed Patent (A) the jurisdictions by or in which
each such Patent has issued as a patent or a patent application has been filed, including the respective patent or patent application numbers and (B) any party other than Dermavant owning or having an interest in such Patent, including the
nature of such interest. All of the Patents are in full force and effect and have not lapsed, expired, or otherwise terminated. To Dermavant’s knowledge and to Parent’s knowledge, no Person claims to be an inventor under any of the Patents
who is not a named inventor thereof. As of the Effective Date, there are no licensees or Licensees. As of the Effective Date, Dermavant has no payment obligation, whether secured or unsecured, that is senior to or has priority over Dermavant’s
payment obligations to NovaQuest under this Agreement. 
 (f) Litigation. There is no action, suit, claim, proceeding, interference,
reexamination, opposition, or investigation pending or threatened against Dermavant, its Controlled Affiliates, or Parent at law or in equity, arbitration proceeding to which Dermavant is a party, or Governmental Authority inquiry pending or, to the
knowledge of Dermavant and to the knowledge of Parent, threatened against Dermavant, its Controlled Affiliates, or Parent, that, if adversely determined, would: (i) question or defeat the validity or enforceability of, or Parent’s or
Dermavant’s rights to any Patent Covering the Product or Product IP Rights owned or controlled by Parent or Dermavant; (ii) prevent the consummation of the transactions contemplated by this Agreement or the Security Agreements; or
(iii) if settled or adversely determined, would reasonably be expected to have, individually on in the aggregate, a Material Adverse Effect. 

(g) Infringement. To the knowledge of Dermavant and to the knowledge of Parent, the making, use, sale, offer for sale, and import of
the Product by Dermavant and its Controlled Affiliates, Licensees, licensees, or sublicensees does not, and, if the Product was being sold as of the Effective Date, would not, as of the Effective Date, infringe any patent claim of any Third Party or
misappropriate or make any unauthorized use of any patent or intellectual property rights of any Third Party. To the knowledge of Dermavant, no Third Party is infringing, misappropriating or making any unauthorized use of a Patent Covering the
Product or Product Know-How. None of the Patents Covering the Product or Product Know-How is subject to any outstanding decree, order, judgment, or stipulation
restricting in any manner the use or licensing thereof by Dermavant. 
 (h) Material Contracts. All Material Contracts to which
Dermavant or a Controlled Affiliate is a party or will be a party as of the Closing Date are listed in Schedule 7.1(h) and are, except as set forth in Schedule 7.1(h), in full force and effect. Dermavant has provided complete copies of
all such Material Contracts to NovaQuest. Dermavant is in compliance with and has not materially breached, violated, or defaulted under, or received written notice that it has materially breached, violated, or defaulted under any of the terms or
conditions of any such Material Contract. Dermavant is not aware of any event that has occurred or circumstance or condition that exists that would or would reasonably be expected to constitute such a breach, violation, or default with the lapse of
time, giving of notice, or both. Other than any such Material Contract, there are no contracts, agreements, commitments, or undertakings pursuant to which Dermavant in-licenses or otherwise has rights under
any Patent or intellectual property rights of any Third Party that are material to the Development or Commercialization of the Product. 

  
 CERTAIN
CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, MARKED BY [***], HAS BEEN
OMITTED BECAUSE DERMAVANT SCIENCES LTD. HAS DETERMINED THE INFORMATION (I) IS
NOT MATERIAL AND (II) WOULD LIKELY CAUSE COMPETITIVE HARM TO DERMAVANT
SCIENCES LTD. IF PUBLICLY DISCLOSED. 
  

35 

 (i) Certain Regulatory Matters. 

(i) Dermavant currently holds or has the right to acquire all applicable approvals and authorizations from Governmental Authorities necessary
for Dermavant to conduct its business in the manner in which such business is being conducted with respect to the Product, including the Development, manufacture and testing of the Product, and all such approvals and authorizations are in good
standing and in full force and effect. None of Dermavant, its Controlled Affiliates, or Parent have received any written notice or any other communication from any Governmental Authority regarding any actual or possible revocation, withdrawal,
suspension, cancellation, termination, or material modification of any such approvals or authorizations. 
 (ii) None of Dermavant, its
Controlled Affiliates, or Parent have knowingly made any untrue statement of a material fact or fraudulent statement to any Regulatory Authority or any other Governmental Authority, failed to disclose a material fact required to be disclosed to any
Regulatory Authority or other Governmental Authority, or committed an act, made a statement or failed to make a statement, that provides or would reasonably be expected to provide a basis for the FDA or other Governmental Authority to invoke the
FDA’s policy respecting “Fraud, Untrue Statements of Material Facts, Bribery, and Illegal Gratuities” set forth in 56 Fed. Reg. 46191 (September 10, 1991) or any similar policy of any other Governmental Authority. 

(iii) Dermavant is not and has never been, Parent is not and has never been, and, to Dermavant’s knowledge and Parent’s knowledge,
none of Dermavant’s Controlled Affiliates have or have ever been, (A) debarred by a Governmental Authority, (B) a party to a settlement, consent or similar agreement with a Governmental Authority regarding the Product, or
(C) charged with, or convicted of, violating Applicable Law regarding the Product. 
 (iv) The Product is being, and, to
Dermavant’s knowledge and Parent’s knowledge, at all times has been, Developed, tested, manufactured, labeled, and stored in compliance in all material respects with all Applicable Laws, including with respect to investigational use, good
clinical practices, good laboratory practices, good manufacturing practices, record keeping, security, and filing of reports. 
 (v) The
Product has never been the subject of or subject to (as applicable) any recall, suspension, market withdrawal, seizure, warning letter, other written communication asserting lack of compliance with any Applicable Law in any material respect, or
serious adverse event. No clinical trial of the Product has been suspended, put on hold or terminated prior to completion as a result of any action by any Regulatory Authority or other Governmental Authority or voluntarily. To Dermavant’s
knowledge and to Parent’s knowledge, no event has occurred or circumstance exists that is reasonably likely to give rise to or serve as a basis for any of the foregoing events. 

(vi) Dermavant has, with respect to the Product and Program, made available to NovaQuest true and complete copies of all material pre-clinical and clinical data, reports and analyses, all material correspondence with the FDA, material interim analysis from ongoing trials, material tables from recently completed clinical trials where no
clinical study report is available, and any other information that is material to the Development or Commercialization of the Product. 

  
 CERTAIN
CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, MARKED BY [***], HAS BEEN
OMITTED BECAUSE DERMAVANT SCIENCES LTD. HAS DETERMINED THE INFORMATION (I) IS
NOT MATERIAL AND (II) WOULD LIKELY CAUSE COMPETITIVE HARM TO DERMAVANT
SCIENCES LTD. IF PUBLICLY DISCLOSED. 
  

36 

 (vii) None of Dermavant, its Controlled Affiliates, or Parent have received any adverse
written notice from any Governmental Authority regarding the approvability or approval of the Product. 
 (j) Subsidiaries and
Investments. Dermavant does not own any stock, partnership interest, or other equity securities. 
 (k) Non-Bank Rules. Dermavant is in compliance with the Non-Bank Rules; provided, that, Dermavant shall not be in breach of this representation if its number of creditors that
are not Qualifying Banks in respect of either the 10 Non-Bank Rule or the 20 Non-Bank Rule is exceeded solely because NovaQuest has (i) made an incorrect
declaration of its status as to whether or not it is a Qualifying Bank, (ii) failed to comply with its obligations under Section 11.7, or (iii) ceased to be a Qualifying Bank other than as a result of any change in Applicable Law
after the date it became a lender under this Agreement. 
 7.2 NovaQuest’s Representations, Warranties and Covenants. Except as
set forth in disclosure schedules attached hereto, NovaQuest represents, warrants, and covenants to Dermavant as of the Effective Date: 

(a) Organization. NovaQuest is a limited partnership duly organized, validly existing, and in good standing under the laws of the State
of Delaware. 
 (b) Authorization. NovaQuest has all necessary power, right, and authority to carry on its business as it is
presently carried on by NovaQuest, to enter into, execute, and deliver this Agreement and perform all of the covenants, agreements, and obligations to be performed by NovaQuest hereunder. This Agreement has been duly executed and delivered by
NovaQuest and constitutes NovaQuest’s valid and binding obligation, enforceable against NovaQuest in accordance with its terms, subject to bankruptcy, insolvency, reorganization, or similar laws affecting the rights of creditors generally, and
equitable principles. 
 (c) No Conflict. Neither the execution and delivery of this Agreement nor the performance or consummation of
it or the transactions contemplated hereby will conflict with, result in a breach or violation of, constitute a default under, or accelerate the performance under (with due notice or lapse of time or both) the terms of (i) any Applicable Law;
(ii) any contract, agreement, commitment or instrument to which NovaQuest is a party or by which NovaQuest or any of its assets are bound or committed; or (iii) the applicable formation documents for NovaQuest, except, in the case of each
of clauses (i) and (ii) for any conflicts, violations, breaches, defaults, alterations, terminations, amendments, accelerations, cancellations, or Liens which would not reasonably be expected to have, individually or in the aggregate, a
material adverse effect on NovaQuest’s ability to perform its obligations hereunder. 
 (d) No Consent. No consent, approval,
license, order, authorization, registration, declaration, or filing with or of any Person is required by NovaQuest in connection with the execution and delivery by NovaQuest of this Agreement, the performance by it of its obligations under this
Agreement or the consummation of any of the transactions contemplated hereby. 

