Document:

EX-10.1

 Exhibit 10.1 

CERTAIN CONFIDENTIAL PORTIONS OF THIS EXHIBIT HAVE BEEN OMITTED AND REPLACED WITH “[****]”. SUCH IDENTIFIED INFORMATION HAS BEEN
EXCLUDED FROM THIS EXHIBIT BECAUSE IT IS (I) NOT MATERIAL AND (II) WOULD LIKELY CAUSE COMPETITIVE HARM TO THE COMPANY IF PUBLICLY DISCLOSED 

EXECUTION VERSION 

CONFIDENTIAL 
 PURCHASE
AND ASSIGNMENT AGREEMENT 
 THIS PURCHASE AND ASSIGNMENT AGREEMENT (this “Agreement”) dated as of December 11,
2022 (“Execution Date”) is by and among Clovis Oncology Inc., a corporation organized under the laws of Delaware (“Clovis”) and Novartis Innovative Therapies AG, a corporation organized under the laws of
Switzerland, and any of its permitted assignees (“Novartis”). Each of Clovis and Novartis may be individually referred to herein as a “Party” and collectively as the “Parties.” 

W I T N E S S E T H: 

WHEREAS, Clovis and 3B Pharmaceuticals GmbH (“3BP”) are party to that certain License and Collaboration Agreement dated
September 20, 2019 (“Original Effective Date” and such agreement, “Original License Agreement”); 

WHEREAS, Clovis intends to file a voluntary petition for relief under Chapter 11 of title 11 of the United States Code (the
“Bankruptcy Code”) in the United States Bankruptcy Court for the District of Delaware (the “Bankruptcy Court”) following the execution of this Agreement (the date of such filing, the “Petition
Date”); 
 WHEREAS, Clovis desires to sell, assign and transfer to Novartis, and Novartis desires to accept from Clovis, all of
Clovis’ rights and obligations under the Original License Agreement and certain other specified assets, all upon the terms and subject to the conditions set forth in this Agreement and in accordance with sections 105, 363, and 365 and other
applicable provisions of the Bankruptcy Code; 
 WHEREAS, the Transferred Assets and Assumed Liabilities (each as defined below) are assets
and liabilities of Clovis that are to be purchased by Novartis pursuant to the Sale Order (as defined below), free and clear of all Liens (as defined below), except for any Assumed Liabilities and Permitted Liens (each as defined below), all in the
manner and subject to the terms and conditions set forth in this Agreement and the Sale Order and in accordance with the applicable provisions of the Bankruptcy Code; and 

WHEREAS, simultaneously with the execution of this Agreement, 3BP and Novartis will enter into an agreement to amend and restate the Original
License Agreement effective as of the Closing and will execute such certain Amended and Restated License Agreement on the Effective Date (“A&R License Agreement”) to supersede and replace the Original License Agreement. 

NOW, THEREFORE, in consideration of the covenants, representations and warranties set forth herein, and for other good and valuable
consideration, the receipt and sufficiency of which are hereby acknowledged, the Parties, intending to be legally bound, hereby agree as follows: 

  
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 ARTICLE 1 

DEFINITIONS 

Section 1.01. Definitions. (a) The following terms, as used herein, have the following meanings: 

“Accounting Standards” means, with respect to Novartis, IFRS (International Financial Reporting Standards), as
generally and consistently applied throughout Novartis’ organization. Novartis shall promptly notify the other in the event that it changes the Accounting Standards pursuant to which its records are maintained, it being understood that Novartis
may only use internationally recognized accounting principles (e.g. IFRS, US GAAP, etc.). 
 “Action” means any claim,
audit, action, investigation, suit or proceeding, arbitral action or criminal prosecution. 
 “Administrative Expense
Claims” means an administrative expense of a kind specified in section 503(b), 507(b) or 1114(e) of the Bankruptcy Code and entitled to priority pursuant to section 507(a)(2) of the Bankruptcy Code. 

“Affiliate” means, with respect to a Party, any entity or person that controls, is controlled by, or is under common control
with that Party. For the purpose of this definition, “control” or “controlled” means, direct or indirect, ownership of fifty percent (50%) or more of the shares of stock entitled to vote for the election of
directors in the case of a corporation or fifty percent (50%) or more of the equity interest in the case of any other type of legal entity; status as a general partner in any partnership; or any other arrangement whereby the entity or person
controls or has the right to control the board of directors or equivalent governing body of a corporation or other entity or the ability to cause the direction of the management or policies of a corporation or other entity and the terms
“controlling,” “controlled by,” and “under common control” have correlative meanings. The Parties acknowledge that in the case of entities organized under the laws of certain countries where the
maximum percentage ownership permitted by law for a foreign investor is less than fifty percent (50%), such lower percentage shall be substituted in the preceding sentence, provided that such foreign investor has the power to direct the management
and policies of such entity. 
 “Alternative Transaction” means (i) any direct or indirect sale, transfer or
assignment of any portion of the Transferred Assets, or (ii) any financing, recapitalization, restructuring, plan of reorganization or liquidation, merger, consolidation, or other transaction to which Clovis or any of its Subsidiaries is a
party that adversely impacts the ability of Clovis to transfer to Novartis all or any portion of the Transferred Assets, in each instance that has the effect of, directly or indirectly, transferring, assigning or vesting ownership of, interests in,
rights to, or benefits in, any portion of the Transferred Assets to any party other than Novartis, but excluding the grant of any Bankruptcy Court-approved Liens on or claims to the Transferred Assets in connection with any DIP Financing Order
and/or Cash Collateral Order. 

  
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 “Antitrust Laws” means the Sherman Act of 1890, the Clayton Act of 1914,
the Federal Trade Commission Act of 1914, the HSR Act and all other federal, state and foreign statutes, rules, regulations, orders, decrees and other Applicable Laws and orders that are designed or intended to prohibit, restrict or regulate actions
having the purpose or effect of monopolization or restraint of trade or competition. 
 “Applicable Law” means, with
respect to any Person, any transnational, domestic or foreign federal, state or local law (statutory, common or otherwise), constitution, treaty, convention, ordinance, code, rule, regulation, order, injunction, judgment, decree, ruling or other
similar requirement enacted, adopted, promulgated or applied by a Governmental Authority that is binding upon or applicable to such Person, as amended unless expressly specified otherwise. 

“Assigned Contracts” means those certain contracts set forth on Schedule 2.01, which Schedule may be amended
and supplemented in accordance with Section 2.03 of this Agreement, to which Clovis is a party that will be assigned to Novartis hereunder. 

“Assignment and Transfer Agreement” means that certain bill of sale and assignment and transfer agreement, by and between
Clovis and Novartis with respect to the Transferred Assets, substantially in the form attached hereto as Exhibit A. 

“Auction” has the meaning ascribed to it in the Bidding Procedures. 

“Bankruptcy Case” means the case under Chapter 11 of the Bankruptcy Code commenced by Clovis on the Petition Date, and
continuing immediately thereafter, in the Bankruptcy Court. 
 “Bankruptcy Code” has the meaning set forth in the recitals.

 “Bankruptcy Court” has the meaning set forth in the recitals. 

“Bankruptcy Court Milestones” has the meaning set forth in Section 6.06(e). 

“Bankruptcy Rules” means the Federal Rules of Bankruptcy Procedure as promulgated by the United States Supreme Court under
section 2075 of title 28 of the United States Code, 28 U.S.C. § 2075, and the general, local and chambers rules of the Bankruptcy Court, as applicable to the Bankruptcy Case. 

“Bidding Procedures” means the bidding procedures for the solicitation and submission of bids for a sale, transfer,
assignment or other disposition by Clovis of some or all of the Transferred Assets, in the form attached to the Bidding Procedures Order, with any changes thereto being in form and substance reasonably acceptable to Clovis and Novartis. 

  
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 “Bidding Procedures Order” means an order of the Bankruptcy Court that,
among other things, (i) approves the Bidding Procedures, (ii) designates Novartis as the “stalking horse bidder” with respect to the Transferred Assets, (iii) provides for approval of the
Break-Up Fee and the Expense Reimbursement pursuant to the terms of this Agreement, (iv) establishes, among other things, a date by which Qualified Bids, if any, must be submitted, and procedures for an
auction process, and (v) shall be in the form attached hereto as Exhibit B with any changes thereto in form and substance reasonably acceptable to Clovis and Novartis. 

“Break-Up Fee” means Six Million Dollars ($6,000,000) to compensate Novartis for
serving as the “stalking horse” and subjecting this Agreement to higher and better offers. 
 “Business Day”
means a day, other than Saturday, Sunday or other day on which commercial banks in New York, New York, Cambridge, Massachusetts or Basel, Switzerland are authorized or required by Applicable Law to close. 

“Calendar Quarter” means each of the following three (3)-month periods during each Calendar Year: January 1
through March 31; April 1 through June 30; July 1 through September 30; and October 1 through December 31; provided that the first Calendar Quarter during the term of this Agreement shall commence on the Effective Date and end
on March 31, 2023. 
 “Calendar Year” means any twelve (12) month period commencing on January 1; provided
that the first Calendar Year shall commence on the Effective Date and end on December 31, 2022. 
 “Cash Collateral
Order” means any orders of the Bankruptcy Court approving Clovis’ use of cash collateral, in substance reasonably acceptable to Novartis to the extent that any provision thereof would be reasonably likely to adversely effect the timing
of the transactions contemplated hereby or the ability of Clovis to fulfill any of its obligations hereunder. 
 “Clovis
Restricted Period” means the period beginning on the Effective Date and ending three (3) years thereafter. 
 “CMC
Activities” means the chemistry, manufacturing and controls activities necessary or useful for generating the CMC Information required for Regulatory Approval of a Product, including Manufacture of commercial and/or clinical trial
materials, process and method validation, and all other related activities that are necessary or useful to obtain or maintain Regulatory Approval of a Product. 

“CMC Information” means information related to the chemistry, manufacturing and controls of a Product required for approval
to commence clinical studies and/or Regulatory Approval of a Product, as specified by FDA or other applicable Regulatory Authority. 

“Code” means the Internal Revenue Code of 1986, as amended. 

  
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 “Commercialization” means, with respect to any product, any and all
activities (whether conducted before or after Regulatory Approval) relating to the promotion, marketing, sale, offering for sale, Manufacturing and distribution (including importing, exporting, transporting, customs clearance, warehousing,
invoicing, handling and delivering such product to customers or end users) of such product, including: (i) activities related to sales force efforts, detailing, advertising, medical education, planning, marketing, sales force training, and
sales and distribution, (ii) activities related to scientific and medical affairs and (iii) activities directed to obtaining Pricing Approval in any jurisdiction. For the avoidance of doubt, Commercialization does not include any
Development activities, whether conducted before or after Regulatory Approval. “Commercialize”, “Commercialized”, and “Commercializing” have correlative meanings. 

“Commercially Reasonable Efforts” means, with respect to the efforts to be expended by Novartis with respect to any
objective, activity or decision to be undertaken under this Agreement, those efforts consistent with the usual practice of Novartis to accomplish such objective, activity or decision, and, with respect to the development or commercialization of any
Product, specifically means the carrying out of development and commercialization activities using efforts that Novartis would customarily devote to a product at a similar stage in its development or product life and of similar market potential and
profit potential as such Product, in each case based on conditions then prevailing and taking into account scientific data and validation, efficacy, safety, approved labeling, product profile, the competitiveness of products of Third Parties,
pricing and reimbursement for such Product in a country relative to other markets, the patent and other proprietary position of such Product, the likely timing of such Product’s entry into the market, the likelihood of Regulatory Approval, the
anticipated profitability of such Product and any other relevant scientific, technical and commercial factors. 
 “Competing
Product” means any therapeutic pharmaceutical product comprising a binding moiety that deliberately targets and primarily binds to FAP, and is or can be linked to an anticancer payload as its primary mechanism of action, other than a
Product licensed by Novartis to Clovis under the Imaging Agent License Agreement. 
 “Confidential Information” means any
and all non-public or confidential information of a disclosing Party or any of its Affiliates, including any Know-How and any other confidential information relating to
the business, operations or products of such disclosing Party or any of its Affiliates disclosed to the receiving Party or any of its Affiliates under this Agreement or otherwise becomes known to the receiving Party or any of its Affiliates by
virtue of this Agreement. For clarity, (a) the existence and terms and conditions of this Agreement constitute both Parties’ Confidential Information and (b) the Transferred Assets and Subject
Know-How is the Confidential Information of Novartis. 
 “Consent” means any
approval, consent, ratification, permission, waiver or authorization, or a Final Order of the Bankruptcy Court that deems or renders unnecessary the same. 

“Contract” means any contract, indenture, note, bond, lease, sublease, license or other agreement that is binding upon a
Person or its property. 

  
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 “Contract Manufacturer” means any Third Party engaged by a Party to
Manufacture a Product or any component of a Product. 
 “Cover” means, with respect to any claim of any Patent and product
(including any Product) in any jurisdiction, that such claim would be infringed (or if such claim is in a pending Patent application, such claim would be infringed if it were issued), absent a license to or ownership of such claim, by any
Exploitation of such product (including any Product) in such jurisdiction. “Covered” and “Covering” have correlative meanings. 

“Cure Costs” means all amounts that must be paid or otherwise satisfied to cure all of Clovis’ monetary defaults under
section 365(b)(1) of the Bankruptcy Code or otherwise to effectuate, pursuant to the Bankruptcy Code, the assumption and assignment by Clovis of the Assigned Contracts under the terms of the Agreement. 

“Damages” means any and all claims, damages, losses, liabilities and expenses (including reasonable expenses of investigation
and reasonable attorneys’ fees and expenses in connection with any Action whether involving a Third Party Claim or a claim solely between the Parties). 

“Data Package” means all documentation and resources needed or relevant to enable Novartis to research, develop, manufacture,
have manufactured, and otherwise Manufacture the Product. 
 “Decree” means any judgment, decree, ruling, injunction,
assessment, attachment, undertaking, award, charge, writ, executive order, administrative order, or any other order of any Governmental Authority. 

“Develop” means, with respect to a Product, those pre-clinical and clinical drug
development activities that are necessary or useful to obtain Regulatory Approval in the applicable regulatory jurisdiction, whether alone or for use together, or in combination, with another active agent or pharmaceutical product, including
discovery, test method development, stability testing, toxicology including GLP toxicology studies, formulation, process development, manufacturing scale-up, development-stage manufacturing, analytical method
validation, manufacturing process validation, cleaning validation, post-Regulatory Approval changes, quality assurance/quality control, statistical analysis, report writing, preclinical and clinical studies, regulatory filing submission and
approval. “Developed,” “Developing” and “Development” have correlative meanings. 

“Development Data” means all research data, preclinical data, pharmacology data, clinical data, and/or all regulatory
documentation, information and submissions and communications pertaining to, or made in association with an IND, clinical trial application (or foreign equivalent), Regulatory Approval application and other marketing approval applications,
Regulatory Approval or the like for the Products and/or FAP-Targeting Products, in each case that are generated under the Original License Agreement. 

“DIP Financing” means that certain
debtor-in-possession financing for the benefit of Clovis approved by the Bankruptcy Court, and in substance reasonably acceptable to Novartis to the extent that the
terms of such DIP Financing would be reasonably likely to adversely effect the timing of the transactions contemplated hereby or the ability of Clovis to fulfill any of its obligations hereunder. 

  
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 “DIP Financing Order” means any order of the Bankruptcy Court approving the
DIP Financing, in substance reasonably acceptable to Novartis to the extent that any provision thereof would be reasonably likely to adversely affect the timing of the transactions contemplated hereby or the ability of Clovis to fulfill any of its
obligations hereunder. 
 “DMF” means, with respect to any Product, as applicable, (i) any Drug Master File filed with
an MAA, IND or other clinical trial application, with respect to Manufacturing such Product or (ii) the chemistry, controls and manufacturing section of an MAA for such Product. 

“Escrow Agent” means Citibank, N.A., London branch. 

“Escrow Agreement” means that certain Escrow Agreement, by and among the Escrow Agent, Clovis and Novartis, dated of even
date herewith. 
 “Exploit” means to use, make, have made, import, export, sell, market, promote, offer for sale,
distribute and otherwise exploit, including to research, Develop, Commercialize, register, Manufacture, have Manufactured, hold or keep (whether for disposal or otherwise) or otherwise dispose of. “Exploitation”,
“Exploited” and “Exploiting” have correlative meanings. 
 “FAP” means fibroblast
activation protein. 
 “FAP-Targeting Compound” means a molecule identified using
the Subject Patents and Subject Know-How, including, but not limited to, a cyclic peptide, a linear peptide or a small organic molecule, that binds to FAP as its primary mechanism of action, which can be
optionally linked to other agents, such as an effector, including but not limited to a radioactive isotope. 
 “FAP-Targeting Product” means any molecule that comprises a FAP-Targeting Compound that is or can be labeled with a radioactive isotope for use as a therapeutic,
diagnostic or theranostic radiopharmaceutical, and which Clovis Developed pursuant to the Original License Agreement or Novartis Develops pursuant to the A&R License Agreement, including the FAP-Targeting
Products identified on Exhibit C and/or any other FAP-Targeting Product identified by Novartis during the term of this Agreement. For the avoidance of doubt, any
FAP-Targeting Product with (i) a different chemical structure, including a different FAP-Targeting Compound, a different optional linker and/or a different chelator
and/or (ii) a different radioactive isotope is considered a different FAP-Targeting Product (and will therewith lead to a different Therapeutic Product or different Imaging Agent). 

“FD&C Act” means the United States Federal Food, Drug, and Cosmetic Act, as amended from time to time, together with any
rules, regulations and requirements promulgated thereunder (including all additions, supplements, extensions and modifications thereto). 

  
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 “FDA” means the U.S. Food and Drug Administration or any successor agency
thereto. 
 “Final Order” means an order, judgment or other decree of the Bankruptcy Court or any other Governmental
Authority of competent jurisdiction that has not been reversed, vacated, modified or amended, is not stayed and remains in full force and effect and is not subject to appeal, petition for certiorari or other proceeding for review or rehearing, and
any time therefor has expired, and is no longer subject to appeal. 
 “Fraud” means fraud under Delaware common law with
the element of scienter. 
 “GAAP” means generally accepted accounting principles in the United States. 

“GCP” means the then-current standards, practices and procedures promulgated or endorsed by the FDA as set forth in the
guidelines entitled “Guidance for Industry E6 Good Clinical Practice: Consolidated Guidance,” including related regulatory requirements imposed by the FDA and comparable regulatory standards, practices and procedures promulgated by the
European Medicines Agency or other applicable Regulatory Authority, as such standards, practices and procedures may be updated from time to time, including applicable quality guidelines promulgated under the ICH. 

“GLP” means the then-current good laboratory practice standards promulgated or endorsed by the FDA as defined in 21 C.F.R.
Part 58, and comparable regulatory standards promulgated by the European Medicines Agency or other applicable Regulatory Authority, as such standards may be updated from time to time, including applicable quality guidelines promulgated under the
ICH. 
 “GMP” means all applicable Good Manufacturing Practices including, (i) the applicable part of quality
assurance to ensure that products are consistently produced and controlled in accordance with the quality standards appropriate for their intended use, as defined in European Commission Directive 2003/94/EC laying down the principles and guidelines
of good manufacturing practice, (ii) the principles detailed in the U.S. Current Good Manufacturing Practices, 21 C.F.R. Sections 210, 211, 601 and 610, (iii) the Rules Governing Medicinal Products in the European Community, Volume IV Good
Manufacturing Practice for Medicinal Products, (iv) the principles detailed in the ICH Q7A guidelines, and (v) the equivalent thereof in any relevant country, each as may be amended and applicable from time to time. 

“Governmental Authority” means any transnational, domestic or foreign federal, state or local governmental, regulatory or
administrative authority, department, court, agency or official, including any political subdivision thereof or any stock exchange. 

“Governmental Authorization” means any permit, license, certificate, approval, consent, permission, clearance, designation,
qualification or authorization issued, granted, given or otherwise made available by or under the authority of any Governmental Authority or pursuant to any law. 

  
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 “HSR Act” means the Hart-Scott-Rodino Antitrust Improvements Act of 1976,
as amended, and the rules promulgated thereunder under Applicable Law (including all additions, supplements, extensions and modifications thereto). 

“ICH” means the International Conference on Harmonization of Technical Requirements for Registration of Pharmaceuticals for
Human Use. 
 “IFRS” means International Financial Reporting Standards, as consistently applied. 

“Imaging Agent” means a FAP-Targeting Product containing a diagnostic radioisotope,
including a positron and/or gamma-ray emitting radioisotope, which has been selected for Development, Manufacture and Commercialization by the Parties under the terms of this Agreement for in vivo diagnostic
imaging purposes, and for the avoidance of doubt, not as a therapy for one or more Indications. 
 “Imaging Agent License
Agreement” means that certain Imaging Agent License Agreement, by and between Clovis and Novartis, to be entered into in accordance with Section 6.04 hereof. 

“IND” means any Investigational New Drug Application, as defined in 21 C.F.R. § 312, or its equivalent in other
countries or jurisdictions. 
 “Indication” means an entirely separate and distinct disease, medical condition or pathology
in humans for which a pharmaceutical product: (i) that is in a Clinical Study is intended to diagnose or treat in such Clinical Study, or (ii) has received a separate and distinct Regulatory Approval with an approved label claim to
diagnose or treat such disease, condition or pathology, as applicable. The Parties agree and acknowledge that: (a) to qualify as an Indication, Regulatory Approval of such Indication must require completion of a separate Clinical Study or
analysis of different cohorts of an existing Clinical Study sufficient to obtain Regulatory Approval in a separate patient population, based on prospectively defined endpoints; and (b) for purposes of clarity, but without derogating from the
foregoing, if the Parties cannot agree whether a human indication, disease or condition constitutes a separate Indication based on the foregoing criteria, distinctions between human indications, diseases or conditions with respect to the Product
shall be made by reference to the World Health Organization International Classification of Diseases, version 11 (as revised and updated, the “ICD11”). 

“Intellectual Property” means any and all intellectual property rights and other similar proprietary rights in any and all
jurisdictions, whether registered or unregistered, including all (i) Patents, (ii) Trademarks, (iii) copyrights (whether or not registered) and registrations and applications for registration of the foregoing, (iv) Know-How, (v) rights to apply for, obtain and register any of the foregoing, (vi) rights to claim priority, including under the Paris Convention with respect to any of the foregoing and
(vii) rights to assert, claim or sue and recover, collect and retain damages, costs and attorneys’ fees for any and all past, present and future infringement, misappropriation or other violation of any of the foregoing. 

  
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 “Inventions” means, collectively, all inventions, improvements or other Know-How that are conceived, discovered, developed or otherwise made during the term of the Original License Agreement or the A&R License Agreement, as applicable, by 3BP, Clovis, or Novartis, whether alone or
jointly with others, in connection with such Party’s use of any of the Subject Patents and Subject Know-how. 

“Invoice” means an invoice in substantially the form set forth in Exhibit D. 

“Joint Invention” means Inventions conceived jointly by Novartis and by or on behalf of 3BP or Clovis, or jointly by its
respective personnel. 
 “Joint Patents” means a Patent that Covers a Joint Invention. 

“Know-How” means any and all trade secrets,
know-how, information, data, specifications, processes, methods, formulae, techniques, schematics, drawings, utility models, designs, technology, inventions (whether or not patented or patentable), discoveries
and improvements, including manufacturing information and processes, assays, engineering and other manuals and drawings, standard operating procedures, regulatory, chemical, pharmacological, toxicological, pharmaceutical, physical and analytical,
safety, quality assurance, quality control and clinical data, technical information and research records. 
 “Knowledge” of
any Person that is not an individual means the actual knowledge of such Person’s officers as could reasonably be expected to be acquired by any such Persons after reasonable inquiry; provided that with respect to Clovis, “Knowledge”
shall mean the actual knowledge of Patrick Mahaffy, Paul Gross, Lindsey Rolfe, Jeff Etter and Thomas Harding, after reasonable due inquiry. 

“Lien” means, with respect to any property or asset, any mortgage, deed of trust, lien (statutory or other), pledge, charge,
claim (as defined in section 101(5) of the Bankruptcy Code), community property interest, license, covenant not to sue, right to use, option, security interest, pledge, condition, equitable interest, mortgage, easement, encroachment, right of way,
right of setoff, successor liability, right of first refusal, encumbrance or other adverse claim, restriction or interest of any kind in respect of such property or asset, including any restriction on use, voting, transfer, receipt of income or
exercise of any other attribute of ownership (including, without limitation, any interest within the meaning of section 363(f) of the Bankruptcy Code). For the purposes of this Agreement, a Person shall be deemed to own subject to a Lien any
property or asset which it has acquired or holds subject to the interest of a vendor or lessor under any conditional sale agreement, capital lease or other title retention agreement relating to such property or asset. 

  
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 “MAA” means an application to the appropriate Regulatory Authority for
approval to market and/or sell a Product (but excluding Pricing Approval) in a country, including an NDA or corresponding foreign application, including all amendments and supplements thereto. 

“Major Market” means [****] 

“Manufacture”, “Manufactured” or “Manufacturing” means, with respect to any product,
any and all activities related to the manufacture of such product, including, but not limited to, manufacturing supplies for Development or Commercialization, packaging, in-process and finished product
testing, release of such product or any component or ingredient thereof, quality assurance and quality control activities related to manufacturing and release of such product, ongoing stability tests, storage, shipment, and regulatory activities
related to any of the foregoing. 
 “Manufacturing Data” means any and all data, documentation, information and submissions
and communications pertaining to, or made in association with any CMC Activities and/or Manufacture of the Products and/or FAP-Targeting Products (e.g., master batch records, batch records, in-process controls records, drug master file, Manufacturing process descriptions, release documents, release specifications, release data, process control data, CMC submission documents and communication with
Regulatory Authorities relating thereto), including all CMC Information, in each case that are generated during the conduct of activities under this Agreement. 

“Material Adverse Effect” means a change, effect, event, occurrence or development that, individually or in the aggregate, is
materially adverse to the condition of the Transferred Assets, taken as a whole; provided, however, that none of the following changes, effects, events, occurrences or developments shall be deemed either alone or in combination to constitute, and
none of following shall be taken into account in determining whether there has been or will be, a Material Adverse Effect: (a) any adverse effect, event, occurrence or development attributable to changes in conditions generally affecting
(i) the pharmaceutical industry or (ii) the economy, financial or securities markets or political, legislative or regulatory conditions, taken as a whole, except in the case of effects referenced in clauses (i) or (ii), for effects
that, taken as a whole, disproportionately impact the Transferred Assets, as compared to similar pharmaceutical products, (b) any adverse effect caused by the entry into this Agreement, announcement of this Agreement and the pendency of the
transactions contemplated hereby, (c) any adverse effect caused by the Bankruptcy Case including any announcement thereof and relationships with vendors or suppliers, (d) any adverse effect due to legal or regulatory changes or other
binding directives issued by a Governmental Authority or changes in GAAP, (e) any adverse effect due to acts of war, armed hostility or terrorism or any escalation thereof, (f) any adverse effect due to actions or inactions required to be
taken by Clovis or any of its Subsidiaries pursuant to the provisions of this Agreement or which are contemplated by this Agreement, (g) any adverse effect due to any claims or actions or government or other investigations pending, (h) any
effect or change resulting from any action by, the identity of, Novartis, (i) any effect or change that is cured prior to the date this Agreement is terminated, (j) any natural disaster, force majeure, or pandemic (other than the COVID-19 pandemic) or (k) introduction of any Competing Products. 

