Document:

EX-10.20

 Exhibit 10.20 

[***] 
 Certain confidential information
contained in this document, marked by [***], has been omitted because Roivant Sciences Ltd. (the “Company”) has determined that the information (i) is not material and (ii) would likely cause competitive harm to the Company if publicly
disclosed. 
 RESEARCH AGREEMENT 

THIS AGREEMENT effective this lst day of January, 2018 between Oncopia Therapeutics, LLC
(hereinafter “Sponsor”) and the REGENTS OF THE UNIVERSITY OF MICHIGAN, a non-profit educational institution (or its agent) of the State of Michigan (hereinafter “University”). 

WHEREAS, Sponsor has licensed from University certain patents, under University license agreement number [***] effective August 22, 2016 and amended
September 13, 2016, through an assignment from [***] to Oncopia Therapeutics LLC on November 17, 2017 (the “[***] License Agreement”), and subsequently amended on July 30, 2018; and 

WHEREAS, the Sponsor wishes to advance the development of compounds licensed to Sponsor by University under the [***] License Agreement, that covers
OTT files [***] and [***] and to support research for new compounds at the University; and 
 WHEREAS, Sponsor and University has entered into a new license
agreement with an effective July 30, 2018 (the “[***] License Agreement”); and 
 WHEREAS, the Sponsor wishes to advance the
development of compounds licensed to Sponsor by University under the [***] License Agreement, that covers [***] and to support research for new compounds at the University; and 

WHEREAS, the research program contemplated by this Agreement is of mutual interest and benefit to University and to Sponsor, will further the
instructional and research objectives of University in a manner consistent with its status as a non-profit, tax-exempt, educational institution, and may derive benefits
for both Sponsor and University through inventions, improvements, or discoveries; 
 NOW, THEREFORE, in consideration of the promises and mutual
covenants herein contained, the parties hereto agree to the following: 
 ARTICLE l - DEFINITIONS 

As used herein, the following terms shall have the following meanings: 

1.1 For the purposes of this Agreement, “Affiliate” shall mean any corporation, limited liability company, partnership or other entity that directly
or indirectly controls, or is controlled by, or is under common control with, a Party to this Agreement. 
 1.2 “Project Plan” shall mean the
respective Project Plan and associated budget for the Contract Year as mutually agreed upon by the Parties, as described in [***] under the direction [***] as Project Director entitled [***] as appended hereto and made a part of this Agreement as
Attachment A. 
 1.3 “Contract Period” is from January 1, 2018, through December 31, 2018, unless earlier terminated pursuant to thi.s Agreement.

 1.4 “Contract Year” shall mean the year long period from January I st through December
31st during the Contract Period. 

  
 1 

 Certain confidential information contained in this document, marked by [***], has been omitted because
Roivant Sciences Ltd. (the “Company”) has determined that the information (i) is not material and (ii) would likely cause competitive harm to the Company if publicly disclosed. 

 

 1.5 “Field of Use” 

1.5.1 “Field of Use 1” means treatment, palliation, prevention and diagnosis of [***] conceived during the course of providing
services under items A4 and A5 of the Project Plan. In addition, Field of Use 1 includes the measurement, indication and/or prediction of the pharmacologic response to any treatment, palliation, prevention or diagnosis of [***] conceived during the
course of providing services under items A4 and AS of the Project Plan.. 
 1.5.2 “Field of Use 2” means treatment, palliation,
prevention and diagnosis of [***] conceived during the course of providing services under .items Al, A2 and A3 of the Project Plan. In addition, Field of Use 2 includes the measurement, indication and/or prediction of the pharmacologic response to
any treatment, palliation, prevention or diagnosis of [***] conceived during the course of providing services under items Al, A2 and A3 of the Project Plan.. 

1.6 “Intellectual Property” shall mean University Intellectual Property and Joint Intellectual Property. 

1.7 “Joint Intellectual Property” shall mean individually and collectively all inventions, disclosures, improvements, modifications or discoveries
that satisfy all of the following: (i) [***]. 
 1.8 “Sponsor Intellectual Property” shall mean individually and collectively all inventions,
disclosures, improvements, modifications or discoveries which are conceived or made solely as defined by U.S. Patent law, whether or not patentable or copyrightable, [***]. 

1.9 “University Intellectual Property” shall mean individually and collectively all inventions, disclosures, improvements, modification or
discoveries, whether or not patentable or copyrightable, which are conceived or made solely as defined by U.S. Patent law [***]. 

ARTICLE 2 - RESEARCH WORK 
 2.1 University
and Sponsor shall use reasonable efforts to perform such Project Plan during the Contract Year substantially in accordance with the terms and conditions of this Agreement, including Attachment A. In addition, the University represents, that it has
the right to enter this Agreement and to have its employees petform their respective obligations. The Project Director may propose revisions to the Project Plan from time to time during the Contract Period. If any revision results in support of an
area beyond the currently defined Field of Use, (whether such support is allocated from the existing budget or additional funds from the Sponsor) such areas will be deemed to be an amendment to the Field of Use for all purposes of this Agreement.
Any revision must be approved, in advance and in writing, by the Sponsor. The Sponsor, University and Project Director acknowledge and agree that it is their understanding that a portion of the 

  
 2 

 Certain confidential information contained in this document, marked by [***], has been omitted because
Roivant Sciences Ltd. (the “Company”) has determined that the information (i) is not material and (ii) would likely cause competitive harm to the Company if publicly disclosed. 

