Document:

EX-10.16

 Exhibit 10.16 

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 DISCLOSED. 

MASTER SERVICE AGREEMENT 
 This Master
Service Agreement (the “Agreement”), effective as of February 22, 2017 (the “Effective Date”), is established between Centre for Probe Development and Commercialization, a not-for-profit research and services institution with offices located at McMaster University, Nuclear Research Building, 1280 Main Street West, Hamilton, Ontario, Canada, L8S 4K1, (“CPDC”),
and Fusion Pharmaceuticals Inc. (“FUSION”), having a place of business at Nuclear Research Building, 1280 Main Street West, Hamilton, Ontario, Canada, L8S 4K1, to define the general conditions to govern any contracted services to be
undertaken for FUSION by CPDC. In this Agreement, FUSION and CPDC may be referred to individually each as “Party” or collectively as the “Parties.” 

 

	1.	 RECITALS: CPDC is a
not-for-profit centre of excellence focused on the research, development and commercialization of radiopharmaceuticals and that has the capacity to engage in GMP
manufacturing specializing in radiopharmaceutical development. 

 To advance the clinical development and future
commercialization of its technologies, CPDC created FUSION. In creating FUSION, the Parties have entered into a separate licensing agreement dated November 19, 2015 to provide rights in certain CPDC technology to FUSION. 

In connection with entering into this Agreement, the Parties have also entered into a further licensing agreement dated February 21, 2017
to provide rights in certain other CPDC technology to FUSION. 
 FUSION is a clinical stage biopharmaceutical company discovering and
developing novel targeted radiopharmaceutical products for treatment and/or diagnosis of human disease. 
 To continue the development and
commercialization of this technology, FUSION wishes to obtain Services from CPDC and CPDC wishes to provide Services to FUSION. 
 NOW,
THEREFORE, in consideration of their mutual promises to each other hereinafter stated, the Parties agree to freely enter into an Agreement whereby CPDC provides Services to FUSION in which CPDC uses reasonable best efforts to provide FUSION [***].
The specifics of Services will be defined in individual Work Orders. 
  

	2.	 SERVICES: CPDC is hereby engaged by FUSION to provide services, from time to time, as mutually agreed
upon by the Parties in one or more Work Orders (“Work Order”), each of which will be in writing signed by authorized representatives of the Parties, incorporated by reference and made a part hereof (“Service” or
“Services”). Services may include but are not limited to: chemical, radiochemical and biological research, animal studies, product development or manufacturing. Each Work Order will include detailed information concerning one or
more particular project(s) relating to the Services, including a description of the specific work to be performed, target completion dates, a detailed budget, and a schedule of payments. Each Work Order will otherwise be governed by the terms of
this Agreement, but in the event of a conflict or inconsistency between the terms of this Agreement and the terms of any Work Order which cannot reasonably be reconciled, such Work Order shall prevail as the subject matter pertains to such specific
Work Order, but this Agreement shall otherwise prevail in respect of all other matters which are general in nature with respect to Work Orders. 

  

	3.	 [***]: Subject to the remainder of this Section 3, for the period from the date the first
Work Order under this Agreement is executed by the Parties to the termination or expiration of this Agreement, 

  
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CPDC shall [***] provide services related to alpha particle emitting radiotherapeutics to FUSION [***] This Section 3 shall terminate and be of no further and effect if the first Work
Order under this Agreement has not been entered into by the Parties within [***] of the Effective Date. The Parties shall negotiate in good faith and use reasonable best efforts to enter into a Work Order upon the earlier of: (a) within [***] of the
Effective Date; and (b) the closing of an equity financing of FUSION, whether in a single transaction, or in a series of related transactions, with aggregate gross proceeds to FUSION of at least [***]. 

 

	4.	 PERFORMANCE OF WORK: CPDC shall perform the Services described and defined in each Work Order in a
professional, diligent workman-like manner and in accordance with the terms and provisions of this Agreement and such Work Order. When performing any Services for FUSION, CPDC shall use reasonable best efforts to [***]. Each Work Order shall provide
specific details [***]. CPDC will not change or modify any services required by such Work Order unless CPDC and FUSION mutually agree in writing in advance to the changes. Any such agreement shall be in compliance with any applicable federal
regulations governing the applicable Service, including any amendments or changes. CPDC shall maintain complete and accurate records of documents, information, computed and raw data, and materials used or generated in performance of the Services in
a professional manner so as to permit FUSION to review such records in full in accordance with this Agreement. Final Service reports shall be delivered to FUSION according to the timelines specified in the applicable Work Order. During the course of
providing Services and following completion or termination thereof, CPDC will promptly reply to any questions regarding the summary of results or any other matter relating to such Services. CPDC shall report to and consult with representatives,
agents, consultants or sublicensees of FUSION as required by the applicable Work Order and as may be reasonably requested in writing by FUSION. 

  

	5.	 STAFFING AND EQUIPMENT: CPDC represents and warrants that it possesses sufficiently trained staff and
necessary infrastructure to conduct the Services. In addition, CPDC management shall appoint a qualified project lead to manage all aspects of the Services. FUSION will have the right to review their credentials and approve of the project lead, with
such approvals not to be unreasonably withheld. 

  

	6.	 CONFIDENTIALITY: The exchange of information between the Parties pursuant to this Agreement shall be
subject to the Mutual Nondisclosure Agreement (the “NDA”) executed by the Parties on [***]. Any Confidential Information (as defined in the NDA) disclosed pursuant to this Agreement shall only be used by the receiving Party in
connection with the performance of Services pursuant to this Agreement. 

  

	7.	 FUSION MATERIALS: FUSION may provide FUSION Materials (as defined below) to CPDC in order for CPDC to
perform the Services, which will be explicitly identified in each Work Order. “FUSION Materials” include but are not limited to: [***]. FUSION Materials are and shall remain the sole and exclusive property of FUSION, and shall not
be transferred to any other party without prior written permission from FUSION. During the term of this Agreement, FUSION hereby grants CPDC a limited, royalty-free, non-transferable, non-exclusive license to use FUSION Materials solely as is
necessary to perform the Services. For the sake of clarity, FUSION has not granted CPDC a license to use FUSION Materials in any services performed by CPDC for the benefit of third parties. No right or license is granted under this Agreement by
either Party to the other, either expressly or by implication, except those specifically set forth herein. Without limiting any of the foregoing, all discoveries and inventions (whether or not patentable) that arise from or relate to FUSION
Materials shall be the exclusive property of FUSION. 

