Document:

Exhibit 10.14

 

****Text Omitted
and Filed Separately with the Securities and Exchange

Commission. Confidential
Treatment Requested Under

17 C.F.R. Section 
230.406

 

 

 

 

 

 

 

PATENT ASSIGNMENT
AND LICENSING AGREEMENT

 

 

 

[****]

 

by and between

 

BOEHRINGER
INGELHEIM INTERNATIONAL GMBH

 

hereinafter “BII”

 

and

 

Xynomic
pharmaceuticalS, INC.

 

hereinafter “Xynomic”

 

 

 

 

 

     

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LIST
OF EXHIBITS

 

	Exhibit 1.5	Assigned Patents 
	Exhibit 1.25	Development Compound
	Exhibit 2.1	Assignment Form
	Exhibit 3	Transferred Data
	Exhibit 4.2	Xynomic BI 882370 Development Plan

 

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PATENT
ASSIGNMENT AND LICENSING AGREEMENT

 

This Patent Assignment and Licensing Agreement
(“Agreement”) is entered into on the date of last signature hereto (“Effective Date”)

 

by and between

 

Boehringer Ingelheim International GmbH
(“BII”), a German limited liability company, with offices at Binger Straße 173, 55216 Ingelheim am Rhein,
Germany; and

 

Xynomic Pharmaceuticals, Inc. (“Xynomic”),
a Wyoming corporation with offices at 1910 Thomes Avenue, Cheyenne, WY 82001.

 

BII
and Xynomic may be referred to as individually a “Party”,
and collectively the “Parties”.

 

RECITALS

 

		A.	WHEREAS, BII is a global pharmaceutical company within the Boehringer
Ingelheim group of companies;

 

		B.	WHEREAS, XYNOMIC is a biotech company focused on
the development of innovative treatments for human diseases;

 

		C.	WHEREAS, BII has terminated its activities in relation to the B-raf serine/threonine protein kinases
inhibitor program (the “Development Program”) for the treatment of oncological diseases and reallocating its
R&D and other personnel working on this program. Accordingly, BII is willing to assign and transfer to XYNOMIC
its technology (including all Assigned Patents) related to the Development Program and to grant to XYNOMIC
under the Licensed Know-how an exclusive, worldwide, royalty-bearing license to Develop, Manufacture and Commercialize Products
in the Field during the Term, and XYNOMIC is willing to further Develop, Manufacture
and Commercialize Products in the Field during the Term (terms as defined below) and to make certain upfront, milestone and royalty
payments in exchange for such transfer and license.

 

     

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NOW, THEREFORE, in consideration
of the mutual covenants, agreements and stipulations set forth herein, the receipt and legal sufficiency of which are hereby mutually
acknowledged, the Parties hereby agree as follows:

 

		1.	DEFINITIONS.

 

For purposes
of this Agreement, the following capitalized terms shall have the following meanings, whether used in the singular or plural:

 

		1.1	“Accounting Standards”
shall mean the maintenance of records and books of accounts in accordance with International Financial Reporting Standards (IFRS)
or Generally Accepted Accounting Principles (GAAP) of an applicable jurisdiction, which standards or principles (as applicable)
are currently used at the relevant time, and consistently applied by the applicable Party.

 

		1.2	“Affiliate”
shall mean, with respect to a Party, any Person which, at the time such determination is being made, is controlled by, controlling
or under common control with such Party. As used in this definition, the term “control”, whether used as a noun or
verb, refers to the possession, directly or indirectly, of the power to direct, or cause the direction of, the management or policies
of a Person, whether through the ownership of voting rights (e.g., fifty per cent (50%) or more of the equity, the ordinary voting
power or the general partnership interest), by contract or otherwise. 

 

		1.3	“Agreement”
shall have the meaning given in the Preamble.

 

		1.4	“Applicable Laws”
shall mean all applicable provisions of all statutes, laws, rules, regulations, administrative codes, ordinances, decrees, orders,
decisions, guidance documents, injunctions, awards, judgments, and permits, including licenses of or from Regulatory Authorities
and any rules, regulations, guidelines or other requirements of national and international patent offices and Regulatory Authorities,
each as in effect from time to time. 

 

		1.5	“Assigned Patents”
shall mean the Patents listed in Exhibit 1.5.

 

		1.6	“BII Party”
shall have the meaning given in Section 12.2.

 

		1.7	“BII Losses”
shall have the meaning given in Section 12.2.

 

		1.8	“BII Claim”
shall have the meaning given in Section 12.2.

 

		1.9	“Breaching Party”
shall have the meaning given in Section 13.1.3.1.

 

		1.10	“Business Day”
shall mean any day other than Saturday, Sunday or any other day on which commercial banks in Ingelheim am Rhein, Germany or Wyoming,
United States of America are authorized or required by law to remain closed.

 

		1.11	“Calendar Quarter”
shall mean a period of three calendar months ending on 31 March, 30 June, 30 September or 31 December in any calendar year.

 

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		1.12	“Calendar Year”
shall mean a one-year period beginning on January 1st and ending on December 31st.

 

		1.13	“CFDA” shall
mean China Food and Drug Administration and any successor agency or authority having substantially the same function.

 

		1.14	“China”
means the People’s Republic of China, for the purpose of this Agreement, excluding Hong Kong, Macao and Taiwan.

 

		1.15	“CMO” shall
mean a contract manufacturing organization.

 

		1.16	“Combination Product”
shall have the meaning given in Section 1.44.

 

		1.17	“Commercialization”
shall mean any and all activities directed to the preparation for sale of, offering for sale of, or sale of the Product, including
activities related to marketing, promoting, distributing, importing and exporting the Product, and interacting with Regulatory
Authorities regarding any of the foregoing. For the avoidance of doubt, “Commercialization”
shall not include the Manufacture of Product. When used as a verb, to “Commercialize”
and “Commercializing” shall mean to engage in Commercialization, and “Commercialized”
has a correlative meaning.

 

		1.18	“Commercially Reasonable Efforts”
shall mean, with respect to the efforts to be expended by, and the resources to be employed by, a Party with respect to any objective,
the reasonable, diligent and good faith efforts, and commercially reasonably financial investment to accomplish such objective
as such Party or a company with a corresponding industry focus, size and global reach would normally use to accomplish a similar
objective under similar circumstances. It is understood and agreed that with respect to the Development and Commercialization of
Product by XYNOMIC, such efforts shall be substantially equivalent to those efforts
and resources commonly used by XYNOMIC or a company with a corresponding industry
focus, size and global reach, for pharmaceutical development candidates or products owned by it or to which it has rights, which
development candidate or product is at a similar stage in its development or product life and is of similar market potential, taking
into account all scientific, commercial and other factors that XYNOMIC or a company
with a corresponding industry focus, size and global reach would take into account, including efficacy, safety, expected and actual
cost and time to develop, expected and actual profitability, approved labelling, the competitiveness of alternative products in
the marketplace, the expected and actual market exclusivity (including patent and other proprietary position and regulatory exclusivity)
of the Product, the expected and actual amounts of marketing and promotional expenditures and the likelihood of receipt of a Regulatory
Approval given the Regulatory Authority involved.

 

		1.19	“Competing Product”
shall have the meaning given in Section 5.3.

 

		1.20	“Compounds”
shall mean [****].

 

		1.21	“Confidential Information”
shall mean all information non publicly available, including:

 

		(a)	the existence and terms of this Agreement and any discussions and negotiations in relation to the
subject matter of this Agreement;

 

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		(b)	the Licensed Know-How and Results; and

 

		(c)	Development Data relating to the Compounds and Products, the Field, or the business, affairs, research
and development activities, results of pre-clinical and clinical trials, national and multinational regulatory proceedings and
affairs, finances, plans, contractual relationships and operations of the Parties including reports and other information provided
pursuant to Section 6 (Reporting).

 

		1.22	“Control”
or “Controlled” shall mean with respect to the subject item or right, the
ability (whether by ownership, license or otherwise, other than pursuant to this Agreement) of a Party to grant to the other Party
access or a license as provided herein under such item or right without violating the terms of any agreement or other arrangement
with any Third Party.

 

		1.23	“CRO” shall
mean a contract research organization.

 

		1.24	“Development”
shall mean all research, non-clinical and clinical testing and drug development activities conducted in respect of the Compounds
and Products, including those necessary or reasonably useful or otherwise requested or required by a Regulatory Authority as a
condition or in support of obtaining or maintaining Regulatory Approvals and to successfully Develop, Manufacture and Commercialize
the Products for use in the Field. “Development” shall include test method development and stability testing, formulation
development, delivery system development, non-clinical testing, mechanism studies, toxicology, pharmacokinetics, clinical trials,
quality assurance/quality control, regulatory affairs activities, statistical analysis and report writing, submission of documents
for obtaining Regulatory Approvals, market research and pharmacoeconomic studies. 

 

		1.25	“Development Compounds”
shall mean [****]

 

		1.26	“Development Data”
shall mean any non-clinical or clinical data relating to the Development or the use of the Compounds and Products in the Field,
including but not limited to results, pre-clinical, clinical, safety, manufacturing and quality control data and information (in-cluding
trial designs and protocols), registration (IND/regulatory) dossiers, assay and biological methodology, any reports of non-clinical
studies and clinical trials, and all other documentation containing or embodying such data.

 

		1.27	“Development Plan”
shall have the meaning given in Section 4.2.

 

		1.28	“Development Program”
shall have the meaning given in the Preamble.

 

		1.29	“Disclosing Party”
shall have the meaning given in Section 11.1.

 

		1.30	“Effective Date”
shall have the meaning given in the Preamble.

 

		1.31	“EMA” shall
mean the European Medicines Agency and any successor agency or authority having substantially the same function.

 

		1.32	“Family Compound”
shall mean [****]

 

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		1.33	“FDA” shall
mean the United States Food and Drug Administration and any successor agency or authority having substantially the same function.

 

		1.34	“FFDCA”
means the United States Federal Food, Drug, and Cosmetic Act, 21 U.S.C. §301 et seq., as amended from time to time,
together with any rules, regulations and requirements promulgated thereunder (including all additions, supplements, extensions,
and modifications thereto).

 

		1.35	“Field”
shall mean the diagnosis, prevention or treatment of any and all diseases or conditions in humans or animals.

 

		1.36	“First Commercial Sale”
shall mean, on a country-by-country and Product-by-Product basis, the first sale by XYNOMIC, its Affiliates or Sublicensees in
an arm’s length transaction of such Product to a Third Party other than a Sublicensee in such country in exchange for cash
(or some equivalent to which value can be assigned) after Marketing Authorization for such Product has been granted in such country.
XYNOMIC providing access to Products in a country prior to receipt of the Marketing Authorization for such Product in such country,
for carrying out approved “treatment IND programmes,” “named patient programmes,” and “compassionate
use programmes” shall not be construed as a First Commercial Sale.

 

		1.37	“IND” means
an application filed with a Regulatory Authority for authorization to commence human clinical studies, including (a) an Investigational
New Drug Application as defined in the FFDCA or any successor application or procedure filed with the FDA, (b) any clinical trial
application or other equivalent of a United States IND in other countries or regulatory jurisdictions, and (c) all supplements,
amendments, variations, extensions and renewals thereof that may be filed with respect to the foregoing.

 

		1.38	“Intellectual
Property” shall mean any
and all Know How (including copyright and other rights therein), Patents, trademarks, design rights and other rights in designs,
copyrights, database rights, and all other intellectual property rights in each case whether registered or unregistered, and including
applications for the grant of any such rights and rights of renewal in respect of any such rights, and all other forms of protection
having similar or equivalent effect in any part of the world.

 

		1.39	“Invoice”
means an invoice sent by BII to XYNOMIC with respect to any payment due hereunder.

 

		1.40	“Know-How”
shall mean 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, apparatuses, specifications, data, results and other materials, including: biological,
chemical, pharmacological, toxicological, pharmaceutical, physical and analytical, pre-clinical, clinical, safety, manufacturing
and quality control data and information and materials, including study designs and protocols; assays; and biological methodology;
in each case solely to the extent confidential and, proprietary and in written, electronic or any other form.

 

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		1.41	“LIBOR”
means the London Interbank Offered Rate for deposits in United States Dollars having a maturity of one month published by the British
Bankers’ Association, as adjusted from time to time on the first London business day of each month.

 

		1.42	“Licensed Know-How”
shall mean all Know-How [****].

 

		1.43	“Manufacture”
shall mean all activities related to the synthesis, making, production, processing, purifying, formulating, filling, finishing,
packaging, labeling, shipping and holding of the Product, or any intermediate thereof, including process development, process qualification
and validation, scale-up, pre-clinical, clinical and commercial production and analytic development, product characterization,
stability testing, quality assurance, and quality control. For clarity, Manufacturing does not include Commercialization.

 

		1.44	“Marketing Authorization”
shall mean the Regulatory Approval which is required to Commercialize a Product in a particular country or region in the Territory,
including, where applicable, (a) pricing or reimbursement approval in such country or region, (b) pre- and post-approval
marketing authorizations (including any prerequisite Manufacturing approval or authorization related thereto), and (c) labeling
approval. For the avoidance of doubt, Market Authorization shall include a provisional or conditional approval provided and as
long as it grants the right to Commercialize a Product.

 

		1.45	“Net Sales”
means [****]

 

		1.46	“Non-Breaching Party”
shall have the meaning given in Section 13.1.3.1.

 

		1.47	“Patents”
shall mean (a) all national, regional and international patents and patent applications (including provisional patent applications)
worldwide; (b) all patent applications filed either from such patents, patent applications or provisional applications or from
an application claiming priority from either of these, including divisions, continuations, continuations-in-part, provisionals,
converted provisionals and continued prosecution applications; (c) any and all patents that have issued or in the future issue
from the foregoing patent applications ((a) and (b)), including utility models (Gebrauchsmuster), petty patents and design
patents and certificates of invention; (d) any and all extensions or restorations by existing or future extension or restoration
mechanisms, including revalidations, reissues, re-examinations, extensions (including any patent term adjustments, patent term
extensions, supplementary protection certificates and the like) of the foregoing patents or patent applications ((a), (b), and
(c)); and (e) any similar rights, including so-called pipeline protection or any importation, revalidation, confirmation or
introduction patent or registration patent or patent of additions to any of such foregoing patent applications and patents.

 

		1.48	“Person” means any corporation, limited or general partnership,
limited liability company, joint venture, trust, unincorporated association, governmental body, authority, bureau or agency, any
other entity or body, or an individual.

 

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		1.49	“Phase I Clinical Trial”
shall mean a study of a Product in human volunteers or patients principally for determining initial tolerance, safety and/or pharmacokinetic
(including, inter alia, drug-drug interactions and food effects) as well as first preliminary efficacy information in single
dose, single ascending dose, multiple dose and/or multiple ascending dose regimens.

 

		1.50	“Phase II Clinical Trial” means a human clinical
trial conducted in any country that meets the requirements of 21 CFR §312.21(b). By way of example and not limitation, a Phase
II Clinical Trial is usually a well controlled clinical study in patients designed to assess early efficacy (“proof-of-concept”)
or to gain dose-ranging information about an investigational drug, along with product safety data. For clarity, a Phase II Clinical
Trial may also represent the second part of a combined Phase Ib/II clinical study or the initial part of a combined Phase II/III
clinical study.

 

		1.51	“Phase III Clinical Trial”
shall mean, with respect to the United States, any human clinical trial, that, if the defined end-points are met, is intended to
be a pivotal trial for obtaining Regulatory Approval in the indication being studied or to otherwise establish safety and efficacy
in patients with the indication being studied for purposes of filing for Marketing Authorization with the FDA as required under
21 C.F.R. §312.21(c), or, with respect to a jurisdiction other than the United States, an equivalent clinical study. In the
event that a human clinical trial that would otherwise meet the definition of a Phase II Clinical Trial would, if the defined end-points
are met, be sufficient to obtain Marketing Authorization in the indication being studied then, for the purposes of this Agreement,
such trial shall be considered a Phase III Clinical Trial. For clarity, a Phase III Study may also represent the second part of
a combined Phase IIb/III clinical study.

 

		1.52	“PMDA” shall
mean the Pharmaceuticals and Medical Devices Agency of Japan and any successor agency or authority having substantially the same
function.

 

		1.53	“Product”
shall mean any product containing a Development Compound or any Family Compound; for clarification, all Products containing the
same Compound shall be considered one Product.

 

		1.54	“Receiving Party”
shall have the meaning given in Section 11.1.

 

		1.55	“Recognized Agent”
shall mean any Third Party who distributes products directly to customers in countries where XYNOMICS has no Affiliate or Sublicensee.

 

		1.56	“Regulatory Approval(s)”
shall mean and include any license, permit, authorization and approval of, and registration, filing and other notification to,
any Regulatory Authority within the Territory, which grant the approval to Develop, Manufacture and/or Commercialize a Product
in a particular country or region in the Territory. For the avoidance of doubt, Regulatory Approvals shall include a provisional
or conditional approval provided and as long as it grants the right to Develop, Manufacture and Commercialize a Product. Regulatory
Approvals shall include Marketing Authorizations.

 

		1.57	“Regulatory Authority”
shall mean any national, supra-national, regional, state or local regulatory agency, department, bureau, commission, council or
other governmental entity in each country or jurisdiction in the Territory involved in the reviewing, granting or revoking of Regulatory
Approvals for the Products. Regulatory Authorities include, without limitation, FDA, EMA, CFDA and PMDA.

 

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		1.58	“Results”
shall have the meaning given in Section 10.1. 

 

		1.59	“Royalties”
shall have the meaning given in Section 8.2.

 

		1.60	“Royalty Period”
shall have the meaning given in Section 8.7(iv).

 

		1.61	“Royalty Term”
shall have the meaning given in Section 8.4.

 

		1.62	“Senior Managers”
shall mean in the case of BII, a senior representative of BII for the then current phase of the Product, and
in the case of XYNOMIC, Y. Mark Xu, the Chief Executive Officer.

 

		1.63	“Sublicensee”
shall mean any Third Party licensee (aside from a Party's Affiliates and any Third Party contractors used by a Party in the Development,
Manufacture or Commercialization of the applicable Compound or Product on a Party's behalf) which obtains rights to use the Assigned
Patents, Licensed Know-How or Results for the Development, Manufacture and/or Commercialization of Compounds and/or Products, regardless
of whether such license is granted by a Party, its Affiliates, its licensees or any Sublicensee.

 

		1.64	“Tax Law”
shall mean any applicable law, rule or regulation of any government entity, or judgment, order, writ, decree, permit or license
of any government entity of competent jurisdiction that, in each case, relates to taxes or other similar assessments or charges
of any kind whatsoever (including, but not limited to, withholding on amounts paid to any person).

 

		1.65	“Term” shall
have the meaning given in Section 13.1.1.

 

		1.66	“Territory”
shall mean the entire world.

 

		1.67	“Third Party”
means an entity other than (i) BII or any of its Affiliates or (ii) XYNOMIC or any of its Affiliates or Sublicensees.

 

		1.68	“Third Party License”
shall mean a license with respect to the Assigned Patents or Licensed Know-How granted by BII to a Person other than XYNOMIC or
its Affiliates. 

 

		1.69	“United States”
or “US” means the United States of America and its territories and possessions
(including the District of Columbia and Puerto Rico).

 

		1.70	“Upfront Payment”
shall have the meaning given in Section 8.1(a).

 

		1.71	“Valid Claim”
shall mean with respect to a particular country, and in each case to the extent contained within an Assigned Patent, any claim
of an issued and unexpired patent in such country that (i) has not lapsed or been revoked, has not been held unenforceable or invalid
by a decision of a court or governmental agency of competent jurisdiction, which decision is un-appealable or un-appealed within
the time allowed for appeal; and (ii) has not been abandoned, disclaimed, denied or admitted to be invalid or unenforceable
through reissue, post grant review or disclaimer or otherwise in such country. 

 

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		1.72	“Xynomic
Party” shall have the meaning given in Section 12.2.

 

		1.73	“Xynomic
Losses” shall have the meaning given in Section 12.2.

 

		1.74	“Xynomic
Claim” shall have the meaning given in Section 12.2.

 

The word
“including” or any variation thereof means “including without limitation” or any variation thereof
and shall not be construed to limit any general statement which it follows to the specific or similar items or matters immediately
following it.

 

		2.	ASSIGNMENT AND LICENSE.

 

		2.1	Assignment. Conditional upon receipt by BII of the Upfront
Payment made by XYNOMIC as agreed upon in Section 8.1 below, BII assigns and transfers
to XYNOMIC the Assigned Patents, and XYNOMIC
accepts such assignment and transfer. An Assignment Form is attached to this Agreement as Exhibit 2.1. XYNOMIC
shall register and record the transfer of ownership right of the Assigned Patents with the competent patent offices worldwide,
at its own cost and BII shall provide, and shall cause its Affiliates and agents to provide, all assistances reasonably requested
by or on behalf of XYNOMIC for registering or recording the foregoing transfer.

