Document:

EX-10.2

 EXHIBIT 10.2 

 

Portions of this Exhibit have been redacted because they are both (i) not material and (ii) the registrant
customarily and actually treats such information as private or confidential. Information that was omitted has been noted in this document with a placeholder identified by the mark “[***]”. 

ASSET TRANSFER AGREEMENT 

by and between 
 SWEDISH
ORPHAN BIOVITRUM AB (PUBL) 
 and 

IPC RESEARCH, LLC 

DATE: 15 MARCH 2019 
  

 TABLE OF CONTENTS 

 

							
	 1.
	 	 Definitions
	  	 	1	 
			
	 2.
	 	 Construction
	  	 	12	 
			
	 3.
	 	 Sale, Transfer and License
	  	 	13	 
			
	 4.
	 	 Additional Provisions Regarding the Transferred Patents
	  	 	15	 
			
	 5.
	 	 Diligent Efforts; Information Sharing
	  	 	19	 
			
	 6.
	 	 Third Party Contracts
	  	 	19	 
			
	 7.
	 	 Consideration
	  	 	24	 
			
	 8.
	 	 Non-Compete
	  	 	32	 
			
	 9.
	 	 Asset Divestment or Termination of Further Development by IPC
	  	 	33	 
			
	 10.
	 	 [deleted]
	  	 	34	 
			
	 11.
	 	 Warranties
	  	 	34	 
			
	 12.
	 	 Indemnification
	  	 	36	 
			
	 13.
	 	 Confidentiality
	  	 	38	 
			
	 14.
	 	 Announcements and Use of Name
	  	 	39	 
			
	 15.
	 	 Force Majeure
	  	 	40	 
			
	 16.
	 	 Governing Law
	  	 	41	 
			
	 17.
	 	 Disputes
	  	 	41	 
			
	 18.
	 	 Notices
	  	 	42	 
			
	 19.
	 	 Severability
	  	 	42	 
			
	 20.
	 	 Entire Agreement
	  	 	43	 
			
	 21.
	 	 Waiver and Non-Exclusion of Remedies
	  	 	43	 
			
	 22.
	 	 Assignment
	  	 	44	 
			
	 23.
	 	 Amendment
	  	 	44	 
			
	 24.
	 	 Counterparts
	  	 	45	 
			
	 25.
	 	 Further Assurances
	  	 	45	 
			
	 26.
	 	 Third Party Rights
	  	 	45	 

  
 -i- 

 SCHEDULES 
  

			
	Schedule 1	  	The Assets
		
	Schedule 2	  	The Program
		
	Schedule 3	  	Confirmatory Patent Assignment Schedule 4 Third Party Contracts
		
	Schedule 5	  	Notice to University of Oslo
		
	Schedule 6	  	Notice to University of Queensland
		
	Schedule 7	  	Contract Assignment Agreement -Affibody ROA and PLA
		
	Schedule 8	  	Strain and Plasmid Technology

  

  
 -ii- 

 This Asset Transfer Agreement (the “Agreement”) is made effective as of
15 March 2019 (the “Effective Date”) by and between 
  

	(1)	 Swedish Orphan Biovitrum AB (Publ), a company incorporated in Sweden under no. 556038-9321 with offices at S-112 76 Stockholm, Sweden (“Sobi”) and 

  

	(2)	 IPC Research, LLC, a company incorporated in Delaware, USA, with offices at c/o Grimes & Yvon LLP, 800
Third Ave., 28th Floor, New York, NY 10022 (“IPC”). 

 Recitals 

 

	(A)	 WHEREAS, Sobi is engaged in the research and development of novel biopharmaceutical drugs that work as
inhibitors of complement protein C5 (the “Program”) in relation to which Sobi has identified a number of compounds, including those encoded as SOBI002 and SOBI005; 

 

	(B)	 WHEREAS, Sobi exclusively owns or controls all assets, including the abovementioned compounds, pertaining to
the Program. 

  

	(C)	 WHEREAS, Sobi desires to sell to IPC – and IPC desires to purchase from Sobi – the aforesaid assets
on the terms and conditions set forth in this Agreement. 

 AGREEMENT 

NOW, THEREFORE, in consideration of the mutual covenants contained in this Agreement, and other good and valuable consideration, the receipt
and sufficiency of which are hereby acknowledged, the Parties, intending to be legally bound, agree as follows: 
  

	1.	 Definitions 

Unless otherwise specifically provided in this Agreement, the following terms shall have the following meanings: 

 

	1.1.	 “Affibody” means Affibody AB, Gunnar Asplunds Allé 24, 171 63 Solna, Sweden, and all
its Affiliates. 

	1.2.	 “Affibody Agreements” means the following agreements by and between Sobi and Affibody, as some
of them subsequently have been amended, (i) the Research Collaboration and Option Agreement effective as of 23 March 2009 (the “Affibody ROA”); (ii) the Product License Agreement related to the Program effective as of
9 March 2012 (the “Affibody PLA”); (iii) the Letter Agreement dated 4 November 2015 (the “[***] Agreement”); (iv) the Letter Agreement dated 20 October 2014 (the “[***] Letter
Agreement”); and (v) the Material Transfer Agreement dated 30 November 2016 (the “[***] MTA”). 

  

	1.3.	 “Affiliate” means, with respect to a Person, any Person that directly, or indirectly through
one or more intermediaries, controls, is controlled by or is under common control with such first Person. For the purpose of this definition only, the term “control” and, with correlative meanings, the terms “controlled by” and
“under common control with” mean (a) the power to direct the management or policies of a Person, whether through ownership of voting securities or by contract relating to voting rights or corporate governance, resolution, regulation
or otherwise, or (b) to own 50% or more of the outstanding voting securities or other ownership interest of such Person. 

  

	1.4.	 “Annual Net Sales” means the Net Sales made during a given Calendar Year.

  

	1.5.	 “Asset List” means the asset list attached hereto as Schedule 1. 

 

	1.6.	 “Assignable Third Party Contract(s)” means the Affibody ROA, the Affibody PLA, the
[***] MTA and the [***] MTA, some of which have expired with certain surviving terms and conditions. 

  

  
 -2- 

	1.7.	 “Assets” means the Patent Rights (including without limitation Transferred Patents), the
Compounds, the Materials, the Know-How, the Data, the Assignable Third Party Contracts, and the Records as well as any other assets listed in the Asset List. For avoidance of doubt, Sobi’s proprietary
ElveraTM platform technology is not part of the Assets and no license to the said technology is granted hereunder. For the avoidance of doubt, the Affibody Agreement and Sobi’s rights
thereunder are included in the Assets, but the intellectual property licensed to Sobi under the Affibody Agreement remains licensed and is not part of the Assets. 

	1.8.	 “Business Day” means a day (other than a Saturday or Sunday) on which banks are open for
business in Sweden. 

  

	1.9.	 “C5-inhibitor” means a biopharmaceutical drug or
compound that works as an inhibitor of complement protein C5. [***] 

  

	1.10.	 “Calendar Quarter” means each successive period of three (3) calendar months commencing
on 1st January, 1st April, 1st July and 1st October. 

  

	1.11.	 “Calendar Year” means each successive period of twelve (12) calendar months commencing on
1st January. 

  

	1.12.	 “[***]” means “the [***]” sponsored by [***] and certain Swedish universities
and companies, including Sobi. 

  

	1.13.	 “[***] Agreement” means the [***] agreement entitled “[***]” effective as of
January 1, 2018 to which Sobi is a party. 

  

	1.14.	 “[***] Results” means any [***] Results or [***] Results (as these terms are defined in the
[***] Agreement) generated in [***] and Controlled by Sobi on the Effective Date. 

  

	1.15.	 “Commercially Reasonable Efforts” or “CRE” means, [***].

  

	1.16.	 “Compound Product” means a product that contains a Compound as active ingredient.

  
 -3- 

	1.17.	 “Compound(s)” means (i) all compounds specified in the Asset List, (ii) all
compounds described, covered or claimed by any of the Transferred Patents (although not specified in the Asset List), and (iii) all compounds other than (i) or (ii) being C5-inhibitors discovered,
conceived, reduced to practice or otherwise generated by or on behalf of Sobi in connection with the Program prior to the Effective Date. To assess the half-life extension properties of Sobi’s proprietary ElveraTM platform technology Sobi has, outside of the Program, generated C5-inhibitor compounds that utilize the said platform technology. For avoidance of doubt,
no such compounds shall be deemed Compounds hereunder and, consequently, are not included in the Assets. 

  

	1.18.	 “Confidential Information” means (a) the existence and contents of this Agreement and
(b), subject to Section 13, any information relating to a Party’s or its Affiliates’ business, research or development activities – including any trade secrets and any scientific, technical, financial or business information
– disclosed or made available by or on behalf of a Party or any of its Affiliates to the other Party or any of its Affiliates in any form including, without limitation, oral and written form. After the Effective Date, information regarding the
Assets shall be the Confidential Information of IPC. 

  

	1.19.	 “Confirmatory Patent Assignment” has the meaning set forth in Section 4.2.

  

	1.20.	 “Control” means, with respect to any item of information or intellectual property right,
possession of the right, whether directly or indirectly, and whether by ownership, licence or otherwise, to assign, or grant a licence, sublicense or other right to or under, such information or intellectual property right, as provided for herein
without violating the terms of any agreement or other arrangement with any Third Party. 

  
 -4- 

	1.21.	 “Data” means all data arising from the operation of the Program up until the Effective Date
including the results of all experimentation and testing and any preclinical data. 

  

	1.22.	 “Distributor” has the meaning set forth in Section 4.8. 

 

	1.23.	 “Effective Date” is defined in the introduction of this Agreement. 

 

	1.24.	 “Encumbrance” means any interest of any Person other than the Parties, including any mortgage,
charge, pledge, lien or other security interest of any kind, any licence, any right to acquire, or any option or right of pre-emption. 

 

	1.25.	 “Exempt Third Party Products” means any product containing a
C5- inhibitor that is owned or Controlled by a Third Party and that has been approved by the applicable Health Authority for marketing in any country of the Territory prior to the Effective Date or that is so
approved during the [***] (as defined in Section 8.1). An Exempt Third Party Product shall include any non-approved product containing the same active ingredient as the approved Exempt Third Party Product
(but e.g. having a different formulation, dosage form, strength, use, indication or otherwise is a line extension of the Exempt Third Party Product). For clarity, [***] and [***] are the only Exempt Third Party Products as at the Effective Date.

  

	1.26.	 “Exploit” means to make, have made, import, use, sell, or offer for sale, including to
research, develop, register, modify, enhance, improve, Manufacture, have Manufactured, hold or keep (whether for disposal or otherwise), formulate, optimise, have used, export, transport, distribute, promote, market or have sold or otherwise dispose
or offer to dispose of, a product or process and “Exploitation” means the act of Exploiting a product or process. 

  
 -5- 

	1.27.	 “EU” or “European Union” means the economic, scientific and political
organization of European member states, as its membership exists as of the Effective Date, including without limitation, the United Kingdom. 

  

	1.28.	 “Field” means inhibition of complement protein C5. 

 

	1.29.	 “FDA” means the United States Food and Drug Administration and any successor agency thereto.

  

	1.30.	 “First Commercial Sale” means the first sale for monetary value for use or consumption by the
general public of a Product in a particular country after Health Registration Approval for such Product has been obtained in such country. For the avoidance of doubt, sales prior to receipt of Health Registration Approval necessary to commence
regular commercial sales in a country, such as so-called “treatment IND sales”, “named patient sales” and “compassionate use sales”, shall not be construed as a First Commercial
Sale. 

  

	1.31.	 “Force Majeure” has the meaning set forth in Section 15.1. 

 

	1.32.	 “Force Majeure Party” has the meaning set forth in Section 15.1. 

 

	1.33.	 “Health Authority” means any applicable supra-national, federal, national, regional, state,
provincial or local regulatory agencies, departments, bureaus, commissions, councils or other government entities regulating or otherwise exercising authority with respect to the Exploitation of a Compound or a Compound Product.

  

	1.34.	 “Health Registration Approval” means, with respect to a particular country, any MAA and all
approvals, licences, registrations or authorisations of any Health Authority necessary to commercially distribute, sell or market a Compound Product in such country, including, where applicable, (a) pricing or reimbursement approval in such
country, (b) pre- and post-approval marketing authorisations (including any prerequisite Manufacturing approval or authorisation related thereto), (c) labelling approval and (d) technical, medical
and scientific licences. 

  
 -6- 

	1.35.	 “Indirect Taxes” means value added taxes, sales taxes, consumption taxes and other similar
taxes. 

  

	1.36.	 “Know-How” means any unpatented technical and other
information developed or arising from the conduct of the Program prior to the Effective Date, including inventions, discoveries, methods, processes and procedures, ideas, concepts, formulae, specifications, evaluations, analyses, procedures for
experiments and tests, that is necessary or useful for understanding, practising, using or otherwise Exploiting the Transferred Patents and the inventions described therein, the Compounds or the Materials, including such information contained in or
in relation to laboratory notebooks, the Records, experimental data, research summaries and reports, invention disclosures, and internal and external study results, manufacturing data, batch records, composition, method, trade secret, formula,
protocol, technique or other data. 

  

	1.37.	 “Knowledge” shall mean the knowledge and good faith understanding of any given facts and
information of a senior qualified person of Sobi as of the Effective Date after having performed a diligent investigation with respect to such facts and information immediately prior to the Effective Date. 

 

	1.38.	 “Licensee” has the meaning set forth in Section 4.7. 

 

	1.39.	 “Loss” means any and all liabilities, claims, demands, causes of action, damages, suits,
costs, reduction of value, loss and expenses, including interest, penalties, and lawyers’ fees and disbursements. 

  
 -7- 

	1.40.	 “MAA” or “Marketing Authorization Application” means an application for the
authorization to market a product in any particular country or regulatory jurisdiction, as defined in applicable laws and filed with the applicable Health Authority of such country or regulatory jurisdiction, including any biologics license
applications (BLAs). 

  

	1.41.	 “Manufacture” and “Manufacturing” means, with respect to a product or
compound, the synthesis, manufacturing, processing, formulating, packaging, labelling, holding and quality control testing of such product or compound. 

  

	1.42.	 “Materials” means all physical quantities of the Compounds and all other materials that either
(a) were used in the Program, except for materials that were not exclusively developed in or for the Program and can be applied also outside of the Program (e.g., commercially available reagents); or (b) are listed in part 2 of the Asset
List. 

  

	1.43.	 “Net Sales” means the gross amounts received on a cash basis for sales of Products by IPC, its
Affiliates and Licensees to Third Parties (including Distributors), after deduction of: 

  

	 	(a)	 [***]; 

  

	 	(b)	 [***]; 

  

	 	(c)	 [***]; 

  

	 	(d)	 [***]; 

  

	 	(e)	 [***]; and 

  

	 	(f)	 [***]. 

[***]. 
  

	1.44.	 “Parties” means IPC and Sobi and “Party” means either IPC or Sobi as the
context requires. 

  
 -8- 

	1.45.	 “[***] Agreement” means the [***] agreement entitled “[***]” dated 2 January
2018, to which Sobi is a party. 

  

	1.46.	 “[***] Results” means any [***] Rights or [***] Foreground Rights (as these terms are defined
in the [***] Agreement) generated under the [***] Agreement and Controlled by Sobi. 

  

	1.47.	 “[***] MTA” means the Research Collaboration Agreement dated 10 December 2014 by and
between the [***] and Sobi, as amended. 

  

	1.48.	 “[***]” means [***] under the [***] Agreement. 

 

	1.49.	 “Patents” means (a) all national, regional and international patents and patent
applications, including provisional patent applications, (b) all patent applications filed either from such patents, patent applications or provisional applications or from an application claiming priority from either of these, including
divisionals, continuations, continuations-in-part, provisionals, converted provisionals, and continued prosecution applications, (c) any and all patents that have
issued or in the future issue from the foregoing patent applications ((a) and (b)), including utility models, petty patents and design patents and certificates of invention, (d) any and all extensions or restorations by existing or future
extension or restoration mechanisms, including revalidations, reissues, re-examinations, renewals and extensions (including any supplementary protection certificates and the like) of the foregoing patents or
patent applications ((a), (b) and (c)), and (e) any importation, revalidation, confirmation or introduction patent or registration patent or patent of additions to any such foregoing patent applications and patents; and in each case,
equivalents in countries other than the United States. For the purposes of clarity, the above definition of the term “Patent” applies to all other terms that incorporate the term “Patent,” including, without limitation, the terms
“Transferred Patent,” “Subsequent Patent” and “Know-How Patents.” 

