Document:

Acknowledgement by CDC

 Exhibit 10.26 
 September 5, 2007 
 CDC IV, LLC 
 47 Hulfish
Street, Suite 310 
 Princeton, NJ 08542 
 Attention: David Ramsay

 Dear Sirs: 
 Reference is made to the License
and Development Agreement made as of September 5, 2007 by and among BioDelivery Sciences International, Inc. (“BDSI”), Arius Pharmaceutical, Inc. (“Arius”) and Meda AB (“Meda”) (the “Meda
License Agreement”), a copy of which is attached hereto as Exhibit A. 
 The undersigned, CDC IV, LLC hereby acknowledges
(i) that it has executed that certain Sublicensing Consent and Amendment by BDSI, Arius and CDC IV,LLC attached hereto as Exhibit B; (ii) that Meda has relied upon the attached consent in connection with its execution of the Meda License
Agreement; and (iii) that the only rights of unilateral termination available to CDC IV, LLC under the CDC License (as defined in the attached consent) are contained in Sections 10.2, 10.3 and 10.4 of the CDC License. 
 Please indicate your agreement to the provisions of this Letter Agreement by having a duly authorized officer of each of the addressees execute this
Letter Agreement in duplicate and then return an executed copy to the undersigned. 
 [Signature page to follow.] 

			
	Very truly yours,
	
	MEDA AB
		
	By:	 	 /s/ Anders Lonner

	Name:	 	Anders Lonner
	Title:	 	Chief Executive Officer

  

			
	 ACCEPTED AND AGREED TO AS OF
 THE DATE OF
THIS LETTER AGREEMENT:

	
	CDC IV, LLC
		
	By:	 	 /s/ David Ramsey

	Name:	 	David Ramsey
	Title:	 	Partner

 EXHIBIT A 
 MEDA LICENSE AGREEMENT 

 EXHIBIT B 
 CDC SUBLICENSING CONSENT AND AMENDMENTSide Letter Agreement

 Exhibit 10.27 
 September 5, 2007 
 QLT USA, INC. (“QLT USA”) 
 2579 Midpoint Drive 
 Fort Collins, CO 80525 
 Attention: Sean Moriarty 
 Dear Sirs: 
 Reference is made to the Clinical Development and License Agreement, dated as of July 14, 2005, by and among CDC IV, LLC, as successor in interest of Clinical Development Capital LLC, (“CDC”)
BioDelivery Sciences International, Inc. (“Parent”) and Arius Pharmaceuticals, Inc. (“Arius”; together with Parent, “BDSI”), as amended and Security Agreement, dated February 15, 2006, as amended (together, the
“CDC Agreement”), under which CDC has certain rights with respect to certain intellectual property rights and assets of Arius related to Arius’ BEMA Fentanyl product. Unless expressly provided otherwise herein, capitalized
terms used herein shall have the same meanings provided in that certain Intellectual Property Assignment Agreement, dated as of the date hereof, between Arius Two, Inc. (“Arius Two”) and QLT USA, Inc. (“QLT”) (the “Purchase
Agreement”), and the other documents contemplated by the Purchase Agreement, including but not limited to that certain Amended and Restated Security Agreement, dated as of the date hereof, concerning certain assets in the United States, Canada,
and Mexico, between QLT and Arius Two (the “Security Agreement”). 
 1. The BEMA Technology for which CDC has been granted
an interest under the CDC Agreement consists of BEMA Technology that is owned by Arius Two, licensed by Arius Two to Arius, and sublicensed by Arius to Meda AB (“Meda”). The BEMA Technology in which Meda has an interest is subject
to that certain License and Development Agreement, dated as of September     , 2007, by and between BDSI and Meda (the “Meda License”). The BEMA Technology owned by Arius Two is subject to the License
Agreement dated as of the date hereof between Arius Two and Arius (the “Arius Two License”) and a License Agreement dated as of August 2, 2006 between Arius Two and Arius, as amended (the “EU Arius Two
License”). QLT USA has a security interest in the BEMA Technology owned by Arius Two and in the Arius Two License under the Security Agreement and a security interest in the BEMA Technology owned by Arius Two and in the EU Arius Two
License under the Amended and Restated Security Agreement dated as of the date hereof, between QLT USA and Arius Two, concerning certain assets outside the United States, Canada, and Mexico (the “EU Security Agreement”). As a result
of the foregoing arrangements, the Meda License and the rights granted to Meda thereunder are subordinate to the CDC Agreement, the Arius Two License, the EU Arius Two License, and subject to the prior rights of QLT USA under the Security Agreement
and EU Security Agreement. 
 2. QLT and CDC hereby agree as follows: 
 (a) If, and solely to the extent, in the exercise of its rights under Section 8 of the Security Agreement or EU Security Agreement,
as applicable, QLT USA takes ownership of 

