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Exhibit 10.2

Confidential treatment requested

LICENSE AGREEMENT

    THIS
LICENSE AGREEMENT dated as of June 8, 1993 (the "Agreement"), is entered into between IXSYS, INC., a Delaware corporation ("Ixsys"), having a place of business
located at 3550 General Atomics Court, Suite L-103, San Diego, California 92121, and BRISTOL-MYERS SQUIBB COMPANY, a Delaware corporation ("Bristol-Myers"), having a place of business
located at Route 206 and Provinceline Road, Princeton, New Jersey 08543-4000. 

W I T N E S S E T H:

    WHEREAS,
Ixsys owns or has rights to certain technology relating to the discovery and development of antibodies, growth factors and other biological and chemical compositions. 

    WHEREAS,
Bristol-Myers desires to acquire from Ixsys a nonexclusive worldwide license under certain Ixsys patent rights to make, use and sell certain products, for use in the in vivo
diagnosis or treatment of any disease or condition in humans. 

    WHEREAS
Bristol-Myers and Ixsys are entering into three (3) other agreements entitled "RESEARCH AGREEMENT," "SCREENING AND OPTION AGREEMENT," and "STOCK PURCHASE AGREEMENT,"
dated as of even date herewith, in addition to this "LICENSE AGREEMENT." 

    NOW,
THEREFORE, in consideration of the foregoing premises and the mutual covenants herein contained, the parties hereby agree as follows: 

  ARTICLE 1
DEFINITIONS         

    For purposes of the Agreement, the terms defined in this Article 1 shall have the respective meanings set forth below: 

    1.1  "Affiliate"  shall mean, with respect to any Person, any other Person which directly or indirectly
controls, is controlled by, or is under common control with, such Person. A Person shall be regarded as in control of another Person if it owns, or directly or indirectly controls, at least fifty
percent (50%) of the voting stock or other ownership interest of the other Person, or if it directly or indirectly possesses the power to direct or cause the direction of the management and policies
of the other Person by any means whatsoever. 

    1.2  "FDA"  shall mean the United States Food and Drug Administration, or the successor thereto. 

    1.3  "Field"  shall mean the in vivo diagnosis or treatment of any disease or condition in humans. 

    1.4  "First Commercial Sale"  shall mean, with respect to any Product, the first sale for use or
consumption by the general public of such Product in any country after required marketing and pricing approval has been granted, or as otherwise permitted, by the governing health authority of such
country. 

    1.5  "Improvements"  shall mean all inventions, discoveries, improvements or other technology, whether or
not patentable, and any patent applications or patents based thereon, conceived or reduced to practice during the term of the Agreement by employees or others acting on behalf of Bristol-Myers, its
Affiliates or sublicensees which represent solely an improvement to Licensed Patent Rights, excluding any inventions, discoveries, improvements or other technology conceived or reduced to 

[*]   Confidential treatment requested 

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practice by employees or others acting jointly on behalf of Ixsys and Bristol-Myers under the Research Agreement. 

    1.6  "Improvements Patent Rights"  shall mean (a) all patent applications heretofore or hereafter
filed or having legal force in any country owned by Bristol-Myers, which claim an Improvement, together with any and all patents that have issued or in the future issue therefrom, including utility
model and design patents and certificates of invention, and (b) all divisionals, continuations, continuations-in-part, reissues, renewals, extensions or additions to any
such patents and patent applications; all to the extent and only to the extent that Bristol-Myers now has or hereafter will have the right to grant licenses, immunities or other rights thereunder. 

    1.7  "Know-How"  shall mean that certain information and data of Ixsys, which is not
generally known including, but not limited to, formulae, procedures, protocols, techniques and results of experimentation and testing, which are reasonably necessary to make, use or sell Products for
use in the Field. 

    1.8  "Licensed Patent Rights"  shall mean (a) all patents and patent applications described in
Schedule A hereto, together with any and all patents that have issued or in the future issue therefrom, including utility, model and design patents and certificates of invention, and
(b) all divisionals, continuations, continuations-in-part, reissues, renewals, extensions or additions to any such patents and patent applications; all to the extent and
only to the extent that Ixsys now has or hereafter will have the right to grant licenses, immunities or other rights thereunder. 

    1.9  "Net Sales"  shall mean, with respect to any Product, the invoiced sales price of such Product
billed to independent customers who are not Affiliates, less (a) credits, allowances, discounts and rebates to, and chargebacks from the account of, such independent customers for spoiled,
damaged, out-dated or returned Product; (b) actual freight and insurance costs incurred in transporting such Product in final form to such customers; (c) trade discounts,
cash discounts, quantity discounts, rebates and other price reduction programs; (d) sales, value-added and other direct taxes incurred; and (e) customs duties, surcharges and other
governmental charges incurred in connection with the exportation or importation of such Product in final form. 

    1.10  "Peptide"  shall mean a chain of amino acids of not more than fifty (50) residues in length. 

    1.11  "Person"  shall mean an individual, corporation, partnership, trust, business trust, association,
joint stock company, joint venture, pool, syndicate, sole proprietorship, unincorporated organization, governmental authority or any other form of entity not specifically listed herein. 

    1.12  "Product"  shall mean any Diagnostic Product or Therapeutic Product. 

    1.12.1  "Diagnostic
Product" shall mean a diagnostic product, containing one or more Program Materials, for use in the in
vivo detection of any disease or condition in humans. 

    1.12.2  ''Therapeutic Product'' shall mean the final dosage formulation of a product, incorporating
pharmaceutical compositions containing one or more Program Materials, for use in the treatment of any disease or condition in humans, regardless of the route of administration. Each different
formulation of a Therapeutic Product containing the same one or more Program Materials but no additional biological or chemical compositions, except different formulations for use in the treatment of
the same indication in the Field by different routes of administration, shall constitute a different Therapeutic Product. 

    1.13  "Program Material"  shall mean an antibody, growth factor or other biological or chemical
composition, other than a Peptide, which uses, incorporates or is produced using or under Licensed Patent Rights. 

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    1.14  "Research Agreement"  shall mean that certain Research Agreement dated as of even date, between
Ixsys and Bristol-Myers, as the same may be amended, modified, supplemented or restated from time to time. 

    1.15  "Royalty Term"  shall mean, with respect to each Product in each country, the period of time equal
to the longer of (a) [*] ([*]) [*] from the date of the First Commercial Sale of such Product in such country or
(b) if the manufacture, use or sale of such Product in such country was at the time of the First Commercial Sale in such country covered by a Valid Patent Claim, the
[*]. 

    1.16  "Third Party"  shall mean any Person other than Ixsys, Bristol-Myers and their respective
Affiliates. 

    1.17  "Valid Patent Claim"  shall mean either (a) a claim of an issued and unexpired patent
included within the Licensed Patent Rights, which has not been held permanently revoked, unenforceable or invalid by a decision of a court or other governmental agency of competent jurisdiction,
unappealable or unappealed within the time allowed for appeal, and which has not been admitted to be invalid or unenforceable through reissue or disclaimer or otherwise or (b) a claim of a
pending patent application included within the Licensed Patent Rights, which claim was filed in good faith and has not been abandoned or finally disallowed without the possibility of appeal or
refiling of such application. 

  ARTICLE 2
REPRESENTATIONS AND WARRANTIES         

    Each party hereby represents and warrants to the other party as follows: 

    2.1  Corporate Existence and Power.  Such party (a) is a corporation duly organized, validly
existing and in good standing under the laws of the state in which it is incorporated and (b) has the corporate power and authority and the legal right to own and operate its property and
assets, to lease the property and assets it operates under lease, and to carry on its business as it is now being conducted. 

    2.2  Authorization and Enforcement of Obligations.  Such party (a) has the corporate power and
authority and the legal right to enter into the Agreement and to perform its obligations hereunder and (b) has taken all necessary Corporate action on its part to authorize the execution and
delivery of the Agreement and the performance of its obligations hereunder. The Agreement has been duly executed and delivered on behalf of such party, and constitutes a legal, valid, binding
obligation, enforceable against such party in accordance with its terms. 

    2.3  Consents.  All necessary consents, approvals and authorizations of all governmental authorities and
other Persons, if any, required to be obtained by such party in connection with the Agreement have been obtained. 

    2.4  No Conflict.  The execution and delivery of the Agreement and the performance of such party's
obligations hereunder (a) do not conflict with or violate any requirement of applicable laws or regulations or any contractual obligation of such party and (b) do not conflict with, or
constitute a default under, any contractual obligation of such party. 

    2.5  DISCLAIMER OF WARRANTIES.  NOTHING IN THE AGREEMENT SHALL BE CONSTRUED AS A REPRESENTATION MADE, OR
WARRANTY GIVEN, BY IXSYS OR BRISTOL-MYERS THAT ANY PATENT WILL ISSUE BASED UPON ANY PENDING PATENT APPLICATION WITHIN THE LICENSED PATENT RIGHTS OR IMPROVEMENTS PATENT RIGHTS, THAT ANY PATENT WITHIN
THE LICENSED PATENT RIGHTS OR IMPROVEMENTS PATENT RIGHTS WHICH ISSUES WILL BE VALID, OR THAT THE USE OF 

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ANY LICENSE GRANTED HEREUNDER OR THAT THE USE OF ANY LICENSED PATENT RIGHTS OR IMPROVEMENTS PATENT RIGHTS WILL NOT INFRINGE THE PATENT OR PROPRIETARY RIGHTS OF ANY OTHER PERSON. FURTHERMORE, NEITHER
IXSYS NOR BRISTOL-MYERS MAKES ANY REPRESENTATIONS OR WARRANTIES, EXPRESS OR IMPLIED, WITH RESPECT TO THE LICENSED PATENT RIGHTS OR IMPROVEMENTS PATENT RIGHTS, INCLUDING WITHOUT LIMITATION, ANY
WARRANTY OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE. 