  
 -9- 

	1.50.	 “Patent Rights” has the meaning set forth in Section 4.1. 

 

	1.51.	 “Payments” has the meaning set forth in Section 7.14. 

 

	1.52.	 “Person” means an individual, sole proprietorship, partnership, limited partnership, limited
liability partnership, corporation, limited liability company, business trust, joint stock company, trust, incorporated association, joint venture or similar entity or organization. 

 

	1.53.	 “Phase II Clinical Trial” means exploratory clinical studies of a molecule in a limited number
of humans to investigate efficacy and safety in the indication for which a product is intended, in order to provide proof of concept or to determine optimum efficacious dosing regimens. A Phase II Clinical Trial shall also include any combined Phase
I/II or Phase II/III study or any Phase III study in lieu of a Phase II study, whether or not such study is a traditional Phase II study (“Seamless Phase I/II Study”). A Phase II Clinical Trial shall be deemed to have commenced when the
first patient is dosed in such Phase II Clinical Trial. 

  

	1.54.	 “Phase III Clinical Trial” means a confirmatory clinical study in humans of the efficacy and
safety of a product, which is designed to demonstrate whether such product is effective and safe for use in a particular indication. A Phase III Clinical Trial shall also include any combined Phase II/III study or any Phase II study in lieu of a
Phase III study, whether or not such study is a traditional Phase III study (“Seamless Phase II/III Study”). A Phase III Clinical Trial shall be deemed to have commenced when the first patient is dosed in such Phase III Clinical Trial.

  
 -10- 

	1.55.	 “Product” means a Compound Product for which Health Registration Approval has been obtained
for sale – and which is marketed and sold – in the Territory. 

  

	1.56.	 “Program” means the research activities referred to in Recital (A) above, as further
described in Schedule 2. 

  

	1.57.	 “Program Asset” has the meaning set forth in Section 3.5. 

 

	1.58.	 “[***] MTA” means the Material Transfer Agreement dated 24 December 2016 by and between
the [***] and Sobi. 

  

	1.59.	 “Records” means the records listed in part 3 of the Assets List and all other laboratory
notebooks, clinical and regulatory filings (if any), certifications, consents, approvals and other records, documents and files (whether in paper, electronic or other form) which contain information relating to the Program including Know-How, Data or information relating to the prosecution or maintenance of the Transferred Patents as well as any and all agreements with and assignments from the inventors of the inventions covered or claimed by
the Transferred Patents. 

  

	1.60.	 “Subsequent Patents” has the meaning set forth in Section 4.1.2. 

 

	1.61.	 “Third Party” means any Person other than (i) the Parties, (ii) the Parties’
respective Affiliates or (iii), in the case of IPC, its Licensees. 

  

	1.62.	 “Third Party Contract(s)” has the meaning set forth in Section 6.1.

  

	1.63.	 “Territory” means all countries in the world. 

 

	1.64.	 “Transferred Patents” means all of the Patents and Patent applications specified in part 1 of
the Asset List (and all rights of priority with respect to such patent applications). 

  

	1.65.	 “Valid Claim” means, with respect to a Product in a particular country, any claim of a Patent
included in the Patent Rights that (i) is Controlled by IPC or any of its Affiliates or Licensees, (ii) specifically or generically claims a Compound included in such Product as a composition of matter and (iii) either,

  
 -11- 

	 	(a)	 with respect to a granted and unexpired Patent in such country, (AA) has not been held permanently revoked,
unenforceable or invalid by a decision of a court or other governmental agency of competent jurisdiction, which decision is unappealable or unappealed within the time allowed for appeal, and (BB) has not been abandoned, disclaimed, denied or
admitted to be invalid or unenforceable through reissue or disclaimer or otherwise; or, 

  

	 	(b)	 with respect to a pending Patent application, was filed and is being prosecuted in good faith and has not been
abandoned or finally disallowed without the possibility of appeal or re-filing of the application, provided that such claim has not been pending for more than (a) seven (7) years if pending in a country
other than Japan and (b) ten (10) years if pending in Japan. 

  

	2.	 Construction 

Except where the context requires otherwise, whenever used the singular includes the plural, the plural includes the singular, the use of any
gender is applicable to all genders and the word “or” has the inclusive meaning represented by the phrase “and/or”. Whenever this Agreement refers to a number of days, unless otherwise specified, such number refers to calendar
days. The headings of this Agreement are for convenience of reference only and do not define, describe, extend or limit the scope or intent of this Agreement or the scope or intent of any provision contained in this Agreement. The term
“including” or “includes” as used in this Agreement means including, without limiting the generality of any description preceding such term. The wording of this Agreement shall be deemed to be the wording mutually chosen by the
Parties and no rule of strict construction shall be applied against any Party. 

  
 -12- 

	3.	 Sale, Transfer and License 

 

	3.1.	 Sale and Transfer of the Assets. Upon the terms and conditions set forth in this Agreement, Sobi
hereby sells and transfers and assigns to IPC as of the Effective Date, and IPC hereby purchases, assumes and takes over, as of such date, all of Sobi’s right, title and interest in and to all of the Assets. Subject to Section 6.2, (i) IPC
shall as per the Effective Date assume all revenues, costs, debts, liabilities, rights and obligations under the Assignable Third Party Contracts and expenses pertaining to the Assets that accrue on or after the Effective Date, including any future
development or Patent costs; and (ii) Sobi shall remain responsible for all revenues, costs, debts, liabilities, rights and obligations under the Assignable Third Party Contracts and expenses pertaining to the Assets that accrued prior to the
Effective Date. Sobi further grants to IPC a non-exclusive, perpetual, irrevocable and fully paid up license, with the right to grant sub-licenses, under Sobi’s
rights to the Strain and Plasmid Technologies specified in Schedule 8, as they exist on the Effective Date, for use solely in the Field. 

  

	3.2.	 Delivery of the Assets. Except to the extent otherwise set forth in this Agreement, Sobi shall within
Thirty (30) Business Days after the Effective Date deliver to IPC all Assets that are capable of being physically delivered. Sobi shall deliver such Assets Ex Works (EXW), Sobi’s premises in Stockholm (construed in accordance with
Incoterms 2010). Transfer of electronic records will be performed as described in the Electronic Records Transfer Plan enclosed to Schedule 1. 

  

	3.3.	 Further Actions. Each of IPC and Sobi shall, from time to time and at its own cost, execute and deliver
all such further instruments or documents and take all such further action as the other Party may reasonably request in order to consummate effectively the transfer of Assets contemplated by this Agreement. 

  
 -13- 

	3.4.	 In Man Testing. IPC acknowledges that the physical Compound quantities to be transferred hereunder by
Sobi do not meet the regulatory standards for being tested or used in humans. IPC undertakes and warrants to Sobi that any such Compound quantities will not be used in humans in connection with clinical trials or otherwise without IPC first having
(i) further processed such Compound quantities in a manner and/or taken such other actions required for the relevant Compound quantities to be brought up to and meet the applicable regulatory standards and (ii) having received prior
written approval for use in humans from the relevant regulatory authorities in countries where the Compound quantities are intended to be used in humans. 

  

	3.5.	 Completeness of Assets; Assets Subsequently Identified. Sobi warrants that it has, prior to the
Effective Date, undertaken a diligent search of all compounds, Patents, materials, records, data and other rights and assets relating exclusively to, used exclusively in or arising exclusively from research conducted by or on behalf of Sobi in
relation to the Program prior to the Effective Date (collectively, “Program Assets”). The Assets and the rights acquired by IPC under this Agreement comprise all Program Assets, save for to the extent that any Assignable Third Party
Contract or part thereof is not assigned or novated to IPC, provided that the Parties have complied with Section 6.2. All such Program Assets will be delivered to IPC pursuant to the terms of this Agreement. In the event that after the
Effective Date Sobi (despite having conducted such diligent search) or IPC identifies any Program Asset which was not actually delivered to IPC as a result of the transactions carried out pursuant to this Agreement, then, 

  
 -14- 

	 	(i)	 in the event Sobi is the Party identifying such Program Asset, Sobi shall promptly notify IPC thereof in
writing, and 

  

	 	(ii)	 regardless of which Party identified such Program Asset, Sobi shall at IPC’s written request promptly
transfer (or procure the transfer of) that Program Asset to IPC at Sobi’s cost. The Program Asset shall be deemed to form part of the definition of Compounds, Transferred Patents, Materials, Data or Records (as appropriate) and by the
definition of Assets. 

  

	4.	 Additional Provisions Regarding the Transferred Patents 

 

	4.1.	 Patent Rights. The transfer as per Section 3.1 includes all of Sobi’s right, title and
interest in and to the following rights (the “Patent Rights”), which are thus hereby assigned by Sobi to IPC as of the Effective Date to be held and enjoyed by IPC for its own use and for the use of its Affiliates, successors, licensees
and assignees: 

  

	 	4.1.1.	 the Transferred Patents; 

 

	 	4.1.2.	 any and all Patents (the “Subsequent Patents”) in any country that may be issued to or on any of the
patent applications specified in the Asset List; 

  

	 	4.1.3.	 all of Sobi’s right to make any patent applications – and all rights, title and interest in any
patent application made – in any country in relation to any part of the Know-How (the “Know-How Patents”); and 

 

	 	4.1.4.	 any and all causes of action, claims, demands or other rights, occasioned from or because of any and all past
and future infringement of any of the Transferred Patents, Subsequent Patents or Know-How Patents, including all rights to recover damages, profits and injunctive relief for infringement of any of the
Transferred Patents, Subsequent Patents or Know-How Patents. 

  
 -15- 

	4.2.	 Further Actions to Effectuate Transfer. Sobi shall at IPC’s request and expense promptly execute
and sign any further instruments, applications or documents and take any further actions necessary or useful for IPC (a) to become the registered owner of the Patent Rights; and (b) to otherwise enjoy the full benefit of Patent Rights.
Without prejudice to the foregoing, the Parties shall, where appropriate and at IPC’s request and expense, execute a separate confirmatory patent assignment document substantially in the form set forth in Schedule 3 (“Confirmatory Patent
Assignment”). For the purposes of clarity, the Parties acknowledge that this Agreement is effective as a present assignment of all rights, title, and interest in and to the Transferred Patents and any Subsequent Patents and inventions
underlying any future Know-How Patents, but that, one or more Confirmatory Patent Assignments may be executed, to the extent desired or necessary, for example to serve as a recordable instrument documenting
such present assignment, or to add any additional rights not deemed to have been assigned by this Agreement. The Parties further agree that IPC shall submit to the relevant patent authorities in the relevant jurisdictions any executed Confirmatory
Patent Assignment, amended as reasonably necessary, and shall bear the costs associated with the registration thereof. 

  

	4.3.	 Filing, Prosecution, Maintenance of Transferred Patents. For the avoidance of doubt, and subject to
anything to the contrary in the Affibody Agreement, IPC shall as from the Effective Date have the sole right, but not the obligation, at its sole discretion and expense, through counsel of its choosing, to prepare, file, obtain, prosecute (including
any interferences, reissue proceedings and re-examinations) maintain, defend and discontinue all Patent Rights throughout the world. Should IPC elect to continue with patent counsel that is currently
prosecuting the Transferred Patents, and to the extent required by law or by any applicable rules of professional conduct, Sobi shall, at IPC’s request, execute any document that may be required to allow IPC to use such counsel, including any
waivers of conflict of interest. During the transition of the Transferred 

  
 -16- 

	 	
Patents from Sobi to IPC and until the transfer is complete, Sobi shall at IPC’s direction and expense continue to prosecute open applications, and shall file new continuation and/or
divisional applications, if and where necessary to seek to ensure that there is no closure of any priority chain in the Transferred Patents and no loss of right to claim priority to any of the Transferred Patents, except as otherwise directed by IPC
in writing. 

  

	4.4.	 Enforcement of Transferred Patents. For the avoidance of doubt, as between the Parties, IPC shall as
from the Effective Date have the sole right, but not the obligation, at its sole discretion and expense, to enforce the Patent Rights. After the Effective Date, if Sobi has knowledge of any suspected infringement of any Patent Rights, Sobi shall
promptly inform IPC of such infringement. 

  

	4.5.	 Cooperation. After the Effective Date and for a period of six (6) months, Sobi shall cooperate with
and use reasonable efforts to assist IPC to the extent requested by IPC, including access to and cooperation of relevant Sobi personnel, including inventors, in order to assist IPC to (a) understand the Know How and other Assets;
(b) prepare and file new patent applications relating to the Know How (i.e. any Know-How Patents); (c) prosecute and maintain the Patent Rights, including signing inventor declarations and confirmatory or
future patent assignments; (d) comply with ongoing patent office disclosure obligations; (e) defend against claims of infringement of third party intellectual property rights; and (f) take action against any third party with respect
to actual or suspected infringement or misappropriation of the Patent Rights or other Asset. During the said six month period, Sobi shall cooperate with IPC and supply assistance reasonably requested by IPC. After said six month period, Sobi shall
use good faith efforts to facilitate requests by IPC related to items (c) through (f). Upon IPC’s request 

  
 -17- 

	 	
and at IPC’s expense, Sobi shall join IPC as a named party in any such above- referenced proceeding, including providing IPC with such witnesses, documents, assignments and records and other
evidence as may be reasonably requested and that is readily available to Sobi. 

  

	4.6.	 Covenant Not to Sue. Sobi shall not, and shall procure that its Affiliates shall not, anywhere in the
world, institute or prosecute (or in any way aid any Third Party in instituting or prosecuting) any claim, demand, action or cause of action for damages, costs, expenses or compensation, or for an enjoinment, injunction, or any other remedy, against
IPC or its Affiliates alleging the infringement of any Patent or other intellectual property Controlled by Sobi or its Affiliates as of the Effective Date by IPC or its Affiliates due to IPC’s or its Affiliates’ Exploitation of any
Compound, Product or exercise of the Patent Rights. 

  

	4.7.	 Licensees. For the avoidance of doubt and subject to limitations undertaken in the Affibody Agreement,
IPC shall have the right to grant to its Affiliates and to any other Person licences, through multiple tiers of licensees, under its rights to any Patent Rights, Product, Compound or any other Asset. Where IPC grants a license under its rights to a
Product to a Person, which is not an Affiliate of IPC, and such Person is not a Distributor, that Person shall be a “Licensee” for purposes of this Agreement. IPC shall ensure that all Licensees comply with the royalty payment obligations
provided in Section 7.4 and report their Net Sales to IPC such that IPC can comply with its obligations pursuant to Section 7.8. Moreover IPC shall ensure that all Licensees agrees to comply with record retention obligations and accepts
and cooperates with any auditing of their records and books as set forth in Section 7.10. 

  
 -18- 

	4.8.	 Distributors. For the avoidance of doubt, IPC shall have the right, in its sole discretion, to appoint
its Affiliates – and IPC and its Affiliates shall have the right, in their sole discretion, to appoint any other Persons – to distribute, market and sell the Products, with or without packaging rights. In circumstances where the Person so
appointed (i) purchases Products from IPC or its Affiliates but does not otherwise make any royalty or other payment to IPC with respect to its intellectual property rights and (ii) such Person is not an Affiliate of IPC, that Person shall
be a “Distributor” for purposes of this Agreement. The term “packaging rights” in this Section 4.8 shall mean the right for the Distributor to package Products supplied in unpackaged bulk form into individual ready-for-sale packs. 

  

	5.	 Diligent Efforts; Information Sharing 

 

	5.1.	 General Diligence Efforts. IPC undertakes to use Commercially Reasonable Efforts to successfully
research, develop and Exploit at least one Compound Product in the US, EU and Japan. 

  

	5.2.	 Information Sharing. Subject to Section 8.1, within 45 days after each Calendar Year, IPC shall
provide Sobi with a written report summarizing key developments in the Program and any planned regulatory filings. IPC shall not be required to provide such reports after the first commercial sale of a Product or during any period that the Non-Compete provisions in Section 8 do not apply. 

  

	6.	 Third Party Contracts 

 

	6.1.	 Sobi warrants to the best of its Knowledge that, except for the contracts specified in Schedule 4
(collectively, the “Third Party Contracts”), neither Sobi, nor any of its Affiliates has on or prior to the Effective Date, entered into any contract, agreement, obligation or other arrangement of material importance to the Assets or the
Program. 

  
 -19- 

	 	
Sobi further warrants that, to the best of its Knowledge, all Third Party Contracts have been complied with in all substantial respects. IPC acknowledges that Sobi has entered into various
agreements with Third Party vendors and service providers in relation to the Program, agreements that have expired but under which there may be surviving obligations e.g. regarding confidentiality. The Parties agree that no such contracts shall be
assigned to IPC hereunder. 