 

BII
retains an exclusive, cost-free, perpetual, worldwide, transferrable and sublicenseable (in multiple tiers) right to use the Assigned
Patents solely for BII’s and its Affiliates’ internal preclinical research purposes. For clarity, BII shall not transfer
or sublicense its right to use any of the Assigned Patents to any Person that is not an Affiliate of BII for any purpose.

 

		2.2	License Grant. BII hereby grants to XYNOMIC,
during the term of this Agreement and in accordance with the terms and conditions of this Agreement, and XYNOMIC
hereby accepts, an exclusive (subject to BII’s right to use the Licensed Know-How for BII’s and its Affiliates’
internal preclinical research purposes), royalty-bearing, non-transferable license to the Licensed Know-How, to Develop, Manufacture
and Commercialize Products in the Field in the Territory. 

 

		2.3	Right to Sublicense. XYNOMIC
is entitled to sublicense its rights under Section 2.2, to any of its Affiliates, provided that
it shall inform BII of such sublicense. Any sublicense to a Third Party by XYNOMIC
of its rights with respect to [****]. Any sublicense is subject to the sublicense
agreement containing terms and conditions that are not inconsistent with those contained in this Agreement, and shall include,
inter alia, provisions regarding confidentiality, indemnification, audit, record-keeping, termination and consequences of
termination for BII's protection that are consistent with the corresponding terms and conditions provided herein. XYNOMIC
shall remain liable to BII for all obligations under this Agreement, including its obligation to pay any amounts due on account
of sales or other disposition of Compounds and Products by Sublicensees. XYNOMIC
shall send to BII a copy of the signed sublicensing agreement within [****] after its execution; subject to
reasonable redaction of confidential information. The Parties acknowledge that any and all information provided by XYNOMIC
to BII under this Section 2.3 shall be deemed to be Confidential Information of XYNOMIC
and shall be subject to the terms of Section 11.

 

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		2.4	Termination of Sublicenses. If this Agreement is terminated [****]
the Parties agree that each Sublicensee’s license [****] shall
survive if the relevant Sublicensee agrees in writing to be bound by all of the terms of this Agreement [****].
Upon BII’s request, BII and such Sublicensee shall formalize such surviving sublicense by executing a direct license under
the Licensed Know-How, [****]

 

		2.5	No Additional Rights. Nothing in this Agreement shall be deemed
or implied to be, and the Parties disclaim all implied rights to, the grant by BII to XYNOMIC
of any right, title or interest in any product, Intellectual Property, any formulation technology, operating procedures, marketing
materials or strategies, intangibles, material or proprietary rights of BII, except as are expressly set forth in this Agreement
or provided in the Assignment Form. 

 

		3.	TECHNOLOGY AND DATA TRANSFER.

 

		3.1	Data Transfer. [****] BII shall transfer to XYNOMIC an
electronic data package relating to Development Compounds [****]

 

		3.2	Know-How Transfer Assistances. [****] BII shall answer
questions and provide clarifications to XYNOMIC or its designee on any Know-How transferred to XYNOMIC or its designee pursuant
to Section 3.1 above or otherwise assist them to complete the Know-How transfer [****] BII
shall answer questions and provide clarifications to XYNOMIC or its designee on any Know-How transferred to XYNOMIC or its designee
pursuant to Section 3.1 above and BII will charge a fee for providing such assistances at a fixed hourly rate of [****]

 

		4.	DEVELOPMENT 

 

		4.1	Diligence. XYNOMIC shall
be solely responsible for, and - subject to the requirements in this Agreement - has full decisional power with respect to, the
Development of Products in the Field in the Territory, and XYNOMIC shall use Commercially Reasonable Efforts to Develop the Products
in the Field in the Territory. XYNOMIC shall bear all costs related to such Development,
including the Manufacture of Compounds and Products required for such Development, in accordance with this Section 4. XYNOMIC
shall perform its obligations and the defined Development activities in a timely manner and in accordance with Applicable Laws.

 

		4.2	Development Plan. The Development activities shall be performed
by XYNOMIC and/or a CRO or CMO in accordance with the development plan in Exhibit
4.2 (“Development Plan”). XYNOMIC
shall use its Commercially Reasonable Efforts to perform the Development within the timelines set forth in the Development Plan.
The Parties shall agree to good faith amendments to the Development Plan in light of any business, strategic, technical, safety,
efficacy, regulatory or commercial reasons.

 

		4.3	Subcontractors. The Parties agree that XYNOMIC
has the right to engage CROs and CMOs to take over certain Development activities. XYNOMIC
shall inform BII in writing promptly after the engagement of a CRO or CMO. All costs of the CROs and CMOs relating to the Development
of the Compounds and the Products shall be borne by XYNOMIC.

 

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		4.4	Development Milestones. XYNOMIC
shall use its Commercially Reasonable Efforts to achieve or cause its Sublicensees to achieve
the following development milestones for pre-clinical research and clinical Development (each a “Development Milestone”):

 

		(a)	[****]

 

		(b)	[****]

 

		(c)	[****]

 

		(d)	[****]

 

		(e)	[****]

 

		(f)	[****] 

 

		5.	COMMERCIALIZATION

 

		5.1	Diligence Obligations. XYNOMIC
shall be solely responsible for the Commercialization of Products in the Field in the Territory,
and will use its Commercially Reasonable Efforts to Commercialize the Products in the Field. Without limiting the generality of
the Commercially Reasonable Efforts obligations under this Section 5.1, XYNOMIC
shall

 

		(a)	when appropriate, based on satisfactory data obtained during the Development, use its Commercially
Reasonable Efforts to secure all required Marketing Authorizations and reimbursement authorizations [****];

 

		(b)	be responsible for timely filing all applications, reports and other documents required to be filed
in order to obtain and maintain any Marketing Authorizations for Products;

 

		(c)	use its Commercially Reasonable Efforts to make the First Commercial Sale [****];
and

 

		(d)	conduct post-marketing surveillance studies (Phase 4), if required;

 

		5.2	Costs. XYNOMIC shall
bear any and all costs regarding the Commercialization of the Compound and Products in the Field, including the costs of its own
commercial supplies of and the post-marketing surveillance studies (Phase 4).

 

		5.3	Competing Products. In the event XYNOMIC,
any of its Affiliates or any of its Sublicensees outside the scope of this Agreement commences clinical trials or Commercializes
any product [****]

 

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		6.	REPORTING. 

 

		6.1	Development Reporting. XYNOMIC
shall inform BII on an [****] basis on the activities
performed and any Results achieved or generated during its Development of the Products. 

 

		6.2	Commercialization Reporting. After the First Commercial
                                                                                                      Sale of Products by XYNOMIC, its Affiliate or Sublicensee, XYNOMIC
                                                                                                      shall furnish BII with [****] reports [****]. Each such [****] report shall
                                                                                                      (i) be furnished to BII [****]

 

		7.	REGULATORY MATTERS. 

 

		7.1	Regulatory Matters. XYNOMIC
shall be solely responsible for, and - subject to the requirements in this Agreement - has full
decisional power with respect to, all regulatory matters including the filing for approvals for the Compound and Products in the
Field, and shall own, directly or through an Affiliate, all Regulatory Approvals. 

 

		7.2	Pharmacovigilance. XYNOMIC
shall be solely responsible for, have in place and will maintain until the expiration (or earlier
termination) of this Agreement (or, as applicable, until the obligations intended to survive termination of this Agreement have
been fulfilled) systems, procedures, training programs and documentation needed to perform and comply with all pharmacovigilance
regulatory obligations concerning all Products in the countries where Products are Commercialized or otherwise used by XYNOMIC.
XYNOMIC shall ensure compliance with all Applicable Laws regarding the Compounds
and Products relating to risk management, drug safety and pharmacovigilance.

 

		8.	PAYMENT AND PAYMENT TERMS.

 

		8.1	Upfront and Milestone Payments. In partial consideration for
the assignment and transfer of the Assigned Patents and the licenses granted under this Agreement, XYNOMIC
agrees to pay to BII the following upfront payment, development milestone payments and commercial milestone payments:

 

		(a)	Upon execution of this Agreement, XYNOMIC shall
pay to BII the following upfront payment:

 

Three hundred
thousand US Dollars (US$ 300,000) (the “Upfront Payment”)

 

		(b)	In addition to the payment above, XYNOMIC will pay
to BII milestone payments as follows:

 

		(i)	Upon first dosing of a patient in Phase I Clinial Trial in the US or China:

 

One Million
seven hundred thousand US Dollars (US$ 1,700,000)

 

		(ii)	Upon first dosing of a patient in a pivotal Phase III Clinial Trial in the first indication in
the US or China:

 

Four
Million US Dollars (US$ 4,000,000)

 

		(iii)	Upon first dosing of a patient in a pivotal Phase III Clinial Trial in a second indication in the
US or China:

 

Two Million
US Dollards (US$ 2,000,000)

 

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		(iv)	Upon the grant of the first Marketing Authorization of the first indication in the US:

 

Seven Million
US Dollars (US$ 7,000,000)

 

		(v)	Upon the grant of the first Marketing Authorization of
the first indication in China:

 

Three Million
US Dollars (US$ 3,000,000)

 

		(c)	The milestone payments above will be made only for the first achievement of a given milestone by
a Product, regardless of where the relevant milestone event occurs with respect to more Products.

 

		(d)	XYNOMIC shall inform BII in writing on the occurrence of a milestone event under Section 8.1(b)
as soon as possible, but in no event later than [****]

 

		(e)	[****]

 

		8.2	Royalties. Subject to Sections 8.5 and 9.11, in further consideration
for the assignment and transfer of the Assigned Patents and the licenses granted under this Agreement, XYNOMIC shall pay to BII
royalties on aggregate Net Sales in the Territory of each Product during a given Calendar Year at the following royalty rates (“Royalties”):

 

		(a)	[****]

 

		(b)	[****]

 

		(c)	[****]

 

		8.3	Net Sales. The Royalties shall be calculated on the basis of
the global annual Net Sales, which in their turn shall be calculated on a Product by Product and country-by-country basis from
the First Commercial Sale until the expiration of the Royalty Term.

 

		8.4	Royalty Term. XYNOMIC’s obligation to pay Royalties shall begin, on a country-by-country
and Product by Product basis, with the First Commercial Sale of such Product in such country, and shall expire, on a country-by-country
and Product-by-Product basis upon the latter of (“Royalty Term”):

 

		8.4.1	the date on which such Product is no longer covered by a Valid Claim of an Assigned Patent;

 

		8.4.2	the date on which such Product is no longer covered by any other governmental grant of exclusivity
(e.g., data, regulatory or marketing exclusivity) in such country in the indication; or

 

		8.4.3	ten (10) years from first launch of the respective Product in the country in the indication, provided
the Licensed Know-How is still proprietary, or such Licensed Know-How is no longer proprietary owing to a breach of XYNOMIC's
confidentiality obligations hereunder or such obligations of its Affiliates or Sublicensees.

 

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		8.5	Royalty Reductions. In the event Royalties are payable [****], then the Royalty
otherwise payable for such Product in such country will be reduced in such country by [****] (the “Reduced
Royalty Rate”).

 

		8.6	Blended Rates. The Parties acknowledge and agree that [****]

 

		8.7	Payment Terms.

 

		(i)	All payments made hereunder between the Parties shall be made in US Dollars. Payments hereunder
shall be paid by wire transfer, or electronic funds transfer in immediately available funds to a bank account designated by BII.

 

		(ii)	Upfront Payment. The Upfront Payment shall be due and payable [****] after the later
of (i) the Parties’ execution of this Agreement by facsimile or email transmission, and (ii) XYNOMIC’s
receipt of an Invoice of such amount from BII; provided that such amount shall not become payable until such time as XYNOMIC
has received a duly signed original of the Agreement by BII.

 

		(iii)	Milestone Payments. Each milestone payment shall be due and payable to BII [****]
after receipt of an Invoice from BII, which shall be provided to XYNOMIC as soon
as practicable after XYNOMIC has notified BII that the particular milestone has
been achieved (whether achieved by or on behalf of XYNOMIC or any of its Affiliates or Sublicensees). XYNOMIC
will notify BII [****] after the achievement of any milestone event for which a payment to BII is required under
Section 8.1 and BII shall send to XYNOMIC an Invoice for the corresponding milestone
payment.

 

		(iv)	Royalty Payments. Royalties shall be paid on a [****] basis (“Royalty
                                                                   Period”). Within [****], XYNOMIC shall calculate the
                                                                   Royalty payments owed to BII and shall remit to BII the amount owed to BII. All Royalty payments shall be computed by
                                                                   converting the Net Sales in each country in the Territory into the currency of US Dollars, using the monthly exchange rates
                                                                   as customarily used by BII in its regular accounting system. [****].

 

		8.8	Reports. Each Royalty payment shall be accompanied by a written report describing the Net
Sales of the Product sold by or on behalf of XYNOMIC, its Affiliates and Sublicensees
during [****] in each country in the Territory in which such Product occurred in the [****] covered by such
statement, specifying: the gross sales (if available) and Net Sales in each country’s currency, including an accounting of
deductions taken in the calculation of Net Sales; the applicable exchange rate to convert from each country’s currency to
US Dollars; and the Royalties payable in US Dollars.

 

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		8.9	Records. XYNOMIC shall keep (and shall cause its Affiliates and Sub-Licensees to keep) complete
and accurate records pertaining to the sale or other disposition of Products in sufficient detail to permit BII to confirm the
accuracy of all Royalty payments reported for [****] following the end of the Calendar Year to which they pertain.
BII shall have the right to cause an independent, certified public accountant reasonably acceptable to XYNOMIC (the “Auditor”)
to audit such records solely to confirm Net Sales and Royalty payments for a period covering [****], provided that
such audits may not be performed more than once a year. Such audits may be exercised during normal business hours upon reasonable
prior written notice to XYNOMIC. The Auditor will execute a reasonable written confidentiality agreement with XYNOMIC and will
disclose to BII only such information as is reasonably necessary to provide BII with information regarding any actual or potential
discrepancies between amounts reported and actually paid and amounts payable under this Agreement. The report of the Auditor will
include the methodology and calculations used to determine the results, will be delivered to BII and XYNOMIC at the same time,
[****] after delivery to both Parties, it being understood that BI will have the right during [****]
period to discuss the report with the Auditor. In the event the Parties are not in alignment after such [****] period,
either Party may refer this matter for resolution in accordance with Section 8.10 below. BII shall bear the full cost of such audit
unless the report of the Auditor discloses an undisputed underpayment by XYNOMIC [****]. XYNOMIC shall pay the amount
of any underpayment disclosed in the undisputed Auditor’s report, together with interest thereon calculated pursuant to Section
8.10 to BII [****] after delivery to the Parties of the final Auditor’s report. If such final Auditor’s
report discloses an overpayment by XYNOMIC of the amounts payable hereunder, BII shall reimburse such overpayment to XYNOMIC [****]
after delivery to the Parties of the final Auditor’s report. Upon the expiration [****] following the end of
any Calendar Year, the calculation of Royalty payments with respect to such Calendar Year shall be binding and XYNOMIC shall be
released from any liability and obligation with respect to payments for such Calendar Year except in the case of fraud or willful
deceit.

 

		8.10	Audit Dispute.  In the event of a dispute with respect to any audit under Section 8.9, BII
and XYNOMIC shall work in good faith to resolve the disagreement. If the Parties are unable to reach a mutually acceptable resolution
of any such dispute [****] the dispute shall be submitted for resolution to a certified public accounting firm jointly
selected by the Parties(the “Audit Arbitrator”). The decision of the Audit Arbitrator shall be final and the
costs of such arbitration as well as the initial audit shall be borne between the Parties in such manner as the Audit Arbitrator
shall determine. [****] after such decision and in accordance with such decision, XYNOMIC shall pay the additional
amounts, with interest from the date originally due as provided in Section 8.12, or BII shall reimburse the overpayment, as
applicable.

 

		8.11	Taxes. 

 

		8.10.1	If withholding of any taxes imposed by local laws or regulations of the country where one of the
contractual partners has its registered office is required on account of any royalties and other payments paid under this Agreement,
such taxes shall be borne by XYNOMIC. All payments by XYNOMIC shall be made free and clear of and without any deduction for or
on account of withholding taxes. In case XYNOMIC is required to make such a payment subject to the deduction of local withholding
taxes, the sum payable by XYNOMIC shall be increased to the extent necessary to ensure that BII receives a sum net of any withholding
or deduction of taxes equal to the sum which it would have received in case no such deduction or withholding of taxes has been
made or required to be made.

 

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		8.10.2	If XYNOMIC causes withholding taxes by sublicensing rights or services to affiliates or other third
parties not being party of this contract or by paying from other countries other than the registered office of XYNOMIC, [****].
For avoidance of doubt, BII does not accept foreign withholding taxes from countries BII is not directly contracted with or does
not directly receive payments from.

 

		8.10.3	All payments payable under the terms of this Agreement are expressed to be exclusive of value added
tax (“VAT”), which will be invoiced separately or as a separate line item on the same invoice, and paid at the
rate and in the manner from time to time prescribed by Tax Law. If any VAT is chargeable in respect of any payments, the paying
Party shall pay such VAT at the applicable rate in respect of such payments following receipt, where applicable, of an VAT invoice
in the appropriate form issued by the receiving Party in respect of those payments. The Parties shall issue invoices for all amounts
payable under this Agreement consistent with VAT requirements and irrespective of whether the sums may be netted for settlement
purposes.  If the VAT originally paid or otherwise borne by the paying Party are in whole or in part subsequently determined
not to have been chargeable, all necessary steps will be taken by the receiving Party to receive a refund of these undue VAT from
the applicable governmental authority or other fiscal authority and any amount of undue VAT repaid by such authority to the receiving
Party will be transferred to the paying Party [****] of receipt.

 

		8.12	Overdue Payments. Payments due under this Agreement and not paid [****] after
the due date shall bear interest at an annual rate [****]

 

		8.13	Financial Standards. All financial terms and standards (including any calculation of Net
Sales, Development costs and financial payments due under this Agreement) shall be governed by and determined in accordance with
Accounting Standards and shall be consistent with XYNOMIC’s audited consolidated
financial statements. Notwithstanding the above and notwithstanding the requirements or principles of the Accounting Standards,
Net Sales shall be calculated in accordance with the formula specified in Section 1.46.

 

		8.14	Confidentiality. All information provided by or on behalf of XYNOMIC to BII under this Section
8 shall be deemed Confidential Information of XYNOMIC and BII shall protect it in accordance with the confidentiality and non-use
provisions of Section 11.

 

		9	INTELLECTUAL PROPERTY.

 

		9.1	Execution of Assignment Documents

 

At the Effective Date XYNOMIC
shall provide to BII the partially executed (by XYNOMIC) assignment document (including the Assignment Form set forth in Exhibit
2.1 hereof) for transfer of the Assigned Patents (the “Assignment”), and BII shall fully execute and deliver
the Assignment as soon as reasonably possible following receipt of the Upfront Payment.

 

		9.2	Patent Transfer. Within [****] after receipt of the Upfront
                                                                                                                          Payment BII shall provide XYNOMIC with copies of the patent files of all Assigned Patents available at BII on the Effective
                                                                                                                          Date (via electronic delivery) except for such files kept with the local patent representatives which shall remain with the
                                                                                                                          respective representative until further instruction from XYNOMIC. 

 

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		9.3	Local Patent Representatives. BII shall inform in writing all of its local patent representatives
in the Territory within twenty [****] after receipt of the Upfront Payment that: (i) the Assigned Patents have
been assigned to XYNOMIC, (ii) any future correspondence and further invoices
regarding the Assigned Patents should be directly sent to XYNOMIC and (iii) local
patent representatives immediately inform XYNOMIC about the further due dates related
to Assigned Patents. BII shall forward to XYNOMIC any correspondence it nevertheless
receives from its local patent representatives or any patent offices regarding the Assigned Patents.

 

Within
[****] after receipt of the fully executed Assignment XYNOMIC
shall authorize a European and an US patent attorney and inform BII of
his/her names.