  

	8.	 OWNERSHIP OF WORK PRODUCT: Any work product (including, without limitation, any API, drug product, drug
precursor, research & development report and presentation, manufacturing and testing data (whether in paper or electronic form) created by or behalf of CDPC for FUSION in connection with the performance of the Services (“Work
Product”) shall be the exclusive property of FUSION and CDPC hereby assigns all right, title and interest in the Work Product (including, without limitation, all intellectual property rights therein) to FUSION; provided if such assignment
in 

  
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respect of a certain Work Product is not permitted by law, CPDC shall grant to FUSION an exclusive, fully paid, perpetual, irrevocable, transferable worldwide license (with the right to sub-license) to use and commercially exploit such Work Product for any and all purposes. Without limiting the foregoing: (a) all discoveries and inventions (whether or not patentable) that arise from or
relate to any Work Product shall be the exclusive property of FUSION; and (b) FUSION shall have the right to obtain, and to hold in its name, patents, copyright registrations or trade-mark or service mark registrations or such other
protection as may be appropriate in connection with the Work Product, and any extensions and renewals thereof. CPDC hereby waives all moral rights in respect of any Work Product which CPDC now has or may have hereafter, which waivers may be invoked,
without limitation, by FUSION, any person authorized by FUSION to use such Work Product or any subsequent assignee of such Work Product. CPDC shall provide FUSION all reasonable assistance and shall execute, and shall cause any CPDC personnel or
subcontractor that participate in the preparation of any Work Product to execute, all documents necessary to assist and/or enable FUSION to perfect, preserve, register and/or record its rights in and to such Work Product. 

 

	9.	 CPDC MATERIALS: If any CPDC Materials (as defined below) are included in any Work Product, then CPDC
shall grant to FUSION a non-exclusive, fully paid, perpetual, irrevocable, transferable worldwide license (with the right to sub-license) to use and commercially exploit
such CPDC Materials in conjunction with such Work Product. “CPDC Materials” include but are not limited to: [***]. For greater certainty, CPDC Materials are and shall remain the exclusive property of CPDC. 

 

	10.	 STORAGE OF WORK PRODUCT: Unless stipulated otherwise in a given Work Order, CPDC shall store all Work
Product for a maximum of [***] following completion of the activities specified within a given Work Order (in each case, the “Retention Period”). If requested in writing by FUSION, CPDC shall store Work Product for a reasonable
period beyond its Retention Period for a reasonable annual fee to be mutually agreed upon by the Parties. Once the Work Product has been delivered by CDPC to FUSION, CPDC shall have the right to make and retain copies of Work Product solely for the
purposes of complying with this Section 10. At the end of the applicable Retention Period, CPDC shall not discard or destroy the applicable Work Product without giving FUSION written notice of its intention and a reasonable opportunity to
have such Work Product shipped to FUSION or to another facility selected by FUSION, at FUSION’s expense. 

  

	11.	 COMPLIANCE WITH LAWS: CPDC shall comply with all applicable laws, ordinances, rules, and regulations,
whether federal, provincial, municipal or local, including applicable regulations embodied by and commonly referred to as the Good Laboratory Practices (21 CFR Part 58), Good Manufacturing Practices (21 CFR Parts 210 and 211), and/or Good Clinical
Practices (as described in, but not limited to: 21 CFR Parts 50, 54, 56, 312, 314, and 320), as relevant to the Services, as well as any additional specific requirements set out in the Work Orders. 

 

	12.	 INSURANCE: CPDC represents, warrants and covenants that it carries and will continue to carry during the
term of this Agreement adequate levels of the following insurance: Worker’s Compensation, Commercial General Liability, Products, Clinical Trial and Professional Liability. Certificates of insurance shall be made available to FUSION upon
request. 

  

	13.	 PUBLICATION RIGHTS AND MATTERS: CPDC shall not publish any results from its performance of Services for
FUSION unless FUSION provides prior written approval. FUSION shall be free to publish such results but any such publication shall appropriately credit and recognize CPDC and its employees, if applicable. FUSION shall not attribute to CPDC any
interpretation of results furnished under this Agreement. Neither Party shall use the names of the other Party or any of its personnel for promotional purposes without the other Party’s written approval. For the avoidance of doubt, all results
from CPDC’s performance of Services for FUSION are, and shall be, the exclusive property of, and Confidential Information of, FUSION. 

  

	14.	 INDEPENDENT CONTRACTOR: CPDC, its employees and other individuals assigned by them to perform Services
hereunder are acting in the capacity of independent contractors of FUSION. 

  
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FUSION shall not be responsible for withholding and shall not withhold taxes of any kind from any payments it owes to CPDC. CPDC is responsible to provide all compensation, benefits and/or
insurance to its employees and agents. 

  

	15.	 SUBCONTRACTING AND ASSIGNMENT PROHIBITED: Unless specified in a Work Order, CPDC shall not subcontract
any of the Services to be performed by it pursuant to this Agreement without the express written consent of FUSION. No assignment of this Agreement may be made by CPDC except under the express written consent of FUSION. In the event that FUSION
approves CPDC to subcontract Services or delegates such Services to third party, CPDC shall be fully responsible for the compliance of such third party with this Agreement unless otherwise stated in an applicable Work Order. 

 

	16.	 EQUIPMENT: FUSION may provide or pay for equipment in performance of the Services
(“Equipment”). Such Equipment shall be fully specified in the applicable Work Order and the value of all Equipment will be itemized in the applicable Work Order and/or in attachments thereto. The title to and maintenance of
Equipment shall be agreed to and specified the applicable Work Order. While in its possession, CPDC will maintain Equipment provided for use in good operating condition and in a secure environment, subject to the following: the cost of maintenance
and repair necessary for proper operation of the Equipment during the course of the Services will be paid for by FUSION, but only if authorized in advance by FUSION. 

 

	17.	 FUSION AUDITS: FUSION, in its sole discretion and at its cost and expense, may conduct audits on
CPDC’s premises. Audits will be performed by FUSION and/or by a qualified third-party designated by FUSION, which shall not be any of CPDC’s competitors. In the case of for-cause audits, CPDC will
receive advanced notice (which notice period shall not be less than [***]) of any forthcoming audits including information on what will be audited. For all other audits, CPDC will receive at least [***] advance notice. CPDC shall provide feedback to
FUSION’s for-cause audit findings and/or corrective action items not more than ([***] after the receipt of the audit findings and no more than [***] following all other audits. 