  

	****	 Confidential Treatment Requested. 

 
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 “NDA” means a new drug application submitted to the FDA pursuant to
Section 505(b) of the FD&C Act. 
 “Necessary Patents” means any Patent owned or controlled by any Third Party
(other than any Subject Patents) that, absent a license thereto or immunity therefrom, would be infringed by any Exploitation of any FAP-Targeting Compound or Product. 

“Net Sales” means the net sales recorded by Novartis or any of its Affiliates or Sublicensees, excluding distributors
and wholesalers, for any Therapeutic Product sold to Third Parties other than Sublicensees as determined in accordance with Novartis’ or such Affiliate’s or Sublicensee’s Accounting Standards as consistently applied, less a deduction
of two percent (2%) for direct expenses related to the sales of the Therapeutic Product, distribution and warehousing expenses and uncollectible amounts on previously sold products. The deductions booked on an accrual basis by Novartis and its
Affiliates or Sublicensees under its Accounting Standards to calculate the recorded net sales from gross sales include, without limitation, the following: 

(i) normal trade and cash discounts; 

(ii) amounts repaid or credited by reasons of defects, rejections, recalls or returns; 

(iii) rebates and chargebacks to customers and Third Parties (including, without limitation, Medicare, Medicaid, Managed Healthcare and similar
types of rebates); 
 (iv) amounts provided or credited to customers through coupons and other discount programs; 

(v) delayed ship order credits, discounts or payments related to the impact of price increases between purchase and shipping dates or
retroactive price reductions; 
 (vi) fee for service payments to customers for any non-separable
services (including compensation for maintaining agreed inventory levels and providing information); and 
 (vii) other reductions or
specifically identifiable amounts deducted for reasons similar to those listed above in accordance with Novartis’, its Affiliates’ or Sublicensees’ Accounting Standards. 

With respect to the calculation of Net Sales: 

(i) Net Sales only include the value charged or invoiced on the first arm’s length sale to a Third Party; 

  
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 (ii) sales between or among Novartis and its Affiliates and Sublicensees shall be
disregarded for purposes of calculating Net Sales; 
 (iii) if a Product is delivered to the Third Party before being invoiced (or is not
invoiced), Net Sales will be calculated at the time the revenue recognition criteria under Novartis Accounting Standards are met; and 
 (iv)
in the event that a Therapeutic Product is sold in a finished dosage form containing the FAP-Targeting Compound in combination with one or more other active ingredients (a “Combination
Product”), the Net Sales will be calculated by multiplying the Net Sales of the Combination Product by the fraction, A/(A+B) where A is the weighted (by sales volume) average net sale price in the relevant country of the Therapeutic Product
containing the FAP-Targeting Compound as the sole active ingredient in finished form, and B is the weighted average net sale price (by sales volume) in that country of the product(s) containing the other
component(s) as the sole active ingredient(s) in finished form. Regarding prices comprised in the weighted average net sale price when sold separately referred to above, if these are available for different dosages from the dosages of FAP-Targeting Compound and other active ingredient components that are included in the Combination Product, then Novartis shall be entitled to make a proportional adjustment to such prices in calculating the
royalty-bearing Net Sales of the Combination Product. If the weighted average net sale price cannot be determined for the Product or other product(s) containing the single FAP-Targeting Compound or
component(s), the calculation of Net Sales for Combination Products will be agreed by the Parties based on the relative value contributed by each component (each Party’s agreement not to be unreasonably withheld or delayed). 

“Novartis Patents” means any Patent that is controlled by Novartis or its Affiliates as of the Execution Date or during the
term of the Agreement that (a) Covers a FAP-Targeting Compound and/or (b) is or was necessary or useful for the Development, Manufacture or Commercialization of a Product, including Patent rights
that Cover Inventions solely owned by Novartis. 
 “One Time Development Milestone Events” means Development Milestone
Event #1, Development Milestone Event #2, Development Milestone Event #3, Development Milestone Event #4, Development Milestone Event #5 and Development Milestone Event #6. 

“One Time Milestone Events” means the One Time Development Milestone Events, the One Time Regulatory Approval Milestone
Events and the One Time Sales Milestone Events. 
 “One Time Regulatory Approval Milestone Events” means Regulatory
Approval Milestone Event #1, Regulatory Approval Milestone Event #2, Regulatory Approval Milestone Event #3, Regulatory Approval Milestone Event #4, Regulatory Approval Milestone Event #5, Regulatory Approval Milestone Event #6, Regulatory Approval
Milestone Event #7 and Regulatory Approval Milestone Event #8. 

  
 13 

 “One Time Sales Milestone Events” means Sales Milestone Event #1, Sales
Milestone Event #2, Sales Milestone Event #3 and Sales Milestone Event #4. 
 “Patents” means all patents and patent
applications, including all divisionals, continuations, substitutions, continuations-in-part, re-examinations, reissues,
additions, renewals, extensions, registrations, supplemental protection certificates, utility models, design patents and the like of any of the foregoing. 

“Permitted Lien” means (a) any Lien for Taxes, assessments, and other governmental charges that are not yet due and
payable or that are being contested in good faith by appropriate proceedings and for which adequate reserves have been established in accordance with GAAP, (b) with respect to licenses, permits, or contracts, any restrictions, obligations,
limitations, or other Liens contained in such license, permit, or contract or existing at law or under the regulatory regime pursuant to which such license, permit, or contract is granted that do not materially impair the current use of the Product
or the Transferred Assets, individually or in the aggregate, (c) any restrictions, obligations, limitations, or other Liens contained in the Transferred Assets or existing at law or under the regulatory regime pursuant to which such Transferred
Assets are subject that do not materially impair the current use of the Product or the Transferred Assets, individually or in the aggregate, or (d) any imperfection of title or other Lien that, individually or in the aggregate with other such
imperfections and Liens, do not materially impair the current use of the Product or the Transferred Assets. 
 “Person”
means an individual, corporation, partnership, limited liability company, association, trust or other entity or organization, including a Governmental Authority. 

“Phase 1 Clinical Study” means, with respect to the United States, a clinical trial of a product that meets the definition of
a Phase 1 study as described under 21 C.F.R. §312.21(a), or, with respect to a jurisdiction other than the United States, an equivalent clinical trial. 

“Phase 1b Clinical Study” means the Phase 1 Clinical Study arm titled “A Study of 177Lu-FAP-2286 in Advanced Solid Tumors (LuMIERE) (LuMIERE)” having ClinicalTrials.gov Identifier: NCT04939610. 

“Phase 1b Clinical Study Data” means any Development Data and/or Data Package generated in connection with the conduct of the
Phase 1b Clinical Study as of the Effective Date. 
 “Phase 2 Clinical Study” means, with respect to the United States, a
clinical trial of a product that meets the definition of a Phase 2 study as described under 21 C.F.R. §312.21(b), or, with respect to a jurisdiction other than the United States, an equivalent clinical trial. 

“Phase 2a Clinical Study” means the Phase 2 Clinical Study arm titled “A Study of 177Lu-FAP-2286 in Advanced Solid Tumors (LuMIERE) (LuMIERE)” having ClinicalTrials.gov Identifier: NCT04939610. 

  
 14 

 “Phase 2b Clinical Study” means, with respect to the United States, a
clinical trial of a product, designed to support and precede the Study Initiation of a Phase 3 Clinical Study program, on sufficient numbers of patients that is designed to provide a preliminary determination of safety and efficacy of such product
in the target patient population over a range of doses and dose regimens, as described under 21 C.F.R. §312.21(b), or, with respect to a jurisdiction other than the United States, an equivalent clinical trial. 

“Phase 3 Clinical Study” means, with respect to the United States, a clinical trial of a product on sufficient numbers of
patients that is designed to establish that such product is safe and efficacious for its intended use, and to define warnings, precautions and adverse reactions that are associated with such product in the dosage range to be prescribed, and to
support Regulatory Approval of such product or label expansion of such Therapeutic Product, as described under 21 C.F.R. §312.21(c), or, with respect to a jurisdiction other than the United States, an equivalent clinical trial. If a clinical
trial is not initially designed as a Phase 3 Clinical Study but is later re-designed, updated, amended or otherwise converted into a clinical trial intended to obtain the results and data to support a filing
for Regulatory Approval, then such clinical trial shall be deemed to be a Phase 3 Clinical Trial as of the date of such re-design, update, amendment or conversion, and if the first patient in such clinical
trial has already been dosed, then the Study Initiation of such Phase 3 Clinical Trial shall be deemed to occur upon such re-design, update, amendment or conversion. 

“Pricing Approval” means such governmental approval, agreement, determination or decision establishing prices for any
Product that can be charged or reimbursed in a regulatory jurisdiction where the applicable Governmental Authorities approve or determine the price or reimbursement of pharmaceutical products and where such approval or determination is reasonably
necessary for the commercial sale of such Product in such jurisdiction. 
 “Product” means one or more Imaging Agents, one
or more Therapeutic Products, or both forms as the context may require. For the avoidance of doubt, the use of the term ‘Product’ in this Agreement does not preclude that more than one Product may be Developed, Manufactured and/or
Commercialized and each Imaging Agent and/or Therapeutic Product which includes a different FAP-Targeting Product or a different radioisotope shall be considered a separate ‘Product’. 

“Product IP” means any and all Transferred IP, Subject Know-How and Subject Patents.

 “Qualified Bid” has the meaning ascribed to it in the Bidding Procedures. 

“Regulatory Approval” means, with respect to a particular jurisdiction, such approvals, licenses, registrations and/or
authorizations by any applicable Regulatory Authority as are sufficient to manufacture, distribute, use (including in clinical trials) and engage in the sale of any Product in such regulatory jurisdiction in accordance with Applicable Law, including
receipt of Pricing Approvals, where required for the sale of such Product. 

  
 15 

 “Regulatory Authority” means any federal, provincial, national, or
multinational governmental regulatory agency or authority within a jurisdiction, with the authority to grant approvals, licenses, registrations or authorizations necessary for the development, manufacture, use, sale or other exploitation of a
pharmaceutical product in such jurisdiction. For clarity, references in this Agreement to Regulatory Authority shall be deemed to include the FDA, and any successors of any of the foregoing. 

“Regulatory Documentation” means any and all applications, filings, submissions, approvals, licenses, registrations,
permits, notifications, authorizations, waivers and correspondence submitted to or received from Regulatory Authorities (including minutes and official contact reports relating to any communications with any Regulatory Authority, including
radioprotection agencies), and any and all reports and documentation in connection with studies and tests (including study reports and study protocols and copies of all interim study analyses), and any and all data contained in any of the foregoing,
in each case, with respect to the Exploitation of any FAP-Targeting Compound or Product, including any IND, NDA, MAA or other Regulatory Approval, Manufacturing data and DMF. 

“Representative” means, when used with respect to a Person, the Person’s controlled and controlling Affiliates
(including subsidiaries) and such Person’s and any of the foregoing Persons’ respective officers, directors, managers, members, shareholders, partners, employees, agents, representatives, advisors (including financial advisors, bankers,
consultants, legal counsel, and accountants), and financing sources. 
 “Sale Hearing” means the hearing in the Bankruptcy
Court for approval of, among other things, this Agreement and the transactions contemplated herein. 
 “Sale Motion” means
the motion seeking, among other things, (i) authority for Clovis to enter into this Agreement, (ii) entry of the Bidding Procedures Order, and (iii) scheduling the Sale Hearing, which shall be in form and substance reasonably
acceptable to Clovis and Novartis. 
 “Sale Order” means an order of the Bankruptcy Court in form and substance
reasonably acceptable to Clovis and Novartis, approving, without limitation, this Agreement and all of the terms and conditions hereof, the assumption and assignment by Clovis to Novartis of each of the Required Assigned Contracts, and approving and
authorizing Clovis to consummate the transactions contemplated hereby. 
 “Study Initiation” means the first screening
visit of the first subject enrolled in a given clinical study during which the Therapeutic Product is administered in accordance with the protocol. 

“Subject Know-How” means (A) all
Know-How that is controlled by Clovis or any of its Subsidiaries as of the Execution Date or during the term of this Agreement and are necessary or useful for the Development, Manufacture or Commercialization
of a Product, and (B) and any Development Data, Manufacturing Data, and Regulatory Documentation controlled or otherwise generated by or on behalf of Clovis and its Subsidiaries (including generated by contract research organizations or
Contract Manufacturers). 

  
 16 

 “Subject Patents” means any Patent that is controlled by 3BP, Clovis or
their respective Subsidiaries as of the Execution Date or during the term of this Agreement that (a) Covers a FAP-Targeting Compound, and/or (b) is necessary or useful for the Development,
Manufacture or Commercialization of a Product, including (i) the Patents listed on Exhibit E, and (ii) Patents that Cover Inventions solely owned by 3BP or Clovis, or jointly owned by 3BP and Clovis. For clarity, all of the Subject
Patents existing as of the Execution Date to the Knowledge of Clovis are listed on Exhibit E. 
 “Sublicensee” means
a Third Party to whom Novartis or any of its Affiliates has granted a sublicense under any of the Subject Patents or the Subject Know-How, but excluding any distributors, wholesalers and of Novartis and its
Affiliates. 
 “Subsidiary” means any entity of which at least a majority of the securities or ownership interests having
by their terms voting power to elect a majority of the board of directors or other Persons performing similar functions is directly or indirectly owned or controlled by such party or by one or more of its respective Subsidiaries. The term
“Subsidiary” shall include all Subsidiaries of such Subsidiary. 
 “Successful Bidder” means, if an Auction is
conducted, the prevailing party at the conclusion of such Auction. 
 “Tax” means (i) any tax, levy, duty,
governmental fee or other like assessment or charge of any kind whatsoever (including withholding on amounts paid to or by any Person), including United States federal, state, local, foreign and other income, excise, property, sales or use, value
added, profits, license, withholding, payroll, employment, net worth, capital gains, transfer, stamp, social security, occupation and franchise, gross receipts, capital stock, escheat, severance, windfall profits and other taxes, together with any
estimated tax, deficiency assessment, interest, penalty, addition to tax or additional amount imposed by any Governmental Authority (a “Taxing Authority”) responsible for the imposition of any such tax, or (ii) liability for
the payment of any amounts of the type described in (i) as a result of (a) being a transferee or successor or member of a combined, consolidated, unitary or affiliated group or (b) being party to any agreement or any express or
implied obligation to indemnify any other Person. 
 “Tax Return” means any return, amended return, declaration,
disclosure, election, estimate, form, report and information statement relating to Taxes, including any schedule or attachment thereto, and including any amendment thereof. 

“Therapeutic Product” means a FAP-Targeting Product containing a therapeutic
radioisotope, including an electron and/or alpha-particle emitting radioisotope, as a therapy, and not as a diagnostic, for one or more Indications. 

“Third Party” means any Person other than Clovis or Novartis or any Affiliate of Clovis or Novartis. 

  
 17 

 “Trademarks” means trademarks, service marks, trade dress, logos, domain
names and trade names (whether or not registered). 
 “Transferred IP” means any and all Intellectual Property (other than
Trademarks) owned or purported to be owned by Clovis or any of its Subsidiaries relating to any FAP-Targeting Compound or Product or any Exploitation of any of the foregoing, including any such Intellectual
Property developed by or on behalf of Clovis or any of its Subsidiaries or their respective licensees or sublicensees in connection with any exercise of the rights granted to Clovis under the Original License Agreement. 

“Transferred Original License Agreement Rights” means all of Clovis’ and its Subsidiaries’ right, title and
interest in and under the Original License Agreement. 
 “Transferred Records” means any and all Regulatory Documentation,
books, records, laboratory notebooks, data, analyses, files and other information, whether in hard copy or computer format, in each case, relating to any FAP-Targeting Compound or Product or any Exploitation
of any of the foregoing, including, but not limited to, those items listed on Exhibit F hereto. 
 “United
States” or “U.S.” means the United States of America, including its territories and possessions. 
 (b) Each of
the following terms is defined in the Section set forth opposite such term: 
  

			
	 Term
	  	 Section

	3BP	  	Recitals
	A&R License Agreement	  	Recitals
	Agreement	  	Preamble
	Ancillary Materials	  	Section 2.01
	Assignment and Transfer Agreement	  	Preamble
	Assumed Liabilities	  	Section 2.02
	 Auditor
 Bankruptcy Court Milestones
	  	 Section 2.07(f)

Section 6.04(e)

	Closing	  	Section 2.05
	Clovis	  	Preamble
	Clovis Indemnified Parties	  	Section 8.02(b)
	Deposit	  	Section 2.06(b)
	Development Milestone Event #1	  	Section 2.07(a)
	Development Milestone Event #2	  	Section 2.07(a)
	Development Milestone Event #3	  	Section 2.07(a)
	Development Milestone Event #4	  	Section 2.07(a)
	Development Milestone Event #5	  	Section 2.07(a)
	Development Milestone Event #6	  	Section 2.07(a)
	DOJ	  	Section 11.13(b)
	e-mail	  	Section 11.01
	Effective Date	  	Section 2.05

  
 18 

			
	 Term
	  	 Section

	Escrow	  	Section 2.06(b)
	Escrow Holder	  	Section 2.06(b)
	Execution Date	  	Preamble
	Excluded Liabilities	  	Section 2.02
	Expense Reimbursement	  	Section 6.04(h)(i)
	FTC	  	Section 11.13(b)
	Indemnified Party	  	Section 8.03(a)
	Indemnifying Party	  	Section 8.03(a)
	Milestone Event	  	Section 2.07(a)
	Milestone Payment	  	Section 2.07(a)
	Necessary IP Payment	  	Section 2.07(c)
	Novartis	  	Preamble
	Novartis Indemnified Parties	  	Section 8.02(a)
	Original Effective Date	  	Recitals
	Original License Agreement	  	Recitals
	Outside Date	  	Section 10.01(b)(ii)
	Party or Parties	  	Preamble
	Payments	  	Section 2.09
	Phase 2a Technology Transfer	  	Section 6.03(a)
	Regulatory Approval Milestone Event #1	  	Section 2.07(a)
	Regulatory Approval Milestone Event #2	  	Section 2.07(a)
	Regulatory Approval Milestone Event #3	  	Section 2.07(a)
	Regulatory Approval Milestone Event #4	  	Section 2.07(a)
	Regulatory Approval Milestone Event #5	  	Section 2.07(a)
	Regulatory Approval Milestone Event #6	  	Section 2.07(a)
	Regulatory Approval Milestone Event #7	  	Section 2.07(a)
	Regulatory Approval Milestone Event #8	  	Section 2.07(a)
	Required Assigned Contracts	  	Section 2.03(g)
	Sales Milestone Event #1	  	Section 2.07(a)
	Sales Milestone Event #2	  	Section 2.07(a)
	Sales Milestone Event #3	  	Section 2.07(a)
	Sales Milestone Event #4	  	Section 2.07(a)
	Third Party Claim	  	Section 8.03(a)
	Transferred Assets	  	Section 2.01
	Transition Services Agreement	  	Section 6.03(a)
	Upfront Payment	  	Section 2.06(a)
	Warranty Breach	  	Section 8.02(a)(i)

 Section 1.02. Other Definitional and Interpretative Provisions. The words “hereof”,
“herein” and “hereunder” and words of like import used in this Agreement shall refer to this Agreement as a whole and not to any particular provision of this Agreement. The captions herein are included for convenience of
reference only and shall be ignored in the construction or interpretation hereof. References to Articles, Sections, Exhibits and Schedules are to Articles, Sections, Exhibits and Schedules of this Agreement unless otherwise specified. All Exhibits
and Schedules annexed hereto or referred to herein are 

  
 19 

 
hereby incorporated in and made a part of this Agreement as if set forth in full herein. Any capitalized terms used in any Exhibit or Schedule but not otherwise defined therein, shall have the
meaning as defined in this Agreement. Any singular term in this Agreement shall be deemed to include the plural, and any plural term the singular. Whenever the words “include”, “includes” or “including” are used in this
Agreement, they shall be deemed to be followed by the words “without limitation”, whether or not they are in fact followed by those words or words of like import. “Writing”, “written” and comparable terms refer to
printing, typing and other means of reproducing words (including electronic media) in a visible form. References to any statute shall be deemed to refer to such statute as amended from time to time and to any rules or regulations promulgated
thereunder. References to any agreement or contract are to that agreement or contract as amended, modified or supplemented from time to time in accordance with the terms hereof and thereof; provided that with respect to any agreement or
contract listed on any Schedules hereto, all such amendments, modifications or supplements must also be listed in the appropriate Schedule. References to any Person include the successors and permitted assigns of that Person. References from or
through any date mean, unless otherwise specified, from and including or through and including, respectively. References to “law”, “laws” or to a particular statute or law shall be deemed also to include any and all Applicable
Law. 
 ARTICLE 2 

PURCHASE AND SALE 

Section 2.01. Purchase and Sale. Pursuant to sections 105, 363 and 365 of the Bankruptcy Code and subject to the terms and
conditions set forth herein and the Sale Order, as of the Closing, Novartis shall purchase from Clovis and Clovis, on behalf of itself and its Subsidiaries, shall sell, convey, transfer, assign and deliver, or cause to be sold, conveyed,
transferred, assigned and delivered, to Novartis, free and clear of all Liens, other than Assumed Liabilities and Permitted Liens, all of its rights, title and interest in and to the Transferred Original License Agreement Rights, Transferred IP, all
Phase 1b Clinical Study Data and Transferred Records, the Assigned Contracts, the INDs (No. 149145 (RLT), IND No. 149144 (RLI)), all inventory of Products and imaging kits in Clovis’ and its Subsidiaries’ possession or control (the
“Inventory”) and any active pharmaceutical ingredient, precursors, ingredients, starting materials, excipients, reference compounds and packaging materials in Clovis’ and its Subsidiaries’ possession or control (the
“Ancillary Materials”) (collectively, the “Transferred Assets”) (it being understood that, for the avoidance of doubt, as of and following the consummation of the foregoing sale, conveyance, transfer, assignment and
delivery at the Closing, Novartis shall be the exclusive licensee of all rights granted by 3BP pursuant to the Original License Agreement). 

Section 2.02. Liabilities. As between the Parties, (a) Novartis hereby agrees to, as of the Closing, assume
only the liabilities and obligations of Clovis relating to or arising under the Transferred Assets following the Closing and all liabilities arising from the ownership of the Transferred Assets from and after the Closing (the “Assumed
Liabilities”), and (b) no other liabilities of any kind (any such other liabilities and obligations, collectively, the “Excluded Liabilities”). Notwithstanding any other provision in this Agreement to the contrary,
Novartis shall not assume and shall not be responsible to pay, perform or discharge any claims, interests, obligations and/ or liabilities of Clovis and/or its Affiliates of any kind or nature whatsoever other than the Assumed Liabilities. 

  
 20 

 Section 2.03. Assigned Contracts. 

(a) Within the earlier of (i) thirty-five (35) days after the Execution Date or (ii) entry of the Bidding Procedures Order,
Clovis shall have delivered to Novartis as part of Schedule 2.01, a true and complete list of all of Clovis’ proposed Cure Costs associated with the Assigned Contracts (the “Proposed Cure Costs”). 

(b) From and after the date hereof until three (3) Business Days prior to the Sale Hearing, Novartis may, in its sole discretion, by
providing written notice to Clovis, require that Clovis remove any Contract from Schedule 2.01. In the event that Novartis requires any previously designated Contract be removed from Schedule 2.01, such removed Contract shall be
retained by Clovis and shall not be assigned to Novartis by Clovis and shall not qualify as an Assigned Contract hereunder, and the Parties shall during such period update Schedule 2.01 of the Schedules to reflect the same. Notwithstanding
anything contained in this Agreement to the contrary, as of the third Business Day prior to the Sale Hearing, (A) any such Contract that is not designated on Schedule 2.01 of the Schedules as an Assigned Contract shall be deemed to no
longer be an Assigned Contract and (B) all Contracts of Clovis that are not listed on Schedules 2.01 shall not be considered an Assigned Contract. 