  
 CERTAIN
CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, MARKED BY [***], HAS BEEN
OMITTED BECAUSE DERMAVANT SCIENCES LTD. HAS DETERMINED THE INFORMATION (I) IS
NOT MATERIAL AND (II) WOULD LIKELY CAUSE COMPETITIVE HARM TO DERMAVANT
SCIENCES LTD. IF PUBLICLY DISCLOSED. 
  

37 

 (e) Litigation. There is no action, suit, claim, proceeding, interference,
reexamination, opposition, or investigation pending or threatened against NovaQuest or its Affiliates at law or in equity, arbitration proceeding to which NovaQuest or its Affiliates is a party, or Governmental Authority inquiry pending or, to the
knowledge of NovaQuest, threatened against NovaQuest or any of its Affiliates that, if adversely determined, would prevent the consummation of the transactions contemplated by this Agreement or the Security Agreements or materially impair the
ability of NovaQuest to perform its obligations hereunder. 
 (f) Financial Ability. NovaQuest will have on the Closing Date
sufficient funds available to pay the NovaQuest Expense-Sharing Payment at the Closing and otherwise satisfy all of its obligations in connection with this Agreement and the transactions contemplated hereby and in the Security Agreements. 

7.3 Survival of Representations and Warranties. All representations and warranties of the Parties hereunder are true and correct as of
the Effective Date and shall survive the execution and delivery of this Agreement for a period of [***] following the Closing Date. 
 7.4
Limitation of Liability; Special, Indirect and Other Losses. NEITHER PARTY WILL BE LIABLE TO THE OTHER PARTY OR ANY OF THEIR AFFILIATES OR ANY RESPONSIBLE PARTY FOR ANY INDIRECT, INCIDENTAL, CONSEQUENTIAL, EXEMPLARY, PUNITIVE OR SPECIAL
DAMAGES OF ANY KIND OR ANY LOSS OF GOODWILL, ANY LOST PROFITS (INCLUDING MULTIPLES), BUSINESS INTERRUPTION OR LOSS OF ANY CONTRACT OR OTHER BUSINESS OPPORTUNITY ARISING OUT OF OR IN CONNECTION WITH THIS AGREEMENT, HOWEVER CAUSED AND ON ANY THEORY OF
LIABILITY (WHETHER IN CONTRACT, TORT (INCLUDING NEGLIGENCE), STRICT LIABILITY, OR OTHERWISE), EVEN IF SUCH PARTY WAS ADVISED OR OTHERWISE AWARE OF THE LIKELIHOOD OF SUCH DAMAGES AND REGARDLESS OF ANY NOTICE OF THE POSSIBILITY OF SUCH DAMAGES.
NOTWITHSTANDING ANYTHING TO THE CONTRARY CONTAINED HEREIN, DERMAVANT’S LIABILITY FOR A BREACH OF THIS AGREEMENT SHALL NOT EXCEED [***] IN THE AGGREGATE LESS ANY PAYMENTS MADE TO, OR FOR THE BENEFIT OF, NOVAQUEST. NOTWITHSTANDING ANYTHING TO THE
CONTRARY CONTAINED HEREIN, NOVAQUEST’S LIABILITY FOR A BREACH OF THIS AGREEMENT SHALL NOT EXCEED [***]. THE LIMITATIONS OF LIABILITY AND DAMAGES SET FORTH IN THIS SECTION 7.4 WILL NOT LIMIT EITHER PARTY’S INDEMNIFICATION OBLIGATIONS UNDER
ARTICLE X. 
 7.5 Liquidated Damages. DERMAVANT ACKNOWLEDGES THAT, WITH RESPECT TO A
NON-TECHNICAL TERMINATION, NOVAQUEST’S ACTUAL DAMAGES RESULTING FROM SUCH TERMINATION ARE DIFFICULT TO ESTIMATE AND MAY BE DIFFICULT FOR NOVAQUEST TO PROVE. ACCORDINGLY, THERE MAY BE NO ADEQUATE REMEDY AT
LAW TO FULLY COMPENSATE NOVAQUEST. THEREFORE, [***] SHALL BE DEEMED LIQUIDATED DAMAGES AND NOT A PENALTY. EACH PARTY ACKNOWLEDGES THAT (A) THE AMOUNT OF SUCH LIQUIDATED DAMAGES REPRESENTS A FAIR, REASONABLE, AND APPROPRIATE ESTIMATE OF
NOVAQUEST’S ACTUAL DIRECT DAMAGES AND (B), PAYMENT OF SUCH AMOUNT SHALL EXTINGUISH ANY CLAIMS THAT NOVAQUEST MAY HAVE SOLELY WITH RESPECT TO A BREACH BY DERMAVANT OF SECTION 3.1. 

  
 CERTAIN
CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, MARKED BY [***], HAS BEEN
OMITTED BECAUSE DERMAVANT SCIENCES LTD. HAS DETERMINED THE INFORMATION (I) IS
NOT MATERIAL AND (II) WOULD LIKELY CAUSE COMPETITIVE HARM TO DERMAVANT
SCIENCES LTD. IF PUBLICLY DISCLOSED. 
  

38 

 7.6 No Other Representations or Warranties. EACH PARTY TO THIS AGREEMENT AGREES THAT,
EXCEPT FOR THE REPRESENTATIONS AND WARRANTIES CONTAINED IN THIS AGREEMENT, NEITHER PARTY MAKES ANY OTHER REPRESENTATIONS OR WARRANTIES, AND EACH HEREBY DISCLAIMS ANY OTHER REPRESENTATIONS OR WARRANTIES MADE BY ITSELF OR ANY OF ITS AFFILIATES OR ANY
OF THEIR RESPECTIVE OFFICERS, DIRECTORS, EMPLOYEES, AGENTS, FINANCIAL AND LEGAL ADVISORS, OR OTHER REPRESENTATIVES, WITH RESPECT TO THE EXECUTION AND DELIVERY OF THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED BY THIS AGREEMENT, NOTWITHSTANDING THE
DELIVERY OR DISCLOSURE TO THE OTHER OR THE OTHER’S REPRESENTATIVES OF ANY DOCUMENTATION OR OTHER INFORMATION WITH RESPECT TO ANY ONE OR MORE OF THE FOREGOING. 

ARTICLE VIII 
 COVENANTS

 8.1 Dermavant Notification to NovaQuest. 

(a) Defaults, Termination and Litigation. Dermavant shall promptly (but no later than within [***)] notify NovaQuest in writing of the
commencement of (or receipt of notice of the actual or threatened commencement of) any material dispute, claim, suit, litigation, injunction, or arbitration proceeding related to: (a) the Product or either Indication, or (b) Material
Contracts to which Dermavant or a Controlled Affiliate is a party relating to the Product, including those disputes, claims, suits, litigation, or arbitration proceedings alleging a Third Party’s infringement or misappropriation of any of the
Patents Covering the Product or Product IP Rights owned or licensed by a Responsible Party and those alleging a Responsible Party’s (or any of their respective Affiliates’, Licensees’, or sublicensees’) infringement or
misappropriation of a Third Party’s intellectual property in the Development or Commercialization of the Product. Each such notification shall contain a reasonable summary of the event described therein. At the request of NovaQuest, Dermavant
shall promptly discuss with NovaQuest the applicable matter. 
 (b) Intellectual Property Updates. 