    2.6  Maintenance of Licenses.  Ixsys shall use due diligence to maintain each license agreement between
Ixsys and any Third Party involving Licensed Patent Rights sublicensed to Bristol-Myers hereunder. 

  ARTICLE 3
GRANT OF LICENSES         

    3.1  License Grant to Bristol-Myers.  

    3.1.1  License to Make, Have Made, Use and Sell.  Except as otherwise provided in the Agreement, Ixsys
hereby grants to Bristol-Myers a nonexclusive worldwide license under the Licensed Patent Rights and Know-How to make, have made, use and sell Products for use in the Field. Bristol-Myers
may not grant sublicenses under such license without the prior written consent of Ixsys, except sublicenses (without the right to grant further sublicenses) solely for the purpose of
(a) subcontract manufacturing and supplying Products to Bristol-Myers and its permitted sublicensees, and (b) after receipt of the required marketing approval from the FDA to sell a
Product, the making, using, promoting, marketing and selling of such Product for use in the Field. Each permitted sublicense shall be subject to the terms and conditions of the Agreement. Bristol
Myers shall deliver a copy of each permitted sublicense under the Agreement to Ixsys within ten (10) business days after execution of the same. 

    3.1.2  Research License.  Subject to the same exceptions as referred to in Section 3.1.1 above,
Ixsys hereby grants to Bristol-Myers a nonexclusive worldwide license under the Licensed Patent Rights and Know-How to perform research using products and processes covered by the Licensed
Patent Rights; provided, however, that Bristol-Myers shall have no right under the Licensed Patent Rights to modify peptides whose sequences are generated by a process which does not impose
restrictions on what sequences are generated, or which generates a large number of peptides whose sequences are not uniquely predetermined. Bristol-Myers license to use Know-How shall
survive the expiration of the Agreement under Section 11.1 below, unless the Agreement is terminated earlier pursuant to Section 11.2 or 11.3 below. Bristol-Myers may not grant
sublicenses under such license without the prior written consent of Ixsys. 

    3.1.3  Restrictions Upon Use of Licensed Technology.  Except as expressly authorized by the Agreement or
prior written consent of Ixsys, Bristol-Myers shall not, directly or indirectly, (a) use the Licensed Patent Rights other than to make, have made, use or sell Products for use in the Field or
conduct research as provided in Section 3.1.2 above, (b) sell, assign, transfer, encumber or otherwise dispose of the Licensed Patent Rights, or (c) authorize, cause or assist any
other Person in any of the foregoing matters. 

    3.2  License Grant to Ixsys.  Bristol-Myers hereby grants to Ixsys a nonexclusive, irrevocable,
royalty-free, worldwide license, including the right to grant sublicenses, under Bristol-Myers' rights in the Improvements to make, use and sell products which employ, incorporate or are
produced using the Improvements for all purposes in all fields. Within thirty (30) days following each April 30, August 31 

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and December 31 during the term of the Agreement, Bristol-Myers shall provide Ixsys with written reports of information regarding Improvements as it becomes, available to Bristol-Myers. 

    3.3  Technical Assistance.  As soon as reasonably practicable after execution of the Agreement, Ixsys
shall provide Bristol-Myers with Know-How regarding the Licensed Patent Rights reasonably necessary to enable Bristol-Myers to make, use and sell Products in the Field. For a period of one
(1) year after the date of the Agreement, at Bristol-Myers' request upon reasonable notice, at such times and places as mutually acceptable to the parties during normal business hours, Ixsys
shall provide technical assistance to Bristol-Myers regarding the Licensed Patent Rights and shall make its designated employees reasonably available for consultation by telephone, or in person at the
offices of Ixsys, in connection with such technical assistance. Bristol-Myers shall reimburse Ixsys on demand for the reasonable fully-burdened cost to Ixsys of providing such technical assistance. 

    3.4  Material Transfer.  In connection with the license granted to Bristol-Myers under the Agreement,
Ixsys may provide to Bristol-Myers certain biological materials or chemical compounds including, but not limited to, structural genes, genetic sequences, promoters, enhancers, probes, linkage probes,
vectors, hosts, plasmids, peptides, polypeptides, transgenic animals, proteins, biological modifiers, antigens, hybridomas, antibodies, toxins, lectins, enzymes, lipids, hormones, viruses, viroids,
cells or parts of cells, cell lines and transformed cell lines, and any progeny, replicates, mutants, fragments and derivatives of the foregoing (collectively, "Material") owned by or licensed to
Ixsys (other than under the Agreement or the Research Agreement) for use by Bristol-Myers under the Agreement. All such Material delivered to Bristol-Myers under the Agreement (a) shall remain
the sole property of Ixsys, (b) shall be used only as permitted under the Agreement and solely under the control of Bristol-Myers, (c) shall not be used or delivered to or for the
benefit of any Third Party without the prior written consent of Ixsys, and (d) shall not to be used in research or testing involving human subjects. The Materials supplied under this
Section 3.4 must be used with prudence and appropriate caution in any experimental work, since not all their characteristics may be known. THE MATERIALS ARE PROVIDED "AS IS" AND WITHOUT ANY
REPRESENTATION OR WARRANTY, EXPRESS OR IMPLIED, INCLUDING WITHOUT LIMITATION ANY IMPLIED WARRANTY OF MERCHANTABILITY OR OF FITNESS FOR ANY PARTICULAR PURPOSE OR ANY WARRANTY THAT THE USE OF THE
MATERIAL WILL NOT INFRINGE OR VIOLATE ANY PATENT OR OTHER PROPRIETARY RIGHTS OF ANY THIRD PARTY. 

  ARTICLE 4
ROYALTIES AND MILESTONE PAYMENTS         

    4.1  Royalties.  In consideration for the licenses granted to Bristol-Myers herein, during the Royalty
Term, Bristol-Myers shall pay to Ixsys royalties equal to [*] percent ([*]%) of Net Sales of all Products by Bristol-Myers, its Affiliates and permitted
sublicensees in the Territory. 

    4.2  Third Party Royalties.  Bristol-Myers, at its sole expense, shall pay all royalties owing to any
Third Party in order to exercise Bristol-Myers' rights hereunder to make, use or sell any Product. If the aggregate royalties owing by Bristol-Myers to Third Parties in order to exercise
Bristol-Myers' rights hereunder to make, use or sell a Product exceed [*] percent ([*]%) of Net Sales of such Product, Bristol-Myers shall negotiate in
good faith with Ixsys and all such Third Parties mutually acceptable, appropriate and equitable adjustments, if any, to the royalties owing to Ixsys and each Third Party with respect to such Product
as necessary to make the commercialization of such Product commercially feasible; provided, however, that in no event shall the royalty owing to Ixsys
under the Agreement be reduced to less than [*] percent ([*]%) of Net Sales with respect to such Product. 

    4.3  Combination Product.  Notwithstanding the foregoing, in the event a Product contains, in addition to
Program Materials, one or more other biologically active components to produce a 

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combination product, Net Sales, for purposes of royalty payments on the combination product, shall be calculated by multiplying the Net Sales of that combination product by the fraction A/B, where A
is the gross selling price of the Program Materials sold separately and B is the gross selling price of the combination product. If no such separate sales are made by Bristol-Myers, its Affiliates or
permitted sublicensees, Net Sales for royalty determination shall be calculated by multiplying Net Sales of the combination by the fraction C/(C+D), where C is the fully allocated cost of the
combination product (excluding the fully allocated cost of the other biologically active components in question) and D is the fully allocated cost of such other biologically active components. In no
event shall the royalty owing to Ixsys under the Agreement be reduced to less than [*] percent ([*]%) of Net Sales with respect to such Product. 

    4.4  Milestone Payments.  As partial consideration for the licenses granted to Bristol-Myers herein,
Bristol-Myers shall pay Ixsys the following milestone payments upon the first occurrence of each event set forth below with respect to each Product, without duplication of any milestone payments owing
to Ixsys under Article 7 of the Research Agreement with respect to such Product: 

    4.4.1  $[*]
upon filing with the FDA an Investigational New Drug application ("IND") in the United States (or its equivalent in
any other country); and 

    4.4.2  $[*]
upon commencement of Phase 2/3 (pivotal) clinical trials, or Phase 3 clinical trials, in the United
States (or their equivalent in any other country); and 

    4.4.3  $[*]
upon filing a New Drug Application ("NDA") in the United States (or its equivalent in any other country); and 

    4.4.4  $[*]
upon receipt of the required marketing and pricing approval from the FDA (or from the governing health authority of
any other country). 

    4.5  Single Royalty.  Notwithstanding anything to the contrary in the Agreement, only one royalty shall
be due to Ixsys with respect to each Product sold by Bristol-Myers, its Affiliates and permitted sublicensees hereunder regardless of the number of issued patents owned and licensed by Ixsys, if any,
which would be infringed by making, using, or selling such Product absent the licenses granted to Bristol-Myers under the Agreement and any other agreements with Ixsys, including without limitation
the Research Agreement and whether pursuant to the Agreement or any other agreement with Ixsys, including without limitation the Research Agreement; provided,
however, that the royalty owing to Ixsys with respect to each Product shall be the highest royalty applicable to such Product under the Agreement and any other such agreement
with Ixsys. 