 
any Collateral, regardless of whether or not Arius Two assigns all of its right, title and interest in and to the Arius Two License or EU Arius Two License,
as applicable, to QLT USA, QLT USA and CDC agree that CDC shall continue the undisturbed enjoyment of its rights under, and subject to the terms and conditions of, the Arius Two License or EU Arius Two License. 
 (b) If QLT exercises its rights under Section 8 of the Security Agreement or EU Security Agreement, as applicable, any sale or
transfer of the Collateral shall be subject to the Arius Two License or EU Arius Two License , as applicable, and any such sale or transfer shall not terminate the Arius Two License or EU Arius Two License, as applicable, including any rights
granted to CDC thereunder. 
 3. Except as expressly provided herein, nothing contained in this letter agreement shall be construed as
affecting the rights of Arius Two, Meda or QLT USA in or with respect to the BEMA Technology. 
 4. This Letter Agreement will be governed by
and interpreted in accordance with the internal laws of the State of New York, without regard to its conflicts of laws rules. If and to the extent that any of the parties hereto are parties to agreements that are or may be at variance with the terms
and conditions of this Letter Agreement, the terms of this Letter Agreement shall control. 
 Please indicate your agreement to the provisions of this Letter
Agreement by having a duly authorized officer of each of the addressees execute this Letter Agreement in duplicate and then return an executed copy to the undersigned. 
 [Signature page to follow.] 

			
	Very truly yours,
	
	CDC IV, LLC
		
	By:	 	 /s/ David Ramsey

	Name:	 	David Ramsey
	Title:	 	Partner

  

			
	 ACCEPTED AND AGREED TO AS OF
 THE DATE OF
THIS LETTER AGREEMENT:

	
	QLT USA, INC.
		
	By:	 	 /s/ Michael R. Duncan

	Name:	 	Michael R. Duncan
	Title:	 	PresidentSide Letter Agreement

 Exhibit 10.28 
 CDC IV, LLC 
 47 HULFISH STREET, SUITE 310 
 PRINCETON, NEW JERSEY 08542 
 September 5, 2007