 

	18.	 REGULATORY INSPECTIONS: If any regulatory authority either (a) contacts CPDC,
(b) contacts FUSION with respect to Services conducted by CPDC, (c) conducts, or gives notice to CPDC of its intent to conduct an inspection at the premises of CPDC, or (d) takes, or gives notice to CPDC of its intent to
take, any other regulatory action (including but not limited to warning letters or similar) alleging improper or inadequate research/manufacturing practices and/or failure to adhere to regulatory requirements with respect to any activity, the
following shall occur: the receiving Party shall notify the other Party within [***] of such contact, and CPDC shall allow the regulatory authority to have direct access to the records relating to the Services, with the exception of records, reports
and other Confidential Information that are not otherwise required to be disclosed, for the purpose of the inspection. For responses to the regulatory authority directly related to Services provided to FUSION, CPDC shall provide all written
responses to FUSION for review. CPDC shall use commercially reasonable efforts to provide FUSION with at least [***] to comment on the responses (provided that FUSION shall provide any comments on the responses no less than [***] in advance of the
deadline set forth by the applicable regulatory authority) and CPDC will be given due consideration to those comments for inclusion into the final response. CPDC shall provide FUSION with copies of all documentation issued by any regulatory
authority and/or any proposed response thereto in connection with the Services. 

  

	19.	 QUALITY AGREEMENT: Both Parties acknowledge that a Quality Agreement (as described in US Food and Drug
Administration’s Guidance for Industry: Contract Manufacturing Arrangements for Drugs: Quality Agreements (May 2013), or equivalent thereto for the applicable regulatory jurisdiction) shall be established between the Parties. Such
Quality Agreement shall outline roles and responsibilities for producing, testing and releasing investigational drugs for human use. Such Quality Agreement shall also describe the quality assurance roles and responsibilities for each Party. The
Parties shall use reasonable best efforts to enter into such Quality Agreement as soon as practicable after the Effective Date. 

  
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 If any of the terms of the Quality Agreement are in conflict with this Agreement, then the
terms of this Agreement shall prevail over the Quality Agreement. 
  

	20.	 INDEMNIFICATION: Each of the Parties (for purposes of this Section 20, an “Indemnifying
Party shall indemnify and hold harmless the other Party and its affiliates and their respective employees, agents, officers and directors (such Party, the “Indemnified Party” and such group, such Party’s “Indemnified
Group”) from and against any claims by a third party, and any resulting losses, costs, claims, suits, expenses (including reasonable legal fees), damages and awards (collectively, a “Claim”) arising out of or resulting from
(i) the Indemnifying Party’s gross negligence or willful misconduct or (ii) a breach of any of the Indemnifying Party’s obligations, representations or warranties hereunder, unless such Claim results from the gross
negligence or willful misconduct of any member of the other Party’s Indemnified Group. CPDC shall indemnify and hold harmless FUSION and its Indemnified Group from any breach or violation of or interference with the intellectual property rights
of any person as a result of FUSION or its Indemnified Group using or commercially exploiting any CPDC Materials or any Work Product (other than in connection with: (I) any FUSION Materials included in such Work Product; or
(II) the combination of FUSION Materials with any Work Product). FUSION shall indemnify and hold harmless CPDC and its Indemnified Group from any breach or violation of or interference with the intellectual property rights of any person
as a result of using any FUSION Materials pursuant to this Agreement. Whenever an Indemnified Party has information from which it may reasonably conclude an incident has occurred which could give rise to a Claim, such Indemnified Party shall
promptly give written notice to the Indemnifying Party of all pertinent data surrounding such incident. In the event a Claim is made, all Indemnified Party and its Indemnified Group shall assist the Indemnifying Party and cooperate in gathering
information and in investigating and defending such Claim. No Indemnified Party (or any member of its Indemnified Group) shall, except at its own cost, voluntarily make any payment or incur any expenses in connection with any such Claim without the
prior written consent of the Indemnifying Party. In addition, the Indemnifying Party may, at its sole discretion, and at its own expense, carry out the sole management, defense and settlement of such Claim, and shall provide lawyers of its sole
choosing to defend against any such Claim. 

  

	21.	 LIMITATION OF LIABILITY: Other than in connection with CPDC’s obligations set forth in
Section 20 or for CPDC’s gross negligence or willful misconduct, CPDC shall not be liable to FUSION or any third party on account of [***]. 

EXCEPT FOR LIABILITY FOR BREACH OF A PARTY’S OBLIGATIONS UNDER THE NDA IN RESPECT OF CONFIDENTIAL INFORMATION DISCLOSED PURSUANT TO THIS
AGREEMENT, NEITHER PARTY SHALL BE ENTITLED TO RECOVER FROM THE OTHER PARTY ANY SPECIAL, INCIDENTAL, CONSEQUENTIAL OR PUNITIVE DAMAGES IN CONNECTION WITH THIS AGREEMENT; provided, however, that this paragraph shall not be construed to limit either
Party’s indemnification obligations under Section 20. 
 Except for CPDC’s indemnity obligations under Section 20 or for
CPDC’s gross negligence or willful misconduct, the aggregate liability of CPDC under each applicable Work Order shall not exceed [***]. 

CPDC shall be solely responsible for fees associated with and in compliance with all third-party licenses required or used in the performance
of the Services. FUSION shall not be liable for any fees associated with such licenses. 
 [***]. 

 

	22.	 REPRESENTATIONS, WARRANTIES, AND DISCLAIMER: Each Party represents and warrants that:
(a) the terms of this Agreement are not inconsistent with its other contractual arrangements or obligations; (b) it has full power and authority to enter into this Agreement, and (c) this Agreement is binding upon
it. Except as expressly set forth in this Agreement (including the exhibits hereto), NEITHER PARTY MAKES ANY REPRESENTATIONS OR WARRANTIES OF ANY KIND, EITHER EXPRESS OR IMPLIED, AND EXPRESSLY DISCLAIMS ALL IMPLIED WARRANTIES OF TITLE, NON-INFRINGMENT, MERCHANTIBILITY, AND FITNESS FOR A PARTICULAR PURPOSE. 