 

 
budget will be allocated among all projects undertaken by the Project Director during the Contract Period as described in the Project Plan, as may be amended from time to time by mutual written
agreement of the parties. In the event that the Project Director becomes unable or unwilling to continue the Project Plan, and a mutually acceptable substitute is not available, Sponsor shall have the option to terminate said Project Plan, or a
portion thereof. In the event of such termination, University shall cooperate and assist Sponsor with a transfer of copies of records, data, and other information relating to the Project Plan to which Sponsor is entitled as of the date of
termination, including, but not limited to the research tools on Attachment B. 
 2.2 (a) The University represents that neither the Project Director nor
any person employed by the University to work on the Project Plan has been disbarred under Section 306(a) or Section 306(b) of the Federal Food, Drug and Cosmetic Act and that no person so disbarred will in the future be employed to
perform any services in connection with the Project Plan. The University also represents that no person working on the Project Plan, including the Project Director, has a conviction which could lead to disbarment under Section 306(a) or
Section 306(b). Furthermore, the University will notify the Sponsor immediately of any action which might cause disbarment or conviction under Section 306(a) or Section 306(b) of any person working on the Project Plan. 

(b) The Project Director represents that he has not been disbarred under Section 306(a) or Section 306(b) of the Federal Food, Drug and
Cosmetic Act and that he will not allow any person so disbarred to petform any services in connection with the Project Plan. The Prqject Director also represents that he has no conviction which could lead to disbarment under Section 306(a) or
Section 306(b). Furthermore, the Project Director will notify the Sponsor immediately of any action which might cause disbarment or conviction under Section 306(a) or Section 306(b) of any person working on the Project Plan. 

ARTICLE 3 - REPORTS AND CONFERENCES 
 3.1
Written program reports shall be provided by University to Sponsor not less frequently than semi-annually for the Contract year and a final report shall be submitted by University at the conclusion of the Contract Period. Formal oral program reports
shall be provided by University to Sponsor on a quarterly basis and Project Director shall provide informal communications to Sponsor, in writing or by telecommunication on a regular, as-needed basis. 

3.2 During the term of this Agreement, representatives of University shall meet with representatives of Sponsor at times and places mutually agreed upon, but
no less frequently than annually, to review the progress and results as well as ongoing plans, or changes therein, of the Project Plan to be performed hereunder. 

3.3 The Sponsor shall have the right to use certain data and research tools developed by the University as described in Attachment B during the Term of the
[***] License Agreement. In addition, Sponsor may use information and data contained in reports that are generated pursuant to the Project Plan provided such use in accordance with the provisi.ons of Articles 7, 8 and 15 below. Authorized
representatives of the Sponsor or its designee shall have the right, upon reasonable and advance notice, and during regular business hours, to monitor, examine and inspect the University’s and Project Director’s facilities and records
associated with this Project Plan, and inspect and copy all work products relating to the Project Plan in accordance with this Agreement. 

  
 3 

 Certain confidential information contained in this document, marked by [***], has been omitted because
Roivant Sciences Ltd. (the “Company”) has determined that the information (i) is not material and (ii) would likely cause competitive harm to the Company if publicly disclosed. 

 

 ARTICLE 4 - COSTS, BILLINGS, AND OTHER SUPPORT 

4.1 It is agreed that total costs to Sponsor for the performance of servkes and purchase of equipment necessary to complete the Project Plan during the first 12-months of the Contract Period shall be but not exceed, [***] as shown Attachment B. 
 Payments to the University by
Sponsor over the Contract Period are described below. All payments in US dollars shall be made in accordance with the table below: 
  

					
	 Contract Year from January 1 to

December
31                                  
	  	Full Amount
Due	 	 
	2018	  	[***]	 	[***]
 [***]

[***]

	2018 Total	  	[***]	 	

 4.2 University shall retain title to any equipment purchased with funds provided by Sponsor under this Agreement. University
may purchase equipment designated in the budget not to exceed a total of [***] of the total budget stated in Section 4.1 without Sponsor approval. Other equipment purchases must be approved in writing by Sponsor. 

4.3 In the event of early termination of the Project Plan by Sponsor pursuant to this Agreement, Sponsor shall pay all actual budgeted costs accrued by
University as of the date of termination, including non-cancelable obligations, which shall include all non-cancelable contracts and fellowships or postdoctoral associate appointments called for in the Project
Plan, incurred prior to the effective date of termination, to the extent such personnel cannot be reassigned to other projects. After termination, any obligation of Sponsor for fellowships or postdoctoral associates shall end no later than the end
of University’s academic year during which termination occurs. 
 ARTICLE 5 - PUBLICITY 

Sponsor will not use the name of University, nor of any member of University’s Project Plan staff, in any advertising, news release or other promotional
activity without the prior written approval of an authorized representative of University which shall not be unreasonably withheld. University will not use the name of Sponsor, nor any employee of Sponsor, in any advertising or other promotional
activity without the prior written approval of Sponsor. Nothing herein shall restrict either party’s right to disclose the existence of this Agreement, the identity of the parties, or the nature of the Project Plan, or to comply with any
disclosure requirements of securities regulatory authorities, without consent of the other party. 
 ARTICLE 6 - PUBLICATIONS 

Sponsor recognizes that under University policy, the results of studies conducted pursuant to the Project Plan must be available for publication and agrees
that researchers engaged in the studies shall be permitted to present at symposia, national, or regional professional meetings, and to publish in journals, theses or dissertations, or otherwise of their own choosing, methods and results of the
studies, provided, however, that Sponsor shall have been furnished copies of any proposed publication or presentation for review at least [***] in advance of the submission of such proposed publication or presentation to a journal, editor, or other
third party. Sponsor shall have [***] after receipt of said copies, to object to such proposed presentation or proposed publication because there is patentable subject matter which needs protection or because Confidential Information disclosed
pursuant to Article 15, below, is contained therein. 

  
 4 

 Certain confidential information contained in this document, marked by [***], has been omitted because
Roivant Sciences Ltd. (the “Company”) has determined that the information (i) is not material and (ii) would likely cause competitive harm to the Company if publicly disclosed. 