 

		9.4	Maintenance and Prosecution of the Assigned Patents. BII will remain responsible for the
maintenance and prosecution of the Assigned Patents until the Assignment is executed and delivered by both Parties (the “Assignment
Date”). BII will pay all prosecution fees, maintenance fees and/or such other fees due and required by the relevant patent
offices for maintenance of the Assigned Patents on or prior to the Assignment Date and will pay all bills and invoices for work
performed on or prior to the Assignment Date in connection with the maintenance and/or prosecution of the Assigned Patents. If
BII receives any bills or invoices for such work performed after the Assignment Date, then BII will forward to XYNOMIC
such bills or invoices for payment by XYNOMIC and BII shall have no liability for XYNOMIC’s
failure to timely pay such bills or invoices. For clarity, work relating to the transfer of the Assigned Patents to XYNOMIC,
whether performed before or after the Effective Date shall not constitute work performed in connection with the maintenance or
prosecution of the Assigned Patents prior to the Assignment Date for purposes of this Section. XYNOMIC
will start to be responsible for the maintenance and prosecution of the Assigned Patents as from the Assignment Date.

 

		9.5	Prosecution. Except as otherwise provided in this Agreement, XYNOMIC
shall be responsible for, and – subject to the terms of this Agreement - has full decisional power with respect to, preparing,
filing, prosecuting and maintaining, throughout the world, all of the Assigned Patents, provided, however, that XYNOMIC
shall inform BII on an at least annual basis about the status of the Patents and of the patent prosecution of all Assigned Patents.
XYNOMIC shall provide upon BII’s written request any substantive communications with the competent patent offices. In case
of difficulties in obtaining protection for any Product or Development Compound in US, the United Kingdom, France, Germany, Spain,
Japan or China by any of the Assigned Patents XYNOMIC shall timely inform BII. XYNOMIC shall keep BII advised in case XYNOMIC intends
to amend the scope of any of the Assigned Patents such that a Product might no longer be covered by the amended claim and give
BII reasonable opportunity to review and comment upon the text of any communication with the competent patent offices for Assigned
Patents, and that XYNOMIC shall not unreasonably refuse to address any of BII's
comments. XYNOMIC shall use Commercially Reasonable Efforts to prosecute and maintain
these Assigned Patents.

 

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		9.6	Royalties. The Parties agree that the assignment and transfer
of the Assigned Patents shall only facilitate the prosecution, maintenance and exploitation of these Assigned Patents and shall
not affect the term of the Royalty payments. Accordingly, as long as these Assigned Patents contain a Valid Claim, XYNOMIC
shall be obligated to pay Royalties thereon. 

 

		9.7	Discontinuance. If XYNOMIC
                                                                                                                             decides to discontinue maintaining any Assigned Patent, XYNOMIC will notify
                                                                                                                             BII of such decision in writing in advance (at the latest [****] prior to any applicable deadline, if any), and BII will have
                                                                                                                             the right to, within [****] following BII’s receipt of the written notice from XYNOMIC,
                                                                                                                             request the cost-free assignment and transfer of the Assigned Patent. If XYNOMIC
                                                                                                                             discontinues maintaining an Assigned Patent without notifying BII and the Assigned Patent lapses, XYNOMIC
                                                                                                                             shall pay to BII contractual damages based on the estimated amount of Royalties that would be payable by XYNOMIC
                                                                                                                             to BII during the remainder of the statutory term of such Assigned Patent if the Assigned Patent had not lapsed.

 

		9.8	Enforcement. If a Party becomes aware of any infringement, anywhere
in the world, of any issued Patent within the Assigned Patents, it will promptly notify the other Party in writing to that effect.
XYNOMIC shall have the primary right, but not the obligation, to take action to
obtain a discontinuance of infringement or bring suit against a Third Party infringer of the Assigned Patents. XYNOMIC
shall bear all expenses of such suit. If XYNOMIC elects not to take action or to
bring suit to prosecute such infringement, it shall notify BII of such election within [****] after receipt of the notice
of the infringement or immediately after the election to stop any such suit. If after the expiration of [****] period
(or, if earlier, the date upon which XYNOMIC provides written notice that it does
not plan to bring such action), XYNOMIC has neither obtained a discontinuance of
infringement of the Assigned Patent, as the case may be, nor filed suit against any such Third Party infringer of such Patents,
then BII shall have the right, but not the obligation, to take action or bring suit against such Third Party infringer of such
Patents, provided that BII shall bear all the expenses of such suit. The non-enforcing Party shall provide such assistance as the
enforcing Party shall reasonably request in connection with any action or suit hereunder to prevent or enjoin any such infringement
or unauthorized use of an Assigned Patent, including agreeing to be joined as a party to such action or suit and executing legal
documents. Such assistance will be provided by the non-enforcing Party at the enforcing Party's cost. 

 

		9.9	Sharing of Recoveries. Any recoveries obtained as a result of
any proceeding against a Third Party infringer (where the infringement relates to the Development, Manufacture and/or Commercialization
of any Product) shall be allocated as follows:

 

		(i)	Such recovery shall first be used to reimburse each Party for all reasonable litigation costs in
connection with such litigation paid by that Party;

 

		(ii)	such recovery shall then be used to compensate each Party for the respective damages suffered from
the infringement of the respective Patent as determined by the court or arbitration panel in the enforcement action, provided that
in the event the remaining portion of the recovery is not sufficient to compensate each Party's damages, such compensation shall
be paid on a pro-rata share based on the respective damages suffered, provided, however, if such respective damages suffered
cannot be reasonably ascertained, the remaining portion of the recovery shall be equally shared between the Parties; and .

 

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		9.10	Licensed Know-How. BII retains all rights to the Licensed Know-How,
subject only to the licenses granted hereunder. For the avoidance of doubt, XYNOMIC
shall only be entitled to utilize the Licensed Know-How in accordance with XYNOMIC's
rights and obligations under this Agreement.

 

		9.11	Third Party Licenses. If in the reasonable opinion of Xynomic,
the Development, Manufacture, or Commercialization of any Compound or Product by Xynomic,
any of its Affiliates, or any of its or their Sublicensees infringes or misappropriates any Patent, trade secret, or other intellectual
property right of a Third Party in any country or other jurisdiction in the Territory, such that Xynomic,
any of its Affiliates or any of its or their Sublicensees cannot Develop, Manufacture, or Commercialize such Compound or Product
in such country or other jurisdiction without infringing such Patent, trade secret, or other intellectual property right of such
Third Party, then Xynomic may negotiate and obtain a license from such Third Party
as necessary for Xynomic and its Affiliates, and its and their Sublicensees to Develop,
Manufacture, and Commercialize Compounds and Products in such country or other jurisdiction. [****]

 

		10	RESULTS.

 

		10.1	BII hereby acknowledges that XYNOMIC is the owner
of all inventions, data and other results developed by XYNOMIC under this Agreement
(“Results”), and BII shall acquire no rights, title or interest whatsoever in or to any such Results, except
as specifically and expressly provided under this Agreement.

 

		10.2	XYNOMIC shall be responsible for, and – subject to the terms of this Agreement - has full
decisional power with respect to, filing, prosecuting and maintaining, throughout the world, all Patents based on the Results.

 

		10.3	Third Party Rights. If the Development, Manufacture and/or Commercialization
of any Product is alleged by a Third Party to infringe a Third Party's Intellectual Property, the Party becoming aware of such
allegation shall promptly notify the other Party. XYNOMIC shall be responsible for defending against such allegation and any suit
brought by a Third Party based on such allegation except in case BII's activities pursuant to this Agreement infringe or will infringe
said Third Party's Intellectual Property, in which case BII shall be responsible for defending itself against such allegation and
any suit brought by a Third Party based on such allegation. 

 

		11	CONFIDENTIALITY.

 

		11.1	Obligation of Confidentiality. As of the Effective Date, all Confidential Information disclosed,
revealed or otherwise made available to one Party (“Receiving Party”) by or on behalf of the other Party (“Disclosing
Party”) under, or as a result of, this Agreement are made available to the Receiving Party solely to permit the Receiving
Party to exercise its rights, and perform its obligations, under this Agreement. The Receiving Party shall not use any of the Disclosing
Party's Confidential Information for any other purpose, and shall not disclose, reveal or otherwise make any of the Disclosing
Party's Confidential Information available to any other person, firm, corporation or other entity, without the prior written authorization
of the Disclosing Party, except as explicitly stated in this Section 11.

 

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		11.2	Additional Obligations.

 

		11.2.1	Appropriate Safeguards. In furtherance of the Receiving Party's obligations under Section
11.1 hereof, the Receiving Party shall take all reasonable steps, and shall implement all appropriate and reasonable safeguards,
to seek to prevent the unauthorized use or disclosure of any of the Disclosing Party's Confidential Information.

 

		11.2.2	Recipients of Confidential Information. Without limiting the generality of this Section
11.2, the Receiving Party shall disclose any of the Disclosing Party's Confidential Information only to those of its Affiliates,
officers, employees, assignees, licensees, Sublicensees, contract service providers, and its potential assignees, licensees and
Sublicensees, Regulatory Authorities, patent authority, collaborators, acquirers, consultants and investors and potential investors
that have a need to know the Disclosing Party's Confidential Information, in order for the Receiving Party to exercise or confirm
its rights and/or to perform its obligations under this Agreement, and only if such officers, employees, assignees, licensees,
Sublicensees, contract service providers, and its potential assignees, licensees and Sublicensees, and consultants and investors
and potential investors have executed appropriate non-disclosure agreements containing substantially similar terms regarding confidentiality
and non-use as those set out in this Agreement or are otherwise bound by obligations of confidentiality effectively prohibiting
the unauthorized use or disclosure of the Disclosing Party's Confidential Information.

 

		11.2.3	Unauthorized Use or Disclosure. The Receiving Party shall furnish the Disclosing Party with
written notice immediately of it becoming aware of any unauthorized use or disclosure of any of the Disclosing Party's Confidential
Information by any officer, employee, assignee, licensee or Sublicensee, or potential assignee, contract service provider, and
its licensee or Sublicensee, or consultant, investor or potential investor of the Receiving Party, and shall take all actions reasonably
required in order to prevent any further unauthorized use or disclosure of the Disclosing Party's Confidential Information.

 

		11.3	Limitations. The Receiving Party's obligations under Sections 11.1 and 11.2 hereof shall
not apply to the extent that the Receiving Party can demonstrate by competent evidence that any of the Disclosing Party's Confidential
Information:

 

		(i)	is in the public domain, or becomes generally available to the public through no fault of the Receiving
Party;

 

		(ii)	was known to the Receiving Party, without restriction of use or disclosure, prior to being made
available hereunder;

 

		(iii)	is disclosed, revealed or otherwise made available to the Receiving Party by a Third Party, without
restriction of use or disclosure, that is under no obligation of non-disclosure and/or non-use to the Disclosing Party in relation
to the subject item; or

 

		(iv)	is required to be disclosed under Applicable Law, or in connection with any application by the
Receiving Party for any Regulatory Approvals; provided, however, that the Receiving Party shall furnish the Disclosing Party's
with as much prior written notice of such disclosure requirement as reasonably practicable, to permit the Disclosing Party, in
its sole discretion, to take appropriate action, including seeking a protective order, in order to prevent the Disclosing Party's
Confidential Information from passing into the public domain or becoming generally available to the public.

 

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		11.4	Return of Confidential Information. Subject to Section 13.2, upon termination (but not expiration)
of this Agreement for any reason whatsoever, the Receiving Party shall cease all use of and return to the Disclosing Party, or
destroy, as the Disclosing Party shall specify in writing promptly upon such termination, all copies of all documents and other
materials that contain or embody any of the Disclosing Party's Confidential Information, except to the extent that the Receiving
Party is (i) required by Applicable Laws to retain such documents and materials or (ii) remains entitled under this Agreement to
use such Confidential Information, and provided further that each Party may keep a single copy of all Confidential Information
within its legal archives solely to assure compliance with the provisions of this Section 11. Within [****] after the
date of termination of this Agreement, the Receiving Party shall furnish the Disclosing Party with a certificate, duly executed
by an officer of the Receiving Party, confirming that the Receiving Party has complied with its obligations under this Section
11.4.

 

		11.5	Survival. All of the Receiving Party's obligations under Sections 11.1 and 11.2 hereof,
with respect to the protection of the Disclosing Party's Confidential Information, shall for a period of [****] survive
the expiration or termination of this Agreement for any reason whatsoever.

 

		11.6	Public Announcements. During the term of this Agreement, no public announcement concerning
the existence of, terms, or subject matter of this Agreement shall be made, either directly or indirectly, by any Party, without
first obtaining the prior written approval of the other Party and agreement upon the nature and text of such public announcement;
such agreement and approval shall not be unreasonably withheld or delayed. The Parties hereby agree that each Party may issue a
press release in the form agreed to by the other Party in writing on or after the Effective Date hereof with respect to the existence
and subject matter of this Agreement. Each Party agrees that it shall co-operate fully with the other with respect to all disclosures
regarding this Agreement to any governmental or regulatory agencies, including requests for confidential treatment of proprietary
information of either Party included in any such disclosure.

 

		11.7	Applicable Laws. Nothing in this Agreement shall be construed as preventing or in any way
inhibiting either Party from complying with Applicable Laws or securities regulations governing activities and obligations undertaken
pursuant to this Agreement, in any manner which it reasonably deems appropriate, including, for example, by disclosing to Regulatory
Authorities or securities regulators Confidential Information or other information received from the other Party, subject to Sections
11.3(iv) and 11.6.

 

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		11.8	Publication. Publications in a journal, paper, magazine or any other such similar
                                                             disclosure relating to this Agreement, the Compounds and/or the Products require the prior written approval of the other
                                                             Party, such approval not to be unreasonably withheld. For the avoidance of doubt, with respect to Licensed Know-How
                                                             (including but not limited to data transferred pursuant to Section 3), only BII and, as the case may be, its Third Party
                                                             contractors involved in the generation of such Licensed Know-How are entitled to publish such Licensed Know-How, but BII
                                                             shall provide XYNOMIC with a draft publication [****] in advance of the contemplated publication date for its review. XYNOMIC
                                                             has the right to request an amendment to the contemplated publication if such publication may harm its rights hereunder (e.g.
                                                             if structural information of the Compound is disclosed). Any other disclosure intended to be submitted for publication by one
                                                             Party shall first be sent to the other Party in order to allow such Party to make written comments thereon, and to preserve
                                                             its Intellectual Property by delaying such publication and/or removing its Confidential Information. In the case of
                                                             publication of Results, each Party's contribution shall be acknowledged in any publication by co-authorship or other
                                                             acknowledgment, whichever is appropriate in accordance with customary scientific practice. Once written approval has been
                                                             granted for a particular disclosure, such disclosed information may be subsequently disclosed without the requirement of
                                                             further approvals.

 

		12	WARRANTIES; LIABILITY; AND INSURANCE.

 

		12.1	Warranties. 

 

		12.1.1	Representations and Warranties of Each Party. Each of BII and XYNOMIC
hereby represents and warrants to the other Party hereto that as of the Effective Date:

 

		(i)	it is a corporation or entity duly organized and validly existing under the laws of the state or
other jurisdiction of its incorporation or formation;

 

		(ii)	its execution, delivery and performance of this Agreement by such Party has been duly authorized
by all requisite corporate, and do not violate (a) such Party’s charter documents, bylaws, or other organizational documents,
(b) in any material respect, any agreement, instrument, or contractual obligation to which such Party is bound, (c) any
requirement of any Applicable Law, or (d) any order, writ, judgment, injunction, decree, determination, or award of any court
or governmental agency presently in effect applicable to such Party;

 

		(iii)	it has the power and authority to execute and deliver this Agreement and to perform its obligations
hereunder;

 

		(iv)	this Agreement is a legal, valid, and binding obligation of such Party enforceable against it in
accordance with its terms and conditions, subject to the effects of bankruptcy, insolvency, or other laws of general application
affecting the enforcement of creditor rights, judicial principles affecting the availability of specific performance, and general
principles of equity (whether enforceability is considered a proceeding at law or equity).

 

		(v)	it is not under any obligation, contractual or otherwise, to any Person that conflicts with or
is inconsistent in any material respect with the terms of this Agreement, or that would impede the diligent and complete fulfillment
of its obligations hereunder; and

 

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		(vi)	there is no action or proceeding pending or, to the knowledge of such Party, threatened that could
reasonably be expected to impair or delay the ability of such Party to perform its obligations under this Agreement.

 

Furthermore,
each of BII and XYNOMIC hereby covenants to the other Party that it shall at all
times comply with all Applicable Laws relating to its activities under this Agreement.

 

		12.1.2	Representations and Warranties of BII. BII hereby represents and warrants to XYNOMIC that,
as of the Effective Date:

 

		(i)	to the best knowledge of BII, BII or its Affliates Controls (free and clear of any liens, mortgages,
security interests, charges, encumbrances or otherwise) the entire right, legal and/or beneficial title and ownership, and interest
in the Assigned Patents and the Licensed Know-How;

 

		(ii)	BII has the right to enter into this Agreement and to assign the Assigned Patents and to grant
the licenses contained herein;

 

		(iii)	BII or any of its Affiliates has not and will not enter into any any Third Party License; or take
any action that is inconsistent with BII’s obligations or impair XYNOMIC’s rights under this Agreement;

 

		(iv)	There is no claim by any Third Party or Regulatory Authority, and BII has not received any written
claim or demand alleging that an issued Patent which is within the Assigned Patents is invalid or unenforceable;

 

		(v)	To the best of BII’s knowledge, the data package, regulatory documentation, Assigned Patents
and Know-How to be assigned or transferred to XYNOMIC under this Agreement (i) were generated in accordance with all Applicable
Laws, including good clinical practices and good laboratory practices, as applicable, and (ii) were received and processed in accordance
with all Applicable Laws prior to and during delivery to XYNOMIC;

 

		(vi)	No Third Party has challenged BII or its Affiliates on the extent, validity or enforceability of
issued Assigned Patents (including by way of example through the institution or written threat of institution of interference,
nullity or similar invalidity proceedings before the United States Patent and Trademark Office or any analogous foreign entity),
and all application, registration, maintenance and renewal fees in respect of the Assigned Patents have been paid and all documents
and certificates required to be filed with the relevant agencies for the purpose of maintaining such Assigned Patents have been
filed.

 

		(vii)	None of the rights of BII or its Affiliates under the Assigned Patents in the Territory were developed
with funding from any government or any other governmental authority such that the government in such jurisdiction has any march-in
rights in or to any Assigned Patent in the Territory or such that BII or its Affiliates would be subject to any compulsory licensing
requirements in the Territory;

 

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		(viii)	BII represents and warrants that Exhibit 1.5 sets forth a true, accurate and complete list
of the Assigned Patents. BII has paid all remuneration that may be due to inventors of the Assigned Patents under any applicable
inventor remuneration laws.

 

		(ix)	To the best of BII’s knowledge, BII has provided or will provide to XYNOMIC
all Licensed Know-How.

 

		12.1.3	Diligence warranty of XYNOMIC. XYNOMIC acknowledges and agrees that as of the Effective
Date it has received access to the information relating to the Assigned Patents and Licensed Know-How that XYNOMIC
deemed necessary to conduct and complete its due diligence relating to Compound and Products to its satisfaction. XYNOMIC
acknowledges and agrees that BII has answered all questions of XYNOMIC relating
to the due diligence of the Compounds and Products, and XYNOMIC warrants that it
has diligently reviewed all such information, including information relating to the Assigned Patents and Licensed Know-How, the
Compounds and the Products provided by BII.

 

		12.1.4	Disclaimer. Except as specifically and expressly set forth in this Section 12, each Party
makes no representation or warranty and specifically disclaims any guarantee, express or implied, relating to the Assigned Patents
and the Licensed Know-How, or any other information disclosed, revealed or otherwise made available to the other Party under this
Agreement or otherwise, including, but not limited to any representation or warranty that the Development of the Compounds and
Products will be successful, in whole or in part, that the Assigned Patents and Licensed Know-How will be suitable for exploitation
or that the Compounds and Products conform to the requirements of any Applicable Laws. Subject only to Sections 12.1.1 and 12.1.2
above, BII expressly disclaims any warranties or conditions, express, implied, statutory or otherwise with respect to the Assigned
Patents and Licensed Know-How, the Compounds and Products, including any warranty of merchantability, fitness for a particular
purpose or non-infringement.

 

		12.1.5	Limitation of Liability. Except in the case of willful or intentional misconduct or gross
negligence, neither Party shall be liable to the other Party for any indirect, punitive or consequential damages, whether based
on contract or tort, or arising under Applicable Law or otherwise.

