Document:

Exhibit 10.21

 

Investment
Agreement

 

 

Party A: The Administrative Committee of Wuxi Huishan
Economic Development Zone, Jiangsu Province

 

Party B: CASI Pharmaceuticals, Inc.

 

Party A and Party B, in accordance with the relevant laws and
regulations of the People's Republic of China, and based on the principles of equality, voluntariness, reasonable expectation of
equal compensations, and good faith, have reached the agreement through sufficient consultation and negotiation on Party B's investment
in Wuxi Huishan Economic Development Zone, Jiangsu Province.

 

1. The project and
its requirements

 

1.1 Scope of the project:
R&D, production and sales of drugs. (Hereinafter referred to as “Project”)

 

1.2 The scale of project
construction: the Project will cover an area of about 107 Chinese acreages (Its scale is subject to the approval of the
governmental Urban Planning Department)

 

1.3 Party B intends
to establish a joint venture company controlled by Party B (hereinafter referred to as the "Joint Venture") in Huishan
Economic Development Zone of Wuxi City, Jiangsu Province for the development of the Project. The Joint Venture shall not be operating
for less than 10 years, and the Joint Venture shall comply with related laws and regulations on environmental protection,
fire protection, safe production, among others, during its capital construction and business operations. Party B shall ensure that
the Joint Venture should strictly comply with the local policy on common statistical method in the zone where it runs its business,
and issue invoices in a timely manner, and shall not issue invoices from an address other than its registered address.

 

1.4 Registered capital
of the Joint Venture: US$100 million.

 

1.5 Annual output after
the Joint Venture starts its mass production: Party B shall ensure that the Joint Venture shall have an annual sales no less than
RMB500 million after it has reached its designed capacity.

 

1.6 As the Project
moves on, Party B shall reserve the right to increase its investment in the form of intangible assets in cash or in other methods
within the next 5 years. Party B shall determine the increased amount of investment unilaterally, which is expected to be US$50
million in total.

 

2. Conditions on the
use of the land parcel

 

2.1 The project is
located in a land parcel east of Huishan Avenue, south of Yanyu Road, west of Zhiyuan Road, and north of the third and fourth groups
in Block D of the Life Science Park (see “Appendix 1” for details, hereinafter referred to as the "Land Parcel")
in the size of about 107 Chinese acreages. Transferred to Party B shall be the area of land available for construction as
indicated on the fixed-point map issued by the governmental Urban Planning Department, and the actual size of the land parcel shall
be measured by the governmental Land Resources Department.

 

2.2 The Land Parcel
is for industrial use and shall be transferred to the Joint Venture by Party A via a land auction procedure. The term of land leasehold
and other matters not covered herein shall be subject to the land transfer contract signed with the governmental Land Resources
Department (hereinafter referred to as the "Land Transfer Contract").

 

     

     

    

 

2.3 The plot ratio
(floor area ratio), building density, green volume ratio and other land use requirements on the Land Parcel shall be in compliance
with the standards stipulated in the Land Transfer Contract and the rules specific to the Land Parcel.

 

2.4 When the Land Parcel
is held by the Joint Venture, if it is considered to be necessary to change the land use, Joint Venture shall obtain a written
consent by both Party A and the governmental land administration authorities. A new investment agreement shall be signed in accordance
with applicable laws and regulations. Upon approval by competent governmental authorities, a new land transfer contract shall be
executed, and a new land transfer procedure shall be required in pursuant to applicable laws and regulations.

 

3. The price of the
Land Parcel and the payment method

 

3.1 The price of the
Land Parcel shall be subject to the agreement reached in the Land Transfer Contract, and the result of measurement provided by
the Land Resources Department shall be used as the size of the Land Parcel, and the total amount shall be calculated when the result
of the measurement becomes available. Any overpayment shall be refunded and any deficit shall be made up for. The Land Price referred
to in the Agreement shall not include the taxes and fees payable in applying for the land certificate.

 

3.2 Party B shall cause
the Joint Venture to make payments before the specified deadline according to the applicable agreement in the Land Transfer Contract.

 

4. Agreement between
the Parties

 

4.1 Party A shall transfer
the Land Parcel on an “as is” basis and provide the following entry conditions: the roads, electricity, water, natural
gas supplies, the telecommunications facilities, the cable TV, and the optical cable are all ready for use. The rainwater drainage
and sewage pipelines are connected to the perimeters of the Land Parcel, and the land shall be leveled. In order to ensure the
normal construction of the Joint Venture, Party A shall provide temporary electricity and water supply for the construction of
the Project to the locations designated by the Parties and the Joint Venture. Party B shall cause the Joint Venture to submit a
written application to Party A 30 working days in advance, and the relevant costs and expenses shall be borne by the Joint
Venture.