 

 In the event that Sponsor makes such objection, said researcher(s) shall refrain from making such publication
or presentation for a maximum of [***] from date of receipt of such objection in order for University, or Sponsor, as the case may be, to file patent application(s) with the United States Patent and Trademark Office or foreign patent office(s)
directed to the patentable subject matter contained in the proposed publication or presentation. University will comply with Sponsor’s request to delete or modify Confidential Information. Sponsor may also comment upon, but may not make
editorial changes to, the results and conclusions set forth in such copies and researchers shall consider such comments in good faith. 

ARTICLE 7 - INTELLECTUAL PROPERTY 
 7.1 a)
All rights and title to University Intellectual Property outside the Field of Use 1 or Field of Use 2 discovered or conceived during the course of providing services under the Project Plan shall belong to [***] and shall be subject to the terms and
conditions of this Agreement [***]. 
 b) All rights and title to University Intellectual Property within the Field of Use 1 or Field of Use
2 shall belong to [***] and shall be subject to the terms and conditions of this Agreement [***]. 
 7.2 All rights and title to Sponsor Intellectual
Property under the Project Plan, whether within or outside of the Field of Use 1 or Field of Use 2 shall belong to [***] Such inventions, improvements, and discoveries shall not be subject to the terms and conditions of this Agreement. 

7.3 All rights and title to Joint Intellectual Property within and outside of the Field of Use 1 or Field of Use 2 shall be [***] and shall be subject to the
terms and conditions of this Agreement [***]. 
 7.4 Following submission of an invention disclosure to the University’s Office of Technology Transfer
that describes the conception or reduction to practice of Intellectual Property by the Project Director in performance of this Agreement, the University will notify Sponsor within [***] of such disclosure. If [***] directs that a patent application
or application for other intellectual property protection be filed, [***] shall promptly prepare, file, and prosecute such U.S. and foreign application in [***] name, or in the names of both parties if the invention is Joint Intellectual Property
and the [***] in connection with such preparation, filing, prosecution, and maintenance of U.S. and foreign application(s). [***] shall cooperate with [***] to assure that such application(s) will cover, to the best of [***] knowledge, all items of
commercial interest and importance. While [***] shall be responsible for making decisions regarding scope and content of application(s) to be filed and prosecution thereof, [***] shall [***] shall inform [***] of all developments with respect to
such application(s) and shall promptly supply to [***] copies of all papers received and filed in connection with the prosecution thereof in sufficient time for [***]. 

7.5 The Project Director shall make a final invention report to the University’s Office of Technology Transfer within [***] of the earlier of termination
or expiration of this Agreement, and the University shall notify the Sponsor in accordance with section 7.4. 
 7.6 With respect to Joint Intellectual
Property, if [***] elects not to [***] shall be free to 

  
 5 

 Certain confidential information contained in this document, marked by [***], has been omitted because
Roivant Sciences Ltd. (the “Company”) has determined that the information (i) is not material and (ii) would likely cause competitive harm to the Company if publicly disclosed. 

 

 
file or continue prosecution or maintain any such application(s), and to maintain any protection issuing thereon in the U.S. and in any foreign country at such [***]. If [***] discontinues [***]
for the prosecution or maintenance of the protection of Joint Intellectual Property and [***] elects to solely continue prosecution or maintain any such applications(s), all [***] rights in the applicable patents or patent applications, shall be
transferred to [***]. 
 7.7 With respect to University Intellectual Property, if [***] elects [***] shall be free to file or continue prosecution or
maintain any such application(s), and to maintain any protection issuing thereon in the U. S. and in any foreign country at [***] and all [***] rights in the applicable patents or patent applications shall be tenninated; provided, however, if [***]
in [***]. If [***] elects to continue such prosecution or maintenance, which election must occur within [***] of [***] notice to [***] to the extent that such [***] is not licensed to a third party, [***] shall execute such documents and perform
such acts [***] as may be reasonably necessary for [***] to so continue such prosecution and maintenance and all [***] rights in the patents or patent applications shall be terminated other than those retained pursuant to Section 8.5 below.

 ARTICLE 8 - GRANT OF RIGHTS 
 8.1
University hereby grants Sponsor a royalty-free, non-exclusive license to use University Intellectual Property, whether within or outside of the Field of Use 1 or Field of Use 2, within its own organization for any noncommercial purpose. 

8.2 University Intellectual Property and/or Joint Intellectual Property 

8.2.1 With respect to University Intellectual Property and/or Joint Intellectual Property within the Field of Use 1, upon Sponsor’s
request, such request to be within [***] from the date of the University’s disclosure to Sponsor, such University Intellectual Property and the University’s interest in Joint Intellectual Property shall be added to the definition of PATENT
RIGHTS in the [***] License Agreement. All the terms and conditions of the [***] License Agreement shall apply. 
 8.2.2 With respect to
University Intellectual Property and/or Joint Intellectual Property within the Field of Use 2, upon Sponsor’s request, such request to be within [***] from the date of the University’s disclosure to Sponsor, such University Intellectual
Property and the University‘s interest in Joint Intellectual Property shall be added to the definition of PATENT RIGHTS in the [***] License Agreement. All the terms and conditions of the [***] License Agreement shall apply. 

8.3 With respect to University Intellectual Property outside the Field of Use 1 or Field of Use 2, University hereby grants the first option, at
Sponsor’s sole selection, for either (a) a [***] license to use University Intellectual Property for [***] or (b) an [***] license with a right to [***]. Upon Sponsor’s exercise of the option, the parties shall promptly negotiate
a new license agreement in good faith, or upon mutual agreement, the University Intellectual Property may be described and added to the definition of Patent Rights contained in any license agreement then in effect between the parties. This option
shall extend for a period of [***] from the disclosure of University Intellectual Property to Sponsor. 