  
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	23.	 TERM; TERMINATION OR CANCELLATION BY FUSION: This Agreement shall be effective as of the Effective Date
and continue for five years with an option for FUSION to renew for a second five years by written notice to CPDC unless terminated earlier in accordance with this Section 23. Thereinafter, the Agreement shall renew and be extended by mutual
agreement of the Parties (which renewal or extension period shall, for greater certainty, constitute part of the term of this Agreement). Any work outstanding under any Work Order in effect immediately prior to the termination of this Agreement by
way of expiration of the term of this Agreement will continue until the Services thereunder have been completed and the terms of this Agreement shall remain in effect with respect to those Work Orders during such time. 

Either Party may terminate this Agreement in the event of material breach by the other Party in the performance of obligations of this
Agreement, if such material breach is not cured within [***] after written notice of the default is provided to the Party in breach. Notwithstanding the foregoing, FUSION may terminate this Agreement immediately if CPDC breaches its obligations
pursuant to the NDA in respect of Confidential Information disclosed to it by FUSION pursuant to this Agreement. Either Party may terminate this Agreement immediately if the other Party either (i) becomes the subject of a voluntary or
involuntary petition in bankruptcy or any proceeding relating to insolvency, receivership, liquidation, or composition for the benefit of creditors; or (ii) suspends the operation of its present business or liquidates its business assets. 

In the event this Agreement is terminated as aforesaid, any Work Orders outstanding at such time and any work thereunder shall be deemed to be
terminated as of the date of such termination. 
  

	24.	 EFFECT OF TERMINATION: 

No new Work Orders may be entered into after the termination of this Agreement. 

For its own convenience, upon [***] written notice to CPDC, FUSION may terminate a Work Order without terminating this Agreement itself or any
other Work Orders. 
 Upon termination of this Agreement or any Work Order by FUSION, as soon as practicable after receipt of notice of such
termination, CPDC shall: (a) wind down and cease the provision of any Services pursuant to the applicable Work Orders so terminated, if any, in such manner and over such reasonable wind down period in complete compliance with reasonable
directions received from FUSION (the “Wind Down Work”);and (b) perform only such additional Wind Down Work and Services as are so reasonably necessary or required as aforesaid. 

Pursuant to any termination of this Agreement pursuant to Section 23, FUSION shall pay to CPDC within [***] following receipt by FUSION of
CPDC’s appropriate final detailed invoice, an amount equal to [***]. 
  

	25.	 SURVIVING OBLIGATIONS: The completion or termination of the Services shall not relieve either Party of
its obligations to the other Party in respect of compensation for Services performed or pursuant to Sections 6, 7, 8, 9, 10, 12, 13, 17, 20, 21,22, 24, 25, 27, 31,33 34, 35, 36, 37, 38, 39 and 40. 

 

	26.	 INVOICES: At times designated by the payment schedule set out in a Work Order, CPDC shall invoice FUSION
for the amount claimed to be due under the payment schedule of such Work Order. Invoices must include the following information: 

  

	 	•	 	 “Invoice” written on the document 

  
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	 	•	 	 Invoice date 

  

	 	•	 	 Invoice number 

  

	 	•	 	 Work Order number 

  

	 	•	 	 Purchase Order Number, provided by FUSION upon agreement of Work Order 

 

	 	•	 	 Total amount and currency 

 

	 	•	 	 Reference to this Agreement 

 

	 	•	 	 Bank account details 

All invoices will be addressed to: 

Fusion Pharmaceuticals Inc. 
 NRB
A316 
 1280 Main Street West 

Hamilton, Ontario 
 L8S 4K1 

ATTN: [***] 
  

	27.	 INTEREST AND COLLECTION COSTS: All invoices not paid to CPDC within [***] following the latter of
invoice receipt by FUSION or invoice due date as set forth in the Work Order shall thereafter be payable together with interest computed at the rate of [***] from and after the expiration of said [***] grace period [***] (not to exceed the maximum
interest rate permitted by applicable law). 

  

	28.	 DELAY IN COMMENCEMENT: If the commencement of Services hereunder is delayed by FUSION more than [***]
beyond the agreed-to schedule set forth in the Work Order, [***]. 

  

	29.	 TIMELINESS OF WORK: 

The Parties recognize that the utility of the Services to be done by CPDC under this Agreement is dependent upon the timely completion of such
Services in accordance with the schedule set forth in the applicable Work Order. However, the Parties likewise recognize that the exigencies which may arise during CPDC’s performance may require, from time to time, non-material deviations from the scheduled completion of increments of said performance. To the extent that said non-material deviations do not affect the quality of the
performance and do not delay delivery of any Work Product within the time scheduled (as such time may be extended under the provisions of this Section 29) such non-material deviations in time shall not be
considered as being a default or breach of this Agreement. 
 Should any delays arise, CPDC shall mitigate and/or limit their impact to the
Work Order timelines. 
 FUSION acknowledges that when certain Services conducted under specific Work Order(s) are exploratory in nature the
outcome of such Services cannot be guaranteed. 
  

	30.	 FORCE MAJEURE: A Party shall be excused from performing its obligations hereunder if its performance is
delayed or prevented by Acts of God, fire, explosion, war, riots, strikes, law, or any other cause beyond such Party’s control, but only to the extent of and during the reasonable continuance of such disability. A time for performance required
by the a Work Order which falls due during or subsequent to the occurrence of any of the causes referred to in this Section 30 shall be deferred for a period of time equal to the period of disability resulting from such cause. Prompt notice
shall be given to the opposite Party should a Party, for any reason referred to in this Section 30, be unable to perform within the time limitations set forth in the applicable Work Order. 

 

	31.	 NOTICES: Any notice required or permitted hereunder must be in writing, and will be effective on the
date of delivery when delivered personally or by e-mail or facsimile transmission (receipt verified), or the next business day after dispatch when sent by any recognized overnight courier service, or the fifth
business day after dispatch when sent by certified mail, postage prepaid, return 

  
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receipt requested. Notices should be addressed to the other Party at the address shown below or at such other address as a Party may designate by written notice to the other Party, provided that
notices of a change of address shall be effective only upon receipt thereof: 

  

			
	Centre for Probe Development and Commercialization	  	Fusion Pharmaceuticals Inc.
	McMaster University	  	NRB A316
	 Nuclear Research Building
	  	1280 Main Street West
	 1280 Main Street West
	  	Hamilton, Ontario
	 Hamilton, Ontario
	  	L8S 4K1
	 Canada, L8S 4K1
	  	 [***]

	 [***]
	  	

  

	32.	 DEBARMENT CERTIFICATION: CPDC represents that neither CPDC nor any persons employed by CPDC who is
performing or has performed Services is under investigation by the FDA for debarment or disqualification action or is presently debarred or disqualified pursuant to the Generic Drug Enforcement Act of 1992 (21 U.S.C. 301 et seq.) or equivalent rules
and regulations of Canada (collectively, the “Act”). CPDC shall provide a written certification, if requested by FUSION, to this effect. CPDC shall promptly notify FUSION if any person who is performing or who has performed Services under
this Agreement is debarred or disqualified under the Act. FUSION may terminate this Agreement, at its sole discretion, if any person providing Service hereunder is debarred or disqualified under the Act. 