  ARTICLE 5
ROYALTY REPORTS AND ACCOUNTING         

    5.1  Reports, Exchange Rates.  During the term of the Agreement following the First Commercial Sale of a
Product, Bristol-Myers shall furnish to Ixsys a quarterly written report showing in reasonably specific detail, on a country by country basis, (a) the gross sales of all Products sold by
Bristol-Myers, its Affiliates and its sublicensees during the reporting period and the calculation of Net Sales from such gross sales; (b) the royalties payable in United States dollars, if
any, which shall have accrued hereunder based upon Net Sales of Products; (c) the withholding taxes, if any, required by law to be deducted in respect of such sales; (d) the date of the
First Commercial Sales of each Product in each country during
the reporting period; and (e) the exchange rates used in determining the amount of United States dollars. With respect to sales of Products invoiced in United States dollars, the gross sales,
Net Sales, and royalties payable shall be expressed in United States dollars. With respect to sales of Products invoiced in a currency other than United States dollars, the gross sales, Net Sales and
royalties payable shall be expressed in the domestic currency of the party making the sale together with 

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the United States dollar equivalent of the royalty payable, calculated using the average buying rate for such currency quoted in the continental terms method of quoting exchange rates (local currency
per US$1) as published in the United States in The Wall Street Journal under the caption "Currency Trading" on each of the last business day of each
month in the quarter prior to the date of payment. eRports shall be due on the sixtieth (60th) day following the close of each quarter. Bristol-Myers shall keep complete and accurate records in
sufficient detail to properly reflect all gross sales and Net Sales and to enable the royalties payable hereunder to be determined. 

    5.2  Audits.  

    5.2.1  Upon
the written request of Ixsys and not more than twice in each calendar year, Bristol-Myers shall permit an independent certified public
accounting firm of nationally recognized standing, mutually acceptable to Ixsys and Bristol-Myers, at Ixsys' expense, to have access during normal business hours to such of the records of
Bristol-Myers solely to the extent necessary to verify the accuracy of the royalty reports hereunder for any year ending not more than twenty-four (24) months prior to the date of
such request. The accounting firm shall disclose to Ixsys only whether the records are correct or not and the specific details concerning any discrepancies. No other information or details of the
audit shall be disclosed to Ixsys. 

    5.2.2  If
such accounting firm concludes that additional royalties were owed during such period, Bristol-Myers shall pay the additional royalties within
thirty (30) days of the date Ixsys delivers to Bristol-Myers such accounting firm's written report so concluding. The fees charged by such accounting firm shall be paid by Ixsys;  provided, however
if the audit discloses that the royalties payable by Bristol-Myers for the audited period are more than one hundred eight percent
(108%) of the royalties actually paid for such period, then Bristol-Myers shall pay the reasonable fees and expenses charged by such accounting firm. 

    5.2.3  Bristol-Myers
shall include in each permitted sublicense granted by it pursuant to the Agreement a provision requiring the sublicensee to make
reports to Bristol-Myers, to keep and maintain records of sales made pursuant to such sublicense and to grant access to such records by such independent accountant to the same extent required of
Bristol-Myers under the Agreement. Upon the expiration of twenty-four (24) months following the end of any year, the calculation of royalties payable with respect to such year shall
be binding and conclusive upon Ixsys and Bristol-Myers, its Affiliates and permitted sublicensees shall be released from any liability or accountability with respect to royalties for such year. 

    5.3  Confidential Financial Information.  Ixsys shall treat all financial information subject to review
under this Article 5 or under any sublicense agreement as the confidential information of Bristol-Myers, and shall cause its accounting firm to retain all such financial information in
confidence. 

  ARTICLE 6
PAYMENTS         

    6.1.  Payment Terms.  Royalties shown to have accrued by each royalty report provided for under
Article 5 above shall be due and payable on the date such royalty report is due. Payment of royalties in whole or in part may be made in advance of such due date. 

    6.2  Payment Method.  Except as provided in this Section 6.2, all payments by Bristol-Myers to
Ixsys under the Agreement shall be paid in United States dollars, and all, such payments shall be originated from a United States bank located in the United States and made by bank wire transfer in
immediately available funds to such account as Ixsys shall designate before such payment is due. 

    6.3  Exchange Control.  If at any time legal restrictions prevent the prompt remittance of part or all
royalties with respect to any country where the Product is sold, payment shall be made through such 

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lawful means or methods as Bristol-Myers reasonably determines and to which Ixsys consents, which consent shall not be unreasonably withheld. 

    6.4  Withholding Taxes.  All amounts owing from Bristol-Myers to Ixsys under the Agreement are net
amounts, and shall be grossed-up to account for any withholding taxes, value-added taxes or other taxes, levies or charges with respect to such amounts, other than United States taxes,
payable by Bristol-Myers, its Affiliates or sublicensees, or any taxes required to be withheld by Bristol-Myers, its Affiliates or sublicensees to the extent such taxes are imposed by reason of
Bristol-Myers, its Affiliates or sublicensees having a permanent establishment in any country or otherwise being subject to taxation by such country (except solely by reason of the license granted
under the Agreement). 

    6.5  Late Payments.  Unless otherwise provided in the Agreement, Bristol-Myers shall pay interest to
Ixsys on the aggregate amount of any payments by Bristol-Myers that are not paid on or before the date such payments are due under the Agreement at a rate per annum equal to the lesser of the prime
rate of interest as published in the United States in The Wall Street Journal under the caption "Money Rates," from time to time, plus two percent (2%),
or the highest rate permitted by applicable law, calculated on the number of days such payment is delinquent. 

  ARTICLE 7
RESEARCH, DEVELOPMENT AND COMMERCIALIZATION         

    7.1  Research, Development and Commercialization Efforts.  The decision as to whether to proceed with the
development and marketing of any Product shall be in the sole discretion of Bristol-Myers. Nothing contained in the Agreement shall be interpreted as requiring Bristol-Myers to develop or market any
Product. Bristol-Myers, at its sole expense, shall fund the costs of all research, preclinical and clinical development, and commercialization of the Products for use in the Field. Bristol-Myers shall
conduct such activities in compliance in all material respects with all requirements of applicable laws, rules and regulations, and all other requirements of any applicable good laboratory, clinical
and manufacturing practices, and all applicable standards of practice established by applicable regulatory authorities. 

    7.2  Records.  Bristol-Myers shall maintain records, in sufficient detail and in good scientific manner,
which shall reflect all work done and results achieved in the performance of its research and development regarding the Licensed Patent Rights and the Products (including all data in the form required
under all applicable laws and regulations). 

    7.3  Reports.  Within sixty (60) days following the end of each calendar year during the term of
the Agreement, Bristol-Myers shall prepare and deliver to Ixsys a written summary report which shall describe (a) the research performed to date employing the Licensed Patent Rights,
(b) the progress of the development, and testing of Products in clinical trials, and (c) the status of obtaining the necessary approvals to market Products. In addition, Bristol-Myers
shall provide Ixsys with (w) a minimum of six (6) months' advance written notice of the contemplated filing of an IND with the FDA in the United States (or its equivalent in any
country), (x) a written report which shall summarize all other proposed regulatory submissions not less than thirty (30) days prior to the date of such submissions, (y) a written
report which shall summarize the proposed commencement of any clinical trial not less than thirty (30) days prior to the proposed commencement of such clinical trial, and (z) prompt
written notice of all responses and approvals obtained from such regulatory authorities. 

  ARTICLE 8
INFRINGEMENT ACTIONS BY THIRD PARTIES         

    8.1  Notice of Suit or Claim of Infringement.  Bristol-Myers shall promptly notify Ixsys in writing in
the event that Bristol-Myers, its permitted sublicensees or customers, are notified by a Third Party of 

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infringement of a patent, or are sued by a Third Party for infringement of a patent, on account of the manufacture, use or sale of any Program Material or Product. 

    8.2  Control of Defense.  

    8.2.1(a)
Except as provided in subparagraphs (b) and (c) of this Article 8.2.1 and in Article 8.2.2, Ixsys shall have the right, in its
sole discretion and at its sole expense, to control the defense of any suit brought by a Third Party, alleging that the manufacture, use or sale of any Program Material or Product or the use of any
process to make a Program Material or Product infringes a patent, where such products or processes are claimed under the Licensed Patent Rights. In such event, Bristol-Myers shall have the right to be
represented by advisory counsel of its own selection, at its own expense, and shall cooperate fully in the defense of such suit and furnish to Ixsys all evidence and assistance in its control. 

    (b)
Bristol-Myers shall have the right, in its sole discretion and at its sole expense, to control the defense of any suit brought by a Third Party
described in subparagraph (a) above in the event that Bristol-Myers notifies Ixsys in writing before institution of such Third Party suit that the relevant Program Material or Product has
entered preclinical development, as evidenced by the approval of a Preclinical Lead Profile or equivalent document by the management of the Bristol-Myers Squibb Pharmaceutical Group. In such event,
Ixsys shall have the right to be represented by advisory counsel of its own selection, at its own expense, and shall cooperate fully in the defense of such suit and furnish to Bristol-Myers all
evidence and assistance in its control. 