(i) Promptly after receipt by a Responsible Party of any notice with respect to any Governmental Authority taking final patent
office action that cannot be appealed as part of the patent prosecution process under relevant patent office procedures relating to the status or validity, or change thereto, of any Patents Covering the Product, Dermavant shall provide a copy of
such notice to NovaQuest. 
 (ii) Dermavant shall also keep NovaQuest informed on an annual basis with regard to material
developments in the status of the Patents Covering the Product (i.e., pending, granted or abandoned/expired, other than any unpublished filings). 

  
 CERTAIN
CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, MARKED BY [***], HAS BEEN
OMITTED BECAUSE DERMAVANT SCIENCES LTD. HAS DETERMINED THE INFORMATION (I) IS
NOT MATERIAL AND (II) WOULD LIKELY CAUSE COMPETITIVE HARM TO DERMAVANT
SCIENCES LTD. IF PUBLICLY DISCLOSED. 
  

39 

 8.2 No Disposition of Rights. Without NovaQuest’s prior written consent, which
shall not be unreasonably withheld, conditioned, or delayed, Dermavant shall not (and Dermavant shall ensure that a Responsible Party, other than a Licensee that has rights to Develop or Commercialize the Product only pursuant to a Solely Ex-U.S. License Agreement, does not) effect a Change of Control, or encumber, sell, assign, transfer, license, sublicense, deliver, or otherwise dispose of all or any of Dermavant’s right, title, or interest in
or to any Product Assets. Notwithstanding the foregoing, Dermavant may, without NovaQuest’s consent, (a) enter into a License Agreement with a Qualified Party but only if the Licensee agrees to (i) comply with its obligations
hereunder as a Responsible Party and (ii) not assign or sublicense its rights to any Third Party that is not also a Qualified Party, (b) enter into a [***], (c) grant a license or sublicense or otherwise transfer rights purchased under the
APA, provided that such license, sublicense or other transfer (i) is to [***] and (ii) would not reasonably be expected to result in a Material Adverse Effect; and (d) sell, transfer or otherwise dispose of inventory of the Product in
the ordinary course of business or other Product Assets that Dermavant reasonably believes are no longer necessary or useful in the Development or Commercialization of the Product (such as obsolete equipment) in the ordinary course of business.
After the execution of any License Agreement [***], Dermavant shall provide NovaQuest with a true and complete copy of such agreement within [***] following the execution thereof, provided that Dermavant shall be permitted to redact confidential
terms, such as economic terms. If any such [***] License Agreement is amended, then Dermavant shall provide NovaQuest with copy of such amendment within [***] following the execution thereof. Additionally, Dermavant may, without NovaQuest’s
consent, encumber the Product Assets pursuant to one or more debt financings but only if: (A) the aggregate secured indebtedness for borrowed money of Dermavant that is pari passu with the obligations to NovaQuest secured by the Security
Agreements does not exceed [***] prior to Marketing Approval in the United States or [***] after such Marketing Approval (in each case, exclusive of Dermavant’s obligations to NovaQuest hereunder); (B) such debt ranks pari passu, or is
subordinated, to Dermavant’s obligations to NovaQuest hereunder; and (C) the lender(s) in such debt financing(s) enter into an intercreditor agreement with NovaQuest on customary terms and conditions that are reasonably acceptable to
NovaQuest. 
 8.3 Dermavant’s IP Obligations. Except as would not reasonably be expected to have, individually or in the
aggregate, a Material Adverse Effect, Dermavant shall (and shall cause each Responsible Party to) use Commercially Reasonable Efforts, taking into account CRE Considerations, to: 

(a) prosecute and maintain in full force and effect all Patents Covering the Product owned or controlled by it on or after the Effective Date;

 (b) maintain, keep in full force and effect and seek available patent term extensions for any such Patents Covering the Product; 

(c) defend any challenge to the validity, patentability, enforceability, and/or non- infringement of
any of the Patents Covering the Product or any opposition to any of the Patents Covering the Product in any court, administrative agency, or other forum; 

  
 CERTAIN
CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, MARKED BY [***], HAS BEEN
OMITTED BECAUSE DERMAVANT SCIENCES LTD. HAS DETERMINED THE INFORMATION (I) IS
NOT MATERIAL AND (II) WOULD LIKELY CAUSE COMPETITIVE HARM TO DERMAVANT
SCIENCES LTD. IF PUBLICLY DISCLOSED. 
  

40 

 (d) in the event a Third Party is infringing the Patents Covering the Product, cause such
infringement to cease, including by initiating legal proceedings against any Third Party infringer; and 
 (e) maintain all material Product
Know-How in confidence. 
 8.4 Additional Covenants and Agreements of Dermavant. 

(a) Compliance with Law. With respect to the performance of this Agreement and the activities contemplated by this Agreement, except as
would not reasonably be expected to give rise to a Material Adverse Effect, Dermavant shall comply, and shall cause each Responsible Party to comply with all Applicable Laws. 

(b) Material Contracts. Dermavant shall comply with all material terms and conditions of, and fulfill all of its obligations under, all
of the Material Contracts to which Dermavant or a Controlled Affiliate is a party, except for such noncompliance that could not reasonably be expected to give rise to a Material Adverse Effect. Dermavant shall enforce against the other party(ies) to
each Material Contract to which Dermavant or a Controlled Affiliate is a party all material terms and conditions thereunder, except where the failure of the other party(ies) to perform would not reasonably be expected to give rise to a Material
Adverse Effect. Dermavant shall not amend any Material Contract in any material respect or issue any waivers or consents or other approvals under any Material Contract without the prior written consent of NovaQuest (not to be unreasonably withheld
or delayed), except where such amendment, waiver, or consent would not reasonably be expected to give rise to a Material Adverse Effect. 

(c) Competing Product. If, at any time before the date that is [***] following the first commercial sale of the Product in the U.S.,
Dermavant (either directly or through a Responsible Party) commercializes any Competing Product, then, for so long as such product remains a Competing Product, the net sales of any such Competing Product (calculated in accordance with the definition
of “Net Sales” in this Agreement) shall be deemed to be Net Sales of the Product until the earlier of: (i) the expiration of such [***], and (ii) the expiration of the Measurement Period. 

8.5 Interim Covenants. Except as otherwise contemplated by this Agreement, including the consummation of the transactions contemplated
under the APA, between the Effective Date and the Closing Date, unless NovaQuest shall otherwise provide its prior written consent (which consent shall not be unreasonably withheld, conditioned or delayed), Dermavant shall conduct its operations in
a manner that will not materially impair its ability to perform its obligations under this Agreement. Except as otherwise contemplated by this Agreement or as set forth in Schedule 8.5, between the Effective Date and the Closing Date, without
the prior consent of NovaQuest (which consent shall not be unreasonably withheld, conditioned or delayed), Dermavant shall not sell, transfer, license, encumber or otherwise dispose of any assets or rights purchased under the APA or any interest
therein. 
 8.6 Non-Bank Rules. Dermavant shall ensure that it is at all times in compliance
with the Non-Bank Rules; provided, that, Dermavant shall not be in breach of this covenant if its number of creditors that are not Qualifying Banks in respect of either the 10
Non-Bank Rule or the 20 Non-Bank Rule is exceeded solely because NovaQuest has (i) made an incorrect declaration of its status as to whether or not it is a
Qualifying Bank or (ii) failed to comply with its obligations under Section 11.7 (Successors and Assigns). 

  
 CERTAIN
CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, MARKED BY [***], HAS BEEN
OMITTED BECAUSE DERMAVANT SCIENCES LTD. HAS DETERMINED THE INFORMATION (I) IS
NOT MATERIAL AND (II) WOULD LIKELY CAUSE COMPETITIVE HARM TO DERMAVANT
SCIENCES LTD. IF PUBLICLY DISCLOSED. 
  