 

	33.	 ENTIRE AGREEMENT: This Agreement, together with the NDA, all Work Orders and the Qualify Agreement,
constitutes the entire agreement of the Parties with respect to the subject matter hereof and supersedes all prior understandings and agreements relating to its subject matter, other than the NDA, which shall remain in full force and effect in
accordance with its terms. 

  

	34.	 AMENDMENT: This Agreement may not be changed, modified, amended or supplemented except by a written
instrument signed by both Parties. 

  

	35.	 ARBITRATION: In the event of any dispute, difference or question arising between the Parties in
connection with this Agreement that has not been resolved within [***] through good-faith negotiations, the Parties agree to resolve any disputes via an arbitration conducted by three arbitrators selected pursuant to and in accordance with the AAA
International Arbitration Rules with a seat of the arbitration in Toronto, Ontario, Canada. 

  

	36.	 SEVERABILITY: If any provision of this Agreement should be held invalid or unenforceable, the remaining
provisions shall be unaffected and shall remain in full force and effect, to the extent consistent with the intent of the Parties as evidenced by this Agreement as a whole. 

 

	37.	 ASSIGNMENT; STRUCTURAL EVENTS: This Agreement shall inure to the benefit of and be binding upon the
successors and assigns of the Parties hereto; provided, however, that neither Party shall transfer or assign this Agreement without the prior written consent of the other Party, such consent not to be unreasonably withheld. Notwithstanding
the foregoing, each Party may assign this Agreement and its rights and obligations hereunder without such consent: (a) to a wholly-owned subsidiary; or (b) in connection with the transfer or sale of all or substantially all
of the business of such Party to which this Agreement relates, whether by amalgamation, arrangement, merger, sale of shares, sale of assets or otherwise. In the event that CPDC forms, funds, spins-out,
transfers assets to, or licenses technology to, or otherwise creates an entity with capabilities to provide services related to alpha particle emitting radiotherapeutics or directly research or develop alpha particle emitting radiotherapeutics, CPDC
shall notify FUSION in writing in advance of any such change and, as a condition to any such change, shall cause such entity to confirm in writing to FUSION that it is bound by the applicable exclusivity provisions set forth in Section 3
.. 

  
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	38.	 NON-WAIVER: No failure or delay of one of the Parties to insist
upon strict performance of any of its rights or powers under this Agreement shall operate as a waiver thereof, nor shall any other single or partial exercise of such right or power preclude any other further exercise of any rights or remedies
provided by law. 

  

	39.	 COUNTERPARTS: This Agreement and any amendment hereto, may be executed in one or more counterparts. All
executed counterparts shall be deemed to be one and the same instrument. Delivery of a signed copy of this Agreement or any amendment hereto by fax or email shall constitute an original. 

 

	40.	 GOVERNING LAW: This Agreement and all disputes related hereto or arising herefrom shall be governed by
the laws of the Province of Ontario and the federal laws of Canada applicable therein. 

  
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 IN WITNESS WHEREOF, the Parties hereto have each caused this Agreement to be duly executed as of the date
first above written. 
  

									
	 Centre for Probe Development and Commercialization

McMaster University
 Nuclear Research Building,

1280 Main Street West
 Hamilton, Ontario

Canada, L8S 4K1
	 		 	 Fusion Pharmaceuticals Inc.

NRB A316
 1280 Main Street West

Hamilton, Ontario
 L8S 4K1

					
	By	 	  
	 		 	By	 	  

	Name	 	John Valliant	 		 	Name	 	John Valliant, PhD
	Title	 	Chief Executive Officer	 		 	Title	 	President and Secretary
	Date	 	February 21, 2017	 		 	Date	 	February 21, 2017
					
	By	 	  
	 		 		 	
	Name	 	Robert Sutherland	 		 		 	
	Title	 	CPDC, Chair Board of Directors	 		 		 	

  
 Signature Page to
Master Service AgreementEX-10.17

 Exhibit 10.17 

Supply Agreement - FUSION 

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 DISCLOSED. 
 SUPPLY
AGREEMENT (“Supply Agreement”) effective as of the date of last signing (“Effective Date”) between Centre for Probe Development and Commercialization, a not-for-profit research and services institution with offices located at
McMaster University, Nuclear Research Building, 1280 Main Street West, Hamilton, Ontario, Canada, L8S 4K1, (“CPDC”), and FUSION Pharmaceuticals Inc. (“FUSION”), having a place of business at 270 Longwood Road South, Hamilton,
Ontario, Canada, L8P 0A6, (together the “Parties” each a “Party”). This document defines the terms and conditions under which CPDC will provide FUSION the Product outlined in this Supply Agreement. 

This Supply Agreement is conducted under the general provisions of the Master Services Agreement and the Quality Agreement entered into between the PARTIES.
Unless explicitly stated within this Supply Agreement should there be discrepancies between the Supply Agreement and the Master Services Agreement, then the Master Services Agreement will be the controlling document. 

 

	1.	 “Products”: 

 

	1.1	 Ac-225 FPI-1434 

  

	1.2	 [***] 

  

	1.3	 The specifications for the Products are further defined in Schedule 2. 

 

	2.	 Definitions 

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

	2.1	 Affiliate(s) shall exclude CPDC, when referring to FUSION’S affiliates, and shall exclude FUSION, when
referring to CPDC’s affiliates. 

  

	2.2	 “Batch” shall mean a single production, testing and release of Product according to the approved and
validated processes. 

  

	2.3	 “Clinical Phase” shall mean the period during which human studies involving the Products are
performed for the purpose of evaluating the safety, efficacy and appropriate dose ranges of Product (“Clinical Trials”), to secure marketing approval from a Regulatory Authority. 