    (c)
Bristol-Myers shall have the right to gain control from Ixsys of the defense of any Third Party suit initially controlled by Ixsys pursuant to
Section 8.2.1(a) above, in the event that Bristol-Myers notifies Ixsys in writing, after institution of such Third Party suit, that the relevant Program Material or Product has entered
preclinical development, as evidenced by the approval of a Preclinical Lead Profile or equivalent document by the management of the Bristol-Myers Squibb Pharmaceutical Group; provided, however, that
Bristol-Myers shall reimburse Ixsys, on demand, for all expenses incurred by Ixsys in the defense of such Third Party suit prior to Bristol-Myers assuming control thereof. In such event, Bristol-
Myers shall have the right, in its sole discretion and at its sole expense, to control the defense of such Third Party suit, and Ixsys shall have the right to be represented by advisory counsel of its
own selection, at its own expense, and shall cooperate fully in the defense of such suit and furnish to Bristol-Myers all evidence and assistance in its control. 

    8.2.2  Bristol-Myers
shall have the right, in its sole discretion and at its sole expense, to control the defense of all other suits under this
Article 8. In such event, Ixsys shall have the right to be represented by advisory counsel of its own selection, at its own expense, and shall cooperate fully in the defense of such suit and
furnish to Bristol-Myers all evidence and assistance in its control. 

    8.2.3  If
the party having the right to control the defense of such suit (the "Electing Party") does not elect to control the defense of such suit in
writing within thirty (30) days after having been notified or sued, as the case may be, by the Third Party, the other party may elect in writing to undertake such control at its own expense;
provided, however, that the Electing Party shall then have the right to be represented by the advisory counsel of its own selection and at its own expense, and the Electing Party shall cooperate fully
in the defense of such suit and furnish to the other party all evidence and assistance in the Electing Party's control; provided, further, that if Ixsys
is the Electing Party pursuant to Sections 8.2.1(a) above with respect to any suit and is subsequently notified by Bristol-Myers pursuant to Section 8.2.1(c) above that Bristol-Myers has
elected to control the defense of such suit, then Bristol-Myers shall become the Electing Party with respect to such suit. 

9

    8.2.4  The party controlling the defense of any suit under this Article 8 shall vigorously defend such suit and assert all reasonable defenses
which may be asserted in good faith, and shall keep the non-controlling party advised at all times of all aspects of such suit, including the defense and settlement thereof;  provided, however, that
nothing in this Section 8.2.4 shall prohibit the party controlling the defense of such suit from entering into settlement
negotiations and settling such suit on the terms and subject to the conditions of the Agreement. 

    8.3  Settlement.  The party controlling the defense of the suit may not settle the suit or consent to an
adverse judgment in such suit in a manner that, in either event, results in a judicial admission that the Third Party patent which is the subject of the suit dominates the Patent Rights of the
non—controlling party, without the express written consent of the non-controlling party, which shall not be unreasonably withheld. The party settling such suit shall provide
the other party fifteen (15) days prior written notification of the details of any settlement before settling such suit. Any judgments, settlements or damages payable with respect to legal
proceedings covered by this Article 8 shall be paid by the party which controls the litigation. 

  ARTICLE 9
CONFIDENTIALITY         

    9.1  Nondisclosure Obligations.  Except as otherwise provided in this Article 9, during the term
of the Agreement and for a period of seven (7) years thereafter, each party shall maintain in confidence and use only for purposes of the Agreement all information and data ("Information")
supplied by the other party under the Agreement and marked "Confidential." 

    9.2  Permitted Disclosures.  To the extent it is reasonably necessary or appropriate to fulfill its
obligations or exercise its rights under the Agreement, (a) a party may disclose Information it is otherwise obligated under this Article 9 not to disclose to its Affiliates,
sublicensees, consultants, outside contractors and clinical investigators, on a need-to-know basis on condition that such Persons agree to keep the Information confidential for
the same time periods and to the same extent as such party is required to keep the Information confidential; and (b) a party may disclose such Information to government or other regulatory
authorities to the extent that such disclosure is required by applicable law, regulation or court order, or is reasonably necessary to obtain patents or authorizations to conduct clinical trials with,
and to commercially market the Product, provided that such party shall provide written notice to the other party and sufficient opportunity to the other party to object to such disclosure or to
request confidential treatment thereof. 

    The
obligation not to disclose or use Information shall not apply to any part of such Information that (i) is or becomes patented, published or otherwise part of the public
domain other than by acts of the party obligated not to disclose such Information or its Affiliates or sublicensees in contravention of the Agreement; (ii) is disclosed to the receiving party,
its Affiliates or sublicensees by a Third Party, provided such Information was not obtained by such Third Party directly or indirectly from the other party under the Agreement on a confidential basis;
(iii) prior to disclosure under the Agreement, was already in the possession of the receiving party, its Affiliates or sublicensees, provided such Information was not obtained directly or
indirectly from the other party under the Agreement; (iv) is disclosed in a press release agreed to by both parties hereto, which agreement shall not be unreasonably withheld; or (v) is
independently developed by or for the receiving party or its Affiliates or permitted sublicensees by persons who did not have access to Information disclosed by the other party under the Agreement. 

    9.3  Terms of the Agreement.  Ixsys and Bristol-Myers shall not disclose any terms or conditions of the
Agreement to any Third Party without the prior consent of the other party, except as required by applicable law or to Persons with whom Bristol-Myers or Ixsys has entered into or proposes to enter
into a business relationship, provided that such Persons shall enter into the required confidentiality agreement. Notwithstanding the foregoing, prior to execution of the Agreement, Bristol-Myers and 

10

Ixsys shall agree upon the substance of information that can be used to describe the terms of this transaction, and Bristol-Myers and Ixsys may disclose such information, as modified by mutual
agreement from time to time, without the other party's consent. 

  ARTICLE 10
PATENTS         

    10.1  Ownership Rights.  The entire right and title in all Licensed Patent Rights shall be owned solely
by Ixsys, subject to the nonexclusive license granted to Bristol-Myers under Section 3.1 above. The entire right and title in all Improvements, shall be owned solely by Bristol-Myers, subject
to the nonexclusive license granted to Ixsys under Section 3.2 above. 

    10.2  Patent Prosecution and Maintenance.  Ixsys shall be responsible for and shall control, at its sole
cost, the preparation, filing, prosecution, grant and maintenance of all patent applications and patents within the Licensed Patent Rights. Bristol-Myers shall be responsible for and shall control, at
its sole cost, the preparation, filing, prosecution, grant and maintenance of all Improvements Patent Rights. 

    10.3  Enforcement of Patent Rights.  

      10.3.1  Ixsys,
at its sole expense, shall have the right but not the obligation to determine the appropriate course of action to
enforce Licensed Patent Rights or otherwise abate the infringement thereof, to take (or refrain from taking) appropriate action to enforce Licensed Patent Rights, to control any litigation or other
enforcement action and to enter into, or permit, the settlement of any such litigation or other enforcement action with respect to Licensed Patent Rights, and in good faith shall consider the
interests of Bristol-Myers in so doing. Ixsys shall retain all monies recovered upon the final judgment or settlement of any such suit to enforce Licensed Patent Rights. 

      10.3.2  Bristol-Myers,
at its sole expense, shall have the right but not the obligation to determine the appropriate course of action
to enforce Improvements Patent Rights or otherwise abate the infringement thereof, to take (or refrain from taking) appropriate action to enforce Improvements Patent Rights, to control any litigation
or other enforcement action and to enter into, or permit, the settlement of any such litigation or other enforcement action with respect to Improvements Patent Rights, and in good faith shall consider
the interests of Ixsys in so doing. Bristol-Myers shall retain all monies recovered upon the final judgment or settlement of any such suit to enforce Improvements Patent Rights. 

      10.3.3  Notwithstanding
the foregoing, Ixsys and Bristol-Myers shall fully cooperate with each other in any action to enforce Licensed
Patent Rights or Improvements Patent Rights. 

  ARTICLE 11
TERM AND TERMINATION         

    11.1  Expiration.  Unless terminated earlier pursuant to Section 11.2 or 11.3 below, the Agreement
shall expire on the expiration of Bristol-Myers' obligations to pay royalties under the Agreement. 

    11.2  Termination by Bristol-Myers.  Bristol-Myers shall have the right in its sole discretion to
terminate the Agreement upon thirty (30) days' prior written notice to Ixsys. 

    11.3  Termination for Cause.  Except as otherwise provided in Article 13 below, upon or after the
breach of any material provision of the Agreement, if the breaching party has not cured such breach within ninety (90) days after receipt of written notice thereof from the other party, the
Agreement shall 

11

terminate, at the option of the other party, immediately upon the expiration of such ninety (90) day cure period. Such termination shall not affect any remedies the nonbreaching party may have
at law or in equity. 

    11.4  Effect of Expiration and Termination.  Expiration or termination of the Agreement shall not relieve
the parties of any rights, causes of action or obligations accruing prior to such expiration or termination. The provisions of Section 3.2 and Articles 9, 10 and 12 shall survive the expiration
or termination of the Agreement, as well as any other provisions necessary to interpret or enforce the Agreement. 