41 

 ARTICLE IX 

TERM AND TERMINATION 
 9.1
Term of Agreement. This Agreement shall commence as of the Effective Date and shall continue until there are no payment obligations under ARTICLE III (Development and Commercialization) and ARTICLE IV (Dermavant’s Payments) (the
“Term”), provided, that, in no event shall the Term exceed [***]. Notwithstanding the foregoing, in the event that the Closing does not occur on or before the date that is [***] following the Effective Date, either Party may
terminate this Agreement by providing written notice to the other (an “Early Termination”). 
 9.2 Survival.
Notwithstanding anything to the contrary contained in this Agreement, [***], and all payment obligations that have accrued as of the date of termination shall survive the termination of this Agreement for any reason; provided, however, that in
the event of an Early Termination, no provisions of this Agreement shall survive. 
 ARTICLE X 

INDEMNIFICATION 
 10.1
General Obligations. 
 (a) By Dermavant. Dermavant hereby agrees to indemnify, defend, hold harmless, and reimburse NovaQuest
and its Affiliates and their respective managers, directors, officers, employees, agents, and its and their respective successors, heirs, and assigns (the “NovaQuest Indemnitees”) from and against any losses, costs, claims,
damages, Liabilities, or expenses (including reasonable attorneys’ and professional fees and other expenses of litigation) (collectively, “Losses”) actually incurred by NovaQuest Indemnitees arising out of claims, suits,
actions, or demands, in each case brought by a Third Party, or settlements or judgments arising therefrom (including personal injury, products liability, and intellectual property infringement or misappropriation claims) (each a “Third
Party Claim”) as a result or arising out of: 
 (i) a Responsible Party’s, or its or their respective agent’s or
contractor’s Development, promotion, marketing, handling, manufacture, packaging, labeling, storage, distribution, pricing, reimbursement, transport, use, sale, or other disposition of the Product; 

(ii) any material breach by Dermavant of a representation or warranty of Dermavant contained in this Agreement; 

  
 CERTAIN
CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, MARKED BY [***], HAS BEEN
OMITTED BECAUSE DERMAVANT SCIENCES LTD. HAS DETERMINED THE INFORMATION (I) IS
NOT MATERIAL AND (II) WOULD LIKELY CAUSE COMPETITIVE HARM TO DERMAVANT
SCIENCES LTD. IF PUBLICLY DISCLOSED. 
  

42 

 (iii) any breach by Dermavant in any material respect of any covenant, agreement, or
obligation of Dermavant contained in this Agreement; or 
 (iv) a Responsible Party’s failure to comply with Applicable Law. 

Dermavant’s obligations pursuant to this ARTICLE X (Indemnification) shall not apply to the extent such Third Party Claims result from negligence or
willful misconduct by any of the NovaQuest Indemnitees or the breach of the terms and conditions of this Agreement by any of the NovaQuest Indemnitees, including the representations and warranties made by NovaQuest in this Agreement. 

(b) By NovaQuest. NovaQuest hereby agrees to indemnify, defend, hold harmless, and reimburse Dermavant and its Affiliates and their
respective managers, directors, officers, employees, agents, and their respective successors, heirs, and assigns (the “Dermavant Indemnitees”) from and against any Losses actually incurred by Dermavant Indemnitees arising out
of a Third Party Claim as a result or arising out of: 
 (i) any material breach by NovaQuest of a representation or warranty of NovaQuest
contained in this Agreement 
 (ii) any breach in any material respect by NovaQuest of any covenant, agreement, or obligation of NovaQuest
contained in this Agreement; or 
 (iii) violation by NovaQuest of any Applicable Laws applicable to the performance of NovaQuest’s
obligations under this Agreement. 
 NovaQuest’s obligations pursuant to this ARTICLE X (Indemnification) shall not apply to the extent such Third
Party Claims result from negligence or willful misconduct by any of the Dermavant Indemnitees or the breach of the terms and conditions of this Agreement by any of the Dermavant Indemnitees, including the representations and warranties made by
Dermavant in this Agreement. 
 10.2 Procedures. 

(a) Notice. A Party seeking indemnification (the “Indemnified Party”) under Section 10.1 (General
Obligations) shall give prompt written notice to the other Party (the “Indemnifying Party”) of the assertion of any claim in respect of which indemnity may be sought hereunder. Such notice shall include a description of the
claim and the nature and amount of the applicable Loss, to the extent known at such time. The failure of an Indemnified Party to notify the Indemnifying Party on a timely basis will not relieve the Indemnifying Party of any liability that it may
have to the Indemnified Party unless the Indemnifying Party demonstrates that the defense of such action is materially prejudiced by the Indemnified Party’s failure to give such notice. The Indemnified Party shall provide the Indemnifying Party
with copies of all papers and official documents received in connection with any Third Party Claims for which indemnity is sought hereunder and such other information with respect thereto as the Indemnifying Party may reasonably request. The Parties
shall keep each other informed of any facts or circumstances that may be of material relevance in connection with the Loss for which indemnification is sought. 

  
 CERTAIN
CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, MARKED BY [***], HAS BEEN
OMITTED BECAUSE DERMAVANT SCIENCES LTD. HAS DETERMINED THE INFORMATION (I) IS
NOT MATERIAL AND (II) WOULD LIKELY CAUSE COMPETITIVE HARM TO DERMAVANT
SCIENCES LTD. IF PUBLICLY DISCLOSED. 
  

43 

 (b) In General. The Indemnifying Party may assume the defense of any Third Party
Claim for which indemnity is sought hereunder by giving written notice thereof to the Indemnified Party within [***] after the Indemnifying Party’s receipt of a notice provided pursuant to Section 10.2(a) (Notice). Upon assuming the
defense of a Third Party Claim, the Indemnifying Party may appoint as lead counsel in the defense of the Third Party Claim any legal counsel selected by the Indemnifying Party and reasonably acceptable to the Indemnified Party. In the event the
Indemnifying Party assumes the defense of a Third Party Claim, the Indemnified Party shall immediately deliver to the Indemnifying Party all original notices and documents (including court papers) received by the Indemnified Party in connection with
the Third Party Claim. Should the Indemnifying Party assume the defense of a Third Party Claim, except as provided in Section 10.2(c) (Right to Participate in Defense), the Indemnifying Party shall not be liable to the Indemnified Party for any
legal expenses subsequently incurred by such Indemnified Party in connection with the analysis, defense, or settlement of the Third Party Claim. 

(c) Right to Participate in Defense. Without limiting Section 10.2(b) (General), any Indemnified Party shall be entitled to
participate in, but not control, the defense of such Third Party Claim and to employ counsel of its choice for such purpose. However, such employment shall be at the Indemnified Party’s own expense unless (i) the employment thereof has
been specifically authorized by the Indemnifying Party in writing; (ii) the Indemnifying Party has failed to assume the defense and employ counsel in accordance with Section 10.2(b) (In General) (in which case the Indemnified Party shall
control the defense); or (iii) the interests of the Indemnified Party and the Indemnifying Party with respect to such Third Party Claim are sufficiently adverse to prohibit the representation by the same counsel of both Parties under Applicable
Laws, ethical rules, or equitable principles. 
 (d) Settlement. With respect to any Third Party Claim, the Indemnifying Party shall
have the sole right to consent to the entry of any judgment or enter into any settlement with respect to such Third Party Claim, on such terms as the Indemnifying Party, in its sole discretion, deems appropriate so long as such judgment or
settlement (i) does not involve any relief other than the payment of monetary damages, which shall be paid in full by the Indemnifying Party; (ii) does not involve any finding or admission of any violation of Applicable Law by the
Indemnified Party or any violation of the rights of any Person by the Indemnified Party; and (iii) includes, as an unconditional term thereof, the giving by the applicable Third Party of a full and unconditional release of the Indemnified Party
from all liability with respect to the matters that are subject to such Third Party Claim. Except as set forth in this Section 10.2(d) (Settlement), the Indemnifying Party shall not consent to the entry of any judgment or enter into any
settlement with respect to any Third Party Claim without the prior written consent of the Indemnified Party. 
 (e) Cooperation.
Regardless of whether the Indemnifying Party chooses to defend any Third Party Claim in respect of which indemnity is sought hereunder, the Indemnified Party shall, and shall cause each of its indemnitees to, cooperate in the defense or prosecution
thereof and shall furnish such records, information, and testimony, provide such witnesses, and attend such conferences, discovery proceedings, hearings, trials, and appeals as may be reasonably requested in connection therewith. Such cooperation
shall include access during normal business hours afforded to the Indemnifying Party to, and reasonable retention by the Indemnified Party of, records and information that are reasonably relevant to such Third Party Claim, and making Indemnified
Parties and other employees and agents available on a mutually convenient basis to provide additional information and explanation of any material provided hereunder, and the Indemnifying Party shall reimburse the Indemnified Party for all its
reasonable out-of-pocket expenses in connection therewith. 

  
 CERTAIN
CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, MARKED BY [***], HAS BEEN
OMITTED BECAUSE DERMAVANT SCIENCES LTD. HAS DETERMINED THE INFORMATION (I) IS
NOT MATERIAL AND (II) WOULD LIKELY CAUSE COMPETITIVE HARM TO DERMAVANT
SCIENCES LTD. IF PUBLICLY DISCLOSED. 
  