 

4.2 The Land Parcel
shall be approved to be transferred as a whole to a single entity. Party B shall ensure that the Joint Venture shall not split
the project or make any change without the consent of Party A.

 

4.3 Party B shall ensure
that the Joint Venture shall enter into its phase of formal infrastructure construction within 6 months upon the execution
of the Land Transfer Contract and complete the first building within 18 months.

 

5. The supportive policies

 

If Party B performs the above-mentioned terms and conditions
of the Agreement, Party B and/or the Joint Venture may be entitled to the related supportive policies granted by Party A according
to the related agreements.

 

6. Annexes

 

     

     

    

 

6.1 The Cadastral Map
of the Land Parcel confirmed by the Parties is attached hereto as Annex I, which shall have the same legal effect with the Agreement.

 

7. Any dispute arising
from the implementation of the Agreement shall be settled by the Parties through negotiations. If no solution can be found with
negotiations, either Party may submit the dispute to Shanghai Arbitration Tribune of the China International Economic and Trade
Arbitration Commission (CIETAC) for arbitration in accordance with the arbitration rules currently in effect. The arbitration award
shall be final and binding upon both parties.

 

8. The Agreement shall
come into force immediately upon being signed and sealed by the Parties.

 

9. The Agreement has
6 originals, with Party A and Party B each holding two of them, and the remaining two copies shall be filed for achieving purpose.

  

 

(The next page is for signature only)

  

     

     

    

 

(This page is for signature only)

  

 

Party A: The Administrative Committee of Wuxi Huishan Economic
Development Zone, Jiangsu Province

(Stamped)

 

 

Legal representative (Authorized representative)

  

/s/ Wenbin Cao 

 

 

Date: 11/16/2018

 

  

 

Party B: CASI Pharmaceuticals, Inc.

 

Legal representative (Authorized representative)

 

/s/ Wei (Larry) Zhang

 

 

Date: 11/16/2018Exhibit 10.22

 

Supplementary Agreement

 

 

Party A: The Committee of Wuxi Huishan Economic Development
Zone, Jiangsu Province

 

Party B: CASI Pharmaceuticals, Inc.

 

Based on the principles of equality, mutual benefit and consorted
development, Party A and Party B have reached an agreement on Party B’s being supported with the following preferential policies,
which is supplemental to the "Investment Agreement" signed by the Parties, with the actual amount of support subject
to the actual investment size and business output forecasts.

 

I.  The Prerequisites
for the Preferential Policies to be applied

 

Party B must operate in Party A's jurisdiction for at least
10 years, otherwise Party A shall be entitled to a refund of the support Party B has been provided under the preferential policies
(except in the case that the Company cannot operate normally due to any objective reason).

 

II. The Preferential
Policies

 

1. Party B shall establish
a Joint Venture (hereinafter referred to as the "Company") in collaboration with a third-party investment institution
introduced by Party A and the Company shall be the main operator of a high-end high quality drug production base to be built, and
the contribution to the registered capital in the first phase shall be in place before the "public land parcel auction"
procedure is implemented. The specific investment methods and the share-holding proportion of each party shall be separately agreed
by the third-party investment institution and Party B via the execution of an Investment Agreement (hereinafter referred to as
the "Investment Agreement").

 

2. In view of the fact
that the project site shall be transferred on an “as is” basis and the land leveling and infrastructure construction
have not been completed, Party A intends to subsidize the Company for land leveling and infrastructure reconstruction in the amount
calculated with the following formula:

 

Subsidy = total price of the land parcel transferred –
(RMB 150,000/Mu (the Chinese acre) X the size of the land parcel in Mu)

 

It is in the mutual understanding of the Parties that the total
subsidy shall not exceed RMB 25 million, and Party A shall make installment payments for the aforementioned subsidy to the Company
in proportion to the paid-in registered capital (excluding the investment portions of investment institution recommended by Party
A). Within 30 days after the Company has submitted the capital verification report and stamp tax bill for its paid-in registered
capital, Party A shall pay the current subsidy to the Company in the form of "special supportive industrial fund", and
all taxes and fees arising therefrom shall be borne by the Company.