  ARTICLE 12
INDEMNITY         

    12.1  Direct Indemnity.  

      12.1.1  Bristol-Myers
shall indemnify and hold harmless, and hereby forever releases and discharges Ixsys, its Affiliates and permitted
sublicensees, and their respective directors, officers, employees and agents, from and against all claims, demands, liabilities, damages and expenses, including reasonable attorneys' fees and costs
(all "Liabilities") arising out of any use of the Licensed Patent Rights, any making, using or selling of a Product, or any breach of the Agreement, by Bristol-Myers, its Affiliates or sublicensees,
and their respective directors, officers, employees and agents, except for those Liabilities resulting from
the negligence or willful misconduct of Ixsys, its Affiliates or permitted sublicensees and their respective directors, officers, employees and agents. 

      12.1.2  Ixsys
shall indemnify and hold harmless, and hereby forever releases and discharges Bristol-Myers, its Affiliates and permitted
sublicensees, and their respective directors, officers, employees and agents, from and against all Liabilities arising out of any breach of the Agreement or any use of the Improvements or Improvements
Patent Rights by Ixsys, its Affiliates or permitted sublicensees and their respective directors, officers, employees and agents, except for those Liabilities resulting from the negligence or willful
misconduct of Bristol-Myers, its Affiliates or permitted sublicensees and their respective directors, officers, employees and agents. 

      12.1.3  Neither
Bristol-Myers nor Ixsys shall constitute a sublicensee of the other party for purposes of this Article 12. 

    12.2  Procedure.  A party (the "Indemnitee") that intends to claim indemnification under this
Article 12 shall promptly notify the other party (the "Indemnitor") of any Liability or action in respect of which the Indemnitee intends to claim such indemnification, and the Indemnitor shall
have the right to participate in, and, to the extent the Indemnitor so desires, jointly with any other indemnitor similarly noticed, to assume the defense thereof with counsel selected by the
Indemnitor; provided, however, that the Indemnitee shall have the right to retain its own counsel, with the fees and expenses to be paid by the Indemnitee, if representation of the Indemnitee by the
counsel retained by the Indemnitor would be inappropriate due to actual or potential differing interests between the Indemnitee and any other party represented by such counsel in such proceedings. The
indemnity obligations under this Article 12 shall not apply to amounts paid in settlement of any loss, claim, damage, liability or action if such settlement is effected without the consent of
the Indemnitor, which consent shall not be withheld unreasonably. The failure to deliver notice to the Indemnitor within a reasonable time after the commencement of any such action, if prejudicial to
its ability to defend such action, shall relieve the Indemnitor of any liability to the Indemnitee under this Article 12, but the omission so to deliver notice to the Indemnitor will not
relieve it of any liability that it may have to the Indemnitee otherwise than under this Article 12. The Indemnitee, its employees and agents, shall 

12

cooperate fully with the Indemnitor and its legal representatives in the investigation of any action, claim or liability covered by this indemnification. 

    12.3  Insurance.  Bristol-Myers shall maintain, through a program of self insurance or otherwise, product
liability insurance with respect to development, manufacture and sales of Products, in such amounts as
Bristol-Myers customarily maintains with respect to its other products, such protection being applicable to officers, employees, contractors and agents while acting within the scope of their
employment or engagement by Bristol-Myers. Ixsys shall be named as an additional insured on any such Bristol-Myers policies which Bristol-Myers may purchase to supplement its self-insured
status. Bristol-Myers shall maintain such insurance, or self-insurance program, thereafter for so long as it customarily maintains insurance, or self-insurance programs, for
itself covering such development, manufacture and sales of similar products. 

    12.4  Own Acts.  Each party hereby assumes any and all risks of personal injury or property damage
attributable to the negligent or willful acts or omissions of that party, its Affiliates or permitted sublicensees, and their respective directors, officers, employees and agents. 

  ARTICLE 13
FORCE MAJEURE         

    Neither party shall be held liable or responsible to the other party nor be deemed to have defaulted under or breached the Agreement for failure or delay in
fulfilling or performing any term of the Agreement when such failure or delay is caused by or results from causes beyond the reasonable control of the affected party including but not limited to fire,
floods, embargoes, war, acts of war (whether war be declared or not), insurrections, riots, civil commotions, strikes, lockouts or other labor disturbances, acts of God or acts, omissions or delays in
acting by any governmental authority or the other party. Any time for performance hereunder shall be extended by the actual time of delay caused by such occurrence. 

  ARTICLE 14
ASSIGNMENT         

    The Agreement may not be assigned or otherwise transferred, nor, except as expressly provided hereunder, may any right or obligations hereunder be assigned or
transferred by either party without the consent of the other party; provided, however, that (a) either Ixsys or Bristol-Myers may, without such
consent, assign the Agreement in its entirety and its rights and obligations hereunder in connection with the transfer or sale of all or substantially all of its business, or in the event of its
merger or consolidation or change in control or similar transaction; and (b) Bristol-Myers may, without such consent, assign the Agreement in its entirety and its rights and obligations
hereunder in
connection with the transfer or sale of all or substantially all of its pharmaceutical or oncology business. Any permitted assignee shall assume all obligations of its assignor under the Agreement. 

  ARTICLE 15
NOTIFICATION OF PATENT TERM RESTORATION         

    Ixsys or Bristol-Myers, as the case may be, shall notify the other party of (a) the issuance of each U.S. patent included within the Licensed Patent
Rights or the Improvements Patent Rights, giving the date of issue and patent number for each such patent, and (b) each notice pertaining to any patent included within, such Patent Rights which
it receives as patent owner pursuant to the Drug Price Competition and Patent Term Restoration Act of 1984 (hereinafter called the "Act"), including notices pursuant to Paragraphs 101 and 103 of the
Act from persons who have filed an abbreviated NDA ("ANDA"). Such notices shall be given promptly, but in any event within five (5) calendar days of each 

13

such patent's date of issue or receipt of each such notice pursuant to the Act, whichever is applicable. Ixsys or Bristol-Myers, as the case may be, shall notify the other party of each filing for
patent term restoration under the Act, any allegations of failure to show due diligence and all awards of patent term restoration (extensions) with respect to such Patent Rights. Likewise, Ixsys or
Bristol-Myers, as the case may be, shall inform the other party of patent extensions and periods of data exclusivity in the rest of the world regarding any Product. 

  ARTICLE 16
SEVERABILITY         

    Each party hereby agrees that it does not intend to violate any public policy, statutory or common laws, rules, regulations, treaty or decision of any
government agency or executive body thereof of any country or community or association of countries. Should one or more provisions of the Agreement be or become invalid in any jurisdiction, the
parties hereto shall substitute, by mutual consent, valid provisions for such invalid provisions which valid provisions in their economic effect are sufficiently similar to the invalid provisions that
it can be reasonably assumed that the parties would have entered into the Agreement with such provisions. In case such provisions cannot be agreed upon, the invalidity of one or several provisions of
the Agreement in such jurisdiction shall not affect the validity of the remaining provisions of the Agreement or the Agreement as a whole, or the validity of any of the terms of the Agreement in any
other jurisdiction, unless the invalid provisions are of such essential
importance to the Agreement that it is to be reasonably assumed that the parties would not have entered into the Agreement without the invalid provisions. 

  ARTICLE 17
MISCELLANEOUS         

    17.1  Notices.  Any consent, notice or report required or permitted to be given or made under the
Agreement by one of the parties hereto to the other shall be in writing, delivered personally or by facsimile (and promptly confirmed by personal delivery, U.S. first class mail or courier), U.S.
first class mail or courier, postage prepaid (where applicable), addressed to such other party at its address indicated below, or to such other address as the addressee shall have last furnished in
writing to the addressor and (except as otherwise provided in the Agreement) shall be effective upon receipt by the addressee. 

	If to Ixsys:	 	Ixsys, Inc.

3550 General Atomics Court,

Suite L-103

San Diego, CA 92121

Attention: Michael J. Hanifin
	 

with a copy to:	 
 	 

Pillsbury Madison & Sutro

235 Montgomery Street, 15th Floor

San Francisco, California 94104

Attention: Thomas E. Sparks, Jr.
	 

If to Bristol-Myers:	 
 	 

Bristol-Myers Squibb Company

P.O. Box 4000

Princeton, NJ 08543-4000

Attention: Ronald A. Pepin, Ph.D.
	 

 	 
 	 

 

    17.2  Applicable Law.  The Agreement shall be governed by and construed in accordance with the laws of
the State of California. 

14

    17.3  Entire Agreement.  The Agreement contains the entire understanding of the parties with respect to
the subject matter hereof. All other express or implied agreements and understandings, either oral or written, heretofore made are expressly superseded by the Agreement. 

    17.4  Headings.  The captions to the several Articles and Sections hereof are not an interpretive part of
the Agreement, but are merely guides or labels to assist in locating and reading the several Articles and Sections hereof. The feminine and masculine pronouns are interchangeable hereunder, and the
plural shall be substituted for the singular number in any place in which the context may require such substitution. The Agreement has been prepared jointly and shall not be strictly construed against
either party hereto. 

    17.5  Independent Contractors.  For purposes of the Agreement, and in the performance of all services
hereunder, it is expressly agreed that Ixsys and Bristol-Myers shall be, and shall be deemed to be, independent contractors and that the relationship between the two parties shall not constitute a
partnership, joint venture or agency. Neither Ixsys nor Bristol-Myers shall have the authority to act as an agent of the other for any purpose, and shall not act on behalf of the other, or make any
statements, representations or commitments of any kind, or to take any action, which shall be binding on the other, without the prior written consent of the other party to do so, or as explicitly
provided for herein. 