 

	2.4	 “Current Good Manufacturing Practices” or “cGMP(s)” shall mean the standards required by
the Regulatory Authority for the manufacturing, testing and quality control of pharmaceutical materials, which practices are current on the Effective Date of this Agreement and may be supplemented, amended or modified by such regulatory authority
from time to time. 

  

	2.5	 “Date of Manufacturing” shall mean the date on which the drug product is produced.

  

	2.6	 “[***] Territory” shall mean the territories [***] for which CPDC shall be the [***] supplier of
Products for Fusion. 

  

	2.7	 “Master Services Agreement” the agreement executed between the Parties on the 21st day of February,
2017. 

  

	2.8	 “Precursors” shall mean the starting materials required to produce Product. For the purpose of this
agreement, the Precursors are defined as FPI-1175 and [***]. 

  

			
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	2.9	 “Process’ shall mean a GMP-validated method for producing the Product, including formulation,
manufacturing controls, and all applicable testing and evaluation suitable to meet regulatory requirements for use of the Product in clinical trials. 

  

	2.10	 “Production Order* shall mean a written request from FUSION to CPDC authorizing the manufacture of one or
more Batches of a Product as further described in Section 3.2. The Production Order is jointly maintained by CPDC and FUSION based on clinical trial requirements. 

 

	2.11	 “Quality Agreement” means the agreement separately executed between the Parties defining the
Specifications, applicable standards, commitment, responsibilities, and activities that both FUSION and CPDC will undertake to ensure that the cGMP manufacturing and services as expressly required under this Agreement and the Master Services
Agreement are in full compliance. 

  

	2.12	 “Regulatory Authority” means the United States Food and Drug Administration (“FDA’),
European Medicines Agency (‘EMA’), Health Canada and/or any other governmental, regulatory or administrative body having jurisdiction over any activities conducted under this Agreement. 

 

	2.13	 “Specifications” shall mean the standards established in writing by the Parties for the
characteristics, quality, and quality control testing of Product, and its constituents, components, and packaging, as further described in Section 4.4 below and Schedule 2, and as in effect from time to time. 

 

	2.14	 “Unit” shall refer to an individual vial of Product produced according to the approved
specifications. 

  

	3.	 Manufacture and Supply of Products 

 

	3.1	 Scope and Object; Engagement. This Supply Agreement governs Clinical Phase supply for the Products in
connection with Clinical Trials sponsored by FUSION, and in accordance with the responsibilities and obligations attributed to each of the Parties as set out in this Supply Agreement. 

Accordingly, FUSION hereby engages CPDC, and CPDC hereby accepts such engagement, to supply Products for the Territory in connection with
FUSION’S Clinical Trials. 
 The Products shall be manufactured by CPDC at the location in its cGMP facilities in the Nuclear Research
Building (NRB) and on the campus of McMaster University in Hamilton, Ontario, Canada, established for this purpose pursuant to Deliverables defined within Supply Agreement. 

For the avoidance of doubt, it shall be the responsibility of FUSION or its designate to file, obtain and maintain any Investigational New Drug
(IND) applications, registrations, listings, authorizations and approvals, as the Regulatory Authority may require to enable use of Product in Clinical Trials, and provide CPDC with all particulars thereof and developments thereunder. 

Both Parties acknowledge that at the time of signing this Supply Agreement that the CPDC is subject to a supply restriction to the United
States of America (the “USA”) due to and Import Alert 66-40 (the “Import Alert”) issued by the FDA. 
  

	3.2	 Production Orders. From time to time during the Term set forth in Section 6 of this Supply
Agreement, FUSION and CPDC will agree to binding Production Orders for Products, as follows: 

  

	 	(a)	 Based on a template order form for such Production Orders provided by CPDC to FUSION, FUSION shall complete the
Production Order in such form [***] no later than (a) the order cut-off period for the third-party isotope providers (“Minimum Lead Time”). 

 

	 	•	 	 In the case of [***] the isotope order cut-off is [***] eastern standard time the week prior to isotope delivery

  

			
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	 	•	 	 In the case of Actinium-225 the isotope order cut-off is [***] eastern standard time the week prior to isotope
delivery. 

  

	 	(b)	 CPDC will respond, by email, the acceptance or rejection of each duly completed Production Order within [***]
of receipt of such Production Order (an ‘Accepted Production Order” or “Rejected Production Order,” respectively). If there is no response to a Production Order within such timeline, it shall be considered an Accepted Production
Order. In the case of a Rejected Production Order, [***]. 

  

	 	(c)	 FUSION shall be entitled to make changes to Production Orders (a ‘Change Order”) to alter the
quantity of Units packaged or distributed up to [***] prior to the Date of Manufacturing by providing CPDC with written notice [***]. CPDC will respond, by email, the acceptance or rejection of each Change Order within [***] of receipt of such
change (an “Accepted Change Order” or “Rejected Change Order,” respectively). If there is no response to a Change Order within such timeline, it shall be considered an Accepted Change Order. In the case of a Rejected Change
Order, [***]. Changes to the number of Units packaged or distributed with less than [***] notice will be subject to the applicable [***] defined in Schedule 1. Notwithstanding the foregoing, CPDC is unable to alter the total quantity of Product
produced after the order deadlines imposed by any third-party isotope supplier. 

  

	 	(d)	 Cancelation of a Production Orders: 

 

	 	(i)	 [***] 

  

	 	(ii)	 All cancellations of Production Orders shall be provided to CPDC by FUSION in writing [***].

  

	 	(e)	 [***]. 

  

	3.3	 Shipping: All deliveries of Products shall be Free Carrier shipping point [***]. For greater certainty,
[***] shall take ownership of and bear all risk of loss of or damage to the Products at the origin of the shipment. 

  

	 	(a)	 If requested, [***] shall arrange for any insurance desired by [***] on shipments of Product, in amounts that
[***] shall determine, and naming [***]. 

  

	 	(b)	 When shipping Product, CPDC shall comply with all applicable laws and regulations, [***].

  

	 	(c)	 All costs and responsibility for return shipping of any Products [***] and or re-usable packaging including but
not limited to, lead pots, cardboard boxes or foam inserts, and/or other materials shall be borne by [***]. 

  

	 	(d)	 In the event that any Product packaging materials are returned for reuse from clinical trial sites, [***] shall
be responsible for transportation, disposal and/or replacement of any damaged, unusable or lost materials, if applicable. 