  

	6.2.	 The Parties agree to take the following actions with regard to the Third Party Contracts:

  

	 	(a)	 The [***] and the [***]: In connection with the execution of this Agreement the Parties shall sign notices to
the [***] of [***] and [***] in accordance with Schedules 5 and 6 (the “MTA Notices”), which documents Sobi promptly thereafter will send to the respective [***] requesting confirmation of receipt; 

 

	 	(b)	 The [***] and Affibody PLA: In connection with the execution of this Agreement the Parties will [***] in
accordance with Schedule 7, which documents Sobi promptly thereafter will send to Affibody for execution and return of fully executed copies to Sobi and IPC; 

  

	 	(c)	 The [***] Letter Agreement: Sobi hereby grants IPC an exclusive sublicense under the rights granted to Sobi in
the [***] Letter Agreement. The said sublicense is limited to use within the Field and subject to any terms and conditions applicable to Sobi under the [***] Letter Agreement. 

 

	 	(d)	 The [***] Letter Agreement: Sobi hereby assigns to IPC the [***] Letter Agreement. 

  
 -20- 

	 	(e)	 The [***] MTA: Sobi hereby grants IPC an exclusive sublicense under the rights granted to Sobi under the [***]
MTA for use within the Field and subject to any terms and conditions applicable to Sobi under the [***] MTA, as amended. 

	 	(f)	 The [***] Agreement: While the [***] Agreement will not be assigned, the Parties will endeavour to make
arrangements that secure rights for IPC to have the exclusive right in relation to Sobi to use as much as reasonably possible of the [***] Results in the Field and a continued engagement in [***]. For this purpose the Parties have identified the
three alternatives set out below. In each of these Sobi shall, subject to what is permissible under the [***] Agreement and any ancillary agreements amongst the [***] Agreement parties, assign or grant a perpetual, irrevocable, fully-paid up and
royalty-free sublicense to IPC (with a right to further sublicense) any [***] Results for use in the Field. Sobi shall be entitled to retain ownership to any [***] Results with potential application also outside of Field but shall, subject to the
above said limitations, transfer and assign to IPC any [***] Results developed for use only in the Field (e.g. certain molecules). Any sublicense granted to the [***] Results shall be limited to use within the Field and subject to any terms and
conditions applicable to Sobi under the [***] Agreement or any ancillary agreements. 

  

	 	•	 	 Alternative A: Subject to being approved to accede to the [***] Agreement as a new party, IPC shall enter
into the [***] Agreement as an independent party and in connection therewith take over and relieve Sobi of its remaining responsibilities in [***]. IPC acknowledges that Sobi will remain a party to the [***] Agreement and that Sobi may either
withdraw entirely from [***] or remain as an active participant in [***] but with a different, non C5 related, undertaking. Sobi’s undertakings in other program areas under the [***] Agreement are not affected. 

 

	 	•	 	 Alternative B: If not approved to accede to the [***] Agreement as a new party, IPC shall seek to engage
Affibody, on IPC’s behalf, to take over and relieve Sobi of its remaining responsibilities under [***]. What is stated in Alternative A regarding Sobi’s continued engagement under the [***] Agreement applies correspondingly in Alternative
B. 

  
 -21- 

	 	•	 	 Alternative C: If Alternative A and B are unattainable, IPC shall seek to engage Sobi, on IPC’s
behalf, to perform Sobi’s remaining responsibilities in [***] in return for compensation to be agreed in good faith by the Parties. 

If none of Alternative A, B or C are attainable, Sobi may at its sole discretion withdraw from its current responsibilities in [***] without
substitution but shall use reasonable efforts to ensure that IPC has rights to the [***] Results as set forth above. 
  

	 	(g)	 The [***] Agreement: While the [***] Agreement will not be assigned, the Parties will endeavour
to make arrangements that secure rights for IPC to use as much as reasonably possible of the [***] Results in the Field. For this purpose Sobi hereby, subject to what is permissible under the [***] Agreement and any ancillary agreements amongst the
parties to the [***] Agreement, grant to IPC a perpetual, irrevocable, fully-paid up and royalty-free sublicense to IPC (with the ability to further sublicense) any [***] Results. Any such sublicense shall be limited to use within the Field and
subject to any terms and conditions applicable to Sobi under the [***] Agreement or any ancillary agreements. IPC hereby grants Sobi the right and license to continue to use [***] as a reference compound under the [***] Agreement and make it
available to the parties of the [***] Agreement as Sobi’s Background Information (as defined in the [***] Agreement) during the full term of the [***] Agreement, as it may subsequently be extended. 

  
 -22- 

 Nothing in this Agreement shall be construed as an assignment of or grant under a Third
Party Contract if such assignment or grant would constitute a breach of such contract. 
  

	6.3.	 Insofar as Affibody does not give its consent to the assignment of the Affibody PLA: 

 

	 	(a)	 Sobi shall use all reasonable endeavours with the co-operation of IPC
to procure such assignment; 

  

	 	(b)	 unless and until the Affibody PLA has been assigned , Sobi shall continue as party to the Affibody PLA and
shall hold any monies, goods or other benefits received thereunder as trustee for IPC; 

  

	 	(c)	 IPC shall at its own cost, as Sobi’s sub-contractor, perform all
the obligations of Sobi under the Affibody PLA; and 

  

	 	(d)	 unless and until the Affibody PLA is assigned, Sobi shall (so far as it lawfully may) give all such assistance
as IPC may reasonably require to enable IPC to enjoy and enforce its rights under the Affibody PLA, including, where permissible under the Affibody PLA, terminating Affibody PLA upon IPC’s written request, and (without limitation) shall provide
access to all relevant books, documents and other information in relation to the Affibody PLA as IPC may require from time to time. 

  

	6.4.	 IPC shall assume all of Sobi’s obligations arising after the Effective Date under any Third Party Contract
assigned or novated pursuant to this Article 6 and shall, upon any such assignment or novation, be deemed to be a party to such Third Party Contract as though named therein in substitution for Sobi, whereupon Sobi shall cease to be a party to such
contract and shall cease to have any rights or obligations thereunder except for any obligations of Sobi that arose on or prior to the Effective Date. 

  
 -23- 

	7.	 Consideration 

 

	7.1.	 Total Obligation. The up-front and milestone payments and the
royalty payments payable by IPC to Sobi pursuant to this Section 7 represent all of IPC’s financial obligations to Sobi hereunder and Sobi shall not be entitled to any additional compensation or remuneration from IPC under this Agreement
except as specifically stated herein. 

  

	7.2.	 Up-front and Milestone Payments. In consideration of the Assets
sold and other rights granted to IPC by Sobi hereunder and subject to the terms and conditions of this Agreement, IPC shall make the following payments to Sobi: 

 

	 	7.2.1.	 an aggregate up-front payment of US$ five million (5,000,000), payable
in three instalments as follows: (i) US$ three million (3,000,000) within thirty (30) days after the Effective Date, (ii) US$ one million (1,000,000) within eighteen (18) months after the Effective Date, and (iii) US$ one
million (1,000,000) within twenty-four (24) months after the Effective Date; 

  

	 	7.2.2.	 a payment of US$ [***] within [***] days after the [***]; 

 

	 	7.2.3.	 a payment of US$ [***] within [***] days after the [***]; 

 

	 	7.2.4.	 a payment of US$ [***] within [***] days after [***]; 

 

	 	7.2.5.	 a payment of US$ [***] within [***] days after [***]; 

 

	 	7.2.6.	 a payment of US$ [***] within [***] days after [***]; 

 

	 	7.2.7.	 a payment of US$ [***] within [***] days after [***]; 

 

	 	7.2.8.	 a payment of US$ [***] within [***] days after [***]; 

 

	 	7.2.9.	 a payment of US$ [***] within [***] days after [***]; 

  
 -24- 

	 	7.2.10.	 a payment of US$ [***] within [***] days after [***]; 

 

	 	7.2.11.	 a payment of US$ [***] within [***] days after [***]; 

 

	 	7.2.12.	 a payment of US$ [***] within [***] days after [***]; 

 

	 	7.2.13.	 a payment of US$ [***] within [***] days of the end of the Calendar Year in which occurs the first
occasion when the Annual Net Sales exceeds US$[***]; 

  

	 	7.2.14.	 a payment of US$ [***] within [***] days of the end of the Calendar Year in which occurs the first
occasion when the Annual Net Sales exceeds US$ [***]; 

  

	 	7.2.15.	 a payment of US$ [***] within [***] days of the end of the Calendar Year in which occurs the first
occasion when the Annual Net Sales exceeds US$ [***]; 

  

	 	7.2.16.	 a payment of US$ [***] within [***] days of the end of the Calendar Year in which occurs the first
occasion when the Annual Net Sales exceeds US$ [***]. 

 For the avoidance of doubt, no payment as per the above
provisions in this Section 7.2 shall be made more than once irrespective of the number of Products (or, in respect of the payment set forth in Section 7.2.2 through 7.2.12, Compound Products) that have achieved the milestone events set
forth above in this Section 7.2, or the number of countries in which such milestone events have been achieved. The payments as per the above provisions in this Section 7.2 do not include any payments due to Affibody under the Affibody
Agreement, which will be paid separately by IPC directly to Affibody. 
 IPC shall notify Sobi in writing of the achievement of a milestone
event set forth above in Section 7.2.2 through Section 7.2.12 within five (5) business days of achievement. IPC shall notify Sobi in writing of the achievement of a milestone event set forth above in Section 7.2.13 through
Section 7.2.16 within forty-five (45) business days after the end of the Calendar Year in which the milestone event occurred. 

  
 -25- 

	7.3.	 Invoices. Sobi shall send an invoice to IPC in respect of any amounts payable pursuant to
Section 7.2 (and in respect of the payment referred to in Section 7.2.1, such invoice shall be submitted to IPC promptly upon the Effective Date). 

Each such invoice shall specify (a) the relevant amount invoiced, currency and the milestone event to which such amount is attributable,
(b) reference to this Agreement, (c) the number and date of invoice, (d) the latest date of payment (as above stated), (e) name and address of Sobi, (f) bank details, i.e. account number and bank code, and (g) SWIFT-address.

  

	7.4.	 Royalty. IPC shall, subject to Section 7.5, pay royalties to Sobi as follows:

  

	 	(i)	 [***] of the Annual Net Sales for that portion of the aggregate Net Sales during the relevant Calendar Year
that are less than US$ [***]; 

  

	 	(ii)	 [***] of the Annual Net Sales for that portion of the aggregate Net Sales during the relevant Calendar Year
that equal or exceed US$ but does not exceed US$ [***]; and 

  

	 	(iii)	 [***] of the Annual Net Sales for that portion of the aggregate Net Sales during the relevant Calendar Year
that exceed US$ [***]. 

 In the event Annual Net Sales for a period is a negative amount, such negative amount will be
carried forward and offset against future Annual Net Sales calculations. 
 For purpose of clarity, the royalty payments as per this
Section 7.4 do not include any payments due to Affibody under the Affibody Agreement, which will be paid separately by IPC directly to Affibody. 

  
 -26- 

	7.5.	 Royalty Term. IPC’s obligation to pay royalties shall commence, on a
country-by-country basis, with respect to each separate Product, on the date of First Commercial Sale of such Product in such country and shall expire, on a country-by-country basis, with respect to each Product, on the later to occur of (a) the 10th anniversary of the First Commercial Sale of such Product in such country,
and (b) the expiration date in such country of the last to expire of any issued Patent included in the Patent Rights that includes at least one Valid Claim covering the sale of such Product in such country. Upon termination of the royalty
obligations of IPC under this Section 7.5 with respect to a Product in a particular country, the Net Sales of such Product in such country shall be excluded from the royalty calculations under this Agreement (including the thresholds and
ceilings set forth in Section 7.4). 

  

	7.6.	 Sales Subject to Royalties. Sales between IPC, its Affiliates and Licensees shall not be subject to
royalties hereunder. Royalties shall be calculated on IPC’s, its Affiliates’ and Licensee’s sale of Products to a Third Party (including Distributors). Royalties shall be payable only once for any given batch of Products. For purposes
of determining Net Sales, no royalties shall be payable on transfers by IPC or its Affiliates or Licensees of free samples of Products, clinical trial materials containing Compound, or transfers or dispositions for charitable, promotional, pre-clinical, clinical, manufacturing, testing or qualification, regulatory or governmental purposes. 

  

	7.7.	 Royalty Payments. The royalties payable hereunder shall be calculated annually as of the last day of
December for the Calendar Year ending on that date. Within forty-five (45) days after the end of each Calendar Year in respect of which, IPC shall pay any royalties due and deliver to Sobi a written royalty report setting forth, with respect to
each country 

  
 -27- 

	 	
and each Product, the Net Sales of the Products during such Calendar Year and the royalties due for such Calendar Year. If IPC identifies a correction to a previously made royalty payment was due
in respect of a certain Calendar Year, IPC shall adjust any subsequent payment of royalties accordingly. Any such adjustment and the basis for such adjustment shall be clearly specified in the royalty report issued by IPC for the subsequent Calendar
Year. 

  

	7.8.	 Compulsory Licenses. If IPC is required to grant a compulsory license to a Third Party as required by
the applicable laws of any country under the Patent Rights, and the royalty rate payable to IPC for sales of Product by such Third Party is lower than the royalty rate payable by IPC to Sobi for such sales, then the royalty rate payable hereunder by
IPC for sales of Product by such Third Party in such country shall be no greater than the rate payable by such Third Party to IPC for such country, provided IPC receives no other form of compensation or consideration in respect of such compulsory
license. 

  

	7.9.	 Third Party Royalty Obligations. If (a) in order to avoid infringement of any patent not licensed
hereunder, IPC reasonably determines that it is necessary to obtain a license from a Third Party in order to develop, make, use, sell, offer for sale, supply, cause to be supplied, or import a Product in a country and to pay a royalty or other
consideration under such license (including in connection with the settlement of a patent infringement claim), or (b) IPC shall be subject to a court or other similar binding order or ruling requiring any payments, including the payment of a
royalty to a Third Party patent holder in respect of sales of any Product in a country then the amount of IPC’s royalty payments with respect to Net Sales for such Product in such country shall be reduced by the amounts payable to such Third
Party, provided however, that such reduction shall not exceed fifty (50) percent of the royalty otherwise owed to Sobi hereunder referable to the Product sale in question in such country. 

  
 -28- 

	7.10.	 Records Retention; Audit. 

 

	 	7.10.1.	 IPC shall keep or cause to be kept accurate records or books of account in accordance with applicable generally
accepted accounting principles showing the information that is necessary for the accurate determination of the royalties due hereunder with respect to the sale of such Product. IPC shall maintain such records for a period of at least two
(2) years after the end of the period for which they were generated or longer if required by law or regulation. 

  

	 	7.10.2.	 Upon the written request of Sobi, IPC shall permit a qualified accountant or a person possessing similar
professional status and associated with an independent accounting firm chosen by Sobi and reasonably acceptable to IPC to inspect during regular business hours all or any part of IPC’s records and books necessary to check the accuracy of the
royalties paid. The accounting firm shall enter into appropriate obligations with IPC to treat all information it receives during its inspection in confidence. The accounting firm shall disclose to Sobi and IPC only whether the royalty reports are
correct and details concerning any discrepancies, but no other information shall be disclosed to Sobi. To the extent not disputed by IPC, any royalties owed and due pursuant to this Agreement as disclosed by the accounting firm and not previously
paid by IPC, shall be invoiced by Sobi (in accordance with the invoicing requirements set forth in Section 7.8) and be paid by IPC within thirty (30) days after IPC’s receipt of the invoice. Sobi shall pay the charges of the
accounting firm, except that if the royalties have been understated by more than [***], the charges shall be paid by IPC. Any overpayments shall be refunded by Sobi to IPC within thirty (30) days of receipt of the auditor’s report.

  
 -29- 

	7.11.	 Late Payments. If IPC at any time should fail to make a Payment to Sobi more than ten (10) business
days after the due date specified in this Agreement, Sobi shall be entitled to claim interest on the sum overdue until payment is made, based on the current reference interest rate of the Swedish Central Bank (Sw: Riksbankens referensränta)
plus two (2) percentage units, per annum. 

  

	7.12.	 Mode of Payment. All payments set forth in this Section 7 shall be remitted by wire transfer to a
bank account of Sobi designated in writing to IPC. 