    17.6  Waiver.  No waiver of any right under the Agreement shall be valid unless made in a written
instrument duly executed by both parties hereto. The waiver by either party hereto of any right hereunder or of the failure to perform or of a breach by the other party shall not be deemed a waiver of
any other right hereunder or of any other breach or failure by said other party whether of a similar nature or otherwise. 

    17.7  Publicity.  Except as required by applicable law, neither party shall use the name of the other
party, any employee of the other party or any other member of the other party's Research Program staff in any promotion or advertisement, without the prior written consent of the other party. 

    17.8  Counterparts.  The Agreement may be executed in two or more counterparts, each of which shall be
deemed an original, but all of which together shall constitute one and the same instrument. 

    IN
WITNESS WHEREOF, the parties have executed the Agreement as of the date first set forth above. 

	 	 	IXSYS, INC.
	 

 	 
 	 

By:	 
 	 

/s/ MICHAEL J. HANIFIN   
 Michael J. Hanifin,

Vice President, Business Development
	 

 	 
 	 
 BRISTOL-MYERS SQUIBB COMPANY
	 

 	 
 	 

By:	 
 	 

/s/ WILLIAM A. SCOTT   
 William A. Scott

Senior Vice President

15

QuickLinks

ARTICLE 1 DEFINITIONS

ARTICLE 2 REPRESENTATIONS AND WARRANTIES

ARTICLE 3 GRANT OF LICENSES

ARTICLE 4 ROYALTIES AND MILESTONE PAYMENTS

ARTICLE 5 ROYALTY REPORTS AND ACCOUNTING

ARTICLE 6 PAYMENTS

ARTICLE 7 RESEARCH, DEVELOPMENT AND COMMERCIALIZATION

ARTICLE 8 INFRINGEMENT ACTIONS BY THIRD PARTIES

ARTICLE 9 CONFIDENTIALITY

ARTICLE 10 PATENTS

ARTICLE 11 TERM AND TERMINATION

ARTICLE 12 INDEMNITY

ARTICLE 13 FORCE MAJEURE

ARTICLE 14 ASSIGNMENT

ARTICLE 15 NOTIFICATION OF PATENT TERM RESTORATION

ARTICLE 16 SEVERABILITY

ARTICLE 17 MISCELLANEOUSPrepared by MERRILL CORPORATION www.edgaradvantage.com

Exhibit 10.3

Confidential treatment requested  

 SEMI-EXCLUSIVE LICENSE AGREEMENT  

    THIS AGREEMENT, effective as Sept. 30, 1993, is between Enzon, Inc. a corporation of the State of Delaware (ENZON) having its principal place of
business at 40 Kingsbridge Road, Piscataway, NJ 08854-3998, and Bristol-Myers Squibb Company, a corporation of the State of Delaware (BMS) having a principal place of business at Route 206
and Province Line Road, Princeton, NJ 08540. 

RECITALS  

    ENZON has conceived and reduced to practice certain single-chain antigen binding molecules (as hereinafter further defined under SCA DISCOVERIES); 

    BMS
has an interest in the semi-exclusive development of said SCA DISCOVERIES into commercially useful products and processes in the field of Lewis-Y antigen
binding proteins (as hereinafter further defined under FIELD); 

    ENZON
has certain PATENT RIGHTS pertaining to the SCA DISCOVERIES; ENZON is interested in licensing said PATENT RIGHTS and know-how associated with SCA DISCOVERIES; and 

    BMS
is interested in becoming a semi-exclusive licensee and desires to develop, manufacture, use, and sell products and processes in the FIELD related to said SCA
DISCOVERIES throughout the world; 

    NOW,
THEREFORE, in consideration of the premises and of the performance of the covenants herein contained, the parties agree as follows: 

1.  DEFINITIONS  

	1.1
	The
term "AFFILIATE" shall mean:

	(a)
	Any
corporation owning or controlling, directly or indirectly, at least fifty-one percent (51%) of the stock normally entitled to vote for election of directors of a
party and

	(b)
	Any
corporation at least fifty-one percent (51%) of whose stock normally entitled to vote for election of directors is owned or controlled, directly or indirectly, by a
party. 

	1.2
	The
term "EFFECTIVE DATE" shall mean the date first written above. 

    1.3 The
term "FIELD" shall mean proteins that derive their therapeutic activity by their binding affinity for the Lewis-Y antigen or that compete with
monoclonal antibody BR96 for binding to the Lewis-Y antigen, for therapeutic use only, excluding, without limitation, the areas listed in APPENDIX II. 

    1.4 The
term "FIRST COMMERCIAL SALE" shall mean the first commercial sale of any PRODUCT by BMS or its AFFILIATES or sublicensees. 

    1.5 The
term "ENZON IMPROVEMENT" shall mean any technology related to an SCA DISCOVERY disclosed or claimed in a patent application filed, or licensed on a
royalty-free basis with the right to sublicense, by ENZON or its AFFILIATES after the EFFECTIVE DATE and during the term of this Agreement; PROVIDED, HOWEVER, that ENZON IMPROVEMENT shall
not include any specific SCA PROTEIN, or any specific genetic sequence or host coding for or containing such genetic sequence coding for a specific SCA PROTEIN, or the therapeutic or diagnostic use of
such a specific SCA PROTEIN. 

[*]   Confidential treatment requested 

1

    1.6 The term "NET SALES" shall mean the gross sales receipt for any quantity of PRODUCT subject to royalty under this Agreement that is sold by BMS or its AFFILIATES or
sublicensees to any third party, less deductions for (a) trade and cash discounts, credits, allowances, rebates or refunds incurred or granted; (b) bad debts actually incurred; and
(c) sales, use or excise taxes and duties, and freight and insurance, to the extent included in the gross price charged. 

    1.7 The
term "PATENT RIGHT(S)" shall mean any United States or foreign patent applications or patents owned, or licensed on a royalty-free basis with the
right to sublicense, by ENZON or its AFFILIATES containing one or more claims to SCA DISCOVERIES, any continuation-in-part, division, or continuation application thereof, any
patent or the equivalent thereof granted thereon, and any reissue, reexamination, or extension of any of these patent(s) including any applications filed and patent(s) granted on ENZON IMPROVEMENTS;
PROVIDED, HOWEVER, that PATENT RIGHTS shall not include any claim in patent applications to specific SCA PROTEIN, or to any specific genetic sequence or host coding for or containing such genetic
sequence coding for a specific SCA PROTEIN, or to the therapeutic or diagnostic use of such a specific SCA PROTEIN. Existing PATENT RIGHTS are listed in Appendix I, which shall be modified by
ENZON from time-to-time so that it accurately reflects those patent applications and patents includable under PATENT RIGHTS during the term of the Agreement, relevant to the
FIELD. 

    1.8 The
term "PRODUCT(S)" shall mean an SCA PROTEIN whose manufacture, composition, or use in the country in question, but for the license granted hereunder, would
constitute an infringement of one or more VALID CLAIMS in such country. 

    1.9 The
term "VALID CLAIM" shall mean a claim contained in any patent included in PATENT RIGHTS which has not been held invalid or unenforceable by final decision of a
court or other governmental agency of competent jurisdiction, unappealable within the time allowed for appeal, and which has not been admitted to be invalid or unenforceable through reissue,
disclaimer or otherwise. 

    1.10 The
term "SCA DISCOVERIES" shall mean an SCA PROTEIN, genetic sequences coding therefor, transformed hosts containing such genetic sequences, and methods of
producing and using such SCA PROTEIN. 

    1.11 The
term "SCA PROTEIN" shall mean a single chain polypeptide having binding affinity for an antigen, said polypeptide comprising: 

	(a)
	a
first polypeptide comprising the binding portion of the light chain variable region of an antibody;

	(b)
	a
second polypeptide comprising the binding portion of the heavy chain variable region of an antibody; and

	(c)
	at
least one peptide linker linking said first and second polypeptides (a) and (b) into a single chain polypeptide having binding affinity for said antigen. 

    1.12 The
term "BMS PATENT RIGHTS" shall mean any patents issuing after the EFFECTIVE DATE hereof and during the term of this Agreement, owned, or licensed on a
royalty-free basis with the right to sublicense, by BMS or its AFFILIATES, covering any SCA DISCOVERY, but only to the extent of claims therein, if any, that, as a matter of U.S. patent
law, are dominated by ENZON PATENT RIGHTS; PROVIDED, HOWEVER, that BMS PATENT RIGHTS shall not include any claim to specific SCA PROTEIN, or to any specific genetic sequence or host coding for or
containing such genetic sequence coding for a specific SCA PROTEIN, or to the therapeutic or diagnostic use of such a specific SCA PROTEIN. 

2

2.  PATENT RIGHTS  

    2.1  Costs.  All future patent costs pertaining to PATENT RIGHTS whether or not such PATENT RIGHTS are
pending on the EFFECTIVE DATE, including preparation, filing, and prosecution of patent applications, issuance, taxation, and maintenance costs shall be borne by ENZON. 

    2.2  Control.  All control over PATENT RIGHTS will be in ENZON, and all PATENT RIGHTS will be filed and
prosecuted by ENZON's attorneys, subject to any rights BMS may have under Section 7. 

