Document:

EX-10.5

 Exhibit 10.5 

LETTER OF APPOINTMENT FOR A NON-EXECUTIVE DIRECTOR 

M. Germano Giuliani 
 Villa Hermosa 

9, Boulevard de Suisse 
 Monaco, MC98000 

June 9, 2020 
 Dear Mr. Giuliani: 

Letter of appointment 
 The board of directors (the
“Board”) of Royalty Pharma plc (the “Company”) is pleased to confirm your appointment to the Board as a non-executive director. 

This letter sets out the main terms of your appointment. If you have any questions about or are concerned with any of the terms, or need any more information,
please let me know. 
 By accepting this appointment, you agree that this letter is a contract for services as a director and is not a contract of
employment and you confirm that you are not subject to any restrictions which prevent you from holding office as a director. 
  

	1.	 Appointment and Termination 

 

	1.1	 Subject to the remaining provisions of this letter, your appointment under this letter shall be effective from
the completion of the Company’s initial public offering (the “IPO”) until the earliest of (a) termination by you giving the Company prior written notice; (b) your removal as a director pursuant to the terms of the
Company’s articles of association, as amended from time to time (the “Articles”); and (c) subject to paragraph 1.6 below, your retirement at the next annual general meeting of the Company’s shareholders
(“AGM”), unless the appointment is renewed at such AGM. It is expressly acknowledged and understood that this appointment is contingent upon the IPO and, if the IPO does not occur, this letter of appointment shall be null and void.

  

	1.2	 Your appointment is subject to the Articles. Nothing in this letter shall be taken to exclude or vary the terms
of the Articles as they apply to you as a director of the Company. The Articles require all the directors to retire annually and seek re-election at each AGM. 

 

	1.3	 Continuation of your appointment is contingent on your continued satisfactory performance, re-nomination by the nomination and corporate governance committee and approval of the Board, and re-election by the shareholders and any relevant statutory provisions and
provisions of the Articles relating to removal of a director. If you are not re-nominated or approved by the Board, the shareholders do not re-elect you as a director,
or you are retired from office under the Articles, your appointment shall terminate automatically, with immediate effect and without further compensation. 

  

	1.4	 Subject to paragraph 1.6, any term renewal is subject to the recommendation of the nomination and corporate
governance committee and review and approval of the Board as well as AGM re-election. 

  

	1.5	 You may be requested to serve on one or more Board committees. In such case you will be provided with the
relevant terms of reference on your appointment to such a committee. 

	1.6	 Subject to clauses 1.1(a) and 1.1(b), applicable law and conditional upon your continued compliance with the
terms contained in paragraph 1.12 and for so long as (a) the ordinary shares of the Company owned by you and your Affiliates represent at least 5% of the outstanding shares of the Company (on an aggregate basis treating the Class A
ordinary shares and Class B voting shares of the Company as a single class); and (b) you maintain voting control over at least 5% of the outstanding shares of the Company (on an aggregate basis treating the Class A ordinary shares and
Class B voting shares of the Company as a single class), the Company will put you forward for re-election by the Company shareholders at the next two AGMs (following the date of this letter). For the
purposes of this paragraph 1.6, you will be deemed to have ownership and control over trusts of which you are the primary beneficiary. For purposes of this letter, “Affiliate” of any person shall mean any person who or which,
directly or indirectly, controls, or is controlled by, or is under common control with such person from time to time, and “control” (together with its correlative meanings, “controlled by” and “under common control
with”) means, with respect to any other person, the possession, directly or indirectly, of power to direct or cause the direction of management or policies of such person (through ownership of voting securities or other ownership interests, by
contract or otherwise).  

  

	1.7	 Notwithstanding paragraph 1.1 to paragraph 1.6, the Company may terminate your appointment with immediate
effect if you have: 

  

	 	1.7.1	 committed a material breach of your obligations under this letter, including a breach of any provision of
paragraph 1.12; 

  

	 	1.7.2	 committed any serious or repeated breach or non-observance of your
obligations to the Company (which include an obligation not to breach your statutory, fiduciary and/or common-law duties); 

 

	 	1.7.3	 been guilty of any fraud or dishonesty or acted in any manner which, in the Company’s opinion, acting
reasonably, brings or is likely to bring you or the Company into disrepute or is materially adverse to the Company’s interests; 

  

	 	1.7.4	 been convicted of an arrestable criminal offence other than a road traffic offence for which a fine or non-custodial penalty is imposed; 

  

	 	1.7.5	 been declared bankrupt or have made an arrangement with or for the benefit of your creditors or you have a
county court administration order made against you under the County Court Act 1984 or equivalent regulations in any other jurisdiction; 

  

	 	1.7.6	 been disqualified from acting as a director; 

 

	 	1.7.7	 not complied with the Company’s anti-corruption and anti-bribery policy and procedures;

  

	 	1.7.8	 been removed as a director by a shareholder resolution duly passed in accordance with the Articles or the
Companies Act 2006 or, if a shareholder resolution is proposed for your re-election at an annual general meeting and is not duly passed; 

 

	 	1.7.9	 committed an act in any manner which, in the opinion of the Board, brings any company in the Company’s
group into disrepute; 

  

	 	1.7.10	 a conflict of interest with the interests of any company in the Company’s group which the Board determines
(acting reasonably, and having consulted you) cannot be resolved to the Board’s satisfaction; or 

	 	1.7.11	 been absent for more than six months (whether or not an alternate director attends in your place), without
special leave of absence from the Board, from Board meetings held during that period. 

  

	1.8	 Upon termination of your appointment, you shall, unless agreed otherwise with the Board: 

 

	 	1.8.1	 immediately resign, without any claim for compensation, from all offices which you may hold in the Company or
any of its group companies and, in the event of any failure to do so, the Company is hereby irrevocably authorised to sign and deliver such resignation to the Board and do all things necessary to give effect to the resignation; and

  

	 	1.8.2	 immediately deliver to the Company, to any place the Company may reasonably nominate, all property of the
Company or any of its group companies which may be in your possession or control including, without limitation, keys, security pass, and all lists of clients or customers, correspondence and all other documents, papers, memoranda, notes and records
(including, where practicable, any records stored by electronic means) which may have been prepared by you or have come into your possession as a non-executive director relating to the business or affairs of
the Company or any of its group companies. You shall not knowingly retain copies of confidential information. 

  

	1.9	 On or following the service of notice by you for any reason to terminate your appointment, the Company may, in
its sole and absolute discretion, terminate your appointment at any time and with immediate effect. 

  

	1.10	 You and the Company agree that neither you nor the Company will, at any time following termination of your
appointment, make to any third party any misleading, untrue or derogatory statements (whether orally or in writing) regarding the Company, its subsidiaries or Affiliates, which, for the avoidance of doubt, shall include RP Management, LLC.

  

	1.11	 If matters arise which cause you concern about your role, you should discuss these matters with the chief
executive officer. If you have any concerns which cannot be resolved, and you choose to resign for that, or any other, reason, you should provide an appropriate written statement to the chief executive officer for circulation to the Board.

  

	1.12	 During your appointment, you agree, and in respect of your Affiliates you agree to use your best efforts to
procure, that: 

  

	 	1.12.1	 each of you and your Affiliates who or which now or hereafter own or have the right to vote or direct the vote
of any Class A ordinary shares of the Company shall, in respect of any election of directors or at any meeting of the shareholders of the Company called expressly for the removal of directors, cause all Class A ordinary shares of the
Company that you or they are entitled to vote, whether now owned or hereafter acquired, to be present for quorum purposes and to be voted in favor of any nominee or director designated by the nominating and governance committee of the Board and
against the removal of any director designated by the nominating and governance committee of the Board, at all such shareholders meetings or at any adjournments or postponements thereof; 

 

	 	1.12.2	 none of you or your Affiliates shall: 

 

	 	(a)	 directly or indirectly, acquire (i) any equity of the Company (in addition to any equity owned by you and
your Affiliates on the date hereof), excluding any acquisitions of Company equity by you or your Affiliates in one or more 

	 	
transactions for all periods following the date hereof which have an aggregate acquisition cost for all such transactions of up to $10,000,000 USD, or (ii) any debt or convertible securities
of the Company (including any derivative, synthetic or other securities based on or related to any Company securities), or any interest therein without the prior written approval of the Board in its sole discretion; 

 

	 	(b)	 solicit proxies or written consents of shareholders or conduct any other type of referendum (binding or non-binding) with respect to, or from the holders of, the Class A ordinary shares of the Company, or become a “participant” (as such term is defined in Instruction 3 to Item 4 of Schedule 14A
promulgated under the Securities Exchange Act of 1934, as amended (the “Exchange Act”)) in or knowingly assist any third party in any “solicitation” of any proxy, consent or other authority (as such terms are defined under
the Exchange Act) to vote any Class A ordinary shares of the Company (other than such encouragement, advice or influence that is consistent with Company management’s recommendation in connection with such matter); 

 

	 	(c)	 grant any proxy, consent or other authority to vote any Class A ordinary shares of the Company with
respect to any matters (other than to the named proxies included in the Company’s proxy card for any annual meeting or special meeting of shareholders) or deposit any Class A ordinary shares of the Company in a voting trust or subject them
to a voting agreement or other arrangement of similar effect with respect to any annual meeting except as provided in paragraph 1.12.1 above, special meeting of shareholders or action by written consent (excluding customary brokerage accounts,
margin accounts, prime brokerage accounts and the like); 

  

	 	(d)	 knowingly encourage, advise or influence any other person or assist any third party in encouraging, assisting
or influencing any person with respect to the giving or withholding of any proxy, consent or other authority to vote or in conducting any type of referendum (other than such encouragement, advice or influence that is consistent with Company
management’s recommendation in connection with such matter); 

  

	 	(e)	 present at any annual meeting or any special meeting of the Company’s shareholders any proposal for
consideration for action by shareholders or seek the removal of any member of the Board or, except as otherwise expressly contemplated by this letter, propose any nominee for election to the Board or seek representation on the Board;

  

	 	(f)	 without the prior written approval of the Board, separately or in conjunction with any other person or entity
in which you or your Affiliates are or propose to be either a principal, partner or financing source or are acting or propose to act as broker or agent for compensation, propose (publicly, privately or to the Company) or effect any tender offer or
exchange offer, merger, acquisition, reorganization, restructuring, recapitalization or other business combination involving the Company or a material amount of the assets or businesses of the Company or actively encourage, initiate or support any
other third party in any such activity; 

  

	 	(g)	 form or join in a partnership, limited partnership, syndicate or other group, including a “group” as
defined under Section 13(d) of the Exchange Act, with respect to the Class A ordinary shares of the Company (for the avoidance of doubt, excluding any group composed solely of you and your Affiliates) or otherwise support or participate in
any effort by a third party with respect to the matters set forth in this paragraph 1.12.2; 

	 	1.12.3	 other than in market transactions where the identity of the ultimate purchaser is not known, none of you or
your Affiliates shall sell, offer or agree to sell directly or indirectly, through swap or hedging transactions or otherwise, any Class A ordinary shares of the Company or any rights decoupled from the underlying Class A ordinary shares of
the Company held by you or your Affiliates to any third party unless such sale, offer, or agreement to sell would not knowingly result in such third party, together with its Affiliates, owning, controlling or otherwise having any beneficial or other
ownership interest in the aggregate of 5% or more of the shares of the Class A ordinary shares of the Company outstanding at such time or would increase the beneficial or other ownership interest of any third party who, together with its
Affiliates, has a beneficial or other ownership interest in the aggregate of 5% or more of the Class A ordinary shares of the Company outstanding at such time, except in each case in a transaction approved by the Board in its sole discretion;

  

	 	1.12.4	 none of you or your Affiliates shall enter into any negotiations, agreements, arrangements or understandings
with any third party with respect to the matters set forth in this paragraph 1.12; and 

  

	 	1.12.5	 in the event of a breach of any provision of this paragraph 1.12, you agree that the Company’s obligations
under paragraphs 1.1 and 1.6 shall terminate immediately and you shall promptly deliver your written resignation from the Board and any committees thereof in accordance with paragraph 1.8. 

 

	2.	 Time Commitment 

 

	2.1	 You will be expected to devote such time as is necessary for the proper performance of your duties.

  

	2.2	 The nature of the role makes it impossible to be specific about the maximum time commitment. You may be
required to devote additional time to the Company in respect of preparation time and ad hoc matters which may arise and particularly when the Company is undergoing a period of increased activity. At certain times it may be necessary to convene
additional Board, committee or shareholder meetings. 

  

	2.3	 By accepting this appointment, you confirm that, taking into account all of your other commitments, you are
able to allocate sufficient time to the Company to discharge your responsibilities effectively. 

  

	3.	 Role and Duties 

 

	3.1	 The Board as a whole is collectively responsible for the success of the Company. The Board’s role is to
set the Company’s strategic aims and ensure that the necessary financial and human resources are in place for the Company to meet its objectives. The Board also reviews management performance and ensures that the Company meets its obligations
to its shareholders and others. As a non-executive director you shall have the same general legal responsibilities to the Company as any other director. You are expected to perform your duties (whether
statutory, fiduciary or common law) faithfully, diligently and to a standard commensurate with the functions of your role and your knowledge, skills and experience. 

 

	3.2	 You shall exercise your powers in your role as a non-executive director
having regard to relevant obligations under prevailing law and regulation, including the Companies Act 2006, U.S. securities laws and the listing standards of the Nasdaq Global Select Market. In addition

	 	
to complying with the Company’s Articles and all other applicable Company policies, you shall have particular regard to the general duties of directors in Part 10, chapter 2 of the Companies
Act 2006, including the duty to promote the success of the Company under which all directors must act in the way they consider, in good faith, would be most likely to promote the success of the Company for the benefit of its members as a whole.

  

	3.3	 Unless the Board specifically authorises you to do so, you shall not enter into any legal or other commitment
or contract on behalf of the Company. 

  

	3.4	 You shall be entitled to request all relevant information about the Company’s affairs as you believe is
reasonably necessary to enable you to discharge your responsibilities as a non-executive director. 

  

	4.	 Expenses 

  

	4.1	 Expenses incurred in connection with the performance of your duties as a director, including but not limited to
reasonable travel expenses, shall be reimbursed by the Company in accordance with reimbursement policies as adopted by the Board from time to time. 

  

	5.	 Insurance 

  

	5.1	 The Company has directors’ and officers’ liability insurance and it intends to maintain such cover
for the full term of your appointment. A copy of the policy document is available from the General Counsel. The Company shall grant you a deed of indemnity against certain liabilities that may be incurred as a result of your office to the extent
permitted by applicable law. 

  

	6.	 Outside Interests 

 

	6.1	 You have already disclosed to the Board the significant commitments you have outside your role in the Company.
You must inform the chief executive officer in advance of any changes to these commitments. You must seek the Board’s agreement before accepting further commitments which might (a) give rise to a conflict of interest, (b) conflict
with any of your duties to the Company, or (c) substantially affect the time that you are able to devote to your role at the Company. 

  

	6.2	 It is accepted and acknowledged that you have business interests other than those of the Company and have
declared any conflicts that are apparent at present. If you become aware of any further potential or actual conflicts of interest, these should be disclosed to the chief executive officer as soon as you become aware of them. The Board retains full
discretion to determine whether the identified conflict is material and to take action with respect to such conflict as appropriate. 

  

	7.	 Confidentiality 

 

	7.1	 You acknowledge that all information acquired during your appointment is confidential to the Company and should
not be released, communicated or disclosed to third parties or used for any reason other than in the interests of the Company, either during your appointment or following termination (by whatever means), without prior clearance from the chief
executive officer. This restriction shall cease to apply to any confidential information which may (other than by reason of your breach) become available to the public generally. 

 

	7.2	 You acknowledge the need to hold and retain Company information (in whatever format you may receive it) under
appropriately secure conditions. 

	7.3	 Nothing in this paragraph 7 shall prevent you from disclosing information which you are entitled to disclose
under the Public Interest Disclosure Act 1998 or which you are required to disclose under applicable U.S. securities laws, provided that the disclosure is made in accordance with the provisions of such Act or applicable U.S. securities laws and you
have complied with the Company’s policy from time to time in force regarding such disclosures. 

  

	8.	 Inside Information and Dealings in the Company’s Shares 

 

	8.1	 You will at all times comply with all laws, rules and regulations relating to the disclosure and use of inside
information, including applicable U.S. securities laws. You will also comply with the Company’s insider trading policy, as it may be amended from time to time. You should avoid making any statements that might risk a breach of these
requirements. If in doubt, please contact the chief executive officer or General Counsel. 