  
 6 

 Certain confidential information contained in this document, marked by [***], has been omitted because
Roivant Sciences Ltd. (the “Company”) has determined that the information (i) is not material and (ii) would likely cause competitive harm to the Company if publicly disclosed. 

 

 8.4 In the event that Sponsor wishes to exclusively commercialize Joint Intellectual Property outside the
Field of Use 1 or Field of Use 2, [***] shall pay full patent costs for protection and maintenance such joint inventions and shall be given an option to negotiate an agreement, containing [***] whereby the University will [***]. Upon Sponsor’s
exercise of the option, the parties shall promptly negotiate a license agreement in good faith. Upon mutual agreement the Joint Intellectual Property may be described and added to any license agreement then in effect between the parties or negotiate
a new license agreement, as the case may be. This option shall extend for a period of [***] from the disclosure of Joint Intellectual Property to Sponsor. 

8.5 In the event that Sponsor acquires an exclusive license or right under subsections 8.3 or 8.4 of this Article, the University will retain the right, to
continue to use any University Intellectual Property and Joint Intellectual Property within the University for any noncommercial purpose. 
 8.6 Rights
granted to Sponsor pursuant to this Agreement may be subject to [***]. 
 8.7 The Sponsor shall be in materia] breach of this Agreement if Sponsor fails to
make any and all of the payments due to University under this Agreement during the Contract Year as described in Section 4.1. Upon such failure to pay, all options and rights to Intellectual Property granted to Sponsor during the Contract Year
under Section 8 shall be immediately revoked and terminated. Additionally, all rights and licenses to Intellectual Property generated during the Contract Year that Sponsor fails to make full payment shall be immediately removed from the Patent
Rights of the [***] License Agreement and [***] License Agreement, and all such rights and licenses to Intellectual Property shall be immediately revoked without the right to cure such breach under Section 9.2 

ARTICLE 9 ·TERM AND TERMINATION 

9.1 This Agreement shall become effective upon the date first written above and shall continue in effect for the full duration of the Contract Period. The
parties hereto may, however, extend the term of this Agreement for additional periods as desired under mutually agreeable terms and conditions which the parties reduce to writing and sign. Sponsor may terminate this Agreement upon [***] prior
written notice to the University. The Sponsor or the University may terminate the Agreement or the Project Plan or any portion thereof, immediately if they determine that the safety of persons participating will be compromised if the work continues.
The University may terminate this Agreement upon [***] prior written notice to Sponsor if in the opinion of the University, as advised by legal counsel, continuation would violate any law, or regulation. [***]. In addition, if the performance of
this Agreement by the University is prevented, restricted or delayed by reason of any cause beyond the reasonable control of the University, unless conclusive evidence to the contrary is provided, the University shall be excused from performing to
the extent reasonable. When such circumstances arise, the parties shall discuss what, if any, modification of the terms of this Agreement may be required in order to arrive at an equitable solution. 

9.2 In the event that either party commits any material breach of or default in any of the material terms or conditions of this Agreement, and fails to remedy
such material default or breach within [***] after receipt of written notice thereof from the other party, the party giving notice may, at its option and in addition to any other remedies which it may have at law or in equity, terminate this
Agreement by sending notice of termination in writing to the other party. Such termination shall be effective as of the date of the receipt of such notice. 

  
 7 

 Certain confidential information contained in this document, marked by [***], has been omitted because
Roivant Sciences Ltd. (the “Company”) has determined that the information (i) is not material and (ii) would likely cause competitive harm to the Company if publicly disclosed. 

 

 9.3 Subject to Paragraph 8.7, no termination of this Agreement, however effectuated, shall release the
parties from their rights and obligations accrued prior to the effective date of termination. 
 9.4 Upon termination of this Agreement for any reason,
University shall either return or destroy, at the direction of the Sponsor and at Sponsor’s cost, any Confidential Information used in connection with the Project Plan. If Sponsor instructs University to destroy such matter, University shall
provide Sponsor with a written certificate that it has done so. 
 ARTICLE 10 - INDEPENDENT CONTRACTOR 

10.1 University shall be deemed to be and shall be an independent contractor and as such University shall not be entitled to any benefits applicable to
employees of Sponsor; 
 10.2 Neither party is authorized or empowered to act as agent for the other for any purpose and shall not on behalf of the other
enter into any contract, warranty or representation as to any matter. Neither shall be bound by the acts or conduct of the other. 

ARTICLE 11 - INSURANCE AND INDEMNIFICATION 

11.1 University warrants and represents that University has adequate liability insurance, such protection being applicable to officers, employees, and agents
while acting within the scope of their employment by University. University has no liability insurance policy as such that can extend protection to any other person. 

11.2 Each party hereby assumes any and all risks of personal injury and property damage attributable to the negligent acts or omissions of that party and the
officers, employees, and agents thereof. 
 11.3 Sponsor understands that the University is an educational institution created under Article 8,
Section 5 of the Michigan Constitution and operated pursuant to authority conferred by the State of Michigan. As a state institution the University is prohibited from lending the credit of the state pursuant to Article 9 of the Michigan
Constitution. Sponsor acknowledges that this Agreement does not confer upon Sponsor any right of claim of indemnification by the University, either express or implied. 

ARTICLE 12 - GOVERNING LAW 
 This
Agreement shall be governed and construed in accordance with the laws of the State of Michigan. 
 ARTICLE 13 - ASSIGNMENT 

13.1 Except as provided in Section 13.2, this Agreement shall not be assigned by either party without the prior written consent of the parties hereto.

 13.2 This Agreement is assignable without consent to any Affiliate of Sponsor, or in the event Sponsor assigns this Agreement to a successor-in-interest as a consequence of a merger, consolidation, sale of substantially all of the assets of Sponsor or transfer of more than 50% of its voting securities.
Sponsor shall provide written notice to University within [***] of the closing of such assignment. 