3.  LICENSE GRANT TO BMS  

    3.1  Semi-Exclusive License.  As of the EFFECTIVE DATE of this Agreement, ENZON hereby
grants to BMS and its AFFILIATES a worldwide license under PATENT RIGHTS to make, have made, use, and sell PRODUCTS in the FIELD with the right to grant sublicenses to third parties. The license shall
be exclusive (even as to ENZON and its AFFILIATES), subject only to the rights of the companies listed in Appendix III which have rights in the FIELD under the license agreements with ENZON
listed therein and, if applicable (i.e., to the extent that monoclonal antibody A33 may bind to the Lewis-Y antigen), subject to the right reserved by ENZON and its AFFILIATES to make,
have made, use and sell SCA PROTEINS based on monoclonal antibody A33. 

4.  PAYMENT BY BMS  

    4.1  Cash.  Within ten (10) days following the EFFECTIVE DATE of this Agreement, BMS shall pay
ENZON the sum of [*] Dollars ($[*]). 

    4.2  Milestone Payments.  For each therapeutic PRODUCT developed by BMS or its AFFILIATES or
sublicensees subject to Regulatory Approval by the Food and Drug Administration, BMS will pay ENZON the following sums at the indicated Milestones: 

	(a)
	[*]
Dollars ($[*]) at the time of an Investigational New Drug (IND) application filing;

	(b)
	[*]
Dollars ($[*]) at the time of a Product License Application (PLA) filing; and

	(c)
	[*]
Dollars ($[*]) at the time of the PLA approval. 

    Payments
under this Section 4.2 shall be credited against the Payments to Maintain Semi- Exclusivity otherwise payable under Section 4.4. It is understood
that, with respect to any PRODUCT, no additional payment under this Section 4.2 will be payable as a result of filing in more than one jurisdiction or any filing seeking marketing approval for
a new indication. 

    4.3  Royalties.  BMS shall pay to ENZON a [*] percent
([*]%) royalty on NET SALES for each PRODUCT sold by BMS or its AFFILIATES or sublicensees. If BMS must pay royalties to a third party on NET SALES of PRODUCT in a country due
to an issued patent of any third party relating to SCA DISCOVERIES, then the royalty payable by BMS to ENZON on NET SALES in such country shall be reduced by the amount of the royalty payable by BMS
to such third party, provided that the royalty rate payable by BMS to ENZON shall not be reduced below [*]% of NET SALES. Royalties hereunder shall be payable at the
[*]% rate (as may be reduced as aforesaid, if applicable), and no more, regardless of the extent of PATENT RIGHTS being exploited. 

3

    4.4  Payments to Maintain Semi-Exclusivity.  BMS shall pay to ENZON the following sums on
the indicated anniversaries of the EFFECTIVE DATE: 

	ANNIVERSARY
 
	 	PAYMENT
 

	[*]	 	[*] Dollars ($[*])
	[*]	 	[*] Dollars ($[*])
	[*]	 	[*] Dollars ($[*])

    Payments
under this Section 4.4 shall be credited against the Milestone Payments otherwise payable under Section 4.2. If BMS fails to make a payment under this
Section 4.4, then ENZON in its sole discretion may send BMS a written notice of default and, unless the payment default is cured by BMS within thirty (30) days of the notice, convert
BMS' license granted under Section 3 to a non-exclusive license by giving written notice of such conversion to BMS. 

    4.5  Currency Conversion.  Royalties due on NET SALES made in currency other than United States dollars
shall first be calculated in the foreign currency and then converted to United States dollars on the basis of the arithmetic average of the applicable selling rate reported in The Wall Street Journal
for the foreign currency in question for each of the last ten (10) business days of the period for which royalties are due. 

5.  ACCOUNTING  

    5.1  Reports.  BMS shall report in writing to ENZON within sixty (60) days after the end of each
calendar quarter (commencing the quarter during which the FiRST COMMERCIAL SALE occurs) the quantities of PRODUCT subject to royalties hereunder that were sold by BMS and its AFFILIATES and
sublicensees during said quarter, and the calculation of the royalties thereon. With said report BMS shall pay to ENZON the total amount of said royalties that have not been paid in advance. Reports,
notices, royalty payments, and other communications hereunder shall be sent to the appropriate party at the following addresses: 

For
ENZON: 

John
Caruso, Esq.

Vice President of Lega1 Affairs

ENZON, INC.

40 Kingsbridge Road

Piscataway, NJ 08854-3998 

For
BMS: 

Bristol-Myers
Squibb Company

Route 206 and Province Line Road

Princeton, NJ 08540

Attention:    Zola P. Horovitz

Vice President, Business Development and Planning 

    5.2  Records.  BMS shall keep, and require each AFFILIATE and sublicensee to keep, adequate records in
sufficient detail to enable the royalties payable by BMS hereunder to be determined and, upon reasonable advance notice, permit, and require each AFFILIATE and sublicensee to permit, said records to
be inspected at any time during regular business hours by an independent auditor appointed by ENZON and reasonably satisfactory to BMS for this purpose, who shall report to ENZON only the amount of
the royalties payable hereunder. 

4

6.  OPTION TO BMS  

    6.1  Option to Non-Exclusive License.   ENZON hereby grants BMS and its AFFILIATES the option
to take a non-exclusive license under PATENT RIGHTS (as defined in the applicable license agreement referred to below) in the field of (a) cancer therapeutics, or (b) all
therapeutics. BMS may exercise this option by signing and delivering to ENZON the License Agreement of Appendix IV (cancer therapeutics) or Appendix V (all therapeutics) accompanied by
payment of the sum of [*] Dollars ($[*])
for cancer therapeutics, or [*] Dollars ($[*]) for all therapeutics. [*] Percent ([*]%) of the cash
payment of Section 4.1 hereof shall be credited against the applicable option exercise payment if exercise occurs on or before [*]. [*] Percent
([*]%) of the cash payment of Section 4.1 hereof shall be credited against the applicable option exercise payment if exercise occurs after [*]
but on or before [*]. This option shall expire on [*]. With respect to each exclusive license agreement in the field of therapeutics covering PATENT
RIGHTS entered into by ENZON after the EFFECTIVE DATE, ENZON shall expressly subject the license granted thereunder to the option granted to BMS under this Section 6.1 by way of an express
disclosure comparable to Appendix III in such exclusive license agreement. 

7.  INFRINGEMENT  

    7.1  No Warranty of Non-Infringement.   Nothing in this Agreement shall be construed as a
warranty, assurance, or representation by ENZON or its AFFILIATES that BMS or its AFFILIATES or sublicensees can make, have made, use, or sell PRODUCT free of any proprietary rights, including third
party patent rights, other than those specifically granted in this Agreement. ENZON hereby represents that, as of the EFFECTIVE DATE, BMS' practice of the inventions covered by PATENT RIGHTS pursuant
to the license granted hereunder will not infringe any existing patent (including patent to issue on an existing patent application) right owned, or licensed on a royalty-free basis with
the right to sublicense, by ENZON or its AFFILIATES not licensed hereunder, to the extent that such practice does not involve the modification of any SCA PROTEIN as described in Area 8 listed in
Appendix II. 

    7.2  Infringement by BMS.   In the event that BMS or its AFFILIATES or sublicensees are sued for
infringement by reason of practicing any invention covered by PATENT RIGHTS, BMS or its AFFILIATES shall notify ENZON in writing of the suit and shall have the sole right, but not the obligation, to
defend such suit at the expense of BMS or its AFFILIATES or sublicensees, as the case may be. Only with respect to matters pertaining to the validity or enforceability of PATENT RIGHTS shall ENZON
have the right to provide advice and assistance in any such litigation at its expense, unless such advice and assistance are requested by BMS or its AFFILIATES or sublicensees, in which case it shall
be at the expense of BMS or its AFFILIATES or sublicensees, as the case may be. In the event ENZON is joined in such litigation, ENZON shall have the right to defend itself with counsel of its choice
at its expense. 

    7.3  Infringement by Third Party.  

	(a)
	BMS
shall notify ENZON of any infringement by a third party of any PATENT RIGHTS in the FIELD that BMS is aware of, and shall provide ENZON with the available evidence, if any, of
such infringement.

	(b)
	ENZON
shall have the exclusive right and sole discretion during the term of this Agreement to stop such infringement including bringing suit or other proceeding against the
infringer in its own name and BMS shall be kept informed at all times of all such actions taken by ENZON. If ENZON requests, BMS may, at BMS' discretion, assist ENZON as a party to the lawsuit or
other proceeding at ENZON's expense; however, ENZON shall retain control of the prosecution of such suit or proceeding, as the case may be. 

5

	(c)
	ENZON
shall bear all its costs incurred in connection with such lawsuit or other proceeding, and consequently shall be entitled to collect and retain for its own account such
damages and profits as may be accrued as a result of such lawsuit or other proceeding; provided, however, that, if (and only if) such damages and profits have been determined on the basis of such
infringement, then the total amount of such damages and profits, net of ENZON's lost royalties hereunder, litigation costs and expenses, shall be shared with BMS as follows: ENZON shall be entitled to
[*] of such net amount; and BMS shall be entitled to the remainder.

	(d)
	If
third party infringement in the FIELD in a particular country continues for more than six months after BMS' notice to ENZON under this Section 7.3, then any royalty
obligation incurred by BMS under Section 4.3 hereof shall be reduced by [*] until such third party infringement terminates. For purposes of the above sentence, sales by
a third party of infringing product in such country shall not be considered to be "third party infringement" unless such sales, together with sales of infringing product by any other third parties,
equal or exceed [*] of BMS sales of PRODUCT in such country. 

6

	(e)
	Nothing
in this Agreement shall be construed as obligating ENZON, or giving BMS the right, to proceed against a third party infringer. 