 

		12.2	Indemnification. 

 

		12.2.1	BII's Obligations to Indemnify. BII shall indemnify, defend and hold XYNOMIC,
its Affiliates, and its and their employees, agents, officers, and directors (individually and/or collectively referred to hereinafter
as a “Xynomic Party”) harmless from and against any and
all losses, liabilities, damages, expenses or fees paid or payable by XYNOMIC or
a Xynomic Party to a Third Party (collectively, “Xynomic
Losses”) to the extent that such Xynomic Losses result from or arise in
connection with a claim, suit or other proceeding made or brought by a Third Party against XYNOMIC
or a Xynomic Party (a “Xynomic
Claim”) based on, resulting from, or arising in connection with:

 

		(i)	any breach of any of BII's obligations, representations, warranties or covenants set forth in this
Agreement;

 

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		(ii)	any other grossly negligent, willful or intentional misconduct, error or omission on the part of
BII or its Affiliates, or any officer, director, employee, agent or representative of the foregoing; or

 

		(iii)	any Development activities conducted by or on behalf of BII or its Affiliates related to any Compound
or Product prior to the Effective Date;

 

provided, however, that
BII shall not be obligated to indemnify, defend or hold harmless XYNOMIC or a Xynomic
Party from any Xynomic Claim or for any Xynomic
Loss incurred by XYNOMIC or a Xynomic
Party to the extent XYNOMIC is responsible for indemnifying, defending and holding
BII and BII Parties harmless for such Claims as set forth in Section 12.2.2.

 

		12.2.2	XYNOMIC's Obligations to Indemnify.
XYNOMIC shall indemnify, defend and hold BII, its Affiliates and its and their officers,
directors, trustees, agents and employees (individually and/or collectively referred to herein as an “BII Party”)
harmless from and against any and all losses, liabilities, damages, expenses or fees paid or payable by BII or a BII Party to a
Third Party (collectively, “BII Losses”) to the extent that such BII Losses result from or arise in connection
with a claim, suit or other proceeding made or brought by a Third Party against BII or a BII Party (an “BII Claim”)
based on, resulting from, or arising in connection with:

 

		(i)	any breach of any of XYNOMIC's obligations, representations,
warranties or covenants set forth in this Agreement;

 

		(ii)	any other grossly negligent, willful or intentionally wrongful act, error or omission on the part
of XYNOMIC, or any officer, director, employee, agent or representative of XYNOMIC;

 

		(iii)	any claim that the Development, Manufacture and/or Commercialization of a Compound or a Product
fails to conform to the requirements of any Applicable Laws, including the failure by XYNOMIC
to obtain any required Regulatory Approvals for the Compound or Products; or

 

		(iv)	any product liability claim regarding the Products to the extent Commercialized by XYNOMIC;

 

		(v)	any Third Party claim regarding an allegation that the Manufacture or Commercialization by XYNOMIC
of Compounds or Products pursuant to and consistent with the provisions of this Agreement infringes such Third Party's Intellectual
Property;

 

provided, however, that
XYNOMIC shall not be obligated to indemnify, defend or hold harmless BII or an BII
Party from any BII Claim or for any BII Loss incurred by BII or an BII Party to the extent BII is responsible for indemnifying,
defending and holding XYNOMIC and Xynomic
Parties harmless for such Claims as set forth in Section 12.2.1.

 

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		12.3	Indemnification Procedures.

 

		12.3.1	Each indemnified Party shall notify the indemnifying Party (and in reasonable detail) of the Claim
within [****] after receipt by such indemnified Party of notice of the XYNOMIC Claim or BII Claim, as the case may be,
or otherwise becoming aware of the existence or threatened existence thereof (such XYNOMIC Claim or BII Claim being referred to
as a “Claim”). Failure to give such notice shall not constitute a defense, in whole or in part, to any Claim
by an indemnified Party hereunder except to the extent the rights of the indemnifying Party are materially prejudiced by such failure
to give notice. The indemnifying Party shall notify in English the indemnified Party of its intentions as to the defense of the
Claim or potential Claim within [****] after receipt of notice of the Claim. If the indemnifying Party assumes
the defense of a Claim against an indemnified Party, the indemnifying Party shall have no obligation or liability under this Section
12 as to any Claim for which settlement or compromise of such Claim or an offer of settlement or compromise of such Claim is made
by an indemnified Party without the prior written consent of the indemnifying Party, which consent shall not be unreasonably withheld.

 

		12.3.2	The indemnifying Party shall assume exclusive control of the defense and settlement (including
all decisions relating to litigation, defense and appeal) of any such Claim (so long as it has confirmed its indemnification obligation
responsibility to such indemnified Party under this Section 12.3 with respect to a given Claim); provided, however, that
the indemnifying Party may not settle such Claim in any manner that would require payment by the indemnified Party, or would materially
adversely affect the rights granted to the indemnified Party hereunder, or would materially conflict with the terms of this Agreement,
or adversely affect other products, without first obtaining the indemnified Party's prior written consent, which consent shall
not be unreasonably withheld.

 

		12.3.3	The indemnified Party shall reasonably cooperate with the indemnifying Party in its defense of
the Claim (including, without limitation, making documents and records available for review and copying and making persons within
its control available for pertinent testimony in accordance with the confidentiality provisions of Section 10, and neither Party
shall be required to divulge privileged material to the other) at the indemnifying Party's expense. If the indemnifying Party assumes
defense of the Claim, an indemnified Party may participate in, but not control, the defense of such Claim using attorneys of its
choice and at its sole cost and expense, with such cost and expense not being covered by the indemnifying Party. If an indemnifying
Party does not agree to assume the defense of the Claim asserted against the indemnified Party (or does not give notice that it
is assuming such defense), or if the indemnifying Party assumes the defense of the Claim in accordance with this Section 12.3 yet
fails to defend or take other reasonable, timely action, in response to such Claim asserted against the indemnified Party, the
indemnified Party shall have the right to defend or take other reasonable action to defend its interests in such proceedings, and
shall have the right to litigate, settle or otherwise dispose of any such Claim; provided, however, that no Party shall
have the right to settle a Claim in a manner that would adversely affect the rights granted to the other Party hereunder, or would
materially conflict with this Agreement, or would require a payment by the Party, or adversely affect the Party (its Affiliates)
or its products in or outside the territory, without the prior written consent of the Party entitled to control the defense of
such Claim, which consent shall not be unreasonably withheld.

 

		12.4	Insurance. XYNOMIC shall obtain and maintain
during the term of this Agreement reasonable and adequate general liability insurance, patients insurance and product liability
insurance. XYNOMIC shall provide to BII written proof of the existence of such insurance
upon request.

 

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		13	TERM AND TERMINATION; CONSEQUENCES OF TERMINATION.

 

		13.1	Term and Termination. 

 

		13.1.1	Term. This Agreement shall become effective as of the Effective Date and shall expire on
a Product-by-Product and country-by-country basis upon the expiration of the Royalty Term of a Product in a country (such period,
the “Term”).

 

		13.1.2	Termination for Convenience. XYNOMIC shall
have the right to terminate this Agreement at its own discretion at any time by providing [****] prior written notice
to BII.

 

		13.1.3	Termination for Cause.

 

		13.1.3.1	In the event that either Party (“Breaching Party”) commits a material breach
or default of any of its obligations hereunder, such material breach to include a breach by XYNOMIC
of the Development and diligence obligations under Section 4, the other Party hereto (“Non-Breaching Party”)
may give the Breaching Party written notice of such material breach or default, and shall request that such material breach or
default be cured as soon as reasonably practicable. In the event that the Breaching Party fails to cure such breach or default
within [****] after the date of the Non-Breaching Party's written notice thereof (in the event of default of payment
within [****] after the date of the Non-Breaching Party's notice), the Non-Breaching Party may terminate this Agreement
by giving written notice of termination to the Breaching Party. In the event the Breaching Party indicates in writing that it will
be unable or is unwilling to cure the breach, this Agreement may be terminated by the Non-Breaching Party with immediate effect.

 

		13.1.3.2	BII may terminate this Agreement in the event XYNOMIC
or any of its Affiliates directly or indirectly challenges the validity of the Assigned Patents in a legal proceeding or
supports a Third Party in the challenge of an Assigned Patent in a legal proceeding (in each case before a court of competent
jurisdiction). In the event a Sublicensee of XYNOMIC challenges the validity of
an Assigned Patent, BII may terminate this Agreement hereunder, if XYNOMIC does
not terminate such sublicense agreement with immediate effect.

 

		13.2	Consequences of Termination.

 

		13.2.1	Expiration. Upon expiration of this Agreement, XYNOMIC
shall, on a Product-by-Product and country-by-country basis, retain a perpetual, fully paid-up, non-exclusive and cost-free right
to use the Licensed Know-How solely for the Products in such country and in the Field.

 

		13.2.2	Termination for convenience by XYNOMIC or for
cause by BII. If this Agreement is terminated by XYNOMIC
in accordance with Section 13.1.2 or by BII in accordance with Section 13.1.3, then,
to the extent permitted by Applicable Laws:

 

		(I)	[****]

 

		(II)	[****]

 

		(III)	[****]

 

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		13.2.2.1	BII shall have the right to request [****]

 

		13.2.3	Termination for Cause by XYNOMIC. If this
Agreement is terminated by XYNOMIC in accordance with Section 13.1.3, the licenses
granted by BII to XYNOMIC hereunder
shall continue in full force and effect, on a perpetual irrevocable basis, sublicenseable in multiple tiers, in accordance with
Section 2; and XYNOMIC may choose (in such case as its sole remedy) to continue
to Develop, Manufacture and Commercialize the Compound and Products in the Field in the Territory under all rights and licenses
granted by BII hereunder, provided that any subsequent royalty and milestone payment obligations under Section 8 of this
Agreement shall be [****].

 

		13.2.4	Accrued Obligations. Termination of this Agreement for any reason whatsoever shall not relieve
either Party from its obligations (monetary or otherwise) which have accrued prior to, but remain unsettled or unpaid as of, the
date of expiration or termination hereof, or which accrue thereafter, in accordance with Section 13.2.6 hereof. Upon termination
of this Agreement any accrued payment obligations shall become immediately due and payable.

 

		13.2.5	Termination for Cause. Subject to Section 13.2.3, termination of this Agreement in accordance
with Section 13.1.3 shall not affect or impair the Non-Breaching Party’s right to pursue any legal remedy, including the
right to recover damages, for any harm suffered or incurred by the Non-Breaching Party as a result of such breach or default.

 

		13.2.6	Survival. Sections 1, 9, 10, 11, 13.2, and 15.3 through 15.10, inclusive, shall survive
the expiration or termination of this Agreement.

 

		14	GOVERNMENT APPROVALS. 

 

Government Approvals. As of and
after the Effective Date, XYNOMIC and BII
will reasonably cooperate and use respectively all Commercially Reasonable Efforts to obtain all approvals required and make all
registrations, filings and applications, to give all notices and to obtain as soon as practicable all other consents, transfers,
approvals, orders, qualifications authorizations, permits and waivers, if any, and to do all other things necessary or desirable
for the consummation of the transactions as contemplated hereby.

 

		15	GENERAL
                                         PROVISIONS. 

 

		15.1	Assignment. Any right or obligation of BII under this Agreement may be assigned to and/or
exercised or performed by its Affiliates or Third Parties.

 

		15.2	Except as expressly provided herein, without the prior written consent of BII, XYNOMIC may not
sell, transfer, assign, delegate, pledge, or otherwise dispose of, whether voluntarily, involuntarily, by operation of law or otherwise,
this Agreement or any of its rights or duties hereunder to any Third Party, provided that (a) the assignment of this Agreement
by operation of law pursuant to a merger or consolidation of XYNOMIC with or into any Third Party shall, regardless of the identity
of the surviving entity to such merger or consolidation, not be deemed an assignment in violation of this Section 15.2, (b) XYNOMIC,
without such consent, may assign its rights and delegate its duties hereunder to an Affiliate thereof without obtaining such consent,
provided that XYNOMIC agrees to remain primarily (and not secondarily or derivatively) liable for the full and timely performance
by such Affiliate of all its obligations hereunder, and (c) XYNOMIC, without such consent, may assign its rights and delegate its
duties hereunder to a successor entity or acquirer, provided that XYNOMIC agrees to remain primarily (and not secondarily or derivatively)
liable for the full and timely performance by such assignee of all its obligations hereunder. Any attempted assignment or delegation
in violation of this Section 15.2 shall be void and of no effect.

 

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		15.3	All validly assigned and delegated rights and obligations of the Parties hereunder shall be binding
upon and inure to the benefit of and be enforceable by and against the successors and permitted assigns of BII or Xynomic,
as the case may be.

 

		15.4	Force majeure. If the performance of any part of this Agreement by either Party, or any
obligation under this Agreement, is prevented, restricted, interfered with or delayed by reason of any cause beyond the reasonable
control of the Party liable to perform (including fires, floods, earthquakes, hurricanes, embargoes, shortages, epidemics, quarantines,
war, acts of war (whether war be declared or not), terrorist acts, insurrections, riots, civil commotion, strikes, lockouts, or
other labor disturbances (whether involving the workforce of the non-performing Party or of any other Person), acts of God or acts,
omissions or delays in acting by any governmental authority (except to the extent such delay results from the breach by the non-performing
Party or any of its Affiliates of any term or condition of this Agreement)), unless conclusive evidence to the contrary is provided,
the Party so affected shall, upon giving written notice to the other Party, be excused from such performance to the extent of such
prevention, restriction, interference or delay, provided that the affected Party shall use its Commercially Reasonable Efforts
to avoid or remove such causes of non-performance and shall continue performance with the utmost dispatch whenever such causes
are removed. When such circumstances arise, the Parties shall discuss what, if any, modification of the terms of this Agreement
may be required in order to arrive at an equitable solution.

 

		15.5	Notices. All notices hereunder shall be in writing in the English language and shall be
delivered by personal delivery, by registered mail / international courier, or by facsimile and confirmed by registered mail /
international courier on the next Business Day after the transmission, and shall be deemed given (a) on the date of delivery if
delivered by personal delivery on a Business Day; (b) on the third Business Day from and including the day of sending in the case
of a delivery by registered mail / international courier; or (c) on the next Business Day following the day of transmission in
the case of a delivery by facsimile (confirmed by a copy sent as provided above). All notices shall be given:

 

if to BII,
addressed to:

 

Boehringer
Ingelheim International GmbH

 

Business Development &
Licensing Strategic Transactions

Binger Str. 173

55216 Ingelheim

Germany

 

Facsimile:
+49 6132 72145855

 

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With
a copy to

 

Legal Strategy and Innovation

Address as above

 

if to XYNOMIC,
addressed to:

 

2842 Catalino Street

San Mateo, CA 94403, USA

Attention: CEO

Facsimile: (650) 435-5938

 

With a copy to:

 

Sidley Austin LLP

787 Seventh Avenue

New York, NY 10019

Attention: Wendy Pan, Partner

Fax: +1 212 839 5599

 

		15.6	Governing law. This Agreement and all disputes arising hereunder, shall be exclusively governed
by, and interpreted and enforced in accordance with the laws of the State of New York, the United States, without regard to its
conflict of law rules; provided, that all questions concerning the construction or effect of patent applications and patents
shall be determined in accordance with the laws of the country or other jurisdiction in which the particular patent application
or patent has been filed or granted, as the case may be. The Parties agree to exclude the application to this Agreement of the
United Nations Convention on Contracts for the International Sale of Goods.

 

		15.7	Jurisdiction. Any controversy or claim arising out of or under this Agreement, or the breach
thereof, which is not settled under the procedures set forth in the appropriate provisions of Section 8.10 will be finally resolved
by binding arbitration, held in New York City, New York, and administered by the American Arbitration Association under its Commercial
Arbitration Rules.  Judgment on the award rendered by the arbitrator(s) may be entered in any court having jurisdiction thereof. 
If the Parties cannot mutually agree on a single arbitrator, the Parties will make reasonable efforts to appoint three (3) arbitrators,
who are each mutually acceptable to BII and Xynomic, within [****]
of the initiation of the arbitration; in the event they are unsuccessful and do not agree to extend the time period, the arbitrators
will be appointed in accordance with the rules.  The Parties will share the expenses for the arbitrators, but will otherwise
be responsible for their own fees in relation to such arbitration.  Until such time as arbitrators are appointed, the Parties
may seek judicial relief for interim measures, such as injunctive relief, in any court having competent jurisdiction. For clarity,
the arbitrators will not have authority or discretion to decide any matter other than the matter for decision before them, and
any such decision will not include any award or determination which would amend the applicable terms of this Agreement.

 

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		15.8	Severability. If any provision of this Agreement
is determined by any court or administrative tribunal of competent jurisdiction to be invalid or unenforceable, the Parties shall
negotiate in good faith a replacement provision that is commercially equivalent, to the maximum extent permitted by Applicable
Laws, to such invalid or unenforceable provision. The invalidity or unenforceability of any provision of this Agreement shall not
affect the validity or enforceability of the other provisions of this Agreement. Nor shall the invalidity or unenforceability of
any provision of this Agreement in one country or jurisdiction affect the validity or enforceability of such provision in any other
country or jurisdiction in which such provision would otherwise be valid or enforceable.

 

		15.9	Entire Agreement and Amendments. This Agreement, together with all Exhibits attached hereto,
constitutes the entire agreement between the Parties regarding the subject matter hereof, and supersedes all prior agreements,
understandings and communications between the Parties, with respect to the subject matter hereof. No modification or amendment
of this Agreement shall be binding upon the Parties unless in writing and executed by the duly authorized representative of each
of the Parties; this shall also apply to any change of this Section.

 

		15.10	Waivers. The failure by either Party hereto to assert any of its rights hereunder, including
the right to terminate this Agreement due to a breach or default by the other Party hereto, shall not be deemed to constitute a
waiver by that Party of its right thereafter to enforce each and every provision of this Agreement in accordance with its terms.

 

		15.11	Independent Contractors. The Parties are independent contractors and this Agreement shall
not constitute or give rise to an employer-employee, agency, partnership or joint venture relationship among the Parties and each
Party’s performance hereunder is that of a separate, independent entity.

 

		15.12	Headings. The headings are placed herein merely as a matter of convenience and shall not
affect the construction or interpretation of any of the provisions of this Agreement.

 

		15.13	Counterparts; Facsimile Execution. This Agreement may
be executed in two (2) or more counterparts, each of which shall be deemed an original, but all of which together shall constitute
one and the same instrument. This Agreement may be executed by facsimile or electronically transmitted signatures and such signatures
shall be deemed to bind each Party hereto as if they were original signatures.

 

- signature page follows -

 

    31

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IN WITNESS WHEREOF, this Agreement has
been signed by the Parties hereto in two originals, each Party acknowledging receipt of one original.

 

	Boehringer Ingelheim International GmbH	XYNOMIC Pharmacuticals, Inc.
	 	 	 	 	 
	By:	                                   	 	By:	 
	Name:	 	 	Name:	Yinglin Mark Xu
	Title:	 	 	Title:	Chairman and Chief Executive Officer
	Date:	 	 	Date:	 

 

	By:	                             	 
	Name:	 	 
	Title:	 	 
	Date:	 	 

 

    32

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Exhibit 1.5

Assigned Patents

 

[****]

 

    33

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Exhibit 1.25

Development Compound

 

BI 882370

[****]

 

    34

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Exhibit 2.1

Assignment Form

 

PATENT ASSIGNMENT

 

THIS ASSIGNMENT is made on [Date]between

 

Boehringer Ingelheim International GmbH (“BII”),
a German limited liability company, with offices at Binger Straße 173, 55216 Ingelheim am Rhein, Germany

 

And

 

Xynomic xxxxx (“Xynomic”),
[address]

 

WHEREAS BII owns and controls certain patents and patent
applications related to FAK inhibitor.

 

NOW THEREFORE in consideration of
the premises contained herein and for other valuable consideration that has been exchanged, XYNOMIC requests and the BII
HEREBY ASSIGNS to XYNOMIC, [****].

 

[****].

 

[****].

 

This Agreement shall be governed by and construed in accordance
with German law.

 

EXECUTED the date and year first above written

 

Boehringer Ingelheim International GmbH

Ingelheim, Date

by

 

	ppa.	ppa.
	Authorized Signatories   	 

 

Xynomic

by

 

    35

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Annex 1 to the Patent Assignment

[****]

 

    36

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Commission. Confidential Treatment Requested Under
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Exhibit 3

Transfer Data

 

[****]

 

    37

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Exhibit 4.2

Xynomic
BI 882370 Development Plan

 

[****]

 

    38Exhibit 10.15

 

****Text Omitted
and Filed Separately with the Securities and Exchange

Commission. Confidential
Treatment Requested Under

17 C.F.R. Section  230.406

 

 

 

 

 

 

 

LICENSING
AGREEMENT

 

 

 

dated

 

December 20, 2018

 

by and between

 

BOEHRINGER
INGELHEIM INTERNATIONAL GMBH

 

hereinafter “BII”

 

and

 

XYNOMIC
pharmaceuticalS, INC.