  

	7.13.	 Currency. All payments required under this Section 7 shall be made in US dollars (US$). For the
purpose of computing the royalties payable under Section 7.4 Net Sales of Products sold in a currency other than US$, such currency shall be converted from local currency to US$ by IPC on a monthly basis using the exchange rate published at
Oanda.com at the average bid rate on the last day of the month in question. 

  

	7.14.	 Taxes. 

  

	 	7.14.1.	 General. The royalties, milestones and other amounts payable by IPC to Sobi pursuant to this Agreement
(“Payments”) shall not be reduced on account of any taxes unless required by applicable laws. Sobi alone shall be responsible for paying any and all taxes (other than withholding taxes required by applicable laws to be paid by IPC) levied
on account of, or measured in whole or in part by reference to, any Payments it receives. IPC shall deduct or withhold from the Payments any taxes that it is required by applicable laws to deduct or withhold on

  
 -30- 

	 	
Sobi’s behalf. Notwithstanding the foregoing, if Sobi is entitled under any applicable tax treaty to a refund, reduction of rate, or the elimination of, applicable withholding tax, it may
deliver to IPC or the appropriate governmental authority (with the assistance of IPC to the extent that this is reasonably required and is expressly requested in writing) the prescribed forms necessary to obtain such refund or to reduce the
applicable rate of withholding or to relieve IPC of its obligation to withhold tax, and IPC shall apply the reduced rate of withholding, or dispense with withholding, as the case may be, provided that IPC has received evidence, in a form reasonably
satisfactory to IPC, of Sobi’s delivery of all applicable forms (and, if necessary, its receipt of appropriate governmental authorization) at least fifteen (15) days prior to the time that the Payments are due. If, in accordance with the
foregoing, IPC withholds any amount, it shall pay to Sobi the balance when due, make timely payment to the proper taxing authority of the withheld amount, and send to Sobi proof of such payment within thirty (30) days following that payment.

  

	 	7.14.2.	 Indirect Taxes. All Payments are exclusive of Indirect Taxes. If any Indirect Taxes are chargeable in
respect of any Payments, the remitting Party shall pay such Indirect Taxes at the applicable rate in respect of any such Payments following the receipt, where applicable, of an invoice in the appropriate form issued by the receiving Party in respect
of those Payments, such Indirect Taxes to be payable on the due date of the payment of the Payments to which such Indirect Taxes relate. 

  
 -31- 

	8.	 [***] 

  

	8.1.	 Subject to this Section 8.1 and Section 8.4, Sobi undertakes to IPC that [***], provided, however,
that notwithstanding the above in this Section 8.1 [***]; provided, however, that in the event of [***]. 

  

	8.2.	 The Parties acknowledge and agree that any [***] in Section 8.1. 

 

	8.3.	 The Parties agree that the [***] in Section 8.1 are [***] under Section 8.1. 

 

  
 -32- 

	8.4.	 In the event that during the [***], Sobi, its Affiliates or their respective assets is acquired by, or if Sobi
or its Affiliates acquires or merges with, a Third Party [***], then: (a) the covenant set forth in Section 8.1 shall not apply to [***]; and (b) [***]. 

 

	9.	 Asset Divestment or Termination of Further Development by IPC 

 

	9.1.	 If IPC and/or its Affiliates, prior to launch on the US market of the first Compound Product, should decide to
divest its rights in the Assets through sale or otherwise, or to terminate all further research, development and commercialisation activities in respect of all Compounds, then IPC shall without unreasonable delay (such notice shall occur within five
(5) business days of IPC’s decision to divest its rights in the Assets) notify Sobi thereof in writing and grant Sobi a non-exclusive right of negotiation during a period of forty-five (45) days
from such written notice (the “Discussion Period”). During the Discussion Period the Parties shall negotiate in good faith with the aim to agree on terms for such a possible business transaction between the Parties relating to the Assets.
Sobi’s rights under this Section 9.1 shall not apply to (i) a sale of the Assets as part of a transaction to sell substantially all of the assets of IPC and IPC’s Affiliates; (ii) a pledge of the Assets as collateral; or
(iii) a sale or transfer of the Assets to an Affiliate of IPC, provided that IPC’s obligations under this Section 9.1 shall apply to such IPC Affiliate. For the avoidance of doubt, Sobi shall not be obliged to conduct any such
negotiations and each Party shall be free to reject any proposal for a possible business transaction submitted by the other Party without having to provide an explanation for such rejection. If the Parties are unable to reach an agreement during the
Discussion Period, IPC and/or its Affiliates shall be free to offer the Assets to Third Parties. 

  
 -33- 

	10.	 [deleted] 

 

	11.	 Warranties 

 

	11.1.	 Each Party warrants to the other (i) that it has full power and authority to enter into this Agreement and
has taken all necessary action on its part required to authorise the execution and delivery of this Agreement and (ii) that the execution, delivery and performance of this Agreement will not result in a violation of, or be in material conflict
with, or constitute a material default under, any agreement in existence as of the Effective Date or subsequently entered into between it and any other Person. 

 

	11.2.	 Sobi warrants that: 

  

	 	(i)	 except as set forth in Section 11.3 (ii), to its Knowledge, it has received no notice of any claims,
suits, administrative, arbitration or other legal proceedings (including but not limited to patent, tax or employment matters) relating to the Assets or the Program; and 

 

	 	(ii)	 to its Knowledge, Sobi has disclosed to IPC any information which Sobi reasonably believes would influence a
reasonable purchaser’s decision to acquire the Assets. 

  

	 	(iii)	 Sobi owns all right, title and interest in and to the Assets, free of Encumbrances. 

 

	 	(iv)	 To its Knowledge, Sobi and its subcontractors have complied with all applicable laws, rules and regulations in
the research and development of the Compounds and have made no untrue statement of material fact to any regulatory authority, or failed to disclose a material fact to such regulatory authority, with respect to the Assets. 

 

  
 -34- 

	 	(v)	 Subject to Section 11.3, and except for the disclosure set forth in Section 11.3 (ii), to its
Knowledge: (A) none of the Transferred Patents contain any claim that is invalid or unenforceable, or that has been infringed; (B) the entire contents of the Transferred Patents, including the experimental data, amino acid sequences and
sequence listings therein are complete and accurate; (C) Sobi complied with all applicable laws, rules and other requirements in connection with the filing and examination of the Transferred Patents, including without limitation the duty to
disclose information material to patentability to the United States Patent & Trademark Office imposed under 37 CFR 1.56; (D) none of the intellectual property or know-how introduced into the Program
infringes or misappropriates any Third Party patents, know-how or other intellectual property; (E) neither IPC’s practice of the inventions described or claimed in the Transferred Patents, nor the
further use, development or commercialization of the Compounds or Compound Products, will infringe any Third Party intellectual property; provided, however, that nothing in this warranty shall be interpreted as a guarantee of non-infringement. 

  

	 	(vi)	 To its Knowledge, there have been no publications or public disclosures of information contained in unpublished
Transferred Patents. 

  

	 	(vii)	 To its Knowledge, as of the Effective Date, Sobi has not employed any personnel, and has not knowingly used a
contractor or consultant, debarred by the FDA (or subject to a similar sanction of a regulatory authority outside the United States), or who is subject of an FDA debarment investigation or proceeding (or similar proceeding of a regulatory authority
outside the United States). 

  
 -35- 

	11.3.	 IPC, on its own behalf and on behalf of its Affiliates, agrees and confirms that: 

 

	 	(i)	 IPC has been given the opportunity to perform a thorough due diligence of the Assets, the Program and the Third
Party Contracts prior to entering into this Agreement; 

  

	 	(ii)	 The Third Party observations received by the [***], have been provided to and shared with IPC;

  

	 	(iii)	 Except as explicitly stated in this Agreement, Sobi has made no, and IPC has not relied on any, express or
implied, representation or warranty, whether for non-infringement or otherwise, regarding Sobi, the Assets or the Third Party Contracts and no action or omission by Sobi shall be construed as implying any such
representation or warranty. 

 Nothing in this Agreement shall be construed as a warranty or representation by Sobi as to
the validity or scope of any of the Transferred Patents or that any of the Patent Rights will be granted, maintained or upheld. 
  

	11.4.	 The transactions contemplated by this Agreement will not result in any employee of Sobi or its Affiliates being
entitled to employment by or any payment or other compensation from IPC or its Affiliates. 

  

	12.	 Indemnification 

 

	12.1.	 Sobi shall indemnify, defend and hold harmless IPC and its Affiliates from and against any and all Loss
(including reasonable expenses of investigation and reasonable attorney’s fees and interest when applicable) that may arise as a result of or in connection with (i) Sobi’s or its Affiliates breach of any of its warranties, or failure
to comply with the provisions set out in this Agreement, (ii) the negligence or wilful misconduct by Sobi or its Affiliates or their respective officers, directors, employees, agents or consultants;

  
 -36- 

	 	
(iii) Sobi’s or its Affiliates’ use of the Assets prior to the Effective Date; (iv) any claims made or suits brought by any other Person against IPC, its Affiliates or its or their
respective directors, officers or employees that allege that the claimant has suffered personal injury or death as a result of use of the Assets prior to the Effective Date. Except as regards any Loss caused by Sobi’s gross negligence or wilful
misconduct or as set forth in Section 12.1 (iv) above, the aggregate liability of Sobi in respect of claims under this Agreement shall in no event exceed [***] at the time the claim has been finally determined (the “Cap”); provided,
however, that the Cap shall not apply to cases of fraud and breaches of Sections 8 (non-compete) and 13 (confidentiality). To the extent that any such Losses exceed the Cap, IPC shall set off and otherwise
apply the amount of such Losses against the amounts to be paid by IPC to Sobi pursuant to Sections 7.2.1 through 7.2.12. 

  

	12.2.	 IPC shall indemnify, defend and hold harmless Sobi and its Affiliates from and against any and all Loss
(including reasonable expenses of investigation and reasonable attorney’s fees and interest when applicable) that may arise as a result of or in connection with (i) IPC’s or its Affiliates breach of any of its warranties, or failure
to comply with the provisions set out in this Agreement, (ii) the negligence or wilful misconduct by IPC or its Affiliates or their respective officers, directors, employees, agents or consultants; (iii) IPC’s or its Affiliates’
use of the Assets after the Effective Date; (iv) any claims made or suits brought by any other Person against Sobi, its Affiliates or its or their respective directors, officers or employees that allege that the claimant has suffered personal
injury or death as a result of use of the Assets after the Effective Date. 

  
 -37- 

	12.3.	 The indemnifying Party shall not, without the prior written consent of the indemnified Party, agree to a
settlement of any claim which could lead to liability or create any financial or other obligation on the part of the indemnified Party for which the indemnified Party is not entitled to indemnification hereunder. The indemnified Party shall
cooperate with the indemnifying Party and shall always be entitled to participate in the defense or handling of such claim with its own counsel and at its own expense. 

 

	12.4.	 With the exception of intentional acts or omissions or gross negligence, neither party is liable to the other
for any indirect or consequential damages of any kind such as loss of profit, arising out of this Agreement. 

  

	12.5.	 Until the sixth (6th) anniversary of the Effective Date, both Parties agree to maintain at their own cost and
expense liability insurance reasonably adequate and customary in the insurance market in relevant locations and jurisdictions. Each Party shall provide written proof of the existence of such insurance to the other Party upon request.

  

	13.	 Confidentiality 

 

	13.1.	 For a period of ten (10) years after the date of disclosure each Party (the “Receiving Party”)
shall, and shall cause its officers, directors and other employees and agents to, keep confidential and not use, publish or otherwise disclose any Confidential Information of the other Party (the “Disclosing Party”); it being agreed that
Sobi shall, and shall cause its Affiliates to, treat all Assets, including the Know-How, the Records and the Materials as Confidential Information of IPC, in respect of which Sobi shall, for the purpose of
this Article 13, be deemed as the Receiving Party and IPC the Disclosing Party. Notwithstanding the above said, Sobi shall be entitled to retain a copy of such Confidential Information regarding the Assets for the sole purpose of ascertaining its
ongoing rights and responsibilities in respect of such information and shall not be required to destroy any computer files stored securely by Sobi or its Affiliates that are (i) created during automatic system back up; or (ii) retained for
legal purposes by the legal function of Sobi and its Affiliates. 

  
 -38- 

	13.2.	 The obligations of confidentiality and non-use in Section 13.1
shall not extend to any Confidential Information of the Disclosing Party that: 

  

	 	(i)	 is or comes into the public domain without breach of this Agreement; 

 

	 	(ii)	 is received by the Receiving Party from a Third Party without any obligation of confidentiality and without
breach of this Agreement; or 

  

	 	(iii)	 the Receiving Party can demonstrate by competent evidence was independently developed by the Receiving Party
following the Effective Date without use of or reference to any such Confidential Information. 

  

	13.3.	 This Agreement shall not restrict the Receiving Party from complying with a lawfully issued governmental order
or legal requirement or the requirements of a national securities exchange or another similar regulatory body to produce or disclose the Disclosing Party’s Confidential Information; provided, however, that the Receiving Party shall promptly
notify the Disclosing Party of such order or requirement to enable the Disclosing Party to oppose the order or obtain a protective order. If the Receiving Party is thereafter required to disclose such Confidential Information, both Parties will
endeavour to agree to a mutually satisfactory means to disclose such information. 

  

	14.	 Announcements and Use of Name 

 

	14.1.	 All press releases, public announcements or public relations activities by the Parties with regard to this
Agreement or the transactions contemplated by it shall be mutually approved by the Parties in writing in advance of such release, announcement or activity. 

  
 -39- 

	14.2.	 Neither Party shall use the name, insignia, symbol, trademark, trade name or logotype of the other Party or its
Affiliates in any publication, press release, promotional material or other form of publicity without the prior written consent of the other Party (which shall not be unreasonably withheld), except (i) to the extent necessary for the fulfilment
of a Party’s obligations under this Agreement, (ii) for those disclosures for which consent has previously been obtained and (iii) that either Party shall, following the completion of such agreed press releases, public announcements
or other public relations activities as are referred to in Section 14.1 above, be entitled to disclose to third parties the information contained within any such agreed press release or public announcement or used in any such agreed public
relations activities. The restrictions imposed by this Section 14 shall not prohibit either Party from making any disclosure that is required by applicable law, rule or regulation or the requirements of a national securities exchange or another
similar regulatory body, provided that any such disclosure shall be governed by Section 13.3. 

  

	15.	 Force Majeure 

 

	15.1.	 In this Agreement, “Force Majeure” means an event which is beyond a Party’s (the “Force
Majeure Party”) reasonable control, including an act of God, strike, lock-out or other industrial/labour disputes involving the workforce of the Force Majeure Party, war, riot, civil commotion, terrorist
act, malicious damage, epidemic, quarantine, fire, flood, storm, natural disaster or compliance with any mandatory law, regulation or governmental order entering into effect following the Effective Date without such law, regulation or order having
been reasonably possible to foresee by the non-performing Party prior to the Effective Date. 

  
 -40- 

	15.2.	 The Force Majeure Party shall, within thirty (30) days of the occurrence of a Force Majeure event, give
notice in writing to the other Party specifying the nature and extent of the event of Force Majeure, its anticipated duration and any action being taken to avoid or minimize its effect. Subject to providing such notice, the Force Majeure Party shall
not be liable for delay in performance or for non-performance of its obligations under this Agreement, in whole or in part, where non-performance or delay in performance
has resulted from an event of Force Majeure. The suspension of performance allowed hereunder shall be of no greater scope and no longer duration than is reasonably required. 

 

	15.3.	 The Force Majeure Party shall use reasonable endeavours to (a) bring the Force Majeure event to a close or
(b) find a solution by which the Agreement may be performed despite the continuation of the event of Force Majeure. 

  

	16.	 Governing Law 

The interpretation and construction of this Agreement shall be governed by the laws of England and Wales excluding any conflicts or choice of law rule or
principle that might otherwise refer construction or interpretation of this Agreement to the substantive law of another jurisdiction. 
  

	17.	 Disputes 

Any dispute, controversy or claim arising out of or in connection with this Agreement, or the breach, termination or invalidity thereof, shall be finally
settled by arbitration in accordance with the Arbitration Rules of the of the International Chamber of Commerce by one or more arbitrators appointed in accordance with the said Rules. The seat of arbitration shall be London, England. The language to
be used in the arbitral proceedings shall be English. 