  

	9.	 Changes to Personal Details 

 

	9.1	 You shall advise the General Counsel of any change in your address or other personal contact details.

  

	10.	 Moral Rights 

  

	10.1	 You hereby irrevocably waive any moral rights in all works prepared by you, in the provision of your services
to the Company, to which you are now or may at any future time be entitled under Chapter IV of the Copyright Designs and Patents Act 1988, the Visual Artists Rights Act of 1990, 17 U.S.C. §106A, in the United States, or any similar provisions
of law in any jurisdiction, including (but without limitation) the right to be identified, the right of integrity and the right against false attribution, and agree not to institute, support, maintain or permit any action or claim to the effect that
any treatment, exploitation or use of such works or other materials, infringes your moral rights. 

  

	11.	 Data Protection 

 

	11.1	 The Company is committed to protecting your data and in the course of your duties to the Company it will be
necessary for the Company to collect and retain information about you. The Company will do so in accordance with its data protection and privacy / confidential information policy. With your explicit consent, the Company may collect sensitive
personal data, which is known as special categories of personal data under the European Union’s General Data Protection Regulation (Regulation (EU) 2016/679) and the Data Protection Act 2018, as applicable and as in force from time to time.
Examples include your race or ethnicity, religious beliefs, sexual orientation and political opinions, trade union membership, health and sickness records. 

  

	11.2	 The Company may make such information available to any of its group companies, those who provide products or
services to the Company or any company in the Company’s group (such as advisers and payroll administrators), regulatory authorities and governmental or quasi-governmental organisations. You consent to the transfer of such information to the
Company (or any of its group companies) outside the European Economic Area, in particular to the United States, and even where the country or territory in question does not maintain adequate data protection standards, in each case in the manner and
for the purposes described in the Company’s data protection and privacy / confidential information policy, privacy notices and any other applicable policies. 

 

	11.3	 You shall comply with the Company’s data protection and privacy / confidential information policy,
compliance manual, anti-corruption and anti-bribery policy, privacy notices and any other applicable policies, copies of which are available from the Company’s General Counsel. 

	12.	 Third Party Rights 

 

	12.1	 No third party shall have any right under the Contracts (Rights of Third Parties) Act 1999 to enforce any term
of this letter. 

  

	13.	 Entire Agreement 

 

	13.1	 This letter and any document referred to in it constitutes the entire terms and conditions of your appointment
and supersedes and extinguishes all previous agreements, promises, assurances, warranties, representations and understandings between you and the Company, whether written or oral, relating to its subject matter. 

 

	13.2	 You and the Company agree that neither party shall have any remedies in respect of any representation,
assurance or warranty (whether made innocently or negligently) that is not set out in this letter and neither you nor the Company shall have any claim for innocent or negligent misrepresentation or negligent misstatement based on any statement in
this letter. 

  

	14.	 Assignment 

  

	14.1	 You may not assign or otherwise transfer all or any of your rights and obligations under this letter without
the prior written consent of the Company. 

  

	15.	 Counterparts 

  

	15.1	 This letter may be executed in any number of counterparts, each of which shall constitute an original of this
letter agreement, but all the counterparts shall together constitute the same agreement. 

  

	16.	 Severability 

  

	16.1	 In the event that any part of this letter shall be determined to be invalid or unenforceable for any reason,
the remaining provisions of this letter shall remain in full force and effect to the fullest extent permitted by law. 

  

	17.	 Amendment 

  

	17.1	 No amendment or variation of this letter shall be effective unless it is in writing and signed by you and the
Company (or respective authorised representatives). 

  

	18.	 Governing Law and Jurisdiction 

 

	18.1	 Your appointment with the Company and any dispute or claim arising out of or in connection with it or its
subject matter or formation (including non-contractual disputes or claims) shall be governed by and construed in accordance with the law of England and Wales and you and the Company irrevocably agree that the
courts of England and Wales shall have non-exclusive jurisdiction to settle any dispute or claim that arises out of or in connection with this appointment or its subject matter or formation (including non-contractual disputes or claims). 

 Please indicate your agreement and acceptance of these terms by signing and returning the attached copy of
this letter to George Lloyd, General Counsel. 
 Yours sincerely 
  

	
	 /s/ Pablo Legorreta

	 Pablo Legorreta

	 Director

 For and on behalf of Royalty Pharma plc 

I confirm and agree to the terms of my appointment as a non-executive director of Royalty Pharma plc as set out in
this letter. 
  

	
	/s/ M. Germano Giuliani
	
	Signed on June 9, 2020
	
	by M. Germano GiulianiEX-10.6

 Exhibit 10.6 

CERTAIN IDENTIFIED INFORMATION HAS BEEN EXCLUDED FROM THIS EXHIBIT BECAUSE IT IS BOTH (I) NOT MATERIAL AND (II) WOULD LIKELY CAUSE
COMPETITIVE HARM IF PUBLICLY DISCLOSED. [***] INDICATES THAT INFORMATION HAS BEEN REDACTED. 
 AMENDED AND RESTATED 

PURCHASE AND SALE AGREEMENT 

dated as of November 14, 2014 

between 
 CYSTIC
FIBROSIS FOUNDATION THERAPEUTICS, INC. 
 and 

RPI FINANCE TRUST 
  

 Table of Contents 
  

							
	 	 	 	  	Page	 
	ARTICLE I	  

	DEFINED TERMS AND RULES OF CONSTRUCTION	  

			
	 Section 1.1
	 	Defined Terms	  	 	1	 
	 Section 1.2
	 	Rules of Construction	  	 	8	 
	
	ARTICLE II	  

	PURCHASE AND SALE OF THE PURCHASED ASSETS	  

			
	 Section 2.1
	 	Purchase and Sale	  	 	10	 
	 Section 2.2
	 	Purchase Price	  	 	11	 
	 Section 2.3
	 	No Assumed Obligations	  	 	12	 
	 Section 2.4
	 	Excluded Assets	  	 	12	 
	
	ARTICLE III	  

	REPRESENTATIONS AND WARRANTIES OF THE SELLER	  

			
	 Section 3.1
	 	Organization	  	 	12	 
	 Section 3.2
	 	No Conflicts	  	 	12	 
	 Section 3.3
	 	Authorization	  	 	13	 
	 Section 3.4
	 	Ownership	  	 	13	 
	 Section 3.5
	 	Governmental and Third Party Authorizations	  	 	14	 
	 Section 3.6
	 	No Litigation	  	 	14	 
	 Section 3.7
	 	Solvency	  	 	14	 
	 Section 3.8
	 	Tax Matters	  	 	15	 
	 Section 3.9
	 	No Brokers’ Fees	  	 	15	 
	 Section 3.10
	 	Employee Benefit Matters	  	 	15	 
	 Section 3.11
	 	Compliance with Laws	  	 	15	 
	 Section 3.12
	 	Licensed Products	  	 	16	 
	 Section 3.13
	 	Regulatory Approval	  	 	16	 
	 Section 3.14
	 	Counterparty Agreement	  	 	17	 
	 Section 3.15
	 	First Agreement and Second Agreement	  	 	19	 
	 Section 3.16
	 	UCC Matters	  	 	20	 
	 Section 3.17
	 	Margin Stock	  	 	20	 
	 Section 3.18
	 	Investment Company Act	  	 	20	 
	
	ARTICLE IV	  

	REPRESENTATIONS AND WARRANTIES OF THE PURCHASER	  

			
	 Section 4.1
	 	Organization	  	 	20	 
	 Section 4.2
	 	No Conflicts	  	 	21	 
	 Section 4.3
	 	Authorization	  	 	21	 
	 Section 4.4
	 	Governmental and Third Party Authorizations	  	 	21	 
	 Section 4.5
	 	No Litigation	  	 	21	 

  
 i 

							
	 Section 4.6
	 	Access to Information	  	 	22	 
	 Section 4.7
	 	No Competitor	  	 	22	 
	 Section 4.8
	 	UCC Matters	  	 	22	 
	
	ARTICLE V	  

	COVENANTS	  

			
	 Section 5.1
	 	Books and Records; Notices	  	 	22	 
	 Section 5.2
	 	Public Announcement	  	 	24	 
	 Section 5.3
	 	Best Efforts; Further Assurances	  	 	24	 
	 Section 5.4
	 	Payments on Account of the Purchased Assets	  	 	25	 
	 Section 5.5
	 	Counterparty Agreement	  	 	26	 
	 Section 5.6
	 	Mergers, Consolidations and Asset Sales Involving Counterparty	  	 	29	 
	 Section 5.7
	 	Tax Matters	  	 	29	 
	 Section 5.8
	 	Existence	  	 	30	 
	 Section 5.9
	 	Audits	  	 	30	 
	 Section 5.10
	 	Confidentiality	  	 	30	 
	 Section 5.11
	 	Deposit Account	  	 	30	 
	
	ARTICLE VI	  

	THE CLOSING	  

			
	 Section 6.1
	 	Closing	  	 	31	 
	 Section 6.2
	 	Closing Deliverables of the Seller	  	 	31	 
	 Section 6.3
	 	Closing Deliverables of the Purchaser	  	 	32	 
	
	ARTICLE VII	  

	INDEMNIFICATION	  

			
	 Section 7.1
	 	Indemnification by the Seller	  	 	32	 
	 Section 7.2
	 	Indemnification by the Purchaser	  	 	33	 
	 Section 7.3
	 	Procedures	  	 	34	 
	 Section 7.4
	 	Exclusive Remedy	  	 	35	 
	
	ARTICLE VIII	  

	MISCELLANEOUS	  

			
	 Section 8.1
	 	Termination; Survival	  	 	35	 
	 Section 8.2
	 	Specific Performance	  	 	36	 
	 Section 8.3
	 	Notices	  	 	36	 
	 Section 8.4
	 	Successors and Assigns	  	 	37	 
	 Section 8.5
	 	Independent Nature of Relationship	  	 	38	 
	 Section 8.6
	 	Entire Agreement	  	 	38	 
	 Section 8.7
	 	Governing Law	  	 	38	 
	 Section 8.8
	 	Waiver of Jury Trial	  	 	39	 
	 Section 8.9
	 	Severability	  	 	39	 
	 Section 8.10
	 	Counterparts	  	 	39	 
	 Section 8.11
	 	Amendments; No Waivers	  	 	40	 
	 Section 8.12
	 	Offsets	  	 	40	 
	 Section 8.13
	 	Table of Contents and Headings	  	 	40	 
	 Section 8.14
	 	Trustee Capacity of Wilmington Trust Company	  	 	40	 

  
 ii 

			
	Exhibit A	  	Form of Bill of Sale
	Exhibit B	  	Form of Counterparty Instruction
	Exhibit C	  	Form of Opinion of Special Counsel to the Seller
	Exhibit D	  	Counterparty Agreement
	Exhibit E	  	First Agreement
	Exhibit F	  	Second Agreement

  
 iii 

 PURCHASE AND SALE AGREEMENT 

This AMENDED AND RESTATED PURCHASE AND SALE AGREEMENT (this “Purchase and Sale Agreement”) dated as of November 14, 2014
is between Cystic Fibrosis Foundation Therapeutics, Inc., a Maryland corporation and the Person defined as “CFFT” in the Counterparty Agreement (the “Seller”), and RPI Finance Trust, a Delaware statutory trust (the
“Purchaser”). 
 W I T N E S S E T H : 

WHEREAS, the Seller has the right to receive royalties based on Net Sales of the Licensed Products under the Counterparty Agreement; 

WHEREAS, the Seller previously sold a portion of the right to receive royalties based on Net Sales of the Licensed Products under the
Counterparty Agreement, up to the Fixed Amount, pursuant to a Purchase and Sale Agreement dated as of May 7, 2012 (the “First Agreement”) and, up to the Additional Fixed Amount, pursuant to a Purchase and Sale Agreement dated
May 17, 2013 (the “Second Agreement”); 
 WHEREAS, under the Second Agreement, the Seller has the right to the
Reversion Royalty, as defined herein; 
 WHEREAS, the Seller desires to sell, contribute, assign, transfer, convey and grant to the
Purchaser, and the Purchaser desires to purchase, acquire and accept from the Seller the Purchased Assets described herein, upon and subject to the terms and conditions set forth in this Purchase and Sale Agreement; 

NOW, THEREFORE, in consideration of the premises and the mutual agreements, representations and warranties set forth herein and of other good
and valuable consideration, the receipt and adequacy of which are hereby acknowledged, the parties hereto covenant and agree as follows: 

ARTICLE I 
 DEFINED TERMS AND
RULES OF CONSTRUCTION 
 Section 1.1 Defined Terms. The following terms, as used herein, shall have the following respective
meanings: 
 “Additional Fixed Amount” means, (a) [***] plus (b) the aggregate amount of all unsatisfied claims for
indemnification under clauses (iii), (iv) and (v) of Section 7.1 of the Second Agreement pursuant to the terms therein; provided, however, that if the dollar amount in clause (a) above is not received by the purchasing entity on or
prior to [***], then such dollar amount in clause (a) above shall be increased as follows: 
  

					
	 Date
	  	Amount	 
	 [***]
	  	 	[***]	 
	 [***]
	  	 	[***]	 
	 [***]
	  	 	[***]	 

  
 1 

					
	 Date
	  	Amount	 
	 [***]
	  	 	[***]	 
	 [***]
	  	 	[***]	 
	 [***]
	  	 	[***]	 
	 [***]
	  	 	[***]	 
	 [***]
	  	 	[***]	 
	 [***]
	  	 	[***]	 
	 [***]
	  	 	[***]	 
	 [***]
	  	 	[***]	 
	 [***]
	  	 	[***]	 
	 [***]
	  	 	[***]	 
	 [***]
	  	 	[***]	 
	 [***]
	  	 	[***]	 
	 [***]
	  	 	[***]	 
	 [***]
	  	 	[***]	 
	 [***]
	  	 	[***]	 
	 [***]
	  	 	[***]	 

 “Additional Purchase Price” has the meaning set forth in Section 2.2. 

“Affiliate” means, with respect to any Person, any other Person that, directly or indirectly, controls, is controlled by or
is under common control with such Person. For purposes of this definition, “control” of a Person means the possession, directly or indirectly, of the power to direct or cause the direction of the management and policies of such Person,
whether through the ownership of Voting Securities, by contract or otherwise, and the terms “controlled” and “controlling” have meanings correlative to the foregoing. 

“Annual Sales Threshold” means Royalties payable on Net Sales of Licensed Products up to and including $5,000,000,000 in any
calendar year. 
 “Applicable Law” means, with respect to any Person, all laws, rules, regulations and orders of
Governmental Authorities applicable to such Person or any of its properties or assets. 
 “Approval” means Regulatory
Approval of a Licensed Product. 
 “Bankruptcy Event” means the occurrence of any of the following in respect of a Person:
(a) an admission in writing by such Person of its inability to pay its debts generally or a general assignment by such Person for the benefit of creditors; (b) the filing of any petition or answer by such Person seeking to adjudicate
itself as bankrupt or insolvent, or seeking for itself any liquidation, winding-up, reorganization, arrangement, adjustment, protection, relief or composition of such Person or its debts under any Applicable
Law relating to bankruptcy, insolvency, receivership, winding-up, liquidation, reorganization, examination, relief of debtors or other similar Applicable Law now or hereafter in effect, or seeking, consenting
to or acquiescing in the entry of an order for relief in any case under any such Applicable Law, or the appointment of or taking 

  
 2 

 
possession by a receiver, trustee, custodian, liquidator, examiner, assignee, sequestrator or other similar official for such Person or for any substantial part of its property;
(c) corporate or other entity action taken by such Person to authorize any of the actions set forth in clause (a) or clause (b) above; or (d) without the consent or acquiescence of such Person, the entering of an order for relief
or approving a petition for relief or reorganization or any other petition seeking any reorganization, arrangement, composition, readjustment, liquidation, dissolution or other similar relief under any present or future bankruptcy, insolvency or
similar Applicable Law, or the filing of any such petition against such Person, or, without the consent or acquiescence of such Person, the entering of an order appointing a trustee, custodian, receiver or liquidator of such Person or of all or any
substantial part of the property of such Person, in each case where such petition or order shall remain unstayed or shall not have been stayed or dismissed within 90 days from entry thereof. 

“Bill of Sale” means that certain bill of sale effective as of the Closing Date executed by the Seller and the Purchaser
substantially in the form of Exhibit A. 
 “Bulk Drug Substance” has the meaning set forth in Section 1.4 of
the Counterparty Agreement. 
 “Business Day” means any day that is not a Saturday, Sunday or other day on which commercial
banks in New York City are authorized or required by Applicable Law to remain closed. 
 “Capital Securities” means, with
respect to any Person, all shares, interests, participations or other equivalents (however designated, whether voting or non-voting) of such Person’s capital, whether now outstanding or issued after the
Closing Date, including common shares, ordinary shares, preferred shares, membership interests or share capital in a limited liability company or other Person, limited or general partnership interests in a partnership, beneficial interests in trusts
or any other equivalent of such ownership interest or any options, warrants and other rights to acquire such shares or interests, including rights to allocations and distributions, dividends, redemption payments and liquidation payments. 