  

	3.4	 Inability to Supply. In the event that it becomes apparent to CPDC at any time that it will be unable to
fulfill any Production Order, then CPDC shall immediately notify FUSION in writing of CPDC’s inability to meet such requirements for Product, along with a specific indication of the amount of such shortfall in manufacture of Product and
anticipated timing of delivery. If CPDC is unable to fulfill the Production Order or any portion thereof within [***] of the planned delivery, then either: 

  

	 	(a)	 CPDC will [***]; or 

  

			
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	 	(b)	 CPDC will [***]. 

  

	3.5	 Pricing and Payment Terms. Schedule 1 of this Supply Agreement details the pricing and payment terms for
the Product. For supply of Product, CPDC shall invoice FUSION [***]. CPDC shall send such invoices to: 

 Address: 

270 Longwood Rd. South 

Hamilton, Ontario L8P 0J6 

Canada 
 [***] 

FUSION shall pay such invoice within [***] of receipt of the invoice in accordance with the Supply Agreement 

 

	3.6	 Batch Testing. FUSION shall have the right but not the obligation to conduct any Batch testing [***] or
investigation it determines to be of value to determine compliance of Product with the Specifications and/or pursuant to any other standard imposed by law. A Batch shall be deemed to be acceptable if, upon testing, it meets the Specifications,
relevant cGMP standards, all other applicable laws, rules and regulations (and any additional tests as agreed by the Parties). If either Party discovers that a Batch does not meet the Specifications, relevant cGMP standards or other applicable laws,
rules or regulations, then the discovering Party shall promptly communicate with the other Party. All warranty obligations of CPDC with respect to a particular Batch shall cease and have no effect to the extent that any defect in such Batch arises
from abuse, misuse, alteration, mishandling, improper storage or gross negligence by FUSION or FUSION’S employees, representatives, agents, suppliers or carriers, or defects in Precursor materials furnished by FUSION which are used in the
production of such Batch. 

  

	3.7	 Dispute Over Quality. In the event of a conflict regarding whether or not Product met the
Specifications, cGMP standards or other applicable laws, rules or regulations, at the time of delivery, which CPDC and FUSION are unable to resolve after a good faith attempt by both Parties to resolve such matter in a period of [***] after the
conflict arises, a sample of such Product shall be submitted by FUSION or its designee to an independent laboratory or quality assurance professional reasonably acceptable to both Parties for testing or review of the batch documentation. Any test
results obtained by such laboratory shall be final and controlling for purposes of this Agreement. In the event the independent review and/or test results indicate that the rejected Product in question met the Specifications, cGMP standards, and all
other applicable laws, rules and regulations, then [***]. 

  

	3.8	 Non-Conforming Products. In the event it is settled pursuant to Section 3.6 or 3.7 that Product in
question did not meet the Specifications, cGMP standards or other applicable laws, rules or regulations, FUSION shall be entitled [***]. 

  

	4.	 Additional Obligations of the Parties 

 

	4.1	 Record Keeping, Inspection, etc. CPDC shall: 

 

	 	(a)	 conform to the provisions detailed within the Quality Agreement, which includes the right of FUSION to conduct
inspections, and the responsibility of CPDC to conduct quality control testing of Product prior to shipment and ensure conformance with the Specifications. CPDC shall retain or have retained accurate and complete records pertaining to such testing.
Each shipment of CPDC hereunder shall be accompanied by a certificate of analysis for each Batch of CPDC therein; 

  

			
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	 	(b)	 keep accurate financial records of all Services performed and passthrough costs under this Supply Agreement and
all amounts to be invoiced to FUSION and all invoice calculations, and, upon request by FUSION, make such records available for review by FUSION or its representatives to permit verification of the correctness of such amounts and calculations.

  

	4.2	 Licenses and Permits. CPDC shall be responsible for obtaining and maintaining any and all facility or
other licenses, permits, registrations, and any regulatory approvals necessary to manufacture, handle, store, label, package and prepare under cGMP conditions Products for shipment, and the packaging, supply and export of Product to FUSION or its
designees in accordance with the terms and conditions of this Agreement for the Clinical Phase. This includes, but is not limited to, the use and handling of radioactive materials. For greater certainty CPDC will abide by all laws, rules and
regulations as applicable for radiation safety by the Canadian Nuclear Safety Commission (“CNSC”) for compliance. 

  

	4.3	 Precursor and Reference Standards. FUSION or, at FUSION’S discretion, its designee, shall provide
to CPDC, at no charge, Precursor and reference standards, which meet the Specifications and in sufficient quantities to permit CPDC to meet its Production Schedule obligations hereunder. FUSION shall provide to CPDC all required supporting
documentation required for its use in manufacturing the Product. In the event that the Precursor supplied by FUSION is found to be adulterated, damaged, or with compromised packaging, or not shipped within the required environmental conditions CPDC
shall return the Precursor at FUSION’S cost. Should the applicable regulations require that CPDC audit FUSION’S Precursor supplier, FUSION shall compensate CPDC for the time and reasonable out of pocket expenses required to complete the
audit. CPDC shall only use Precursor and reference standards provided hereunder for the development, validation or manufacture of Products pursuant to this Agreement. FUSION shall at all times retain title in and to such Precursor and reference
standard materials in CPDC’s possession. FUSION, to the best of its knowledge, represents and warrants to CPDC that it has all requisite rights and intellectual property in such Precursor and reference standard so as to permit their use by CPDC
as contemplated by this Agreement without infringement of any third party rights. 

  

	4.4	 Product Specifications. It is understood that the Specifications may be subject to change from
time-to-time based on written agreement by both Parties and in accordance to the Quality Agreement. The current Product Specifications may be referred to within the CPDC controlled document attached as Schedule 2 hereto which is approved at the
effective date of this Supply Agreement. 

  

	4.5	 Changes by CPDC. CPDC shall manufacture Product in compliance with the approved batch records,
Specifications, applicable cGMPs, the Quality Agreement, and all applicable laws, rules and regulations, and shall not make any changes contravening that specified within the Quality Agreement. 