  
 -41- 

	18.	 Notices 

Any notice, request, or other communication permitted or required under this Agreement shall be in writing, shall refer specifically to this Agreement, and
shall be deemed given only if hand delivered or sent by an internationally recognised overnight delivery service, costs prepaid, or by fax (with transmission confirmed), to the Party to whom notice is to be given at the following address (or at such
other address such Party may have provided to the other Party in accordance with this Section 18): 
 If to Sobi: 

			
	 Address:
	  	 Swedish Orphan Biovitrum AB (Publ)

		  	 S-112 76 Stockholm, Sweden

		
	 For the attention of:
	  	 Chief Executive Officer

		
	 With a copy to:
	  	 General Counsel

		
	 Address:
	  	 as per above

		
	 If to IPC:
	  	
		
	 Address:
	  	 IPC Research, LLC

		  	 c/o Grimes & Yvon LLP

		  	 800 Third Ave., 28th Floor

		  	 New York, NY 10022

 For the attention of:    Chief Executive Officer 

 

	19.	 Severability 

If any provision of this Agreement is held to be invalid, illegal or unenforceable, in any respect, then, to the fullest extent permitted by
applicable law: (a) such provision will be given no effect by the Parties and shall not form part of this Agreement, (b) all other provisions of this Agreement shall remain in full force and effect and (c) the Parties will use their
best efforts to negotiate a provision in replacement of the provision held invalid, illegal or unenforceable that is consistent with applicable law and achieves, as nearly as possible, the original intention of the Parties. To the fullest extent
permitted by applicable law, the Parties waive any provision of law that would render any provision in this Agreement invalid, illegal or unenforceable in any respect. 

  
 -42- 

	20.	 Entire Agreement 

This Agreement, the Contract Assignment Agreements, any MTA Notice(s) and any Confirmatory Patent Assignment(s) constitute the entire agreement
between the Parties with respect to the subject matter of this Agreement. 
 This Agreement, the Contract Assignment Agreements, any MTA
Notice(s) and any Confirmatory Patent Assignment(s) supersedes all prior agreements, whether written or oral, with respect to the subject matter of this Agreement. Each Party confirms that it is not relying on any representations, warranties or
covenants of the other Party except as specifically set out in this Agreement, the Contract Assignment Agreement, any MTA Notice(s) and any Confirmatory Patent Assignment(s). Nothing in this Agreement, the Contract Assignment Agreements, any MTA
Notice(s) and any Confirmatory Patent Assignment(s) is intended to limit or exclude any liability for fraud. All Schedules referred to in this Agreement are intended to be and are hereby specifically incorporated into and made a part of this
Agreement. In the event of any inconsistency between any such Schedules on one hand and this Agreement on the other hand, the terms of this Agreement shall govern. 
  

	21.	 Waiver and Non-Exclusion of Remedies

 A Party’s failure to enforce, at any time or for any period of time, any provision of this Agreement, or to
exercise any right or remedy shall not constitute a waiver of that provision, right or remedy or prevent such Party from enforcing any or all provisions of this Agreement and exercising any rights or remedies. To be effective any waiver must be in
writing. The rights and remedies provided herein are cumulative and do not exclude any other right or remedy provided by law or otherwise available, except as expressly set forth herein. 

  
 -43- 

	22.	 Assignment 

Neither Party may assign its rights or delegate its obligations under this Agreement in whole or in part without the prior written consent of
the other Party, which shall not be unreasonably withheld; provided, however, that either Party may, without such consent, assign this Agreement (i) to a third party in connection with the transfer or sale of all or substantially all of the
assets to which this Agreement pertains or in the event of the merger or consolidation with another entity; or (ii) to an Affiliate. Sobi shall always have the right to assign its right to receive Payments to any of its Affiliates or any Third
Party, effective upon written notice of such assignment to IPC. 
 Any permitted successor of a Party or any permitted assignee of all of a
Party’s rights under this Agreement that has also assumed all of such Party’s obligations hereunder in writing shall, upon any such succession or assignment and assumption, be deemed to be a party to this Agreement as though named herein
in substitution for the assigning Party, whereupon the assigning Party shall cease to be a party to this Agreement and shall cease to have any rights or obligations under this Agreement. All validly assigned rights of a Party shall inure to the
benefit of and be enforceable by, and all validly delegated obligations of such Party shall be binding on and be enforceable against, the permitted successors and assigns of such Party. Any attempted assignment or delegation in violation of this
Section 22 shall be void. 
  

	23.	 Amendment 

Any amendment or modification of this Agreement must, in order to be valid, be in writing and signed by authorised representatives of both
Parties. 

  
 -44- 

	24.	 Counterparts 

This Agreement may be executed in any number of counterparts, each of which shall be deemed an original and all of which taken together shall
be deemed to constitute one and the same instrument. Delivery of an executed counterpart of a signature page to this Agreement by facsimile transmission or by e-mail of a .pdf attachment shall be effective as
delivery of a manually executed counterpart of this Agreement, provided, however, that the Parties shall follow up with and exchange originals signed in wet ink for archival purposes. 

 

	25.	 Further Assurances 

Each Party shall promptly execute and deliver all such documents and do all such things as may reasonably be required for the purpose of giving
full effect to the provisions of this Agreement. 
  

	26.	 Third Party Rights 

Except as expressly provided in this Agreement, no person who is not a Party to this Agreement shall have the right to enforce any term of this
Agreement which expressly or by implication confers a benefit on that person without the express prior agreement in writing of the Parties. 
  

 
 [Signature page
overleaf] 

  
 -45- 

 Execution 

THIS AGREEMENT IS EXECUTED by the authorised representatives of the Parties as of the date first written above. 

 

					
	 SIGNED for and on behalf of
	 		 	 SIGNED for and on behalf of

			
	 SWEDISH ORPHAN BIOVITRUM AB (PUBL)
	 		 	 IPC RESEARCH, LLC

			
	 /s/ Henrik Stenquist

Signature
	 		 	 /s/ Jeffrey M. Fryer

Signature

			
	 Name:Henrik Stenquist

Title:CFO
	 		 	 Name:Jeffrey M. Fryer

Title:Chief Financial Officer

			
	 /s/ Torbjörn Hallberg
	 		 	
	 Name:Torbjörn Hallberg

Title:GCEX-10.3

 Exhibit 10.3 

Portions of this Exhibit have been redacted because they are both (i) not material and (ii) the 

registrant customarily and actually treats such information as private or confidential. Information 

that was omitted has been noted in this document with a placeholder identified by the mark “[***]”. 

PRODUCT LICENSE AGREEMENT 
 This Agreement
(the “Agreement”), is made and entered into as of 9 March 2012 (the “Effective Date”) by and between Affibody AB, company registration no. 556665-6913, Gunnar Asplunds Allé 24, SE-171 63 Solna (“Licensor”), and Swedish Orphan Biovitrum AB (publ), (previously Biovitrum AB publ) |company registration no. 556038-9321, Tomtebodavagen 23 A,
SE-112 76 Stockholm, Sweden (“Licensee”); individually a “Party”, together the “Parties”. 

 

	1.	 Background Information 

 

	1.1	 Licensor is a biotechnology company that has developed
Affibody® Molecule Technology and the Albumin Binding Technology, and possesses intellectual property and proprietary know-how regarding the selection
and use of Affibody® Molecules and Affibody® Libraries as well as intellectual property and proprietary
know-how relating to the Albumin Binding Technology. 

  

	1.2	 Licensee is a company with extensive experience in developing new therapeutics in various fields.

  

	1.3	 The Parties have entered into a Research and Option Agreement, effective as of 24 February 2009, as
amended on 17 June 2010, 7 December 2011, and 29 December 011 (the “ROA”), under which Licensor developed certain Affibody® Ligand(s).

  

	1.4	 Under the ROA, Licensor transferred to Licensee the ownership rights to those Affibody® Ligand(s) including any corresponding data and intellectual property claiming the Affibody® Ligand(s) as such (subject to the
parties entering into this Agreement), resulting in Licensee submitting the patent application no. 1250145-8 (Polypeptides) claiming such
Affibody® Ligand(s) on February 20, 2012. 

  

	1.5	 The Parties now wish to set the terms for Licensee’s ownership of such intellectual property rights.

  

	1.6	 On February 10, 2012, Licensee exercised its option under the ROA to enter into this Agreement.

  

	1.7	 The Parties have agreed that Licensee will pay royalties under this Agreement to Licensor in consideration of
inter alia Licensor’s transfer of the Affibody® Ligand(s) and the above mentioned patent application to Licensee, as well as for Licensee’s rights to use the Licensed
Technology. This means that Licensee will also pay royalties on Net Sales of Licensed Products covered by a Valid Claim in Product Patent(s). 

  

	1.8	 Simultaneously with the ROA, Licensor assigned the intellectual property rights and results which would arise
from Licensor’s development under the ROA to its Affiliate Affibody SPV I AB. Licensor’s parent company, Affibody Holding AB, further pledged its shares in Affibody SPV I AB as security for Licensor’s obligations towards Licensee
pursuant to the ROA. On 9 March 2012, (i) Affibody SPV I AB retransferred (with Licensee’s permission) such rights and results to Licensor, and ratified Licensor’s transfer to Licensee mentioned in Section 1.4 above, and
(ii) Licensee released the above-mentioned pledge. 

	1.9	 In view of the above, the Parties hereby agree as follows. 

 

	2.	 Definitions 

  

	2.1	 “Adverse Event” means any untoward medical occurrence in a patient or clinical-trial
subject administered a medicinal product and which does not necessarily have, to have a causal relationship with this treatment, an Adverse Event can therefore be any unfavorable and unintended sign (e.g. an abnormal laboratory finding), symptom, or
disease temporally associated with the use of a medicinal product, whether or not considered related to the medicinal product. The term Adverse Event shall also include lack of efficacy, reports of exposure during pregnancy (male and female) and
from breastfeeding, medication errors, reports of overdose, abuse, misuse and reports of transmission of a suspected infections agent. 

  

	2.2	 “Affibody®
Library(ies)” means a collection of DNA molecules containing the DNA corresponding to each Affibody® Molecule in the library. 

 

	2.3	 “Affibody® Ligand(s)”
means, individually or collectively, (i) the Affibody® Molecule(s) binding to the Target listed in Appendix A; and (ii) any modifications, analogs, components and/or
derivatives of such Affibody® Molecules. 

  

	2.4	 “Affibody® Molecule
Technology” means intellectual property rights (including the patents and patent applications in Appendix B, and Licensed Know-how) owned or controlled by Licensor at the Effective Date that cover or
relate to (i) Affibody® Molecule(s) and/or Affibody® Library(ies), other than the Affibody® Ligand(s) as such, including but not limited to methods for the preparation of Affibody® Ligand(s) and/or Affibody® Molecules, and/or (ii) Improvements thereof in relation to which Licensee has notified Licensor that it wishes to have a license under Section 3.4, provided for clarity that this
shall not include the Product Technology. 

  

	2.5	 “Affibody® Molecules”
means molecules developed through combinatorial protein engineering of a three helical bundle protein, having structural origin in staphylococcal protein A, and derivatives obtained by further amino acid replacements and/or additions and/or
truncations, and all derivatives, analogs, modifications and/or components thereof. 

  

	2.6	 “Affiliate” of a Party means any entity (i) in which fifty percent (50%) or more of the
voting equity interests are now or hereafter owned or controlled, directly or indirectly, by a Party, (ii) which now or hereafter owns or controls, directly or indirectly, fifty percent (50%) or more of the voting equity interests of a Party,
or (iii) in which fifty percent (50%) or more of the voting equity interest are now or hereafter owned or controlled, directly or indirectly by an entity identified in the preceding clause (i) or (ii). 

 

	2.7	 “Albumin Binding Domain”; or “ABD” means Affibody’ s proprietary
albumin-binding domain(s) [***], and derivatives obtained by further amino acid replacements and/or additions and/or truncations, and all derivatives, analogs, modifications and/or components thereof. 

  
 -2- 

	2.8	 “Albumin Binding Technology” means intellectual property rights (including the patents and
patent applications in Appendix C, and Licensed Know-how) owned or controlled by Licensor at the Effective Date that cover or relate to the use of ABD and/or albumin binding, including intellectual
property rights related to albumin binding to modify stability, solubility, pharmacokinetics and propensity to aggregate or non-specifically interact, and/or (ii) Improvements thereof in relation to which Licensee has notified Licensor that it
wishes to have a license under Section 3.4. 

  

	2.9	 “Confidential Information” is defined in Section 13. 

 

	2.10	 “End User” means a person or entity whose use of a Licensed Product results in its
destruction, loss of activity, and/or loss of value. 

  

	2.11	 “Field” means human therapeutic use only. 

 

	2.12	 “First Commercial Sale” means the initial transfer by Licensee or its Affiliates ( or a Third
Party Transferee of any of the foregoing) of a Licensed Product following market authorization for such Licensed Product, to a Third Party other than a Third Party Transferee of Licensee or its Affiliates, for value and not for demonstration,
testing or promotional purposes. 

  

	2.13	 “Improvement(s)” means any registered improvement and/or enhancement (i.e. patent application
or patents in or relating to the Platform Technology, that is made, conceived or reduced to practice after the Effective Date by or on behalf of Licensor (or its Affiliates) and/or Licensee (or its Affiliates and/or Third Party Transferees), or
jointly by them, as the case may be. 

  

	2.14	 “IND Filing” means an investigational new drug application filed with the US Food and Drug
Administration (FDA), a clinical trial application filed with the European Medicines Agency (EMA), or any similar application filed with any other regulatory authority body, in conformance with applicable laws and regulations. 

 

	2.15	 “Information Sharing Committee” or “ISC” is defined in Section 6.2.

  

	2.16	 “Know-how” means scientific, technical and other
information that is not in the public domain, including proprietary developments, ideas, designs, concepts, techniques, processes, inventions, discoveries, data, material, reports and research results (without regard to whether such information is
patentable or copyrightable). 

  

	2.17	 “Licensed Know-how” means Know-how (existing as of the Effective date or thereafter), all to the extent owned or controlled by Licensor. 

  
 -3- 

	2.18	 “Licensed Patents” means the (i) patents and patent applications claiming the Affibody® Molecule Technology set out in Appendix B, (ii) patents and patent applications claiming the Albumin Binding Technology set out in Appendix C, (iii) any and all patents
issuing there from and (iv) any and all foreign counterparts, divisions, continuations, continuations-in-part, extensions, substitutions, renewals, registrations,
revalidations, reissues, provisional applications of the patents or patent applications listed in (i)-(iii) above. For clarity, any references in this Agreement to “Licensed Patents listed in Appendix B/C”, as the case may be, shall
also include references to the patent(s) and patent application(s) listed in (iii)-(iv) above. 

  

	2.19	 “Licensed Product” means any product that comprises or incorporates one or more Affibody® Ligand(s) alone or as a fusion protein (i.e. ABD-fusions, PEGylated proteins, and/or Fc-fusions). 

 

	2.20	 “Licensed Technology” means the Licensed Patents and the Licensed Know-how. 

  

	2.21	 “Losses” is defined in Section 16.1 

 

	2.22	 “Net Sales” means the amounts received on sales of Licensed Products by Licensee, its
Affiliates and any Third Party, Transferee, less any of the following to the extent included in such amounts: [***]. 

 In
any transfers of Licensed Products between Licensee and one of its Affiliates or between any of the foregoing and a Third Party Transferee and its Affiliates, the Net Sales shall be calculated based on the final sale of the Licensed Product to
parties which are not Affiliates of Licensee or of such Third Party Transferee. 
 In the event that
non-monetary consideration is received for any Licensed Products, Net Sales with respect to such Licensed Products shall be calculated based on the fair market value of such consideration. 

Licensed Products supplied by way of sample (free of charge) or for purpose of research and development (against no consideration), including
use in any clinical trial carried out by or on behalf of Licensee, its Affiliates, Third Party Transferees or any academic institution under an investigator sponsored clinical study supported by any of the aforementioned, transfers of Licensed
Products (against no consideration), to patients under Licensee’s, its Affiliates’ or any of its Third Party Transferees’ patient assistance programme or compassionate use programmes in any country, or other transfers or dispositions
(against no consideration), for charitable, promotional, manufacturing, testing or qualification, regulatory or governmental purposes shall not be deemed to be sales, and shall not be included within any Net Sales calculation. 

 

	2.23	 “Phase II Clinical Trial” means studies of a molecule in a limited number of patients to
determine efficacy in the indication for which a product is intended, in order to provide proof of concept or to determine optimum efficacious dosing regimens. 

 

	2.24	 “Phase III Clinical Trial” means a controlled and lawful study in humans of the efficacy and
safety of a product, which is prospectively designed to demonstrate statistically whether such product is effective and safe for use in a particular indication in a manner sufficient to file a regulatory submission to obtain regulatory approval by
FDA, EMA or any other regulatory authority to market the product, as further defined with respect to the United States of America in Federal Regulation 21 C.F.R. § 312.21(c). 