“Closing” has the meaning set forth in Section 6.1. 

“Closing Date” has the meaning set forth in Section 6.1. 

“Code” means the U.S. Internal Revenue Code of 1986, as amended, and the regulations thereunder. 

“Competitor” means any Person that is in the business of researching, developing or commercializing therapeutics for
respiratory indications or any company ranked in the top 20 pharmaceutical companies in the United States based on IMS-reported pharmaceutical sales for the preceding calendar year (or any of such
company’s subsidiaries or controlled affiliates). 

  
 3 

 “Counterparty” means Vertex Pharmaceuticals Incorporated, a Massachusetts
corporation. 
 “Counterparty Agreement” means that certain Research, Development and Commercialization Agreement between
Counterparty and the Seller dated May 24, 2004, as amended by Amendment No. 1 thereto dated January 6, 2006, Amendment No. 2 thereto dated as of January 1, 2006, a letter agreement styled as Amendment No. 3 thereto
dated November 20, 2006, a letter agreement styled as Amendment No. 4 thereto dated August 20, 2007, Amendment No. 5 thereto dated as of April 1, 2011 and Amendment No. 6 thereto dated March 29, 2012, together with
that certain letter agreement dated April 18, 2013 from Counterparty to the Seller and that certain letter agreement dated October 17, 2014 from Counterparty to the Seller. 

“Counterparty Instruction” means the irrevocable direction to Counterparty in the form set forth in Exhibit B. 

“Deposit Account” has the meaning set forth in Section 5.11. 

“Deposit Account Agreement” has the meaning set forth in Section 5.11. 

“Depositary Bank” has the meaning set forth in Section 5.11. 

“Dollar” or the sign “$” means United States dollars. 

“Drug Product” has the meaning set forth in Section 1.5 of Amendment No. 1 to the Counterparty Agreement, dated
January 6, 2006. 
 “ERISA” means the U.S. Employee Retirement Income Security Act of 1974, as amended, and the
regulations thereunder. 
 “Excess Royalties” has the meaning set forth in Section 2.1(f). 

“Excluded Liabilities and Obligations” has the meaning set forth in Section 2.3. 

“Field” shall mean the treatment of cystic fibrosis. 

“First Agreement” has the meaning set forth in the preamble. 

“Fixed Amount” shall mean (a) [***] plus (b) the aggregate amount of all unsatisfied claims for indemnification under
clauses (iii), (iv) and (v) of the Section 7.1 of the First Agreement, pursuant to the terms therein. 
 “GAAP”
means generally accepted accounting principles in effect in the United States from time to time. 
 “Governmental
Authority” means the government of the United States, any other nation or any political subdivision thereof, whether state or local, and any agency, authority (including supranational authority), commission, instrumentality, regulatory
body, court, central bank or other Person exercising executive, legislative, judicial, taxing, regulatory or administrative powers or functions of or pertaining to government. 

  
 4 

 “Initial Purchase Price” has the meaning set forth in Section 2.2.

 “Knowledge” means, with respect to the Seller, the actual knowledge of [***], or any successor to any such individuals
holding the same or substantially similar officer positions at the applicable time, after due inquiry by each such officer of each of his or her direct reports. 

“Licensed Product” means any (i) Drug Product, including each of VX-770 Drug
Product, VX-661 Drug Product and VX-809 Drug Product, (ii) New Product, or (iii) product or combination of products that contains any Drug Product or New
Product (or the Bulk Drug Substance thereof) as an active ingredient. 
 “Lien” means any security interest, mortgage,
pledge, hypothecation, assignment, deposit arrangement, encumbrance, lien (statutory or otherwise), charge against or interest in property or other priority or preferential arrangement of any kind or nature whatsoever, in each case to secure payment
of a debt or performance of an obligation, including any conditional sale or any sale with recourse, or any other restriction on transfer. 

“Loss” means any loss, damage, assessment, award, cause of action, claim, charge, cost, expense, fine, judgment, liability,
obligation, penalty or Set-off. 
 “Material Adverse Change” means any event,
circumstance or change that could reasonably be expected to result, individually or in the aggregate, in a material adverse effect, in any respect, on (a) the legality, validity or enforceability of any of the Transaction Documents, the
Counterparty Agreement or the back-up security interest granted pursuant to Section 2.1(e), (b) the right or ability of the Seller (or any permitted assignee) or the Purchaser to perform any of its
obligations under any of the Transaction Documents, in each case to which it is a party, or the Counterparty Agreement or to consummate the transactions contemplated hereunder or thereunder, (c) the rights or remedies of the Purchaser under any
of the Transaction Documents or the Counterparty Agreement, or (d) the Purchased Assets (it being understood and agreed, however, that any adverse effect on the amount, timing, duration or value of the Royalties shall constitute a Material
Adverse Change). 
 “Net Sales” has the meaning set forth in Section 1.25 of the Counterparty Agreement. 

“New Product” has the meaning set forth in Section 3 of Amendment No. 1 to the Counterparty Agreement, dated
January 6, 2006. 
 “Permitted Amendment” has the meaning set forth in Section 2 of Amendment No. 6 to the
Counterparty Agreement. 

  
 5 

 “Person” means any natural person, firm, corporation, limited liability
company, partnership, joint venture, association, joint-stock company, trust, unincorporated organization, Governmental Authority or any other legal entity, including public bodies, whether acting in an individual, fiduciary or other capacity. 

“Plan” means an employee benefit plan subject to Title I of ERISA, an individual retirement account or annuity subject to
Section 4975 of the Code or any other employee benefit plan (within the meaning of Section 3(3) of ERISA), whether or not subject to ERISA. 

“Purchase and Sale Agreement” has the meaning set forth in the preamble. 

“Purchased Assets” means, collectively, (a) the Seller’s right, title and interest in, to and under the
Counterparty Agreement to (i) receive (1) one hundred percent (100%) of the Royalties due, payable, owed or owing, accrued or otherwise to be paid after the date of this Purchase and Sale Agreement, (ii) receive the quarterly reports
produced by Counterparty pursuant to Section 5.4(a) of the Counterparty Agreement in respect of sales of Licensed Products in the Field, and (iii) receive an audit report summarizing the results of any audit of the records of Counterparty
in respect of such sales pursuant to Section 5.4(d) of the Counterparty Agreement and (b) the right to transfer, assign or pledge the foregoing, in whole or in part, and the payments, proceeds and income of and the rights to enforce each
of the foregoing. The Purchased Assets do not include any other rights under the Counterparty Agreement or otherwise. 
 “Purchase
Price” has the meaning set forth in Section 2.2. 
 “Purchaser” has the meaning set forth in the preamble.

 “Purchaser Account” has the meaning set forth in Section 5.4(b). 

“Purchaser Indemnified Party” has the meaning set forth in Section 7.1. 

“Regulatory Agency” means a Governmental Authority with responsibility for the approval of the marketing and sale of
pharmaceuticals or other regulation of pharmaceuticals in any jurisdiction. 
 “Regulatory Approvals” means, collectively,
all regulatory approvals, registrations, certificates, authorizations, permits and supplements thereto, as well as associated materials (including the product dossier) pursuant to which the Licensed Products may be marketed, sold and distributed in
a jurisdiction, issued by the appropriate Regulatory Agency. 
 “Reversion Royalty” means the Seller’s right, as
contained in Section 2.1(d) of the Second Agreement, to receive twenty-five percent (25%) of the royalties upon satisfaction of the Fixed Amount and regulatory approval of VX-661 Drug Product, or VX-809 Drug Product for marketing and distribution for the treatment of cystic fibrosis in the United States. 

  
 6 

 “Royalty Reduction” has the meaning set forth in Section 3.14(f). 

“Royalties” means (a) all amounts or fees due, paid or payable, owed or owing, accrued or otherwise to be paid to the
Seller or any of its Affiliates under Section 5.3 of the Counterparty Agreement in respect of sales of the Licensed Products in the Field, (b) all indemnity payments, recoveries, damages or award or settlement amounts paid or payable to the
Seller or any of its Affiliates as a result of a breach by Counterparty of the provisions of the Counterparty Agreement related to the Purchased Assets in respect of the sales described in clause (a) above, including pursuant to
Section 5.4(d), 5.4(e) and 8.1 of the Counterparty Agreement, (c) all other amounts paid or payable by Counterparty, any Sublicensee or any other Person to the Seller or any of its Affiliates arising out of, related to or resulting from
the sales described in clause (a) above, (d) all accounts (as defined under the UCC) evidencing the rights to the payments and amounts described herein, (e) all proceeds (as defined under the UCC) of any of the foregoing, and (f) the
Reversion Royalty if and when that interest reverts to Seller under the terms of the Second Agreement; provided, however, that “Royalties” shall not include (i) the royalties that are subject to the Superior Royalty
Interest and (ii) any amounts or fees paid, owed, accrued or otherwise to be paid to the Seller or any of its Affiliates under Section 5.3.2 or 5.3.3 of the Counterparty Agreement. 

“Second Agreement” has the meaning set forth in the preamble. 

“Seller” has the meaning set forth in the preamble. 

“Seller Account” has the meaning set forth in Section 5.4(d). 

“Seller Indemnified Party” has the meaning set forth in Section 7.2. 

“Set-off” means any set-off or off-set. 
 “Specified Tax Withholding” has the meaning set forth in Section 5.7(b).

 “Sublicensee” means any licensee or sublicensee of Counterparty in respect of the Licensed Products in the Field. 

“Subsidiary” means, with respect to any Person, any other Person of which more than 50% of the outstanding Voting Securities
of such other Person (irrespective of whether at the time Capital Securities of any other class or classes of such other Person shall or might have voting power upon the occurrence of any contingency) is at the time directly or indirectly owned or
controlled by such Person, by such Person and one or more other Subsidiaries of such Person or by one or more other Subsidiaries of such Person. 

“Superior Royalty Interest” means, collectively, the purchasing entity’s right to the Fixed Amount, and the interests
associated therewith, pursuant to the terms and provisions of the First Agreement, and the purchasing entity’s right to the Additional Fixed Amount, and the interests associated therewith, pursuant to the terms and provisions of the Second
Agreement, subject to the Reversion Royalty. 

  
 7 

 “Tax” or “Taxes” means any federal, state, local or
foreign income, gross receipts, license, payroll, employment, excise, severance, occupation, premium, windfall profits, environmental, customs duties, capital stock, franchise, profits, withholding, social security, unemployment, disability, real
property, personal property, abandoned property, value added, alternative or add-on minimum, estimated or other tax of any kind whatsoever, including any interest, penalty or addition thereto, whether disputed
or not. 
 “Transaction Documents” means this Purchase and Sale Agreement, the Bill of Sale and the Counterparty
Instruction. 
 “UCC” means the Uniform Commercial Code as in effect from time to time in the State of Maryland; provided,
that, if, with respect to any financing statement or by reason of any provisions of Applicable Law, the perfection or the effect of perfection or non-perfection of the
back-up security interest or any portion thereof granted pursuant to Section 2.1(e) is governed by the Uniform Commercial Code as in effect in a jurisdiction of the United States other than the State of
Maryland, then “UCC” means the Uniform Commercial Code as in effect from time to time in such other jurisdiction for purposes of the provisions of this Purchase and Sale Agreement and any financing statement relating to such
perfection or effect of perfection or non- perfection. 
 “U.S.” or “United
States” means the United States of America, its 50 states, each territory thereof and the District of Columbia. 
 “Voting
Securities” means, with respect to any Person, Capital Securities of any class or kind ordinarily having the power to vote for the election of directors, managers or other voting members of the governing body of such Person. 

“VX-661 Drug Product” has the meaning set forth in the Counterparty Agreement. 

“VX-770 Drug Product” has the meaning set forth in the Counterparty Agreement. 

“VX-809 Drug Product” has the meaning set forth in the Counterparty Agreement. 

Section 1.2 Rules of Construction. Unless the context otherwise requires, in this Purchase and Sale Agreement: 

(a) A term has the meaning assigned to it and an accounting term not otherwise defined has the meaning assigned to it in accordance with GAAP.

 (b) Unless otherwise defined, all terms that are defined in the UCC shall have the meanings stated in the UCC. 

(c) Words of the masculine, feminine or neuter gender shall mean and include the correlative words of other genders. 

  
 8 

 (d) The definitions of terms shall apply equally to the singular and plural forms of the
terms defined. 
 (e) The terms “include”, “including” and similar terms shall be construed as if followed by the phrase
“without limitation”. 
 (f) Unless otherwise specified, references to an agreement or other document include references to such
agreement or document as from time to time amended, restated, reformed, supplemented or otherwise modified in accordance with the terms thereof (subject to any restrictions on such amendments, restatements, reformations, supplements or modifications
set forth herein) and include any annexes, exhibits and schedules attached thereto. 
 (g) References to any Applicable Law shall include
such Applicable Law as from time to time in effect, including any amendment, modification, codification, replacement or reenactment thereof or any substitution therefor. 

(h) References to any Person shall be construed to include such Person’s successors and permitted assigns (subject to any restrictions on
assignment, transfer or delegation set forth herein or in any of the other Transaction Documents), and any reference to a Person in a particular capacity excludes such Person in other capacities. 

(i) The word “will” shall be construed to have the same meaning and effect as the word “shall”. 

(j) The words “hereof”, “herein”, “hereunder” and similar terms when used in this Purchase and Sale Agreement
shall refer to this Purchase and Sale Agreement as a whole and not to any particular provision hereof, and Article, Section and Exhibit references herein are references to Articles and Sections of, and Exhibits to, this Purchase and Sale Agreement
unless otherwise specified. 
 (k) In the computation of a period of time from a specified date to a later specified date, the word
“from” means “from and including” and each of the words “to” and “until” means “to but excluding”. 

(l) Any interpretation of whether an action or consent (or refusal to act or consent) or any instruction by Purchaser or the Seller is
“reasonable,” shall take into the account the relative economic interests of the Seller, on the one hand, and the Purchaser, on the other, in the reasonably expected future amounts due, paid or payable, owed or owing, accrued or otherwise
to be paid by Counterparty or any of its Affiliates under Section 5.3 of the Counterparty Agreement in respect of sales of the Licensed Products. 

(m) Where any payment is to be made, any funds are to be applied or any calculation is to be made under this Purchase and Sale Agreement on a
day that is not a Business Day, unless this Purchase and Sale Agreement otherwise provides, such payment shall be made, such funds shall be applied and such calculation shall be made on the succeeding Business Day, and payments shall be adjusted
accordingly. 

  
 9 

 (n) Any reference herein to a term that is defined by reference to its meaning in the
Counterparty Agreement shall refer to such term’s meaning in the Counterparty Agreement as in existence on the date hereof and provided to the Purchaser as set forth in Section 3.14(b) (and not to any new, substituted, amended, modified or
supplemented version thereof unless the Purchaser has consented thereto in writing). 
 ARTICLE II 

PURCHASE AND SALE OF THE PURCHASED ASSETS 

Section 2.1 Purchase and Sale. 

(a) Subject to the terms and conditions of this Purchase and Sale Agreement, on the Closing Date, the Seller hereby sells, contributes,
assigns, transfers, conveys and grants to the Purchaser, and the Purchaser hereby purchases, acquires and accepts from the Seller, all of the Seller’s rights, title and interest in and to the Purchased Assets, free and clear of any and all
Liens, other than those Liens created in favor of the Purchaser and the Seller by Sections 2.1(e) and 2.1(f) hereof and those Liens related to the Superior Royalty Interest. 

(b) The Seller and the Purchaser intend and agree that the sale, contribution, assignment, transfer, conveyance and granting of the Purchased
Assets under this Purchase and Sale Agreement shall be, and are, a true, complete, absolute and irrevocable assignment and sale by the Seller to the Purchaser of the Purchased Assets and that such assignment and sale shall provide the Purchaser with
the full benefits of ownership of the Purchased Assets. Neither the Seller nor the Purchaser intends the transactions contemplated hereby to be, or for any purpose characterized as, a loan from the Purchaser to the Seller or a pledge or assignment
or a security agreement. The Seller waives any right to contest or otherwise assert that this Purchase and Sale Agreement does not constitute a true, complete, absolute and irrevocable sale and assignment by the Seller to the Purchaser of the
Purchased Assets under Applicable Law, which waiver shall be enforceable against the Seller in any Bankruptcy Event in respect of the Seller. The sale, contribution, assignment, transfer, conveyance and granting of the Purchased Assets shall be
reflected on the Seller’s financial statements and other records as a sale of assets to the Purchaser (except to the extent GAAP require otherwise with respect to the Seller’s consolidated financial statements). 