  
 8 

 Certain confidential information contained in this document, marked by [***], has been omitted because
Roivant Sciences Ltd. (the “Company”) has determined that the information (i) is not material and (ii) would likely cause competitive harm to the Company if publicly disclosed. 

 

 ARTICLE 14 - ENTIRE AGREEMENT/MODIFICATION 

This Agreement, and its Attachments contain the entire agreement between the parties. Any agreement to change the terms of this Agreement in any way shall be
valid only if the change is made in writing and approved by mutual agreement of authorized representatives of the parties hereto. 

ARTICLE 15 - CONFIDENTIALITY 
 15.1
University agrees to use the proprietary information and data acquired from Sponsor and identified as such at the time of disclosure (“Confidential Information”) only in performing the services of this Agreement and not to disclose to any
third party any such Confidential Information during and for a period of [***] from the date of disclosure. Confidential Information shall be disclosed in writing or reduced to writing within [***] of disclosure to University. 

15.2 The obligation to protect Confidential Information shall not apply to any information that: (1) is already in the possession of, or is independently
developed by, University without reliance on or reference to any information received from Sponsor; (2) becomes publicly available other than through breach of this provision; (3) is received by University from a third party with
authorization to make such disclosure; (4) is released with Sponsor’s written consent; or (5) is required to be released by law or court order provided Sponsor receives sufficient notice in advance of such release in order that
Sponsor may apply for a protective order or other confidential treatment. 
 ARTICLE 16 - NOTICES 

Notices hereunder shall be deemed made if given by confirmable fax or email with subsequent hard copy, registered or certified envelope, postage prepaid, and
addressed to the party to receive such notice at the address given below, or such other address as may hereafter be designated by notice in writing: 
  

			
	If to Sponsor:	  	[***]
		  	[***]
		  	[***]
		  	[***]
		  	[***]
		  	[***]
		  	[***]
		
	If to University:	  	[***]
		  	[***]
		  	[***]
		  	[***]
		  	[***]
		  	[***]
		  	[***]
		  	[***]
		  	[***]

  
 9 

 Certain confidential information contained in this document, marked by [***], has been omitted because
Roivant Sciences Ltd. (the “Company”) has determined that the information (i) is not material and (ii) would likely cause competitive harm to the Company if publicly disclosed. 

 

 ARTICLE 17 - SURVIVAL 

Termination, relinquishment or expiration of this Agreement for any reason shall be without prejudice to the survival of any accrued rights or obligations of
either the University or Sponsor under Articles 1, 5, 6,7, 8, 11, 12, 14, 15, 16, and 17 and Sections 3.3, 4.3, 9.3, 9.4, and Attachment B for any reason whatsoever, each in accordance with their stated term if a term is stated, and indefinitely if
no term is stated. 
 AGREED TO: 
  

									
	ONCOPIA THERAPEUTICS, LLC	 		 	THE REGENTS OF THE UNIVERSITY OF MICHIGAN
					
	[***]	 	 [***]
	 		 	[***]	 	 [***]

	[***]	 	[***]	 		 	[***]	 	[***]
	[***]	 	[***]	 		 	[***]	 	[***]

  

	
	Read and Acknowledged by:
	
	[***]
	
	[***]

 Certain confidential information contained in this document, marked by [***], has been omitted because
Roivant Sciences Ltd. (the “Company”) has determined that the information (i) is not material and (ii) would likely cause competitive harm to the Company if publicly disclosed. 

 

 Attachment A: Project Plan 

[***]EX-10.21

 Exhibit 10.21 

Certain confidential information contained in this document, marked by [***], has been omitted because Roivant Sciences Ltd. (the “Company”) has
determined that the information (i) is not material and (ii) would likely cause competitive harm to the Company if publicly disclosed. 

FIFTH AMENDMENT – SPONSORED RESEARCH AGREEMENT (AWD010075)

 This Fifth Amendment to the Sponsored Research Agreement [***] (the “FIFTH AMENDMENT”) is effective as of November 19, 2020 (the
“Fifth Amendment Effective Date”) between Oncopia Therapeutics Inc. (“Sponsor”) having an address at [***] and the Regents of the University of Michigan, a constitutional corporation of the State of Michigan, having a place of
business at [***] (“University,” and together with the Sponsor, the “PARTIES”). 
 WHEREAS, the PARTIES have entered into a
Sponsored Research Agreement [***] having an effective date of January 1, 2018 (the agreement [***] and the agreement effective date, the “Original Effective Date”) and amendments effective January 2, 2018 (the “FIRST
AMENDMENT”), January 1, 2019 (the “SECOND AMENDMENT”), July 11, 2019 (the “THIRD AMENDMENT”) and March 18, 2020 (the “FOURTH AMENDMENT”, and together with the [***] the FIRST AMENDMENT, the SECOND
AMENDMENT, and the THIRD AMENDMENT, the “MICHIGAN SRA”) for research under the direction of [***]; 
 WHEREAS, the PARTIES entered into
that certain license agreement on August 22, 2016 and amended September 13, 2016, through an assignment from [***] to Oncopia Therapeutics, LLC on November 17, 2017, and subsequently amended on July 30, 2018 and March 15,
2019 covering OTT files [***] and which files include certain inventions related to [***] (the [***] License Agreement”); 
 WHEREAS, the
PARTIES entered into that certain license agreement on July 30, 2018 covering OTT files [***] which files include certain inventions related to [***] respectively (the “[***] License Agreement”); 

WHEREAS, the PARTIES entered into that certain amended and restated license agreement dated as of November 16, 2020 (the “Amended and Restated
License Agreement”), which consolidated the [***] License Agreement and the [***] License Agreement; and 
 WHEREAS, the PARTIES now wish to
amend the MICHIGAN SRA to extend the project period and add additional funding to support new and ongoing research related to discovery and optimization of [***]. 