44 

 (f) Breach by the Indemnifying Party of its Obligations. If the Indemnifying Party
denies or fails to timely admit its obligation under this ARTICLE X (Indemnification) regarding a Third Party Claim or fails to assume and diligently conduct the defense of any such Third Party Claim or indemnify and hold harmless the Indemnified
Party with respect to any Losses arising out of such Third Party Claim throughout the period that such claim exists, then its right to defend that Third Party Claim shall terminate and the Indemnified Party may assume the defense of, and settle,
such claim with counsel of its own choice and on such terms as it deems appropriate, without any obligation to obtain the consent of the Indemnifying Party. Additionally, the Indemnifying Party will be obligated to indemnify and hold harmless the
Indemnified Party for such defense and settlement if the Indemnifying Party is determined to have breached its obligations under this ARTICLE X (Indemnification) with regard to such Third Party Claim and the Third Party Claim is subject to the
indemnification provisions of this ARTICLE X (Indemnification). 
 10.3 Limitations. Off-set
Insurance Proceeds. No Party shall be entitled to recover under this ARTICLE X (Indemnification) for any Third Party Claim to the extent such Third Party Claim is actually recovered by such Party under any applicable insurance policies or other
collateral sources. If there is a recovery by a Party under any insurance policy or from any other collateral source subsequent to its indemnification by the Indemnifying Party, then such Party shall promptly pay over the amount of such recovery to
the Indemnifying Party (but no more than the amount that the Party received from the Indemnifying Party for such Third Party Claim). 
 10.4
No Implied Representations. The Parties acknowledge and agree that, other than the representations and warranties of the parties specifically contained in this Agreement, there are no representations or warranties of Dermavant, NovaQuest or
any other Person either expressed or implied with respect to the Product, Net Sales, Product Assets or the transactions contemplated by this Agreement and that the parties do not rely on, and shall have no remedies in respect of, any representation
or warranty not specifically set forth in this Agreement. 
 10.5 Limitations; Refund of Taxes. If any Party determines, in its sole
discretion exercised in good faith, that it has received a refund of any Taxes as to which it has been indemnified pursuant to this ARTICLE X (including by the payment of additional amounts pursuant to Section 4.4 and a recalculation of
interest rate pursuant to Section 4.6), it shall pay to the Indemnifying Party an amount equal to such refund (but only to the extent of indemnity payments made under this Section with respect to the Taxes giving rise to such refund), net of
all out-of-pocket expenses (including Taxes) of such Indemnified Party and without interest (other than any interest paid by the relevant Governmental Authority with
respect to such refund). Such Indemnifying Party, upon the request of such Indemnified Party, shall repay to such Indemnified Party the amount paid over pursuant to this Section 10.5 (plus any penalties, interest or other charges imposed by the
relevant Governmental Authority) in the event that such indemnified party is required to repay such refund to such Governmental Authority. Notwithstanding anything to the contrary in this Section 10.5, in no event will the Indemnified Party be
required to pay any amount to an Indemnifying Party pursuant to this Section 10.5 the payment of which would place 

  
 CERTAIN
CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, MARKED BY [***], HAS BEEN
OMITTED BECAUSE DERMAVANT SCIENCES LTD. HAS DETERMINED THE INFORMATION (I) IS
NOT MATERIAL AND (II) WOULD LIKELY CAUSE COMPETITIVE HARM TO DERMAVANT
SCIENCES LTD. IF PUBLICLY DISCLOSED. 
  

45 

 
the Indemnified Party in a less favorable net after-Tax position than the indemnified party would have been in if the Tax subject to indemnification and
giving rise to such refund had not been deducted, withheld or otherwise imposed and the indemnification payments or additional amounts with respect to such Tax had never been paid. This Section 10.5 shall not be construed to require any
Indemnified Party to make available its Tax returns (or any other information relating to its Taxes that it deems confidential) to the Indemnifying Party or any other Person. 

ARTICLE XI 

MISCELLANEOUS 
 11.1
Governing Law. This Agreement shall be governed by and construed, interpreted, and enforced in accordance with the laws of New York, as applied to agreements executed and performed entirely in New York, without giving effect to the principles
of conflicts of law thereof. 
 11.2 WAIVER OF JURY TRIAL. EACH PARTY IRREVOCABLY WAIVES ANY RIGHT TO TRIAL BY JURY IN ANY SUIT,
ACTION OR PROCEEDING IN CONNECTION WITH OR RELATING TO THIS AGREEMENT OR ANY AGREEMENT ENTERED INTO PURSUANT HERETO AND AGREES THAT ANY SUCH SUIT, ACTION, OR PROCEEDING SHALL BE TRIED BEFORE A COURT AND NOT BEFORE A JURY. 

11.3 Dispute Resolution. 

(a) Subject to Section 11.4 (Equitable Relief), prior to the initiation of any arbitration between the Parties, any dispute, controversy,
or claim arising under, out of, or in connection with this Agreement, including any subsequent amendments, regarding the validity, enforceability, construction, performance, or breach hereof (a “Dispute”) shall be first
addressed between the Parties’ Primary Contacts who will attempt in good faith to reach a mutually acceptable resolution to it, which attempt will include promptly meeting in-person to the extent
practicable. If a Party believes that such discussions are not proving satisfactory, then either Party shall have the right to refer such Dispute to the Parties’ Senior Officers for attempted resolution by sending a written notice to the other
Party requesting the same (the “Dispute Notice”). If either Party provides a Dispute Notice, the Senior Officer (or his or her designee that has authority to enter into a binding agreement on behalf of such Party) from each
Party shall, in-person, discuss the Dispute in good faith, commencing within [***] after the delivery of the Dispute Notice and continuing until at least [***] after the delivery of the Dispute Notice. If the
two Senior Officers (or their designees) have not reached a mutually acceptable resolution to the Dispute within [***] after the delivery of the Dispute Notice, then upon either Party’s written notice to the other Party (an
“Arbitration Notice”), such Dispute shall be resolved exclusively and with final and binding effect by arbitration conducted under the rules (the “[***]”) of the [***] (the
“[***]”), as amended from time to time, except as provided in this Section 11.3 (Dispute Resolution) (“Arbitration”). 

  
 CERTAIN
CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, MARKED BY [***], HAS BEEN
OMITTED BECAUSE DERMAVANT SCIENCES LTD. HAS DETERMINED THE INFORMATION (I) IS
NOT MATERIAL AND (II) WOULD LIKELY CAUSE COMPETITIVE HARM TO DERMAVANT
SCIENCES LTD. IF PUBLICLY DISCLOSED. 
  

46 

 (b) Selection of Arbitrators. The Arbitration tribunal shall consist of three
(3) arbitrators, which shall be selected as follows: (i) one (1) arbitrator shall be selected by Dermavant; (ii) one arbitrator shall be selected by NovaQuest; and (iii) one (1) arbitrator shall be selected by the two
(2) foregoing arbitrators (each such arbitrator, an “Arbitrator”). No Arbitrator shall be current or former employees, officers or directors of, or consultants or advisors to, either Party. In the event that (A) either Party
fails to select an Arbitrator within [***] of the Arbitration Notice or (B) the two (2) Arbitrators selected by the Parties fail to select the third Arbitrator within [***] after the selection of the first two (2) Arbitrators by the
Parties, then, at the request of either Party, the [***] shall make such selection(s) on behalf of the Parties in accordance with the [***]. The third Arbitrator shall be a national of a country other than that of any of the Parties and shall serve
as the chairperson of the Arbitration tribunal. 
 (c) Venue and Language. The venue of the Arbitration shall be New York, New York.
The Arbitration shall be conducted in the English language, and all foreign language documents shall be submitted in the original language and shall be accompanied by a translation into English. 

(d) Time Periods. Upon the written mutual agreement of both Parties, any time period specified in this Section 11.3 (Dispute
Resolution) or the [***] shall be extended or accelerated according to the Parties’ written mutual agreement. The Arbitrators shall take into account both the desirability of making discovery efficient and cost-effective and the needs of the
Parties for an understanding of any legitimate issue raised in the Arbitration. 
 (e) Costs. The costs of the Arbitration, including
reasonable fees plus expenses to be paid to the Arbitrator(s) and the reasonable out-of-pocket costs (including the costs incurred for translation of the documents into
English, reasonable attorneys’ and expert witness fees, and reasonable travel expenses) of the prevailing Party shall be borne by (i) the losing Party, if the Arbitrator(s) rule in favor of one Party on all disputed issues in the
Arbitration and (ii) by the Parties, as allocated in writing by the Arbitrator(s) in a manner with a reasonable relationship to the outcome of the Arbitration, if the Arbitrator(s) rule in favor of one Party with respect to some issues and in
favor of the other Party with respect to other issues and, in either case ((i) or (ii)), paid within [***] from the final decision by the Arbitrator. 