(c) The Seller hereby authorizes the Purchaser or its designee to execute, record and file, and consents to the Purchaser or its designee
executing, recording and filing, at the Purchaser’s sole cost and expense, financing statements in the appropriate filing offices under the UCC (and continuation statements with respect to such financing statements when applicable), and
amendments thereto or assignments thereof, in such manner and in such jurisdictions as are necessary or appropriate to evidence or perfect the sale, contribution, assignment, transfer, conveyance and grant by the Seller to the Purchaser, and the
purchase, acquisition and acceptance by the Purchaser from the Seller, of the Purchased Assets and to perfect the security interest in the Purchased Assets granted by the Seller to the Purchaser pursuant to Section 2.1(e). 

  
 10 

 (d) Purchaser’s right, title and interest to the Purchased Assets shall commence as of
the Closing Date; provided, however, that payments to Purchaser shall begin on the earlier of (i) the purchasing entity receiving the Fixed Amount and the Additional Fixed Amount under the First and Second Agreements,
respectively, and (ii) the purchasing entity receiving the Fixed Amount and the Reversion Royalty reverting to Seller under the terms of the Second Agreement. 

(e) Notwithstanding that the Seller and the Purchaser expressly intend for the sale, contribution, assignment, transfer, conveyance and
granting of the Purchased Assets to be a true, complete, absolute and irrevocable sale and assignment, the Seller hereby assigns, conveys, grants and pledges to the Purchaser, as security for its obligations created hereunder in the event that the
transfer contemplated by this Purchase and Sale Agreement is held not to be a sale, a first priority security interest in and to all of the Seller’s right, title and interest in, to and under the Purchased Assets, subject only to the Lien
created in favor of the Seller by Section 2.1(f) hereof, and, in such event, this Purchase and Sale Agreement shall constitute a security agreement. 

(f) The Purchaser hereby assigns, conveys, grants and pledges to the Seller, as security for its obligation to remit to the Seller the Excess
Royalties, a first priority security interest in and to all of the Purchaser’s right, title and interest in, to and under the Excess Royalties, subject only to the Lien created in favor of the Purchaser by Section 2.1(e) hereof. The
Purchaser hereby authorizes the Seller or its designee to execute, record and file, and consents to the Seller or its designee executing, recording and filing, at the Seller’s sole cost and expense, financing statements in the appropriate
filing offices under the UCC (and continuation statements with respect to such financing statements when applicable), and amendments thereto or assignments thereof, in such manner and in such jurisdictions as are necessary or appropriate to evidence
and secure the payment and performance in full of the Purchaser’s obligation under Section 2.2(ii) hereof to remit to the Seller in accordance with Section 2.2 fifty percent (50%) of the Royalties received by the Purchaser from the
Counterparty in any calendar year attributable to Net Sales in excess of the Annual Sales Threshold for any calendar year (the “Excess Royalties”) and to perfect the security interest in the Excess Royalties granted by the Purchaser
to the Seller pursuant to this Section 2.1(f). 
 Section 2.2 Purchase Price. In full consideration for the sale,
contribution, assignment, transfer, conveyance and granting of the Purchased Assets, and subject to the terms and conditions set forth herein, the Purchaser shall pay (or cause to be paid) (i) to the Seller, or the Seller’s designee, by
10:30 a.m. EST on the Closing Date, the sum of $3,300,000,000, in immediately available funds by wire transfer to the Seller Account (the “Initial Purchase Price”) and (ii) shall pay (or cause to be paid) to the Seller the
Excess Royalties(any such amounts, the “Additional Purchase Price,” and collectively with the Initial Purchase Price, the “Purchase Price”). The Purchaser shall make payments of Additional Purchase Price within five
(5) Business Days of its receipt of any Excess Royalties on which Additional Purchase Price is due. Following the date of this 

  
 11 

 
Purchase and Sale Agreement, the parties hereto shall, acting reasonably, agree to an allocation of the Purchase Price among the Purchased Assets and memorialize this allocation in a separate
writing. The parties hereto agree not to take any position that is inconsistent with the allocation set forth in such writing on any Tax return or in any audit or other Tax-related administrative or judicial
proceeding, unless taking such a position is required by Applicable Law. 
 Section 2.3 No Assumed Obligations. Notwithstanding
any provision in this Purchase and Sale Agreement or any other writing to the contrary, the Purchaser is purchasing, acquiring and accepting only the Purchased Assets and is not assuming any liability or obligation of the Seller or any of the
Seller’s Affiliates of whatever nature, whether presently in existence or arising or asserted hereafter (including any liability or obligation of the Seller under the Counterparty Agreement). All such liabilities and obligations shall be
retained by and remain liabilities and obligations of the Seller or the Seller’s Affiliates, as the case may be (the “Excluded Liabilities and Obligations”). 

Section 2.4 Excluded Assets. The Purchaser does not, by purchase, acquisition or acceptance of the rights, title or interest
granted hereunder or otherwise pursuant to any of the Transaction Documents, purchase, acquire or accept any assets or contract rights of the Seller under the Counterparty Agreement, other than the Purchased Assets, or any other assets of the
Seller. 
 ARTICLE III 

REPRESENTATIONS AND WARRANTIES OF THE SELLER 

The Seller hereby represents and warrants to the Purchaser as of the date hereof as follows: 

Section 3.1 Organization. The Seller is a corporation duly organized, validly existing and in good standing under the laws of the
State of Maryland and has all powers and authority, and all licenses, permits, franchises, authorizations, consents and approvals of all Governmental Authorities, required to own its property and conduct its business as now conducted and to exercise
its rights and to perform its obligations under the Counterparty Agreement. The Seller is duly qualified to transact business and is in good standing in every jurisdiction in which such qualification or good standing is required by Applicable Law
(except where the failure to be so qualified or in good standing would not be a Material Adverse Change). Neither the Purchaser nor any of its partners, members or controlling Persons is an Affiliate of the Seller or any Subsidiary of the Seller.

 Section 3.2 No Conflicts. 

(a) None of the execution and delivery by the Seller of any of the Transaction Documents to which the Seller is party, the performance by the
Seller of the obligations contemplated hereby or thereby or the consummation of the transactions contemplated hereby or thereby will: (i) contravene, conflict with, result in a breach, violation, cancellation, termination of or loss of benefit
under, constitute a default (with 

  
 12 

 
or without notice or lapse of time, or both) under, require prepayment under, give any Person the right to exercise any remedy or obtain any additional rights under, or accelerate the maturity or
performance of or payment under, in any respect, (A) any Applicable Law or any judgment, order, writ, decree, permit or license of any Governmental Authority, to which the Seller or any of its Subsidiaries or any of their respective assets or
properties may be subject or bound, (B) any term or provision of any contract, agreement, indenture, lease, license, deed, commitment, obligation or instrument to which the Seller or any of its Subsidiaries is a party or by which the Seller or
any of its Subsidiaries or any of their respective assets or properties is bound or committed (including the Counterparty Agreement) or (C) any term or provision of any of the organizational documents of the Seller or any of its Subsidiaries;
(ii) give rise to any additional right of termination, cancellation or acceleration of any right or obligation of the Seller or any of its Subsidiaries; or (iii) except as provided in any of the Transaction Documents to which it is party,
result in or require the creation or imposition of any Lien on the Licensed Products, the Counterparty Agreement or the Purchased Assets. 

(b) Except for any Lien created or existing under the First Agreement and the Second Agreement, and under Section 2.1 of this Purchase and
Sale Agreement, the Seller has not granted, nor does there exist, any Lien on or relating to the Transaction Documents, the Counterparty Agreement, the Licensed Products or the Purchased Assets. 

Section 3.3 Authorization. The Seller has all powers and authority to execute and deliver, and perform its obligations under, the
Transaction Documents to which it is party and to consummate the transactions contemplated hereby and thereby. The execution and delivery of each of the Transaction Documents to which the Seller is party and the performance by the Seller of its
obligations hereunder and thereunder have been duly authorized by all necessary corporate action on the part of the Seller. Each of the Transaction Documents to which the Seller is party has been duly executed and delivered by an authorized officer
of the Seller. Each of the Transaction Documents to which the Seller is party constitutes the legal, valid and binding obligation of the Seller, enforceable against the Seller in accordance with its respective terms, subject to applicable
bankruptcy, insolvency, reorganization, moratorium or similar Applicable Laws affecting creditors’ rights generally and general equitable principles. 

Section 3.4 Ownership. Except for the Superior Royalty Interest, the Seller is the exclusive owner of the entire right, title
(legal and equitable) and interest in, to and under the Purchased Assets and has good, valid and marketable title thereto, free and clear of all Liens. The Purchased Assets sold, contributed, assigned, transferred, conveyed and granted to the
Purchaser on the Closing Date have not been pledged, sold, contributed, assigned, transferred, conveyed or granted by the Seller to any other Person. The Seller has full right to sell, contribute, assign, transfer, convey and grant the Purchased
Assets to the Purchaser. Upon the sale, contribution, assignment, transfer, conveyance and granting by the Seller of the Purchased Assets to the Purchaser, the Purchaser shall acquire good and marketable title to the Purchased Assets free and clear
of all Liens, other than Liens in favor of the Purchaser or the Seller, as applicable, and shall be the exclusive owner of the Purchased Assets. The Purchaser shall have the same rights as the Seller would have with respect to the Purchased Assets
(if the Seller were still the owner of such Purchased Assets) against any other Person. 

  
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 Section 3.5 Governmental and Third Party Authorizations. The execution and
delivery by the Seller of the Transaction Documents to which the Seller is party, the performance by the Seller of its obligations hereunder and thereunder and the consummation of any of the transactions contemplated hereunder and thereunder
(including the sale, contribution, assignment, transfer, conveyance and granting of the Purchased Assets to the Purchaser) do not require any consent, approval, license, order, authorization or declaration from, notice to, action or registration by
or filing with any Governmental Authority or any other Person, except for the filing of UCC financing statements and the notice to Counterparty contained in the Counterparty Instruction. 

Section 3.6 No Litigation. There is no (a) action, suit, arbitration proceeding, claim, demand, citation, summons, subpoena,
investigation or other proceeding (whether civil, criminal, administrative, regulatory, investigative or informal) pending or, to the Knowledge of the Seller, threatened in respect of the Seller or any of its Subsidiaries, the Counterparty, the
Licensed Products or the Purchased Assets (including the Counterparty Agreement), at law or in equity, or (b) inquiry or investigation (whether civil, criminal, administrative, regulatory, investigative or informal) by or before a Governmental
Authority pending or, to the knowledge of the Seller, threatened against the Seller or any of its Subsidiaries in respect of the Seller or any of its Subsidiaries, the Counterparty, the Licensed Products or the Purchased Assets (including the
Counterparty Agreement), that, in each case, (i) if adversely determined, could be a Material Adverse Change, or (ii) challenges or seeks to prevent or delay the consummation of any of the transactions contemplated by any of the
Transaction Documents to which the Seller is party. To the knowledge of the Seller, no event has occurred or circumstance exists that may give rise to or serve as a basis for the commencement of any such action, suit, arbitration, claim,
investigation, proceeding or inquiry. 
 Section 3.7 Solvency. The Seller has determined that, and by virtue of its entering
into the transactions contemplated by the Transaction Documents to which the Seller is party and its authorization, execution and delivery of the Transaction Documents to which the Seller is party, the Seller’s incurrence of any liability
hereunder or thereunder or contemplated hereby or thereby is in its own best interests. Upon consummation of the transactions contemplated by the Transaction Documents and the application of the proceeds therefrom, (a) the fair saleable value
of the Seller’s assets will be greater than the sum of its debts, liabilities and other obligations, including contingent liabilities, (b) the present fair saleable value of the Seller’s assets will be greater than the amount that
would be required to pay its probable liabilities on its existing debts, liabilities and other obligations, including contingent liabilities, as they become absolute and matured, (c) the Seller will be able to realize upon its assets and pay
its debts, liabilities and other obligations, including contingent obligations, as they mature, (d) the Seller will not be rendered insolvent, will not have unreasonably small capital with which to engage in its business and will not be unable
to pay its debts as they mature, (e) the Seller has not incurred, will not incur and does not have any present plans or intentions to incur debts or other obligations or liabilities beyond its ability to pay such debts or other

  
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obligations or liabilities as they become absolute and matured, (f) the Seller will not have become subject to any Bankruptcy Event and (g) the Seller will not have been rendered
insolvent within the meaning of Section 101(32) of Title 11 of the United States Code. No step has been taken or is intended by the Seller or, so far as it is aware, any other Person to make the Seller subject to a Bankruptcy Event. 

Section 3.8 Tax Matters. No deduction or withholding for or on account of any Tax has been made, or was required under Applicable
Law to be made, from any payment to the Seller under the Counterparty Agreement and, following the Closing Date, the Seller believes that no such deduction or withholding will be made or is required under currently Applicable Law to be made from any
payment to the Purchaser under the Counterparty Agreement. The Seller has never filed any tax return or report under any name other than its exact legal name. The Seller has filed (or caused to be filed) all tax returns and reports required by
Applicable Law to have been filed by it and has paid all taxes required to be paid by it, except any such taxes that are being diligently contested in good faith by appropriate proceedings and for which adequate reserves in accordance with GAAP have
been set aside on its books. There are no existing Liens for Taxes on the Purchased Assets (or any portion thereof). 
 Section 3.9
No Brokers’ Fees. The Seller has not taken any action that would entitle any person or entity other than Morgan Stanley & Co. LLC to any commission or broker’s fee in connection with the transactions
contemplated by this Purchase and Sale Agreement. 
 Section 3.10 Employee Benefit Matters. Each Plan maintained by the Seller
has been operated and administered in compliance in all material respects with all Applicable Laws. The Seller has not incurred any material liability or penalty and could not be reasonably expected to incur any material liability or penalty
pursuant to Title I or IV of ERISA or (with respect to its respective Plans) pursuant to the Code. None of the Seller or any Person or any trade or business that is treated as a single employer with the Seller under Section 414 of the Code
maintains or has maintained a pension plan (within the meaning of Section 3(2) of ERISA) that is subject to Title IV of ERISA. 

Section 3.11 Compliance with Laws. None of the Seller or any of its Subsidiaries (a) has violated or is in violation of, or,
to the Knowledge of the Seller, is under investigation with respect to or has been threatened to be charged with or been given notice of any violation of, any Applicable Law or any judgment, order, writ, decree, injunction, stipulation, consent
order, permit or license granted, issued or entered by any Governmental Authority or (b) is subject to any judgment, order, writ, decree, injunction, stipulation, consent order, permit or license granted, issued or entered by any Governmental
Authority, in each case, that would be a Material Adverse Change. Each of the Seller and any Affiliate of the Seller is in compliance with the requirements of all Applicable Laws, a breach of any of which would be a Material Adverse Change. 

  
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 Section 3.12 Licensed Products. 

(a) There is no injunction, claim, suit, action, citation, summons, subpoena, hearing, inquiry, investigation, complaint, arbitration,
mediation, demand, decree or other dispute, disagreement, proceeding or claim by or with any Person against the Seller involving any of the Licensed Products. 

(b) There is no pending or, to the Knowledge of the Seller, threatened, and no event has occurred or circumstance exists that (with or without
notice or lapse of time, or both) could reasonably be expected to give rise to or serve as a basis for any, action, suit or proceeding, or any investigation or claim by any Person to which the Seller or, to the Knowledge of the Seller, to which
Counterparty, any Affiliate of Counterparty or any Sublicensee is or could be a party, and the Seller has not received any written notice of the foregoing, that claims that the manufacture, use, marketing, sale, offer for sale, importation or
distribution of any of the Licensed Products by Counterparty, any Affiliate of Counterparty or any Sublicensees pursuant to the Counterparty Agreement does or could infringe on any patent or other intellectual property rights of any other Person or
constitute misappropriation of any other Person’s trade secrets or other intellectual property rights. To the Knowledge of the Seller, there are no pending patent applications owned by any third party that, if issued, would limit or prohibit,
in any material respect, the manufacture, use or sale of any of the Licensed Products by Counterparty, any Affiliate of Counterparty or any Sublicensees. To the Knowledge of the Seller, Counterparty is the sole and exclusive owner, or exclusive
licensee, of all intellectual property rights underlying each of the Licensed Products. The Seller has not received any notice of any, and to the Knowledge of the Seller, there is no, infringement of any of the intellectual property rights
underlying any of the Licensed Products. 
 (c) Each of VX-809 Drug Product, VX-770 Drug Product, and VX-661 Drug Product is a “Drug Product” within the meaning of the Counterparty Agreement. VX-770
Drug Product currently is being marketed by Counterparty under the trade name KALYDECO® (ivacaftor). 