 

hereinafter “XYNOMIC”

 

 

 

 

 

 

 

 

     

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Commission. Confidential Treatment Requested Under
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LIST
OF EXHIBITS

 

	Exhibit 1.19	Compound
	Exhibit 1.20	Licensed Patents 
	Exhibit 3.1	Transferred Data
	Exhibit 4.2	XYNOMIC BI 860585 Development Plan

 

    i

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License
AGREEMENT

 

This License Agreement (“Agreement”)
is entered into on December 20, 2018 (“Effective Date”)

 

by and between

 

Boehringer Ingelheim International GmbH
(“BII”), a German limited liability company, with offices
at Binger Straße 173, 55216 Ingelheim am Rhein, Germany; and

 

XYNOMIC Pharmaceuticals, Inc. (“XYNOMIC”),
a Delaware corporation with offices
at 3500 South DuPont Highway, Suite SS101, Dover, DE 19901, USA.

 

BII
and XYNOMIC may be referred to as individually a “Party”,
and collectively the “Parties”.

 

RECITALS

 

		A.	WHEREAS, BII is a global pharmaceutical company within the Boehringer
Ingelheim group of companies;

 

		B.	WHEREAS, XYNOMIC is a biotech company focused on
the development of innovative treatments for human diseases;

 

		C.	WHEREAS, BII has terminated its activities in relation to the mTORC1/2 inhibitor program for the
treatment of oncological diseases and reallocating its R&D and other personnel working on this program. Therefore, BII is willing
to license to XYNOMIC its technology (including all Compound Patents) related to
the mTOR compound BI 860585 development program (the “Development Program”) and to grant to XYNOMIC
under the Licensed Patents and the Licensed Know-How an exclusive, worldwide, royalty-bearing license to Develop, Manufacture and
Commercialize Products in the Field during the Term, and XYNOMIC is willing to further
Develop, Manufacture and Commercialize Products in the Field during the Term (terms as defined below) and to make certain upfront,
milestone and royalty payments in exchange for such transfer and license.

 

NOW, THEREFORE, in consideration
of the mutual covenants, agreements and stipulations set forth herein, the receipt and legal sufficiency of which are hereby mutually
acknowledged, the Parties hereby agree as follows:

 

		1.	DEFINITIONS.

 

For purposes
of this Agreement, the following capitalized terms shall have the following meanings, whether used in the singular or plural:

 

		1.1	“Accounting Standards”
shall mean the maintenance of records and books of accounts in accordance with International Financial Reporting Standards (IFRS)
or Generally Accepted Accounting Principles (GAAP) of an applicable jurisdiction, which standards or principles (as applicable)
are currently used at the relevant time, and consistently applied by the applicable Party.

 

		1.2	“Affiliate”
shall mean, with respect to a Party, any Person which, at the time such determination is being made, is controlled by, controlling
or under common control with such Party. As used in this definition, the term “control”, whether used as a noun or
verb, refers to the possession, directly or indirectly, of the power to direct, or cause the direction of, the management or policies
of a Person, whether through the ownership of voting rights (e.g., fifty per cent (50%) or more of the equity, the ordinary voting
power or the general partnership interest), by contract or otherwise. 

 

     

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		1.3	“Agreement”
shall have the meaning given in the Preamble.

 

		1.4	“Applicable Laws”
shall mean all applicable provisions of all statutes, laws, rules, regulations, administrative codes, ordinances, decrees, orders,
decisions, guidance documents, injunctions, awards, judgments, and permits, including licenses of or from Regulatory Authorities
and any rules, regulations, guidelines or other requirements of national and international patent offices and Regulatory Authorities,
each as in effect from time to time. 

 

		1.5	“BII Party”
shall have the meaning given in Section 12.2

 

		1.6	“BII Losses”
shall have the meaning given in Section 12.2.

 

		1.7	“BII Claim”
shall have the meaning given in Section 12.2.

 

		1.8	“BII Inventions”
shall mean any invention conceived by BII or its Affiliates before the Effective Date and is included in the Licensed Know-How,
[****].

 

		1.9	“BII Invention Patents” shall mean any Patents [****].

 

		1.10	“Breaching Party”
shall have the meaning given in Section 13.1.3.1.

 

		1.11	“Business Day”
shall mean any day other than Saturday, Sunday or any other day on which commercial banks in Ingelheim am Rhein, Germany, Shanghai,
People’s Republic of China or Delaware, United States of America are authorized or required by law to remain closed.

 

		1.12	“Calendar Quarter”
shall mean a period of three calendar months ending on 31 March, 30 June, 30 September or 31 December in any calendar year.

 

		1.13	“Calendar Year”
shall mean a one-year period beginning on January 1st and ending on December 31st.

 

		1.14	“CMO” shall
mean a contract manufacturing organization.

 

		1.15	“Combination Product”
shall have the meaning given in Section 1.41.

 

		1.16	“Commercialization”
shall mean any and all activities directed to the preparation for sale of, offering for sale of, or sale of the Product, including
activities related to marketing, promoting, distributing, importing and exporting the Product, and interacting with Regulatory
Authorities regarding any of the foregoing. For the avoidance of doubt, “Commercialization”
shall not include the Manufacture of Product. When used as a verb, to “Commercialize”
and “Commercializing” shall mean to engage in Commercialization, and “Commercialized”
has a correlative meaning.

 

		1.17	“Commercially Reasonable Efforts”
means, with respect to the performance of Development and Commercialization activities with respect to the Compound or any Product
by XYNOMIC, the carrying out of such activities in a sustained manner using efforts and resources, in good faith, consistent with
reasonable practices and expended in a manner and timing consistent with the exercise of prudent scientific and business judgment
that a similar size and similarly situated company within the biopharmaceutical or pharmaceutical industry, as the case may be,
would reasonably devote in the relevant market for the development and commercialization of a pharmaceutical product having similar
market potential as the particular Compound or any Product at a similar stage in development or product life, taking into account
all scientific, commercial, and other factors that such company would take into account, including issues of safety and efficacy,
approved labelling, expected and actual cost and time to develop, expected and actual profitability, expected and actual competitiveness
of alternative products, the nature and extent of expected and actual market exclusivity (including Patent coverage and regulatory
exclusivity), the expected likelihood of Regulatory Approval, the expected and actual reimbursability and pricing, and the expected
and actual amounts of marketing and promotional expenditures required. 

 

    2

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		1.18	“Competing Product”
shall have the meaning given in Section 5.3.

 

		1.19	“Compound”
shall mean the mTOR compound BI 860585 as specified in Exhibit 1.19.

 

		1.20	“Compound Patents”
shall mean the valid and/or pending Patents which [****].

 

		1.21	“Confidential Information”
shall mean all information non publicly available, including: 

 

		(a)	the existence and terms of this Agreement and any discussions and negotiations in relation to the
subject matter of this Agreement;

 

		(b)	the Licensed Know-How and Results; and

 

		(c)	Development Data relating to the Compound and Products, the Field, or the business, affairs, research
and development activities, results of pre-clinical and clinical trials, national and multinational regulatory proceedings and
affairs, finances, plans, contractual relationships and operations of the Parties including reports and other information provided
pursuant to Section 6 (Reporting).

 

		1.22	“Control”
or “Controlled” shall mean with respect to the subject item or right, the
ability (whether by ownership, license or otherwise, other than pursuant to this Agreement) of a Party to grant to the other Party
access or a license as provided herein under such item or right without violating the terms of any agreement or other arrangement
and without requiring any payment (whether or not then due and payable) with any Third Party.

 

		1.23	“CRO” shall
mean a contract research organization.

 

		1.24	“Development”
shall mean all research, non-clinical and clinical testing and drug development activities conducted in respect of the Compound
and Products, including those necessary or reasonably useful or otherwise requested or required by a Regulatory Authority as a
condition or in support of obtaining or maintaining Regulatory Approvals and to successfully Develop, Manufacture and Commercialize
the Products for use in the Field. “Development” shall include test method development and stability testing, formulation
development, delivery system development, non-clinical testing, mechanism studies, toxicology, pharmacokinetics, clinical trials,
quality assurance/quality control, regulatory affairs activities, statistical analysis and report writing, submission of documents
for obtaining Regulatory Approvals, market research and pharmacoeconomic studies. 

 

		1.25	“Development Data”
shall mean any non-clinical or clinical data relating to the Development or the use of the Compound and Products in the Field,
including but not limited to results, pre-clinical, clinical, safety, manufacturing and quality control data and information (including
trial designs and protocols), registration (IND/regulatory) dossiers, assay and biological methodology, any reports of non-clinical
studies and clinical trials, and all other documentation containing or embodying such data.

 

    3

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		1.26	“Development Plan”
shall have the meaning given in Section 4.2.

 

		1.27	“Development Program”
shall have the meaning given in the Preamble.

 

		1.28	“Disclosing Party”
shall have the meaning given in Section 11.1.

 

		1.29	“Effective Date”
shall have the meaning given in the Preamble.

 

		1.30	“Field”
shall mean the diagnosis, prevention or treatment of any and all diseases or conditions in humans or animals.

 

		1.31	“First Commercial Sale”
shall mean, on a country-by-country and Product-by-Product basis, the first sale by XYNOMIC, its Affiliates in an arm’s length
transaction of such Product to a Third Party in such country in exchange for cash (or some equivalent to which value can be assigned)
after Marketing Authorization for such Product has been granted in such country. XYNOMIC providing access to Products in a country
prior to receipt of the Marketing Authorization for such Product in such country, for carrying out approved “treatment IND
programmes,” “named patient programmes,” and “compassionate use programmes” shall not be construed
as a First Commercial Sale.

 

		1.32	“Intellectual Property”
shall mean any and all Know-How (including copyright and other rights therein), Patents, trademarks, design rights and other rights
in designs, copyrights, database rights, and all other intellectual property rights in each case whether registered or unregistered,
and including applications for the grant of any such rights and rights of renewal in respect of any such rights, and all other
forms of protection having similar or equivalent effect in any part of the world.

 

		1.33	“Invoice”
means an invoice sent by BII to XYNOMIC with respect to any payment due hereunder.

 

		1.34	“Joint Counsel”
shall have the meaning given in Section 9.2(a).

 

		1.35	“Know-How”
shall mean 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, apparatuses, specifications, data, results and other materials, including: biological,
chemical, pharmacological, toxicological, pharmaceutical, physical and analytical, pre-clinical, clinical, safety, manufacturing
and quality control data and information and materials, including study designs and protocols; assays; and biological methodology;
in each case solely to the extent confidential and, proprietary and in written, electronic or any other form.

 

		1.36	“LIBOR”
means the London Interbank Offered Rate for deposits in United States Dollars having a maturity of one month published by the British
Bankers’ Association, as adjusted from time to time on the first London business day of each month.

 

		1.37	“Licensed Know-How”
shall mean all Know-How [****]

 

		1.38	“Licensed Patents”
shall mean [****].

 

		1.39	“Manufacture”
shall mean all activities related to the synthesis, making, production, processing, purifying, formulating, filling, finishing,
packaging, labeling, shipping and holding of the Product, or any intermediate thereof, including process development, process qualification
and validation, scale-up, pre-clinical, clinical and commercial production and analytic development, product characterization,
stability testing, quality assurance, and quality control. For clarity, Manufacturing does not include Commercialization.

 

    4

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		1.40	“Marketing Authorization”
shall mean the Regulatory Approval which is required to Commercialize a Product in a particular country or region in the Territory,
including, where applicable, (a) pricing or reimbursement approval in such country or region, (b) pre- and post-approval
marketing authorizations (including any prerequisite Manufacturing approval or authorization related thereto), and (c) labeling
approval. For the avoidance of doubt, Market Authorization shall include a provisional or conditional approval provided and as
long as it grants the right to Commercialize a Product.

 

		1.41	“Net Sales”
means [****]

 

		1.42	“Non-Breaching Party”
shall have the meaning given in Section 13.1.3.1.

 

		1.43	“Patents”
shall mean (a) all national, regional and international patents and patent applications (including provisional patent applications)
worldwide; (b) all patent applications filed either from such patents, patent applications or provisional applications or from
an application claiming priority from either of these, including divisions, continuations, continuations-in-part, provisionals,
converted provisionals and continued prosecution applications; (c) any and all patents that have issued or in the future issue
from the foregoing patent applications ((a) and (b)), including utility models (Gebrauchsmuster), petty patents and design patents
and certificates of invention; (d) any and all extensions or restorations by existing or future extension or restoration mechanisms,
including revalidations, reissues, re-examinations, extensions (including any patent term adjustments, patent term extensions,
supplementary protection certificates and the like) of the foregoing patents or patent applications ((a), (b), and (c)); and (e) any
similar rights, including so-called pipeline protection or any importation, revalidation, confirmation or introduction patent or
registration patent or patent of additions to any of such foregoing patent applications and patents.

 

		1.44	“Person”
means any corporation, limited or general partnership, limited liability company, joint venture, trust, unincorporated association,
governmental body, authority, bureau or agency, any other entity or body.

 

		1.45	“Phase II Clinical Trial”
means a human clinical trial conducted in any country that meets the requirements of 21 CFR §312.21(b). By way of example
and not limitation, a Phase II Clinical Trial is usually a well controlled clinical study in patients designed to assess early
efficacy (“proof-of-concept”) or to gain dose-ranging information about an investigational drug, along with product
safety data. For clarity, a Phase II Clinical Trial may also represent the second part of a combined Phase Ib/II clinical study
or the initial part of a combined Phase II/III clinical study. Under certain circumstances, a Phase II Clinical Trial may qualify
as a pivotal trial, that, if the defined end-points are met, for obtaining Regulatory Approval in the indication being studied
or otherwise establishing safety and efficacy in patients with the indication being studied for purposes of filing for Marketing
Authorization with the FDA as required under 21 C.F.R. §312.21(c), or, with respect to a jurisdiction other than the United
States, an equivalent clinical study.

 

		1.46	“Phase III Clinical Trial”
shall mean, with respect to the United States, any human clinical trial, that, if the defined end-points are met, is intended to
be a pivotal trial for obtaining Regulatory Approval in the indication being studied or to otherwise establish safety and efficacy
in patients with the indication being studied for purposes of filing for Marketing Authorization with the FDA as required under
21 C.F.R. §312.21(c), or, with respect to a jurisdiction other than the United States, an equivalent clinical study. In the
event that a human clinical trial that would otherwise meet the definition of a Phase II Clinical Trial would, if the defined end-points
are met, be sufficient to obtain Marketing Authorization in the indication being studied then, for the purposes of this Agreement,
such trial shall be considered a Phase III Clinical Trial. For clarity, a Phase III Study may also represent the second part of
a combined Phase IIb/III clinical study.

 

    5

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		1.47	“Product”
shall mean any product containing the Compound.

 

		1.48	“Prosecution and Maintenance”
Prosecution and Maintenance means, with respect to a Licensed Patent, preparation, filing, prosecution and maintenance of such
Patent, as well as post grant review proceedings, reexaminations, reissues and the like with respect to such Patent, together with
the conduct of interferences, the defense of oppositions and other similar proceedings with respect to the particular Patent as
well as patent term extensions or supplemental protection certificates or their equivalents of such Patent; and “Prosecute
and Maintain” shall have the correlative meaning.

 

		1.49	“Receiving Party”
shall have the meaning given in Section 11.1.

 

		1.50	“Recognized Agent”
shall mean any Third Party who distributes products directly to customers in countries where XYNOMICS has no Affiliate.

 

		1.51	“Regulatory Approval(s)”
shall mean and include any license, permit, authorization and approval of, and registration, filing and other notification to,
any Regulatory Authority within the Territory, which grant the approval to Develop, Manufacture and/or Commercialize a Product
in a particular country or region in the Territory. For the avoidance of doubt, Regulatory Approvals shall include a provisional
or conditional approval provided and as long as it grants the right to Develop, Manufacture and Commercialize a Product. Regulatory
Approvals shall include Marketing Authorizations.

 

		1.52	“Regulatory Authority”
shall mean any national, supra-national, regional, state or local regulatory agency, department, bureau, commission, council or
other governmental entity in each country or jurisdiction in the Territory involved in the reviewing, granting or revoking of Regulatory
Approvals for the Products. Regulatory Authorities include, without limitation, FDA, EMA, China’s NMPA and PMDA.

 

		1.53	“Results”
shall have the meaning given in Section 10.1. 

 

		1.54	“Royalties”
shall have the meaning given in Section 8.2.

 

		1.55	“Royalty Period”
shall have the meaning given in Section 8.7(iv).

 

		1.56	“Royalty Term”
shall have the meaning given in Section 8.4.

 

		1.57	“Senior Managers”
shall mean in the case of BII, a senior representative of BII for the then current phase of the Product, and in the case of XYNOMIC,
Y. Mark Xu, the Chief Executive Officer, or his successor, as the case may be.

 

		1.58	“Tax Law”
shall mean any applicable law, rule or regulation of any government entity, or judgment, order, writ, decree, permit or license
of any government entity of competent jurisdiction that, in each case, relates to taxes or other similar assessments or charges
of any kind whatsoever (including, but not limited to, withholding on amounts paid to any person).

 

		1.59	“Term” shall
have the meaning given in Section 13.1.1.

 

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		1.60	“Territory”
shall mean the entire world. 

 

		1.61	“Third Party”
means an entity other than (i) BII or any of its Affiliates or (ii) XYNOMIC or any of its Affiliates.

 

		1.62	“Third Party License”
shall mean a license with respect to the Licensed Patents or Licensed Know-How granted by BII to a Person other than XYNOMIC or
its Affiliates. 

 

		1.63	“Upfront Payment”
shall have the meaning given in Section 8.1(a)

 

		1.64	“Valid Claim”
shall mean with respect to a particular country, and in each case to the extent contained within a Licensed Patent, any claim of
an issued and unexpired patent in such country that (i) has not lapsed or been revoked, has not been held unenforceable or invalid
by a decision of a court or governmental agency of competent jurisdiction, which decision is un-appealable or un-appealed within
the time allowed for appeal; and (ii) has not been abandoned, disclaimed, denied or admitted to be invalid or unenforceable through
reissue, post grant review or disclaimer or otherwise in such country. 

 

		1.65	“XYNOMIC Party”
shall have the meaning given in Section 12.2.

 

		1.66	“XYNOMIC Losses”
shall have the meaning given in Section 12.2.

 

		1.67	“XYNOMIC Claim”
shall have the meaning given in Section 12.2.

 

The word
“including” or any variation thereof means “including without limitation” or any variation thereof
and shall not be construed to limit any general statement which it follows to the specific or similar items or matters immediately
following it.

 

		2.	grants of rights.

 

		2.1	License Grant. BII hereby grants and shall grant to XYNOMIC,
during the term of this Agreement and in accordance with the terms and conditions of this Agreement, and XYNOMIC
hereby accepts, an exclusive, royalty-bearing, non-transferable license to the Licensed Patents and Licensed Know-How, to Develop,
Manufacture, and Commercialize the Compound and Products in the Field in the Territory [****].

 

		2.2	Right to Sublicense. XYNOMIC
is entitled to sublicense its rights under Section 2.1, to any of its Affiliates, provided
that it shall inform BII of such sublicense. XYNOMIC may sublicense its rights under Section 2.1 to a Third Party by informing
BII of such sublicense; provided that any sublicense to a Third Party with respect to [****].
Any sublicense shall be subject to the sublicense agreement containing terms and conditions that are not inconsistent with those
contained in this Agreement, and shall include, inter alia, provisions regarding confidentiality, indemnification, audit,
record-keeping, termination and consequences of termination for BII's protection that are consistent with the corresponding terms
and conditions provided herein. XYNOMIC shall remain liable to BII for all obligations
under this Agreement, including its obligation to pay any amounts due on account of sales or other disposition of Compounds and
Products by Sublicensees. XYNOMIC shall send to BII a copy of the signed sublicensing
agreement within [****] after its execution; subject to reasonable redaction of confidential information. The
Parties acknowledge that any and all information provided by XYNOMIC to BII under
this Section 2.2 shall be deemed to be Confidential Information of XYNOMIC
and shall be subject to the terms of Section 11.

 

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		2.3	Patent Assignment. After receipt by BII of the Milestone
Payment agreed on for the grant of the first Marketing Authorization of the first indication in Section 8.1 below,
BII shall assign and transfer to XYNOMIC the Licensed Patents.

 

		2.4	Retained Rights. BII retains an exclusive, cost-free, perpetual,
worldwide, transferrable and sublicenseable (in multiple tiers) right to use the Compound Patents, BII Invention Patents and Licensed
Know-How to the extent those are also necessary to research and develop, to make, have made, offer for sale, sell, have sold, import
or otherwise commercialize other compounds and products, and not only specifically related to Manufacture, Development, or Commercialization
of the Compound and/or Products. For clarity, BII receives no license to use any of the Compound Patents, BII Invention Patents
or Licensed Know-How to Manufacture, Develop, or Commercialize any Compound and/or Products.