8.  CONFIDENTIALITY, NON-USE AND PUBLICATIONS  

    8.1  ENZON's Rights.   Other than the option granted to BMS pursuant to Section 6.1, nothing in
this Agreement shall be construed to prohibit or limit in any manner ENZON's right to grant any license for PATENT RIGHTS to any party outside the FIELD. ENZON may issue public announcements or press
releases relating to the existence and/or subject matter of this Agreement (excluding any disclosure of the financial terms hereof unless required by law or regulation) with reference to BMS as the
licensee, provided that ENZON shall provide BMS with not less that five (5) business days to review and comment on the form and substance of the public announcement or press release. In no
event shall ENZON include in such announcements or re1eases, explicitly or implicitly, any mention or indication that BMS endorses any SCA DISCOVERY. 

    8.2  BMS' Rights.   BMS may issue public announcements or press releases relating to the existence of
this Agreement (excluding any disclosure of the financial terms hereof unless required by law or regulation) with reference to ENZON as the licensor, provided that BMS shall provide ENZON with not
less that five (5) business days to review and comment on the form and substance of the public announcement or press release. In no event shall BMS include in such announcements or releases,
explicitly or implicitly, any mention or indication that ENZON endorses the manufacture, use, or sale of any PRODUCT. 

    8.3  BMS' Obligations.   BMS shall not use any unpublished PATENT RIGHTS including the text of
Appendix I of this Agreement for any purpose other than as permitted under this Agreement. BMS shall keep any unpublished PATENT RIGHTS including the text of Appendix I of this Agreement
disclosed to BMS by ENZON confidential for three (3) years following the termination of this Agreement for any reason. Nothing in this Agreement shall prevent BMS from making any disclosure of
unpublished PATENT RIGHTS including the text of Appendix I of this Agreement required by law. 

    Nothing
in this Agreement shall in any way restrict the right of BMS to use or disclose unpublished PATENT RIGHTS including the text of Appendix I that: 

	(a)
	at
the time of disclosure by ENZON to BMS had been published or is publicly known or otherwise in the public domain;

	(b)
	is
published, becomes publicly known, or otherwise becomes part of the public domain after disclosure by ENZON to BMS through no fault of BMS;

	(c)
	was
known to BMS prior to the time of disclosure by ENZON, as demonstrated by written records; or

	(d)
	was
or is disclosed to BMS in good faith by a third party who was not and is not under any obligation of confidence to ENZON at the time of said disclosure by said third party. 

    The
obligation of this Section 8.3 shall apply equally to BMS and us AFFILIATES and sublicensees. 

9.  BMS' DILIGENCE  

    During
the term of this Agreement, BMS and its AFFILIATES and, if any, sublicensees will use commercially reasonable efforts to develop PRODUCTS for commercial sale and distribution
throughout the world, and to such end will use commercially reasonable efforts to create a demand for the manufacture, sale, and marketing of PRODUCTS, and to meet and fulfill any such demand for said
PRODUCTS. 

7

10.  INDEMNIFICATION  

    BMS shall defend, indemnify, and hold ENZON and its AFFILIATES harmless from and against any and all claims, suits, and expenses, including attorney expenses,
arising from the manufacture, use, or sale or other distribution of PRODUCTS by BMS or its AFFILIATES or sublicensees, except to the extent attributable to the indemnified party's negligence or
intentional misconduct. 

11.  BMS IMPROVEMENTS  

    11.1  License to ENZON.   BMS and its AFFILIATES agree to and hereby do grant to ENZON and its AFFILIATES
a worldwide, royalty-free, non-exclusive license, including the right to grant sublicenses to third parties, to make, use, and sell any product covered by BMS PATENT RIGHTS. 

12.  TERM AND TERMINATION  

    12.1  Default.   If either party shall fail to perform any of its obligations under this Agreement, the
nondefaulting party may give written notice of the default to the defaulting party. Unless such default is corrected within sixty (60) days after receipt of such notice, the notifying party may
thereafter terminate this Agreement. 

    12.2  Term.   Unless otherwise terminated, as provided for in this Agreement, this Agreement will
continue on a country by country basis until the expiration of the last to expire PATENT RIGHT in the country in question. 

8

    12.3  Termination by BMS.   This Agreement may be terminated as a whole by BMS at any time from and after
the second anniversary of the EFFECTIVE DATE pursuant to written notice and payment if the applicable amount set forth below: 

	Termination during period

	From and including

anniversary
	 	To but excluding

anniversary
	 	Pro Rata

Amount Payable
 

	[*]	 	[*]	 	$[*]
	[*]	 	[*]	 	$[*]
	[*]	 	[*]	 	$[*]
	[*]	 	[*]	 	$[*]
	[*]	 	[*]	 	$[*]
	[*]	 	[*]	 	$[*]
	[*]	 	[*]	 	$[*]
	[*]	 	[*]	 	$[*]
	[*]	 	 	 	$[*]

Any
foregoing amount payable by BMS is: (i) additional to all amounts that have in due course become payable under Section 4.4 and (ii) subject to any available credit resulting
from any prior Milestone Payments made by BMS under Section 4.2 

    12.4  Survivability.  Sections 5, 7, 8, 10 and, with respect to all BMS PATENT RIGHTS existing as of the
time of termination, 11 shall survive the termination of this Agreement, except that Section 11 shall not survive if BMS terminates this Agreement under Section 12.1 for ENZON's default. 

13.  MISCELLANEOUS  

    13.1  DISCLAIMER OF WARRANTIES.   EXCEPT AS OTHERWISE EXPRESSLY PROVIDED HEREIN, ENZON EXPRESSLY
DISCLAIMS ALL WARRANTIES, EXPRESS OR IMPLIED, INCLUDING WITHOUT LIMITATION WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE. 

    13.2  Integration.   This Agreement constitutes the entire understanding between the parties with respect
to the subject matter hereof, and supersedes and replaces all prior agreements, understandings, writings, and discussions between the parties relating to said subject matter. 

    13.3  Amendments.   This Agreement may be amended only by a written instrument executed by the parties. 

    13.4  Waiver.   The failure of either party at any time or times to require performance of any provision
hereof shall in no manner affect its rights at a later time to enforce the same. No waiver by either party of any condition or term in any one or more instances shall be construed as a further or
continuing waiver of such condition or term or any other condition or term. 

    13.5  Successors.   This Agreement shall be binding upon and inure to the benefit of and be enforceable
by the parties hereto and their respective successors and permitted assigns. 

    13.6  Assignability.   This Agreement shall not be assignable by either party without the other parry's
written consent, except for ENZON's right to receive royalties payable hereunder, upon sixty (60) days prior written notice to BMS. Either party, however, shall have the right to transfer this
Agreement to any AFFILIATE, or to any successor of its entire business to which this Agreement relates without the consent of the other party. 

9

    13.7  Notices.   Any notice and payment of royalties required or permitted to be given hereunder shall be
deemed sufficient if mailed by registered or certified mail (return receipt requested), or delivered by hand to the party to whom such notice is required at its address set forth in
Section 5.1. 

    13.8  Validity of Provisions.   If any provision(s) of this Agreement are or become invalid, are ruled
illegal by any court of competent jurisdiction or are deemed unenforceable under then current applicable law from time to time in effect during the term hereof, it is the intention of the parties that
the remainder of this Agreement shall not be affected thereby. It is further the intention of the parties that in lieu of each such invalid, illegal, or unenforceable provision, there shall be
substituted or added as part of this Agreement a provision that shall be as similar as possible in economic and business objectives to such invalid, illegal, or unenforceable provision as was
originally intended by the parties, but that shall be valid, legal, and enforceable. 

    13.9  Titles.   All titles and subtitles used in this Agreement are for purposes of illustration or
organization and are not legally binding on the parties. 

    13.10  Relationship of the Parties.   Nothing in this Agreement is intended or shall be deemed to
constitute a partnership, agency, employer-employee, or joint venture relationship between the parties. 

    13.11  Further Acts and Instruments.   Each party hereto agrees to execute, acknowledge, and deliver such
further instruments and to do all such other acts as may be necessary or appropriate to effect the purpose and intent of this Agreement. 

    13.12  Export Restrictions.   This Agreement, and any products or technical data supplied during the term
of this Agreement, are made subject to any restrictions concerning the export of products or technical data from the United States of America that may be imposed upon ENZON or BMS or their respective
AFFILIATES or sublicensees from time to time by the Government of the United States of America. Furthermore, BMS and its AFFILIATES agree that at no time, either during the term of this Agreement or
thereafter, will they or their sublicensees export, directly or indirectly, any United States source products or technical data acquired from ENZON or its AFFILIATES under this Agreement or any direct
products of that technical data to any country for which the U.S. Government or any agency thereof at the time of export requires an export license or other governmental approval, without first
obtaining that license or approval when required by applicable United States law. 

    13.13  Choice of Law.   This Agreement shall be governed by and construed and interpreted in accordance
with the laws of the State of New Jersey. 

10

    The parties have duly executed this Agreement as of the date first above written. 

	 	 	ENZON, INC.
	 

 	 
 	 
 By:

Name:

Title:	 
 	 

/s/ ABRAHAM ABUCHOWSKI   
 Abraham Abuchowski
 President & CEO

	 	 	BRISTOL-MYERS SQUIBB COMPANY
	 

 	 
 	 
 By:

Name:

Title	 
 	 

/s/ WILLIAM A. SCOTT   
 William A. Scott
 Senior Vice President

11

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