(c) Clovis shall use commercially reasonable efforts to take all actions required to assign the Assigned Contracts to Novartis, including
payment by Clovis of Cure Costs (subject to provision by Novartis of adequate assurance of future performance as may be required under Section 365 of the Bankruptcy Code), including but not limited to all commercially reasonable efforts to
obtain, and to cooperate in obtaining, all Consents and Governmental Authorizations necessary to assume and assign such Assigned Contracts to Novartis. Clovis shall use commercially reasonable efforts to facilitate any negotiations with the
counterparties to such Assigned Contracts, including, at the reasonable request of Novartis, to enter into amendments to any Assigned Contracts to the extent such amendments are contingent on the assumption and assignment of the Assigned Contracts,
and to obtain a Final Order (which may be the Sale Order) containing a finding that the proposed assumption and assignment of the Assigned Contracts to Novartis satisfies all applicable requirements of Section 365 of the Bankruptcy Code. Clovis
shall have no obligation to Novartis to provide adequate assurance of future performance under any Assigned Contract in connection with the assignment and assumption thereof by Clovis. Notwithstanding anything contained herein to the contrary,
Novartis agrees that Clovis shall not be required to pay any fee to obtain any Consent to assign the Assigned Contracts. 
 (d) At the
Closing, Clovis shall, pursuant to the Bidding Procedures Order, Sale Order (or other applicable order approving such assumption and assignment) and any Assignment and Transfer Agreement(s), assign to Novartis, all Assigned Contracts pursuant to
Sections 363 and 365 of the Bankruptcy Code subject to provision by Novartis of adequate assurance of future performance as may be required under Section 365 of the Bankruptcy Code, and Clovis shall pay the Cure Costs in respect of Assigned
Contracts 

  
 21 

 
pursuant to and in accordance with Section 365 of the Bankruptcy Code, the Bidding Procedures Order and the Sale Order (or other applicable order approving such assumption and assignment).
At the Closing, Novartis shall assume all obligations arising from the period after Closing, and thereafter in due course and in accordance with its respective terms pay, fully satisfy, discharge and perform all of the obligations under each
Assigned Contract pursuant to Section 365 of the Bankruptcy Code. 
 (e) Previously Omitted Contracts. If, at any time prior to
the date that is three (3) Business Days prior to the Sale Hearing (the “Contract Assessment Period”), Novartis desires to acquire any Contract exclusively related to the Transferred Assets to which Clovis is a party (any such
Contract, a “Previously Omitted Contract”), Novartis shall deliver a written notice to Clovis designating such Previously Omitted Contract as an Assigned Contract. Novartis shall have the right at any time during the Contract
Assessment Period to designate a Previously Omitted Contract as an Assigned Contract. If Novartis designates a Previously Omitted Contract as an Assigned Contract, (i) Schedule 2.01 shall be automatically deemed amended to include such
Previously Omitted Contract, (ii) Clovis shall deliver to Novartis an updated Schedule 2.01, which shall include the true and complete Proposed Cure Cost by Clovis for any such Previously Omitted Contract in accordance with, and
compliance with Section 2.03(a), and (iii) to the extent not previously served, Clovis shall serve a notice (the “Previously Omitted Contract Notice”) on the counterparties to such Previously Omitted
Contract notifying such counterparties of the Cure Costs with respect to such Previously Omitted Contract and Clovis’ intention to assume and assign such Previously Omitted Contract in accordance with this
Section 2.03. The Previously Omitted Contract Notice shall provide the counterparties to such Previously Omitted Contract with fourteen (14) calendar days to object, in writing to Clovis and Novartis, to the Cure
Costs, the proposed adequate assurance of future performance by Novartis or the assumption of its Contract. If the counterparties, Clovis and Novartis are unable to reach a consensual resolution with respect to the objection prior to the Closing,
Clovis will seek an expedited hearing before the Bankruptcy Court to determine the Cure Costs and approve the assumption and shall diligently prosecute such motion. Clovis shall use commercially reasonable efforts to obtain a Final Order of the
Bankruptcy Court fixing the Cure Costs and approving the assumption and assignment of the Previously Omitted Contract. 
 (f) Disputed
Contracts. If there is an objection by a non-debtor Contract counterparty to the Cure Costs asserted by Clovis with regard to any Contract (such contract, a “Disputed Contract”) (other
than Required Assigned Contracts as set forth in 2.03(f) below), and if, after the end of the Contract Assessment Period, (i) Clovis or Novartis settles with the counterparty to the Disputed Contract regarding Cure Costs (a “Disputed
Contract Settlement”), or (ii) the Bankruptcy Court enters a Final Order determining Cure Costs with respect to the Disputed Contract (a “Disputed Contract Order”), in either case in a manner that fixes Cure Costs in
an amount that is unacceptable to Clovis, Clovis shall have the option, subject to the proviso at the end of this sentence, within ten (10) days of receiving notice of the Disputed Contract Settlement or the entry of the Disputed Contract Order
to designate the Disputed Contract as no longer an Assigned Contract, in which case Novartis shall not assume the Disputed Contract and neither Clovis nor Novartis shall be responsible for any Cure Costs associated with such Disputed

  
 22 

 
Contract (such contract, a “Rejected Contract”); provided, however, Novartis has the option, in its sole election, to require Clovis assume and assign the Rejected Contract to
Novartis as a condition to closing if Novartis elects to pay any Cure Costs that exceed the Proposed Cure Costs (the “Additional Cure Costs”). In the case of the foregoing, Clovis shall remain responsible for payment of the Cure
Costs and the Upfront Payment pursuant to Section 2.06 shall be adjusted to include the applicable Contract’s Additional Cure Cost. For the avoidance of doubt, any Contract that is a Disputed Contract as of the Closing
shall not be deemed an Assigned Contract at the Closing. 
 (g) Notwithstanding anything herein to the contrary, the Parties understand and
agree that this Agreement is specifically conditioned on the assumption and assignment of certain of the Assigned Contracts (the “Required Assigned Contracts”), which Required Assigned Contracts are set forth on Schedule
2.03(g). These Required Assigned Contracts must be assumed and assigned by Clovis to Novartis as a condition to Closing unless prior to the Effective Date such Contract is terminated by the counterparty thereto or terminates or expires by and in
accordance with its terms. 
 (h) Deemed Consents. As part of the Sale Motion (or, as necessary in one or more separate motions),
Clovis shall request that by providing fourteen (14) days’ notice of its intent to assume and assign any Contract, the Bankruptcy Court shall deem any non-debtor party to such Contract that does not
file an objection with the Bankruptcy Court during the applicable notice period to have given any required Consent to the assumption of the Contract by Clovis and assignment to Novartis if, and to the extent that, pursuant to the Sale Order or other
Order of the Bankruptcy Court, Clovis is authorized to assume and assign the Contract to Novartis and Novartis is authorized to accept such Assigned Contract pursuant to Section 365 of the Bankruptcy Code. 

(i) Notwithstanding the foregoing, an Assigned Contract shall not be assigned to, or assumed by, Novartis on the Effective Date to the extent
that such Contract (i) is terminated by Clovis or the counterparty thereto, or terminates or expires by and in accordance with its terms, on or prior to the Effective Date and is not continued or otherwise extended upon assumption,
(ii) requires a Consent or Governmental Authorization (other than, and in addition to, that of the Bankruptcy Court) in order to permit the sale or transfer to Novartis of Clovis’ rights under such Contract, and, despite Clovis undertaking
all reasonable efforts to obtain, and to cooperate in obtaining, such Consent or Governmental Authorization necessary to assume and assign such Assigned Contract to Novartis has not been obtained on or prior to the Effective Date or (iii) is a
Disputed Contract. In the event that any Assigned Contract or Disputed Contract, other than in either case any Required Assigned Contract (for the avoidance of doubt, as set forth above in Section 2.03(g), Required Assigned
Contracts, shall be assigned as a condition to Closing and such Required Assigned Contracts are excluded from this Section 2.01(i)), is deemed not to be assigned pursuant to this Section 2.03(i)
the Closing shall nonetheless take place subject to the terms and conditions set forth herein and, thereafter, through the earlier of such time as such Consent or Governmental Authorization is obtained and three (3) months following the Closing
(or the remaining term of such Contract, if shorter), Clovis and Novartis shall (A) use reasonable best efforts to secure such Consent or Governmental Authorization as promptly as practicable after the Closing and (B) cooperate

  
 23 

 
in good faith in any lawful and commercially reasonable arrangement reasonably proposed by Novartis, including subcontracting, licensing or sublicensing to Novartis any or all of any Clovis’
rights and obligations with respect to any such Assigned Contract, under which (1) Novartis shall obtain (without infringing upon the legal rights of such third party or violating any law) the economic rights and benefits (net of the amount of
any related Tax costs imposed on Clovis) under such Assigned Contract with respect to which the Consent and/or Governmental Authorization has not been obtained and (2) Novartis shall assume any related liability and obligation (including
performance) with respect to such Assigned Contract. Upon satisfying any requisite Consent or Governmental Authorization requirement applicable to such Assigned Contract, after the Closing or such Disputed Contract is again deemed an Assigned
Contract pursuant to Section 2.03(f), such Assigned Contract shall promptly be transferred and assigned to Novartis in accordance with the terms of this Agreement. In connection with and without limiting the foregoing, the
earlier of three (3) months following the Effective Date and the date such Assigned Contract is transferred to Novartis, each party shall use reasonable best efforts and cooperate in good faith with the other party to allow Novartis to perform
the services thereunder on Clovis’ behalf, in all cases, without infringing upon the legal rights of any third party or violating any law and subject to the other terms of this Section 2.03(i), such that Clovis may
provide delivery with respect to customer commitments thereunder and Novartis shall obtain the economic rights and benefits under such Assigned Contract. 

Section 2.04. Deliveries.  

(a) Upon the execution of this Agreement, Clovis (at its sole cost and expense) will deliver or cause to be delivered to Novartis the
following: 
 (i) a duly executed Escrow Agreement by Clovis. 

(b) Upon the execution of this Agreement, Novartis (at its sole cost and expense) will deliver or cause to be delivered to Clovis the
following: 
 (i) a duly executed Escrow Agreement by Novartis and the Escrow Agent. 

Section 2.05. Closing. Subject to the terms and conditions of this Agreement, the consummation of the transactions contemplated by
this Agreement (the “Closing”) shall take place remotely via the exchange of documents and signatures, or in such other manner as will be mutually acceptable between Novartis and Clovis at 9:00 a.m. Eastern Time on the second (2nd) Business Day following full satisfaction or due waiver (by the Party entitled to the benefit of such condition) of the closing conditions set forth in Article 9 (other than those conditions
that by their terms are to be satisfied at the closing but subject to their satisfaction or waiver at the Closing) or other such time as may be agreed to by Novartis or Clovis. The date on and time at which the Closing actually occurs is herein
referred to as the “Effective Date”. 

  
 24 

 Section 2.06. Upfront Payment and Deposit. 

(a) In partial consideration for the transactions contemplated by this Agreement, and subject to the terms and conditions hereof, at the
Closing Novartis shall pay to Clovis a one-time assignment fee of fifty million U.S. Dollars ($50,000,000.00) (the “Upfront Payment”), less the Deposit, in immediately available funds
by wire transfer to the bank account listed below: 
  

			
	Bank Name:	 	[****]
	Bank Address:	 	[****]
	ABA:	 	[****]
	ACH/EFT:	 	 [****]

	Account Number:	 	 [****]

	SWIFT:	 	 [****]

	Account Name:	 	 [****]

 (b) Contemporaneously with Novartis’ delivery of this Agreement to Clovis, Novartis deposited into an
account (the “Escrow”) maintained by an escrow holder identified and established mutually by Novartis and Clovis (the “Escrow Holder”), in immediately available funds, five million U.S. Dollars ($5,000,000) (the
“Deposit”). Upon receipt of the Deposit, the Escrow Holder shall immediately place and maintain such amount of the Deposit into a non-interest-bearing escrow account and such funds shall be
disbursed in accordance with the terms of this Agreement, Escrow Agreement and the Bidding Procedures Order. 
 (c) If Novartis is the
Successful Bidder, at the Closing, Novartis and Clovis shall direct the Escrow Holder to deliver the Deposit to Clovis and such Deposit shall automatically be deemed to be credited toward payment of the Upfront Payment in accordance with
Section 2.06(a). 
 (d) In the event Novartis is not the Successful Bidder or the
Back-Up Bidder (as defined in the Bidding Procedures Order), or this Agreement is terminated pursuant to Section 10.01 (other than Sections 10.01(d), or 10.01(i)(A)),
Novartis and Clovis shall direct the Escrow Holder to disburse (and the Escrow Holder shall disburse) the Deposit to Novartis without set-off or deduction within five (5) Business Days to be retained by
Novartis for Novartis’ own account. In the event Novartis is the Back-Up Bidder, upon the earlier of the Backup Bid Expiration Date or the closing of the sale transaction with the Successful Bidder,
Novartis and Clovis shall direct the Escrow Holder to disburse (and the Escrow Holder shall disburse) the Deposit to Novartis without set-off or deduction within five (5) Business Days to be retained by
Novartis for Novartis’ own account. 
 (e) If this Agreement is terminated by Clovis pursuant to Sections 10.01(d) or
10.01(i)(A), Novartis and Clovis shall direct the Escrow Holder to disburse (and the Escrow Holder shall disburse) the Deposit to Clovis without set-off or deduction within five (5) Business Days
to be retained by Clovis for Clovis’ own account. 

  

	****	 Confidential treatment requested. 

 
 25 

 (f) In the event that Novartis is the Backup Bidder and the sale transaction with the
applicable Successful Bidder is terminated prior to the Backup Bid Expiration Date, Novartis shall be deemed the new Successful Bidder for the Transferred Assets and shall be obligated to consummate the Backup Bid as if it were the Successful Bidder
at the Auction pursuant to the terms hereof. 
 Section 2.07. Milestone Events; Milestone Payments. 

(a) In partial consideration for the transactions contemplated by this Agreement, and subject to the terms and conditions of this Agreement,
within thirty (30) days after the first achievement of each milestone event (each a “Milestone Event”) set forth below in connection with a Therapeutic Product by Novartis or any of its Affiliates or Sublicensees, successors or
assigns, Novartis shall notify Clovis in writing following the first achievement of such Milestone Event. After receipt of such notice, Clovis shall submit an Invoice to Novartis with respect to the corresponding milestone payment (each, a
“Milestone Payment”). Novartis shall make the Milestone Payment within thirty (30) days after an Invoice has been received by Novartis; provided, Clovis shall not send such an Invoice earlier than the occurrence of a Milestone
Event. For the avoidance of doubt, no Milestone Payment, or the Upfront Payment, shall become due and payable and neither Party will be obligated to reimburse the other Party for any costs incurred by the other Party under or in connection with this
Agreement unless and until this Agreement becomes effective; provided, that if a Milestone Event occurs prior to the Closing, an Invoice may be submitted by Clovis prior to the Closing, and such Milestone Payment shall be made by Novartis to Clovis
on the later of thirty (30) days after such Invoice has been received by Novartis and the Closing. 
  

					
	 Milestone Event
	  	Milestone Payments (in U.S.
Dollars)	 
	 One Time Development Milestone
Events
	  

	 Amendment to the existing Clovis IND for the Imaging Agent [****] (“Development Milestone
Event #1”)
	  	$	8,500,000	 
	 Completion by Clovis of the Phase 2a Technology Transfer (“Development Milestone Event
#2”)
	  	$	12,750,000	 
	 Study Initiation of the Phase 2b Clinical Study [****] (“Development Milestone Event
#3”)
	  	$	29,750,000	 
	 Study Initiation of a Phase 2b Clinical Study [****] (“Development Milestone Event
#4”)
	  	$	21,250,000	 
	 Study Initiation of a Phase 2b Clinical Study [****] (“Development Milestone Event
#5”)
	  	$	8,500,000	 
	 Study Initiation of a Phase 3 Clinical Study [****] (“Development Milestone Event
#6”)
	  	$	33,000,000	 

  

	****	 Confidential Treatment Requested. 

 
 26 

					
	 One Time Regulatory Approval Milestone
Events
	  

	 Receipt of Regulatory Approval in the United States for a Therapeutic Product for the first
Indication (“Regulatory Approval Milestone Event #1”)
	  	$	49,500,000	 
	 Receipt of Regulatory Approval in the United States for a Therapeutic Product for the second
Indication (“Regulatory Approval Milestone Event #2”)
	  	$	49,500,000	 
	 Receipt of Regulatory Approval in Japan for a Therapeutic Product for the first Indication
(“Regulatory Approval Milestone Event #3”)
	  	$	5,500,000	 
	 Receipt of Regulatory Approval in Japan for a Therapeutic Product for the second Indication
(“Regulatory Approval Milestone Event #4”)
	  	$	5,500,000	 
	 Receipt of Regulatory Approval in the United States for a Therapeutic Product for the third
Indication (“Regulatory Approval Milestone Event #5”)
	  	$	49,500,000	 
	 Receipt of Regulatory Approval in Japan for a Therapeutic Product for the third Indication
(“Regulatory Approval Milestone Event #6”)
	  	$	5,500,000	 
	 Receipt of Regulatory Approval in the United States for a Therapeutic Product for the fourth
Indication (“Regulatory Approval Milestone Event #7”)
	  	$	49,500,000	 
	 Receipt of Regulatory Approval in Japan for a Therapeutic Product for the fourth Indication
(“Regulatory Approval Milestone Event #8”)
	  	$	5,500,000	 

  
 27 

					
	 One Time Sales Milestone Events
	  

	 Worldwide Net Sales of a Therapeutic Product in a Calendar Year that equal or exceed
$500,000,000.00 (“Sales Milestone Event #1”)
	  	$	33,000,000	 
	 Worldwide Net Sales of a Therapeutic Product in a Calendar Year that equal or exceed
$1,000,000,000.00 (“Sales Milestone Event #2”)
	  	$	66,000,000	 
	 Worldwide Net Sales of a Therapeutic Product in a Calendar Year that equal or exceed
$2,000,000,000.00 (“Sales Milestone Event #3”)
	  	$	79,200,000	 
	 Worldwide Net Sales of a Therapeutic Product in a Calendar Year that equal or exceed
$3,000,000,000.00 (“Sales Milestone Event #4”)
	  	$	118,800,000	 

 (b) For the avoidance of doubt and notwithstanding anything to the contrary in this Agreement, (i) in no
event shall any Milestone Payment for the One Time Milestone Events be paid more than once, and no Milestone Payments shall be due for any subsequent or repeated achievements of any One Time Milestone Event, even if the same One Time Milestone Event
is achieved by more than one Therapeutic Product or achieved multiple times by the same Therapeutic Product, (ii) in no event shall any Milestone Payment be paid by Novartis to Clovis unless the Closing occurs and (iii) the maximum amount
of Milestone Payments payable by Novartis under this Agreement with respect to One Time Milestone Events is Six Hundred and Thirty Million Seven Hundred and Fifty Thousand U.S. Dollars ($630,750,000). 

(c) Notwithstanding any provision of this Agreement to the contrary, the Parties hereby acknowledge and agree that, in addition to any other
right hereunder, Novartis shall have the right, but not the obligation, from time to time to set off against any Milestone Payment that is owed under this Section 2.07 and has not yet been paid (i) any indemnification
payments to which any Novartis Indemnified Party is entitled pursuant to, and in accordance with, Article 8 hereof, or pursuant to, and in accordance with, the Transition Services Agreement, (ii) any amount payable by Novartis hereunder
for any Damages in respect of claims for Fraud or willful misconduct by Clovis or any of its Subsidiaries or (iii) fifty percent (50%) of any payment that Novartis or any of its Affiliates or Sublicensees makes to any Third Party (other than
3BP pursuant to the Amended and Restated License Agreement) at any time on or after the Effective Date in respect of any license, sublicense, covenant not to sue or other right or immunity under any Necessary Patent to Exploit any FAP-Targeting Compound or Product (a “Necessary IP Payment”) (it being understood that (1) nothing in this Section 2.06(c) shall be construed to limit or
otherwise impair any right of any Novartis Indemnified Party under Article 8), (2) in no event shall any Necessary IP Payment reduce the amount of any Milestone Payment due hereunder by more than fifty percent (50%) of what would otherwise be
due to Clovis, and (3) a Necessary IP Payment that is made with respect to a given region or territory of the world may only be offset against a Milestone Payment that relates to such region or territory hereunder. For clarity, any Necessary IP
payments may be deducted from Milestone Payments made pursuant to One Time Sales Milestone Events. For further clarity, Novartis shall be responsible for all payments due to 3BP under the A&R License Agreement, and no such payments shall be
creditable against payments otherwise due to Clovis hereunder and shall not be deductible from Net Sales hereunder. 

  
 28 

 (d) No Projections. Clovis and Novartis acknowledge and agree that nothing in this
Agreement shall be construed as representing an estimate or projection of anticipated Regulatory Approval or sales of any Product, and that the Milestone Events set forth above or elsewhere in this Agreement or that have otherwise been discussed by
the Parties are merely intended to define the Milestone Payments to Clovis in the event such Milestone Events are achieved. NEITHER CLOVIS NOR NOVARTIS MAKES ANY REPRESENTATION OR WARRANTY, EITHER EXPRESS OR IMPLIED, THAT NOVARTIS WILL BE ABLE TO
SUCCESSFULLY COMMERCIALIZE ANY FINISHED PRODUCT. 
 (e) Exchange Rate; Manner and Place of Payment. All payments under this Agreement
shall be made in US Dollars. Any sales incurred in a currency other than US Dollars shall be converted to the US Dollar equivalent using Novartis’ then-current standard exchange rate methodology as applied in its external reporting for the
conversion of foreign currency sales into US Dollars. All payments owed under this Agreement shall be made by wire transfer of immediately available funds to a bank account or accounts designated in writing by Clovis. 

(f) Financial Audit. Novartis shall keep (and shall cause its Affiliates and Sublicensees to keep) complete and accurate records
pertaining to the sale or other disposition of Products in sufficient detail to permit Clovis to confirm the accuracy of all Sales Milestone Events achieved, for at least three (3) full Calendar Years following the end of the Calendar Year to
which they pertain. Clovis shall have the right to request an independent, internationally recognized, certified public accountant, mutually acceptable to Novartis and Clovis (the “Auditor”), to audit such records solely to confirm
Net Sales and Sales Milestone Event payments for a period covering not more than the preceding three (3) full Calendar Years, provided that such audits may not be performed more than once a year, only once per audited period and only once with
respect to a given set of records. Such audits may be exercised during normal business hours upon reasonable prior written notice to Novartis. The Auditor will execute a written confidentiality agreement with Novartis and will disclose to Clovis
only whether there were any actual discrepancies between amounts reported and actually paid and amounts payable under this Agreement. The report of the Auditor will include the methodology and calculations used to determine the results, will be
delivered to Novartis and Clovis at the same time, before it is considered final. Novartis shall have the right to request a further determination by such Auditor as to matters which Novartis disputes within thirty (30) days following receipt
of such report. Novartis will provide Clovis and the Auditor with a reasonably detailed statement of the grounds upon which it disputes any findings in the audit report and the Auditor shall undertake to complete such further determination within
thirty (30) days after the dispute notice is provided, which determination shall be limited to the disputed matters. Any matter that remains unresolved shall be resolved in accordance with the dispute resolution procedures contained in
Section 11.06. Clovis shall bear the full cost of such audit unless 

  
 29 

 
the report of the Auditor discloses an underpayment by Novartis of more than ten percent (10%) of the amount due for any Calendar Year, in which case Novartis shall bear the full cost of such
audit. Novartis shall pay the amount of any underpayment disclosed in the undisputed Auditor’s report, to Clovis within thirty (30) days after delivery to the Parties of the final Auditor’s report. If such final Auditor’s report
discloses an overpayment by Novartis of the amounts payable hereunder, Novartis shall have the right to, in its sole discretion, either (i) offset the overpayment against the actual Milestone Payment following the audit in question or
(ii) request repayment to Novartis of such amount by Clovis. 
 Section 2.08. Development Efforts. Novartis shall use
Commercially Reasonable Efforts to Develop, seek Regulatory Approval for and Commercialize at least one Product in each Major Market. For the avoidance of doubt, as between the Parties, Novartis shall exclusively control (a) the Exploitation of
each FAP-Targeting Compound and Product, (b) all Regulatory Documentation and related correspondence relating the Exploitation of each FAP-Targeting Compound and
Product and (c) the prosecution, maintenance, enforcement and defense of all Product IP. Notwithstanding anything in this Agreement to the contrary, Clovis acknowledges and agrees that it is possible that without any breach of this Agreement by
Novartis or any of its Affiliates that (x) no Milestone Events set forth in Section 2.06(b) will be achieved and (y) no Product will be commercially sold or offered for sale in any jurisdiction. On and after the
Effective Date, Novartis will provide Clovis with annual written reports summarizing its and its Affiliates’ and Sublicensees’ significant Development activities with respect to Products hereunder, including a summary of the data,
timelines, and results of such Development. Such reports will be Confidential Information of Novartis and subject to the terms and conditions set forth in Section 5.03. 

Section 2.09. Withholding Rights. 

(a) In the event any amounts payable by any Person pursuant to this Agreement (“Payments”) are subject to withholding Tax
under Applicable Laws, including extra-territorial taxation, or if it is unclear whether the requirements of Applicable Laws, including extra-territorial taxation, are met, Novartis shall be authorized to deduct the withholding Tax from such
Payments and pay the withholding Tax to the relevant Tax authority, so that only the correspondingly reduced amount of such Payments less withholding Tax is paid out to Clovis. Novartis shall deliver to Clovis proof of the withholding Tax payment.

 (b) Clovis and Novartis shall make all reasonable efforts to obtain relief or reduction of withholding Tax under the applicable Tax
treaties, including but not limited to the submission or issuance of requisite forms and information. If a special procedure is required for treaty relief by Applicable Law, a treaty relief based on a Tax treaty will only be taken into account if
Clovis submits an exemption certificate to Novartis in accordance with legal requirements at the time of the applicable payment to Clovis. 

  
 30 

 (c) If no withholding Tax deduction has been made on Payments from Novartis to Clovis but
tax authorities subsequently take the position that a withholding Tax deduction should have been made, Clovis shall provide, at its own expense, all reasonable support to Novartis to obtain relief or reduction of withholding under the Applicable
Laws and Tax treaties, including but not limited to the submission or issuance of requisite forms and information. In the case that no withholding Tax deduction has been made on Payments from Novartis to Clovis and Novartis paid such withholding Tax
to the applicable Taxing Authority in addition to such Payments, all refunds of such withholding Taxes granted by the competent Tax authority and related interest shall be paid to Novartis. 

ARTICLE 3 

REPRESENTATIONS AND WARRANTIES OF CLOVIS 

Except as set forth in the Disclosure Schedules, Clovis represents and warrants to Novartis as of the Execution Date (or in the case of
Section 3.07 as of the date the Schedule reflecting the Proposed Cure Costs is delivered) that: 

Section 3.01. Corporate Existence and Power. Clovis is a corporation duly formed, validly existing and in good standing under the
laws of its jurisdiction of formation and has all corporate powers and all governmental licenses, authorizations, permits, consents and approvals required to carry on its business as now conducted, subject to the provisions of the Bankruptcy Code.

 Section 3.02. Corporate Authorization. The execution, delivery and performance by Clovis of this Agreement and the
consummation of the transactions contemplated hereby are within Clovis’ corporate powers and have been duly authorized by all necessary corporate action. Subject to Bankruptcy Court approval and entry of the Sale Order, this Agreement
constitutes a valid and binding agreement of Clovis enforceable against Clovis in accordance with its terms (subject to applicable bankruptcy, insolvency, fraudulent transfer, reorganization, moratorium and other laws affecting creditors’
rights generally and general principles of equity, including concepts of reasonableness, materiality, good faith and fair dealing, regardless of whether considered in an equity or legal proceeding). 

Section 3.03. Governmental Authorization. Except for filings under the HSR Act and subject to Bankruptcy Court approval, entry of
the Sale Order and, unless the Bankruptcy Court orders otherwise, expiration of 14 day period set forth in Rule 6004(h) of the Bankruptcy Code, the execution, delivery and performance by Clovis of this Agreement and the consummation of the
transactions contemplated hereby require no action by or in respect of, or filing with, any Governmental Authority. 
 Section 3.04.
Noncontravention. Except as set forth on Schedule 3.04 hereto, subject to the entry of the Sale Order and, unless the Bankruptcy Court orders otherwise, expiration of the 14 day period set forth in Rule 6004(h) of the Bankruptcy Code,
the execution, delivery and performance by Clovis of this Agreement and the consummation of the transactions contemplated hereby do not and will not (a) violate the certificate of organization, bylaws, shareholders’ agreement, operating
agreement or any other organizational document of Clovis or any of its Subsidiaries, (b) violate any Applicable Law, (c) require any consent or other action by, or payment to, any Person under, constitute a default or an event that, with
or without notice or lapse of time or both, would constitute a default under, or give rise to any right of termination, cancellation or acceleration of, any right or obligation of Clovis or any of its Subsidiaries or to a loss of any right or
benefit to which Clovis or any of its Subsidiaries is entitled under any provision of any contract, agreement or other instrument binding upon Clovis or any of its Subsidiaries or by which Clovis or any of its Subsidiaries may be bound or
(d) result in the creation or imposition of any Lien on any Transferred Asset. 

  
 31 

 Section 3.05. No Undisclosed Material Liabilities. Except for Permitted Liens,
there are no material liabilities relating to any FAP-Targeting Compound or Product, or Clovis’ or any of its Subsidiaries Exploitation thereof, whether accrued, contingent, absolute, determined,
determinable or otherwise, except liabilities incurred in the ordinary course of business or that will be cured and pursuant to the Sale Order. Clovis and its Subsidiaries have Exploited each FAP-Targeting
Compound and Product in the ordinary course of business and to the Knowledge of Clovis, no event, fact or circumstance has occurred that has had, or would reasonably be expected to have, a Material Adverse Effect. 

Section 3.06. Original License Agreement. 

(a) The Original License Agreement is a valid and binding agreement of Clovis and, to the Knowledge of Clovis, of 3BP and is in full force and
effect. 
 (b) Neither Clovis nor, to the Knowledge of Clovis, 3BP is or has been in default or breach in any material respect under the
terms of the Original License Agreement, and no event or circumstance has occurred that, with notice or lapse of time or both, would constitute a Material Adverse Effect. 

(c) A true and complete copy of the Original License Agreement has been delivered to Novartis. 