(f) Decision to be Binding. The decision by the Arbitrator shall be final and binding on the Parties,
non-reviewable and non-appealable, and judgment upon any arbitral award may be entered and enforced by any court or other judicial authority of competent jurisdiction.

 (g) Confidentiality. The existence of any Dispute, any settlement negotiations, the Arbitration, and any submissions or rulings in
connection therewith shall be deemed to be Confidential Information and shall be maintained in confidence by the Parties under industry standard terms or such other terms upon which the Parties agree in writing. The Arbitrator shall have the
authority to impose sanctions for unauthorized disclosure of such Confidential Information. 
 11.4 Equitable Relief. Each of the
Parties hereto acknowledges that the other Party may have no adequate remedy at law if it fails to perform any of its obligations under ARTICLE VI (Confidential Information) of this Agreement. In such event, each of the Parties agrees that the other
Party shall have the right, in addition to any other rights it may have (whether at law or in equity), to pursue equitable remedies such as injunction and specific performance for the breach or threatened breach of any provision of such ARTICLE VI
(Confidential Information) from any court of competent jurisdiction. 

  
 CERTAIN
CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, MARKED BY [***], HAS BEEN
OMITTED BECAUSE DERMAVANT SCIENCES LTD. HAS DETERMINED THE INFORMATION (I) IS
NOT MATERIAL AND (II) WOULD LIKELY CAUSE COMPETITIVE HARM TO DERMAVANT
SCIENCES LTD. IF PUBLICLY DISCLOSED. 
  

47 

 11.5 Expenses. Except as expressly set forth herein, each Party shall be responsible
for and bear all of its own costs and expenses (including any legal fees, any accountants’ fees, and any brokers’, finders’, or investment banking fees or any prior commitment in respect thereof) with regard to the negotiation and
consummation of the transactions contemplated by this Agreement. Notwithstanding the foregoing, each Party (a “Representing Party”) represents and warrants to the other that the other Party will not be liable for any
brokerage commission, finder’s fee, or other like payment in connection with the transactions contemplated hereby because of any action taken by, or agreement or understanding reached by, the Representing Party or its Affiliates. 

11.6 Relationship of the Parties. Nothing in this Agreement is intended to be construed so as to suggest that either Party (except as
expressly set forth herein) is obligated to provide, directly or indirectly, any advice, consultations, or other services to the other Party. Neither Party shall have any responsibility for the hiring, termination, or compensation of the other
Party’s employees or for any employee benefits of any such employee. No employee or representative of a Party shall have any authority to bind or obligate the other Party to this Agreement for any sum or in any manner whatsoever or to create or
impose any contractual or other liability on the other Party without such Party’s approval. For all purposes and notwithstanding any other provision of this Agreement to the contrary, each Party’s legal relationship under this Agreement to
the other Party shall be that of independent contractor. This Agreement is not a partnership agreement, and nothing in this Agreement shall be construed to establish a relationship of partners or joint venturers between the Parties. 

11.7 Successors and Assigns. Neither this Agreement nor any rights or obligations hereunder may be assigned in whole or in part by
either Party, by operation of law, or otherwise, without the prior written consent of the other Party; provided, however, that (a) without the prior written consent of Dermavant, NovaQuest may assign or transfer this Agreement in whole or in
part to any Affiliate of NovaQuest and NovaQuest may assign, sell, pledge, contribute, or otherwise transfer its right to payment pursuant to Article IV (Dermavant’s Payments) hereof to any Person other than a competitor of Dermavant; and
(b) without the prior written consent of NovaQuest, Dermavant may assign this Agreement to Dermavant Sciences Limited or any Controlled Affiliate, provided that NovaQuest is not adversely affected by such assignment and provided further that
unless Dermavant remains directly liable for all obligations hereunder, Dermavant and NovaQuest shall first enter into a guarantee agreement [***] pursuant to which Dermavant will guarantee the payment obligations of Dermavant Sciences Limited or
the Controlled Affiliate, as the case may be. This Agreement shall be binding upon, and subject to the terms of the foregoing sentence, inure to the benefit of the Parties hereto, their permitted successors, legal representatives, and assigns. Any
assignment or attempted assignment not in accordance with this Section 11.7 (Successors and Assigns) shall be null and void. For clarity, NovaQuest’s prior written consent is not required in connection with an Initial Public Offering. In
no event shall any assignee of NovaQuest hereunder be entitled to any greater benefit of any payment of additional amount under Section 4.4 or any recalculation of interest under Section 4.6 than what NovaQuest would have been entitled to,
except to the extent such entitlement to receive a greater payment results from a change in Applicable Law that occurs after the date of such assignment. 

  
 CERTAIN
CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, MARKED BY [***], HAS BEEN
OMITTED BECAUSE DERMAVANT SCIENCES LTD. HAS DETERMINED THE INFORMATION (I) IS
NOT MATERIAL AND (II) WOULD LIKELY CAUSE COMPETITIVE HARM TO DERMAVANT
SCIENCES LTD. IF PUBLICLY DISCLOSED. 
  

48 

 Notwithstanding the above, (i) NovaQuest or a subsequent lender under this Agreement
shall give the Swiss Borrower notice of any assignment or transfer of any rights or obligations hereunder in whole or in part (along with confirmation as to whether the assignee or transferee is a Qualifying Bank) at least [***] prior to such
assignment or transfer; (ii) the Swiss Borrower may make a written objection to NovaQuest or a subsequent lender under this Agreement prior to such assignment or transfer based on the Swiss Borrower’s reasonable belief that such assignment
or transfer would violate the 10 Non-Bank Rule; and (iii) if such objection is made, such assignment or transfer shall be effected only with the Swiss Borrower’s consent, not to be unreasonably
withheld or delayed (it being unreasonable to withhold consent unless such assignment or transfer would violate the 10 Non-Bank Rule). 

Each subsequent lender which becomes a party to this Agreement shall confirm, prior to becoming a party to this Agreement, which of the
following categories it falls in: (1) not a Qualifying Bank; (2) a Qualifying Bank. 
 11.8 Notices. All notices, consents,
waivers, requests, and other communications hereunder shall be in writing and shall be delivered in person, sent by confirmed electronic mail, sent by overnight courier (e.g., Federal Express), or posted by registered or certified mail, return
receipt requested, with postage prepaid, to following addresses of the Parties: 
 If to Dermavant: 

Dermavant Sciences GmbH 

Viaduktstrasse 8 
 4051 Basel 

Switzerland 
 [***] 

[***] 
 with copies to: 

Roivant Sciences, Inc. 
 320 37th Street, 5th Floor 
 New York, NY
10018 
 [***] 
 [***] 

Dermavant Sciences, Inc. 
 2398 E.
Camelback Rd. Suite 1060 
 Phoenix, AZ 85016 

[***] 
 [***] 

If to NovaQuest: 

NovaQuest Co-Investment Fund VIII, L.P. 

4208 Six Forks Road, Suite 920 

  
 CERTAIN
CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, MARKED BY [***], HAS BEEN
OMITTED BECAUSE DERMAVANT SCIENCES LTD. HAS DETERMINED THE INFORMATION (I) IS
NOT MATERIAL AND (II) WOULD LIKELY CAUSE COMPETITIVE HARM TO DERMAVANT
SCIENCES LTD. IF PUBLICLY DISCLOSED. 
  

49 

 Raleigh, North Carolina 27609 

[***] 
 [***] 

[***] 
 with a copy to: 

Wyrick Robbins Yates & Ponton LLP 

4101 Lake Boone Trail, Suite 300 

Raleigh, North Carolina 27607 

[***] 
 [***] 

[***] 
 or to such other address or addresses as
NovaQuest or Dermavant may from time to time designate by notice as provided herein. Any such notice shall be deemed given (a) when actually received when so delivered personally or by overnight courier; (b) if mailed, other than during a
period of general discontinuance or disruption of postal service due to strike, lockout, or otherwise, on the [***] after its postmarked date thereof; or (c) if sent by facsimile transmission, on the date sent if such day is a Business Day
prior to 5:00 PM Eastern time or the next following Business Day if such day is not a Business Day or is sent after 5:00 PM Eastern time. 