(d) Except for the product clearance opinion dated October 21, 2014 of Pillsbury Winthrop Shaw Pittman LLP and the validity opinion dated
October 21, 2014 of Pillsbury Winthrop Shaw Pittman LLP (complete and correct copies of which have been furnished to the Purchaser), the Seller has not received and is not otherwise in possession of any written legal opinion concerning or with
respect to any intellectual property rights relating to the Licensed Products, including any freedom-to-operate, product clearance, patentability or right-to-use opinion. 
 Section 3.13 Regulatory
Approval. To the Knowledge of the Seller, VX-770 Drug Product has received Regulatory Approval for marketing and distribution in the United States. 

  
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 Section 3.14 Counterparty Agreement. 

(a) Other than the Transaction Documents, the Counterparty Agreement, the First and Second Agreements (and their
associated documents), that certain letter agreement dated October 17, 2014 from Counterparty to the Seller, and that certain letter agreement dated October 27, 2014 between the purchasing entities of the Superior Royalty Interest and Seller, there
is no contract, agreement or other arrangement (whether written or oral) to which the Seller or any of its Subsidiaries is a party or by which any of their respective assets or properties is bound or committed (i) that creates a Lien on, affects or
otherwise relates to the Purchased Assets, any Licensed Product or the Counterparty Agreement, or (ii) for which breach, nonperformance, cancellation or failure to renew would be a Material Adverse Change. 

(b) Attached as Exhibit D hereto is a true, correct and complete copy of the Counterparty Agreement. The Seller has provided to the Purchaser
true, correct and complete copies of (i) any confidentiality agreement relating thereto and (ii) except for the monthly flash reports and the quarterly reports produced by Counterparty pursuant to the Counterparty Agreement in respect of sales of
Licensed Products, all material notices and correspondences delivered to, or by, the Seller pursuant to, or relating to, the Purchased Assets, the Research Program (including without limitation any correspondence with Counterparty regarding Second
Generation Corrector Compounds (as defined in the Counterparty Agreement), any Licensed Product or the Counterparty Agreement since January 1, 2011 that are not subject to a confidentiality agreement. Seller will provide any monthly flash reports
and quarterly reports produced by Counterparty pursuant to the Counterparty Agreement in respect of sales of Licensed Products upon execution of this Purchase and Sale Agreement. 

(c) The Counterparty Agreement is in full force and effect and is the legal, valid and binding obligation of the Seller and Counterparty,
enforceable against the Seller and Counterparty in accordance with its terms, subject, as to enforcement of remedies, to bankruptcy, insolvency, reorganization, moratorium or similar Applicable Laws affecting creditors’ rights generally and
general equitable principles. The execution and delivery of, and performance of obligations under, the Counterparty Agreement were and are within the powers of the Seller and, to the Knowledge of the Seller, Counterparty. The Counterparty Agreement
was duly authorized by all necessary action on the part of, and validly executed and delivered by, the Seller and, to the Knowledge of the Seller, Counterparty. The Seller is not in breach or violation of or in default under the Counterparty
Agreement. There is no event or circumstance that, upon notice or the passage of time, or both, could constitute or give rise to any breach or default in the performance of the Counterparty Agreement by the Seller or, to the Knowledge of the Seller,
Counterparty. 
 (d) The Seller has not waived any rights or defaults under the Counterparty Agreement or released Counterparty, in whole or
in part, from any of its obligations under the Counterparty Agreement. There are no oral waivers or modifications (or pending requests therefor) in respect of the Counterparty Agreement. Neither the Seller nor Counterparty has agreed to amend or
waive any provision of the Counterparty Agreement. 

  
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 (e) No event has occurred that would give the Counterparty or, to the
Knowledge of the Seller, the Seller the right to terminate the Counterparty Agreement or cease paying Royalties thereunder. The Seller has not received any notice of an intention by Counterparty to terminate or breach the Counterparty Agreement, in
whole or in part, or challenging the validity or enforceability of the Counterparty Agreement or the obligation to pay the Royalties under the Counterparty Agreement, or alleging that the Seller or Counterparty is in default of its obligations under
the Counterparty Agreement. To the Knowledge of the Seller, there has been no default, violation or breach by Counterparty under or of the Counterparty Agreement. The Seller has no intention of terminating the Counterparty Agreement and has not
given Counterparty any notice of termination of the Counterparty Agreement, in whole or in part. 
 (f) The Seller is not a party to any
agreement providing for a sharing of, or providing for or permitting any right of counterclaim, credit, reduction or deduction by contract or otherwise (a “Royalty Reduction”) or permitting any Set-off against, the Royalties payable
under the Counterparty Agreement to the Seller. Counterparty has no express right of Set-off under any contract or other agreement against the Royalties or any other amounts payable to the Seller under the Counterparty Agreement. Counterparty has
not exercised, and, to the Knowledge of the Seller, Counterparty has not had the right to exercise, and no event or condition exists that, upon notice or passage of time, or both, would permit Counterparty to exercise, any Royalty Reduction or Set-off against the Royalties or any other amounts payable to the Seller under the Counterparty Agreement. 

(g) Seller has not consented to an assignment by Counterparty of any of Counterparty’s rights or obligations under the Counterparty
Agreement, and the Seller does not have Knowledge of any such assignment by Counterparty. Except as contemplated by Section 2.1, and the Superior Royalty Interest, the Seller has not assigned, in whole or in part, and has not granted, incurred
or suffered to exist any Lien on the Counterparty Agreement or the Purchased Assets. 
 (h) None of the Seller, Counterparty or any other
Person has made any claim of indemnification under the Counterparty Agreement. 
 (i) The Seller has not exercised its rights to conduct an
audit under the Counterparty Agreement. 
 (j) Except for amounts transferred in accordance with the First Agreement and the Second
Agreement, to the Knowledge of the Seller, the Seller has received all amounts owed to it under the Counterparty Agreement as of the date of this Purchase and Sale Agreement. 

  
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 (k) Counterparty has waived the 60-day negotiation
right period set forth in Section 5.5 of the Counterparty Agreement with respect to the transactions contemplated hereby. The Seller has complied with its obligations under Section 3 of Amendment No. 6 to the Counterparty Agreement in
connection with the transactions contemplated hereby. 
 (l) To the Knowledge of the Seller, Counterparty has not granted any sublicenses
relating to the Counterparty Agreement. 
 (m) To the Knowledge of the Seller, none of Counterparty nor any of its Affiliates has entered
into any “Third Party Agreement” or developed or commercialized any “New Product”, as such terms are defined in Section 3 of Amendment No. 1, dated January 6, 2006, to the Counterparty Agreement, and the period
during which such provisions were applicable has expired. There are no First Generation Correctors or Second Generation Correctors (as such terms are defined in the Counterparty Agreement) that have received Regulatory Approval for marketing and
distribution in the Territory or, to the Knowledge of the Seller, other than VX-661 Drug Products and VX-809 Drug Products, that have been developed and are currently
being evaluated in clinical trials or identified as Development Candidates (as such term is defined in the Counterparty Agreement). 
 (n)
The Seller has not exercised any right to terminate the Research Program (as defined in the Counterparty Agreement) or to terminate or reduce its funding obligations under the Counterparty Agreement, including under Sections 1.3 and 2.4 of Amendment
No. 5 of the Counterparty Agreement dated April 1, 2011, and Counterparty has no grounds to reduce the royalty rates payable on Net Sales of Licensed Products as a result of the application of the introductory sentences of
Section 5.3.1(b) and Section 5.3.1(c) of the Counterparty Agreement (as amended by Amendment No. 5 of the Counterparty Agreement dated April 1, 2011). 

(o) As of the date of this Purchase and Sale Agreement, the Seller has funded to Counterparty in a timely manner all amounts it is required to
fund under Amendment No. 5 of the Counterparty Agreement, including (i) the entire [***] in VX-661 External Development Funding (as defined in the Counterparty Agreement) called for under
Section 1.3 of Amendment No. 5 of the Counterparty Agreement, (ii) the entire [***] that it is required to fund under the Second Generation Corrector Research Budget (as defined in Amendment No. 5 of the Counterparty Agreement)
pursuant to Section 2.2 and Exhibit 2.2(a) of Amendment No. 5 of the Counterparty Agreement and (iii) none of the up to [***] in external development costs it is required to fund pursuant to Section 2.2 and Exhibit 2.2(b) of
Amendment No. 5 of the Counterparty Agreement. 
 (p) The Seller has not received any notice advising the Seller that the obligation of
Counterparty to pay Royalties will end before the expiration of the last to expire patent relating to the Licensed Products. 

Section 3.15 First Agreement and Second Agreement. 

(a) A true, correct and, except for redactions therein of the purchasing entity’s identifying information and the purchase price
thereunder, complete copy of each of the First Agreement and the Second Agreement is attached as Exhibit E and Exhibit F hereto, respectively. 

  
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 (b) The Seller is not in breach or violation of or in default under the First Agreement or
the Second Agreement. There is no event or circumstance that, upon notice or the passage of time, or both, could constitute or give rise to any breach or default in the performance of either of the First Agreement or the Second Agreement by the
Seller or, to the Knowledge of the Seller, the purchasing entity thereunder. 
 (c) The Seller has not received any notice of an intention by
any purchasing entity under the First Agreement or the Second Agreement to terminate or breach the First Agreement or the Second Agreement, in whole or in part, or alleging that the Seller or any of the purchasing entities under the First Agreement
or the Second Agreement is in default of its obligations under the First Agreement or the Second Agreement. 
 (d) The purchasing entity
under each of the First Agreement and Second Agreement has waived the prohibition on assignment of rights under the Counterparty Agreement found in Section 5.5(g) of each such agreement. 

Section 3.16 UCC Matters. The Seller’s exact legal name is, and for the preceding 10 years has been, “Cystic Fibrosis
Foundation Therapeutics, Inc.” The Seller’s principal place of business is, and for the preceding 10 years has been, located in the State of Maryland. The Seller’s jurisdiction of organization is, and for the preceding 10 years has
been, the State of Maryland. For the preceding 10 years, the Seller has not been the subject of any merger or other corporate or other reorganization. The Seller’s organizational identification number (within the meaning of Section 9-516(b)(5)(C)(iii) of the UCC) is D05875059. 
 Section 3.17 Margin Stock. The
Seller is not engaged in the business of extending credit for the purpose of buying or carrying margin stock, and no portion of the Purchase Price shall be used by the Seller for a purpose that violates Regulation T, U or X promulgated by the Board
of Governors of the Federal Reserve System from time to time. 
 Section 3.18 Investment Company Act. The Seller is not an
“investment company,” as such term is defined in the Investment Company Act of 1940, as amended. 
 ARTICLE IV 

REPRESENTATIONS AND WARRANTIES OF THE PURCHASER 

The Purchaser hereby represents and warrants to the Seller as of the date hereof as follows: 

Section 4.1 Organization. The Purchaser is a statutory trust duly organized, validly existing and in good standing under the laws
of Delaware and has all trust powers and authority, and all licenses, permits, franchises, authorizations, consents and approvals of all Governmental Authorities, required to own its property and conduct its business as now conducted. 

  
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 Section 4.2 No Conflicts. None of the execution and delivery by the Purchaser of
any of the Transaction Documents to which the Purchaser is party, the performance by the Purchaser of the obligations contemplated hereby or thereby or the consummation of the transactions contemplated hereby or thereby will contravene, conflict
with, result in a breach, violation, cancellation or termination of, constitute a default (with or without notice or lapse of time, or both) under, require prepayment under, give any Person the right to exercise any remedy or obtain any additional
rights under, or accelerate the maturity or performance of or payment under, in any respect, (i) any Applicable Law or any judgment, order, writ, decree, permit or license of any Governmental Authority to which the Purchaser or any of its
assets or properties may be subject or bound, (ii) any term or provision of any contract, agreement, indenture, lease, license, deed, commitment, obligation or instrument to which the Purchaser is a party or by which the Purchaser or any of its
assets or properties is bound or committed or (iii) any term or provision of any of the organizational documents of the Purchaser. 

Section 4.3 Authorization. The Purchaser has all necessary powers and authority to execute and deliver, and perform its
obligations under, the Transaction Documents to which it is party and to consummate the transactions contemplated hereby and thereby. The execution and delivery of each of the Transaction Documents to which the Purchaser is party and the performance
by the Purchaser of its obligations hereunder and thereunder have been duly authorized by the Purchaser. Each of the Transaction Documents to which the Purchaser is party has been duly executed and delivered by the Purchaser. Each of the Transaction
Documents to which the Purchaser is party constitutes the legal, valid and binding obligation of the Purchaser, enforceable against the Purchaser in accordance with its respective terms, subject to applicable bankruptcy, insolvency, reorganization,
moratorium or similar Applicable Laws affecting creditors’ rights generally and general equitable principles. 
 Section 4.4
Governmental and Third Party Authorizations. The execution and delivery by the Purchaser of the Transaction Documents to which the Purchaser is party, the performance by the Purchaser of its obligations hereunder and thereunder and the
consummation of any of the transactions contemplated hereunder and thereunder by the Purchaser do not require any consent, approval, license, order, authorization or declaration from, notice to, action or registration by or filing with any
Governmental Authority or any other Person, except as described in Section 3.5. 
 Section 4.5 No Litigation. There is no
(a) action, suit, arbitration proceeding, claim, demand, citation, summons, subpoena, investigation or other proceeding (whether civil, criminal, administrative, regulatory, investigative or informal) pending or, to the knowledge of the
Purchaser, threatened by or against the Purchaser, at law or in equity, or (b) inquiry or investigation (whether civil, criminal, administrative, regulatory, investigative or informal) by or before a Governmental Authority pending or, to the
knowledge of the Purchaser, threatened against the Purchaser, that, in each case, challenges or seeks to prevent or delay the consummation of any of the transactions contemplated by any of the Transaction Documents to which the Purchaser is party.

  
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 Section 4.6 Access to Information. The Purchaser acknowledges that it has
(a) reviewed a copy of the Counterparty Agreement and has reviewed such other documents and information relating to the Licensed Products and (b) had the opportunity to ask such questions of, and to receive answers from, representatives of
the Seller concerning the Counterparty Agreement and the Licensed Products, in each case, as it deemed necessary to make an informed decision to purchase, acquire and accept the Purchased Assets in accordance with the terms of this Purchase and Sale
Agreement. The Purchaser has such knowledge, sophistication and experience in financial and business matters that it is capable of evaluating the risks and merits of purchasing, acquiring and accepting the Purchased Assets in accordance with the
terms of this Purchase and Sale Agreement. 
 Section 4.7 No Competitor. The Purchaser is not a Competitor. 

Section 4.8 UCC Matters. The Purchaser’s exact legal name is, and since June 29, 2011, the date of its formation, has
been, “RPI Finance Trust” The Purchaser’s principal place of business is, and since the date of its formation has been, located in the State of Delaware. The Purchaser’s jurisdiction of organization is, and since the date of its
formation has been, the State of Delaware. Since the date of its formation, the Seller has not been the subject of any merger or other corporate or other reorganization. The Seller’s organizational identification number (within the meaning of Section 9-516(b)(5)(C)(iii) of the UCC) is 5002077. 
 ARTICLE V 

COVENANTS 
 The parties
hereto covenant and agree as follows: 
 Section 5.1 Books and Records; Notices. 

(a) Promptly (but in no event more than five Business Days) after receipt by the Seller of written notice of, or related to, any action, suit,
claim, demand, dispute, investigation, arbitration or other proceeding (commenced or threatened) relating to (i) any Transaction Document or the Counterparty Agreement or the transactions contemplated hereunder or thereunder, (ii) the
First Agreement or the Second Agreement, (iii) the Purchased Assets or (iv) any default or termination by Counterparty under the Counterparty Agreement or any of the purchasing entities under the First Agreement or the Second Agreement,
the Seller shall (x) inform the Purchaser in writing of the receipt of such notice and the substance thereof and (y) if such notice is in writing, furnish the Purchaser with a copy of such notice and any related materials with respect
thereto. 
 (b) The Seller shall keep and maintain, or cause to be kept and maintained, at all times full and accurate books and records
adequate to reflect accurately all financial information it has received, and all amounts paid or received under the Counterparty Agreement. 