 

		2.5	Licensed Know-How. BII retains all rights to the Licensed Know-How,
subject only to the licenses granted hereunder. For the avoidance of doubt, XYNOMIC
shall only be entitled to utilize the Licensed Know-How in accordance with XYNOMIC's
rights and obligations under this Agreement.

 

		2.6	Non-Compete by BII. [****]

 

		2.7	No Additional Rights. Nothing in this Agreement shall be deemed
or implied to be, and the Parties disclaim all implied rights to, the grant by BII to XYNOMIC
of any right, title or interest in any product, Intellectual Property, any formulation technology, operating procedures, marketing
materials or strategies, intangibles, material or proprietary rights of BII, except as are expressly set forth in this Agreement.

 

		3.	TECHNOLOGY AND DATA TRANSFER.

 

		3.1	Data Transfer. [****], BII shall transfer to XYNOMIC an
electronic data package relating to the Compound [****].

 

		3.2	Know-How Transfer Assistances. [****] BII shall answer
questions and provide clarifications to XYNOMIC or its designee on any Know-How transferred to XYNOMIC pursuant to Section 3.1
above or otherwise assist them to complete the Know-How transfer [****], BII shall
answer questions and provide clarifications to XYNOMIC on any Know-How transferred to XYNOMIC pursuant to Section 3.1 above
and BII will charge a fee for providing such assistances at a fixed hourly rate of [****].

 

		4.	DEVELOPMENT

 

		4.1	Diligence. XYNOMIC shall
be solely responsible for, and subject to the requirements in this Agreement - has full decisional power with respect to, the Development
of Products in the Field in the Territory, and XYNOMIC shall use Commercially Reasonable Efforts to Develop the Products in the
Field in the Territory. XYNOMIC shall bear all costs related to such Development,
including the Manufacture of the Compound and Products required for such Development, in accordance with this Section 4.
XYNOMIC shall use Commercially Reasonable Efforts to perform its obligations and
the defined Development activities in a timely manner and in accordance with Applicable Laws.

 

		4.2	Development Plan. The Development activities shall be performed
by XYNOMIC and/or a CRO or CMO in accordance with the development plan in Exhibit 4.2
(“Development Plan”). XYNOMIC
shall use its Commercially Reasonable Efforts to perform the Development within the timelines set forth in the Development Plan.
The Parties shall agree to good faith amendments to the Development Plan in light of any business, strategic, technical, safety,
efficacy, regulatory or commercial reasons.

 

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		4.3	Subcontractors. The Parties agree that XYNOMIC
has the right to engage CROs and CMOs to take over certain Development activities. XYNOMIC
shall inform BII in writing promptly after the engagement of a CRO or CMO. All costs of the CROs and CMOs relating to the Development
of the Compounds and the Products shall be borne by XYNOMIC.

 

		4.4	Development Milestones. XYNOMIC
shall use its Commercially Reasonable Efforts to achieve or cause its Affiliates to achieve the
following development milestones for clinical Development (each a “Development Milestone”):

 

		(a)	[****]

 

		(b)	[****]

 

		5.	COMMERCIALIZATION

 

		5.1	Diligence Obligations. XYNOMIC
shall be solely responsible for the Commercialization of Products in the Field in the Territory,
and will use its Commercially Reasonable Efforts to Commercialize the Products in the Field. Without limiting the generality of
the Commercially Reasonable Efforts obligations under this Section 5.1, XYNOMIC
shall

 

		(a)	when appropriate, based on satisfactory data obtained during the Development, use its Commercially
Reasonable Efforts to secure all required Marketing Authorizations and reimbursement authorizations [****];

 

		(b)	be responsible for timely filing all applications, reports and other documents required to be filed
in order to obtain and maintain any Marketing Authorizations for Products;

 

		(c)	use its Commercially Reasonable Efforts to make the First Commercial Sale [****];
and

 

		(d)	conduct post-marketing surveillance studies (Phase 4), if required;

 

		5.2	Costs. XYNOMIC shall
bear any and all costs regarding the Commercialization of the Compound and Products in the Field, including the costs of its own
commercial supplies of and the post-marketing surveillance studies (Phase 4).

 

		5.3	Competing Products. In the event XYNOMIC
or any of its Affiliates outside the scope of this Agreement commences clinical trials or Commercializes any product [****].

 

		6.	REPORTING.

 

		6.1	Development Reporting. XYNOMIC
shall inform BII [****] on the activities performed and any Results achieved or generated during
its Development of the Products. 

 

		6.2	Commercialization Reporting. After the First Commercial
                                                                                                                          Sale of Products by XYNOMIC or its Affiliate, XYNOMIC
                                                                                                                          shall furnish BII with [****] reports [****]. Each such [****] report shall [****].

 

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		7.	REGULATORY MATTERS. 

 

		7.1	Regulatory Matters. XYNOMIC
shall be solely responsible for, and - subject to the requirements in this Agreement - has full
decisional power with respect to, all regulatory matters including the filing for approvals for the Compound and Products in the
Field, and shall own, directly or through an Affiliate, all Regulatory Approvals. 

 

		7.2	Pharmacovigilance. XYNOMIC
shall be solely responsible for, have in place and will maintain until the expiration (or earlier
termination) of this Agreement (or, as applicable, until the obligations intended to survive termination of this Agreement have
been fulfilled) systems, procedures, training programs and documentation needed to perform and comply with all pharmacovigilance
regulatory obligations concerning all Products in the countries where Products are Commercialized or otherwise used by XYNOMIC.
XYNOMIC shall ensure compliance with all Applicable Laws regarding the Compounds
and Products relating to risk management, drug safety and pharmacovigilance.

 

		8.	PAYMENT AND PAYMENT TERMS.

 

		8.1	Upfront and Milestone Payments. In
partial consideration for the assignment and transfer of the Licensed Patents and the licenses granted under this Agreement, XYNOMIC
agrees to pay to BII the following upfront payment, development milestone payments and commercial milestone payments:

 

		(a)	Upon execution of this Agreement, XYNOMIC
shall pay to BII the following upfront payment:

 

One million
US Dollars (US$ 1,000,000) (the “Upfront Payment”)

 

		(b)	In addition to the payment above, XYNOMIC will pay
to BII milestone payments as follows:

 

		(i)	Upon first dosing of a patient in a Phase II or Phase III
Clinical Trial in the first indication either of which is intended to be a pivotal trial:

 

Seven
Million US Dollars (US$ 7,000,000)

 

		(ii)	Upon the grant of the first Marketing Authorization of the first indication:

 

Ten Million
US Dollars (US$ 10,000,000)

 

		(c)	Each of the milestone payments above will be made only once and for the first achievement of a
given milestone by a Product, regardless of where the relevant milestone event occurs with respect to more Products.

 

		(d)	XYNOMIC shall inform BII in writing on the occurrence of a milestone event under Section (b)
as soon as possible, but in no event later than [****].

 

		(e)	[****].

 

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		8.2	Royalties. Subject to Sections 8.5 and 9.13, in
further consideration for the assignment and transfer of the Licensed Patents and the licenses granted under this Agreement, XYNOMIC
shall pay to BII royalties on aggregate Net Sales in the Territory of each Product during a given Calendar Year at the following
royalty rates (“Royalties”):

 

		(a)	[****]

 

		(b)	[****]

 

		(c)	[****]

 

		8.3	Net Sales. The Royalties
shall be calculated on the basis of the global annual Net Sales, which in their turn shall be calculated on a Product-by-Product
and country-by-country basis from the First Commercial Sale until the expiration of the Royalty Term.

 

		8.4	Royalty Term. XYNOMIC’s obligation to pay Royalties shall
begin, on a country-by-country and Product-by-Product basis, with the First Commercial Sale of such Product in such country, and
shall expire, on a country-by-country and Product-by-Product basis upon the latter of (“Royalty Term”):

 

		8.4.1	the date on which such Product is no longer covered by
a Valid Claim of an Licensed Patent;

 

		8.4.2	the date on which such Product is no longer covered by
any other governmental grant of exclusivity (e.g., data, regulatory or marketing exclusivity) in such country in the indication;
or

 

		8.4.3	ten (10) years from first launch of the respective Product in the country in the indication, provided
the Licensed Know-How is still proprietary, or such Licensed Know-How is no longer proprietary owing to a breach of XYNOMIC's
confidentiality obligations hereunder or such obligations of its.

 

		8.5	Royalty Reductions. In the event Royalties are payable in any
given country only on the basis of Section 8.4.3 above, then the Royalty otherwise payable for such Product in such country
will be reduced in such country by [****] (the “Reduced Royalty Rate”).

 

		8.6	Blended Rates. The Parties acknowledge and agree that [****]

 

		8.7	Payment Terms.

 

		(i)	All payments made hereunder between the Parties shall be made in US Dollars. Payments hereunder
shall be paid by wire transfer, or electronic funds transfer in immediately available funds to a bank account designated by BII.

 

		(ii)	Upfront Payment. The Upfront Payment shall be due and payable [****]
after the later of (i) the Parties’ execution of this Agreement by facsimile or email transmission, and (ii) XYNOMIC’s
receipt of an Invoice of such amount from BII; provided that such amount shall not become payable until such time as XYNOMIC
has received an original copy of the Agreement duly signed by BII. 

 

		(iii)	Milestone Payments. Each milestone payment shall be due and payable
to BII [****] after receipt of an Invoice
from BII, which shall be provided to XYNOMIC as soon as practicable after XYNOMIC
has notified BII that the particular milestone has been achieved (whether achieved by or on behalf of XYNOMIC or any of its Affiliates).
XYNOMIC will notify BII [****]
after the achievement of any milestone event for which a payment to BII is required under Section 8.1 and BII shall
send to XYNOMIC an Invoice for the corresponding milestone payment. 

 

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		(iv)	Royalty Payments. Royalties shall be paid on a [****] basis
                                                                                                         (“Royalty Period”). Within [****] XYNOMIC
                                                                                                         shall calculate the Royalty payments owed to BII and shall remit to BII the amount owed to BII. All Royalty payments shall be
                                                                                                         computed by converting the Net Sales in each country in the Territory into the currency of US Dollars, using the monthly
                                                                                                         exchange rates as customarily used by BII in its regular accounting system. [** **]

 

		8.8	Reports. Each Royalty payment shall be accompanied by a
                                                                                                                             written report describing the Net Sales of the Product sold by or on behalf of XYNOMIC
                                                                                                                             and its Affiliates during [****] in each country in the Territory in which such Product occurred in [****] covered by such
                                                                                                                             statement, [** **]

 

		8.9	Records. XYNOMIC shall keep (and shall cause its Affiliates and
Sub-Licensees to keep) complete and accurate records pertaining to the sale or other disposition of Products in sufficient detail
to permit BII to confirm the accuracy of all Royalty payments reported [****] following
the end of the Calendar Year to which they pertain. BII shall have the right to cause an independent, certified public accountant
reasonably acceptable to XYNOMIC (the “Auditor”) to audit such records solely
to confirm Net Sales and Royalty payments for a period covering [****] provided
that such audits may not be performed more than once a year. Such audits may be exercised during normal business hours upon reasonable
prior written notice to XYNOMIC. The Auditor will execute a reasonable written confidentiality agreement with XYNOMIC and will
disclose to BII only such information as is reasonably necessary to provide BII with information regarding any actual or potential
discrepancies between amounts reported and actually paid and amounts payable under this Agreement. The report of the Auditor will
include the methodology and calculations used to determine the results, will be delivered to BII and XYNOMIC at the same time,
[****] after delivery to both Parties, it being understood that BII will have the
right [****] to discuss the report with the Auditor. In the event the Parties are
not in alignment after [****], either Party may refer this matter for resolution in accordance
with Section 8.8 below. BII shall bear the full cost of such audit unless the report of the Auditor discloses an undisputed
underpayment by XYNOMIC [****]. XYNOMIC shall pay the amount of any underpayment
disclosed in the undisputed Auditor’s report, together with interest thereon calculated pursuant to Section 8.10
to BII [****] after delivery to the Parties of the final Auditor’s report. If such
final Auditor’s report discloses an overpayment by XYNOMIC of the amounts payable hereunder, BII shall reimburse such overpayment
to XYNOMIC [****] after delivery to the Parties of the final Auditor’s report.
Upon the expiration of [****] following the end of any Calendar Year, the calculation
of Royalty payments with respect to such Calendar Year shall be binding and XYNOMIC shall be released from any liability and obligation
with respect to payments for such Calendar Year except in the case of fraud or willful deceit.

 

		8.10	Audit Dispute. In the event of a dispute with respect to any
audit under Section 8.9, BII and XYNOMIC shall work in good faith to resolve the disagreement. If the Parties are unable
to reach a mutually acceptable resolution of any such dispute [****] the dispute
shall be submitted for resolution to a certified public accounting firm jointly selected by the Parties (the “Audit
Arbitrator”). The decision of the Audit Arbitrator shall be final and the costs of such
arbitration as well as the initial audit shall be borne between the Parties in such manner as the Audit Arbitrator shall determine.
[****] after such decision and in accordance with such decision, XYNOMIC shall
pay the additional amounts, with interest from the date originally due as provided in Section 8.7, or BII shall reimburse
the overpayment, as applicable.

 

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		8.11	Taxes.

 

		8.11.1	If withholding of any taxes imposed by local laws or regulations of the country where one of the
contractual partners has its registered office is required on account of any royalties and other payments paid under this Agreement,
such taxes shall be borne by XYNOMIC. All payments by XYNOMIC shall be made free and clear of and without any deduction for or
on account of withholding taxes. In case XYNOMIC is required to make such a payment subject to the deduction of local withholding
taxes, the sum payable by XYNOMIC shall be increased to the extent necessary to ensure that BII receives a sum net of any withholding
or deduction of taxes equal to the sum which it would have received in case no such deduction or withholding of taxes has been
made or required to be made.

 

		8.11.2	If XYNOMIC causes withholding taxes by sublicensing rights or services to affiliates or other third
parties not being party of this contract or by paying from other countries other than the registered office of XYNOMIC, [****].
For avoidance of doubt, BII does not accept foreign withholding taxes from countries BII is not directly contracted with or does
not directly receive payments from.

 

		8.11.3	All payments payable under the terms of this Agreement are expressed to be exclusive of value added
tax (“VAT”), which will be invoiced separately or as a separate line item on the same invoice, and paid at the
rate and in the manner from time to time prescribed by Tax Law. If any VAT is chargeable in respect of any payments, the paying
Party shall pay such VAT at the applicable rate in respect of such payments following receipt, where applicable, of a VAT invoice
in the appropriate form issued by the receiving Party in respect of those payments. The Parties shall issue invoices for all amounts
payable under this Agreement consistent with VAT requirements and irrespective of whether the sums may be netted for settlement
purposes.  If the VAT originally paid or otherwise borne by the paying Party are in whole or in part subsequently determined
not to have been chargeable, all necessary steps will be taken by the receiving Party to receive a refund of these undue VAT from
the applicable governmental authority or other fiscal authority and any amount of undue VAT repaid by such authority to the receiving
Party will be transferred to the paying Party [****] of receipt.

 

		8.12	Overdue Payments. Payments due under this Agreement and not paid
[****] after the due date shall bear interest at an annual rate of [****]

 

		8.13	Financial Standards. All financial terms and standards (including
any calculation of Net Sales, Development costs and financial payments due under this Agreement) shall be governed by and determined
in accordance with Accounting Standards and shall be consistent with XYNOMIC’s
audited consolidated financial statements. Notwithstanding the above and notwithstanding the requirements or principles of the
Accounting Standards, Net Sales shall be calculated in accordance with the formula specified in Section 1.41. 

 

		8.14	Confidentiality. All information provided by or on behalf of
XYNOMIC to BII under this Section 8 shall be deemed Confidential Information of XYNOMIC and BII shall protect it in
accordance with the confidentiality and non-use provisions of Section 11. 

 

		9.	INTELLECTUAL
                                         PROPERTY.

 

		9.1	Recordation of Licenses. For Compound Patents following the Effective
Date, and for BII Invention Patents at any time after they have been filed and before the Assignment Date, BII at the request and
expense of XYNOMIC shall promptly register or record the licenses of Licensed Patents granted to XYNOMIC under this Agreement with
the appropriate patent offices in all applicable countries of the Territory; provided that such registration or recordation specifies
the applicable limitations of such license, and provided further that such registration shall have no effect on the allocation
of Prosecution and Maintenance rights and obligations set forth in Section 9.1. In the event any of the licenses granted
to XYNOMIC under this Agreement are terminated, XYNOMIC shall promptly take such actions and execute such documents as are reasonably
requested by BII to cancel such registrations or recordations in the applicable countries with respect to the terminated license
grants.

 

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		9.2	Prosecution and Maintenance before Assignment Date.
                                                                                                                             Prosecution and Maintenance of Licensed Patents prior to assignment and transfer according to Section 2.3 shall be
                                                                                                                             through a mutually selected patent counsel. Within [****] following the Effective Date, the Parties shall agree on a patent
                                                                                                                             counsel (“Joint Counsel”) who shall be engaged by both Parties for the Prosecution and Maintenance of the
                                                                                                                             Licensed Patents. The following shall apply:

 

		(a)	Joint Counsel shall give both Parties (The Parties may designate
specific designees for all obligations, rights, actions, etc. under this Section 9.2(a)) an opportunity to review the
text of each application, office action response or other substantive document for a Licensed Patent before filing with any patent
office in the Territory, shall incorporate the Parties ́ reasonable comments, and shall supply the Parties with a copy of
each such application, office action response or other substantive document as filed, together with notice of its filing date and
serial number. In the event that the Parties provide Joint Counsel with conflicting instructions regarding the Prosecution and
Maintenance of a Licensed Patent, Joint Counsel shall make the Parties aware of such conflicting instructions and, if the Parties
are not able to resolve such conflict within a reasonable time prior to the applicable filing deadline, XYNOMIC shall have final
decision making authority.

 

		(b)	Both Parties shall cooperate with Joint Counsel in Prosecution
and Maintenance of patent applications for Licensed Patents.

 

		(c)	Joint Counsel shall keep both Parties advised of the status of
prospective patent filings for Licensed Patents, and shall provide each Party with advance copies of any and all papers related
thereto. Joint Counsel shall promptly give notice to both Parties of the grant, lapse, revocation, surrender, invalidation or abandonment
of any Licensed Patent.

 

		(d)	XYNOMIC shall pay all fees and costs charged by Joint Counsel
with respect to the Prosecution and Maintenance of Licensed Patents and all other out-of-pocket costs and expenses incurred in
connection with such Prosecution and Maintenance of Licensed Patents.

 

		(e)	If XYNOMIC
                                                                                                            decides to discontinue with its obligation to pay fees and costs of any Licensed Patent and/or decides to abandon any rights
                                                                                                            using its final decision authority as defined in Section 9.2(a) during the Maintenance and Prosecution of any Licensed
                                                                                                            Patent, XYNOMIC will notify BII of such decision in writing in advance (at the
                                                                                                            latest [****] prior to any applicable deadline, if any), and BII will have the right to, within [****] following BII’s
                                                                                                            receipt of the written notice from XYNOMIC, take over any future costs and
                                                                                                            fees and/or the maintenance and prosecution of such a Licensed Patent. BII will notify XYNOMIC
                                                                                                            and the Joint Counsel of its decision and such a Patent shall no longer be a “Licensed Patent” under the terms of
                                                                                                            this Agreement. 

 

		9.3	Filing of BII Inventions. XYNOMIC shall have the right to propose,
until any time before Assignment Date, that new BII Invention Patents be filed.

 

		9.4	Enforcement before Assignment Date.

 

		(a)	Notice. Each Party shall promptly report in writing to
the other Party any known or suspected (i) infringement of any of the Licensed Patents, or (ii) unauthorized use or misappropriation
of any of the Licensed Know-How, of which such Party becomes aware and shall provide the other Party with all available evidence
regarding such known or suspected infringement or unauthorized use.

 

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		(b)	Initial Right to Enforce. BII shall have the first right, but
not the obligation, to initiate a lawsuit or take other reasonable action to enforce the Licensed Patents solely with respect to
an infringement by a Third Party infringing the relevant Licensed Patents by making, using or selling a product that competes with
the relevant Product. Notwithstanding the foregoing sentence, BII shall not initiate any such lawsuit or other enforcement action
asserting any such Licensed Patents without first consulting with XYNOMIC and giving good faith consideration to any reasonable
objection from XYNOMIC regarding BII’s proposed course of action. XYNOMIC shall cooperate in the prosecution of such suit
as may be reasonably requested by BII, including joining any action as party-plaintiff at BII’s sole discretion; provided,
that BII shall promptly reimburse all out-of-pocket expenses (including reasonable counsel fees and expenses) incurred at BII’s
request and actually incurred by XYNOMIC in connection with such cooperation.