 BioDelivery Sciences International, Inc. 
 Arius
Pharmaceuticals, Inc. and 
 Arius Two, Inc. 
 2501 Aerial Center
Parkway, Suite 205 
 Morrisville, North Caroline 27560 
 Attn:
Mark A. Sirgo, President and Chief Executive Officer 
 RE: Clinical Development and License Agreement 
 Dear Mr. Sirgo: 
 The purpose of this letter (this
“Letter Agreement”) is to set out certain understandings and agreements between (i) CDC IV, LLC (“CDC”) and (ii) BioDelivery Sciences International, Inc. (“BioDelivery”), Arius Pharmaceuticals, Inc., a
wholly-owned subsidiary of BDSI (“Arius”) and Arius Two, Inc., a wholly-owned subsidiary of BioDelivery (“Arius Two”). 
 Reference is hereby made to that certain Clinical Development and License Agreement (as amended, the “CDC License”), dated as of July 14, 2005 among CDC (as successor in interest to Clinical Development Capital LLC),
BioDelivery and Arius. Pursuant to the terms of the CDC License, BioDelivery, Arius and Arius Two have requested that CDC consent to, among other things, (i) the acquisition by Arius Two of certain assets related to the BEMA Fentanyl product
from QLT USA, Inc., and (ii) the amendment of the CDC License in connection with such acquisition and the subsequent license of certain rights with respect to such assets by Arius to Meda AB; in each case pursuant to the terms of (A) that
certain Sublicensing Consent and Amendment, entered into as of the date hereof, by BDSI, Arius and CDC (the “Sublicensing Consent”) and (B) that certain BEMA Acquisition Consent, Amendment and Waiver, entered into as of the date
hereof, by BDSI, Arius, Arius Two and CDC (the “Acquisition Consent” and together with the Sublicensing Consent, collectively, the “CDC Consents”). As a condition to CDC entering into the CDC Consents, CDC is requiring BDSI,
Arius and Arius Two to enter into this Letter Agreement. Capitalized terms used herein, but not otherwise defined herein, shall have the meanings set forth in the Acquisition Consent. 
 1. Defaults and Terminations under the New License. Notwithstanding anything to the contrary set forth in the CDC License, the QLT License, the
New License, the Acquisition Agreements, the CDC Consents or any agreements entered into by any of BDSI, Arius or Arius Two in connection with any of the foregoing, BDSI, Arius and Arius Two hereby agree and acknowledge that (i) in no event
shall Arius Two declare any default against Arius under the New License, or otherwise exercise any right to terminate the New License or other remedy thereunder, without the written consent of CDC, in its sole and absolute discretion and
(ii) in no 

 
event shall CDC be required to cure any defaults by Arius under the New License in order to exercise its rights under Sections 2.04(d) or 14.06 or other
similar provisions of the New License. The foregoing restrictions shall terminate to the extent Arius Two fails to satisfy its Obligations (as such term is defined in the certain Security Agreement by and between Arius Two and QLT, dated as of the
date hereof (the “QLT Security Agreement”)), QLT thereafter exercises its rights with respect to the Collateral (as defined in the QLT Security Agreement) pursuant to the Acquisition Agreements, and Arius Two’s rights and obligations
under the New License are assigned to an Arius Two Assignee. 
 2. Transfer of Acquired Assets to Arius and Termination of New
License. BDSI, Arius and Arius Two hereby agree and acknowledge that upon the termination of the security interest created in favor of QLT under the Acquisition Agreements (i) the New License shall automatically terminate and
(ii) simultaneously therewith, Arius Two shall assign and transfer all of its right, title and interest in and to the Acquired Assets to Arius and to the extent any such Acquired Assets are not already subject to a security interest in favor of
CDC pursuant to the Security Agreement, such Acquired Assets shall automatically, and without the need for further action on the part of any person or entity, become subject to the security interests (and other provisions) in favor of CDC under the
Security Agreement. The parties hereto hereby agree that, notwithstanding anything to the contrary, paragraph 2 of that similar letter between the parties, dated August 2, 2006, concerning the prior acquisition of certain BEMA-related assets by
Arius Two from QLT (the “Previous Letter”) shall not apply with respect to the termination of security interests established under the Acquisition Agreements (as defined in the Previous Letter, and not under this letter agreement) with
respect to assets concerning Canada and Mexico, which termination is occurring in conjunction with the simultaneous amendment, effective as of the date hereof, of the Acquisition Agreements (as defined herein) to subject such assets to the security
interests in favor of QLT established thereunder. 
 3. Arius Two as a Party to the CDC License Agreement. Each of BDSI, Arius, Arius
Two and CDC hereby agree and acknowledge that by executing this Letter Agreement, Arius Two shall, subject to the terms of the Acquisition Agreements, become a party to the CDC License and included as part of the definition of the
“Company”, together with BDSI and Arius. From and after the date hereof, Arius Two hereby agrees and acknowledges that, subject to the terms of the Acquisition Agreements, it (i) shall, in addition to BDSI and Arius, be responsible
for all of duties and obligations of the “Company” under the CDC License and (ii) shall otherwise be bound by the terms of the CDC License as part of the “Company”. For purposes of clarity, it is hereby agreed and
acknowledged that the New License and the Acquisition Agreements (and all documents entered into in connection therewith) shall be considered “Company Agreements” under the CDC License, provided that, upon assignment of Arius Two’s
rights and obligations under the New License to any Arius Two Assignee, the New License shall no longer be deemed a “Company Agreement” with respect to Arius Two, but shall still be considered a “Company Agreement” with respect
to Arius under the CDC License. 
 4. Payment of CDC Costs and Expenses. BDSI hereby agrees to reimburse CDC fifty percent
(50%) of any and all reasonable, documented legal fees and expenses related to CDC’s review, negotiation and execution of the CDC Consents and all documents and transactions related thereto, including, but not limited to, those documents
related to the Royalty Acquisition and Amendment Agreement (and all precursors thereto), such legal fees and expenses not to 