  
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 (c) Promptly (but in no event more than five Business Days) following receipt by the Seller
of any written notice, certificate, offer, proposal, correspondence, report or other communication relating to the Counterparty Agreement or Purchased Assets, the Seller shall (i) inform the Purchaser in writing of such receipt and
(ii) furnish the Purchaser with a copy of such notice, certificate, offer, proposal, correspondence, report or other communication. The Seller shall not send any communication to Counterparty, any of its Affiliates or any Sublicensees relating
to the Purchased Assets that could be reasonably be expected to have a Material Adverse Effect except, in each case, as reasonably instructed by the Purchaser. The Seller shall promptly furnish to the Purchaser a copy of any such communication sent
by the Seller to Counterparty, any of its Affiliates or any Sublicensees. 
 (d) The Seller shall provide the Purchaser with written notice
as promptly as practicable (and in any event within five Business Days) after obtaining Knowledge of any of the following: (i) the occurrence of a Bankruptcy Event in respect of the Seller; (ii) any breach or default by the Seller or
Counterparty of or under any covenant, agreement or other provision of any Transaction Document to which it is party; (iii) any representation or warranty made by the Seller in any of the Transaction Documents or in any certificate delivered to
the Purchaser pursuant to this Purchase and Sale Agreement shall prove to be untrue, inaccurate or incomplete in any respect on the date as of which made; (iv) any change, effect, event, occurrence, state of facts, development or condition that
would be a Material Adverse Change; (v) any allegation or claim by a third party that the making, having made, using, importing, offering for sale or selling of any Licensed Product infringes any intellectual property rights of such third
party; or (vi) any third party making, having made, using, importing, offering for sale or selling of any product in a manner that infringes any intellectual property rights underlying any of the Licensed Products. 

(e) The Seller shall notify the Purchaser in writing not less than 30 days prior to any change in, or amendment or alteration of, the
Seller’s (i) legal name, (ii) form or type of organizational structure, (iii) jurisdiction of organization or (iv) organizational identification number (within the meaning of
Section 9-516(b)(5)(C)(iii) of the UCC). 
 (f) Subject to applicable confidentiality
restrictions (including Section 5.10) and Applicable Laws relating to securities matters, the Seller shall make available such other information within Seller’s Knowledge as the Purchaser may, from time to time, reasonably request with
respect to (i) the Purchased Assets, (ii) the Counterparty Agreement, (iii) the Royalties, (iv) the Licensed Products, and (v) the condition or operations, financial or otherwise, of the Seller that is reasonably likely to
impact or affect the performance of the Seller’s obligations hereunder or under the Counterparty Agreement or the Seller’s compliance with the terms, provisions and conditions of this Purchase and Sale Agreement and the Counterparty
Agreement, including by means of a quarterly teleconference between representatives of the Purchaser and the Executive Vice President for Medical Affairs of the Seller. 

  
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 (g) As of November 10, 2014, the balance of the Fixed Amount is [***] and the balance
of the Additional Fixed Amount is [***]. Seller shall provide Purchaser with quarterly reports updating the balance remaining under the Fixed Amount and Additional Fixed Amount. Seller shall provide Purchaser with notice of any Approval and when the
Reversion Royalty interest returns to Seller. 
 Section 5.2 Public Announcement. The Seller and the Purchaser shall agree on
the initial public announcement of the transactions contemplated by the Transaction Documents. The Seller may thereafter make such further public announcement regarding the transactions contemplated by the Transaction Documents as is it wishes.
Purchaser shall be permitted to make such further disclosures as is consistent with such initial public announcement or prior public announcements by the Seller, as required by Applicable Law, as is customary for purposes of reporting to current and
prospective equity investors and lenders, as may be required by applicable stock exchange rules or with the Seller’s prior written consent, not to be unreasonably withheld or delayed. 

Section 5.3 Best Efforts; Further Assurances. 

(a) Subject to the terms and conditions of this Purchase and Sale Agreement, each party hereto will use its reasonable best efforts to take, or
cause to be taken, all actions and to do, or cause to be done, all things necessary under Applicable Laws to consummate the transactions contemplated by the Transaction Documents to which the Seller or the Purchaser, as applicable, is party,
including to perfect the sale, contribution, assignment, transfer, conveyance and granting of the Purchased Assets to the Purchaser pursuant to this Purchase and Sale Agreement. Following the Closing, the Purchaser and the Seller agree to take, or
cause to be taken, all actions and to do, or cause to be done, all things necessary under Applicable Laws to (i) execute and deliver such other documents, certificates, instruments, agreements and other writings and to take such other actions
as may be necessary or desirable, or reasonably requested by the other party hereto, in order to consummate or implement expeditiously the transactions contemplated by any Transaction Document to which the Seller or the Purchaser, as applicable, is
party, (ii) perfect, protect, more fully evidence, vest and maintain in (x) the Purchaser good, valid and marketable rights and interests in and to the Purchased Assets free and clear of all Liens (other than those Liens created in favor
of the Purchaser and the Seller by Sections 2.1(e) and 2.1(f) hereof), and (y) the Seller good, valid and marketable rights and interests in and to the Excess Royalties free and clear of all Liens (other than those Liens created in favor of the
Purchaser and the Seller by Sections 2.1(e) and 2.1(f) hereof), (iii) create, evidence and perfect each of the Purchaser’s and Seller’s first priority back-up security interests granted pursuant to
Sections 2.1(e) and 2.1(f), and (iv) enable the Purchaser to exercise or enforce any of the Purchaser’s rights under any Transaction Document to which the Seller or the Purchaser, as applicable, is party, including following the Closing
Date. 

  
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 (b) The Seller and the Purchaser shall cooperate and provide assistance as reasonably
requested by the other party hereto, at the expense of such other party hereto (except as otherwise set forth herein), in connection with any litigation, arbitration, investigation or other proceeding (whether threatened, existing, initiated or
contemplated prior to, on or after the date hereof) to which the other party hereto, any of its Affiliates or controlling persons or any of their respective officers, directors, equityholders, controlling persons, managers, agents or employees is or
may become a party or is or may become otherwise directly or indirectly affected or as to which any such Persons have a direct or indirect interest, in each case relating to any Transaction Document, the Purchased Assets or the transactions
described herein or therein but in all cases excluding any litigation brought by the Seller (for itself or on behalf of any Seller Indemnified Party) against the Purchaser or brought by the Purchaser (for itself or on behalf of any Purchaser
Indemnified Party) against the Seller. 
 (c) Without limiting any other obligation of the Seller under this Purchase and Sale Agreement, the
Seller shall comply with all Applicable Laws with respect to the Transaction Documents to which it is party, the Counterparty Agreement, the Purchased Assets and all ancillary agreements related thereto, the First Agreement and the Second Agreement,
the violation of which would be a Material Adverse Change. 
 (d) The Seller shall not enter into any contract, agreement or other legally
binding arrangement (whether written or oral), or grant any right to any other Person, in any case that would (i) be a Material Adverse Change or (ii) reasonably be expected to conflict with the Transaction Documents or serve or operate to
limit, circumscribe or alter any of the Purchaser’s rights under the Transaction Documents (or the Purchaser’s ability to exercise any such rights); provided, that the Seller’s relationship with Counterparty in respect of the subject
matter of this Section 5.3(d) shall be governed by Section 5.5. 
 Section 5.4 Payments on Account of the Purchased
Assets. 
 (a) Notwithstanding the terms of the Counterparty Instruction, if Counterparty, any Sublicensee or any other Person makes any
future payment in respect of the Purchased Assets to the Seller (or any of its Affiliates), then (i) the portion of such payment that represents Royalties shall be held by the Seller (or such Affiliate) in trust for the benefit of the Purchaser
in a segregated account, (ii) the Seller (or such Affiliate) shall have no right, title or interest whatsoever in such portion of such payment and shall not create or suffer to exist any Lien thereon, other than those Liens created in favor of
the Seller by Section 2.1(f) hereof, and (iii) the Seller (or such Affiliate) promptly, and in any event no later than two Business Days following the receipt by the Seller (or such Affiliate) of such portion of such payment, shall remit
such portion of such payment to the Purchaser Account pursuant to Section 5.4(b) in the exact form received with all necessary endorsements. 

(b) The Seller shall make all payments required to be made by it to the Purchaser pursuant to this Purchase and Sale Agreement by wire transfer
of immediately available funds, without Set-off or deduction or withholding for or on account of any Taxes (provided that the Purchaser has delivered to the Seller a properly executed IRS Form W-8BEN-E establishing entitlement to an exemption from withholding under a United States income Tax treaty, or other appropriate form in order to avoid Tax withholding), to
the following account (or to such other account as the Purchaser shall notify the Seller in writing from time to time) (the “Purchaser Account”): 

  
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 [***] 

(c) If Counterparty, any Sublicensee or any other Person makes any payment to the Purchaser of Royalties that are subject to the Superior
Royalty Interest, then (i) such payment shall be held by the Purchaser in trust for the benefit of the Seller in a segregated account, (ii) the Purchaser shall have no right, title or interest whatsoever in such payment and shall not
create or suffer to exist any Lien thereon and (iii) the Purchaser promptly, and in any event no later than two Business Days following the receipt by the Purchaser of such payment, shall remit such payment to the Seller Account pursuant to
Section 5.4(d) in the exact form received with all necessary endorsements. 
 (d) The Purchaser shall make all payments required to be
made by it to the Seller pursuant to this Purchase and Sale Agreement by wire transfer of immediately available funds, without Set-off or deductions or withholding for or on account of any Taxes (except as
otherwise provided in Section 8.12) (provided that the Seller has delivered to the Purchaser a properly executed IRS Form W-9 or other appropriate form in order to avoid Tax withholding), to the following
account (or to such other account as the Seller shall notify the Purchaser in writing from time to time) (the “Seller Account”): 

[***] 
 (e) If Counterparty, any
Affiliate of Counterparty or any Sublicensee takes any Set-off against Royalties (other than for any prior over-payment of Royalties actually made to the Purchaser), then the Seller shall cause the amount of
such Set-off (or portion thereof, as the case may be) to be paid promptly (but in no event later than three Business Days following such Set-off) to the Purchaser
Account. 
 (f) Unless and until this Purchase and Sale Agreement is terminated pursuant to Section 8.1, the Seller shall not amend,
modify, supplement, restate, waive or change the Counterparty Instruction except as provided in Section 5.11. 
 Section 5.5
Counterparty Agreement. 
 (a) The Seller shall perform and comply in all material respects with its duties and obligations under the
Counterparty Agreement, including the obligation to fund on a timely basis any amounts due to Counterparty related to the Counterparty’s clinical development efforts under the Second Generation Corrector Research Plan, and shall otherwise act
as reasonably instructed from time to time by the Purchaser under the Counterparty Agreement and in respect of the Purchased Assets and Licensed Products. The Seller (i) shall not forgive, release or compromise any amount owed to or becoming
owing to it under the Counterparty Agreement, (ii) shall not assign, amend, modify, supplement, restate, waive, cancel or terminate (or consent to any cancellation or termination of) the Counterparty Agreement, in whole or in part,
(iii) shall not materially breach any of the provisions of the Counterparty Agreement, (iv) shall not enter into any new agreement or legally binding arrangement in respect of the Purchased Assets or any

  
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Licensed Product, (v) shall not waive any obligation of, or grant any consent to, Counterparty under or in respect of the Purchased Assets or any Licensed Product and (vi) shall not
agree to do any of the foregoing, except, in each case, as reasonably instructed by the Purchaser. The Seller shall promptly (and in any case within five (5) Business Days) deliver to the Purchaser copies of all fully-executed or definitive
writings related to the matters set forth in clauses (ii), (iv) or (v) or (vi). 
 (b) The Seller shall not, except as set forth in
Section 5.5(a)(i) or as reasonably instructed by the Purchaser, grant or withhold any consent, exercise or waive any right or option, fail to exercise any right or option or exercise or fail to exercise any action in respect of, affecting or
relating to the Purchased Assets or the Counterparty Agreement (including the entry into any agreement contemplated by the penultimate sentence of Section 1.25.4 of the Counterparty Agreement). 

(c) Promptly (and in any case within five (5) Business Days) after (i) receiving notice from Counterparty (A) terminating the
Counterparty Agreement (in whole or in part) or any of its obligations thereunder, (B) alleging any breach of or default under the Counterparty Agreement by the Seller, (C) asserting the existence of any facts, circumstances or events
that, alone or together with other facts, circumstances or events, could reasonably be expected (with or without the giving of notice or passage of time, or both) to give rise to a breach of or default under the Counterparty Agreement by the Seller
or the right to terminate the Counterparty Agreement (in whole or in part) or any of its obligations thereunder by Counterparty, (D) that would otherwise reasonably result in a Material Adverse Change or (E) any other correspondence
relating to the foregoing, or (ii) the Seller otherwise obtains Knowledge of any fact, circumstance or event that, alone or together with other facts, circumstances or events, could reasonably be expected (with or without the giving of notice
or passage of time, or both) to give rise to a breach of or default under the Counterparty Agreement by the Seller or give rise to the right to terminate the Counterparty Agreement (in whole or in part) or any of its obligations thereunder by
Counterparty or would otherwise reasonably result in a Material Adverse Change, in each case, the Seller shall (A) promptly (and in any event within five Business Days) give a written notice to the Purchaser describing the material details
thereof, including a copy of any written notice received from Counterparty, and, in the case of any breach or default or alleged breach or default by the Seller, describing in reasonable detail any corrective action the Seller proposes to take, and
(B) in the case of any breach or default or alleged breach or default by the Seller, use its best efforts to promptly cure such breach or default and shall give written notice to the Purchaser upon curing such breach or default. 

(d) Promptly after the Seller obtains Knowledge of a breach of or default under, or an alleged breach of or default under, the Counterparty
Agreement by Counterparty or of the existence of any facts, circumstances or events that, alone or together with other facts, circumstances or events, could reasonably be expected (with or without the giving of notice or passage of time, or both) to
give rise to a breach of or default under the Counterparty Agreement by Counterparty or the right to terminate the Counterparty Agreement (in whole or in part) by the Seller, in each case, the Seller shall (i) promptly (but in any event within
five Business Days) give a written notice to the 

  
 27 

 
Purchaser and provide the Purchaser with a written summary of all material details thereof, and (ii) at the sole expense of the Seller, act in accordance with the Purchaser’s reasonable
instructions to take such permissible actions (including commencing legal action against Counterparty and the selection of legal counsel reasonably satisfactory to the Purchaser) to enforce compliance by Counterparty with the relevant provisions of
the Counterparty Agreement and to exercise any or all of the Purchaser’s or the Seller’s rights and remedies, whether under the Counterparty Agreement or by operation of law, with respect thereto. The proceeds of any enforcement action
taken pursuant to the immediately preceding sentence shall be considered to be Royalties for all purposes hereunder. Notwithstanding anything to the contrary contained in this Article V, nothing herein shall prevent, restrict or limit the Purchaser
from directly enforcing, at the Purchaser’s sole cost and expense, the Purchaser’s entitlement to the Purchased Assets with counsel selected by the Purchaser in its sole discretion. 

(e) The Seller shall make available its relevant records and personnel to the Purchaser in connection with any prosecution of litigation by the
Seller or the Purchaser against Counterparty to enforce any of the Purchaser’s rights under the Counterparty Agreement, and provide reasonable assistance and authority to file and bring the litigation, including, if required to bring the
litigation, being joined as a party plaintiff. 
 (f) The Purchaser acknowledges and agrees that, without waiving any claims it might have as
a result thereof against the Seller (including any claims arising from any breach of this Purchase and Sale Agreement), any Permitted Amendment shall be valid and binding and enforceable against the Purchaser and any of its permitted assignees
relative solely to Counterparty. 
 (g) Upon the occurrence of an Interruption (as defined in the Counterparty Agreement), the Purchaser
shall have the exclusive right to negotiate a license in the Field with a third party for the rights subject to the Seller’s license under Section 10.6.2 of the Counterparty Agreement, subject to the royalty obligations to the Counterparty
set forth therein, and proceeds from such license shall be treated as Royalties under this Purchase and Sale Agreement. In connection therewith, the Seller shall provide assistance to and cooperate with the Purchaser and execute a license or other
agreements, as reasonably instructed by the Purchaser and at the Purchaser’s cost and expense (including the Purchaser’s payment, upon demand, of the Seller’s reasonable attorneys’ fees, if any, in connection therewith), which
license and other agreements shall include terms, conditions and limitations that (i) do not breach, or will not result in a breach of, the Counterparty Agreement and (ii) are, in the aggregate, not materially less favorable to the Seller
than those contained in the Counterparty Agreement, including with respect to obligations imposed on the Seller (other than for costs that the Purchaser agrees to pay), disclaimers of the Seller’s liability, intellectual property ownership and
control and indemnification of the Seller. 