(d) Except for licenses that may have been granted to Third Parties for the sole purpose of providing services in connection with the
Development and Manufacture of Products, neither Clovis nor any of its Subsidiaries has ever granted any license, sublicense, covenant not to sue or other right or immunity with respect to any of the Subject Patents or Subject Know-How to any Person. 
 (e) Clovis has obtained any and all required consents (including 3BP’s) and
taken all other actions, in each case, required by 3BP in connection with the transactions contemplated by this Agreement. 

Section 3.07. Proposed Cure Costs. The Proposed Cure Costs set forth on Schedule 2.01 are true and complete and represent
Clovis’ best, good faith estimate of the Cure Costs for each applicable Contract. 
 Section 3.08. Litigation. There is no
Action pending against, or to the Knowledge of Clovis threatened against, Clovis before (or, in the case of threatened Actions that would be before) any Governmental Authority or arbitrator which (a) in any manner challenges or seeks to
prevent, enjoin, alter or materially delay the transactions contemplated by this Agreement or (b) relates to the Original License Agreement, the Subject Patents or Subject Know-How, or any other
Transferred Asset.  

  
 32 

 Section 3.09. Title; Sufficiency of Assets. Clovis is the sole and exclusive
owner or licensee, as applicable, of all right, title and interest in and to all Transferred Assets and holds all of its right, title and interest in and to all Transferred Assets free and clear of any Lien other than Permitted Liens. Other than the
Transferred Assets, neither Clovis nor any of its Subsidiaries (a) owns, controls or has any right to use any other tangible or intangible assets that relate to any FAP or (b) is a party to any contract or other agreement relating to any FAP-Targeting Compound or Product other than as set forth on Schedule 3.09. 
 Section 3.10.
Intellectual Property. 
 (a) Schedule 3.10(a) hereto contains, as of the Execution Date, a list of each of the registrations
and applications for registrations included in the Product IP, which is true and complete to the Knowledge of Clovis with respect to the Subject Patents, and true and complete with respect to all other Intellectual Property, specifying as to each
such item, as applicable (i) the title and owner of such item, (ii) the jurisdiction in which such item is applied for, issued or registered, (iii) the respective issuance, registration, or application number of such item, and
(iv) the date of application and issuance or registration of such item. 
 (b) Other than the Transferred Assets, neither Clovis nor any
of its Subsidiaries owns or otherwise has any right, title or interest in or to any Intellectual Property related to, or necessary or reasonably useful for, any Exploitation of any FAP-Targeting Compound or
Product. 
 (c) Other than as expressly set forth in the Original License Agreement, there exist no restrictions on the disclosure, use,
license or transfer of the Product IP. The consummation of the transactions contemplated by this Agreement will not alter, encumber, impair or extinguish any Product IP. 

(d) Except as set forth on Schedule 3.10(d), to the Knowledge of Clovis, the Exploitation of any
FAP-Targeting Compound and Product has not infringed, misappropriated or otherwise violated, and upon the Commercialization thereof, will not infringe, misappropriate or otherwise violate, any Intellectual
Property of any Third Party. There is no Action pending against, or, to the Knowledge of Clovis, threatened against, Clovis or any of its Subsidiaries (i) based upon, or challenging or seeking to deny or restrict, the rights of Clovis or any of
its Subsidiaries in any of the Product IP or (ii) alleging that the use of the Product IP or Exploitation of any FAP-Targeting Compound or Product has infringed, misappropriated or otherwise violated any
Intellectual Property of any Third Party. None of Clovis and its Subsidiaries has received from any Third Party any offer to license any Intellectual Property owned or controlled by a Third Party (other than the Subject Patents and Subject Know-How) for use in connection with the Exploitation of any FAP-Targeting Compound or any Product. 

(e) None of the Product IP has been adjudged invalid or unenforceable in whole or part, and, to the Knowledge of Clovis, all Product IP is
valid and enforceable. 

  
 33 

 Section 3.11. Finders’ Fees. Other than Perella Weinberg
Partners LP, there is no investment banker, broker, finder or other intermediary which has been retained by or is authorized to act on behalf of Clovis or any of its Subsidiaries who might be entitled to any fee or commission in connection with the
transactions contemplated by this Agreement. 
 Section 3.12. Exclusivity of Representations. Except for the representations and
warranties made by Novartis in this Agreement and in any other document between Novartis and Clovis contemplated by the transactions hereby, neither Novartis nor any other Person makes any express or implied representation or warranty with respect
to Novartis or its businesses, assets, operations, liabilities, condition (financial or otherwise) or prospects, and Novartis hereby disclaims any such other representations or warranties. In particular, without limiting the foregoing disclaimer,
except for the representations and warranties made by Novartis in this Agreement and in any other document between Novartis and Clovis contemplated by the transactions hereby, neither Novartis nor any other Person makes or has made any
representation or warranty to Clovis or any of its respective representatives, with respect to, nor has Clovis or any of its respective representatives relied on (whether written or oral), (i) any financial projection, forecast, estimate, budget or
prospective information relating to this Agreement or (ii) any oral or written information furnished or made available to Clovis or any of its representatives in the course of its due diligence investigation of Novartis, the negotiation of this
Agreement or the consummation of the transactions contemplated by this Agreement, including the accuracy, completeness or currency thereof, and neither Novartis nor any other Person will have any liability to Clovis or any other Person in respect of
such information, including any subsequent use of such information. 
 ARTICLE 4 

REPRESENTATIONS AND WARRANTIES OF NOVARTIS 

Novartis represents and warrants to Clovis as of the Execution Date that: 

Section 4.01. Corporate Existence and Power. Novartis is a corporation duly formed, validly existing and in good standing under
the laws of its jurisdiction of formation and has all corporate powers and all governmental licenses, authorizations, permits, consents and approvals required to carry on its business as now conducted. 

Section 4.02. Corporate Authorization. The execution, delivery and performance by Novartis of this Agreement and the consummation
of the transactions contemplated hereby are within Novartis’ corporate powers and have been duly authorized by all necessary corporate action. This Agreement constitutes a valid and binding agreement of Novartis enforceable against Novartis in
accordance with its terms (subject to applicable bankruptcy, insolvency, fraudulent transfer, reorganization, moratorium and other laws affecting creditors’ rights generally and general principles of equity). 

Section 4.03. Governmental Authorization. Except for filings under the HSR Act, the execution, delivery and performance by
Novartis of this Agreement and the consummation of the transactions contemplated hereby require no action by or in respect of, or filing with, any Governmental Authority. 

  
 34 

 Section 4.04. Noncontravention. The execution, delivery and performance by
Novartis of this Agreement and the consummation of the transactions contemplated hereby do not and will not (a) violate the certificate of incorporation or bylaws, shareholders’ agreement, operating agreement or any other organizational
document of Novartis or any of its Affiliates or (b) violate any material Applicable Law. 
 Section 4.05. Litigation.
There is no Action pending against, or to the Knowledge of Novartis threatened against, Novartis before (or, in the case of threatened Actions that would be before) any Governmental Authority or arbitrator which in any manner challenges or seeks to
prevent, enjoin, alter or materially delay the transactions contemplated by this Agreement. 
 Section 4.06. Financial Capacity.
Novartis has, and at Closing shall have, sufficient cash to pay the Upfront Payment, to make any other payment contemplated by this Agreement. 

Section 4.07. Exclusivity of Representations. Except for the representations and warranties made by Clovis in this Agreement and
in any other document between Clovis and Novartis contemplated by the transactions hereby, neither Clovis nor any other Person makes any express or implied representation or warranty with respect to Clovis or its businesses, assets, operations,
liabilities, condition (financial or otherwise) or prospects or the Transferred Assets, and Clovis hereby disclaims any such other representations or warranties. In particular, without limiting the foregoing disclaimer, except for the
representations and warranties made by Clovis in this Agreement and in any other document between Clovis and Novartis contemplated by the transactions hereby, neither Clovis nor any other Person makes or has made any representation or warranty to
Novartis or any of its respective representatives, with respect to, nor has Novartis or any of its respective representatives relied on (whether written or oral), (i) any financial projection, forecast, estimate, budget or prospective information
relating to the Transferred Assets or (ii) any oral or written information furnished or made available to Novartis or any of its representatives in the course of its due diligence investigation of Clovis, the Transferred Assets, the negotiation
of this Agreement or the consummation of the transactions contemplated by this Agreement, including the accuracy, completeness or currency thereof, and neither Clovis nor any other Person will have any liability to Novartis or any other Person in
respect of such information, including any subsequent use of such information. 
 Section 4.08. Finders’ Fees. There is no
investment banker, broker, finder or other intermediary which has been retained by or is authorized to act on behalf of Novartis who might be entitled to any fee or commission in connection with the transactions contemplated by this Agreement. 

  
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 ARTICLE 5 

COVENANTS OF CLOVIS 

Section 5.01. General Further Assurances. Upon either Party’s request and reasonable expense, following the Closing, the
other Party and its Subsidiaries shall, without unreasonable delay and without further consideration, take any and all actions, including the execution and delivery of jurisdiction-specific assignments, powers of attorney or other documents in a
form suitable for recordation with applicable Governmental Authorities or other applicable authorities, as may be reasonably necessary to vest, secure, perfect, protect and enforce the rights, title and interests of Novartis in, to and under the
Transferred Assets and to otherwise consummate the transactions contemplated by this Agreement. 
 Section 5.02. Patent Counsel
Matters. Upon Novartis’ request on the Effective Date, Clovis shall, and shall cause its Subsidiaries to, without unreasonable delay and without further consideration from Novartis, instruct applicable outside patent counsel of Clovis and
its Subsidiaries that (a) the license rights to the Subject Patents have been assigned to Novartis as of the Effective Date; (b) any Patents included in the Transferred IP have been assigned to Novartis as of the Effective Date; and
(c) Novartis may contact such outside patent counsel for coordination relative to further prosecution or maintenance of such Patents (at Novartis’ cost and expense). 

Section 5.03. Access to Information; Confidentiality. 

(a) After the Execution Date, and continuing for a period of three (3) years following the Effective Date, and subject to the requirements
of the Bankruptcy Code or as may be imposed by the Bankruptcy Court or as otherwise required by Applicable Law, Clovis shall hold in confidence and not use, and shall cause their respective officers, directors, employees, accountants, counsel,
consultants, advisors and agents to hold in confidence and not use, all Confidential Information of Novartis, except to the extent (i) that such information can be shown by competent evidence to have been (A) in the public domain through
no fault of any of Clovis or its Affiliates or (B) later lawfully acquired on a non-confidential basis by Clovis or its Affiliates from sources other than those related to its prior ownership or control
of the Transferred Assets, or (ii) disclosure of such confidential documents and information is required by court order, judicial or administrative process or Applicable Law; provided that in such event, Clovis shall (A) promptly
inform Novartis in writing of such required disclosure, (B) provide Novartis an opportunity to challenge or limit the disclosure obligations before any such disclosure and (C) take all steps reasonably necessary, including seeking of
confidential treatment or a protective order, to ensure the continued confidential treatment of such confidential information. 
 (b) On and
after the Effective Date, Clovis shall afford promptly to Novartis and its agents reasonable access to its and its Subsidiaries’ records, information, employees and auditors to the extent necessary or useful for Novartis in connection with any
audit, investigation, dispute or litigation or any other reasonable business purpose relating to the Transferred Assets; provided that any such access by Novartis shall not unreasonably interfere with the conduct of the business of Clovis,
nor preclude the winding down of Clovis. 

  
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 Section 5.04. Publications. During the period from and after the date hereof
until the earlier to occur of the Closing and the termination of this Agreement, any proposed public disclosure (whether written, electronic, oral or otherwise) by Clovis or any of its Subsidiaries relating to any
FAP-Targeting Compound, Product, Subject Patents or any other Know-How that is licensed to Clovis hereunder or under the Original License Agreement, or with respect to
this Agreement, must be provided to Novartis at least sixty (60) days prior to submission and shall require the prior written consent of Novartis; provided that if Novartis fails to notify Clovis’ of Novartis’ decision to
withhold such consent and the basis for such withholding within sixty (60) days following Novartis’ receipt of Clovis’ written request for such consent with respect to any such proposed public disclosure, Novartis shall be deemed to
consent to such public disclosure; provided further that (a) notwithstanding the foregoing, the foregoing shall not apply to information which is in the public domain or any public disclosure required by Applicable Law (subject to
(b) hereof), (b) in the event of a disclosure that Clovis believes in good faith it is required by Applicable Law, including under the Bankruptcy Code in connection with the Bankruptcy Case or the rules of any recognized stock exchange,
(i) Clovis shall consult and coordinate with Novartis with respect to the timing, form and content of such required disclosure prior to making the disclosure and (ii) Clovis shall use commercially reasonable efforts to obtain an order
protecting to the maximum extent possible the confidentiality of such disclosure. 
 Section 5.05.
Non-Competition. During the Clovis Restricted Period, Clovis and its Subsidiaries shall not, and shall ensure and herewith warrants that it shall not, anywhere in the world, directly or indirectly
(including through, with or by granting any rights to any Third Parties), Develop or Commercialize any Competing Product. 

Section 5.06. Conduct of Business. During the period from the Execution Date until the Closing or the earlier termination of this
Agreement, Clovis and its Subsidiaries will conduct its business with respect to the Transferred Assets in all material respects in the ordinary course of business consistent with past practice and in accordance with Applicable Laws. Without
limiting the generality of the foregoing, Clovis shall not, and shall not permit any of its Subsidiaries to, during the period until the Closing or the earlier termination of this Agreement, engage or agree to engage in any one or more of the
following activities or transactions (the “Prohibited Actions”) without Novartis’ prior written consent except as required by Applicable Law, any order of the Bankruptcy Court, the DIP Financing Order, and actions required by
this Agreement: 
 (a) enter into become bound by any contract or commitment that if in effect as of the date hereof would be a material
agreement related to the Products, except with respect to (i) the continuation of clinical trials and other Development activities in a manner consistent with such activities as conducted as of the Execution Date, (ii) DIP Financing and/or
Cash Collateral Order, and (iii) otherwise in the ordinary course of business; 
 (b) cause to arise or permit to exist any Liens (other
than the Permitted Liens) upon any of the Transferred Assets, except for Liens which occur as a matter of law and are fully cured as of the Closing and Liens granted in connection with the DIP Financing Order and/or Cash Collateral Order; 

(c) cancel, compromise, release or waive any material (with materiality measured in reference to Novartis) right of Clovis or any of their
Subsidiaries related to the Transferred Assets; or 

  
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 (d) commence or settle any claim, dispute, action, arbitration, mediation, litigation,
proceeding, suit or governmental investigation, and any appeal therefrom relating to any Product without consulting Novartis in good faith (and taking into account the reasonable recommendations of Novartis relating thereto). 

ARTICLE 6 

COVENANTS OF THE PARTIES 

Section 6.01. Access. On and after the Effective Date, Novartis will afford promptly to Clovis and its agents reasonable access to
its properties, books, records, employees and auditors to the extent necessary or useful for Clovis in connection with any Action against Clovis in respect of its prior ownership of the Transferred Assets or tax filings or to wind-up its business; provided that any such access by Clovis shall not unreasonably interfere with the conduct of the business of Novartis. Any confidential documents and information concerning Novartis or
any of its Affiliates or business provided to Clovis pursuant to this Section 6.01 shall be subject to Section 5.03(a). 

Section 6.02. Public Announcements. Without the other Party’s prior written consent, neither Party shall make any
public announcement regarding the execution of this Agreement, the terms hereof or the transactions contemplated hereby, except, subject to Section 5.03(a), for any press releases and public statements the making of which
are required by Applicable Law, the Bankruptcy Code or any listing agreement with any national securities exchange, Clovis may make such disclosures subject in all respects to Section 5.04(b); provided that, without
the other Parties’ prior review or written consent, (a) in the event that a public announcement or disclosure has been made in compliance with this Agreement, each Party may make subsequent public announcements or disclosures disclosing
the same content and (b) Novartis may make public announcements about its acquisition of the Transferred Assets hereunder and any Exploitation of any FAP-Targeting Compounds or Products. 

Section 6.03. Transition Services Agreement; Imaging Agent License Agreement. 

(a) During the period from the Execution Date to the earlier of the Bidding Procedures Order hearing and the termination of this Agreement, the
Parties shall negotiate in good faith to enter into a transition services agreement (the “Transition Services Agreement”), to be effective as of the Closing, whereby Clovis will agree to provide Novartis with certain transition
assistance services set forth therein, including, but not limited to the transfer of the Subject Know-How (including, for clarity, the DMF for a Product), the Phase 1b Clinical Study Data, regulatory data and
filings, all materials relating to the Manufacture of Products and related analytical testing methods, the Transferred Records and any other information and data reasonably necessary for Novartis to complete the Phase 1b Clinical Study, if not yet
complete, and conduct the Phase 2a Clinical Study, in each case to the extent in the possession or control of Clovis and not transferred to Novartis at the Closing (the “Phase 2a Technology Transfer”). 

  
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 (b) During the period from the Execution Date to the earlier of the Bidding Procedures Order
hearing and the termination of this Agreement, the Parties shall negotiate in good faith to enter into the Imaging Agent License Agreement to be effective as of the Closing, pursuant to which Novartis will license to Clovis rights under the Amended
and Restated License Agreement to Exploit the Imaging Agent, on a non-exclusive basis. 

Section 6.04. Bankruptcy Court Matters.  

(a) Competing Transaction. This Agreement is subject to approval by the Bankruptcy Court and the consideration by Clovis of higher or
otherwise better competing bids in accordance with the Bidding Procedures Order. From the Petition Date until entry (or denial of entry) of the Bidding Procedures Order, Clovis and its Subsidiaries shall not, and are not permitted to, cause
Clovis’ Representatives to initiate contact with, solicit, or encourage submission of any inquiries, proposals, or offers by, any Person in connection with any sale or other disposition of the Transferred Assets; provided that during such time,
Clovis and its advisors may respond to any inquiries or offers to purchase the Transferred Assets and perform any and all other acts related thereto, including responding to due diligence requests, that are required by its fiduciary duties or under
the Bankruptcy Code, the Bidding Procedures Order, or other Applicable Law. Upon entry of the Bidding Procedures Order, Clovis shall be permitted to, and may cause Clovis’ Representatives to, initiate contact with, solicit, or encourage
submission of any inquiries, proposals, or offers by, any Person (in addition to Novartis and Novartis’ Affiliates and Representatives) in connection with any sale or other disposition of the Transferred Assets and/or Clovis (inclusive of the
Transferred Assets). 
 (b) Bankruptcy Court Filings. 

(i) Sale Order and Bidding Procedures Order. Clovis shall use its reasonable best efforts to seek entry of the Sale
Order, the Bidding Procedures Order, and any other necessary orders by the Bankruptcy Court to consummate the Closing as soon as reasonably practicable following the execution of this Agreement, subject to the terms of the Bidding Procedures Order
and Sale Order. Clovis and Novartis understand and agree that the transaction is subject to approval by the Bankruptcy Court. In the event the entry of the Sale Order or the Bidding Procedures Order shall be appealed, Clovis shall use commercially
reasonable efforts to defend such appeal at its own cost and expense and Novartis agrees to cooperate in such efforts, and each Party agrees to use its commercially reasonable efforts to obtain an expedited resolution of such appeal. 

(ii) Clovis shall cooperate with Novartis concerning the Bidding Procedures Order, the Sale Order, any other orders of the
Bankruptcy Court relating to the transactions contemplated by this Agreement, and the bankruptcy proceedings in connection therewith, and Clovis shall, to the extent reasonably practicable, provide Novartis with draft copies of all applications,
pleadings, notices, proposed orders and other documents relating to the Transaction at least three (3) Business Days (or such shorter time as may be necessitated by the circumstances) in advance of the proposed filing date so as to permit
Novartis sufficient time to review and comment on such drafts, and, with respect to all provisions that are about or affect Novartis or the Transferred Assets, or relate to the transactions contemplated by this Agreement, such pleadings and proposed
orders shall be in form and substance reasonably acceptable to Clovis and Novartis. Clovis shall provide Novartis reasonable advance notice of any hearings regarding the motions required to obtain the issuance of the Bidding Procedures Order and the
Sale Order. 

  
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 (iii) Novartis shall take all commercially reasonable actions as may be
reasonably necessary to cause the Bidding Procedures Order and Sale Order to be issued, entered and become Final Orders, including, to the extent reasonably practicable, furnishing affidavits, declarations or other documents or information for
filing with the Bankruptcy Court. Novartis agrees that it will promptly take such commercially reasonable actions as are reasonably requested by Clovis to assist in obtaining entry of the Bidding Procedures Order and Sale Order and a finding of
adequate assurance of future performance by Novartis, including furnishing affidavits or other documents or information for filing with the Bankruptcy Court for the purposes, among others, of (x) providing necessary assurances of performance by
Novartis under this Agreement and demonstrating that Novartis is a “good faith” purchaser under Section 363(m) of the Bankruptcy Code, and (y) establishing adequate assurance of future performance within the meaning of
Section 365 of the Bankruptcy Code. 
 (iv) The Parties acknowledge that under the Bankruptcy Code, the sale of the
Transferred Assets is subject to approval of the Bankruptcy Court. The Parties acknowledge that to obtain such approval Clovis must demonstrate that it has taken reasonable steps to obtain the highest or otherwise best bid possible for the
Transferred Assets, including giving notice of the transactions contemplated by this Agreement to creditors and other interested parties as ordered by the Bankruptcy Court, providing information about the Transferred Assets to prospective Qualified
Bidders (as defined in the Bidding Procedures Order), and entertaining any higher or better offers from prospective Qualified Bidders. 

(v) The Sale Motion shall include procedures for the assumption of and assignment to Novartis of the Assigned Contracts (the
“Assignment and Assumption Procedures”) that are consistent with this Agreement. Among other things, the Assumption and Assignment Procedures shall require Clovis to serve on each non-debtor
Contract counterparty a notice specifically stating that (i) Clovis is or may be seeking to assume and assign the Contract; (ii) the proposed Cure Costs for each Contract; and (iii) the deadline for objecting to the Cure Costs which
shall be no later than fourteen (14) days prior to the hearing to consider approval of the Sale Order, or, with respect to Previously Omitted Contracts, fourteen (14) days after the counterparty’s receipt of a Previously Omitted
Contract Notice. 
 (c) Back-Up Bidder. In accordance with the Bidding Procedures Order and
the Bidding Procedures, if an Auction is conducted and Novartis is not the prevailing party at the conclusion of such Auction but is the next highest bidder, as determined by Clovis, Novartis shall be required to serve as the Back-Up Bidder. and keep Novartis’s bid to consummate the transactions contemplated by this Agreement (as the same may be revised 

  
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in the Auction with the consent of Novartis) open and irrevocable in accordance with the Bidding Procedures Order until the earliest of (a) the first business day after the closing of a sale
transaction with the Successful Bidder, (b) sixty (60) days after the entry of an order approving a sale to the Successful Bidder at the Auction, and (c) seventy (70) days after the Auction (such date, the “Backup Bid Expiration
Date”). In accordance with and subject to the Bidding Procedures, if the closing of the sale transaction with the Successful Bidder is terminated prior to the Backup Bid Expiration Date, the Back-Up
Bidder will be deemed the new Successful Bidder and shall be obligated to consummate the sale as if it were the Successful Bidder at the Auction. 

(d) Cure Costs. Subject to entry of the Sale Order, Clovis shall, (a) on or as reasonably practicable following the Closing, pay
the Cure Costs and cure any and all other defaults and breaches under the Assigned Contracts (excluding any Assigned Contracts that are Previously Omitted Contracts or Disputed Contracts for which Cure Costs have not been consensually agreed with
the Contract counterparty or fixed by an order of the Bankruptcy Court as of the Effective Date) so that such Contracts may be assumed by Clovis and assigned to Novartis (subject to payment by Clovis of the Cure Costs and provision by Novartis of
adequate assurance of future performance), and (b) with respect to each Assigned Contract that is a Previously Omitted Contract or a Disputed Contract for which Cure Costs have not been consensually agreed with the Contract counterparty or
fixed by an order of the Bankruptcy Court as of the Effective Date, on the date that is five (5) Business Days after the date on which (i) the Cure Costs with respect to such Assigned Contract have been consensually agreed, or
(ii) the Bankruptcy Court has entered an order fixing such Cure Costs, pay such Cure Costs and cure any and all other defaults and breaches under so that such Contracts may be assumed by Clovis and assigned to Novartis (subject to payment by
Clovis of the Cure Costs and provision by Novartis of adequate assurance of future performance), in each case of the foregoing clauses (a) and (b), in accordance with the provisions of Section 365 of the Bankruptcy Code, the Bidding
Procedures Order, the Sale Order and this Agreement. Clovis agrees that it will promptly take such commercially reasonable actions as are necessary to obtain a Final Order of the Bankruptcy Court (which order may be the Sale Order) providing for the
assumption and assignment of such Contracts. 
 (e) Bankruptcy Court Milestones. Clovis shall use its reasonable best efforts to
comply with the following timeline (the “Bankruptcy Court Milestones”): 
 (i) As promptly as practicable
but in no event later than two (2) calendar days after the Petition Date, Clovis shall file with the Bankruptcy Court the Sale Motion, together with a substantially final form of this Agreement, which shall include an executed Agreement and
3BP’s consent. 
 (ii) No later than January 18, 2023, Clovis shall obtain entry of the Bidding Procedures Order,
or such other date as agreed by the Parties. 
 (iii) No later than February 1, 2023, the Bidding Procedures Order shall
be a Final Order, or such other date as agreed by the Parties. 

  
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 (iv) No later than March 9, 2023, the Auction (if necessary) shall have
been held pursuant to the Bidding Procedures Order, or such other date as agreed by the Parties. 
 (v) No later than
March 24, 2023, the Bankruptcy Court shall have held the Sale Hearing to consider entry of the Sale Order, or such other date as agreed by the Parties. 

(vi) No later than two (2) Business Day after the Sale Hearing, Clovis shall obtain entry by the Bankruptcy Court of the
Sale Order. 
 (vii) No later than April 11, 2023, the Sale Order shall be a Final Order, or such other date as agreed
by the Parties. 
 (viii) No later than five (5) Business Days after the Petition Date, the Bankruptcy Court shall have
entered the interim DIP Financing Order and/or interim Cash Collateral Order. 
 (ix) No later than thirty (30) Business
Days after the Petition Date, the Bankruptcy Court shall have entered the final DIP Financing Order and/or the final Cash Collateral Order, and the DIP Financing Order and/or Cash Collateral Order shall not be terminated or revoked. 

(f) Noticing Requirements. Clovis shall promptly serve true and correct copies of all applicable pleadings and notices in accordance
with the Bidding Procedures Order, the Bankruptcy Code, the Bankruptcy Rules and any other applicable order of the Bankruptcy Court. 
 (g)
Conversion. Clovis shall not voluntarily pursue or seek, or fail to use commercially reasonable efforts to oppose any third party in pursuing or seeking, a conversion of the Bankruptcy Case to a case under Chapter 7 of the Bankruptcy Code,
the appointment of a trustee under Chapter 11 or Chapter 7 of the Bankruptcy Code or the appointment of an examiner with expanded powers. 

(h) Expense Reimbursement and Break-Up Fee. 