11.9 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. 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 as nearly as possible. Such invalidity, illegality, or unenforceability shall not affect the validity, legality, or enforceability of such provision in any other jurisdiction. Nothing in
this Agreement shall be interpreted so as to require a Party to violate any Applicable Law. 
 11.10 Waiver. Any term or condition of
this Agreement may be waived at any time by the Party that is entitled to the benefit thereof, but no such waiver shall be effective unless set forth in a written instrument duly executed by or on behalf of the Party waiving such term or condition.
No waiver by any Party of any term or condition of this Agreement, in any one or more instances, shall be deemed to be, or construed as, a waiver of the same or any other term or condition of this Agreement on any future occasion. 

11.11 Entire Agreement. This Agreement (including the Exhibits and Schedules hereto) set forth all of the covenants, promises,
agreements, warranties, representations, conditions, and understandings between the Parties relating to the subject matter hereof and thereof and supersede and terminate all prior agreements and understandings between the Parties. There are no
covenants, promises, agreements, warranties, representations, conditions, or understandings, either oral or written, between the Parties relating to the subject matter hereof other than as set forth in this Agreement (including the Exhibits and
Schedules hereto). Any conflict or inconsistency between the main body of this Agreement, the Exhibits or Schedules and/or any other documents to be delivered pursuant hereto shall be resolved in accordance with the following order of priority: (a)
main body of this Agreement; (b) Exhibits and Schedules; and (c) other documents. 

  
 CERTAIN
CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, MARKED BY [***], HAS BEEN
OMITTED BECAUSE DERMAVANT SCIENCES LTD. HAS DETERMINED THE INFORMATION (I) IS
NOT MATERIAL AND (II) WOULD LIKELY CAUSE COMPETITIVE HARM TO DERMAVANT
SCIENCES LTD. IF PUBLICLY DISCLOSED. 
  

50 

 11.12 Third Party Beneficiaries. Except with regard to the NovaQuest Indemnitees and
the Dermavant Indemnitees under ARTICLE X (Indemnification), all rights, benefits, and remedies under this Agreement are solely intended for the benefit of the Parties (including their permitted successors and assigns), and no Third Party (except
the NovaQuest Indemnitees and Dermavant Indemnitees with regard to their rights, benefits, and remedies under ARTICLE X (Indemnification) of this Agreement and except for the Parties’ permitted successors and assigns) shall have any rights
whatsoever to (a) enforce any obligation contained in this Agreement; (b) seek a benefit or remedy for any breach of this Agreement; or (c) take any other action relating to this Agreement under any legal theory, including actions in
contract, tort (including negligence, gross negligence and strict liability), or as a defense, setoff, or counterclaim to any action or claim brought or made by the Parties (or any of their permitted successors and assigns). 

11.13 Interpretation. When a reference is made in this Agreement to Articles, Sections, Schedules, or Exhibits, such reference shall be
to an Article, Section, Schedule, or Exhibit to this Agreement unless otherwise indicated. The words “include,” “includes,” and “including” when used herein shall be deemed in each case to be followed by the words
“without limitation” and shall not be construed to limit any general statement that it follows to the specific or similar items or matters immediately following it. The headings and captions in this Agreement are for convenience and
reference purposes only and shall not be considered a part of or affect the construction or interpretation of any provision of this Agreement. Unless specified otherwise, all statements of, or references to, monetary amounts in this Agreement are to
U.S. Dollars. Each accounting term used herein that is not specifically defined herein shall have the meaning given to it under GAAP, but only to the extent consistent with its usage and the other definitions in this Agreement. Provisions that
require that a Party or the Parties “agree,” “consent,” “approve,” or the like shall require that such agreement, consent, or approval be specific and in writing, whether by written agreement, letter, approved minutes,
or otherwise. Words of any gender include the other gender, and words using the singular or plural number also include the plural or singular number, respectively. Neither Party hereto shall be deemed to be the drafter of this Agreement for the
purposes of construing this Agreement against one Party or the other. If any notice or other action or omission is required to be taken by a Party under this Agreement on a day that is not a Business Day, then such notice or other action or omission
shall be deemed to require to be taken on the next occurring Business Day. 
 11.14 Amendments. This Agreement, including any
attachments or exhibits hereto, may be amended, modified, or supplemented only by a written amendment or agreement signed by an authorized officer of each of NovaQuest and Dermavant. 

11.15 No Implied Licenses. Each Party acknowledges that the rights granted in this Agreement are limited to the scope expressly
granted, and all other rights to each Party’s respective technologies and intellectual property rights are expressly reserved to the Party owning or controlling such technologies and intellectual property rights. 

  
 CERTAIN
CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, MARKED BY [***], HAS BEEN
OMITTED BECAUSE DERMAVANT SCIENCES LTD. HAS DETERMINED THE INFORMATION (I) IS
NOT MATERIAL AND (II) WOULD LIKELY CAUSE COMPETITIVE HARM TO DERMAVANT
SCIENCES LTD. IF PUBLICLY DISCLOSED. 
  

51 

 11.16 Counterparts. This Agreement may be executed in any number of counterparts with
the same effect as if each of the Parties hereto had signed the same document. All counterparts shall be construed together and shall constitute one agreement. This Agreement, to the extent signed and delivered by means of a facsimile machine or via
e-mail, shall be treated in all manner and respects as an original agreement or instrument and shall be considered to have the same binding legal effect as if it were the original signed version thereof
delivered in person. 
 11.17 Further Assurances. Each of the Parties hereto shall execute and deliver such additional documents,
certificates, and instruments, and shall perform such additional acts, as may be reasonably requested and necessary or appropriate to carry out the purposes and intent of all of the provisions of this Agreement and to consummate all of the
transactions contemplated by this Agreement. 
 11.18 Remedies. The rights and remedies of the Parties under this Agreement are
cumulative and not alternative. Neither the failure nor any delay by any Party in exercising any right, power, or privilege under this Agreement will operate as a waiver of such right, power, or privilege, and no single or partial exercise of such
right, power, or privilege will preclude any other or further exercise of such right, power, or privilege or the exercise of any other right, power, or privilege. Unless specifically and expressly stated in this Agreement as exclusive, each remedy
of the Parties specified in this Agreement, is not exclusive, and, subject to the terms of this Agreement, the Parties shall be entitled to pursue any available legal or equitable remedy for breach of this Agreement or any provision hereof. 

[Signature page follows] 

  
 CERTAIN
CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, MARKED BY [***], HAS BEEN
OMITTED BECAUSE DERMAVANT SCIENCES LTD. HAS DETERMINED THE INFORMATION (I) IS
NOT MATERIAL AND (II) WOULD LIKELY CAUSE COMPETITIVE HARM TO DERMAVANT
SCIENCES LTD. IF PUBLICLY DISCLOSED. 
  

52 

 IN WITNESS WHEREOF, the Parties have executed this Funding Agreement in duplicate
originals by their duly authorized representatives as of the Effective Date. 
 Dermavant Sciences GmbH 

 

			
	
		
	By:	 	[***]
	Name:	 	[***]
	Title:	 	[***]

 NOVAQUEST CO-INVESTMENT FUND VIII, L.P. 

 

			
	
		
	By:	 	[***]
		
	By:	 	[***]
		
	By:	 	[***]
		
	By:	 	[***]
	Name:	 	[***]
	Title:	 	[***]

  
 CERTAIN
CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, MARKED BY [***], HAS BEEN
OMITTED BECAUSE DERMAVANT SCIENCES LTD. HAS DETERMINED THE INFORMATION (I) IS
NOT MATERIAL AND (II) WOULD LIKELY CAUSE COMPETITIVE HARM TO DERMAVANT
SCIENCES LTD. IF PUBLICLY DISCLOSED. 

 IN WITNESS WHEREOF, the Parties have executed this Funding Agreement in duplicate
originals by their duly authorized representatives as of the Effective Date. 
  

			
	Dermavant Sciences GmbH
		
	By:	 	[***]
	Name:	 	[***]
	Title:	 	[***]

  

			
	NOVAQUEST CO-INVESTMENT FUND VIII, L.P.
		