  
 -4- 

	2.25	 “Platform Technology” means the
Affibody® Molecule Technology and/or the Albumin Binding Technology, and any Improvements thereof, provided that this shall not include the Product Technology. 

 

	2.26	 “Product Technology” means the
Affibody® Ligand(s) as such and any other intellectual property, information know-how, data, materials and reports regarding the Affibody® Ligand(s) , is such, alone or as a fusion protein (i.e. ABD-fusion, PEGylated proteins, and/or Fc-fusions),
but not the ABD as such. For the avoidance of doubt, and without limiting the generality of the foregoing, Licensee will exercise its rights and licenses under this Agreement to develop the Affibody® Ligand(s) into pharmaceutical product(s) and the development activities will result in intellectual property information and Know-how relating to such
(investigational) pharmaceutical product, including without limitation, pharmaceutical formulations, manufacturing processes for the pharmaceutical product, pharmaceutical uses, such technology (although owned by Licensee to the extent not
considered to be Platform Technology) shall not be considered to be Product Technology. 

  

	2.27	 “Product Patent(s)” means (i) patents(s) or patent application(s) claiming the Affibody® Ligand(s) as such, alone or as a fusion protein (i.e. ABD-fusions, PEGylated proteins, and/or Fc-fusions) filed before, on or after the Effective
Date (including patent application no. 1250145-8, filed February 20, 2012), (ii) any and all patents issuing there from, and (iii) any and all foreign counterparts, divisions, continuations, continuations-in-part, extensions, substitutions, renewals, registrations, revalidations, reissues, provisional applications of the patents or patent applications listed in
(i)-(iii) above. For the avoidance of doubt, and without limiting the generality of the foregoing, Product Patents shall not include patent(s) or patent application(s) that does not claim the sequences per se of any Affibody® Ligand(s) alone or as a fusion protein (i.e. ABD-fusions, PEGylated proteins, and/or Fc-fusions).

  

	2.28	 “Representatives” is defined in Section 16.1. 

 

	2.29	 “ROA” is defined in Section 1.3 above. 

 

	2.30	 “Royalty Term” is defined in Section 9.5 below. 

 

	2.31	 “Target” means complement factor 5 (C5). 

 

	2.32	 “Term” means the term of this Agreement, which shall commence on the Effective Date and
continue until the last Royalty Term to expire, i.e. when Licensee no longer is obliged to pay royalty to Licensor. 

  

	2.33	 “Territory” means all countries in the world. 

  
 -5- 

	2.34	 “Third Party Transferee” means any other party other than an Affiliate of Licensee which is
authorized by Licensee or to whom Licensee otherwise grants any right to research develop, make, have made, use, sell and have sold Licensed Products within the Field and the Territory (e.g. sub-licensees, and
marketing/co-promotion partners). This notwithstanding, “Third Party Transferee” shall not include a third party that distributes, markets and sells Licensed Products, with or without packaging
rights, in circumstances where the person so appointed purchases its requirements of Licensed Products from Licensee or its Affiliates but does not otherwise make any royalty or other payment to Licensee with respect to its intellectual property
rights (e.g. physical distributors or whole-sellers). The term “packaging rights” in this Section 2.34 shall mean the right for the distributor to package Licensed Products supplied in packaged bulk form into individual ready-for-sale packs. Further, Licensee’s service providers (cf. Section 3.6 below) shall not be deemed Third Party Transferees in each case so long as Licensee is
not receiving any consideration or other payments from such third parties in exchange for the sublicense of Licensee’s rights. 

  

	2.35	 “Third Party” means any individual or entity other than Licensor or Licensee or their
Affiliates. 

  

	2.36	 “Valid Claim” means (a) a claim of an issued and unexpired Licensed Patent and/or Product
Patent that has not been disclaimed, permanently revoked, held unenforceable, unpatentable or invalid by decision of a court or other governmental agency of competent jurisdiction, unappealable or unappealed within the time allowed for appeal, and
that has not been admitted to be invalid or unenforceable through re-examination, reissue, disclaimer or otherwise, or lost in an interference proceeding brought by a Third Party (without involvement by
Licensee or its Affiliates); and (b) a claim of any pending application included in the Licensed Patent(s) and/or Product Patent(s) to the extent the subject matter described in such claim has not been abandoned without being re-filed in another application or finally rejected by an administrative agency action from which no appeal can be taken, or which claim has not been pending for a period of more than seven (7) years (or, in
respect of any Japanese application, ten (10) years), from the date of the application. Notwithstanding what is stated above in clause (b), any claim within the Licensed Patent(s) and/or Product Patent(s) that ceases to be a Valid Claim as a
result of pending too long or otherwise, but subsequently issues and is otherwise described by clause (a) above shall become a Valid Claim for purposes of this definition, effective as of the issuance of such patent. 

 

	3.	 License Grants 

 

	3.1	 License to Swedish Orphan Biovitrum. Subject to the hereby terms and conditions of this Agreement,
Licensor grants to Licensee: 

  

	 	a)	 a non-exclusive license to the Licensed Patent(s) listed in Appendix
B to use the Affibody® Ligand(s) alone or as a fusion protein (i.e. ABD-fusions, PEGylated proteins, and/or
Fc-fusions), within the Field; 

  

	 	b)	 an exclusive right (to the extent that Licensee has not already such rights due to its ownership of the
Affibody® Ligand(s)) to use the Affibody® Ligand(s), alone or as a fusion protein (i.e.
ABD-fusions, PEGylated proteins, and/or Fc-fusions), within the Field; 

  
 -6- 

	 	c)	 a non-exclusive license to the Licensed Patents listed in Appendix
C, solely to the extent necessary for Licensee to use the ABD in combination with the Affibody® Ligand(s) as a fusion protein, as set forth in d) below; 

 

	 	d)	 an exclusive right to use the ABD solely in combination with the Affibody® Ligand(s) as a fusion protein, within the Field; and 

  

	 	e)	 a non-exclusive license to use the Licensed Know-how, solely to the extent necessary for Licensee to practice the rights and licenses set forth in a)—d) above; 

in each case a)—e) above, including a right to sublicense in accordance with the terms set out in Section 4, solely to research,
develop, make, have made, use, sell and have sold Licensed Products within the Field in the Territory. 
 For clarity, the non-exclusive licenses in a), c) and e) granted by Licensor above are only intended to allow Licensee and its permitted Third Party Transferees freedom to operate under such Licensed Patents and the Licensed Know-how with respect to their practice of the rights in b) and d) and not for any other purpose. 
  

	3.2	 Option to include Improvements to the Platform Technology. Licensor shall notify Licensee
on creating, discovering, acquiring or developing any material Improvement that Licensor deems, in its reasonable discretion, to be commercially reasonable for Licensee to practice, giving details of the same. Licensee shall inform Licensor, within
one hundred and twenty (120) days of receiving such notice, whether Licensee wishes to have a license to such Improvement to use the same for the purpose of exploiting its rights under Section 3.1 above. 

 

	3.3	 Licensee may further at any time request to take a license to any Improvements made by Licensee (or its
Affiliates and/or Third Party Transferees) and transferred to Licensor pursuant to Section 11.1). 

  

	3.4	 If Licensee notifies Licensor that it wishes to take a license to an Improvement, such Improvement shall be
deemed to fall within the definition of Affibody® Molecule Technology or Albumin Binding Technology, as the case may be, and the Licensed Patents licensed pursuant to Section 3.1 shall be
extended accordingly. 

  

	3.5	 License to Affibody. Licensee hereby grants to Licensor: 

 

	 	a)	 an exclusive, royalty-free, worldwide, perpetual, irrevocable license (including the right to grant sub-licences) under any Product Patents owned or controlled by Licensee (or its Affiliates and/or Third Party Transferees), to use the Affibody® Ligand(s),
outside the Field, and 

  
 -7- 

	 	b)	 a non-exclusive royalty-free, worldwide, perpetual, irrevocable license
(including the right to grant sub-licences) under any Know-how in the Product Technology, which is directly related to the use of Affibody® Ligand(s) as
such, to the extent necessary for Licensor to practice the Product Patents outside the Field. For clarity, this non-exclusive license is only intended to allow Licensor and its sub-licenses freedom to operate
under the Product Patents outside the Field and not for any other purpose. Licensee will further not be required to perform any technological transfer or “show-how” or similar activities as a
consequence of this license. 

  

	3.6	 Limitation of Rights 

 

	 	a)	 Notwithstanding Licensee’s ownership of the
Affibody® Ligand(s) as such, Licensee may not transfer or otherwise make available any Affibody® Ligand(s) or ABD on a
stand-alone basis, i.e. other than as a part of a Licensed Product, except to (i) non-commercial Third Parties for research use, (ii) to Third Parties for testing and evaluation purposes in the Field
and (iii) to Third Parties solely for the purpose of developing or making the Affibody® Ligand(s) (alone or as a fusion protein (i.e. ABD-fusions,
PEGylated proteins, and/or Fc-fusions)) or Licensed Products for Licensee under contract for the purpose of commercializing a Licensed Product. 

 

	 	b)	 Licensee may further not transfer or otherwise make available the ABD other than in combination with the
Affibody® Ligand(s) as a fusion protein, and in that case, only as a part of a Licensed Product as set out in 3.6 a) above. 

 

	 	c)	 Licensee is expressly prohibited from selling, transferring or otherwise making available to Third Parties
Licensed Products, ABD or Affibody® Ligand(s) for use outside the Field. 

  

	 	d)	 To the extent permitted by applicable law, all product labels for Licensed Products shall restrict the End
Users’ use to the Field. 

  

	4.	 Sub-licensing 

 

	 	a)	 Licensee may sublicense its rights pursuant to Section 3.1 to Third Party Transferees; provided
that such sublicense is consistent with the terms and conditions of this Agreement. The Parties agree that Licensee is not entitled to sub-license the right to use the ABD or the license to the Albumin Binding
Technology separately from the right to use the Affibody® Ligand(s). Licensee is, however, entitled to sub-license its rights to research, develop,
make, have made, use, sell and have sold Licensed Products, in whole or in part. 

  

	 	b)	 Sublicenses shall be made non-assignable and non-transferable without the prior written consent of Licensor, not to be unreasonably withheld or delayed. 

  
 -8- 

	 	c)	 The right to grant further sublicenses (i.e.
sub-sub-licenses) is subject to the prior written consent of Licensor, not to be unreasonably withheld or delayed. Licensee remains primarily responsible for, and shall
ensure that each Third Party Transferee complies with the terms of this Agreement, including all confidentiality, diligence, payment, audit rights and reporting obligations. Promptly after execution of an agreement with a Third Party Transferee,
Licensee will provide Licensor with a copy of each such sublicense agreement, of which Licensee may redact provisions that do not relate to compliance of such sublicense agreement with this Agreement or of Licensee’s or its Third Party’
Transferee’s compliance with the terms and conditions of this Agreement, in addition. Licensee shall cause sublicenses and any permitted sub-sub-licenses to be
automatically terminated by termination of this Agreement (for any reason or cause), at which time any Third Party Transferee that is not then in default will be entitled to negotiate, directly with Licensor, a license. 

 

	5.	 Target Exclusivity 

Licensor undertakes, for a period of seven (7) years from the Effective Date, not to, for its own behalf or of any Third Party’s
benefit, commercially exploit or perform any research relating to the Target within the Field. 
  

	6.	 Diligence Efforts; Information Sharing Committee, etc. 

 

	6.1	 General Diligence Efforts. Licensee undertakes to work diligently and agrees to use commercially
reasonable efforts consistent conditions to successfully research, develop and otherwise carry out the development and commercialization of a Licensed Product, devoting at least the same level of diligence to such efforts that it devotes to products
at a similar stage in its product life cycle and of similar development and market potential, but not less than reasonable diligence. 

  

	6.2	 Information Sharing Committee. The Parties shall establish an information sharing committee (the
“ISC”), consisting of equal numbers of representatives from each Party. The ISC will serve as a forum for the Parties’ information exchange under this Agreement. 

 

	 	a)	 In particular, the ISC will be responsible for information sharing and discussion between the Parties pursuant
to this Agreement regarding: i) material improvements according to Section 11.5b) during the previous six (6) month period, ii) sharing of general and material drug class effects (e.g. drug-drug interactions, PK on a population level,
immunogenicity) and material negative findings relating to the Licensed Technology or Product Technology during preclinical and clinical phase, and iii) diligence monitoring (progress of the development, e.g. reporting of program status, achieved
results and program timelines, and similar activities relating to the development of Licensed Products pursuant to this Agreement. 

  

	 	b)	 The ISC shall meet (either in person or by telephone conference) at least once every six (6) month period
during the first five (5) years in which development is ongoing. 

  
 -9- 

	7.	 Compliance with Laws 

Licensee shall comply, and shall cause all Affiliates and Third Party Transferees to comply, with all laws, regulations, rules, and orders
applicable to the testing, production, manufacture, transportation, packaging, labeling, promotion, export, distribution, sale, and use of the Licensed Products. 
  

	8.	 Branding; Trademarks; Adverse Drug Reaction Reporting 

 

	8.1	 Branding. To the extent permitted under applicable laws, Licensee shall state, and shall cause all
Affiliates and Third Party Transferees to state, on secondary packaging and product information leaflets of Licensed Products that the Licensed Products are manufactured under a license from Licensor; provided, however, that the placing and
size of such statement shall not be more prominent than Licensee’s own branding statement. 

  

	8.2	 Trademarks for Licensed Products. Licensee shall determine the trademark and/or tradename that will be
used to market and sell the Licensed Products in the Territory, and any such trademark and tradename shall be and remain the sole and exclusive property of Licensee. 

 

	8.3	 Pharmacovigilance. Within three (3) months of submission of a marketing authorization in the first
of the United States or EU, the safety responsible of each Party will develop and agree upon safety data exchange procedures governing the coordination of collection, investigation, reporting, and exchange of information concerning Adverse Events
relating to Licensed Products, product quality and product complaints involving Adverse Events, sufficient to permit each Party, its Affiliates, and Third Party Transferees to comply with all its legal obligations, including to the extent
applicable, those obligations contained in ICH guidelines E2A, E2B. E2C E2D: Each Party will designate a safety liaison to be responsible for communicating with the other Party regarding the reporting of Adverse Events. 

 

	8.4	 Reporting of Serious Findings. From the Effective Date, Licensee undertakes to notify Licensor promptly
of any findings relating to the Licensed Products, which are serious or unexpected and that suggest a risk to humans, including but not limited to, for example, abnormal laboratory findings or findings of mutagenicity, teratogenicity or
carcinogenicity. 

  

	9.	 Remuneration 

  

	9.1	 License Fee. Licensee shall pay to Licensor the non-refundable
amount of EUR 500,000 upon execution of this Agreement and receipt of an invoice thereof, which shall be due and payable within ten (10) days. 

  
 -10- 

	9.2	 Milestone Payments. Licensee shall pay to Licensor the following
non- refundable lump sums, as and when applicable: 

  

			
	 Milestone
	  	Milestone Payment*
	 [***]
	  	EUR [***]
	 [***]
	  	EUR [***]
	 [***]
	  	EUR [***]
	 [***]
	  	EUR [***]
	 [***]
	  	EUR [***]

 * One-time payment; irrespective of the number of Licensed Products
that achieve a Milestone, Licensee shall only be obligated to make a Milestone payment once for the first Licensed Product to reach the Milestone. For the avoidance of doubt, if the first Licensed Product should reach one Milestone but not
the next, then Licensee shall make such Milestone payment due for the second Licensed Product to reach this next Milestone. Example: The first Licensed Product reaches Milestone [***], but not Milestone [***]. If a second
Licensed Product should reach Milestone [***] and Milestone [***], for the second Licensed Product Licensee would pay for [***] (but not for Milestone [***]. 
  

	9.3	 Payment of Milestone Payments. Licensee shall pay Milestone Payments upon the event triggering such
Milestone Payment and receipt of an invoice thereof, which shall be due and payable within [***] days. Licensee shall without undue delay inform Licensor on the occurrence of the events triggering a Milestone Payment listed in Section 9.2.

  

	9.4	 Royalties. Licensee shall, during the Royalty Term, pay Licensor royalty payments on Net Sales of
Licensed Products as follows: (i) at the rate of [***] if the Licensed Product is covered by a Valid Claim, and (ii) at the rate of [***] if the Licensed Product is not covered by a Valid Claim. Licensee is not obligated to pay multiple
royalties if any Licensed Product is covered by more than one Valid Claim within the Licensed Patents. 