(i) Following entry of the Bidding Procedures Order, if this Agreement is terminated by Novartis or Clovis for any reason
pursuant to Section 10.01, other than termination pursuant to Sections 10.01(a), 10.01(d), 10.01(g) (to the extent any such amendment, modification, supplement, reversal, voiding, vacation or stay
precludes such payment), 10.01(h) (solely with respect to the milestones set forth in Sections 6.04(e)(iii) and 6.04(e)(vii), provided the failure to achieve such milestone in Section 6.04(e)(iii) or
6.04(e)(vii) was not the result of a failure by Clovis to comply with Section 6.05 or any other obligation under this Agreement), or 10.01(i)(A). Clovis shall, within five (5) Business Days after such
termination of this Agreement, reimburse Novartis for all actual, documented and reasonable out of pocket costs, fees and expenses incurred by Novartis or its Affiliates, including reasonable fees, costs and expenses of any professionals (including

  
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financial advisors, outside legal counsel, accountants, experts and consultants) retained by Novartis or its Affiliates in connection with or related to the authorization, preparation,
investigation, negotiation, execution and performance of this Agreement, including the Bankruptcy Case and other judicial and regulatory proceedings related to the Agreement, up to an aggregate amount of $2,000,000 (such costs, fees and expenses,
the “Expense Reimbursement”), such reimbursement to be made by wire transfer(s) in immediately available funds to one or more bank accounts of Novartis (or any of its Affiliates as so designated by Novartis) designated in writing by
Novartis to Clovis. 
 (ii) In addition to any payments that may be due pursuant to
Section 6.04(h)(i), following entry of the Bidding Procedures Order, if this Agreement is terminated pursuant to Sections 10.01(b)(i), 10.01(b)(iii) (to the extent Clovis seeks such dismissal or conversion or
appointment of a trustee or examiner, or fails to use commercially reasonable efforts to oppose any other party seeking to dismiss or convert the case or appoint a trustee or examiner),10.01(c) (to the extent that such termination is not a
result of a breach of Section 5.06 that is required by Applicable Law, Order of the Bankruptcy Court or the DIP Financing Order and provided that in that case Clovis used commercially reasonable efforts in seeking to avoid
such breach, including opposing any action or relief that might result in such breach), 10.01(e), 10.01(f), 10.01(g) (to the extent any such amendment, modification, supplement, reversal, voiding, vacation or stay does not
preclude such payment), 10.01(h) (other than with respect to the milestones set forth in Sections 6.04(e)(iii) and 6.04(e)(vii), and provided that the failure to achieve such milestone in
Section 6.04(e)(iii) or 6.04(e)(vii) was not the result of a failure by Clovis to comply with Section 6.05 or any other obligation under this Agreement), 10.01(i)(B), or
10.01(j) (to the extent Clovis does not take every effort to avoid engaging in the Prohibited Action, including taking commercially reasonable efforts to oppose any action or relief that might result in a Prohibited Action), Clovis shall, in
addition to the Expense Reimbursement which shall be payable as provided in Section 6.04(h)(i), pay to Novartis the Break-Up Fee, such payment of the
Break-Up Fee to be made by wire transfer(s) in immediately available funds to one or more bank accounts of Novartis (or any of its Affiliates as so designated by Novartis) designated in writing by Novartis to
Clovis (as provided in the immediately following sentence); provided, however, a Break-Up Fee shall only be payable in the event of termination pursuant to Sections 10.01(b)(i), 10.01(g) or
10.01(h) if the termination event is a result of Clovis’ action or inaction, including that Clovis does not use commercially reasonable efforts to oppose any third party in pursuing an action that leads to such termination event. The Break-Up Fee shall be paid by wire transfer of immediately available funds (x) in the case of a termination pursuant to Sections 10.01(b)(i), 10.01(b)(iii), 10.01(c), 10.01(f),
10.01(g), 10.01(h), 10.01(i)(B) or 10.01(j), five (5) Business Days of such termination or (y) in the case of termination pursuant to Section 10.01(e) on the earlier of the closing of
an Alternative Transaction or the Backup Bid Expiration Date. 

  
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 (iii) The Parties acknowledge and agree that (A) the Parties have
expressly negotiated the provisions of this Section 6.04(h) and the payment of the Break-Up Fee and the Expense Reimbursement are integral parts of this Agreement, (B) in the
absence of Clovis obligations to make these payments, would not have entered into this Agreement and agreed to pursue the Transaction, and (C) the Break-Up Fee and the Expense Reimbursement shall
constitute allowed superpriority Administrative Expense Claims pursuant to sections 105(a), 503(b), and 507(a)(2) of the Bankruptcy Code with priority over all other administrative expenses of the kind specified in section 503(b) of the Bankruptcy
Code junior only to any superpriority Administrative Expense Claims granted in connection with the DIP Financing and/or Cash Collateral order (and any claims carved out from the liens and superpriority claims granted under the DIP Financing Order
and/or Cash Collateral Order). 
 (iv) The obligations of Clovis to pay the Break-Up
Fee and/or the Expense Reimbursement shall survive the termination of this Agreement. The Break-Up Fee and the Expense Reimbursement shall be deemed earned upon entry of the Bidding Procedures Order. 

(i) Clovis and its Subsidiaries shall not file a plan of reorganization or liquidation in its Bankruptcy Case which has a Material Adverse
Effect on the Transferred Assets or materially adversely affects Clovis’ ability to consummate the transaction or adversely affects Novartis’ rights under this Agreement. 

Section 6.05. Reasonable Best Efforts. Subject to Clovis’ fiduciary duties, Clovis’ duties under the Bidding Procedures
Order and the other provisions of this Agreement, during the period from the date hereof until the Effective Date or earlier termination of this Agreement, each Party shall use reasonable best efforts to take such steps within its control to
consummate the Closing as promptly as practicable. 
 ARTICLE 7 

TAX MATTERS 

Section 7.01. Tax Matters Representations and Warranties. Clovis hereby represents and warrants to Novartis that: 

(a) Clovis has timely filed or caused to be timely filed with the appropriate Taxing Authorities all material Tax Returns that
are required to be filed with respect to the ownership, operation, use or other Exploitation of any of the Transferred Assets on or prior to the Execution Date. Such Tax Returns are and will be true, correct and complete in all material respects.

 (b) All material Taxes and all material Tax liabilities with respect to the Exploitation of any of the Transferred Assets
that are due and payable on or prior to the Execution Date have been timely paid in full to the appropriate Taxing Authorities on or prior to the Execution Date. 

(c) Clovis has established, in accordance with GAAP applied on a basis consistent with that of preceding periods, adequate
reserves for the payment of, and will timely pay, all material Taxes which arise from or with respect to the Transferred Assets. 

  
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 (d) (i) Clovis has not been the subject of an audit or other examination of
Taxes by the Taxing Authorities of any nation, state or locality with respect to the Exploitation of any of the Transferred Assets, which audit or other examination has not been settled as of the date hereof; (ii) to the Knowledge of Clovis or
any officer or employee of Clovis, no such audit is contemplated or pending; and (iii) Clovis has not received any written notices from any Taxing Authority relating to any material issue that could affect any Tax liability with respect to the
ownership, operation, use or other Exploitation of any of the Transferred Assets. 
 (e) Clovis, as of the Execution Date,
(i) has not entered into an agreement or waiver or been requested to enter into an agreement or waiver extending any statute of limitations relating to the payment or collection of Taxes with respect to the ownership, operation, use or other
Exploitation of any of the Transferred Assets that has not expired, and (ii) is not presently contesting the Tax liability with respect to the Exploitation of any of the Transferred Assets before any Governmental Authority. 

(f) All Taxes that Clovis is (or was) required by Applicable Law to withhold or collect with respect to the Exploitation of any
of the Transferred Assets in connection with amounts paid or owing to any employee, independent contractor, creditor, stockholder or other Third Party have been duly withheld or collected, and have been timely paid over to the proper authorities to
the extent due and payable. 
 (g) No written claim has ever been made by any Taxing Authority in a jurisdiction where Clovis
does not file Tax Returns with respect to the ownership, operation, use or other Exploitation of any of the Transferred Assets that Clovis is or may be subject to taxation by that jurisdiction with respect to the ownership, operation, use or other
Exploitation of any of the Transferred Assets. 
 (h) There are no Liens for Taxes on the Transferred Assets other than Liens
for Taxes (i) not yet due and payable or (ii) that are being contested in good faith by appropriate proceedings for which adequate reserves have been made with respect thereto in accordance with GAAP. 

(i) Clovis is not a “foreign person” within the meaning of Section 1445 of the Code. 

Section 7.02. Tax Cooperation; Allocation of Taxes. Each Party shall be responsible for any Tax obligations of its own due to this
Agreement (including income Tax and capital gains Tax). Neither Party shall have any obligation towards the other Party in case that the other Party fails to fully comply with its Tax obligations. For all Tax purposes, both Parties agree to report
the transactions contemplated by this Agreement in a manner consistent with its terms and to not take any position inconsistent therewith in any Tax Return, refund claim, litigation, or otherwise. All amounts mentioned in this

  
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Agreement are exclusive of any value-added tax and United States sales Tax. According to local U.S. sales Tax, Clovis’ invoices to Novartis will not be taxed in the U.S. because the sale of
intangible assets are taxable according to international practice and U.S. sales Tax law at the place where the invoice recipient is domiciled. All indirect Tax obligations in the country where the invoice recipient is domiciled are the
responsibility of the invoice recipient. 
 Section 7.03. Transfer Taxes. Notwithstanding
Section 7.02, any and all stamp, duty, stamp duty, documentary, registration, business and occupation and other similar Taxes imposed by any Taxing Authority in connection with the Sale Order contemplated by this Agreement
(the “Transfer Taxes”) shall be paid by Novartis. 
 ARTICLE 8 

SURVIVAL; INDEMNIFICATION 

Section 8.01. Survival. The representations and warranties of the Parties contained in this Agreement or in any certificate or
other writing delivered pursuant hereto or in connection herewith shall survive the Effective Date until the eighteen (18) month anniversary of the Effective Date; provided that (i) the representations and warranties in Sections
3.01, 3.02, and 3.03, 4.01, 4.02, 4.03, and 4.04 (“Fundamental Representations”) shall survive indefinitely or until the latest date permitted by Applicable Law. The covenants and
agreements of the Parties contained in this Agreement, any other writing delivered pursuant hereto or connection herewith that are to be performed prior to the Closing shall survive the Effective Date until the eighteen (18) month anniversary
of the Effective Date and all of the other covenants and agreements set forth herein shall survive the Effective Date in accordance with its terms. Notwithstanding the preceding sentences, any breach of covenant, agreement, representation or
warranty in respect of which indemnity may be sought under this Agreement shall survive the time at which it would otherwise terminate pursuant to the preceding sentence if notice of the inaccuracy thereof giving rise to such right of indemnity
shall have been given to the Party against whom such indemnity may be sought prior to such time. 
 Section 8.02. Indemnification.
(a)From and after the Closing, Clovis hereby indemnifies Novartis, its Affiliates and their respective directors, officers, employees, representatives, successors and permitted assigns (collectively, the “Novartis Indemnified
Parties”) against and agrees to hold each of them harmless from any and all Damages, whether or not involving a Third Party Claim, incurred or suffered by any Novartis Indemnified Parties arising out of: 

(i) any breach of any representation or warranty (determined without regard to any qualification or exception contained therein
relating to materiality or any similar qualification or standard) (“Warranty Breach”) or breach of covenant or agreement made or to be performed by Clovis pursuant to this Agreement; 

(ii) any Excluded Liability; or 

  
 46 

 (iii) any breach of the terms or conditions of the Original License
Agreement by Clovis or any of its Subsidiaries prior to the Closing. 
 (b) From and after the Closing, Novartis hereby indemnifies Clovis,
its Affiliates and their respective directors, officers, employees, representatives, successors and assigns (“Clovis Indemnified Parties”) against and agrees to hold each of them harmless from any and all Damages, whether or not
involving a Third Party Claim, incurred or suffered by any Clovis Indemnified Party arising out of: 
 (i) any Warranty
Breach (determined without regard to any qualification or exception contained therein relating to materiality or any similar qualification or standard) or breach of covenant or agreement made or to be performed by Novartis pursuant to this
Agreement; or 
 (ii) any Assumed Liability, Development, Manufacture or Commercialization of any Product by or on behalf of
Novartis or any of its Affiliates or Sublicensees. 
 (c) Clovis’ Indemnification Obligation. Any indemnification obligation of
Clovis that arises during the Bankruptcy Cases under this Section 8.02 shall constitute allowed superpriority Administrative Expense Claims pursuant to sections 105(a), 503(b), and 507(a)(2) of the Bankruptcy Code with
priority over all other administrative expenses of the kind specified in section 503(b) of the Bankruptcy Code junior only to any superpriority Administrative Expense Claims granted in connection with the DIP Financing; provided, however, for the
avoidance of doubt any such obligations shall continue in the ordinary course after confirmation of any plan in the Bankruptcy Cases and shall be payable by Clovis in the ordinary course after the effective date of any plan and shall not be
discharged, released or enjoined in the Bankruptcy Cases. 
 (d) Deductible. The Indemnifying Parties shall have no liability in
respect of any indemnification obligations for any Warranty Breach unless and until the amount that would otherwise be recoverable from such Indemnifying Party in respect of any such Damages, when aggregated with any other amounts that would
otherwise be recoverable from such Indemnifying Party, exceeds $750,000 (the “Deductible”), in which event the Indemnifying Party shall be required to pay and be liable from dollar one; provided, that such limitations shall
not apply to any Damages suffered by an Indemnified Party with respect to breaches of the Fundamental Representations. 
 (e) Cap.
The aggregate liability of any Indemnifying Party in respect of any indemnification obligations for any Warranty Breaches shall not exceed $40,000,000; provided, that such limitation shall not apply to any loss suffered by an Indemnified
Party, with respect to breaches of the Fundamental Representations, for which the maximum amount recoverable shall be limited to an amount equal to the Upfront Payment and any Milestone Payment actually made. 

  
 47 

 Section 8.03. Claim Procedures. (a)The Party seeking indemnification under
Section 8.02 (the “Indemnified Party”) agrees to give prompt notice in writing to the Party against whom indemnity is to be sought (the “Indemnifying Party”) of the assertion of any claim
or the commencement of any suit, action, proceeding, dispute, arbitration, audit, hearing, investigation or inquiry (whether formal or informal) by any Third Party (“Third Party Claim”) in respect of which indemnity may be sought
under such Section. Such notice shall set forth in reasonable detail such Third Party Claim and the basis for indemnification (taking into account the information then available to the Indemnified Party). The failure to so notify the
Indemnifying Party shall not relieve the Indemnifying Party of its obligations hereunder, except to the extent such failure shall have actually prejudiced the Indemnifying Party. A claim for indemnification for any matter not involving a Third Party
Claim may be asserted by written notice to the Party from whom indemnification is sought. 
 (b) The Indemnifying Party shall be entitled to
participate in the defense of any Third Party Claim and, subject to the limitations set forth in this Section 8.03, shall be entitled to control and appoint lead counsel for such defense, in each case at its own expense.

 (c) The Indemnifying Party shall not be entitled to assume or maintain control of the defense of any Third Party Claim and shall pay the
fees and expenses of counsel retained by the Indemnified Party if (i)the Indemnifying Party does not deliver the acknowledgment referred to in Section 8.03(b) within thirty (30) days of receipt of notice of the Third
Party Claim pursuant to Section 8.03(a), (ii)the Third Party Claim relates to or arises in connection with any criminal Action, (iii)the Third Party Claim seeks an injunction or equitable relief against the
Indemnified Party or any of its Affiliates, (iv)in the case of Clovis as the Indemnifying Party, the Third Party Claim relates to any of the Transferred Assets or (v)the Indemnifying Party has failed or is failing to prosecute or defend vigorously
the Third Party Claim. 
 (d) If the Indemnifying Party shall assume the control of the defense of any Third Party Claim in accordance with
the provisions of this Section 8.03, the Indemnifying Party shall obtain the prior written consent of the Indemnified Party (not to be unreasonably withheld) before entering into any settlement of such Third Party Claim if
such settlement (i) does not expressly unconditionally release the Indemnified Party and its Affiliates from all liabilities and obligations with respect to such Third Party Claim, (ii) imposes injunctive or other equitable relief against
the Indemnified Party or any of its Affiliates or (iii) includes the admission or acknowledgement of any wrongdoing by the Indemnified Party or any of its Affiliates. 

(e) In circumstances where the Indemnifying Party is controlling the defense of a Third Party Claim in accordance with paragraphs (b) and
(c) above, the Indemnified Party shall be entitled to participate in the defense of any Third Party Claim and to employ separate counsel of its choice for such purpose, in which case the fees and expenses of such separate counsel shall be borne by
the Indemnified Party; provided that in such event the Indemnifying Party shall pay the fees and expenses of such separate counsel (i)incurred by the Indemnified Party prior to the date the Indemnifying Party assumes control of the defense of
the Third Party Claim or (ii)if representation of both the Indemnifying Party and the Indemnified Party by the same counsel would create a conflict of interest. 

  
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 (f) Each Party shall cooperate, and cause their respective Affiliates to cooperate, in the
defense or prosecution of any Third Party Claim and shall furnish or cause to be furnished such records, information and testimony, and attend such conferences, discovery proceedings, hearings, trials or appeals, as may be reasonably requested in
connection therewith. 
 (g) Notwithstanding anything to the contrary in this Agreement, an Indemnifying Party is not obligated to
indemnify, hold harmless, or defend any Indemnified Party against any Damages arising out of or result from, in whole or in part, such Indemnified Party’s gross negligence or willful misconduct. 

(h) Notwithstanding anything to the contrary contained in this Agreement, Novartis’s sole and exclusive remedy with respect to any claim
for indemnification hereunder shall be to offset the amount of any such indemnification claim against a Milestone Payment in accordance with Section 2.07(c) and in no event shall Novartis be permitted to seek payment of
such indemnification claim directly from Clovis or its successors. 
 Section 8.04. Reductions. To the extent that any Third
Party Claim giving rise to indemnification under Section 8.02 is actually compensated by an Indemnified Party’s insurance company, the amount of indemnification shall be reduced by such compensation. For the avoidance
of doubt, the Parties are aware that this will not exclude the possibility that insurance companies may have a right to full or partial recourse against the Indemnifying Party. Payments by an Indemnifying Party pursuant to this Article 8 in
respect of any Damages shall be reduced by an amount equal to any Tax benefit actually realized as a result of such Damages by the Indemnified Party. 

Section 8.05. Mitigation. The Indemnified Parties shall use reasonable best efforts to mitigate any Damages for which the
Indemnifying Party may be entitled to indemnification pursuant to this Article 8. 
 Section 8.06. Limitation of
Liability. EXCEPT (I) IN THE EVENT OF THE FRAUD OR WILLFUL MISCONDUCT OF A PARTY OR OF A PARTY’S BREACH OF ITS OBLIGATIONS UNDER SECTION 5.03, OR (II) TO THE EXTENT ANY SUCH DAMAGES ARE REQUIRED TO BE PAID TO A THIRD PARTY
AS PART OF A CLAIM FOR WHICH A PARTY PROVIDES INDEMNIFICATION UNDER THIS ARTICLE 8, NEITHER PARTY NOR ANY OF ITS AFFILIATES OR (SUB)LICENSEES SHALL BE LIABLE TO THE OTHER IN CONTRACT, TORT, NEGLIGENCE, BREACH OF STATUTORY DUTY OR OTHERWISE
FOR ANY INDIRECT, INCIDENTAL, CONSEQUENTIAL, SPECIAL, PUNITIVE, REMOTE, EXEMPLARY OR SPECULATIVE DAMAGES OR OTHER DAMAGES THAT ARE NOT PROBABLE OR REASONABLY FORESEEABLE. EXCEPT IN THE CASE OF FRAUD OR WILLFUL MISCONDUCT, AND RIGHT TO SEEK SPECIFIC
PERFORMANCE PURSUANT TO SECTION 11.11, THE INDEMNIFICATION PROVISIONS SET FORTH IN THIS ARTICLE 8 SHALL BE THE SOLE AND EXCLUSIVE REMEDIES OF THE PARTIES HEREUNDER FOLLOWING THE CLOSING. 

  
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 ARTICLE 9 

CLOSING; CONDITIONS TO OBLIGATION TO CLOSING 

Section 9.01. Conditions to Novartis’ Obligations. Novartis’ obligation to consummate the transactions contemplated by
this Agreement is subject to satisfaction or waiver by Novartis of the following conditions: 
 (a) Clovis shall have performed and complied
in all material respects with the obligations and covenants required by this Agreement to be performed or complied with by Clovis at or prior to the Closing; 

(b) The representations and warranties of Clovis contained in Article 3 of this Agreement shall be true and correct in all respects, at
and as of the Execution Date, and on the Effective Date (provided that if a representation and warranty speaks as of a specific date, it only needs to be true and correct as of that date), except where the failure of such representation and warranty
to be so true and correct would not reasonably be expected to have a Material Adverse Effect; 
 (c) No order staying, reversing, modifying
or amending the Bidding Procedures Order shall be in effect on the Effective Date; 
 (d) The Bankruptcy Court shall have entered the Sale
Order, such order shall be a Final Order, and no order staying, reversing, modifying or amending the Sale Order shall be in effect on the Effective Date; 

(e) No injunction, stay, or similar order issued by any Governmental Authority shall be in effect that restrains, enjoins, stays, or prohibits
the consummation of the transactions set forth in this Agreement and there must not be in effect any Applicable Law that would prohibit or make illegal the consummation of the transactions contemplated by this Agreement; 

(f) Since the date of this Agreement, there shall not have occurred any event, change, occurrence or effect that, individually or together
with all other events, changes, occurrences or effects, has had, or would reasonably be expected to have, a Material Adverse Effect on the Transferred Assets; and 

(g) Clovis shall have delivered to Novartis electronic copies of all Transferred Records (including copies of all data relating to any FAP-Targeting Compound or Products) and documentation relating to the Know-How included in the Transferred Assets (including all libraries of the FAP-Targeting Compound and Subject Know-How and the Phase 1b Clinical Study Data), in each case, in a format reasonably acceptable to Novartis, in the possession, custody or
control of Clovis or any of its Subsidiaries as of the Effective Date (it being understood that Clovis may retain copies of the items listed in this clause for its own record-keeping, regulatory, historical and litigation purposes), including, but
not limited to, those documents listed on Exhibit F hereto; 
 (h) [Reserved] 

  
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 (i) Clovis shall have delivered a counterpart of the Assignment and Transfer Agreement, duly
executed by Clovis; 
 (j) Clovis shall have delivered all Inventory and Ancillary Materials in its possession or custody as of the
Effective Date to Novartis; 
 (k) Clovis shall have paid, or be in the process of paying as reasonably practicable following the Closing,
all Cure Costs for all Assigned Contracts other than Previously Omitted Contracts and Disputed Contracts for which Cure Costs have not been consensually agreed with the Contract counterparty or fixed by an order of the Bankruptcy Court as of the
Effective Date; 
 (l) 3BP shall have consented to the transactions contemplated by this Agreement to the extent required by the Original
License Agreement; 
 (m) Any waiting period (including any extension thereof) or approvals applicable to the consummation of the
transaction contemplated by this Agreement under the HSR Act (if applicable) and any agreement with any Governmental Authority not to consummate the transaction shall have expired or terminated; and 

(n) Clovis shall have delivered a counterpart of the Transition Services Agreement, duly executed by Clovis. 

Section 9.02. Conditions to Clovis’ Obligations. Clovis’ obligation to consummate the transactions contemplated by this
Agreement is subject to satisfaction or waiver by Clovis of the following conditions: 
 (a) Novartis shall have performed and complied in
all material respects with the obligations and covenants required by this Agreement to be performed or complied with by Novartis at or prior to the Closing; 

(b) The Bankruptcy Court shall have entered the Sale Order, such order shall not be subject to a stay, and no order staying, reversing,
modifying or amending the Sale Order shall be in effect on the Effective Date; 
 (c) No injunction, stay, or similar order issued by any
Governmental Authority shall be in effect that restrains, enjoins, stays, or prohibits the consummation of the transactions set forth in this Agreement and there must not be in effect any Applicable Law that would prohibit or make illegal the
consummation of the transactions contemplated by this Agreement; 
 (d) Novartis shall have delivered a counterpart of the Assignment and
Transfer Agreement, duly executed by Novartis; 
 (e) Any waiting period (including any extension thereof) or approvals applicable to the
consummation of the transaction contemplated by this Agreement under the HSR Act (if applicable) and any agreement with any Governmental Authority not to consummate the transaction shall have expired or terminated; 

  
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 (f) The representations and warranties of Novartis contained in Article 3 of this
Agreement shall be true and correct in all material respects, at and as of the Execution Date, and on the Effective Date; 
 (g) 3BP shall
have consented to the transactions contemplated by this Agreement to the extent required by the Original License Agreement and the Bankruptcy Code and such consent shall be effective; and 

(h) Novartis shall have delivered a counterpart of the Transition Services Agreement, duly executed by Novartis. 

Section 9.03. No Frustration of Closing Conditions. Neither Novartis nor Clovis may rely on the failure of any condition to its
obligation to consummate the transactions contemplated in this Agreement set forth in Section 9.01 or Section 9.02, as the case may be, to be satisfied if such failure was caused by such
Party’s breach of a representation, warranty or covenant hereunder or failure to act in good faith. 
 ARTICLE 10 

TERMINATION 

Section 10.01. Termination of this Agreement. This Agreement may be terminated and the transactions contemplated in this Agreement
abandoned at any time prior to the Closing, notwithstanding any prior approval of this Agreement by the Bankruptcy Court, as follows: 
 (a)
by mutual written consent of each of Novartis and Clovis; 
 (b) by any Party by giving written notice to the other Party if: 

(i) any court of competent jurisdiction or other competent Governmental Authority shall have enacted or issued an Applicable
Law or Decree or taken any other action permanently restraining, enjoining or otherwise prohibiting the consummation of the transactions contemplated by this Agreement, including a Final Order entered by the Bankruptcy Court, and such Applicable Law
or Decree or other action shall have become final and non-appealable; provided, however, that the right to terminate this Agreement under this Section 10.01(b)(i) shall not be
available to a Party if the failure to consummate the Closing because of such action by a Governmental Authority shall be due to the failure of such Party to have fulfilled, in any material respect, any of its obligations under this Agreement; 

(ii) the Closing shall not have occurred on or prior to May 30, 2023 (the “Outside Date”); provided,
however, that the right to terminate this Agreement under this Section 10.01(b)(ii) shall not be available to a Party if the failure to consummate the Closing by the Outside Date shall be due to the failure of such Party to
have fulfilled, in any material respect, any of its obligations under this Agreement, provided that Novartis shall not have the right to terminate this Agreement pursuant to this Section 10.01(b)(ii) during the pendency of
any litigation brought prior to the Outside Date by Clovis for specific performance of this Agreement; or 

  
 52 

 (iii) if the Bankruptcy Case is dismissed or converted to a case under
Chapter 7 of the Bankruptcy Code, or if a trustee or examiner with expanded powers to operate or manage the financial affairs or reorganization of Clovis is appointed in the Bankruptcy Case. 