	By:	 	[***]
		
	By:	 	[***]
		
	By:	 	[***]

  

			
	By:	 	[***]
	Name:	 	[***]
	Title:	 	[***]

  
 CERTAIN
CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, MARKED BY [***], HAS BEEN
OMITTED BECAUSE DERMAVANT SCIENCES LTD. HAS DETERMINED THE INFORMATION (I) IS
NOT MATERIAL AND (II) WOULD LIKELY CAUSE COMPETITIVE HARM TO DERMAVANT
SCIENCES LTD. IF PUBLICLY DISCLOSED. 
  

 CONFIDENTIAL DISCLOSURE SCHEDULES 

These confidential disclosure schedules (the “Disclosure Schedules”) are referred to in, and part of, the Funding Agreement
(the “Agreement”), by and among Dermavant Sciences GmbH, a company organized under the laws of Switzerland (the “Company”) and NovaQuest Co-Investment Fund VIII, L.P., a
limited partnership organized under the laws of Delaware, with a place of business at 4208 Six Forks Road, Suite 920 Raleigh, NC 27609 (“NovaQuest”). Capitalized terms used but not defined in these Disclosure Schedules shall have
the respective meanings ascribed to them in the Agreement. 
 The section numbers in these Disclosure Schedules correspond to the section
numbers in the Agreement; provided, however, that any information set forth in one section of these Disclosure Schedules shall be deemed to apply to each other section or subsection of the Agreement to the extent it is readily apparent
on the face of such disclosure (without any independent knowledge on the part of the reader regarding the matter disclosed or any reference to any underlying document) that such information or disclosure is responsive to such other section or
subsection. The foregoing shall not be limited by statements that items from one section hereof are expressly incorporated by reference into or from another section hereof. These Disclosure Schedules are qualified in their entirety by reference to
the Agreement and are not intended to constitute, and shall not be construed as constituting, representations and warranties except as and to the extent provided in the Agreement. Nothing set forth in these Disclosure Schedules shall be deemed to
broaden or otherwise amplify the representations and warranties contained in the Agreement. 
 The inclusion of any information in these
Disclosure Schedules shall not be deemed an admission or acknowledgment by the Company that such information (or any non-disclosed item or information of comparable or greater significance) is material to the
Company, or has had or would reasonably be expected to have, individually or in the aggregate, a Material Adverse Effect, or is outside the ordinary course of business. No disclosure in these Disclosure Schedules relating to any possible breach or
violation of any contract or law shall be construed as an admission or indication that such breach or violation exists, has actually occurred or will actually occur, an admission of any liability or obligation of the Company with respect to any
third Person, or an admission against the interest of the Company to any third Person. 
 Certain matters are listed in these Disclosure
Schedules for informational purposes only and may not be required to be listed herein by the terms of the Agreement. Such additional matters do not necessarily include other matters of a similar nature. 

In disclosing this information, the Company expressly does not waive any attorney-client privilege associated with such information or any
protection afforded by the work-product doctrine with respect to any of the matters disclosed or discussed herein. 
 Headings have been
inserted in these Disclosure Schedules for convenience of reference only and shall not affect in any way the construction or interpretation of these Disclosure Schedules or the Agreement. All descriptions of any document included in these Disclosure
Schedules: (i) are summary in nature, (ii) do not purport to be a complete statement of the material terms of such document (except to the extent the Agreement specifies that such 

  
 CERTAIN
CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, MARKED BY [***], HAS BEEN
OMITTED BECAUSE DERMAVANT SCIENCES LTD. HAS DETERMINED THE INFORMATION (I) IS
NOT MATERIAL AND (II) WOULD LIKELY CAUSE COMPETITIVE HARM TO DERMAVANT
SCIENCES LTD. IF PUBLICLY DISCLOSED. 
  

 description is a statement of the material terms of such document), and (iii) are qualified in their
entirety by reference to (A) such document, (B) any and all exhibits, schedules, annexes, riders, addendums and other documents attached to such document, and (C) any amendments, supplements and other modifications to such document,
each to the extent provided or made available to NovaQuest prior to the date hereof. 

  
 CERTAIN
CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, MARKED BY [***], HAS BEEN
OMITTED BECAUSE DERMAVANT SCIENCES LTD. HAS DETERMINED THE INFORMATION (I) IS
NOT MATERIAL AND (II) WOULD LIKELY CAUSE COMPETITIVE HARM TO DERMAVANT
SCIENCES LTD. IF PUBLICLY DISCLOSED. 
  

 Schedule 1 

Product 
 Product
name:    Tapinarof 
 Chemical
Name:    3,5-Dihydroxy-4-isopropylstilbene 

Molecular Formula:
C17H18O2 

 

			
	   Chemical Structure:
	 	 

  
 CERTAIN
CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, MARKED BY [***], HAS BEEN
OMITTED BECAUSE DERMAVANT SCIENCES LTD. HAS DETERMINED THE INFORMATION (I) IS
NOT MATERIAL AND (II) WOULD LIKELY CAUSE COMPETITIVE HARM TO DERMAVANT
SCIENCES LTD. IF PUBLICLY DISCLOSED. 
  

 Schedule 7.1(b) 

No Consent 
 1. [***] 

2. [***] 

  
 CERTAIN
CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, MARKED BY [***], HAS BEEN
OMITTED BECAUSE DERMAVANT SCIENCES LTD. HAS DETERMINED THE INFORMATION (I) IS
NOT MATERIAL AND (II) WOULD LIKELY CAUSE COMPETITIVE HARM TO DERMAVANT
SCIENCES LTD. IF PUBLICLY DISCLOSED. 
  

 Schedule 7.1(d) 

No Conflicts 
 1. [***] 

2. [***] 

  
 CERTAIN
CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, MARKED BY [***], HAS BEEN
OMITTED BECAUSE DERMAVANT SCIENCES LTD. HAS DETERMINED THE INFORMATION (I) IS
NOT MATERIAL AND (II) WOULD LIKELY CAUSE COMPETITIVE HARM TO DERMAVANT
SCIENCES LTD. IF PUBLICLY DISCLOSED. 
  

 Schedule 7.1(e) 

Product Assets 
 1. [***] 

2. [***] 
 3. [***] 

  
 CERTAIN
CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, MARKED BY [***], HAS BEEN
OMITTED BECAUSE DERMAVANT SCIENCES LTD. HAS DETERMINED THE INFORMATION (I) IS
NOT MATERIAL AND (II) WOULD LIKELY CAUSE COMPETITIVE HARM TO DERMAVANT
SCIENCES LTD. IF PUBLICLY DISCLOSED. 
  

 Schedule 7.1(h) 

Material Contracts 
 1. [***] 

  
 CERTAIN
CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, MARKED BY [***], HAS BEEN
OMITTED BECAUSE DERMAVANT SCIENCES LTD. HAS DETERMINED THE INFORMATION (I) IS
NOT MATERIAL AND (II) WOULD LIKELY CAUSE COMPETITIVE HARM TO DERMAVANT
SCIENCES LTD. IF PUBLICLY DISCLOSED. 
  

 Exhibit 1 

Development Plan 

[ATTACHED] 

  
 CERTAIN
CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, MARKED BY [***], HAS BEEN
OMITTED BECAUSE DERMAVANT SCIENCES LTD. HAS DETERMINED THE INFORMATION (I) IS
NOT MATERIAL AND (II) WOULD LIKELY CAUSE COMPETITIVE HARM TO DERMAVANT
SCIENCES LTD. IF PUBLICLY DISCLOSED. 
  

 [***] 

  
 CERTAIN
CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, MARKED BY [***], HAS BEEN
OMITTED BECAUSE DERMAVANT SCIENCES LTD. HAS DETERMINED THE INFORMATION (I) IS
NOT MATERIAL AND (II) WOULD LIKELY CAUSE COMPETITIVE HARM TO DERMAVANT
SCIENCES LTD. IF PUBLICLY DISCLOSED. 
  

 Exhibit 2 

Joint Steering Committee Members 

Dermavant Members: 
  

	 	•	 	 [***] 

  

	 	•	 	 [***] 

NovaQuest Members: 
  

	 	•	 	 [***] 

  

	 	•	 	 [***] 

  
 CERTAIN
CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, MARKED BY [***], HAS BEEN
OMITTED BECAUSE DERMAVANT SCIENCES LTD. HAS DETERMINED THE INFORMATION (I) IS
NOT MATERIAL AND (II) WOULD LIKELY CAUSE COMPETITIVE HARM TO DERMAVANT
SCIENCES LTD. IF PUBLICLY DISCLOSED.

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