NOW, THEREFORE, the PARTIES agree to hereby amend the MICHIGAN SRA as follows: 

 

	 	1.	 Definition of Project Plan. Paragraph 1.2 of the MICHIGAN SRA is hereby amended and restated in its
entirety as follows: 

 “1.2 “Project Plan” shall mean the respective Project Plans and associated budget
for the applicable calendar year as mutually agreed upon by the Parties under the direction of [***] as Project Director as appended hereto and made a part of this Agreement as 

 Certain confidential information contained in this document, marked by [***], has been omitted because
Roivant Sciences Ltd. (the “Company”) has determined that the information (i) is not material and (ii) would likely cause competitive harm to the Company if publicly disclosed. 

 

 
Attachment A and successively numbered attachments (e.g., Attachment A-2, Attachment A-3, Attachment A-4, and Attachment A-5). For clarity and notwithstanding the foregoing, the plan set forth in Attachment A-5 shall initially be deemed
the Project Plan for calendar years 2021, 2022 and 2023.” 
  

	 	2.	 Definition of Contract Period. Paragraph 1.3 of the MICHIGAN SRA is hereby amended and restated in its
entirety as follows: 

 “1.3 “Contract Period” means the Initial Period and any Renewal Period (as defined
below), unless earlier terminated pursuant to this Agreement. For purposes of this definition, the “Initial Period” means the period beginning January 1, 2018, through December 31, 2023.” 

 

	 	3.	 Definition of Field of Use. Paragraph 1.5 of the MICHIGAN SRA is hereby amended and restated in its
entirety as follows: 

 “1.5 “Field of Use” 

1.5.1 “Field of Use 1” means treatment, palliation, prevention and diagnosis of [***] conceived during the course of providing
services under any Project Plan. In addition, Field of Use 1 includes the measurement, indication and/or prediction of the pharmacologic response to any treatment, palliation, prevention or diagnosis of [***] conceived during the course of providing
services under any Project Plan. 
 1.5.2 “Field of Use 2” means treatment, palliation, prevention and diagnosis of [***],
conceived during the course of providing services under any Project Plan. In addition, Field of Use 2 includes the measurement, indication and/or prediction of the pharmacologic response to any treatment, palliation, prevention or diagnosis of [***]
conceived during the course of providing services under any Project Plan.” 
  

	 	4.	 Definition of Joint Intellectual Property. Paragraph 1.7 of the MICHIGAN SRA is hereby amended and
restated in its entirety as follows: 

 “1.7 “Joint Intellectual Property” shall mean individually and
collectively all inventions, disclosures, improvements, modifications or discoveries that satisfy all of the following: are conceived or made jointly as defined in U.S. Patent law or other applicable U.S. intellectual property law, whether or not
patentable or copyrightable [***].” 

  
 -2- 

 Certain confidential information contained in this document, marked by [***], has been omitted because
Roivant Sciences Ltd. (the “Company”) has determined that the information (i) is not material and (ii) would likely cause competitive harm to the Company if publicly disclosed. 

 

	 	5.	 Definition of University Intellectual Property. Paragraph 1.9 of the MICHIGAN SRA is hereby amended and
restated in its entirety as follows: 

 “1.9 “University Intellectual Property” shall mean individually and
collectively all inventions, disclosures, improvements, modification or discoveries, whether or not patentable or copyrightable, which are conceived or made solely as defined by U.S. Patent law or other applicable U.S. intellectual property law
[***].” 
  

	 	6.	 Project Plan Revisions. Paragraph 2.1 of the MICHIGAN SRA is hereby renumbered “2.1(a)” and a
new Paragraph 2.1(b) is hereby added as follows: 

 “2.1(b) Between [***] and [***] Sponsor shall have the right to
fund research projects conducted by, or under the direction of, Project Director for up to a total of [***] targets of interest (in addition to research projects for each target of interest listed in Attachment
A-4). Sponsor and Project Director shall agree in writing to research projects for such targets from time to time, including in accordance with Paragraph 3.1. Further, the Parties anticipate that Sponsor will
fund research projects on [***] new targets in each of calendar years [***] but Sponsor may fund (x) fewer than [***] research projects on new targets for a particular calendar year in such period (in which case, Sponsor may fund additional
research projects on new targets in any following calendar year) or (y) more than [***] research projects on targets for a particular calendar year in such period, so long as, in each case, the number of research projects for targets funded by
Sponsor hereunder for calendar years [***] does not exceed [***] in the aggregate; provided that Sponsor can fund more than [***] research projects on new targets of interest by funding the reasonable out-of-pocket cost associated with any such additional research project to the extent not otherwise covered by the budget for the applicable calendar year. 

Upon agreement between Sponsor and University of any research project for a target in accordance with the foregoing paragraph, the Project Plan
shall be deemed automatically updated to include such research project. 
 The Parties agree that different research projects will require
different levels of effort and resources, so Sponsor and Project Director will work together in good faith to ensure that the aggregate 

  
 -3- 

 Certain confidential information contained in this document, marked by [***], has been omitted because
Roivant Sciences Ltd. (the “Company”) has determined that the information (i) is not material and (ii) would likely cause competitive harm to the Company if publicly disclosed. 

 

 
research effort in each calendar year is consistent with the budget for such calendar year. For the avoidance of doubt, the Parties agree that feasibility or advisory discussions around a
potential project/target will not constitute a standalone research project for such potential project/target.” 
  