(c) by Novartis (provided that it is not at such time in material breach of this Agreement) by giving written notice to Clovis if there has
been a breach by Clovis (or any of its Subsidiaries) of any representation, warranty, covenant, or agreement contained in this Agreement that has prevented the satisfaction of the conditions to the obligations of Novartis at Closing, and such breach
has not been waived by Novartis, or, if such breach is curable, cured by Clovis prior to the earlier to occur of (A) twenty (20) days after receipt of Novartis’ notice of intent to terminate, and (B) one (1) Business Day prior to the
Outside Date; 
 (d) by Clovis (provided that it is not at such time in material breach of this Agreement) by giving written notice to
Novartis if there has been a breach by Novartis (or any of its Affiliates) of any representation, warranty, covenant, or agreement contained in this Agreement, including a breach of Novartis’ obligation to consummate the Closing, that has
prevented the satisfaction of the conditions to the obligations of Clovis at Closing, and such breach has not been waived by Clovis, or, if such breach is curable (failure to consummate the Closing when required is not curable), cured by Novartis
prior to the earlier to occur of (A) twenty (20) days after receipt of Clovis’ notice of intent to terminate, and (B) one (1) Business Day prior to the Outside Date, but not if the terminating party is in breach of this Agreement;

 (e) by Clovis or Novartis if (i) subject to clause (iii) below, Clovis (or its Affiliates) enter into a definitive agreement
with respect to an Alternative Transaction with one or more Persons other than Novartis, (ii) subject to clause (iii) below, the Bankruptcy Court enters an order approving an Alternative Transaction with one or more Persons other than
Novartis, or (iii) Novartis is not the Successful Bidder at the Auction and (iv) either (A) Novartis is not required by the terms of this Agreement or the Bidding Procedures Order to serve as the Backup Bidder or (B) Novartis is
required by the terms of this Agreement or the Bidding Procedures Order to serve as the Backup Bidder, in which case such termination shall not be effective until the earlier of the closing of the sale of the Transferred Assets or the Backup Bid
Expiration Date; 
 (f) by Novartis, if Clovis withdraws or seeks authority to withdraw the Sale Motion; 

(g) by Novartis, if (i) following entry by the Bankruptcy Court of the Bidding Procedures Order, such order is (x) amended, modified
or supplemented without Novartis’ prior written consent or (y) voided, reversed or vacated or is subject to a stay, or (ii) following entry by the Bankruptcy Court of the Sale Order, the Sale Order is (x) amended, modified or
supplemented without Novartis’ prior written consent or (y) voided, reversed or vacated or is subject to a stay; 

  
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 (h) by Novartis (provided that it is not at such time in material breach of this Agreement),
if any of the Bankruptcy Court Milestones are not met; or 
 (i) by Clovis if (A) all of the conditions set forth in
Sections 9.01 and 9.02 have been satisfied (other than conditions that by their nature are to be satisfied at the Closing) or waived and Novartis fails to complete the Closing at the time required by
Section 2.05, or (B) if Clovis or its board of directors determines in good faith, on advice of outside legal counsel, that proceeding with the transactions contemplated by this Agreement or failing to terminate this
Agreement would violate applicable Law or be inconsistent with its or such Person’s or body’s fiduciary obligations under Applicable Law. 

(j) By Novartis (provided that it is not at such time in material breach of this Agreement) if Clovis or any of its Subsidiaries engages in or
agrees to engage in any of the Prohibited Actions without Novartis’ prior written consent, including, without limitation, if such action is required by Applicable Law, any order of the Bankruptcy Court or the DIP Financing Order, provided that
if such action is required by Applicable Law, any order of the Bankruptcy Court or the DIP Financing Order then such action shall only be an event of termination if it has a Material Adverse Effect (provided, however, solely for purposes of this
Section 10.01(j), a Material Adverse Effect shall include any Prohibited Actions without Novartis’ prior written consent, including, without limitation, if such action is required by Applicable Law, any order of the
Bankruptcy Court or the DIP Financing Order) and such Prohibited Action is not cured by Clovis within twenty (20) days after receipt by Clovis of written notice thereof. 

Section 10.02. Effect of Termination. If this Agreement is terminated pursuant to Section 10.01, all
rights and obligations of the Parties hereunder shall terminate and upon such termination and shall become null and void (except that Article I, Section 2.06(d), Section 2.06(e),
Section 6.06(h), Article 11, and this Section 10 shall survive any such termination); provided that in the event of termination by Clovis, Clovis’ sole and exclusive remedy shall be
limited to the Deposit (subject to the extent Clovis has a right to the Deposit under the terms of the Agreement). For the avoidance of doubt, the Expense Reimbursement and the Break-Up Fee shall, if
applicable, be paid upon termination of this Agreement in accordance with Section 6.06(h) and anything herein to the contrary notwithstanding, termination of this Agreement shall not affect or modify Clovis’ agreement
and obligation to pay the Expense Reimbursement and the Break-Up Fee subject to and in accordance with the terms of this Agreement, which shall be Novartis’s sole and exclusive remedy (in addition to the
return of the Deposit, if applicable under the terms of the Agreement) in the event Novartis or Clovis terminates this Agreement pursuant to Section 10.01.  

  
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 ARTICLE 11 

MISCELLANEOUS 

Section 11.01. Notices. All notices, requests and other communications to any Party hereunder shall be in writing (including
facsimile transmission and electronic mail (“e-mail”) transmission, so long as a receipt of such e-mail is requested and received) and shall be given,

 if to Novartis, to: 

Novartis Innovative Therapies AG 

Suurstoffi 14 
 6343 Rotkreuz 

Switzerland 
 Attn: BD&L
Partnering Head Oncology 
 Fax: +41 61 324 21000 

Email: david.benathan@novartis.com 

with copies to: 
 Novartis
Innovative Therapies AG 
 Suurstoffi 14 

6343 Rotkreuz 
 Switzerland 

Attn: Global Head, Legal Transaction 

Email: janet.raimondo@novartis.com 

Arnold & Porter Kaye Scholer LLP 

250 W 55th Street 

New York, New York 10019 

Attn:    Eric Rothman 

            Benjamin Mintz 

Email:  eric.rothman@arnoldporter.com 

             Benjamin.mintz@arnoldporter.com 

if to Clovis, to: 
 Clovis
Oncology, Inc. 
 5500 Flatiron Parkway, Suite 100 

Boulder, CO 80301 
 Attn: Paul
Gross 
 Email: pgross@clovisoncology.com 

legalaffairs@clovisoncology.com 

  
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 with a copy to (which shall not constitute notice): 

Willkie Farr & Gallagher LLP 

787 Seventh Avenue 
 New York, New
York 10019 
 Attn:    Rachel Strickland 

            Thomas Mark 

            Andrew Mordkoff 

Email:  rstrickland@willkie.com 

            tmark@willkie.com 

            amordkoff@willkie.com 

Cooley LLP 
 55 Hudson Yards 

New York, New York 10001 
 Attn:
J. Brian Stalter 
 Email: jbrianstalter@cooley.com 

or such other address or facsimile number as such Party may hereafter specify for the purpose by notice to the other Parties. All such notices, requests and
other communications shall be deemed received on the date of receipt by the recipient thereof if received prior to 5:00 p.m. in the place of receipt and such day is a Business Day in the place of receipt. Otherwise, any such notice, request or
communication shall be deemed not to have been received until the next succeeding Business Day in the place of receipt. 

Section 11.02. Amendments and Waivers.  

(a) Any provision of this Agreement may be amended or waived if, but only if, such amendment or waiver is in writing and is signed, in the case
of an amendment, by each Party to this Agreement, or in the case of a waiver, by the Party against whom the waiver is to be effective. 
 (b)
No failure or delay by any Party 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. The rights and remedies herein provided shall be cumulative and not exclusive of any rights or remedies provided by Applicable Law. 

Section 11.03. Expenses. Except for the Expense Reimbursement, all costs and expenses incurred in connection with this Agreement
shall be paid by the Party incurring such cost or expense. 
 Section 11.04. Successors and Assigns. The provisions of this
Agreement shall be binding upon and inure to the benefit of the Parties and their respective successors and assigns (including any trustee, manager or similar officer appointed in respect of Clovis in the Bankruptcy Case or in any chapter 7 case
into the Bankruptcy Case may be converted or any liquidation trust or similar vehicle established under a confirmed plan). Each Party agrees that its rights and obligations under this Agreement may not be transferred or

  
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assigned, directly or indirectly, to any Person without the prior written consent of the other Party (such consent not to be unreasonably withheld, conditioned or delayed); provided,
however, that each Party may transfer or assign such rights and obligations under this Agreement to an Affiliate (for so long as such Person remains an Affiliate and such assignment shall not relieve the obligations of such assigning Party) or in
case of Clovis to a liquidation trust or similar vehicle under a confirmed chapter 11 plan of liquidation in the Bankruptcy Case. 

Section 11.05. Governing Law. This Agreement shall be governed by and construed in accordance with the law of the State of New
York, without regard to the conflicts of law rules of such state, except to the extent that the laws of such state are superseded by the Bankruptcy Code and orders of the Bankruptcy Court. 

Section 11.06. Jurisdiction. The Parties agree that any Action seeking to enforce any provision of, or based on any matter arising
out of or in connection with, this Agreement or the transactions contemplated hereby shall be brought exclusively in (a) the Bankruptcy Court and any federal court to which an appeal from the Bankruptcy Court may be validly taken, or
(b) in the event that the Bankruptcy Court lacks jurisdiction over such Action, the Bankruptcy Case is closed, or if the Bankruptcy Court is unwilling or unable to hear such Action, the United States District Court for the Southern District of
New York or any New York State court sitting in New York, New York, so long as one of such courts shall have subject matter jurisdiction over such Action, and that any cause of action arising out of this Agreement shall be deemed to have arisen from
a transaction of business in the State of New York, and each of the Parties hereby irrevocably consents to the jurisdiction of such courts (and of the appropriate appellate courts therefrom) in any such Action and irrevocably waives, to the fullest
extent permitted by Applicable Law, any objection that it may now or hereafter have to the laying of the venue of any such Action in any such court or that any such Action brought in any such court has been brought in an inconvenient forum. Process
in any such Action may be served on any Party anywhere in the world, whether within or without the jurisdiction of any such court. Without limiting the foregoing, each Party agrees that service of process on such Party as provided in
Section 11.01 shall be deemed effective service of process on such Party. 
 Section 11.07. WAIVER OF JURY
TRIAL. EACH OF THE PARTIES HEREBY IRREVOCABLY WAIVES ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATED TO THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY. 

Section 11.08. Counterparts; Effectiveness; Third Party Beneficiaries. This 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 Agreement shall become effective when each Party shall have received a counterpart hereof signed by the other Party.
Until and unless each Party has received a counterpart hereof signed by the other Party, this Agreement shall have no effect and no Party shall have any right or obligation hereunder (whether by virtue of any other oral or written agreement or other
communication). No provision of this Agreement is intended to confer any rights, benefits, remedies, obligations or liabilities hereunder upon any Person other than the Parties and their respective successors and assigns. 

  
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 Section 11.09. Entire Agreement. This Agreement, the Transition Services
Agreement, the Imaging Agent Licensing Agreement, the Escrow Agreement and all other documents between Clovis and Novartis contemplated by the transactions hereby constitute the entire agreement between the Parties with respect to the subject matter
of this Agreement and supersedes all prior agreements and understandings, both oral and written, between the Parties with respect to the subject matter of this Agreement. 

Section 11.10. Severability. If any term, provision, covenant or restriction of this Agreement is held by a court of competent
jurisdiction or other authority to be invalid, void or unenforceable, the remainder of the terms, provisions, covenants and restrictions of this Agreement shall remain in full force and effect and shall in no way be affected, impaired or invalidated
so long as the economic or legal substance of the transactions contemplated hereby is not affected in any manner materially adverse to any Party. Upon such a determination, the Parties shall negotiate in good faith to modify this Agreement so as to
effect the original intent of the Parties as closely as possible in an acceptable manner in order that the transactions contemplated hereby be consummated as originally contemplated to the fullest extent possible. 

Section 11.11. Specific Performance. Each Party acknowledges that the other Party may be irreparably harmed and that there will be
no adequate remedy at law for any violation by any Party of any of the covenants or agreements contained in this Agreement after the Closing. It is accordingly agreed that, in addition to any other remedies which may be available upon the breach of
any such covenants or agreements, and notwithstanding anything contained in this Agreement, each Party shall have the right to seek injunctive relief to restrain a breach or threatened breach of, or otherwise to obtain specific performance of, the
other Party’s covenants and agreements contained in this Agreement, in any court having jurisdiction over the Parties and the matter, in addition to any other remedy to which it may be entitled, at law or in equity, and each Party waives any
requirement for the securing or posting of any bond or security in connection with any such remedy. 
 Section 11.12. Force
Majeure. Neither Party shall be held liable to the other Party nor be deemed to have defaulted under or breached this Agreement for failure or delay in performing any obligation under this Agreement to the extent such failure or delay is caused
by or results from causes beyond the reasonable control of the affected Party, potentially including embargoes, war, acts of war (whether war be declared or not), acts of terrorism, insurrections, riots, civil commotions, epidemics, pandemics or
disease outbreaks in the United States or elsewhere in the world, strikes, lockouts or other labor disturbances, fire, floods, or other acts of God, or acts, omissions or delays in acting by any Governmental Authority or unavailability of materials
related to the Manufacture of the Products. The affected Party shall notify the other Party in writing of such force majeure circumstances as soon as reasonably practical and shall promptly undertake and continue diligently all reasonable efforts
necessary to cure such force majeure circumstances or to perform its obligations in spite of the ongoing circumstances. 

  
 58 

 Section 11.13. Antitrust Filings. 

(a) Each of Novartis and Clovis agrees to use commercially reasonable efforts to prepare and make the notifications, filings and other
information required to be filed under the HSR Act with respect to the transactions as soon as reasonably practicable, but in no event later January 4, 2023, unless otherwise agreed to by the Parties, and to obtain as expeditiously as
reasonably possible all consents, registrations, approvals, permits, expirations of waiting periods and authorizations necessary or advisable to be obtained from any third party or any Governmental Authority in order to consummate the transactions
contemplated by this Agreement: (i) satisfying the conditions to consummating the transactions contemplated by this Agreement; and (ii) obtaining (and cooperating with each other in obtaining) any consent, approval of, waiver or any
exemption by, any non-governmental third party, in each case, to the extent necessary, proper or advisable in connection with the transactions contemplated by this Agreement. Each Party shall be responsible
for its own costs and expenses associated with any filings, provided that Novartis will be solely responsible for the HSR filing fee(s). 

(b) The Parties shall (i) cooperate in the antitrust clearance process, (ii) to respond and furnish promptly to the Federal Trade
Commission (“FTC”), the Antitrust Division of the Department of Justice (“DOJ”) and any other antitrust agency or authority, any information reasonably requested by them in connection with such filings,
(iii) promptly keep the other informed of any communication received from or given to the FTC, DOJ and any other antitrust agency or authority, relating to such filings (and provide a copy to the other Party if such communication is in
writing), (iv) reasonably consult with each other in advance of any meeting or conference with the FTC, DOJ and any other antitrust agency or authority, and, to the extent permitted by the FTC, DOJ, and any other antitrust agency or authority, give
the other Party or its counsel the opportunity to attend and participate in such meetings and conferences, and (v) permit the other Party or its counsel to review in advance, and in good faith consider the views of the other Party or its
counsel, incorporating where appropriate, concerning any submission, filing or communication (and documents submitted therewith) intended to be given to the FTC, DOJ and any other antitrust agency or authority. 

(c) None of the Parties, including their respective Affiliates, shall take, cause or permit to be taken, or omit to take, any action which is
reasonably expected to materially delay or prevent consummation of the transactions contemplated by this Agreement, unless otherwise agreed to by the Party. No Party hereto, without the other Party’s prior written consent, shall: (i) enter
into any timing, settlement or similar agreement, or otherwise agree or commit to any arrangement, that would have the effect of extending, suspending, lengthening or otherwise tolling the expiration or termination of the waiting period applicable
to the contemplated transactions under the HSR Act or any Antitrust Laws; or (ii) enter into any timing or similar agreement, or otherwise agree or commit to any arrangement, that would bind or commit the parties not to consummate the
transactions contemplated by this Agreement (or that would otherwise prevent or prohibit the Parties from consummating the transactions contemplated by this Agreement). 

  
 59 

 (d) In furtherance and not in limitation of the covenants of the Parties contained in this
Section 11.13, Novartis, including its Affiliates, shall use commercially reasonable efforts to resolve such objections, if any, as may be asserted by any Governmental Authority in connection with the HSR Act and any other
applicable Antitrust Laws with respect to the transactions contemplated by this Agreement and to avoid the entry of, or effect the dissolution of, any decree, order, judgment, injunction, temporary restraining order or other order in any suit or
proceeding, that would otherwise have the effect of preventing the consummation of the transactions contemplated by this Agreement. However, notwithstanding anything to the contrary in this Agreement or any of the transaction documents to the
contrary, Novartis shall not be required to propose, consider, offer, agree to, consent to or make any divestiture or other structural or conduct relief in order to obtain clearance from any Governmental Authority and Clovis shall not offer,
propose, suggest or agree to any divestiture or other structural or conduct relief without the prior written consent of Novartis. 

Section 11.14. Electronic Signatures. Any signature (including any electronic symbol or process attached to, or associated with, a
contract or other record and adopted by a Person with the intent to sign, authenticate or accept such contract or record) hereto or to any other certificate, agreement or document related to this transaction, and any contract formation or
record-keeping through electronic means shall have the same legal validity and enforceability as a manually executed signature or use of a paper-based recordkeeping system to the fullest extent permitted by Applicable Law, including the Federal
Electronic Signatures in Global and National Commerce Act, the New York State Electronic Signatures and Records Act, or any similar state law based on the Uniform Electronic Transactions Act, and the Parties hereby waive any objection to the
contrary. 
 [Signature Page Follows] 

  
 60 

 IN WITNESS WHEREOF, the Parties have caused this Agreement to be duly executed by their
respective authorized officers as of the Execution Date. 
  

			
	CLOVIS ONCOLOGY, INC.
		
	By:	 	 /s/ Daniel Muehl

		 	Name: Daniel Muehl
		 	Title: Chief Financial Officer
	
	NOVARTIS INNOVATIVE THERAPIES AG
		
	By:	 	 /s/ Bertrand Bugnon

		 	Name: Bertrand Bugnon
		 	Title: Authorized Signatory
		
	By:	 	 /s/ Ruth Schuchter

		 	Name: Ruth Schuchter
		 	Title: CCFO NVS Swiss & CFO Swiss IM Operations

  
 61EX-10.2

 Exhibit 10.2 

CERTAIN CONFIDENTIAL PORTIONS OF THIS EXHIBIT HAVE BEEN OMITTED AND REPLACED WITH “[****]”. SUCH IDENTIFIED INFORMATION HAS BEEN
EXCLUDED FROM THIS EXHIBIT BECAUSE IT IS (I) NOT MATERIAL AND (II) WOULD LIKELY CAUSE COMPETITIVE HARM TO THE COMPANY IF PUBLICLY DISCLOSED 

Execution Version 

December 11, 2022 
 CONFIDENTIAL 

Clovis Oncology, Inc. 
 5500 Flatiron Parkway, Suite 100 

Boulder, CO 80301 
 Attention: Daniel W. Muehl 

$75 Million Superpriority Debtor-In-Possession Facility
Commitment Letter 
 Clovis Oncology, Inc. (“CLVS”, “you” or “your”) has advised the undersigned
Backstop Lenders (as defined in the DIP Term Sheet (as defined below)) (the “Commitment Parties”, “we”, “us” or “our”) that (i) CLVS and certain of its subsidiaries (the
“Subsidiary Debtors” and, collectively with CLVS, the “Debtors”) are considering filing voluntary petitions for relief under Chapter 11 of Title 11 of the United States Code, 11 U.S.C. §§ 101 et seq. (as
amended, the “Bankruptcy Code”) and (ii) in connection with the foregoing, CLVS has requested that the Commitment Parties commit to provide a $75 million superpriority debtor-in-possession credit facility to CLVS under Section 364(c) of the Bankruptcy Code (the “DIP Facility”), and, subject solely to the Conditions Precedent (as defined below)
applicable to the relevant borrowing, the undersigned Commitment Parties are prepared to so commit on the terms set forth herein. Unless otherwise specified herein, all references to “$” shall refer to U.S. dollars. Capitalized terms used
herein without definition shall have the meaning assigned thereto in the DIP Term Sheet. 
 1. Backstop Commitment. 

To provide assurance that the DIP Facility shall be available on the terms set forth herein and in the DIP Term Sheet, each Commitment Party is pleased to
advise CLVS of its several, but not joint, commitment (the “Backstop Commitment”) to provide the amount of the DIP Facility set forth on Schedule 1 hereto, on the terms set forth in the DIP Term Sheet attached hereto as
Exhibit A (the “DIP Term Sheet” and, together with this letter, this “Commitment Letter”), subject solely to the Conditions Precedent that are applicable to the relevant borrowing. 

2. Information. 
 You hereby represent and warrant that
(a) all written information concerning you and your subsidiaries and your and their respective business (other than financial projections, estimates, forecasts and budgets and other forward-looking information (collectively, the
“Projections”) and information of a general economic or industry specific nature) (the “Information”) that has been or will be made available to us or any of our respective affiliates by or on behalf of you is or
will be, when furnished, complete and correct in all 

 
material respects, when taken as a whole, and does not or will not, when furnished, contain any untrue statement of a material fact or omit to state a material fact necessary in order to make the
statements contained therein not materially misleading in light of the circumstances under which such statements are made (after giving effect to the updates provided for in the penultimate sentence of this Section 2) and
(b) the Projections that have been or will be made available to us or any of our affiliates by or on behalf of you or any of your representatives have been or will be prepared in good faith based upon assumptions that are believed by the
preparer thereof to be reasonable at the time made and at the time the related Projections are made available to us or any of our affiliates (it being acknowledged that (i) such Projections are merely a prediction as to future events and are
not to be viewed as facts, (ii) such Projections are subject to significant uncertainties and contingencies, many of which are beyond your control, (iii) the actual results during the period or periods covered by any such Projections may
differ significantly from the projected results, and (iv) no guarantee or assurance can be given that the projected results will be realized). 
 You
agree that if, at any time prior to the entry of the Final DIP Order approving the DIP Facility, any of the representations and warranties in the preceding sentence would be incorrect in any material respect if the Information and Projections were
being furnished, and such representations and warranties were being made, at such subsequent time, then you will promptly supplement the Information and the Projections so that such representations and warranties would be correct in all material
respects. Without limiting the representations, warranties and covenants to be contained in the DIP Loan Documents or the Conditions Precedent that are applicable to the relevant borrowing, the accuracy of the foregoing representations and
warranties, whether or not cured, shall not be a condition to the obligations of the Commitment Parties hereunder or the availability of the DIP Facility. 

3. Premiums. 
 As consideration for the Backstop
Commitments and the other agreements of the Commitment Parties hereunder, CLVS agrees to pay or cause to be paid to the Backstop Lenders the nonrefundable fees and premiums described in the DIP Term Sheet at the times, on the terms and subject
solely to the Conditions Precedent applicable to the relevant borrowing. Absent a change in applicable tax law or a contrary determination (as defined in Section 1313(a) of the Internal Revenue Code of 1986, as amended), each of the parties
hereto agrees that (i) each of the Backstop Commitment Fee, Upfront Fee, Prepayment Premium, and the Sale Fee, as applicable, shall be treated as a premium paid by CLVS to the relevant Commitment Party in exchange for the issuance of a put
right to CLVS with respect to the DIP Facility and (ii) to not take any tax position inconsistent with the tax treatment described in the foregoing clause (i). 

4. Conditions. 
 The Commitment Parties’ Backstop
Commitments and agreements hereunder in respect of the DIP Facility are subject to the satisfaction (or waiver by the Commitment Parties) of the conditions set forth in the DIP Term Sheet in the sections entitled “Conditions Precedent to
Closing and the Initial Funding” and/or “Conditions Precedent to Subsequent Draws,” as applicable (collectively, the “Conditions Precedent”). 

  
 2 

 5. Indemnification and Expenses. 

You agree to (a) indemnify and hold harmless each Commitment Party and the DIP Agent, their respective affiliates and their and their affiliates’
respective officers, directors, employees, agents, attorneys, accountants, advisors (including investment managers, financial advisors and advisers), consultants, representatives, controlling persons, members and permitted successors and assigns
(each, an “Indemnified Person”) from and against any and all losses, claims, damages, liabilities and expenses, joint or several (“Losses”) to which any such Indemnified Person may become subject arising out of or
in connection with this Commitment Letter, the DIP Facility, the use of proceeds thereof or any claim, litigation, investigation or proceeding relating to any of the foregoing, and to (b) reimburse each Commitment Party and the DIP Agent
promptly (but in any event within ten business days) upon receipt of their written demand (including reasonable details supporting such demand) for any reasonable and documented
out-of-pocket costs and expenses, including legal or other expenses (limited to, in the case of legal expenses, the reasonable and documented fees and expenses of Paul,
Weiss, Rifkind, Wharton and Garrison LLP, as primary counsel to the Commitment Parties, Pryor Cashman LLP, as counsel to the DIP Agent, and any necessary regulatory, local, and foreign legal counsel) without your prior written consent; provided,
that the foregoing indemnity will not, as to any Indemnified Person, apply to Losses to the extent (x) they are found in a final non-appealable judgment of a court of competent jurisdiction to have
resulted from such Indemnified Person’s (i) gross negligence, bad faith or willful misconduct or (ii) except in the case of the DIP Agent, material breach of its obligations under this Commitment Letter, or (y) they relate to a
dispute solely among Indemnified Persons and not arising out of any act or omission of the Debtors or any of their respective subsidiaries (other than any claim, litigation, investigation or proceeding against the DIP Agent, in its capacity or in
fulfilling its role as such). 
 None of you, the other Debtors, any of your or their respective subsidiaries, we nor any other Indemnified Person will be
responsible or liable to one another for any indirect, special, punitive or consequential damages which may be alleged as a result of or arising out of, or in any way related to, the DIP Facility, the enforcement of this Commitment Letter, the
definitive documentation for the DIP Facility, or any ancillary documents and security arrangements in connection therewith; provided that your indemnity and reimbursement obligations under this Section 5 shall not be limited by this sentence.

 6. Assignments, Amendments, Etc. 
 This Commitment
Letter shall not be assignable by you or us without the prior written consent of the other parties hereto (and any attempted assignment without such consent shall be null and void), is intended to be solely for the benefit of the parties hereto, the
Indemnified Persons and with respect to Section 5 and this Section 6, the DIP Agent, and 

  
 3 

 
is not intended to confer any benefits upon, or create any rights in favor of, any person or entity other than the parties hereto, the Indemnified Persons and with respect to Section 5 and
this Section 6, the DIP Agent; provided that any Backstop Lender may assign its rights, commitments and obligations under this Commitment Letter to any affiliate of, or accounts or funds managed by or under common management with, such Backstop
Lender, any other Backstop Lender, or any affiliate of, or accounts or funds managed by or under common management with, such other Backstop Lender (excluding, in each case, any Disqualified Lender (as defined below)), in each case without the
consent of CLVS or any other party hereto; provided, further, that no Backstop Lender shall be relieved of any obligation hereunder in the event that any such assignee fails to perform the same in accordance with the terms hereof. As used in this
paragraph, (1) “Disqualified Lender” means, as of the date of any proposed assignment, (x) any person identified in writing to the Backstop Lenders on or prior to the date hereof, (y) for so long as the Stalking Horse APA
has not been terminated, any person engaged primarily in substantially the same business as CLVS, which is the business of discovery, development, manufacturing, selling, licensing and/or other commercialization of pharmaceutical products, and
(z) any affiliate of any person described in clauses (x) or (y) (other than a Debt Fund Affiliate) to the extent that either such affiliate is either (i) clearly identifiable (on the basis of the similarity of such affiliate’s
name to the name of the Competitor) or (ii) has been identified as an affiliate in writing by CLVS on or before such date, and (2) “Debt Fund Affiliate” means a bona fide debt fund, investment vehicle, financial services
institution, lender, commercial bank, insurance company, investment or mutual fund that is primarily engaged in making, purchasing, holding or otherwise investing in commercial loans and similar extensions of credit in the ordinary course of
business with appropriate information barriers in place. 
 In addition, prior to the entry of a Final DIP Order, the Required DIP Lenders may add any
holders of the Prepetition Notes as of the date hereof as a Commitment Party pursuant to joinder documentation reasonably satisfactory to the Required DIP Lenders and CLVS, with corresponding adjustments to Schedule 1 made on a pro rata basis
among the Commitment Parties. 
 This Commitment Letter may not be amended or any provision hereof waived or modified except by an instrument in writing
signed by (a) except to the extent a greater percentage of the DIP Lenders is expressly required in the DIP Term Sheet, the Required DIP Lenders and (b) you. 