  

	9.5	 Royalty Term. Royalties on Net Sales shall be payable on a country-by- country, Licensed Product-by-Licensed Product basis, for the longer of: (i) the last Valid Claim to expire in
such country; or (ii) ten (10) years from First Commercial Sale of each such Licensed Product in each country (the “Royalty Term”). The Parties agree that Licensor’s transfer of the Affibody® Ligand(s) and its right, title and interest in the Product Technology to Licensee and the technology licensed to Licensee justify royalties that apply in countries where no Valid Claims exist,
and royalties that apply after the expiry of Valid Claims in a country (if the last Valid Claim expires before ten years from First Commercial Sale), and that such payments constitute consideration for Licensor’s transfer to Licensee of the
Product Technology pursuant to the ROA and this Agreement. Upon expiration of the Royalty Term for a Licensed Product in a country, Licensee shall have a fully-paid-up, irrevocable, royalty-free, nonexclusive,
perpetual, worldwide, sub-licensable license as granted to Licensee in Section 3.1, to research, develop, make, have made, use, sell and have sold such Licensed Product within the Field in such country.
Licensor further agrees not to sell, transfer or otherwise make available the Affibody® Ligand(s), alone or as a fusion protein (i.e. ABD-fusions,
PEGylated proteins, and/or Fc-fusions), in the Field after expiration of the Royalty Term. However, notwithstanding 

  
 -11- 

	 	
what is stated above, if the Agreement is terminated by Licensor due to circumstances set out in Sections 18.3-18.5, or by Licensee pursuant to
Section 18.2, Licensee shall as from the effective date of termination, no longer have any licenses hereunder nor shall Licensor be bound by its undertaking regarding the Affibody®
Ligand(s) set out in this Section 9.5. 

  

	9.6	 Royalty Payment Provisions. Royalties under this Agreement shall be calculated for every calendar
quarter and shall be paid in EUR within [***] days from the expiration of the relevant calendar quarter, and shall be deemed to have been made when the money is available in the account designated by Licensor. Whenever for the purpose of
calculating royalties conversion from foreign currency shall be required, the rate of exchange shall be the Swedish Central Bank official average conversion rate for the relevant currencies and the relevant calendar quarter. 

 

	9.7	 Withholding Taxes. In the event that Licensee, an Affiliate or a Third Party Transferee is required to
withhold any tax to the tax or revenue authorities in any country regarding any royalty due to the laws of such country, such amount shall be deducted from the royalty to be paid by Licensee hereunder, and Licensee shall notify Licensor and promptly
furnish Licensor with copies of any tax certificate or other documentation evidencing such withholding. Each Party agrees to cooperate with the other Party in claiming exemptions from or collecting such deductions. 

 

	9.8	 Late Payments. If Licensee at any time should fail to make payment in full on the due date, Licensor
shall be entitled to claim interest on the sum overdue until payment is made, based on the current reference interest rate of the Swedish Central Bank plus four (4) percentage units, per annum. 

 

	9.9	 Invoicing Procedure. All invoices shall reference this Agreement and be in the format specified in
writing by Licensee from time to time. 

  

	9.10	 VAT. All sums payable under this Agreement are exclusive of any value added tax or any other sales tax
or duties, which where applicable, shall be payable by the payer in addition to any sum in respect of which they are calculated. 

  

	10.	 Records, Reports and Auditing 

 

	10.1	 Records. Licensee shall maintain, and shall cause its Affiliates and Third Party Transferees to
maintain, for a period of three (3) years following the end of the calendar year to which they pertain, full and true books of accounts and other records in sufficient detail so that the royalties and other payments payable to Licensor
hereunder can be properly ascertained. These records shall be ready for inspection and examination during normal business hours upon no less than fifteen (15) business days written notice, to an independent auditor, to which Licensee has no
objections and who is bound by a confidentiality agreement, for the sole purpose of verifying correct royalty payments. Licensee shall co-operate at such audit, and shall give any explanations that may
reasonably be requested. The cost for such audit shall be borne by Licensor. However, and without prejudice to any other remedy or action available due to breach of this 

  
 -12- 

	 	
Agreement, if the audit should determine a discrepancy between royalty reported and the royalty actually due resulting in underpayment of royalties of more than [***] or if the audit (of such
books, accounts or records) should determine a discrepancy between permitted use under this Agreement and actual use of the Affibody® Ligand(s), ABD or Licensed Technology, then the cost and
expense of the audit shall be borne by Licensee. Licensee shall promptly pay to Licensor all amounts determined by any inspection to be due to Licensor, with interest in accordance with Section 9.8 above from the date the same should have been
paid. 

  

	10.2	 Reports. Licensee shall at each time of payment of royalties dispatch to Licensor a written report,
concerning the computation of royalty and other payments payable by Licensee to Licensor hereunder. Each such report shall contain total number of units of Licensed Products sold or transferred by Licensee, an Affiliate or a Third Party Transferee
during the most recent calendar quarter on a Licensed Product-by-Licensed Product,
country-by-country basis, together with any exchange rates used for conversion, and total royalties due. Receipt or acceptance by Licensor of any of the reports
furnished pursuant to this Section 10.2 or of any sums paid hereunder shall not preclude Licensor from questioning the correctness thereof at any time, and in the event any inconsistencies or mistakes are discovered in such reports or payments,
they shall be promptly rectified and appropriate payment, if necessary, shall be made by Licensee of any amounts. Licensor shall grant Licensee credit for any overpayment against the next calendar quarter royalty payment. 

 

	11.	 Ownership of Intellectual Property Rights; Patent Prosecution and Maintenance 

 

	11.1	 Platform Technology. Licensor shall be and remain the sole and exclusive owner of all rights, title and
interest on a worldwide basis in and to the Platform Technology (including, for clarity, any Improvements thereof), and, for that purpose, Licensee hereby assigns, and Licensee shall cause its Affiliates, employees, consultants, and agents to
assign, its right, title, and interest in and to ail Platform Technology to Licensor. 

  

	11.2	 Licensed Patents. Licensor shall be registered as applicant, holder, or assignee (as the case may be) of
any Licensed Patent(s). Licensor shall be responsible, at its expense and discretion, for the preparation, filing, prosecution, maintenance and defense of Licensed Patent(s). This notwithstanding, Licensor agrees that it will not file any new patent
applications claiming the Platform Technology that refer to the Affibody® Ligand(s) without Licensee’s prior consent. Licensor shall submit to Licensee any material information regarding
any Licensed Patents. 

  

	11.3	 Product Technology. Licensee shall be and remain the sole and exclusive owner of all rights, title and
interest on a worldwide basis in and to the Product Technology (including the Product Patents), and, for that purpose, Licensor hereby assigns, and Licensor shall cause its Affiliates, employees, consultants, and agents to assign, its right, title,
and interest in and to all Product Technology (including the Product Patents) to Licensee. 

  
 -13- 

	11.4	 Product Patents. Licensee shall be registered as applicant, holder, or assignee (as the case may be) of
any Product Patent(s). Licensee shall be responsible, at its expense and discretion, for the preparation, filing, prosecution, maintenance and defense of any Product Patent. Licensor shall cooperate with Licensee in obtaining patent protection for
the Affibody® Ligand(s) and/or the Product Technology by furnishing available information and by procuring the signature of necessary documents by its employees. 

 

	11.5	 Information to Licensor. 

 

	 	a)	 Licensee shall submit to Licensor any material information regarding any Product Patent. Licensee shall
(i) invite Licensor to comment on any material issues with regard to scope of protection of the Product Patent in relation thereto well in advance before a relevant deadline and (ii) take into due consideration Licensor’s comments and
requirements. 

  

	 	b)	 Where Licensee develops any material improvements to Product Technology which may also be applicable to the
Platform Technology, it shall notify Licensor and the Parties shall discuss any appropriate measures to preserve confidentiality and/or appropriate arrangements with regards to the allocation ownership of the Platform Technology and the Product
Technology. 

  

	11.6	 Subsidiary Rights to Prosecute. If Licensee elects not to file, or to further pursue prosecution or
maintenance of a Product Patent in any country. Licensee shall notify Licensor at least ninety (90) days prior to any relevant deadline. If Licensor so requests, then Licensee shall file, prosecute and maintain any Product Patent in countries
not selected by Licensee, at Licensor’s expense. Licensor further shall have the right to pursue, at its expense, prosecution, procurement and maintenance of such Product Patent, in Licensee’s name but at Licensor’s expense,

  

	11.7	 Cooperation. Each Party shall, at their own expense, provide the other Party with such assistance as the
other Party shall reasonably request in connection with any proceedings where the ownership, validity or subsistence of any of the Product Patent is at issue (including opposition proceedings in respect of European patents and nullity and
interference proceedings in respect of US patents). 

  

	11.8	 No obligation to file. Nothing in this Agreement shall be construed as an obligation to file, prosecute
and maintain any patent applications or issued patent, including the Licensed Patents. 

  

	12.	 Infringements 

 

	12.1	 Notice. Each Party agrees to provide written notice to the other Party promptly after becoming aware of
any actual or potential infringement of the Licensed Technology and/or Product Technology (including Product Patent(s)). The Parties agree to keep each other continuously informed of the status of any such infringement. In the event of any such
notice of infringement, the Parties shall discuss the most appropriate actions to take. 

  
 -14- 

	12.2	 Right to prosecute infringements. Licensor, to the extent permitted by law, shall have the first right,
under its own control and at its own expense, to pursue and prosecute any Third Party infringement of the Licensed Technology. Licensor shall promptly inform Licensee if it elects not to exercise such first right (but in any event within sixty
(60) days after notice of such infringement pursuant to Section 12.1), and Licensee shall thereafter, after Licensor’s prior written approval not to be unreasonably withheld or delayed, have the right to pursue and prosecute such
actions, either in its own name or in the name of both Parties, if necessary. If required by law, each Party shall permit any action under this Section 12.2 to be brought in the other Party’s name, provided that the Party bringing
the action shall reimburse the other Party against, any out of pocket costs or expenses that such Party incurs in connection with such action 

  

	12.3	 Right to prosecute infringements; Product Patents. The provisions in Section 12.2 shall also apply
to infringements relating to Products Patents, except that Licensee shall have the first right to pursue and prosecute any Third Party infringement, and Licensor will have the subsidiary right to pursue infringements. 

 

	12.4	 Recovery. Any recovery obtained as a result of infringement actions brought under Sections 12.2 or 12,3,
whether by judgment, award or settlement, shall be applied in the following order of priority: 

  

	 	(i)	 First be applied to reimbursement of each Party’s out-of-pocket expenses in bringing such suit or proceeding including, but not limited to, court costs and attorney fees. 

 

	 	(ii)	 Second, any remainder shall be allocated and distributed between the Parties as follows: 

 

	 	a)	 if the entire recovery or a substantial part thereof, was based upon the effect of the infringement on the
development and/or commercialization of Licensed Product(s) in the Field; then the recovery shall be treated as if it were Net Sales during the relevant calendar quarter subject to the applicable terms of this Agreement (i.e., Licensee shall be
entitled to all of such recovery less royalties payable to Licensor under Section 9.4); 

  

	 	b)	 if the entire recovery or a substantial part thereof, was based upon the effect of infringement on the
development or commercialization of Affibody® Ligand(s) outside the Field, or on the use of Licensed Technology non-exclusive to Licensee without
affecting the development or commercialization of Licensed Product(s), then Licensor shall be entitled to all of such recovery; 

  

	 	c)	 in any other scenario than as described above, the recovery shall be allocated among the Parties based upon the
relative effect of the infringement on the development or commercialization of Licensed Product(s) in the Field, Affibody® Ligand(s) outside the Field, or on the use of the Licensed Technology
by both Parties, as determined by the Parties in good faith. Any amounts allocated to Licensee shall be treated as if it were Net Sales during the relevant calendar quarter subject to the applicable terms of this Agreement (i.e., Licensee shall be
entitled to all of such recovery less royalties payable to Licensor under Section 9.4). 

  
 -15- 

	12.5	 Action initiated by a Third Party. Licensee, to the extent permitted by law, shall have the first right,
under its own control and at its own expense, to control any claim made or threatened against Licensee that Licensee’s use of the Licensed Technology infringe any Third Party’s intellectual property rights within the Field. No settlement,
consent judgment or other voluntary final disposition of any such suit may be entered into without the prior written consent of Licensor, which consent shall not be unreasonably withheld or delayed. Licensee shall promptly inform Licensor if it
elects not to control such an action (but in any event within sixty (60) days after notice of such action pursuant to Section 12.1), and Licensor shall thereafter have the right to control any action initiated by a Third Party, either in
its own name or in the name of both Parties, if necessary, in which case the principles set forth in Sections 12.2 and 12.4 governing actions in the other Party’s name, allocation of costs and recovery shall apply. 

 

	12.6	 Cooperation. Each Party agrees to cooperate in any action under this Section 12 that is controlled
by the other Party, provided that the prosecuting Party reimburses the other Party promptly for any out-of-pocket costs and expenses incurred by the non-prosecuting Party in connection with providing such assistance. 

  

	13.	 Confidentiality 

 

	 	a)	 Licensee acknowledges that Licensor will be disclosing to Licensee confidential information regarding the
Licensed Technology, and Licensor acknowledges that Licensee will be disclosing to Licensor confidential information regarding Licensee’s research, development, manufacturing, sales and marketing activities (“Confidential
Information”). Such information, whether received in oral, electronic or written form shall be kept in strict confidence, used only for the purposes of this Agreement and not disclosed by the recipient Party to any Third Party other
than its employees, directors, advisors or Third Party Transferees, who are under a confidentiality obligation substantially equivalent to that of the receiving Party, without the prior written consent of the other Party. The Parties agree that the
material terms of this Agreement will be considered Confidential Information of both Parties. 

  

	 	b)	 These obligations of confidentiality and non-use shall not apply to
Confidential Information that (i) is publicly available by use and/or publication before its receipt from the disclosing Party or an Affiliate of the disclosing Party, or on their behalf, or thereafter become publicly available through no fault
of the receiving Party; (ii) was already in the receiving Party’s possession prior to receipt from the disclosing Party or an Affiliate of the disclosing Party, or on their behalf, as evidenced by records kept by the receiving Party in the
ordinary course of business; or (iii) is properly obtained by the receiving Party from a Third Party who has a valid right to disclose such information to the receiving Party, is not under a confidentiality obligation to the disclosing Party or
an Affiliate of the disclosing Party, and is not disclosing such information to the receiving Party on behalf of the disclosing Party or an Affiliate of the disclosing Party. 

  
 -16- 

	 	c)	 This Section 13 shall not be construed to prohibit disclosure of Confidential Information to the extent
that such disclosure is required to by law or valid order of a court or other governmental authority, or by stock market regulations; provided, however, that the responding Party shall first have given notice to the other Party and shall have made a
reasonable effort to obtain a protective order requiring that the Confidential Information so disclosed be used only for the purposes for which the order was issued. 

 

	 	d)	 Nothing contained herein shall prevent a Party from disclosing information to the extent such information is
required to be disclosed 

  

	 	e)	 in connection with securing any necessary governmental authorization for Licensee’s manufacture, use or
sale of a Licensed Product, (ii) for the purposes of Licensee’s compliance with governmental regulations, (iii) for the purposes of development or manufacture of any Licensed Product and (iv) to employ Third Party consultants or
enter into collaboration agreements, provided that such Third Party is subject to confidentiality obligations commensurate with those in this Section 13. 

 

	 	f)	 The Parties further acknowledge that they each may engage in fundraising activities with private investors. In
such event, the Parties may disclose the existence of this Agreement, including its terms and subject matter, under terms of confidentiality no less strict than those contained in this Agreement, to such investors or potential investors in or
potential licensees of the disclosing Party conducting due diligence in each instance. 

  

	 	g)	 The disclosing Party shall remain responsible for the unauthorized disclosure by any Affiliates or Third
Parties. 

  

	 	h)	 The Confidentiality undertaking above shall apply during the Term and for seven (7) years thereafter.

  

	14.	 Use of Names and Trademarks and Publication 

 

	14.1	 Use of Names and Trademarks. Both Parties may use the other Party’s name and/or trademarks in
external communications. Any such use shall be the subject of the other Party’s consent not to be unreasonably withheld or delayed. 