 

If Party B has completed the payment of USD 80 million in registered
capital registered capital within three years from the date of the completion of company incorporation, Party A shall pay the subsidy
amount to the Company in full.

 

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Total amount of land transferred = Winning bidding price X the
size of the Land Parcel in the Chinese acre

 

4. Party A undertakes
to reward the Company for each of the drugs which has actually passed the consistency evaluation of generic drug quality and efficacy,
or approved by the State Food and Drug Administration as equivalent to those that have passed the consistency evaluation, with
the reward amount of RMB 1 million for each drug to be paid within 30 days after the Company has obtained the consistency evaluation
result.

 

5. From the date when
the Company starts selling its products, Party A shall award the Company “Science and Technology Support Gran” according
to the Company's contribution to the local financial resources: in the first three years from the date the Company starts to sell
its products, the Company shall get a refund of 100% of what it has contributed to local financial resources and get a refund of
50% from the fourth to the sixth year. The personal income tax payments of the project company's senior management and senior technical
personnel (no more than 10 individuals) shall be 100% refunded in the first three years from the date the Company starts to sell
its products and 50% refunded in the three subsequent years.

 

6. The talent policy
of the development zone that shall be applied: A one-time subsidy of RMB 100,000 shall be awarded to each of those holding Masters’
degrees, technicians and those with a professional title equivalent to an associate professor who settle down in the development
zone, and a one-time subsidy of RMB 200,000 shall be award to each of those having a doctorate degree, senior technicians and those
with a professional title equivalent to a professor. Company shall make the social security contributions on behalf of its employees.
Those who works in Huishan for the first time shall get a subsidy to their rent, in the amount of RMB 500/month for one with an
undergraduate degree employed by the company, RMB 600/month, for one with a Masters’ degree RMB 800/month for a doctoral
degree, for two consecutive years. A lease is required when the employees apply for this subsidy.

 

7. No more than 5 flats
in one of the talents apartment buildings in the development zone shall be provided to the Company free of charge for a period
of 3 years.

 

8. Each year, Party
A shall awards the Company a subsidy for technological transformation in the amount of 9% of the amount it has invested in fixed
assets and production equipment in the current year (the Company shall provide the corresponding contracts and invoices).

 

9. The Company may
be subsidized for RMB 100,000/year for participating in professional exhibitions subject to documented evidence and invoices.

 

III. Other Preferential
Policies

 

1. Party A shall assign
special staff members to assist Party B in procedures required by other government authorities, such as those related to project
capital increase, environmental protection assessment, urban planning and capital construction. Party A shall complete the business
incorporation with the Industrial and Commercial Administration, the enrollment at the Business Commission of the city, and registration
at the Foreign Exchange Administration for the Company within 45 days after party B has furnished Party A the “Entity Qualification
Certificate”.

 

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2. Party A shall actively
assist Party B in applying for entitlement of relevant provincial, municipal and national science and technology preferential policies.

 

3. Party A shall actively
assist Party B’s new company when the latter works with other government authorities in Wuxi City, and assist Party B in
meeting relevant requirements by other administrative departments, including but not limited to Foreign Exchange Administration,
the Customs and the taxation authorities.

 

4. Party A shall assist
Party B's foreign personnel and their family members in Wuxi in applying for residence permits and dealing with other matters.

 

IV. Any dispute
arising out of the implementation of the Agreement shall be settled by the Parties through negotiations. If a dispute cannot be
resolved through negotiations, it shall be submitted to the Shanghai Branch of China International Economic and Trade Arbitration
Commission for arbitration in accordance with the then effective arbitration rules of the Commission. The arbitration award shall
be final and binding upon both parties. The arbitration fee shall be borne by the losing party unless otherwise decided by the
arbitration tribunal. The losing party should also compensate the winning party for its expenses, such as legal fees.

 

V. The Agreement
shall come into force upon being signed and sealed by the Parties.

 

VI. The Agreement
has 6 originals, with Party A and Party B each holding two copies, and the remaining copies shall be achieved. 

 

 

(The next page is for signature only)

 

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Party A: The Administrative Committee of Wuxi Huishan Economic
Development Zone, Jiangsu Province (Stamped)

 

 

Legal representative (Authorized representative)

 

/s/ Wenbin Cao

 

Date: 11/16/2018 

 

 

 

Party B: CASI Pharmaceuticals, Inc.

 

Legal representative (Authorized representative)

 

/s/ Wei (Larry) Zhang

 

Date: 11/16/2018

 

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