 

		(c)	Step-In Right. If BII does not initiate a lawsuit or take other
reasonable action pursuant to Section 9.4(b), within [****] of notice provided under Section 9.4(a) with
respect to any Licensed Patent, then XYNOMIC shall have the right, but not the obligation, to initiate such lawsuit or take such
other action, after providing [****] notice to BII and giving good faith consideration to the BII’s reason(s)
for not initiating a lawsuit or taking other action. For this purpose, BII shall cooperate in the prosecution of such suit as may
be reasonably requested by XYNOMIC; provided, that XYNOMIC shall promptly reimburse all out-of-pocket expenses (including reasonable
counsel fees and expenses) and actually incurred by BII in connection with such cooperation.

 

		(d)	Conduct of Certain Actions; Costs. The Party initiating legal
action shall have the sole and exclusive right to select counsel for any suit initiated by it pursuant to Section 9.4(b)
or 9.4(c) (the “Initiating Party”). The Initiating Party shall bear
its own out-of-pocket costs incurred in any such legal action, including the fees and expenses of the counsel selected by it. The
other Party shall have the right to participate and be represented in any such legal action (in cases where such other Party has
standing) by its own counsel at its own expense. The Initiating Party shall have the final say about the strategy and decisions
in the suit and any settlement.

 

		9.5	Patent Invalidity Claim before Assignment Date.

 

		(a)	Each Party shall promptly notify the other in the event of any
legal or administrative action by any Third Party against an Licensed Patent of which it becomes aware, including any opposition,
post-grant review, inter-partes review, nullity, revocation, reexamination or compulsory license proceeding.

 

		(b)	BII shall have the first right, but not the obligation, at its
expense, to defend against any such action relating to the Licensed Patents. If BII does not initiate a defence against any such
action involving a Licensed Patent within [****] following such notice, then XYNOMIC shall have the right, but not the
obligation, to defend such action at XYNOMIC’s expense.

 

		9.6	Execution of Assignment Documents. XYNOMIC shall provide to BII
the partially executed (by XYNOMIC) assignment document for transfer of the Licensed Patents (the “Assignment”),
and BII shall fully execute and deliver the Assignment as soon as reasonably possible following receipt of the Milestone Payment
according to Section 2.3 (the “Assignment Date”).
For Licensed Patents following the Assignment Date, XYNOMIC at the written request and
expense of BII shall promptly register or record the licenses of Licensed Patents granted to BII under this Agreement with the
appropriate patent offices in all applicable countries of the Territory.

 

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		9.7	Prosecution and Maintenance after Assignment Date. [****]

 

		9.8	Royalties. The Parties agree that the assignment and transfer
of the Licensed Patents shall only facilitate the prosecution, maintenance and exploitation of these Licensed Patents and shall
not affect the term of the Royalty payments. Accordingly, as long as these Licensed Patents contain a Valid Claim, XYNOMIC
shall be obligated to pay Royalties thereon. 

 

		9.9	Discontinuance. If XYNOMIC
                                                                                                                             decides to discontinue maintaining any Licensed Patent after Assignment Date, XYNOMIC
                                                                                                                             will notify BII of such decision in writing in advance (at the latest [****] prior to any applicable deadline, if any), and
                                                                                                                             BII will have the right to, within [****] following BII’s receipt of the written notice from XYNOMIC,
                                                                                                                             request the cost-free assignment and transfer of the Licensed Patent to BII. Such a Patent shall no longer be a
                                                                                                                             “Licensed Patent” under the terms of this Agreement. If XYNOMIC
                                                                                                                             discontinues maintaining a Licensed Patent without notifying BII and the Licensed Patent lapses, XYNOMIC
                                                                                                                             shall pay to BII contractual damages based on the estimated amount of Royalties that would be payable by XYNOMIC
                                                                                                                             to BII during the remainder of the statutory term of such Licensed Patent if the Licensed Patent had not lapsed.

 

		9.10	Maintaining List of Licensed Patents. Exhibit 1.20
of this Agreement shall be revised from time to time and amended so that it reflects changes that arise according to Section
2.3 and this Section 9. Failure of a particular Patent to be listed or removed in Exhibit 1.20 shall
not affect any rights and/or obligations that arise by the terms and conditions of this Agreement. 

 

		9.11	Enforcement after the Assignment Date. If after the
                                                                                                                              Assignment Date, a Party becomes aware of any infringement, anywhere in the world, of any Licensed Patent, it will promptly
                                                                                                                              notify the other Party in writing to that effect. XYNOMIC shall have the
                                                                                                                              primary right, but not the obligation, to take action to obtain a discontinuance of infringement or bring suit against a
                                                                                                                              Third Party infringer of the Licensed Patents. XYNOMIC shall bear all expenses
                                                                                                                              of such suit. If XYNOMIC elects not to take action or to bring suit to
                                                                                                                              prosecute such infringement, it shall notify BII of such election within [****] after receipt of the notice of the
                                                                                                                              infringement or immediately after the election to stop any such suit. If after the expiration of [****] period
                                                                                                                              (or, if earlier, the date upon which XYNOMIC provides written notice that it
                                                                                                                              does not plan to bring such action), XYNOMIC has neither obtained a
                                                                                                                              discontinuance of infringement of the Licensed Patent, as the case may be, nor filed suit against any such Third
                                                                                                                              Party infringer of such Patents, then BII shall have the right, but not the obligation, to take action or bring suit against
                                                                                                                              such Third Party infringer of such Patents, provided that BII shall bear all the expenses of such suit. The non-enforcing
                                                                                                                              Party shall provide such assistance as the enforcing Party shall reasonably request in connection with any action or suit
                                                                                                                              hereunder to prevent or enjoin any such infringement or unauthorized use of a Licensed Patent, including agreeing to be
                                                                                                                              joined as a party to such action or suit and executing legal documents. Such assistance will be provided by the non-enforcing
                                                                                                                              Party at the enforcing Party's cost (including reasonable counsel fees and expenses) incurred at the enforcing Party’s
                                                                                                                              request and actually incurred by non-enforcing Party in connection with such assistance.

 

		9.12	Sharing of Recoveries. Any recoveries obtained as a result of
any proceeding against a Third Party infringer (where the infringement relates to the Development, Manufacture and/or Commercialization
of any Product) shall be allocated as follows:

 

		(i)	[****]

 

		(ii)	[****]

 

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		9.13	Third Party Licenses. If it is confirmed by an external expert
opinion that the Development, Manufacture, or Commercialization of any Compound or Product by XYNOMIC
or any of its Affiliates infringes or misappropriates any Patent, trade secret, or other intellectual property right of a Third
Party in any country or other jurisdiction in the Territory, such that XYNOMIC or
any of its Affiliates cannot Develop, Manufacture, or Commercialize such Compound or Product in such country or other jurisdiction
without infringing such Patent, trade secret, or other intellectual property right of such Third Party, then XYNOMIC
may negotiate and obtain a license from such Third Party as necessary for XYNOMIC
and its Affiliates to Develop, Manufacture, and Commercialize Compounds and Products in such country or other jurisdiction.
[****]

 

		10	RESULTS.

 

		10.1	BII hereby acknowledges that XYNOMIC is the owner
of all inventions, data and other results developed by XYNOMIC under this Agreement
(“Results”), and BII shall acquire no rights, title or interest whatsoever in or to any such Results, except
as specifically and expressly provided under this Agreement.

 

		10.2	XYNOMIC shall be responsible for, and, subject to the terms of this Agreement, has full decisional
power with respect to, filing, prosecuting and maintaining, throughout the world, all Patents based on the Results.

 

		10.3	Third Party Rights. If the Development, Manufacture and/or Commercialization
of any Product is alleged by a Third Party to infringe a Third Party's Intellectual Property, the Party becoming aware of such
allegation shall promptly notify the other Party. XYNOMIC shall be responsible for defending against such allegation and any suit
brought by a Third Party based on such allegation except in case BII's activities pursuant to this Agreement infringe or will infringe
said Third Party's Intellectual Property, in which case BII shall be responsible for defending itself against such allegation and
any suit brought by a Third Party based on such allegation. 

 

		11	CONFIDENTIALITY.

 

		11.1	Obligation of Confidentiality. As of the Effective Date, all Confidential Information disclosed,
revealed or otherwise made available to one Party (“Receiving Party”) by or on behalf of the other Party (“Disclosing
Party”) under, or as a result of, this Agreement are made available to the Receiving Party solely to permit the Receiving
Party to exercise its rights, and perform its obligations, under this Agreement. The Receiving Party shall not use any of the Disclosing
Party's Confidential Information for any other purpose, and shall not disclose, reveal or otherwise make any of the Disclosing
Party's Confidential Information available to any other person, firm, corporation or other entity, without the prior written authorization
of the Disclosing Party, except as explicitly stated in this Section 11.

 

		11.2	Additional Obligations.

 

		11.2.1	Appropriate Safeguards. In furtherance of the Receiving Party's obligations under Section
11.1 hereof, the Receiving Party shall take all reasonable steps, and shall implement all appropriate and reasonable safeguards,
to seek to prevent the unauthorized use or disclosure of any of the Disclosing Party's Confidential Information.

 

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		11.2.2	Recipients of Confidential Information. Without limiting the generality of this Section
11.2, the Receiving Party shall disclose any of the Disclosing Party's Confidential Information only to those of its Affiliates,
officers, employees, consultants, financial or legal advisors, assignees, licensees, contract service providers, and its potential
assignees, licensees and Health Authorities collaborators, acquirers, and investors that have a need to know the Disclosing Party's
Confidential Information, in order for the Receiving Party to exercise or confirm its rights and/or to perform its obligations
under this Agreement, and only if such, officers, employees, consultants, financial or legal advisors, assignees, licensees, contract
service providers and potential assignees, licensees, collaborators, acquirers, and investors have executed appropriate non-disclosure
agreements containing substantially similar terms regarding confidentiality and non-use as those set out in this Agreement or are
otherwise bound by obligations of confidentiality effectively prohibiting the unauthorized use or disclosure of the Disclosing
Party's Confidential Information.

 

		11.2.3	Unauthorized Use or Disclosure. The Receiving Party shall furnish the Disclosing Party with
written notice immediately after it becomes aware of any unauthorized use or disclosure of any of the Disclosing Party's Confidential
Information by any of its Affiliate, officer, employee, consultant, financial or legal advisor, assignee, licensee contract service
provider, and its potential assignee, licensee, collaborator, acquirer, investor, and shall take all actions reasonably required
in order to prevent any further unauthorized use or disclosure of the Disclosing Party's Confidential Information.

 

		11.3	Limitations. The Receiving Party's obligations under Sections 11.1 and 11.2
hereof shall not apply to the extent that the Receiving Party can demonstrate by competent evidence that any of the Disclosing
Party's Confidential Information:

 

		(i)	is in the public domain, or becomes generally available to the public through no fault of the Receiving
Party;

 

		(ii)	was known to the Receiving Party, without restriction of use or disclosure, prior to being made
available hereunder;

 

		(iii)	is disclosed, revealed or otherwise made available to the Receiving Party by a Third Party, without
restriction of use or disclosure, that is under no obligation of non-disclosure and/or non-use to the Disclosing Party in relation
to the subject item; or

 

		(iv)	is required to be disclosed under Applicable Law, or in connection with any application by the
Receiving Party for any Regulatory Approvals; provided, however, that the Receiving Party shall furnish the Disclosing Party's
with as much prior written notice of such disclosure requirement as reasonably practicable, to permit the Disclosing Party, in
its sole discretion, to take appropriate action, including seeking a protective order, in order to prevent the Disclosing Party's
Confidential Information from passing into the public domain or becoming generally available to the public.

 

		11.4	Return of Confidential Information. Subject to Section 13.2, upon termination (but
not expiration) of this Agreement for any reason whatsoever, the Receiving Party shall cease all use of and return to the Disclosing
Party, or destroy, as the Disclosing Party shall specify in writing promptly upon such termination, all copies of all documents
and other materials that contain or embody any of the Disclosing Party's Confidential Information, except to the extent that the
Receiving Party is (i) required by Applicable Laws to retain such documents and materials or (ii) remains entitled under this Agreement
to use such Confidential Information, and provided further that each Party may keep a single copy of all Confidential Information
within its legal archives solely to assure compliance with the provisions of this Section 11. Within [****] after
the date of termination of this Agreement, the Receiving Party shall furnish the Disclosing Party with a certificate, duly executed
by an officer of the Receiving Party, confirming that the Receiving Party has complied with its obligations under this Section
11.4.

 

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		11.5	Survival. All of the Receiving Party's obligations under Sections
11.1 and 11.2 hereof, with respect to the protection of the Disclosing Party's Confidential Information, shall for a
period of [****] survive the expiration
or termination of this Agreement for any reason whatsoever. 

 

		11.6	Public Announcements. During the term of this Agreement, no public announcement concerning
the existence of, terms, or subject matter of this Agreement shall be made, either directly or indirectly, by any Party, without
first obtaining the prior written approval of the other Party and agreement upon the nature and text of such public announcement;
such agreement and approval shall not be unreasonably withheld or delayed. The Parties hereby agree that each Party may issue a
press release in the form agreed to by the other Party in writing on or after the Effective Date hereof with respect to the existence
and subject matter of this Agreement. Each Party agrees that it shall co-operate fully with the other with respect to all disclosures
regarding this Agreement to any governmental or regulatory agencies, including requests for confidential treatment of proprietary
information of either Party included in any such disclosure.

 

		11.7	Applicable Laws. Nothing in this Agreement shall be construed as preventing or in any way
inhibiting either Party from complying with Applicable Laws or securities regulations governing activities and obligations undertaken
pursuant to this Agreement, in any manner which it reasonably deems appropriate, including, for example, by disclosing to Regulatory
Authorities or securities regulators Confidential Information or other information received from the other Party, subject to Sections
11.3(iv) and 11.6.

 

		11.8	Publication. Publications in a journal, paper, magazine or any other such similar disclosure
relating to this Agreement, the Compounds and/or the Products require the prior written approval of the other Party, such approval
not to be unreasonably withheld. For the avoidance of doubt, with respect to Licensed Know-How (including but not limited to data
transferred pursuant to Section 3), only BII and, as the case may be, its Third Party contractors involved in the generation
of such Licensed Know-How are entitled to publish such Licensed Know-How, but BII shall provide XYNOMIC with a draft publication
[****] in advance of the contemplated publication date for its review. XYNOMIC has the right to request an amendment
to the contemplated publication if such publication may harm its rights hereunder (e.g. if structural information of the Compound
is disclosed). Any other disclosure intended to be submitted for publication by one Party shall first be sent to the other Party
in order to allow such Party to make written comments thereon, and to preserve its Intellectual Property by delaying such publication
and/or removing its Confidential Information. In the case of publication of Results, each Party's contribution shall be acknowledged
in any publication by co-authorship or other acknowledgment, whichever is appropriate in accordance with customary scientific practice.
Once written approval has been granted for a particular disclosure, such disclosed information may be subsequently disclosed without
the requirement of further approvals.

 

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		12	WARRANTIES; LIABILITY; AND INSURANCE.

 

		12.1	Warranties. 

 

		12.1.1	Representations and Warranties of Each Party. Each of BII and XYNOMIC
hereby represents and warrants to the other Party hereto that as of the Effective Date:

 

		(i)	it is a corporation or entity duly organized and validly existing under the laws of the state or
other jurisdiction of its incorporation or formation;

 

		(ii)	its execution, delivery and performance of this Agreement by such Party has been duly authorized
by all requisite corporate, and do not violate (a) such Party’s charter documents, bylaws, or other organizational documents,
(b) in any material respect, any agreement, instrument, or contractual obligation to which such Party is bound, (c) any
requirement of any Applicable Law, or (d) any order, writ, judgment, injunction, decree, determination, or award of any court
or governmental agency presently in effect applicable to such Party;

 

		(iii)	it has the power and authority to execute and deliver this Agreement and to perform its obligations
hereunder;

 

		(iv)	this Agreement is a legal, valid, and binding obligation of such Party enforceable against it in
accordance with its terms and conditions, subject to the effects of bankruptcy, insolvency, or other laws of general application
affecting the enforcement of creditor rights, judicial principles affecting the availability of specific performance, and general
principles of equity (whether enforceability is considered a proceeding at law or equity).

 

		(v)	it is not under any obligation, contractual or otherwise, to any Person that conflicts with or
is inconsistent in any material respect with the terms of this Agreement, or that would impede the diligent and complete fulfillment
of its obligations hereunder; and

 

		(vi)	there is no action or proceeding pending or, to the knowledge of such Party, threatened that could
reasonably be expected to impair or delay the ability of such Party to perform its obligations under this Agreement.

 

Furthermore,
each of BII and XYNOMIC hereby covenants to the other Party that it shall at all
times comply with all Applicable Laws relating to its activities under this Agreement.

 

		12.1.2	Representations and Warranties of BII. BII hereby represents and warrants to XYNOMIC that,
as of the Effective Date:

 

		(i)	to the best knowledge of BII, BII or its Affiliates Controls (free and clear of any liens, mortgages,
security interests, charges, encumbrances or otherwise) the entire right, legal and/or beneficial title and ownership, and interest
in the Compound Patents and the Licensed Know-How;

 

		(ii)	BII has the right to enter into this Agreement and to assign the Compound Patents and to grant
the licenses contained herein;

 

		(iii)	BII or any of its Affiliates has not and will not enter into any Third Party License; or take any
action that is inconsistent with BII’s obligations or impair XYNOMIC’s rights under this Agreement;

 

		(iv)	There is no claim by any Third Party or Regulatory Authority, and BII has not received any written
claim or demand alleging that an issued Patent which is within the Compound Patents is invalid or unenforceable;

 

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		(v)	To BII’s knowledge, the data package, regulatory documentation, Compound Patents and Know-How
to be assigned or transferred to XYNOMIC under this Agreement (i) were generated in accordance with all Applicable Laws, including
good clinical practices and good laboratory practices, as applicable, and (ii) were received and processed in accordance with all
Applicable Laws prior to and during delivery to XYNOMIC;

 

		(vi)	No Third Party has challenged BII or its Affiliates on the extent, validity or enforceability of
issued Compound Patents (including by way of example through the institution or written threat of institution of interference,
nullity or similar invalidity proceedings before the United States Patent and Trademark Office or any analogous foreign entity),
and all application, registration, maintenance and renewal fees in respect of the Compound Patents have been paid and all documents
and certificates required to be filed with the relevant agencies for the purpose of maintaining such Compound Patents have been
filed.

 

		(vii)	None of the rights of BII or its Affiliates under the Compound Patents in the Territory were developed
with funding from any government or any other governmental authority such that the government in such jurisdiction has any march-in
rights in or to any Compound Patent in the Territory or such that BII or its Affiliates would be subject to any compulsory licensing
requirements in the Territory;

 

		(viii)	To the best knowledge of BII, BII represents and warrants that Exhibit 1.20 sets forth
a true, accurate and complete list of the Compound Patents.

 

		(ix)	To the best of BII’s knowledge, BII has provided or will provide to XYNOMIC
all Licensed Know-How.

 

		12.1.3	Diligence warranty of XYNOMIC. XYNOMIC acknowledges and agrees that as of the Effective
Date it has received access to the information relating to the Compound Patents and Licensed Know-How that XYNOMIC
deemed necessary to conduct and complete its due diligence relating to Compound and Products to its satisfaction. XYNOMIC
acknowledges and agrees that BII has answered all questions of XYNOMIC relating
to the due diligence of the Compounds and Products, and XYNOMIC warrants that it
has diligently reviewed all such information, including information relating to the Compound Patents and Licensed Know-How, the
Compounds and the Products provided by BII.

 

		12.1.4	Disclaimer. Except as specifically and expressly set forth in this Section 12, each
Party makes no representation or warranty and specifically disclaims any guarantee, express or implied, relating to the Compound
Patents and the Licensed Know-How, or any other information disclosed, revealed or otherwise made available to the other Party
under this Agreement or otherwise, including, but not limited to any representation or warranty that the Development of the Compounds
and Products will be successful, in whole or in part, that the Compound Patents and Licensed Know-How will be suitable for exploitation
or that the Compounds and Products conform to the requirements of any Applicable Laws. Subject only to Sections 12.1.1 and
12.1.2 above, BII expressly disclaims any warranties or conditions, express, implied, statutory or otherwise with respect
to the Compound Patents and Licensed Know-How, the Compounds and Products, including any warranty of merchantability, fitness for
a particular purpose or non-infringement.

 

		12.1.5	Limitation of Liability. Except in the case of willful or intentional misconduct or gross
negligence, neither Party shall be liable to the other Party for any indirect, punitive or consequential damages, whether based
on contract or tort, or arising under Applicable Law or otherwise.