This Commitment Letter may be executed in any number of counterparts, each of which shall be an original and all of which, when taken together, shall
constitute one agreement. Delivery of an executed counterpart of a signature page of this Commitment Letter by facsimile or other electronic transmission (including E-Signature) shall be effective as delivery
of a manually executed counterpart hereof. Section headings used herein are for convenience of reference only, are not part of this Commitment Letter and are not to affect the construction of, or to be taken into consideration in interpreting, this
Commitment Letter. You acknowledge that information and documents relating to the DIP Facility may be transmitted through the internet, e-mail or similar electronic transmission systems and that neither any
Commitment Party nor the DIP Agent, nor any of their respective affiliates, shall be liable for any damages arising from the unauthorized use by others of information or documents transmitted in such manner. 

  
 4 

 This Commitment Letter supersedes all prior understandings, whether written or oral, between us and you with
respect to the DIP Facility. 
 7. Governing Law, Etc.; Jurisdiction. 

EXCEPT TO THE EXTENT GOVERNED BY THE BANKRUPTCY CODE, THIS COMMITMENT LETTER AND ANY CLAIM, CONTROVERSY OR DISPUTE ARISING UNDER OR RELATED TO THIS COMMITMENT
LETTER (INCLUDING, WITHOUT LIMITATION, ANY CLAIMS SOUNDING IN CONTRACT LAW OR TORT LAW ARISING OUT OF THE SUBJECT MATTER HEREOF) SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK (WITHOUT GIVING EFFECT TO ANY
CHOICE OR CONFLICT OF LAW PROVISION OR RULE THAT WOULD CAUSE THE APPLICATION OF THE DOMESTIC SUBSTANTIVE LAWS OF ANY OTHER STATE). 
 Each of the parties
hereto hereby irrevocably and unconditionally (a) submits, for itself and its property, to the non-exclusive jurisdiction of any New York State court or Federal court of the United States of America
sitting in the Borough of Manhattan in New York City, and any appellate court from any thereof and the Bankruptcy Court, in any suit, action or proceeding arising out of or relating to this Commitment Letter or the DIP Facility, and agrees that all
claims in respect of any such suit, action or proceeding may be heard and determined in such New York State court or, to the extent permitted by law, in such Federal court, or, to the extent applicable, the Bankruptcy Court; provided that suit for
the recognition or enforcement of any judgment obtained in any such court may be brought in any other court of competent jurisdiction, (b) waives, to the fullest extent it may legally and effectively do so, any objection which it may now or
hereafter have to the laying of venue of any suit, action or proceeding arising out of or relating to this Commitment Letter or the DIP Facility in any New York State court, in any such Federal court or in Bankruptcy Court, (c) waives, to the
fullest extent permitted by law, the defense of an inconvenient forum to the maintenance of such suit, action or proceeding in any such court, and (d) agrees that a final judgment in any such suit, 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 law. 
 You hereby agree that you shall not bring any
suit, action, proceeding, claim or counterclaim under this Commitment Letter or with respect to the transactions contemplated hereby in any court other than the Bankruptcy Court or such New York State court or Federal Court of the United States of
America sitting in the Borough of Manhattan, in New York City, as applicable. Service of any process, summons, notice or document by registered mail addressed to you at the address above shall be effective service of process against you for any
suit, action or proceeding brought in any such court. 

  
 5 

 8. Waiver of Jury Trial. 

EACH OF THE PARTIES HERETO IRREVOCABLY WAIVES (TO THE EXTENT PERMITTED BY APPLICABLE LAW) THE RIGHT TO TRIAL BY JURY IN ANY ACTION, PROCEEDING, CLAIM OR
COUNTERCLAIM BROUGHT BY OR ON BEHALF OF ANY PARTY RELATED TO OR ARISING OUT OF THIS COMMITMENT LETTER OR THE PERFORMANCE OF SERVICES HEREUNDER OR THE TRANSACTIONS CONTEMPLATED HEREBY OR THEREBY. 

9. Confidentiality. 
 This Commitment Letter is delivered
to CLVS on the understanding that neither this Commitment Letter nor any of its terms or substance shall be disclosed, directly or indirectly, to any other person or entity except (a) you, your subsidiaries and your and their respective
officers, directors, employees, legal counsel, accountants, financial advisors on a confidential and “need to know” basis and, in each case, who are involved in the consideration of the financing transactions contemplated hereby who have
been informed by you, or any of your subsidiaries, as applicable, of the confidential nature of this Commitment Letter and have agreed to treat such information confidentially, (b) in any legal, judicial or administrative proceeding or as
otherwise required by law or regulation or as requested by a governmental authority (in which case you agree, to the extent not prohibited by law, to inform Commitment Parties promptly in advance thereof), (c) the office of the U.S. Trustee, any ad-hoc or statutorily appointed committee of unsecured creditors, and their respective representatives and professional advisors on a confidential and “need to know” basis, (d) to the Bankruptcy
Court, and as necessary, to obtain approval of the DIP Facility in connection with the Debtors’ bankruptcy cases, (e) as and to the extent required in any financial statements or for other customary accounting purposes, (f) you may
disclose the aggregate amount of the premiums hereunder as part of projections, pro forma information and a generic disclosure of aggregate sources and uses and (g) to the extent the Commitment Parties have consented to such disclosure in
writing (which may include through electronic means). Your obligations under this paragraph shall terminate automatically six months from the date of this Commitment Letter. 

Each Commitment Party agrees to keep confidential, and not to publish, disclose or otherwise divulge, confidential information with respect to the
transactions contemplated hereby or obtained from or on behalf of you or your respective affiliates in the course of the transactions contemplated hereby, except that the Commitment Parties shall be permitted to disclose such confidential
information (a) to their affiliates and their and their affiliates’ respective directors, officers, agents, employees, attorneys, accountants and advisors involved in the transactions contemplated hereby on a “need to know” basis
and who are made aware of and agree to comply with the provisions of this paragraph, in each case on a confidential basis (with the Commitment Party responsible for such persons’ compliance with this paragraph), (b) on a confidential basis to
any bona fide prospective DIP Lender, prospective participant or swap counterparty (in accordance with the terms of 

  
 6 

 
the DIP Term Sheet) that agrees to keep such information confidential in accordance with (x) the provisions of this paragraph (or language substantially similar to this paragraph that is
reasonably acceptable to you) for your benefit or (y) other customary confidentiality language in a “click-through” arrangement, (c) as required by the order of any court or administrative agency or in any pending legal, judicial
or administrative proceeding, or otherwise as required by applicable law, regulation or compulsory legal process (in which case you agree, to the extent not prohibited by law, to inform Commitment Parties promptly in advance thereof), (d) to the
extent such information: (i) becomes publicly available other than as a result of a breach of this Commitment Letter or other confidentiality obligation owed by such Commitment Party to you or your affiliates or (ii) becomes available to
the Commitment Parties on a non-confidential basis from a source other than you or on your behalf that, to such Commitment Party’s knowledge, is not in violation of any confidentiality obligation owed to
you or your affiliates, (e) to the extent you shall have consented to such disclosure in writing (which may include through electronic means), (f) as is necessary in protecting and enforcing the Commitment Parties’ rights with respect to
this Commitment Letter and/or the DIP Facility, (g) to the extent independently developed by such Commitment Party or its affiliates without reliance on confidential information, (h) with respect to the existence and contents of the DIP Term
Sheet and DIP Loan Documents, in consultation with you, to the rating agencies or (i) with respect to the existence and contents of this Commitment Letter and the DIP Facility, to market data collectors or similar service providers in
connection with the arrangement, administration or management of the DIP Facility and to industry trade organizations where such information with respect to the DIP Facility is customarily included in league table measurements. The Commitment
Parties’ and their respective affiliates’, if any, obligations under this paragraph shall terminate automatically to the extent superseded by the confidentiality provisions in the DIP Loan Documents upon the effectiveness thereof and, in
any event, shall terminate automatically six months from the date of this Commitment Letter. 
 10. Miscellaneous. 

You acknowledge and agree that nothing in this Commitment Letter or the nature of our services or in any prior relationship will be deemed to create an
advisory, fiduciary or agency relationship between any Commitment Party, the DIP Agent or any of their respective affiliates, on the one hand, and you, your equity holders or your affiliates, on the other hand, and you waive, to the fullest extent
permitted by law, any claims you may have against any Commitment Party, the DIP Agent or any of their respective affiliates for breach of fiduciary duty or alleged breach of fiduciary duty in connection with this Commitment Letter or the
transactions contemplated hereby, and agree that no Commitment Party, DIP Lender, or DIP Agent or affiliates of any of the foregoing will have any liability (whether direct or indirect) to you in respect of such a fiduciary duty claim or to any
person asserting a fiduciary duty claim on your behalf, including your equity holders, employees or creditors. You acknowledge that the transactions contemplated hereby (including the exercise of rights and remedies hereunder) are arm’s-length commercial transactions and that we and the DIP Agent are acting as principal and in our own respective best interests. You are relying on your own experts and advisors to

  
 7 

 
determine whether the transactions contemplated hereby are in your best interests and are capable of evaluating and understanding, and you understand and accept, the terms, risks and conditions
of the transactions contemplated hereby. In addition, you acknowledge that we and the DIP Agent may employ the services of our respective affiliates in providing certain services hereunder and may exchange with such affiliates information concerning
CLVS and other companies that may be the subject of the transactions contemplated hereby and such affiliates will be entitled to the benefits afforded to us and the DIP Agent hereunder; provided, that any such affiliates receiving information
concerning CLVS and other companies in accordance with this paragraph shall be subject to the same confidentiality obligations provided for in this Commitment Letter (with each Commitment Party responsible for its affiliates’ compliance with
this paragraph). 
 The Commitment Parties hereby notify CLVS that, pursuant to the requirements of the USA PATRIOT Act, Title III of Pub. L. 107-56 (signed into law on October 26, 2001) (the “PATRIOT Act”) and the requirements of 31 C.F.R. § 1010.230 (the “Beneficial Ownership Regulation”), it and its
affiliates are required to obtain, verify and record information that identifies each DIP Loan Party, which information includes names, addresses, tax identification numbers and other information that will allow Commitment Parties and its affiliates
to identify each DIP Loan Party in accordance with the PATRIOT Act and the Beneficial Ownership Regulation. This notice is given in accordance with the requirements of the PATRIOT Act and the Beneficial Ownership Regulation and is effective for
Commitment Parties and its affiliates. 
 Each of the parties hereto agrees that this Commitment Letter is a binding and enforceable agreement (subject to
the effects of bankruptcy, insolvency, fraudulent conveyance, reorganization and other similar laws relating to or affecting creditors’ rights generally and general principles of equity (whether considered in a proceeding in equity or law))
with respect to the subject matter contained herein, including an agreement to negotiate in good faith and on an expedited basis the definitive documentation for the DIP Facility by the parties hereto in a manner consistent with this Commitment
Letter and the DIP Term Sheet, it being acknowledged and agreed that the availability of the DIP Facility is subject solely to the Conditions Precedent that are applicable to the relevant borrowing. 

If the foregoing correctly sets forth our agreement, please indicate CLVS’s acceptance of the terms of this Commitment Letter by returning to the
Commitment Parties executed counterparts of this Commitment Letter (which may be provided through electronic means) not later than 11:59 p.m., New York City time, on the date first written above. This offer will automatically expire at such time if
the Commitment Parties have not received such executed counterparts in accordance with the 
 preceding sentence. 

This Commitment Letter and the Backstop Commitments and agreements hereunder shall automatically terminate on the earlier of (i) Closing Date and
(ii) unless the Commitment Parties shall, in their sole discretion, agree in writing to an extension, 11:59 p.m., New York City time, on December 16, 2022. Notwithstanding the immediately preceding sentence, Section 3 above, as well
as the indemnification and expenses, confidentiality, 

  
 8 

 
information, jurisdiction, governing law and waiver of jury trial provisions contained herein shall remain in full force and effect in accordance with their terms notwithstanding the termination
of this Commitment Letter or the Commitment Parties’ Backstop Commitments hereunder; provided that your obligations under this Commitment Letter, other than those pursuant to Section 3 and with respect to confidentiality, shall
automatically terminate and be superseded by the applicable provisions in the DIP Loan Documents, in each case, to the extent covered thereby, on the date of the effectiveness of the DIP Loan Documents, and you shall be released from all liability
in connection therewith at such time. 
 [Signature Pages Follow] 

  
 9 

 We are pleased to have been given the opportunity to assist you in connection with this
financing. 
  

			
	 Very truly yours,
  

DIP Agent:
  

GLAS USA LLC

		
	By:	 	 /s/ Anny Hansen

		 	Name: Anny Hansen
		 	Title: Vice President

  
 [Signature Page to
Commitment Letter] 

 
			
	 Antara Capital LP, as investment adviser to

Antara Capital Master Fund LP

		
	By:	 	/s/ Himanshu Gulati
	 Name: Himanshu Gulati

Title: Chief Investment Officer

  
 [Signature Page to
Commitment Letter] 

 
			
	 HIGHBRIDGE TACTICAL CREDIT MASTER FUND, L.P. 
  

By: Highbridge Capital Management, LLC, as Trading Manager and not in its individual capacity.

		
	By:	 	/s/ Steve Ardovini
	 Name: Steve Ardovini

Title: Managing Director, Head of Operations

	
	 HIGHBRIDGE CONVERTIBLE DISLOCATION FUND, L.P. 
  

By: Highbridge Capital Management, LLC, as Trading Manager and not in its individual capacity.

		
	By:	 	/s/ Steve Ardovini
	 Name: Steve Ardovini

Title: Managing Director, Head of Operations

  
 [Signature Page to
Commitment Letter] 

 
			
	D. E. Shaw Valence Portfolios, L.L.C.
		
	By:	 	/s/ Stephen Eilenberg
	 Name: Stephen Eilenberg

Title: Authorized Signatory

  
 [Signature Page to
Commitment Letter] 

 
			
	 CORBIN ERISA OPPORTUNITY FUND, LTD
  

By: Antara Capital LP its Sub-Advisor / Investment Advisor

		
	By:	 	/s/ Lance Kravitz
	 Name: Lance Kravitz
 Title: Chief
Operating Officer & Chief Financial Officer

	
	 CORBIN OPPORTUNITY FUND LP
  

By: Antara Capital LP its Sub-Advisor / Investment Advisor

		
	By:	 	/s/ Lance Kravitz
	 Name: Lance Kravitz
 Title: Chief
Operating Officer & Chief Financial Officer

  
 [Signature Page to
Commitment Letter] 

 
			
	 Kutdiken Holdings LLC
  

By: Farallon Capital Management, L.L.C.,

its Manager

		
	By:	 	/s/ Michael Linn
	 Name: Michael Linn
 Title: Managing
Member

  
 [Signature Page to
Commitment Letter] 

 
			
	 Nineteen77 Global Multi-Strategy Alpha Master Limited,

 
 by its investment manager UBS O’Connor LLC

		
	By:	 	/s/ Doyle Horn
	 Name: Doyle Horn
 Title:
Director

		
	By:	 	/s/ Jennifer Edelheit
	 Name: Jennifer Edelheit
 Title:
Executive Director

  
 [Signature Page to
Commitment Letter] 

			
	 Accepted and agreed to as of the date first above written:

 
 CLOVIS ONCOLOGY, INC.

		
	By:	 	/s/ Paul Gross
	 Name: Paul Gross
 Title: Executive
Vice President and General Counsel

  
 [Signature Page to
Commitment Letter] 

 Schedule 1 

Backstop Commitments 
  

																	
	 Commitment Party
	  	Initial Draw
Commitment	 	  	Second Draw
Commitment	 	  	Third Draw
Commitment	 	  	Percentage	 
	 [****]
	  	 	[****	] 	  	 	[****	] 	  	 	[****	] 	  	 	[****	] 
	 [****]
	  	 	[****	] 	  	 	[****	] 	  	 	[****	] 	  	 	[****	] 
	 [****]
	  	 	[****	] 	  	 	[****	] 	  	 	[****	] 	  	 	[****	] 
	 [****]
	  	 	[****	] 	  	 	[****	] 	  	 	[****	] 	  	 	[****	] 
	 [****]
	  	 	[****	] 	  	 	[****	] 	  	 	[****	] 	  	 	[****	] 
	 [****]
	  	 	[****	] 	  	 	[****	] 	  	 	[****	] 	  	 	[****	] 
	 [****]
	  	 	[****	] 	  	 	[****	] 	  	 	[****	] 	  	 	[****	] 
	 [****]
	  	 	[****	] 	  	 	[****	] 	  	 	[****	] 	  	 	[****	] 
		  	  
	  
	 	  	  
	  
	 	  	  
	  
	 	  	  
	  
	 
		  	$	30,000,000	 	  	$	32,500,000	 	  	$	12,500,000	 	  	 	100	% 
		  	  
	  
	 	  	  
	  
	 	  	  
	  
	 	  	  
	  
	 

  
 **** Confidential treatment
requested. 

 Exhibit A 

DIP Term Sheet 
 (see
attached) 

 [Execution Version] 

EXHIBIT A 
 DIP
TERM SHEET 
 CLOVIS ONCOLOGY, INC. 

This summary of terms and conditions (this “DIP Term Sheet”) sets forth the material terms of a proposed debtor-in-possession financing facility that the DIP Lenders (as defined below) are contemplating providing to Clovis Oncology, Inc. (the “Borrower”)
and its subsidiaries that may be debtors and debtors in possession (together with the Borrower, the “Debtors”) in connection with the chapter 11 cases (the “Chapter 11 Cases”) to be filed by the
Debtors under chapter 11 of title 11 of the United States Code, 11 U.S.C. §§ 101-1532, as amended (the “Bankruptcy Code”). 

This DIP Term Sheet does not attempt to describe all of the terms, conditions, and requirements that would pertain to the financing described
herein, but rather is intended to be a summary outline of certain basic items, which shall be set forth in final documentation, which documentation shall be acceptable in all respects to the Borrower, the DIP Agent, and the DIP Lenders. 

 

			
	Borrower:	  	Clovis Oncology, Inc.
		
	Guarantors:	  	The DIP Obligations (as defined below) of the Borrower shall be unconditionally guaranteed, on a joint and several basis, by each of the Debtors and non-Debtors set forth on Schedule
1 (each, a “Guarantor”, and the Guarantors together with the Borrower, the “DIP Loan Parties”).
		
	DIP Facility: 	  	 The debtor-in-possession facility (the “DIP
Facility”) shall include new money term loans to be advanced and made available to the Borrower pursuant to the terms and conditions herein (the “New Money DIP Loans”) in multiple draws in the
aggregate maximum principal amount of $75 million (the “New Money DIP Commitment”).
  

Subject to the terms and conditions set forth herein and in the DIP Loan Documents (as defined below), including the DIP Budget (as defined below), the New
Money DIP Loans will be made available to the Borrower in multiple draws as follows: (i) an initial draw of up to $30 million that will be made available to the Borrower upon entry of the Interim DIP Order (as defined below) (the
“Initial Draw”); (ii) a second draw of up to $32.5 million that will be made available to the Borrower following entry of the Final DIP Order (as defined below); and (iii) a third draw of up to
$12.5 million that will be made available to the Borrower no earlier than February 15, 2023 absent the consent of the Required DIP Lenders.

		
	Backstop Lenders	  	The members of the ad hoc committee of Prepetition Noteholders represented by Paul, Weiss, Rifkind, Wharton & Garrison LLP set forth on Schedule 2 (collectively, and together with their successors and assigns,
the “Backstop Lenders”).

			
	DIP Lenders	  	 The Backstop Lenders, together with other Prepetition Noteholders that elect to participate in funding their respective pro rata portions
(i.e., the proportion of the principal amount of Prepetition Notes held by each such Prepetition Noteholder relative to the aggregate principal amount of Prepetition Notes outstanding) of the New Money DIP Commitment (collectively, and together with
their successors and assigns, the “DIP Lenders”). All Prepetition Noteholders shall be offered the opportunity to elect to be a DIP Lender prior to entry of the Final DIP Order pursuant to procedures reasonably acceptable to
the Borrower and the Backstop Lenders.
  
 All rights and obligations of the DIP Lenders
under the DIP Facility shall be several and not joint.
  
 “Required DIP
Lenders” means two or more unaffiliated DIP Lenders holding, in the aggregate, not less than 50.1% of total New Money DIP Commitments.

		
	Backstop	  	 The New Money DIP Commitment will be backstopped by the Backstop Lenders on the terms set forth in the commitment letter to which this DIP
Term Sheet is annexed as Exhibit A (the “Backstop Commitment Letter”).
  

In consideration for their backstop commitments, the Backstop Lenders shall be entitled to a 7.00% backstop fee on the New Money DIP Commitment, payable in
kind ratably based on the backstop commitment of each Backstop Lender (the “Backstop Commitment Fee”), which shall be fully earned and payable in kind upon entry of the Interim DIP Order.

		
	DIP Agent:	  	Global Loan Agency Services Limited (the “DIP Agent”).
		
	Term:	  	 The DIP Facility will mature on the earliest of (such earliest date, the “Maturity Date”):

 
 (a)   six (6) months
following the Closing Date (the “Scheduled Maturity Date”);
  

(b)   the effective date of the Acceptable Plan (as defined below);

 
 (c)   the consummation of a
sale of all or substantially all of the assets of the Debtors pursuant to section 363 of the Bankruptcy Code or otherwise, including, for the avoidance of doubt, consummation of the Sale Transaction (as defined below);

 
 (d)   the date of termination
of the New Money DIP Commitments and the acceleration of any outstanding DIP Loans in accordance with the terms of the debtor-in-possession credit agreement (the
“DIP Credit Agreement”) and the other definitive documentation, the forms of which shall be acceptable to the Borrower, the DIP Agent, and the Required DIP Lenders, with respect to the DIP Facility (collectively with the DIP
Credit Agreement and the related security and ancillary documents, the “DIP Loan Documents”);

  
 2 

			
		
		  	 (e)   dismissal of the Chapter 11 Cases or conversion of the Chapter 11 Cases into
cases under chapter 7 of the Bankruptcy Code; and
  

(f)   other customary dates, events and/or circumstances to be mutually agreed.

		
	Interest:	  	8.00% per annum interest on the DIP Loans, in each case payable in kind on a monthly basis, with a default interest rate of an additional 2.00% per annum.
		
	 Upfront Fee and Prepayment

Premium:
	  	1.50% upfront fee on the New Money DIP Commitment, payable to each DIP Lender, which shall be fully earned and payable in kind on the Closing Date (the “Upfront Fee”), and premium of (x) 3.00% on all DIP
Obligations that are mandatorily repaid or prepaid by the Debtors at any time on or prior to the Maturity Date from the net proceeds of a Sale Transaction, or a sale transaction of Rubraca, payable to each DIP Lender in cash (the “Sale
Proceeds Prepayment Premium”), or (y) 5.00% on all DIP Obligations upon any other repayment or prepayment of the DIP Obligations at any time on or prior to the Maturity Date, payable to each DIP Lender in cash (the “Non-Sale Proceeds Prepayment Premium”); provided that no partial voluntary repayments or prepayments of the DIP Obligations shall be permitted. For the avoidance of doubt, prior to the incurrence
of the Sale Fee, any prepayment or repayment of the DIP Obligations (other than a mandatory prepayment from the proceeds of a Sale Transaction, which shall be subject to the Sale Proceeds Prepayment Premium), including any repayment or prepayment of
the DIP Obligations from the proceeds of a refinancing of the DIP Facility, shall be subject to the Non-Sale Proceeds Prepayment Premium.
		
	Sale Fee	  	 An amount equal to the product of (a) the sum of (x) the aggregate amount of DIP Obligations as of the Maturity Date (without
taking into account any repayment of the DIP Obligations that occurs on the Maturity Date), plus (y) any outstanding New Money DIP Commitments as of the Maturity Date less (z) any amounts that have been mandatorily prepaid
with proceeds of any Sale Transaction (as defined below) on or prior to the Maturity Date on account of (i) any initial upfront payment realized by the Debtors and (ii) if the Stalking Horse APA is consummated as the Sale Transaction, the
milestone payment related to the amendment of the Borrower’s investigational new drug application and (b) 1.5 (the “Sale Fee”).
  

On the Maturity Date, the outstanding DIP Obligations (after accounting for any amounts that have been mandatorily repaid or prepaid with proceeds of any Sale
Transaction (as defined below)) shall be automatically increased by an amount equal to the Sale Fee. For the avoidance of doubt, no prepayment premium shall be payable on account of any repayment or prepayment of the DIP Obligations after the Sale
Fee has been earned and triggered.

  
 3 

			
	Use of Cash Collateral	  	At the hearing on interim approval of the DIP Facility, the Debtors shall seek authorization to use cash collateral of the holders of Prepetition Financing Agreement Obligations (as defined below) (the “Cash
Collateral”) for the limited purpose of funding expenses that are incurred (including estate professional fees and employee costs) to preserve the value of, the collateral securing the Prepetition Financing Agreement Obligations (the
“Prepetition Financing Agreement Collateral” and, an order authorizing such use of Cash Collateral on an interim basis, the “Interim Cash Collateral Order”).
		
	Use of Proceeds:	  	Subject to the DIP Budget, DIP Cash Flow Forecast (each as defined below), and permitted variances, proceeds of the DIP Facility shall be available for the Debtors’ working capital needs, including to fund the costs of the
administration of the Chapter 11 Cases and to pay professional fees and expenses; provided that the Debtors shall use reasonable best efforts to allocate professional fees and expenses as described herein.
		
	 Lockbox Account
	  	 The Debtors shall deposit all net cash proceeds (net of required cure costs and investment banking fees) realized by the Debtors in
connection with the Sale Transaction (the “Net Cash Proceeds”) in a segregated account under the control of the DIP Agent (the “Lockbox Account”), and any amounts on deposit in the Lockbox Account
shall immediately be used to mandatorily prepay the DIP Obligations. Prior to or concurrently with the closing of the Sale Transaction, amounts representing the final cure costs that have been determined by the Bankruptcy Court or resolved
consensually with the contract counterparty, and estimated cure costs for contracts that may be assigned in the Sale Transaction for which cure costs have not been fixed prior to the closing date of the Sale Transaction, shall be placed in an escrow
account. Following the resolution or determination of such cure costs, and payment thereof, the Net Cash Proceeds related to the cure costs shall be deposited into the Lockbox Account. For the avoidance of doubt, the Debtors shall be entitled to
retain $10 million (not out of sale proceeds, but from cash on hand in accordance with the DIP Budget) to fund a wind-down of the estates following closing of the Sale Transaction.