  
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 Section 5.6 Mergers, Consolidations and Asset Sales Involving Counterparty. If
there occurs a merger or consolidation between the Seller, on the one hand, and Counterparty or any of its Affiliates, on the other hand, a sale of all or substantially all of the Seller’s assets to Counterparty or a sale or assignment of the
Counterparty Agreement by the Seller to Counterparty, and in any such case the Purchaser’s rights to the Purchased Assets or under this Purchase and Sale Agreement are diminished in any way, (i) the Seller (or its successor) shall pay to
the Purchaser an amount in cash equal to any Royalties that it does not receive from the Counterparty on the same basis as if the Purchaser’s rights to the Purchased Assets or under this Purchase and Sale Agreement were not diminished in any
way and (ii) the Purchaser’s rights with respect to the Purchased Assets and the covenants of the Seller under this Purchase and Sale Agreement shall continue to apply on the same basis as if the Purchaser’s rights to the Purchased
Assets or under this Purchase and Sale Agreement were not diminished in any way. 
 Section 5.7 Tax Matters. 

(a) Notwithstanding anything to the contrary in the Transaction Documents, the Seller and the Purchaser shall treat the transactions
contemplated by this Purchase and Sale Agreement as a sale of the Purchased Assets for United States federal, state and local Tax purposes. 

(b) All payments to the Purchaser under this Purchase and Sale Agreement shall be made without any deduction or withholding for or on account
of any Tax; provided, that, if deduction or withholding of any Tax is required from any such payment under this Purchase and Sale Agreement or from any payment under the Counterparty Agreement by reason of the Seller being a party to the
Counterparty Agreement (a “Specified Tax Withholding”), then the Seller shall, within fifteen (15) days of the Purchaser receiving any payment subject to such Specified Tax Withholding make a payment to Purchaser so that, after
making all such required deductions and withholdings (including any deductions and withholdings required with respect to any such additional payment), the Purchaser receives an amount equal to the amount that it would have received had no such
deductions or withholdings been made. Without limitation of the foregoing, the Seller shall use its reasonable best efforts to make such filings and take such other actions as may be specified by the Purchaser in order to permit an exemption from or
reduction of withholding Tax imposed on or with respect to any payments made to the Purchaser made under this Purchase and Sale Agreement or the Counterparty Agreement. 

(c) The parties hereto agree not to take any position that is inconsistent with the provisions of this Section 5.7 on any Tax return or in
any audit or other Tax-related administrative or judicial proceeding unless the other party hereto has consented in writing to such actions. If there is an inquiry by any Governmental Authority of the Seller
or the Purchaser related to the treatment described in this Section 5.7, the parties hereto shall cooperate with each other in responding to such inquiry in a reasonable manner which is consistent with this Section 5.7. 

  
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 Section 5.8 Existence. The Seller shall (a) preserve and maintain its
existence (provided, however, that, subject in all respects to Section 8.4, nothing in this Section 5.8(a) shall prohibit the Seller from entering into any merger, consolidation or amalgamation with, or selling or otherwise transferring
all or substantially all of its assets to, any other Person if the Seller is the continuing or surviving entity or if the surviving or continuing or acquiring entity assumes (either expressly or by operation of law) all of the obligations of the
Seller), (b) preserve and maintain its rights, franchises and privileges unless failure to do any of the foregoing would not be a Material Adverse Change, (c) qualify and remain qualified in good standing in each jurisdiction where the failure
to preserve and maintain such qualifications would be a Material Adverse Change, including appointing and employing such agents or attorneys in each jurisdiction where it shall be necessary to take action under this Purchase and Sale Agreement, and
(d) comply with its organizational documents. 
 Section 5.9 Audits. The Seller shall not, without the prior written
consent of the Purchaser, and the Seller shall, upon the written request of the Purchaser, but in each case subject to the requirements of the First Agreement and the Second Agreement, cause an inspection or audit of Counterparty’s books and
records to be conducted pursuant to, and in accordance with, Section 5.4(d) of the Counterparty Agreement. For the purposes of exercising the Purchaser’s rights pursuant to this Section 5.9, the Seller shall select such public
accounting firm as the Purchaser shall recommend for such purpose. The Seller and the Purchaser agree that all of the expenses of any inspection or audit carried out for the benefit of the Purchaser that would otherwise be borne by the Seller
pursuant to the Counterparty Agreement shall instead be borne by the Purchaser, including such fees and expenses of such independent accountant as are to be borne by the Seller pursuant to Section 5.4(d) of the Counterparty Agreement together
with the Seller’s reasonable out-of-pocket costs incurred in connection with such examination or audit. The Seller will furnish to the Purchaser any inspection or
audit report prepared in connection with such inspection or audit. The Purchaser shall have the right to require the Seller, in writing, at the sole expense of the Purchaser, to exercise the Seller’s rights under the Counterparty Agreement to
cause Counterparty to cure any discrepancy identified in the relevant audit report in accordance with the Counterparty Agreement. 

Section 5.10 Confidentiality. The Purchaser agrees to keep confidential the Counterparty Agreement, any quarterly reports produced
by Counterparty pursuant to Section 5.4(a) of the Counterparty Agreement and any audit reports summarizing the results of any audit of the records of Counterparty pursuant to Section 5.4(d) of the Counterparty Agreement, in each case on
terms no less restrictive than those set forth in Section 6.1, 6.2 and 6.4 of the Counterparty Agreement and Paragraph 5 of Amendment No. 6 to the Counterparty Agreement. 

Section 5.11 Deposit Account. Upon request of either party hereto, each of the parties hereto shall, acting reasonably, promptly
take, or cause to be taken, all actions and to do, or cause to be done, all things necessary to establish and at all times maintain a deposit account (the “Deposit Account”) at a mutually agreeable financial institution (the
“Depositary Bank”), and shall enter into a deposit account agreement, in form and substance satisfactory to the Depositary Bank (the “Deposit Account Agreement”). The Deposit Account Agreement shall provide that all
Royalties received in the Deposit Account shall be deposited into the Purchaser Account except that any payment received in the Deposit Account that constitutes Additional Purchase Price shall be deposited into the Seller Account, subject in all
cases to the terms and conditions of the Deposit 

  
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Account Agreement. Promptly following the execution and delivery of the Deposit Account Agreement by the parties hereto and the Depositary Bank, the parties hereto shall amend the Counterparty
Instruction to reflect the Seller’s irrevocable instruction to the Counterparty to pay the Royalties to the Deposit Account and the Purchaser shall promptly deliver such amended Counterparty Instruction to the Counterparty. 

ARTICLE VI 
 THE CLOSING

 Section 6.1 Closing. The closing of the transactions contemplated hereby (the “Closing”) shall take
place remotely via the exchange of documents and signatures on November 18, 2014 (the “Closing Date”), or such other place, time and date as the parties hereto mutually agree. 

Section 6.2 Closing Deliverables of the Seller. At the Closing, the Seller shall deliver or cause to be delivered to the Purchaser
the following: 
 (a) the Bill of Sale executed by the Seller; 

(b) the Counterparty Instruction executed by the Seller; 

(c) a certificate of an executive officer of the Seller (the statements made in which shall be true and correct on and as of the Closing Date):
(i) attaching copies, certified by such officer as true and complete, of (x) the organizational documents of the Seller and (y) resolutions of the governing body of the Seller authorizing and approving the execution, delivery and
performance by the Seller of the Transaction Documents and the transactions contemplated herein and therein; (ii) setting forth the incumbency of the officer or officers of the Seller who have executed and delivered the Transaction Documents,
including therein a signature specimen of each such officer or officers; (iii) attaching a copy, certified by such officer as true and complete, of a good standing certificate of the appropriate Governmental Authority of the Seller’s
jurisdiction of organization, stating that the Seller is in good standing under the Applicable Laws of such jurisdiction; (iv) certifying that the representations and warranties of the Seller contained in Article III are true and correct in all
material respects as of the Closing Date as though made at and as of the Closing Date, except to the extent any such representation or warranty expressly speaks as of a particular date, in which case is true and correct in all material respects as
of such date; provided, that to the extent that any such representation or warranty is qualified by the term “material,” or “Material Adverse Change,” such representation or warranty (as so written, including the term
“material” or “Material Adverse Change”) is true and correct in all respects as of the Closing Date or such other date, as applicable; and (v) certifying that Seller has performed and complied in all material respects with
all agreements, covenants, obligations and conditions required to be performed and complied with by it under this Purchase and Sale Agreement at or prior to the Closing Date; 

(d) an opinion of Schaner & Lubitz, PLLC, special counsel to the Seller, dated the Closing Date, substantially in the form of
Exhibit C; and 

  
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 (e) such other certificates, documents and financing statements as the Purchaser may
reasonably request, including a financing statement reasonably satisfactory to the Purchaser to create, evidence and perfect the sale, contribution, assignment, transfer, conveyance and grant of the Purchased Assets pursuant to Section 2.1 and
the back-up security interest granted pursuant to Section 2.1(e). 
 Section 6.3
Closing Deliverables of the Purchaser. At the Closing, the Purchaser shall deliver or cause to be delivered to the Seller the following: 

(a) the Bill of Sale executed by the Purchaser; 

(b) payment of the Initial Purchase Price in accordance with Section 2.2; 

(c) standard existence and authority opinions in respect of the Purchaser, enforceability opinions in respect of this Purchase and Sale
Agreement, and an opinion that this Agreement does not conflict with the organizational documents of the Purchaser or applicable law, each opinion from counsel to the Purchaser and in form to be mutually agreed upon by the Seller and the Purchaser
prior to the Closing Date; and 
 (d) certificate(s) of an executive officer of RP Management, LLC, as administrator of the Purchaser, or the
owner trustee of the Purchaser (the statements made in any of which shall be true and correct on and as of the Closing Date): (i) attaching copies, certified by such officer as true and complete, of the organizational documents of the Purchaser;
(ii) setting forth the incumbency of the officer or officers of the owner trustee of the Purchaser who have executed and delivered the Transaction Documents, including therein a signature specimen of each such officer or officers;
(iii) attaching a copy, certified as true and complete, of a good standing certificate of the appropriate Governmental Authority of the Purchaser’s jurisdiction of organization, stating that the Purchaser is in good standing under the
Applicable Laws of such jurisdiction; (iv) certifying that the representations and warranties of the Purchaser contained in Article IV are true and correct in all material respects as of the Closing Date as though made at and as of the Closing
Date, except to the extent any such representation or warranty expressly speaks as of a particular date, in which case it is true and correct in all material respects as of such date; and (v) certifying that the Purchaser has performed and
complied in all material respects with all agreements, covenants, obligations and conditions required to be performed and complied with by it under this Purchase and Sale Agreement at or prior to the Closing Date. 

ARTICLE VII 
 INDEMNIFICATION

 Section 7.1 Indemnification by the Seller. The Seller agrees to indemnify and hold each of the Purchaser and its
Affiliates and any and all of their respective partners, directors, trustees, managers, members, officers, employees, agents and controlling persons (each, a “Purchaser Indemnified Party”) harmless from and against, and will pay to
each Purchaser Indemnified Party the amount of, any and all Losses (including 

  
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attorneys’ fees) awarded against or incurred or suffered by such Purchaser Indemnified Party, whether or not involving a third party claim, demand, action or proceeding, arising out of
(i) any breach of any representation, warranty or certification made by the Seller in any of the Transaction Documents to which the Seller is party or certificates given by the Seller to the Purchaser in writing pursuant to this Purchase and
Sale Agreement or any other Transaction Document, (ii) any breach of or default under any covenant or agreement by the Seller under any Transaction Document to which the Seller is party or the Counterparty Agreement, (iii) any Excluded
Liabilities and Obligations (unless such Excluded Liabilities and Obligations are due to the Purchaser not complying with Section 5.10), (iv) claims arising on or after the Closing Date and asserted against a Purchaser Indemnified Party
relating to the transactions contemplated in any Transaction Document or the Counterparty Agreement and (v) any fees, expenses, costs, liabilities or other amounts incurred or owed by the Seller to any brokers, financial advisors or comparable
other Persons retained or employed by it in connection with the transactions contemplated by this Purchase and Sale Agreement; provided, however, that the foregoing shall exclude any indemnification to any Purchaser Indemnified Party
(A) that has the effect of imposing on the Seller any recourse liability for Royalties because of the insolvency or other creditworthiness problems of Counterparty or the insufficiency of the Royalties, whether as a result of the amount of cash
flow arising from sales or licensing of the Licensed Products or otherwise, unless resulting from a breach of representation and warranty by Seller or from the failure of the Seller to perform its obligations under this Purchase and Sale Agreement
or Counterparty Agreement, (B) to the extent resulting from the bad faith, gross negligence or willful misconduct of such Purchaser Indemnified Party or (C) to the extent resulting from acts or omissions of the Seller based upon the
written instructions from any Purchaser Indemnified Party. Any amounts due to any Purchaser Indemnified Party hereunder shall be payable by the Seller to such Purchaser Indemnified Party upon demand. Notwithstanding the foregoing, absent the
Seller’s actual fraud, in no event shall the Seller’s indemnification obligations under clause (i) of this Section 7.1 exceed, individually or in the aggregate, an amount equal to [***]. 

Section 7.2 Indemnification by the Purchaser. The Purchaser agrees to indemnify and hold each of the Seller and its Affiliates and
any and all of their respective partners, directors, managers, members, officers, employees, agents and controlling Persons (each, a “Seller Indemnified Party”) harmless from and against, and will pay to each Seller Indemnified
Party the amount of, any and all Losses (including attorneys’ fees) awarded against or incurred or suffered by such Seller Indemnified Party, whether or not involving a third party claim, demand, action or proceeding, arising out of
(i) any breach of any representation, warranty or certification made by the Purchaser in any of the Transaction Documents to which the Purchaser is party or certificates given by the Purchaser in writing pursuant hereto or thereto,
(ii) any breach of or default under any covenant or agreement by the Purchaser pursuant to any Transaction Document to which the Purchaser is party and (iii) any fees, expenses, costs, liabilities or other amounts incurred or owed by the
Purchaser to any brokers, financial advisors or comparable other Persons retained or employed by it in connection with the transactions contemplated by this Purchase and Sale Agreement; provided, however, that the foregoing shall
exclude any indemnification to any Seller Indemnified Party (A) that results from the bad faith, gross negligence or willful misconduct of such Seller Indemnified Party or (B) to the 

  
 33 

 
extent resulting from acts or omissions of the Purchaser based upon the written instructions from any Seller Indemnified Party. Any amounts due to any Seller Indemnified Party hereunder shall be
payable by the Purchaser to such Seller Indemnified Party upon demand. Notwithstanding the foregoing, absent the Purchaser’s actual fraud, in no event shall the Purchaser’s indemnification obligations under clause (i) of this
Section 7.2 exceed, individually or in the aggregate, an amount equal to [***]. 
 Section 7.3 Procedures. If any claim,
demand, action or proceeding (including any investigation by any Governmental Authority) shall be brought or alleged against an indemnified party in respect of which indemnity is to be sought against an indemnifying party pursuant to
Section 7.1 or Section 7.2, the indemnified party shall, promptly after receipt of notice of the commencement of any such claim, demand, action or proceeding, notify the indemnifying party in writing of the commencement of such claim,
demand, action or proceeding, enclosing a copy of all papers served, if any; provided, that the omission to so notify such indemnifying party will not relieve the indemnifying party from any liability that it may have to any indemnified party
under Section 7.1 or Section 7.2 unless, and only to the extent that, the indemnifying party is actually prejudiced by such omission. In the event that any such action is brought against an indemnified party and it notifies the
indemnifying party of the commencement thereof in accordance with this Section 7.3, the indemnifying party will be entitled, at the indemnifying party’s sole cost and expense, to participate therein and, to the extent that it may wish, to
assume the defense thereof, with counsel reasonably satisfactory to such indemnified party (who shall not, except with the consent of the indemnified party, be counsel to the indemnifying party), and, after notice from the indemnifying party to such
indemnified party of its election so to assume the defense thereof, the indemnifying party will not be liable to such indemnified party under this Article VII for any legal expenses subsequently incurred by such indemnified party in connection with
the defense thereof other than reasonable costs of investigation. In any such proceeding, an indemnified party shall have the right to retain its own counsel, but the reasonable fees and expenses of such counsel shall be at the expense of such
indemnified party unless (a) the indemnifying party and the indemnified party shall have mutually agreed to the retention of such counsel, (b) the indemnifying party has assumed the defense of such proceeding and has failed within a
reasonable time to retain counsel reasonably satisfactory to such indemnified party or (c) the named parties to any such proceeding (including any impleaded parties) include both the indemnifying party and the indemnified party and
representation of both parties by the same counsel would be inappropriate due to actual or potential conflicts of interests between them based on the advice of counsel to the indemnified party, in which case the reasonable fees and expenses of such
counsel shall be at the expense of the indemnifying party. It is agreed that the indemnifying party shall not, in connection with any proceeding or related proceedings in the same jurisdiction, be liable for the reasonable fees and expenses of more
than one separate law firm (in addition to local counsel where necessary) for all such indemnified parties. The indemnifying party shall not be liable for any settlement of any proceeding effected without its written consent (such consent not to be
unreasonably withheld), but, if settled with such consent or if there be a final judgment for the plaintiff, the indemnifying party agrees to indemnify the indemnified party from and against any Loss by reason of such settlement or judgment. No
indemnifying party shall, without the prior written consent of 

  
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the indemnified party (such consent not to be unreasonably withheld), effect any settlement, compromise or discharge of any claim or pending or threatened proceeding in respect of which any
indemnified party is or could have been a party and indemnity could have been sought hereunder by such indemnified party, unless such settlement, compromise or discharge, as the case may be, (i) includes an unconditional written release of such
indemnified party, in form and substance reasonably satisfactory to the indemnified party, from all liability on claims that are the subject matter of such claim or proceeding, (ii) does not include any statement as to an admission of fault,
culpability or failure to act by or on behalf of any indemnified party and (iii) does not impose any obligation or restrictions on any indemnified party. 