 

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		12.2	Indemnification.

 

		12.2.1	BII's Obligations to Indemnify. BII shall indemnify, defend and hold XYNOMIC,
its Affiliates, and its and their employees, agents, officers, and directors (individually and/or collectively referred to hereinafter
as a “XYNOMIC Party”) harmless from and against any and
all losses, liabilities, damages, expenses or fees paid or payable by XYNOMIC or
a XYNOMIC Party to a Third Party (collectively, “XYNOMIC
Losses”) to the extent that such XYNOMIC Losses result from or arise in
connection with a claim, suit or other proceeding made or brought by a Third Party against XYNOMIC
or a XYNOMIC Party (a “XYNOMIC
Claim”) based on, resulting from, or arising in connection with:

 

		(i)	any breach of any of BII's obligations, representations, warranties or covenants set forth in this
Agreement;

 

		(ii)	any other grossly negligent, willful or intentional misconduct, error or omission on the part of
BII or its Affiliates, or any officer, director, employee, agent or representative of the foregoing; or

 

		(iii)	any Development activities conducted by or on behalf of BII or its Affiliates related to any Compound
or Product prior to the Effective Date;

 

provided, however, that
BII shall not be obligated to indemnify, defend or hold harmless XYNOMIC or a XYNOMIC
Party from any XYNOMIC Claim or for any XYNOMIC
Loss incurred by XYNOMIC or a XYNOMIC
Party to the extent XYNOMIC is responsible for indemnifying, defending and holding
BII and BII Parties harmless for such Claims as set forth in Section 12.2.2.

 

		12.2.2	XYNOMIC's Obligations to Indemnify.
XYNOMIC shall indemnify, defend and hold BII, its Affiliates and its and their officers,
directors, trustees, agents and employees (individually and/or collectively referred to herein as an “BII Party”)
harmless from and against any and all losses, liabilities, damages, expenses or fees paid or payable by BII or a BII Party to a
Third Party (collectively, “BII Losses”) to the extent that such BII Losses result from or arise in connection
with a claim, suit or other proceeding made or brought by a Third Party against BII or a BII Party (an “BII Claim”)
based on, resulting from, or arising in connection with:

 

		(i)	any breach of any of XYNOMIC's obligations, representations,
warranties or covenants set forth in this Agreement;

 

		(ii)	any other grossly negligent, willful or intentionally wrongful act, error or omission on the part
of XYNOMIC, or any officer, director, employee, agent or representative of XYNOMIC;

 

		(iii)	any claim that the Development, Manufacture and/or Commercialization of a Compound or a Product
fails to conform to the requirements of any Applicable Laws, including the failure by XYNOMIC
to obtain any required Regulatory Approvals for the Compound or Products; or

 

		(iv)	any product liability claim regarding the Products to the extent Commercialized by XYNOMIC;

 

any Third
Party claim regarding an allegation that the Manufacture or Commercialization by XYNOMIC
of Compounds or Products pursuant to and consistent with the provisions of this Agreement infringes such Third Party's Intellectual
Property;

 

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provided, however, that
XYNOMIC shall not be obligated to indemnify, defend or hold harmless BII or an BII
Party from any BII Claim or for any BII Loss incurred by BII or an BII Party to the extent BII is responsible for indemnifying,
defending and holding XYNOMIC and XYNOMIC
Parties harmless for such Claims as set forth in Section 12.2.1.

 

		12.3	Indemnification Procedures.

 

		12.3.1	Each indemnified Party shall notify the indemnifying Party (and in reasonable detail) of the Claim
within [****] after receipt by such indemnified Party of notice of the XYNOMIC Claim or BII Claim, as the case may be,
or otherwise becoming aware of the existence or threatened existence thereof (such XYNOMIC Claim or BII Claim being referred to
as a “Claim”). Failure to give such notice shall not constitute a defense, in whole or in part, to any Claim
by an indemnified Party hereunder except to the extent the rights of the indemnifying Party are materially prejudiced by such failure
to give notice. The indemnifying Party shall notify in English the indemnified Party of its intentions as to the defense of the
Claim or potential Claim within [****] after receipt of notice of the Claim. If the indemnifying Party assumes
the defense of a Claim against an indemnified Party, the indemnifying Party shall have no obligation or liability under this Section
12 as to any Claim for which settlement or compromise of such Claim or an offer of settlement or compromise of such Claim is
made by an indemnified Party without the prior written consent of the indemnifying Party, which consent shall not be unreasonably
withheld.

 

		12.3.2	The indemnifying Party shall assume exclusive control of the defense and settlement (including
all decisions relating to litigation, defense and appeal) of any such Claim (so long as it has confirmed its indemnification obligation
responsibility to such indemnified Party under this Section 12.3 with respect to a given Claim); provided, however,
that the indemnifying Party may not settle such Claim in any manner that would require payment by the indemnified Party, or would
materially adversely affect the rights granted to the indemnified Party hereunder, or would materially conflict with the terms
of this Agreement, or adversely affect other products, without first obtaining the indemnified Party's prior written consent, which
consent shall not be unreasonably withheld.

 

		12.3.3	The indemnified Party shall reasonably cooperate with the indemnifying Party in its defense of
the Claim (including, without limitation, making documents and records available for review and copying and making persons within
its control available for pertinent testimony in accordance with the confidentiality provisions of Section 11, and neither
Party shall be required to divulge privileged material to the other) at the indemnifying Party's expense. If the indemnifying Party
assumes defense of the Claim, an indemnified Party may participate in, but not control, the defense of such Claim using attorneys
of its choice and at its sole cost and expense, with such cost and expense not being covered by the indemnifying Party. If an indemnifying
Party does not agree to assume the defense of the Claim asserted against the indemnified Party (or does not give notice that it
is assuming such defense), or if the indemnifying Party assumes the defense of the Claim in accordance with this Section 12.3
yet fails to defend or take other reasonable, timely action, in response to such Claim asserted against the indemnified Party,
the indemnified Party shall have the right to defend or take other reasonable action to defend its interests in such proceedings,
and shall have the right to litigate, settle or otherwise dispose of any such Claim; provided, however, that no Party shall
have the right to settle a Claim in a manner that would adversely affect the rights granted to the other Party hereunder, or would
materially conflict with this Agreement, or would require a payment by the Party, or adversely affect the Party (its Affiliates)
or its products in or outside the territory, without the prior written consent of the Party entitled to control the defense of
such Claim, which consent shall not be unreasonably withheld.

 

		12.4	Insurance. During the Term and [****],
XYNOMIC shall obtain and maintain comprehensive general liability insurance covering its obligations and activities hereunder,
including product liability insurance and coverage for clinical trials, with reputable and financially secure insurance carriers
in a form and at level as customary for a company of its size in the pharmaceutical industry in the applicable market (or reasonable
self insurance sufficient to provide materially the same level and type of protection).

 

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		13	TERM AND TERMINATION; CONSEQUENCES OF TERMINATION.

 

		13.1	Term and Termination. 

 

		13.1.1	Term. This Agreement shall become effective as of the Effective Date and shall expire on
a Product-by-Product and country-by-country basis upon the expiration of the Royalty Term of a Product in a country (such period,
the “Term”).

 

		13.1.2	Termination for Convenience. XYNOMIC
shall have the right to terminate this Agreement at its own discretion at any time by providing [****]
prior written notice to BII.

 

		13.1.3	Termination for Cause.

 

		13.1.3.1	In the event that either Party (“Breaching Party”)
commits a material breach or default of any of its obligations hereunder, such material breach to include a breach by XYNOMIC
of the Development and diligence obligations under Section 4, the other Party hereto (“Non-Breaching Party”)
may give the Breaching Party written notice of such material breach or default, and shall request that such material breach or
default be cured as soon as reasonably practicable. In the event that the Breaching Party fails to cure such breach or default
[****] after the date of the Non-Breaching
Party's written notice thereof (in the event of default of payment [****]
after the date of the Non-Breaching Party's notice), the Non-Breaching Party may terminate this Agreement by giving written notice
of termination to the Breaching Party. In the event the Breaching Party indicates in writing that it will be unable or is unwilling
to cure the breach, this Agreement may be terminated by the Non-Breaching Party with immediate effect.

 

		13.1.3.2	BII may terminate this Agreement in the event XYNOMIC
or any of its Affiliates directly or indirectly challenges the validity of the Licensed Patents in a legal proceeding or
supports a Third Party in the challenge of a Licensed Patent in a legal proceeding (in each case before a court of competent jurisdiction).

 

		13.2	Consequences of Termination.

 

		13.2.1	Expiration. Upon expiration of this Agreement, XYNOMIC
shall, on a Product-by-Product and country-by-country basis, retain a perpetual, fully paid-up, non-exclusive and cost-free right
to use the Licensed Know-How solely for the Products in such country and in the Field.

 

		13.2.2	Termination for convenience by XYNOMIC or for
cause by BII. If this Agreement is terminated by XYNOMIC
in accordance with Section 13.1.2 or by BII in accordance with Section
13.1.3, then, to the extent permitted by Applicable Laws:

 

		(I)	[****]

 

		(II)	[****]

 

		(III)	[****]

 

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		13.2.2.1	BII shall
have the right to request in writing [****]
after the effective date of such termination, [****]

 

		13.2.3	Termination for Cause by XYNOMIC.
If this Agreement is terminated by XYNOMIC in accordance with Section 13.1.3,
the licenses granted by BII to XYNOMIC
hereunder shall continue in full force and effect, on a perpetual irrevocable basis, sublicenseable in multiple tiers, in accordance
with Section 2; and XYNOMIC may choose to continue to Develop, Manufacture
and Commercialize the Compound and Products in the Field in the Territory under all rights and licenses granted by BII hereunder,
provided that any subsequent royalty and milestone payment obligations under Section 8 of this Agreement shall be
[****].

 

		13.2.4	Accrued Obligations. Termination of this Agreement for any reason whatsoever shall not relieve
either Party from its obligations (monetary or otherwise) which have accrued prior to, but remain unsettled or unpaid as of, the
date of expiration or termination hereof, or which accrue thereafter, in accordance with Section 13.2.6 hereof. Upon termination
of this Agreement any accrued payment obligations shall become immediately due and payable.

 

		13.2.5	Termination for Cause. Termination of this Agreement in accordance with Section 13.1.3
shall not affect or impair the Non-Breaching Party’s right to pursue any legal remedy, including the right to recover damages,
for any harm suffered or incurred by the Non-Breaching Party as a result of such breach or default.

 

		13.2.6	Survival. Sections 1, 9, 10,
11, 13.2 and 15.3 through 15.10, inclusive, shall survive the expiration or termination of this Agreement.

 

		14	GOVERNMENT APPROVALS. 

 

Government Approvals. As of and
after the Effective Date, XYNOMIC will use all Commercially Reasonable Efforts to
obtain all approvals required and make all registrations, filings and applications, to give all notices and to obtain as soon as
practicable all other consents, transfers, approvals, orders, qualifications authorizations, permits and waivers, if any, and to
do all other things necessary or desirable for the consummation of the transactions as contemplated hereby.

 

		15	GENERAL PROVISIONS. 

 

		15.1	Assignment. Any right or obligation of BII under this Agreement may be assigned to and/or
exercised or performed by its Affiliates or Third Parties.

 

		15.2	Except as expressly provided herein, without the prior written consent of BII, XYNOMIC may not
sell, transfer, assign, delegate, pledge, or otherwise dispose of, whether voluntarily, involuntarily, by operation of law or otherwise,
this Agreement or any of its rights or duties hereunder to any Third Party, provided that (a) the assignment of this Agreement
by operation of law pursuant to a merger or consolidation of XYNOMIC with or into any Third Party shall, regardless of the identity
of the surviving entity to such merger or consolidation, not be deemed an assignment in violation of this Section 15.2,
(b) XYNOMIC, without such consent, may assign its rights and delegate its duties hereunder to an Affiliate thereof without obtaining
such consent, provided that XYNOMIC agrees to remain primarily (and not secondarily or derivatively) liable for the full and timely
performance by such Affiliate of all its obligations hereunder, and (c) XYNOMIC, without such consent, may assign its rights and
delegate its duties hereunder to a successor entity or acquirer, provided that XYNOMIC agrees to remain primarily (and not secondarily
or derivatively) liable for the full and timely performance by such assignee of all its obligations hereunder. Any attempted assignment
or delegation in violation of this Section 15.2 shall be void and of no effect.

 

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		15.3	All validly assigned and delegated rights and obligations of the Parties hereunder shall be binding
upon and inure to the benefit of and be enforceable by and against the successors and permitted assigns of BII or XYNOMIC,
as the case may be.

 

		15.4	Force majeure. If the performance of any part of this Agreement by either Party, or any
obligation under this Agreement, is prevented, restricted, interfered with or delayed by reason of any cause beyond the reasonable
control of the Party liable to perform (including fires, floods, earthquakes, hurricanes, embargoes, shortages, epidemics, quarantines,
war, acts of war (whether war be declared or not), terrorist acts, insurrections, riots, civil commotion, strikes, lockouts, or
other labor disturbances (whether involving the workforce of the non-performing Party or of any other Person), acts of God or acts,
omissions or delays in acting by any governmental authority (except to the extent such delay results from the breach by the non-performing
Party or any of its Affiliates of any term or condition of this Agreement)), unless conclusive evidence to the contrary is provided,
the Party so affected shall, upon giving written notice to the other Party, be excused from such performance to the extent of such
prevention, restriction, interference or delay, provided that the affected Party shall use its commercially reasonable efforts
to avoid or remove such causes of non-performance and shall continue performance with the utmost dispatch whenever such causes
are removed. When such circumstances arise, the Parties shall discuss what, if any, modification of the terms of this Agreement
may be required in order to arrive at an equitable solution.

 

		15.5	Notices. All notices hereunder shall be in writing in the English language and shall be
delivered by personal delivery, by registered mail / international courier, or by facsimile and confirmed by registered mail /
international courier on the next Business Day after the transmission, and shall be deemed given (a) on the date of delivery if
delivered by personal delivery on a Business Day; (b) on the third Business Day from and including the day of sending in the case
of a delivery by registered mail / international courier; or (c) on the next Business Day following the day of transmission in
the case of a delivery by facsimile (confirmed by a copy sent as provided above). All notices shall be given:

 

if to BII,
addressed to:

 

Boehringer
Ingelheim International GmbH

Strategic Transactions

Binger Str. 173

55216 Ingelheim

Germany

Facsimile: +49 6132 72145855

 

With
a copy to:

 

Head of Corporate Legal

Address as above

 

if to XYNOMIC,
addressed to:

 

Xynomic Pharmaceuticals, Inc.

3737 Glenwood Avenue

Suite 100, Office 159

Raleigh, NC 27612

USA

Attention: Mr. Yinglin Mark Xu

Email: mxu@xynomicpharma.com

 

    26

    ****Text Omitted and Filed Separately with the Securities and Exchange
Commission. Confidential Treatment Requested Under
17 C.F.R. Section  230.406

    

 

With a copy to:

 

Xynomic Pharmaceuticals, Inc.

Suite 4202, K. Wah Centre

1010 Middle Huaihai Road

Shanghai 200031, China

Attention: Mr. Yinglin Mark Xu

 

		15.6	Governing law. This Agreement and all disputes arising hereunder, shall be exclusively governed
by, and interpreted and enforced in accordance with the laws of the State of New York, the United States, without regard to its
conflict of law rules; provided, that all questions concerning the construction or effect of patent applications and patents
shall be determined in accordance with the laws of the country or other jurisdiction in which the particular patent application
or patent has been filed or granted, as the case may be. The Parties agree to exclude the application to this Agreement of the
United Nations Convention on Contracts for the International Sale of Goods.

 

		15.7	Jurisdiction. Any controversy or claim arising out of or under this Agreement, or the breach
thereof, which is not settled under the procedures set forth in the appropriate provisions of Section 8.10 will be finally
resolved by binding arbitration, held in New York City, New York, and administered by the American Arbitration Association under
its Commercial Arbitration Rules.  Judgment on the award rendered by the arbitrator(s) may be entered in any court having
jurisdiction thereof.  If the Parties cannot mutually agree on a single arbitrator, the Parties will make reasonable efforts
to appoint three (3) arbitrators, who are each mutually acceptable to BII and XYNOMIC,
within [****] of the initiation of the arbitration; in the event they are unsuccessful and do not agree to extend
the time period, the arbitrators will be appointed in accordance with the rules.  The Parties will share the expenses for
the arbitrators, but will otherwise be responsible for their own fees in relation to such arbitration.  Until such time as
arbitrators are appointed, the Parties may seek judicial relief for interim measures, such as injunctive relief, in any court having
competent jurisdiction. For clarity, the arbitrators will not have authority or discretion to decide any matter other than the
matter for decision before them, and any such decision will not include any award or determination which would amend the applicable
terms of this Agreement.

 

		15.8	Severability. If any provision of this Agreement
is invalid or unenforceable, the Parties shall negotiate in good faith a replacement provision that is commercially equivalent,
to the maximum extent permitted by Applicable Laws, to such invalid or unenforceable provision. The invalidity or unenforceability
of any provision of this Agreement shall not affect the validity or enforceability of the other provisions of this Agreement. Nor
shall the invalidity or unenforceability of any provision of this Agreement in one country or jurisdiction affect the validity
or enforceability of such provision in any other country or jurisdiction in which such provision would otherwise be valid or enforceable.

 

		15.9	Entire Agreement and Amendments. This Agreement, together with all Exhibits attached hereto,
constitutes the entire agreement between the Parties regarding the subject matter hereof, and supersedes all prior agreements,
understandings and communications between the Parties, with respect to the subject matter hereof. No modification or amendment
of this Agreement shall be binding upon the Parties unless in writing and executed by the duly authorized representative of each
of the Parties; this shall also apply to any change of this Section.

 

		15.10	Waivers. The failure by either Party hereto to assert any of its rights hereunder, including
the right to terminate this Agreement due to a breach or default by the other Party hereto, shall not be deemed to constitute a
waiver by that Party of its right thereafter to enforce each and every provision of this Agreement in accordance with its terms.

 

		15.11	Independent Contractors. The Parties are independent contractors and this Agreement shall
not constitute or give rise to an employer-employee, agency, partnership or joint venture relationship among the Parties and each
Party’s performance hereunder is that of a separate, independent entity.

 

		15.12	Headings. The headings are placed herein merely as a matter of convenience and shall not
affect the construction or interpretation of any of the provisions of this Agreement.

 

		15.13	Counterparts; Facsimile Execution. This Agreement may
be executed in two (2) or more counterparts, each of which shall be deemed an original, but all of which together shall constitute
one and the same instrument. This Agreement may be executed by facsimile or electronically transmitted signatures and such signatures
shall be deemed to bind each Party hereto as if they were original signatures.

 

- signature page follows –

 

    27

    ****Text Omitted and Filed Separately with the Securities and Exchange
Commission. Confidential Treatment Requested Under
17 C.F.R. Section  230.406

    

 

IN WITNESS WHEREOF, this Agreement has
been signed by the Parties hereto in two originals, each Party acknowledging receipt of one original.

 

	Boehringer Ingelheim International GmbH	 	 
	 	 	 	 	 
	By:	                            	 	By:	                            
	Name:	 	 	Name:	 
	Title:	 	 	Title:	 
	Date:	 	 	Date:	 

 

	Xynomic Pharmaceuticals, Inc.	 
	 	 	 
	By:	 	 
	Name:	Yinglin Mark Xu	 
	Title:	Chairman, Chief Executive Officer and President	 

 

[Signature Page to License Agreement]

 

     

    ****Text Omitted and Filed Separately with the Securities and Exchange
Commission. Confidential Treatment Requested Under
17 C.F.R. Section  230.406

    

 

Exhibit 1.19

 

Compound

 

“Compound” means the
compound known internally at BII as BI 860585 with a structure set forth below, [****]

 

    Exhibit 1.19

    ****Text Omitted and Filed Separately with the Securities and Exchange
Commission. Confidential Treatment Requested Under
17 C.F.R. Section  230.406

    

 

Exhibit 1.20

 

Licensed Patents 

 

[****]

 

    Exhibit 1.20

    ****Text Omitted and Filed Separately with the Securities and Exchange
Commission. Confidential Treatment Requested Under
17 C.F.R. Section  230.406

    

 

Exhibit 3.1

 

Transferred Data

 

[****]

 

    Exhibit 3.1

    ****Text Omitted and Filed Separately with the Securities and Exchange
Commission. Confidential Treatment Requested Under
17 C.F.R. Section  230.406

    

 

Exhibit 4.2

 

XYNOMIC
BI 860585 Development Plan

 

[****]

 

    Exhibit 4.2

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00291-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00291-of-00352.parquet"}]]