 
exceed $75,000. Such amounts shall be paid by BDSI to CDC by wire transfer of immediately available funds to an account designated by CDC no later than three
(3) business days following the HSR Date (as defined in the License and Development Agreement dated as of the date hereof between Meda AB and BDSI); provided, CDC provides to BDSI a detailed bill itemizing such expenses. 
 5. Further Assurances. Upon the request of CDC, each of BDSI, Arius and Arius Two hereby agree to execute and deliver any and all additional
instruments and documents and take such other future actions as may be necessary or reasonably requested by CDC to document and consummate the agreements and understandings described in, or otherwise in connection with, this Letter Agreement.

 6. Miscellaneous Provisions. This Letter Agreement will be governed by and interpreted in accordance with the internal laws of the
State of New York, without regard to its conflicts of laws rules. To the extent that the CDC License or New License (or any other agreements entered into by CDC and one or more of BDSI, Arius or Arius Two in connection therewith) are varied by this
Letter Agreement, such variations shall be deemed to be lawfully made amendments to such agreements and to the extent there is a conflict between this Letter Agreement and such other agreements, the terms of this Letter Agreement shall control.
Except as modified by this Letter Agreement, the CDC License and the New License (and any other agreements entered into by CDC and one or more of BDSI, Arius or Arius Two in connection therewith), such other agreements shall remain unchanged and in
full force and effect. This Letter Agreement shall be binding upon and inure to the benefit of the parties hereto and their respective successors and assigns. The rights and obligations of each party to this Letter Agreement may not be assigned or
delegated by BDSI, Arius or Arius Two without the prior written consent of CDC. This Letter Agreement may be executed in two or more counterparts, each of which will be deemed an original, but all of which taken together will constitute one and the
same document. For the purposes hereof, a facsimile copy of this Letter Agreement, including the signature pages hereto, will be deemed an original. 
 [No Further Text on This Page] 

 Please indicate your agreement to the provisions of this Letter Agreement by having a duly authorized
officer of each of BDSI, Arius and Arius Two execute this Letter Agreement and then return an executed copy to my attention at the address provided above. 
  

			
	Very truly yours,
	
	CDC IV, LLC
		
	By:	 	 /s/ David Ramsey

	Name:	 	David Ramsey
	Title:	 	Partner

  

			
	AGREED TO AND ACCEPTED AS
	OF THE DATE FIRST SET FORTH ABOVE.
	
	ARIUS PHARMACEUTICALS, INC.
		
	By:	 	 /s/ Mark A. Sirgo

	Name:	 	Mark A. Sirgo
	Title:	 	President and CEO

  

			
	BIODELIVERY SCIENCES INTERNATIONAL, INC.
		
	By:	 	 /s/ Mark A. Sirgo

	Name:	 	Mark A. Sirgo
	Title:	 	President and CEO

  

			
	ARIUS TWO, INC.
		
	By:	 	 /s/ Mark A. Sirgo

	Name:	 	Mark A. Sirgo
	Title:	 	President and CEO

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