Section 7.4 Exclusive Remedy. Except in the case of fraud or intentional breach, following the Closing, the indemnification
afforded by this Article VII shall be the sole and exclusive remedy for any and all Losses awarded against or incurred or suffered by a party hereto in connection with the transactions contemplated by the Transaction Documents, including with
respect to any breach of any representation, warranty or certification made by a party hereto in any of the Transaction Documents or certificates given by a party hereto in writing pursuant hereto or thereto or any breach of or default under any
covenant or agreement by a party hereto pursuant to any Transaction Document. Notwithstanding anything in this Purchase and Sale Agreement to the contrary, in the event of any breach or failure in performance of any covenant or agreement contained
in any Transaction Document, the non- breaching party shall be entitled to specific performance, injunctive or other equitable relief pursuant to Section 8.2. 

ARTICLE VIII 
 MISCELLANEOUS

 Section 8.1 Termination; Survival. This Purchase and Sale Agreement shall continue in full force and effect until there
are no longer Royalties from the Licensed Products, at which point this Purchase and Sale Agreement shall terminate, except for any rights, obligations or claims of either party hereto that have accrued prior to such termination; provided,
however, that the provisions of Article II, Section 5.2, Section 5.4(c), Section 5.4(d), Section 5.7, Article VII and Article VIII shall survive such termination; provided, further, however, that the
provisions of Section 5.8 shall survive such termination for 370 days following such termination. Unless and until this Purchase and Sale Agreement shall have terminated in accordance with the prior sentence, all representations, warranties and
covenants made herein and in any other Transaction Document or any certificate delivered pursuant to this Purchase and Sale Agreement shall survive the execution and delivery of this Purchase and Sale Agreement and the Closing. The rights hereunder
to indemnification, payment of Losses or other remedies based on such representations, warranties and covenants shall not be affected by any investigation conducted with respect to, or any knowledge acquired (or capable of being acquired) at any
time (whether before or after the execution and delivery of this Purchase and Sale Agreement or the Closing) in respect of the accuracy or inaccuracy of or compliance with, any such representation, warranty or covenant. The waiver of any condition
based on the accuracy of any representation or warranty, or on the performance of or 

  
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compliance with any covenant, shall not affect the rights hereunder to indemnification, payment of Losses or other remedies based on such representations, warranties and covenants. Promptly
following the termination of this Purchase and Sale Agreement in accordance with the first sentence of this Section 8.1, Purchaser shall deliver to Counterparty an irrevocable instruction (i) to pay to Seller or Seller’s designee all
payments of royalties under the Counterparty Agreement made after the date of such termination and (ii) to terminate delivery to Purchaser of all future copies of reports of the type Counterparty had been instructed to deliver to Purchaser
under the Counterparty Instruction. 
 Section 8.2 Specific Performance. Each of the parties hereto acknowledges that the other
party hereto will have no adequate remedy at law if it fails to perform any of its obligations under any of the Transaction Documents. In such event, each of the parties hereto agrees that the other party hereto shall have the right, in addition to
any other rights it may have (whether at law or in equity), to specific performance of this Purchase and Sale Agreement. 
 Section 8.3
Notices. All notices, consents, waivers and other communications hereunder shall be in writing and shall be effective (a) upon receipt when sent through the mails, registered or certified mail, return receipt requested, postage prepaid,
with such receipt to be effective the date of delivery indicated on the return receipt, (b) upon receipt when sent by an overnight courier, (c) on the date personally delivered to an authorized officer of the party to which sent or
(d) on the date transmitted by facsimile or other electronic transmission with a confirmation of receipt, in all cases, with a copy emailed to the recipient at the applicable address, addressed to the recipient as follows: 

if to the Seller, to: 
 Cystic
Fibrosis Foundation Therapeutics, Inc. 
 6931 Arlington Road 

Bethesda, Maryland 20814 

Attention: Dr. Robert J. Beall, President 

Telephone: (301) 907-2541 

Facsimile: (301) 907-2699 

Email: rjb@cff.org 
 if to the
Purchaser, to: 
 RPI Finance Trust 

c/o Wilmington Trust Company 

Rodney Square North 
 1100 North
Market Street 
 Wilmington, Delaware 19890-0001 

Attention: Corporate Trust Administration 

Facsimile: (302) 636-4140 

  
 36 

 with a copy to: 

RP Management, LLC 
 110 E. 59th
Street, Suite 3300 
 New York, New York 10022 

Attention: Pablo Legorreta 

Facsimile: (212) 883-2260 

Email: plegorreta@royaltypharma.com 

with another copy to: 
 Goodwin
Procter LLP 
 Exchange Place 

53 State Street 
 Boston,
Massachusetts 02109 
 Attention: Arthur R. McGivern & Karen A. Spindler 

Facsimile: (617) 523-1231 

Email: amcgivern@goodwinprocter.com & kspindler@goodwinprocter.com 

Each party hereto may, by notice given in accordance herewith to the other party hereto, designate any further or different address to which subsequent
notices, consents, waivers and other communications shall be sent. 
 Section 8.4 Successors and Assigns. The provisions of this
Purchase and Sale Agreement shall be binding upon and inure to the benefit of the parties hereto and their respective successors and permitted assigns. The Seller shall not be entitled to assign or otherwise transfer any Transaction Document or any
of its obligations, rights or interests under any of the Transaction Documents, in whole or in part, by operation of law, merger, change of control or otherwise, without the prior written consent of the Purchaser, and any purported assignment or
transfer without such consent shall be void and of no effect; provided, however, that the Seller may, with the prior written consent of the Purchaser (such consent not to be unreasonably withheld), assign any of its obligations or
rights under this Purchase and Sale Agreement to any other Person with which it may merge or consolidate or to which it may sell all or substantially all of its assets or all of its assets related to the Licensed Products, provided that the assignee
under such assignment agrees to be bound by the terms of the Transaction Documents and the Counterparty Agreement and furnishes a written agreement to the Purchaser in form and substance reasonably satisfactory to the Purchaser to that effect. The
Purchaser may assign any of its obligations and rights hereunder without restriction and without the consent of the Seller. The Purchaser shall give notice of any such assignment to the Seller promptly after the occurrence thereof. The Seller shall
be under no obligation to reaffirm any representations, warranties or covenants made in this Purchase and Sale Agreement or any of the other Transaction Documents or take any other action in connection with any such assignment by the Purchaser.
Notwithstanding the foregoing, under no circumstances shall the Purchaser assign any of its rights hereunder to a Competitor, and no direct or indirect assignee of the Purchaser shall assign any of its rights hereunder to a Competitor, in each case
without the prior written consent of Counterparty. 

  
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 Section 8.5 Independent Nature of Relationship. The relationship between the
Seller and the Purchaser is solely that of seller and purchaser, and neither the Seller nor the Purchaser has any fiduciary or other special relationship with the other party hereto or any of its Affiliates. This Purchase and Sale Agreement is not a
partnership, joint venture agreement or similar agreement, and nothing contained herein or in any other Transaction Document shall be deemed to constitute the Seller and the Purchaser, and/or the Counterparty, any Sublicensee or Affiliate thereof,
as a partnership, an association, a joint venture or any other kind of entity or legal form for any purposes, including any Tax purposes. The parties hereto agree that they shall not take any inconsistent position with respect to such treatment in a
filing with any Governmental Authority. 
 Section 8.6 Entire Agreement. This Purchase and Sale Agreement, together with the
Exhibits hereto (which are incorporated herein by reference), and the other Transaction Documents constitute the entire agreement between the parties hereto with respect to the subject matter hereof and supersede all prior agreements, understandings
and negotiations, both written and oral, between the parties hereto with respect to the subject matter of this Purchase and Sale Agreement. No representation, inducement, promise, understanding, condition or warranty not set forth herein (or in the
Exhibits hereto or the other Transaction Documents) has been made or relied upon by either party hereto. Neither this Purchase and Sale Agreement nor any provision hereof is intended to confer upon any Person other than the parties hereto and the
other Persons referenced in Article VII any rights or remedies hereunder, except that Counterparty shall be a third-party beneficiary of the last sentence of Section 8.4. 

Section 8.7 Governing Law. 

(a) THIS PURCHASE AND SALE AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE INTERNAL SUBSTANTIVE LAWS OF THE STATE OF NEW
YORK WITHOUT REFERENCE TO THE RULES THEREOF RELATING TO CONFLICTS OF LAW OTHER THAN SECTION 5-1401 OF THE GENERAL OBLIGATIONS LAW OF THE STATE OF NEW YORK, AND THE OBLIGATIONS, RIGHTS AND REMEDIES OF THE
PARTIES HEREUNDER SHALL BE DETERMINED IN ACCORDANCE WITH SUCH LAWS. 
 (b) Each of the parties hereto hereby irrevocably and unconditionally
submits, for itself and its property, to the non-exclusive jurisdiction of the Supreme Court of the State of New York sitting in New York County and of the United States District Court of the Southern District
of New York, and any appellate court from any thereof, in any action or proceeding arising out of or relating to this Purchase and Sale Agreement or any other Transaction Document, or for recognition or enforcement of any judgment, and each of the
parties hereto hereby irrevocably and unconditionally agrees that all claims in respect of any such action or proceeding may be heard and determined in such New York State court or, to the extent permitted by Applicable Law, in such federal court.
Each of the parties hereto agrees that a final judgment in any such action or proceeding shall be conclusive and may be enforced in other jurisdictions by suit on the judgment or in any other manner provided by Applicable Law. 

  
 38 

 (c) Each of the parties hereto hereby irrevocably and unconditionally waives, to the fullest
extent it may legally and effectively do so, any objection that it may now or hereafter have to the laying of venue of any suit, action or proceeding arising out of or relating to this Purchase and Sale Agreement in any court referred to in
Section 8.7(b). Each of the parties hereto hereby irrevocably waives, to the fullest extent permitted by Applicable Law, the defense of an inconvenient forum to the maintenance of such action or proceeding in any such court. 

(d) Each of the parties hereto irrevocably consents to service of process in the manner provided for notices in Section 8.3. Nothing in
this Purchase and Sale Agreement will affect the right of any party hereto to serve process in any other manner permitted by Applicable Law. Each of the parties hereto waives personal service of any summons, complaint or other process, which may be
made by any other means permitted by New York law. 
 Section 8.8 Waiver of Jury Trial. EACH PARTY HERETO HEREBY WAIVES, TO THE
FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN ANY LEGAL PROCEEDING DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS PURCHASE AND SALE AGREEMENT, OR THE TRANSACTIONS CONTEMPLATED HEREBY (WHETHER
BASED ON CONTRACT, TORT OR ANY OTHER THEORY). EACH PARTY HERETO (A) CERTIFIES THAT NO REPRESENTATIVE, AGENT OR ATTORNEY OF THE OTHER PARTY HERETO HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT THE OTHER PARTY HERETO WOULD NOT, IN THE EVENT OF
LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER AND (B) ACKNOWLEDGES THAT IT AND THE OTHER PARTY HERETO HAVE BEEN INDUCED TO ENTER INTO THIS PURCHASE AND SALE AGREEMENT BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS
SECTION 8.8. 
 Section 8.9 Severability. If one or more provisions of this Purchase and Sale Agreement are held to be invalid
or unenforceable by a court of competent jurisdiction, such provision shall be excluded from this Purchase and Sale Agreement and the balance of this Purchase and Sale Agreement shall be interpreted as if such provision were so excluded and shall
remain in full force and effect and be enforceable in accordance with its terms. Any provision of this Purchase and Sale Agreement held invalid or unenforceable only in part or degree by a court of competent jurisdiction shall remain in full force
and effect to the extent not held invalid or unenforceable. 
 Section 8.10 Counterparts. This Purchase and Sale Agreement may
be signed in any number of counterparts, each of which shall be an original, with the same effect as if the signatures thereto and hereto were upon the same instrument. This Purchase and Sale Agreement shall become effective when each party hereto
shall have received a counterpart hereof signed by the other party hereto. Any counterpart may be executed by facsimile or other similar means of electronic transmission, including “PDF”, and such facsimile or other electronic transmission
shall be deemed an original. 

  
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 Section 8.11 Amendments; No Waivers. Neither this Purchase and Sale Agreement
nor any term or provision hereof may be amended, supplemented, restated, waived, changed or modified except with the written consent of the parties hereto. No failure or delay by either party hereto in exercising any right, power or privilege
hereunder shall operate as a waiver thereof nor shall any single or partial exercise thereof preclude any other or further exercise thereof or the exercise of any other right, power or privilege. No notice to or demand on either party hereto in any
case shall entitle it to any notice or demand in similar or other circumstances. No waiver or approval hereunder shall, except as may otherwise be stated in such waiver or approval, be applicable to subsequent transactions. No waiver or approval
hereunder shall require any similar or dissimilar waiver or approval thereafter to be granted hereunder. The rights and remedies herein provided shall be cumulative and not exclusive of any rights or remedies provided by Applicable Law. 

Section 8.12 Offsets. The Seller hereby authorizes the Purchaser, at any time and from time to time, to the fullest extent
permitted by Applicable Law, to offset any amounts payable by the Purchaser to, or for the account of, the Seller against any obligations of the Seller to the Purchaser arising in connection with the Transaction Documents (including amounts payable
pursuant to Article VII) that are then due and payable. 
 Section 8.13 Table of Contents and Headings. The Table of Contents
and headings of the Articles and Sections of this Purchase and Sale Agreement have been inserted for convenience of reference only, are not to be considered a part hereof and shall in no way modify or restrict any of the terms or provisions hereof.

 Section 8.14 Trustee Capacity of Wilmington Trust Company. Notwithstanding anything contained herein to the contrary, it is
expressly understood and agreed by the parties hereto that (i) this Purchase and Sale Agreement is executed and delivered by Wilmington Trust Company, not individually or personally but solely in its trustee capacity, in the exercise of the
powers and authority conferred and vested in it under the trust agreement of the Purchaser, (ii) each of the representations, undertakings and agreements herein made on the part of the Purchaser is made and intended not as a personal
representation, undertaking and agreement by Wilmington Trust Company but is made and intended for the purpose of binding only the Purchaser and (iii) under no circumstances shall Wilmington Trust Company be personally liable for the payment of
any indebtedness or expenses of the Purchaser or be liable for the breach or failure of any obligation, representation, warranty or covenant made or undertaken by the Purchaser under this Purchase and Sale Agreement or any related documents. 

[SIGNATURE PAGE FOLLOWS] 

  
 40 

 IN WITNESS WHEREOF, the parties hereto have executed this Purchase and Sale Agreement as of
the day and year first written above. 
  

			
	CYSTIC FIBROSIS FOUNDATION THERAPEUTICS, INC.
		
	By:	 	 /s/ Robert J. Beall

		 	Name: Robert J. Beall, PhD
		 	Title:  President and CEO
	
	 RPI FINANCE TRUST
  

By: Wilmington Trust Company, not in its individual capacity but solely in its capacity as owner trustee

		
	By:	 	 /s/ Yvette L. Howell

		 	Name: Yvette L. Howell
		 	Title:  Assistant Vice President

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