	 	7.	 Reports. Paragraph 3.1 of the MICHIGAN SRA is hereby amended and restated in its entirety as follows:

 “3.1 Written program reports shall be provided by University to Sponsor not less frequently than [***] for each
calendar year, and upon Sponsor’s reasonable written request to University, and a final report shall be submitted by University at the conclusion of the Contract Period. Each program report shall include a summary of University’s
activities, including all actual and planned inventions, disclosures, improvements, modifications or discoveries that are conceived or made jointly as defined in U.S. Patent law, whether or not patentable or copyrightable, by the Project Director
and one or more employees of University under his direct supervision, in performance of the Project Plan during a calendar year of the Contract Period. Formal oral program reports shall be provided by Project Director to Sponsor on a [***] and
Project Director shall provide informal communications to Sponsor, in writing or by telecommunication on a regular, as-needed basis. In connection with such oral reports, the Parties shall add to the
then-current Project Plan each project that has been, or is expected to be, performed as a result of the funding provided by Sponsor (including the research projects agreed by Sponsor and Project Director pursuant to Paragraph 2.1(b)), such that the
Project Plan, as so revised, reflects current, and future projects performed as a result of the funding provided by Sponsor.” 
  

	 	8.	 Results. Paragraph 3.3 of the MICHIGAN SRA is hereby amended and restated in its entirety as follows:

 “3.3 The Sponsor may use and disclose results, information, data, know-how,
research tools and reports that are generated pursuant to the Project Plan (collectively, “Results”) for any and all lawful purposes, including with respect to (i) its submissions to governmental agencies (which includes submissions
for regulatory approval of any of Sponsor’s products and supporting patent applications), (ii) in connection with any research or development activities, to advisors, actual or potential acquisition partners, collaboration partners or investors
and others on a need to know basis, in each case under appropriate confidentiality obligations, and (iii) to research, develop, manufacture and commercialize Sponsor’s current or new product offerings (or improvements thereto). Project
Director shall deliver to Sponsor such Results on a calendar quarter basis or as may be requested by Sponsor from time to time, and in any event, within [***] after the expiration or earlier termination of this Agreement in accordance with Paragraph
7.5. Upon Sponsor’s reasonable request, University shall facilitate, and Project Director and others performing activities under the Project Plan shall provide, reasonable technical assistance for the purpose of assisting any transfer of
Results, including making Project Director and others performing activities under the Project Plan available to answer questions regarding the Results. Authorized representatives of the Sponsor or its designee shall have the right, upon reasonable
and advance notice, and during regular business hours, to monitor, examine and inspect the University’s and Project Director’s facilities and records associated with this Project Plan, and inspect and copy all work products relating to the
Project Plan in accordance with this Agreement.” 

  
 -4- 

 Certain confidential information contained in this document, marked by [***], has been omitted because
Roivant Sciences Ltd. (the “Company”) has determined that the information (i) is not material and (ii) would likely cause competitive harm to the Company if publicly disclosed. 

 

	 	9.	 Costs, Billings and Other Support. Paragraph 4.1 of the MICHIGAN SRA is hereby amended and restated in
its entirety as follows: 

 “4.1 It is agreed that total costs to Sponsor for the performance of services and purchase
of equipment necessary to complete the Project Plan during the first calendar year of the Contract Period shall be but not exceed, [***] as shown on Attachment B. Total costs to Sponsor for the performance of services and purchase of equipment
necessary to complete the Project Plan during the second calendar year of the Contract Period shall be but not exceed, [***] as shown on Attachment B-2. Total costs to Sponsor for the performance of services
and purchase of equipment necessary to complete the Project Plan during the third calendar year of the Contract Period shall be but not exceed, [***] as shown Attachment on B-4. Total costs to Sponsor for the
performance of services and purchase of equipment necessary to complete the Project Plan during the 2021, 2022, and 2023 calendar years shall be but not exceed [***] respectively, as shown on Attachment B-5.

 Payments to the University by Sponsor over the Contract Period are described below. All payments in US dollars shall be made in accordance
with the table below: 
  

									
	 Calendar Year from January

1
to December 31                
	  	Full Amount Due	 	  	 	 
	 [***]
	  	 	[***]	 	  	 	[***	] 
	 [***]
	  	 	[***]	 	  	 	[***	] 
	 [***]
	  	 	[***]	 	  	 	[***	] 
	 [***]
	  	 	[***]	 	  	 	[***	] 
	 [***]
	  	 	[***]	 	  	 	[***	] 
	 [***]
	  	 	[***]	 	  	 	[***	] 
	 Total
	  	 	[***]	 	  	 	[***	]” 

  
 -5- 

 Certain confidential information contained in this document, marked by [***], has been omitted because
Roivant Sciences Ltd. (the “Company”) has determined that the information (i) is not material and (ii) would likely cause competitive harm to the Company if publicly disclosed. 

 

	 	10.	 Patent Applications. Paragraph 7.4 of the MICHIGAN SRA is hereby amended and restated in its entirety as
follows: 

 “7.4 Following submission of an invention disclosure to the University’s Office of Technology
Transfer that describes the conception or reduction to practice of Intellectual Property by the Project Director in performance of this Agreement, the [***] will notify [***] within [***] of such disclosure. Unless [***] directs that a patent
application or application for other intellectual property protection not be filed, [***] shall promptly prepare, file, and prosecute such U.S. and foreign application in [***] name, or in the names of both parties if the invention is Joint
Intellectual Property and the [***] incurred in connection with such preparation, filing, prosecution, and maintenance of U.S. and foreign application(s). [***] shall cooperate with [***] to assure that such application(s) will cover, to the best of
[***] knowledge, all items of commercial interest and importance. While [***] shall be responsible for making decisions regarding scope and content of application(s) to be filed and prosecution thereof, [***] shall [***] shall inform [***] of all
developments with respect to such application(s) and shall promptly supply to [***] copies of all papers received and filed in connection with the prosecution thereof in sufficient time for [***] to comment thereon.” 