 
 Notwithstanding anything herein to the contrary, without the prior written consent of
the Required DIP Lenders, the Debtors shall not be permitted to, directly or indirectly, use or otherwise expend more than $6 million to pay or otherwise satisfy cure costs in connection with the assumption and/or assignment of executory
contracts or unexpired leases in connection with the Sale Transaction.

	Budget:	  	 It shall be a condition precedent to the effectiveness of the DIP Facility that the Debtors shall have delivered, all on a consolidated basis
(i) a monthly line item budget covering the period from the date of the filing of the Chapter 11 Cases (the “Petition Date”) through the anticipated Maturity Date (the “DIP Budget”) and
(ii) a 13-week cash flow forecast (the “DIP Cash Flow Forecast”), in each case, which shall include, among other things, detail with respect to disbursements on account of clinical
trials and shall be in form and substance acceptable to the Debtors and the Required DIP Lenders. The Debtors shall update the DIP Budget monthly subject to the Company’s month-end closing process, but no
later than thirty (30) calendar days after month-end. The Debtors shall provide an updated DIP Cash Flow Forecast reflecting 

  
 4 

			
		  	 the most recently updated and approved DIP Budget, which shall be deemed accepted unless the Required DIP Lenders object via email to the
Debtors and their advisors within five (5) business days of receipt, and a report of any variances from the DIP Cash Flow Forecast bi-weekly; provided that, if the Required DIP Lenders object to any
future DIP Budget or DIP Cash Flow Forecast, the prior approved DIP Budget or DIP Cash Flow Forecast shall remain in place and in full effect until a new DIP Budget or DIP Cash Flow Forecast is not objected to by the Required Lenders.

 
 Over each rolling two-week period, the Debtors
shall not permit (i) operating expense disbursements (excluding capital expenditures in clause (ii) and restructuring costs in the following sentence) to exceed the amount set forth in the DIP Cash Flow Forecast for such period by more
than 15%, and (ii) capital expenditures to exceed the amount set forth in the DIP Cash Flow Forecast for such period by more than the greater of 10% and $500,000. Over each four-week period, the Debtors shall not permit restructuring costs to
exceed the amount set forth in the DIP Cash Flow Forecast for such period by more than 25%.

		
	Priority and Security:	  	 Subject to the Carve-Out (as defined below), all obligations of the Debtors under the DIP Facility
(the “DIP Obligations”) shall be:
  

(i) entitled to superpriority claim status pursuant to Section 364(c)(1) of the Bankruptcy Code with
priority over all administrative expense claims and unsecured claims now existing or hereafter arising under the Bankruptcy Code (the “DIP Superpriority Claims”);

 
 (ii)  secured, pursuant to
Section 364(c)(2) of the Bankruptcy Code, by a valid, enforceable, fully perfected first priority lien on all property of the Debtors’ estates (whether tangible, intangible, real, personal or mixed and wherever located) as of the Petition
Date that, as of the Petition Date, was unencumbered (including, without limitation, (A) the proceeds of the Debtors’ interests in FAP-2286 and that certain License and Collaboration Agreement
(the “3BP License”), dated September 20, 2019, by and between 3B Pharmaceuticals GmbH and the Borrower (collectively, but excluding a lien on the 3BP License itself, the “FAP Assets”),
inclusive of any proceeds realized by the Debtors in connection with the Sale Transaction (as defined below) and all amounts deposited in the Lockbox Account), (B) the Debtors’ interests in all other assets to be sold or otherwise transferred
pursuant to the terms of the Sale Transaction, and any proceeds thereof, (C) the Debtors’ interests in the agreements governing the Sale Transaction, and any proceeds thereof, and (D) subject to entry of the Final DIP Order, the
proceeds of estate causes of action under chapter 5 of the Bankruptcy Code), whether now existing or hereafter acquired or arising (collectively with the FAP Assets, the “Unencumbered Assets”); and

 
 (iii)  secured, pursuant to
Section 364(c)(3) of the Bankruptcy Code, by a valid, enforceable, fully perfected second priority lien on all of the Debtors’ rights in property of the Debtors’ estates (whether tangible, intangible, real, personal or mixed and
wherever located) as of the Petition Date that (x) secures the Prepetition Financing Agreement 

  
 5 

			
		  	 Obligations; (y) is subject to valid, perfected, and nonavoidable liens in existence on the Petition Date (other
than with respect to the Prepetition Financing Agreement Obligations); or (z) is subject to valid liens in existence on the Petition Date that are perfected subsequent to the Petition Date as permitted by section 546(b) of the Bankruptcy Code
(the collateral described in clauses (ii) and (iii), collectively, the “DIP Collateral”).
  

As used herein, “DIP Liens” shall mean the liens described in clauses (ii) through (iii) immediately above. The DIP Liens
described herein shall, to the fullest extent permitted by applicable law, be effective and perfected upon entry of the Interim DIP Order and without the necessity of the execution of mortgages, security agreements, pledge agreements, financing
statements or other agreements; provided that, for the avoidance of doubt, the DIP Liens on FAP Assets shall not extend to the 3BP License itself, but shall extend to all right, title, and interest of the Debtors to receive payments under, in
respect of, on account of, or otherwise in relation to the 3BP License or any rights related thereto, with the assignment and sale of the 3BP License pursuant to the Stalking Horse APA or Alternative APA (each as defined below), and any and all
other assets transferred pursuant to the Stalking Horse APA or Alternative APA, being free and clear of all DIP Liens, claims, and encumbrances (including free and clear of any right, title, and interest of the Debtors to receive payments under, in
respect of, on account of, or otherwise in relation to the 3BP License or any rights related thereto), with the DIP Liens, as part of consummation and closing of the Sale Transaction being released against the FAP Assets pursuant to the terms and
conditions set forth in the DIP Loan Documents, and attaching solely to the proceeds of such Sale Transaction (as defined below) or any other transfer or disposition of the 3BP License and other FAP Assets on a first priority basis.

 
 DIP Collateral shall also include any and all rents, issues, products, offspring,
proceeds, and profits generated by any item of DIP Collateral, without the necessity of any further action of any kind or nature by the DIP Lenders in order to claim or perfect such rents, issues, products, offspring, proceeds, and/or profits.

 
 The liens and superpriority claims of the DIP Lenders under the DIP Loan Documents shall
be subject to the “Carve-Out,” which shall be comprised of (a) accrued but unpaid fees, costs, and expenses of the professionals of the Debtors and any official committee of
unsecured creditors (the “Committee” and the professional persons of the Debtors and the Committee, the “Professional Persons”) incurred at any time prior to the DIP Agent’s (acting at the written
direction of the Required DIP Lenders) delivery of a Carve-Out Trigger Notice (as defined below), to the extent allowed by the Bankruptcy Court (whether allowed before or after delivery of the Carve-Out Trigger Notice), (b) unpaid fees, costs, and expenses of the Professional Persons incurred on or after delivery of a Carve-Out Trigger Notice not to exceed
$1,000,000 in the aggregate, to the extent allowed by the Bankruptcy Court (whether allowed before or after delivery of the Carve-Out Trigger Notice), (c) all fees and expenses required to be paid pursuant to
28 U.S.C. § 1930(a) plus interest at the statutory rate, and (d) all reasonable and documented out-of-pocket fees and expenses, in an aggregate amount not to
exceed $50,000,

  
 6 

			
		  	 incurred by a trustee under section 726(b) of the Bankruptcy Code. “Carve-Out Trigger
Notice” means written notice by the DIP Agent (acting at the written direction of the Required DIP Lenders) to the Debtors invoking the Carve-Out, which notice may be delivered at any time after
the occurrence, and during the continuation, of an Event of Default.
  
 The Debtors
shall, on a weekly basis, transfer cash proceeds from the DIP Facility or cash on hand into a segregated account not subject to the control of the DIP Agent, the DIP Lenders, or the agent or lenders under the Prepetition Financing Agreement (the
“Professional Fees Account”), in an amount equal to the good faith estimates of Professional Persons for the amount of unpaid fees and expenses incurred during the preceding week by such Professional Person. Upon the
delivery of the Carve-Out Trigger Notice, the Debtors shall be required to deposit, in the Professional Fees Account, an amount equal to the Carve-Out.

 
 The Professional Fees Account, and all funds held in the Professional Fees Account,
shall be held in trust exclusively for the benefit of the Professional Persons, and shall be available only to satisfy obligations benefitting from the Carve-Out, and the DIP Agent and DIP Lenders
(i) shall not sweep or foreclose on cash of the Debtors necessary to fund the Professional Fees Account and (ii) shall have a security interest upon any residual interest in the Professional Fees Account available following satisfaction in
cash in full of all obligations benefitting from the Carve-Out, and the priority of such lien on the residual interest shall be consistent with the DIP Liens.

		
	 Conditions Precedent to
 Closing and
Funding
 the Initial Draw:
	  	 (a)   The Interim DIP Order, in form and substance acceptable to the Borrower, the
DIP Agent, and the Required DIP Lenders, shall have been entered by the Bankruptcy Court, shall include approval of the Backstop Commitment Fee, shall be in full force and effect, shall not have been reversed, vacated, or stayed, and shall not have
been amended, supplemented, or otherwise modified without the prior written consent of the Required DIP Lenders.
  

(b)   Receipt by each DIP Lender and the DIP Agent, as applicable, of all documentation and other
information required by regulatory authorities under applicable “know your customer” and anti-money laundering rules and regulations to the extent requested by the DIP Lenders and the DIP Agent, as applicable, at least three
(3) business days prior to funding.
  

(c)   Receipt of a DIP Budget and DIP Cash Flow Forecast in each case that is acceptable to the
Debtors, the DIP Agent, and the Required DIP Lenders.
  

(d)   The first-day pleadings (including any pleadings
seeking approval of the DIP Facility), as well as all orders sought pursuant thereto, shall be in form and substance reasonably acceptable to the Required DIP Lenders; provided that the DIP Motion (as defined below) must be acceptable to the
Required DIP Lenders.

  
 7 

			
		
		  	 (e)   Execution of that certain Purchase and Assignment Agreement, by and
between the Borrower and Novartis Innovative Therapies AG, with respect to the sale of the FAP Assets in the form attached hereto as Exhibit A (the “Stalking Horse APA”).

 
 (f)   The Debtors have obtained
the consent of 3BP to the sale and assignment of the FAP Assets pursuant to the Stalking Horse APA.
  

(g)   Other conditions precedent customary for debtor-in-possession financing facilities of this type.
  

The date on which the conditions precedent to closing are satisfied is referred to herein as the “Closing Date.”

		
	 Conditions Precedent to
 Subsequent
Draws:
	  	 (a)   The Final DIP Order (as defined below), in form and substance acceptable to
the Borrower, the DIP Agent, and the Required DIP Lenders, shall have been entered by the Bankruptcy Court, shall be in full force and effect, shall not have been reversed, vacated, or stayed, and shall not have been amended, supplemented, or
otherwise modified without the prior written consent of the Required DIP Lenders.
  

(b)   The Final Cash Collateral Order (as defined below), in form and substance acceptable to the
Borrower, the DIP Agent, and the Required DIP Lenders, shall have been entered by the Bankruptcy Court, shall be in full force and effect, shall not have been reversed, vacated, or stayed, and shall not have been amended, supplemented, or otherwise
modified without the prior written consent of the Required DIP Lenders.
  

(c)   Execution and delivery of the DIP Loan Documents in form and substance acceptable to the
Borrower, the DIP Agent, and the Required DIP Lenders.
  

(d)   The absence of an Event of Default under the DIP Loan Documents.

 
 (e)   The Stalking Horse APA
shall be in full force and effect and shall not have been terminated unless, consistent with the Bidding Procedures (as defined below), another purchase agreement with respect to the FAP Assets that is in form and substance acceptable to the DIP
Agent and the Required DIP Lenders (the “Alternative APA”) is executed by the Debtors concurrently with the termination of the Stalking Horse APA and, in such case, the Alternative APA shall be in full force and effect and
shall not have been terminated.
  

(f)   The Debtors have obtained the consent of 3BP to the sale and assignment of the FAP Assets
pursuant to the Stalking Horse APA or an Alternative APA, as applicable.

  
 8 

			
		
		  	 (g)   Other conditions precedent customary for debtor-in-possession financing facilities of this type.

		
	Representations and Warranties:	  	Customary representations and warranties for facilities of this type to be agreed.
		
	Covenants:	  	The affirmative and negative covenants in the DIP Loan Documents shall be customary for facilities of this type and otherwise acceptable to the Required DIP Lenders; provided that (i) the affirmative covenants for the
DIP Facility will include bi-weekly cash reporting; update meetings and/or calls with the Debtors’ senior management and advisors and the DIP Lenders weekly if requested; and updates (including advance
notice) regarding any meetings, discussions or proposals with respect to (x) regulatory approvals relating to applicable antitrust law (including, but not limited to, the Hart-Scott-Rodino Act), if any, and (y) the Debtors’ material
assets, rights, or other interests with any persons, including the FDA and other governmental or regulatory authorities, potential financing partners or potential strategic partners, and (ii) the negative covenants for the DIP Facility will
include additional provisions requiring compliance with the DIP Cash Flow Forecast (subject to permitted variances), relating to bankruptcy matters, and prohibiting restricted payments, optional prepayments of debt, the incurrence of additional
indebtedness, the granting of additional liens, the consummation of mergers, consolidations, and other fundamental changes, the making of investments or the consummation of asset dispositions, in each case subject to exceptions specifically provided
for in the DIP Loan Documents.
		
	Mandatory Prepayments	  	The DIP Loan Documents shall contain mandatory prepayment provisions customary for debtor-in-possession financing facilities of this type, including a
mandatory prepayment of any Net Cash Proceeds.
		
	Milestones:	  	 The Debtors shall comply with the following milestones (the “Milestones”), which Milestones may be extended in
writing by the DIP Agent (acting at the written direction of the Required DIP Lenders, provided that email consent from counsel to the Required DIP Lenders shall constitute sufficient written direction) and the Required DIP Lenders in their sole and
absolute discretion:
  

(a)   On or before the day that is one (1) calendar day after the Petition Date, the Debtors
shall have filed motions, in form and substance acceptable to the Borrower and the Required DIP Lenders, seeking approval of the DIP Facility on an interim and final basis (the “DIP Motion”);

 
 (b)   On or before the day that
is five (5) calendar days after the Petition Date, the Bankruptcy Court shall have entered an order (the “Interim DIP Order”), in form and substance acceptable to the Borrower and the Required DIP Lenders, approving the
DIP Motion on an interim basis and approving the Backstop Commitment Fee;
  

(c)   On or before the day that is ten (10) calendar days after entry of the Interim DIP Order,
the Debtors shall have executed and delivered the DIP Loan Documents in form and substance acceptable to the Borrower, the DIP Agent, and the Required DIP Lenders;

  
 9 

			
		  	 (d)   On or before the day that is forty (40) calendar days after the
Petition Date, the Bankruptcy Court shall have entered an order, in form and substance acceptable to the Borrower, the DIP Agent, and the Required DIP Lenders, approving the DIP Motion on a final basis (the “Final DIP Order”
and, together with the Interim DIP Order, the “DIP Orders”);
  

(e)   On or before the day that is forty (40) calendar days after the Petition Date, the
Bankruptcy Court shall have entered an order, in form and substance acceptable to the Borrower, the DIP Agent, and the Required DIP Lenders, authorizing, on a final basis, the Debtors’ use of Cash Collateral for the limited purpose of funding
expenses directly relating or attributable to, or otherwise preserving the value of, the Prepetition Financing Agreement Collateral, including, for the avoidance of doubt, authorization to use Cash Collateral to make payments with respect to any gross-to-net charges and royalties (and any related expenses) directly and solely related to sale receipts of Rubraca on account of the Prepetition Financing Agreement
Collateral (the “Final Cash Collateral Order” and, together with the Interim Cash Collateral Order, the “Cash Collateral Orders”);

 
 (f)   On or before the day that
is forty (40) calendar days after the Petition Date, the Bankruptcy Court shall have entered an order, in form and substance acceptable to the Borrower, the DIP Agent, and the Required DIP Lenders, approving (i) procedures governing the
sale and marketing process for the FAP Assets, which procedures shall be in form and substance acceptable to the Required DIP Lenders (the “Bidding Procedures”) and (ii) the Stalking Horse APA as the stalking horse bid
for the FAP Assets;
  

(g)   On or before the day that is ninety (90) calendar days after the Petition Date, the
Bankruptcy Court shall have entered an order, in form and substance acceptable to the Borrower, the DIP Agent, and the Required DIP Lenders, approving a disclosure statement and procedures with respect to solicitation of a chapter 11 plan that is in
form and substance acceptable to the Required DIP Lenders and that, among other things, provides for the issuance of the CVRs (as defined below) (the “Acceptable Plan”), which disclosure statement, solicitation procedures,
and Acceptable Plan shall be in form and substance acceptable to the Borrower, the DIP Agent and the Required DIP Lenders;
  

(h)   On or before the day that is ninety (90) calendar days after the Petition Date, to the
extent that the Debtors receive qualified bids other than the Stalking Horse APA with respect to the FAP Assets in accordance with the Bidding Procedures, the Debtors shall have conducted an auction with respect to the FAP Assets in accordance with
the Bidding Procedures;
  
 (i) On or
before the day that is one hundred and five (105) calendar days after the Petition Date, the Bankruptcy Court shall have entered an order, in form and substance acceptable to the Borrower, the DIP Agent, and the Required DIP Lenders, approving
the sale of the FAP Assets pursuant to the Stalking Horse APA or an Alternative APA (the “Sale Transaction”);

  
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		  	 (j) On or before the day that is one hundred and twenty (120) calendar days after the
Petition Date, the Bankruptcy Court shall have entered an order, in form and substance acceptable to the Borrower, the DIP Agent, and the Required DIP Lenders, confirming the Acceptable Plan;

 
 (k)   On or before the day that
is one hundred and seventy (170) calendar days after the Petition Date, the Debtors shall have consummated the Sale Transaction; and
  

(l) On or before the day that is one hundred and seventy (170) calendar days after the Petition Date, the
effective date of the Acceptable Plan shall have occurred.

		
	Events of Default:	  	The events of default for the DIP Facility (collectively, the “Events of Default”) shall be customary for facilities of this type and otherwise acceptable to the DIP Lenders; provided that the
Events of Default for the DIP Facility will include but not be limited to the following: conversion of any of the Chapter 11 Cases to chapter 7 case(s); the dismissal of any of the Chapter 11 Cases (or any subsequent chapter 7 case(s)); the failure
of any Debtor to comply with any DIP Order; the failure of any Debtor to comply with any Cash Collateral Order; any DIP Order is revoked, remanded, vacated, reversed, stayed or rescinded or modified (other than modifications consented to by DIP
Agent and the Required DIP Lenders); any Cash Collateral Order is revoked, remanded, vacated, reversed, stayed or rescinded or modified (other than modifications consented to by DIP Agent and the Required DIP Lenders); appointment of a trustee,
examiner, or disinterested person with expanded powers relating to the operations or the business of any of the Debtors in the Chapter 11 Cases; any administrative expense claim is allowed having priority over or ranking in parity with the
DIP Superpriority Claims or the rights of the DIP Agent; the DIP Collateral is surcharged pursuant to sections 105, 506(c), or any other section of the Bankruptcy Code (except to the extent relating to the surcharge of the Prepetition Financing
Agreement Collateral); any sale of the material assets of a Debtor other than a sale on terms and conditions reasonably acceptable to the DIP Agent and the Required DIP Lenders; payment of or granting adequate protection with respect to any of the
existing secured debt of the Debtors, other than to the extent set forth herein and as permitted under the Cash Collateral Orders; liens or superpriority claims with respect to the DIP Facility shall at any time cease to be valid, perfected and
enforceable in all respects with the priority described herein; entry of an order terminating any Debtor’s exclusive right to a file a chapter 11 plan or the expiration of any Debtor’s exclusive right to file a chapter 11 plan; the
Debtors’ filing of a chapter 11 plan other than the Acceptable Plan; entry of an order granting relief from the automatic stay so as to allow any person to proceed against any material asset of any Debtor or that would permit other actions that
would have a material adverse effect on the Debtors or their estates; failure to comply with the DIP Cash Flow Forecast (subject to permitted variances); the filing or express written support by the Debtors of bidding procedures, sale processes,
transactions, plans of liquidation or related disclosure statements

  
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		  	that are not acceptable to the Required DIP Lenders; the failure to meet any Milestone; the termination of the Stalking Horse APA (unless an Alternative APA that is in form and substance acceptable to the DIP Agent and the Required
DIP Lenders is executed by the Debtors concurrently with the termination of the Stalking Horse APA in accordance with the Bidding Procedures); the termination of the Alternative APA, as applicable; and the Stalking Horse APA or Alternative APA, as
applicable, is amended, modified, or waived in any material respect without the consent of the Required DIP Lenders.
		
	Remedies upon Event of Default:	  	The remedies exercisable by the DIP Agent and the DIP Lenders following the occurrence of an Event of Default under the DIP Facility shall be customary for facilities of this type and otherwise acceptable to the DIP Agent and the
DIP Lenders.
		
	Contingent Value Rights	  	To the extent that the outstanding DIP Obligations are not paid in full in cash on the effective date of the Acceptable Plan, such outstanding DIP Obligations (which, for the avoidance of doubt, shall include the Sale Fee) shall be
converted on a dollar-for-dollar basis on the effective date of such Acceptable Plan into contingent value rights, in form and substance satisfactory to the Borrower and
the Required DIP Lenders, entitling the holders thereof to the proceeds realized by the Debtors or any successor(s) thereto in connection with the Sale Transaction until an amount equal to the outstanding DIP Obligations is paid in full in cash to
the holders thereof (the “CVRs”). For the avoidance of doubt, the CVRs shall not accrue any interest or be entitled to any premium.
		
	Expenses:	  	Subject to the DIP Loan Documents, all reasonable and documented out-of-pocket accrued and unpaid fees, costs, disbursements, and expenses of
(i) the DIP Agent (limited to the fees, costs, disbursements and expenses of a single counsel and, as necessary, other local and foreign counsel) and (ii) the DIP Lenders, including the fees and expenses of Paul, Weiss, Rifkind,
Wharton & Garrison LLP, as counsel to the Backstop Lenders, and, as necessary, other local counsel in their capacity as advisors to the Backstop Lenders, incurred in connection with the DIP Facility and the Chapter 11 Cases shall be paid on
a current basis. For the avoidance of doubt, any fees and expenses expressly set forth in any engagement letter executed by the Borrower (whether prior to or after the commencement of the Chapter 11 Cases) in respect of the engagement of any of the
foregoing professionals shall be deemed reasonable for all purposes hereunder.
		
	Indemnification:	  	The DIP Loan Documents will include customary indemnification provisions for the benefit of the DIP Agent, the Backstop Lenders, and the DIP Lenders and their related parties, each in their capacity as such.

  
 12 

			
		
	Release	  	The DIP Orders will include a customary release of the DIP Agent, the Backstop Lenders, and the DIP Lenders, each in their capacity as such, with respect to any and all claims and causes of action arising from or related to the DIP
Facility.
		
	Waivers	  	 The DIP Orders will include terms and conditions customary for interim or final DIP financing orders and shall be acceptable to the Required
DIP Lenders, including, without limitation, waiver of the automatic stay, credit-bidding rights (other than with respect to the FAP Assets for so long as the Stalking Horse APA has not been terminated), “no marshaling” provisions, and
waivers of the imposition of costs pursuant to section 506(c) of the Bankruptcy Code and the “equities of the case” exception in section 552(b) of the Bankruptcy Code, in each case, to the extent applicable.

 
 For the avoidance of doubt, unless otherwise consented to by the Required DIP Lenders,
neither the DIP Orders nor the Cash Collateral Orders shall include any stipulations, waivers of rights under sections 506(c) or 552(b) of the Bankruptcy Code, or adequate protection payments, in each case for the benefit of the holders of
Prepetition Financing Agreement Obligations.

		
	Adequate Protection	  	The Cash Collateral Orders will provide that, as adequate protection, holders of Prepetition Financing Agreement Obligations will receive, solely to the extent of any diminution of value of their interests in the Prepetition
Financing Agreement Collateral as of the Petition Date and in accordance with the applicable provisions of the Bankruptcy Code, (i) a valid, enforceable, fully perfected lien on all of the DIP Collateral, subject and subordinate only to
(a) the Carve-Out, (b) the DIP Liens, and (c) any valid, binding, enforceable, unavoidable, and duly perfected liens that are senior to the DIP Liens and (ii) to the extent of any
insufficiency, claims with priority in payment to the extent provided by section 507(b) of the Bankruptcy Code, subject and subordinate to (x) the Carve-Out and (y) the DIP Superpriority Claims. The
Cash Collateral Orders shall be in form and substance acceptable to the Borrower, the DIP Agent, and the Required DIP Lenders.
		
	Professional Fees	  	The Debtors shall use reasonable best efforts to allocate estate professional fees and expenses on the basis of whether such fees and expenses are attributable to or were otherwise incurred solely for purposes of preserving the
value of the Unencumbered Assets or the Prepetition Financing Agreement Collateral.
		
	Governing Law:	  	New York, but excluding any principles of conflicts of law or other rule of law that would cause the application of the law of any jurisdiction other than the State of New York (and, to the extent applicable, the Bankruptcy
Code).

  
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	Prepetition Facilities:	  	 Prepetition Financing Agreement: That certain Financing Agreement, dated as of May 1, 2019 (as amended, restated, amended and
restated, supplemented, or otherwise modified from time to time prior to the Petition Date, the “Prepetition Financing Agreement” and the obligations arising thereunder, the “Prepetition Financing Agreement
Obligations”), by and among Clovis Oncology, Inc., as Company, certain subsidiaries of Company, as Guarantors, the lenders from time to time party thereto, and Top IV SPV GP, LLC, as administrative agent.

 
 Prepetition Convertible Senior Notes: Those certain (i) 4.50% Convertible
Senior Notes due 2024 issued under the Indenture, dated as of August 13, 2019, between the Company, as issuer, and The Bank of New York Mellon Trust Company, N.A., as trustee, (ii) 4.50% Convertible Senior Notes due 2024 issued under the
Indenture, dated as of November 17, 2020, between the Company, as issuer, and The Bank of New York Mellon Trust Company, N.A., as trustee, and (iii) 1.25% Convertible Senior Notes due 2025 issued under the First Supplemental Indenture,
dated as of April 19, 2018, between the Company, as issuer, and The Bank of New York Mellon Trust Company, N.A., as trustee ((i)–(iii) collectively, the “Prepetition Notes” and the holders thereof, the
“Prepetition Noteholders”).

  
 14 

 Exhibit A 

Stalking Horse APA 

  
 15 

 Schedule 1 

Guarantors 
 Clovis Oncology
Ireland Limited 
 Clovis Oncology UK Limited

  
 16 

 Schedule 2 

Backstop Lenders 
 [****] 

  
 17 

**** Confidential treatment requested.

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