  

	14.2	 Publication. Both Parties may refer to the other Party in external communications or in a press release
upon the signing of this Agreement, however may not disclose any financial terms of this Agreement. In addition, Licensor may not disclose the identity of the Target. Any such communication or press release shall be subject to the other Party’s
consent not to be unreasonably withheld or delayed. For the avoidance of doubt, Licensee shall be permitted to disclose any information regarding the research, development, manufacturing, sale or marketing of the Licensed Product in press releases
or other external communication, without Licensors prior written consent. Licensor shall not disclose any information regarding Licensed Product in press releases or other external communication, unless Licensee’s written consent is obtained in
advance. Neither Party shall have a right hereunder to publish or present any Confidential Information of the other Party.     

  
 -17- 

	15.	 Warranties 

  

	15.1	 By Licensor. Licensor represents and warrants to Licensee, as of the Effective Date, that:

  

	 	a)	 it has the full legal right and power to enter into the obligations and grant the rights set forth in this
Agreement and that the performance of its obligations under and pursuant to this Agreement will not conflict with its articles of association or any agreements, contracts, or other arrangements to which it is a party; 

 

	 	b)	 with the exception of licenses granted by Licensor to Third Parties to the extent not barred by this Agreement,
to the best knowledge of Licensor, it is the sole owner of the entire right, title and interest in and to the Licensed Patents free and clear of any liens, claims, encumbrances, or restrictions of any kind or nature; 

 

	 	c)	 to the best knowledge of Licensor, the use of the
Affibody® Ligand(s) or ABD or the use of the Licensed Technology does not infringe any Third Party patent or other proprietary right. However, Licensor makes no representation or warranty that
the Affibody® Ligand(s) or ABD or the use of the Licensed Technology, the Affibody® Ligand(s) or ABD alone or in combination with the
Target will not infringe any Third Party patent or other proprietary right; and 

  

	 	d)	 Licensor has not received any claims from a Third Party that the Licensed Technology or the use thereof
infringes or shall infringe any Third Party patent or other proprietary right. 

  

	15.2	 Disclaimer. Except as expressly set forth in Section 15.1 above, Licensor disclaims all guarantees
whatsoever with respect to the Affibody® Ligand(s), ABD, Licensed Technology and the Licensed Products, either express or implied. Without limiting the generality of the foregoing, there is no
express or implied warranty: (i) of merchantability or fitness for a particular purpose, (ii) that any patent applications in the Licensed Patents will grant or that any Licensed Patents are valid, or (iii) that the use of the
Affibody® Ligand(s), ABD or the Licensed Technology alone or in combination with the Target or any Licensed Product will not infringe any patent, copyright, trademark, or other rights.
Licensee shall make no statements, representations, or warranties whatsoever to any Third Parties inconsistent with this Section 15.2. 

  

	15.3	 By Licensee. Licensee represents and warrants to Licensor, as of the Effective Date, that it has the
full legal right and power to enter into the obligations and that the performance of its obligations under and pursuant to this Agreement will not conflict with its articles of association or any agreements, contracts, or other arrangements to which
it is a party. 

  
 -18- 

	16.	 Indemnity; Limitation of Liability. 

 

	16.1	 By Licensor. Licensor shall defend, indemnify and hold harmless Licensee and its Affiliates and their
respective employees, directors and agents (“Representatives”), from and against all losses, liabilities, claims, damages, settlements, judgments, awards, actions, suits and costs whatsoever, including reasonable
attorneys’ fees and disbursements and the costs of enforcing this indemnity (collectively, “Losses”), based upon, arising out of, or relating to, (i) any breach by Licensor of any of its representations and
warranties under 15.1 of this Agreement, (ii) any material breach by Licensor of this Agreement, (iii) any claim, suits, actions, demands or judgments arising from or attributable to Licensor’s (or its sublicensees’) use of the
Product Patents either outside the Field or the use of Product Patents and Product Technology under the circumstances set forth in Section 19.2 or 19.3; except in each case, to the extent such Losses result from the gross negligence or
intent of Licensee or Licensee’s Representatives, and further provided that Licensor has been notified promptly in writing of such claim, suit or proceeding and given authority, information (a written description of such claim and a copy
of any legal papers served upon it which relate to such claim), and reasonable assistance (at Licensor’s request and expense) to control the defense of any suit or proceeding. 

 

	16.2	 Specific Indemnity relating to [***]. Licensor shall defend, indemnify and hold harmless Licensee and
its Affiliates and their respective Representatives from and against any Losses based upon, arising out of, or relating to the license agreement between Licensor and [***], which Licensor terminated as of [***], provided that Licensor has
been notified promptly in writing of such claim, and given information, reasonable assistance, etc as described in Section 16.1 above. Licensor agrees in particular to pay (if necessary) any fees and royalties due to [***] for Licensee’s
exercise of the licenses granted by Licensor to Licensee in this Agreement. 

  

	16.3	 Sole Responsibility. Licensor undertakes no responsibility for Licensee’s, its Affiliates or Third
Party Transferee’s manufacture, marketing and sale of Licensed Products and/or other use of the Licensed Technology alone or in combination with the Target, including personal injury and other product liability, and Licensee shall have complete
and exclusive responsibility for all activities concerning Licensee’s, its Affiliates’, and Third Party Transferees’ use of the Licensed Technology. 

 

	16.4	 By Licensee. Licensee shall defend, indemnify and hold harmless Licensor and its Representatives, from
and against all Losses, based upon, arising out of, or relating to, (i) any breach by Licensee of any of its representations or warranties under Section 15.3, (ii) any material breach by Licensee of this Agreement or (iii) any claim,
suits, actions, demands or judgments arising from or attributable to Licensee’s, its Affiliates’, and Third Party Transferees’ use of the Licensed Technology alone or in combination with the Target (including but not limited to
product liability claims); except in each case, to the extent such Losses result from the gross negligence or intent of Licensor or Licensor’s Representatives, and further provided that Licensee has been notified without undue
delay in writing of such claim, suit or proceeding and given authority, information (a written description of such claim and a copy of any legal papers served upon it which relate to such claim), and reasonable assistance (at Licensee’s request
and expense) to control the defense of any suit or proceeding. 

  
 -19- 

	16.5	 Indemnity Procedure. The indemnifying Party shall not, without the prior written consent of the
indemnified Party, agree to a settlement of any claim which could lead to liability or create any financial or other obligation on the part of the indemnified Party for which the indemnified Party is not entitled to indemnification hereunder. The
indemnified Party shall cooperate with the indemnifying Party and shall always be entitled to participate in the defense or handling of such claim with its own counsel and at its own expense. 

 

	16.6	 Limitation of Liability. With the exception of intentional acts or omissions, neither Party is liable to
the other for any indirect or consequential damages of any kind such as lost profit, arising out of this Agreement and regardless of whether such Party shall be advised, shall have other reason to know, or in fact shall know of the possibility of
the foregoing. 

  

	17.	 Insurance 

Both Parties agree to maintain at their own cost and expense, while this Agreement is in effect, including any surviving obligations, a general
liability insurance coverage that is reasonably adequate and customary in the insurance market in relevant locations and jurisdictions. Each Party shall provide written proof of the existence of such insurance to the other Party upon request. 

 

	18.	 Term and Termination 

 

	18.1	 Term. Unless previously terminated in accordance with other provisions of this Agreement, this Agreement
shall be in effect throughout the Term. 

  

	18.2	 Termination by Licensee. Licensee shall have the right to terminate this Agreement, for any reason,
(i) upon at least ninety (90) days prior written notice to Licensor and (ii) upon payment of any amounts due to Licensor through the effective date of such termination. 

 

	18.3	 Termination for Material Breach. In the event that either Party (“Breaching Party”)
commits a material breach of its obligations under this Agreement, and fails to cure that breach within sixty (60) business days after receiving written notice thereof from the other Party (“Terminating Party”), the Terminating
Party may terminate this Agreement immediately upon written notice to the Breaching Party. 

  

	18.4	 Termination for Insolvency, Bankruptcy. In the event that a Party should be unable to pay its debts as
they fall due, commence negotiations with any one or more of its creditors with a view to the general readjustment, moratorium or rescheduling of its indebtedness or make a general assignment for the benefit of. or enter into a composition or scheme
of arrangement with, its creditors, or take any corporate action or other steps be taken or legal proceedings be started for its winding up, liquidation or dissolution, or file for company re-organization or
bankruptcy, or be ordered into a compulsory winding-up or declared bankrupt, the other Party shall have the right to immediately terminate this Agreement upon written notice to the former Party.

  
 -20- 

	18.5	 Termination for Patent Challenge. If Licensee or any of its Affiliates or Third Party Transferees
(a) commences or pursues (or assists Third Parties to do so, other than as required by law or legal process) any proceeding seeking to have any of the Licensed Patents, or any other of Licensor’s patents or patent applications claiming or
covering the Platform Technology, revoked or declared invalid, un-patentable, or unenforceable, or (b) commences or pursues (or assists Third Parties to do so, other than as required by law or legal
process) any proceeding challenging the confidentiality or the substance of the Licensed Know-how, and/or the Platform Technology, Licensor may terminate this Agreement immediately upon written notice to
Licensee. 

  

	19.	 Effect of Termination 

 

	19.1	 Survival. The following provisions shall survive the termination or expiration of this Agreement,
for any reason: Sections 2, 3.5, 7, 8.3, 9.5, 9.7, 9.8, 10.1 (for a period of three (3) years). 11, 13 (for a period of seven (7) years), 14, 16, 19, 20, 21, 22.1 and 22.3. 

 

	19.2	 Termination by Licensee for convenience or by Licensor. Upon premature termination of this Agreement by
Licensee in accordance with Section 18.2 above or by Licensor in accordance with Sections 18.3-18.5 above: 

  

	 	(i)	 all rights and licenses granted by Licensor to Licensee shall terminate; 

 

	 	(ii)	 if Licensor so requests. Licensee shall transfer all rights to the Product Technology, including for the
avoidance of doubt, any Product Patent(s), free of charge to Licensee and to assist and issue necessary documents in order to secure such ownership on a worldwide basis. Until such transfer has been executed, the field of Licensor’s licenses in
Section 3.5 above shall automatically extend to include all uses (including the Field and the Target); and 

  

	 	(iii)	 any and all tangible manifestations and embodiments of Licensor’s Confidential Information provided by or
on behalf of Licensor pursuant to this Agreement shall be promptly returned by Licensee to Licensor or destroyed by Licensee. 

  

	19.3	 Regulatory Filings and Approvals. Upon premature termination of this Agreement by Licensee for
convenience in accordance with Section 18.2 above, Licensee shall grant Licensor an exclusive, royalty-free, perpetual right to use all regulatory filings, regulatory approvals and all data provided by Licensee to regulatory authorities in
support of such regulatory filings or approvals, in each case, that are owned or controlled by Licensee, its Affiliates or Third Party Transferees of any of the foregoing and that relate solely to the Licensed Product. Licensee shall not be
liable to Licensor for any reason whatsoever as consequence of Licensor’s use of such regulatory filings, regulatory approvals or data. Licensee disclaims all guarantees whatsoever with respect to the regulatory filings, regulatory approvals or
data, either express or implied. Without limiting the generality of the foregoing, there is no express or implied warranty: (i) of merchantability or fitness for a particular purpose, (ii) that the use of the regulatory filings, regulatory
approvals or data will not infringe any patent, copyright, trademark, or other rights. Licensor shall make no statements, representations, or warranties whatsoever to any Third Parties inconsistent with this Section 19.3. 

  
 -21- 

	19.4	 Termination by Licensee for Material Breach. Upon premature termination of this Agreement by Licensee in
accordance with Section 18.3, Licensee shall retain its licenses and rights hereunder; provided that Licensee will remain bound by its obligations hereunder with respect to royalty and milestone payments, records, audit and indemnity,
except that (i) Licensee shall be relieved to provide any information or reports to Licensor except as required for royalty reporting purposes and (ii) the royalty rates set forth in Section 9.4 under this Agreement shall, with
respect to royalty payments due after the effective date of termination, be reduced to [***] (Licensed Product covered by a Valid Claim) and [***] (Licensed Product not covered by a Valid Claim), respectively, to compensate Licensee for the injury
sustained due to the breach of contract, 

  

	19.5	 Termination by Licensee for Insolvency, Bankruptcy. Upon premature termination of this Agreement by
Licensee in accordance with Section 18.4 above, Licensee shall retain its licenses and rights hereunder; provided that Licensee will remain bound by its obligations hereunder with respect to royalty and milestone payments, records, audit
and indemnity, but Licensee shall be relieved to provide any information or reports to Licensor except as required for royalty reporting purposes. 

  

	19.6	 Accrued obligations. In no event shall termination of this Agreement release either Party from any
accrued obligation, including Licensee’s obligation to pay any amounts that became due on or before the effective date of termination. 

  

	20.	 Notices, etc. 

 

	20.1	 Invoices submitted by Licensor to Licensee shall be sent to Swedish Orphan Biovitrum AB (publ),
Leverantorsreskontra, FE 192, 838 80 Hackås, Sweden. 

  

	20.2	 Any other written notice required to be given pursuant to this Agreement shall be deemed validly given if:

  

	 	(i)	 signed by the Party giving that notice; and 

 

	 	(ii)	 sent by registered mail, or sent by facsimile transmission (provided that the sender’s facsimile machine
confirms transmission to the intended recipient) to the intended recipient’s physical address or facsimile number, as set out below (or to such other physical address or facsimile number as the intended recipient shall notify to the other Party
by written notice from time to time): 

 If to Licensor, to: 

Affibody AB 
 Gunnar Asplunds
Allé 24 
 SE-171 63 Solna 

Sweden 
 Attn: CEO 

Copy: SVP Operations 
 Facsimile
No: [***] 

  
 -22- 

 If to Licensee, to: 

Swedish Orphan Biovitrum AB (publ) 

Tomtebodavagen 23 A, SE-112 76 Stockholm, Sweden 

Attn: Vice President, Corporate Development 

Copy: General Counsel 
 Facsimile
No: [****] 
  

	20.3	 For the purposes of this Agreement, any notice transmitted by facsimile or delivered after 5.00pm on a business
day, or at any time on a non-business day, shall be deemed received at 9.00am on the next business day. 

  

	21.	 Governing law; Arbitration 

 

	21.1	 Governing Law. This Agreement shall be governed by Swedish law, without regard to conflict of
laws principles. 

  

	21.2	 Arbitration. Any dispute, controversy or claim arising out of or in connection with this
Agreement, or the breach, termination or invalidity thereof, shall be finally settled by arbitration administered by the Arbitration Institute of the Stockholm Chamber of Commerce under the Rules of the Arbitration Institute. The arbitration
proceedings shall be held in Swedish. The place of arbitration shall be Stockholm, Sweden. 

  

	22.	 Miscellaneous 

 

	22.1	 Perpetual Rights. For the avoidance of doubt, any perpetual licenses granted under this Agreement in
respect of intellectual property rights, which may subsist indefinitely, shall extend for a period of thirty (30) years. 

  

	22.2	 Entire Agreement. This Agreement represents the entire understanding between the Parties, and
supersedes all other agreements, express or implied, between the Parties concerning the subject matter hereof, and shall not be subject to any change or modification except by the execution of a written instrument duly signed by the Parties hereto.

  

	22.3	 Assignment. Neither this Agreement nor any of the rights and obligations arising hereunder may be
assigned or transferred by either Party without the prior written consent of the other Party such consent not to be unreasonably withheld. Notwithstanding the foregoing, either Party may assign this Agreement to any Affiliate of such Party or to any
purchaser of all or substantially all of the Party’s assets or the respective business. 

  

	22.4	 Relationship of the Parties. Each Party is an independent contractor and neither Party has, nor shall
have, any power, right or authorization to bind the other or to assume or create any obligations or responsibilities, express or implied, on behalf of the other or in the other’s name. The Swedish Act (1980:1102) on Trading Partnerships and
Simple Partnerships shall not apply to this Agreement. 

  
 -23- 

 This Agreement has been executed in two (2) identical original copies of which the Parties have taken
one each. 
  

									
	Affibody AB	 		 	Swedish Orphan Biovitrum AB (publ)
					
	By:	 	/s/ David Bejker	 		 	By:	 	/s/ Geoffrey McDonough
	Name:	 	David Bejker	 		 	Name:	 	Geoffrey McDonough
	Title:	 	CEO	 		 	Title:	 	CEO
					
		 		 		 	By:	 	/s/ Fredrik Berg
		 		 		 	Name:	 	Fredrik Berg
		 		 		 	Title:	 	General Counsel

 Appendices: 
  

	A.	 List of Affibody® Ligand(s) 

 

	B.	 Patents and patent applications claiming the Affibody®
Molecule Technology 

  

	C.	 Patents and patent applications claiming the Albumin Binding Technology 

  
 -24-

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