 

	 	11.	 Grant of Rights. Paragraph 8.2 of the MICHIGAN SRA is hereby amended and restated in its entirety as
follows: 

 “8.2.1 With respect to University Intellectual Property and/or Joint Intellectual Property within the
Field of Use 1, unless Sponsor requests that such University Intellectual Property and the University’s interest in Joint Intellectual Property not be added to the definition of PREDECESSOR PATENT RIGHTS in the Amended and Restated License
Agreement, such request to be within [***] from the date of the University’s disclosure to Sponsor, Sponsor and University agree that such University Intellectual Property and the University’s interest in Joint Intellectual Property shall
be deemed to be added. 

  
 -6- 

 Certain confidential information contained in this document, marked by [***], has been omitted because
Roivant Sciences Ltd. (the “Company”) has determined that the information (i) is not material and (ii) would likely cause competitive harm to the Company if publicly disclosed. 

 

 8.2.2 With respect to University Intellectual Property and/or Joint Intellectual Property
within the Field of Use 2, unless Sponsor requests that such University Intellectual Property and the University’s interest in Joint Intellectual Property not be added to the definition of ONCOPIA PATENT RIGHTS or FUTURE PATENT RIGHTS, as
applicable, in the Amended and Restated License Agreement, such request to be within [***] from the date of the University’s disclosure to Sponsor, Sponsor and University agree that such University Intellectual Property and the
University’s interest in Joint Intellectual Property shall be deemed to be added.” 
  

	 	12.	 Third Party Funding. A new Paragraph 8.8 is hereby added to the MICHIGAN SRA as follows:

 “8.8 University agrees that Sponsor shall be only for-profit entity to
provide research funding for Project Director for any project included in the Project Plan. In the event that a different for-profit entity offers to provide research funding to Project Director related to any
[***] in each case not contemplated by the then-current Project Plan, University shall notify such entity that Sponsor is providing research funding to Project Director in related areas and has the option to provide research funding in the requested
area. [***].” 
  

	 	13.	 Term. Paragraph 9.1 of the MICHIGAN SRA is hereby amended and restated in its entirety as follows:

 “9.1 This Agreement shall become effective upon the date first written above and shall continue in effect for the
full duration of the Contract Period (which as of the Fifth Amendment Effective Date, is the Initial Period). Upon Sponsor’s written request provided prior to the end of the then-current calendar year, Sponsor may extend the Contract Period for
up to [***] (each, a “Renewal Period”), in each case subject to mutual agreement on the Project Plan and budget to reflect the research being performed during the applicable Renewal Period, which Sponsor and the University agree to work
toward in good faith. Sponsor may terminate this Agreement upon [***] prior written notice to the University. The Sponsor or the University may terminate the Agreement or the Project Plan or any portion thereof, immediately if they determine that
the safety of persons participating will be compromised if the work continues. The University may terminate this Agreement upon [***] prior written notice to Sponsor if in the opinion of the University, as advised by legal counsel, continuation
would violate any law, or regulation. [***]. In addition, if the performance of this Agreement by the University is prevented, restricted or delayed by reason of any cause beyond the reasonable control of the University, unless conclusive evidence
to the contrary is provided, the University shall be excused from performing to the extent reasonable. When such circumstances arise, the parties shall discuss what, if any, modification of the terms of this Agreement may be required in order to
arrive at an equitable solution.” 

  
 -7- 

 Certain confidential information contained in this document, marked by [***], has been omitted because
Roivant Sciences Ltd. (the “Company”) has determined that the information (i) is not material and (ii) would likely cause competitive harm to the Company if publicly disclosed. 

 

	 	14.	 Project Plan. Attachment A-5 hereto shall be added as Attachment
A-5 to the MICHIGAN SRA. 

  

	 	15.	 Budget. Attachment B-5 hereto shall be added as Attachment B-5 to the MICHIGAN SRA. 

  

	 	16.	 Diligence. Sponsor agrees (directly or through one or more affiliates or other third parties) to achieve
the diligence milestones listed on Attachment C hereto (which shall be added as Attachment C to the MICHIGAN SRA) within [***] of the Fifth Amendment Effective Date. If Sponsor (or any third party) does not achieve any such milestone within [***] of
the Fifth Amendment Effective Date and if University provides written notice thereof within sixty [***] after the [***] anniversary of the Fifth Amendment Effective Date, Sponsor shall not have the right to renew the MICHIGAN SRA for the Renewal
Period pursuant to Paragraph 9.1. This Paragraph 16 states the sole and exclusive remedy of MICHIGAN in the event Sponsor fails to achieve such milestones within such time period. 

 

	 	17.	 General. Notwithstanding the prior amendments, the provisions of this FIFTH AMENDMENT are deemed
effective as of the Fifth Amendment Effective Date. Except as specifically modified and amended above, all other terms and conditions of the MICHIGAN SRA remain unchanged and in effect and are hereby ratified and adopted as though fully set forth
herein. 

 [Remainder of Page Intentionally Left Blank] 

  
 -8- 

 Certain confidential information contained in this document, marked by [***], has been omitted because
Roivant Sciences Ltd. (the “Company”) has determined that the information (i) is not material and (ii) would likely cause competitive harm to the Company if publicly disclosed. 

 

 IN WITNESS WHEREOF, the PARTIES have entered into this FIFTH AMENDMENT
as of the FIFTH AMENDMENT EFFECTIVE DATE. 
  

									
	ONCOPIA THERAPEUTICS, INC.	 		 	THE REGENTS OF THE UNIVERSITY OF MICHIGAN
					
	By:	 	
[***]                    
                                         
                   
	 		 	By:	 	
[***]                    
                                         
                   

	Name:	 	[***]	 		 	Name:	 	[***]
	Title:	 	[***]	 		 	Title:	 	[***]

  
 [Signature Page to the
Fifth Amendment to the Michigan SRA] 

 Certain confidential information contained in this document, marked by [***], has been omitted because
Roivant Sciences Ltd. (the “Company”) has determined that the information (i) is not material and (ii) would likely cause competitive harm to the Company if publicly disclosed. 

 

 Attachment A-5 

Project Plan 
 [***]

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