 

	4.6	 Complaints and Adverse Reactions. CPDC or FUSION shall provide to each other prompt notice of any
information either of them receives regarding the safety of the Precursor, reference standards, excipients, Products or isotopes, including any confirmed or unconfirmed information regarding adverse, serious or unexpected events associated with any
Product that may implicate the manufacture of the Product or one of its components; provided, however, that FUSION shall not be required to provide Clinical Trial reporting to CPDC. For all complaints with respect to any Product of which a Party
becomes aware concerning adverse reactions or safety issues, notice must be given by telephone within [***] after receipt of the information, followed immediately with written notice, advising the other Party, regardless of the origin of such
information. Any other complaints shall be reported in writing to the other party [***]. CPDC agrees to co-operate with FUSION and any Regulatory Authority in evaluating any complaint, claim, safety or adverse use report related to any Product CPDC
will provide timely assistance in responding to any such complaints, including reviews of Batch records and retained samples as well as any necessary testing within reason. 

  

			
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	4.7	 Recalls. FUSION shall notify CPDC promptly if any Product is the subject of a recall or correction (a
“Recall”), and FUSION and/or its designee shall have sole responsibility for the handling and disposition of such Recall. [***]. 

  

	 	(a)	 In the event that CPDC disputes FUSION’S determination that the fault is due to CPDC and/or to its
employees or agents, the Parties will select a mutually agreeable outside consulting firm which will be instructed to review the applicable information and data and to confirm or dissent from FUSION’S determination. If the consulting firm
confirms FUSION’S determination, CPDC will pay the fees of such consulting firm. If the consulting firm dissents from FUSION’S determination, CPDC will not have the obligations set forth herein with respect to the Recall and FUSION will
pay the fees of such consulting firm. 

  

	 	(b)	 FUSION and/or its designee shall maintain records of all sales, shipping records of Product and customers in
sufficient detail to adequately administer a Recall for the period of time as required by applicable law and regulation. CPDC’s Shipping Records of Product will be given to Fusion on request such that Fusion can maintain the records and, if
such a request is made, will be delivered within a timeframe to be detailed within Quality Agreement. 

  

	4.8	 New Regulatory Requirements. Each Party shall promptly notify the other of new regulatory requirements
of which it becomes aware which are relevant to the manufacture of any Product under this Agreement and which are required by the Regulatory Authorities, as applicable. The Parties shall confer with each other with respect to the best means to
implement and comply with such requirements. Any reasonable costs for modifications or additions to the facility required as a result of new regulatory requirements shall be borne by [***]. 

 

	4.9	 Records. CPDC shall maintain all records necessary to evidence compliance in all respects with
(i) the applicable cGMP regulations, Canadian Environmental Health and Safety (“EHS”) regulations, the requirements of the CNSC for handling of radioactive materials and the Canadian and International regulations for the transport of
dangerous goods as related to the supply and manufacture of Products; (ii) the Specifications; and (iii) obligations under this Agreement. All such records shall be maintained by CPDC according to that specified within the Quality
Agreement. CPDC shall provide to FUSION reasonable access to such records upon request Prior to destruction of any record after such time, CPDC shall give written notice to FUSION. FUSION shall have the right within [***] of receipt of such notice
to request that CPDC maintain such records in an off-site storage facility for such longer periods as FUSION requests, provided that FUSION pays all costs associated with such off-site storage. 

 

	5.	 Representations and Warranties 

 

	5.1	 Mutual Representations and Warranties. Each Party represents and warrants to the other as follows:

  

	 	(a)	 it is a corporation duly organized and validly existing under the laws of the state, province or country of its
incorporation; 

  

	 	(b)	 it has the complete and unrestricted power and right to enter into this Agreement and to perform its
obligations hereunder; 

  

	 	(c)	 this Agreement has been duly authorized, executed and delivered by such Party and constitutes a legal, valid
and binding obligation of such Party enforceable against such Party in accordance with its terms except as enforceability may be limited by applicable bankruptcy, insolvency, reorganization, receivership, moratorium, fraudulent transfer, or other
similar laws affecting the rights and remedies of creditors generally and by general principles of equity; 

  

			
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	 	(d)	 the execution, delivery and performance of this Agreement by such Party do not conflict with any agreement,
instrument or understanding, oral or written, to which such Party is a Party or by which such Party may be bound, nor violate any law or regulation of any court, governmental body or administrative or other agency having authority over such Party;

  

	 	(e)	 all consents, approvals and authorizations from all governmental authorities or other third parties required to
be obtained by such Party in connection with the execution and delivery of this Agreement have been obtained; 

  

	 	(f)	 no person or entity has or will have, as a result of the transactions contemplated by this Agreement, any
right, interest or valid claim against or upon such Party for any commission, fee or other compensation as a finder or broker because of any act by such Party or its agents, or, with respect to such Party, because of any act by its Affiliates or
sublicensees; 

  

	 	(g)	 it has not entered into any agreement with any third Party that is in conflict with the rights granted to the
other Party pursuant to this Agreement; and 

  

	 	(h)	 neither it nor its Affiliates has been debarred or is subject to debarment, and such Party will not use in any
capacity in connection with this Agreement any person or entity who has been debarred pursuant to Section 306 of the United States Federal Food, Drug and Cosmetic Act. 

 

	5.2	 CPDC Limited Product Warranty. CPDC hereby provides a limited product warranty, and accordingly does
warrant for each Batch, that the Product shipped will (i) conform with the Specifications, (ii) be manufactured, tested, processed, packed and prepared for shipment in accordance with cGMPs, and (iii) be free from defects in material
and workmanship for the period from the date of manufacture to the expiry date set out on each Unit of Product packed and prepared for shipment. 

  

	5.3	 No Implied or Other Warranties. CPDC is manufacturing Batches to meet Specifications and is supplying
Products to FUSION’S designees. Except as expressly set out in this Supply Agreement, CPDC and FUSION hereby disclaim all other warranties or conditions, whether express or implied, statutory or otherwise including, but not limited to, any
implied warranties or conditions of merchantability or fitness for a particular purpose. 

  

	6.	 Term 

  

	6.1	 Term. This Supply Agreement shall commence on the Effective Date, and shall continue for a period of
[***] unless terminated earlier in accordance with the terms of this Supply Agreement. 

 [***] Import Alert [***], the
Parties shall [***]. Negotiating in good faith, the Parties shall agree to a reasonable minimum percentage of Product supply to [***] Import Alert. In addition, the parties will negotiate the different aspects of the territories and related terms
which may include, but are not limited to, [***]. 
 [***] Import Alert [***], the Parties shall amend this Supply Agreement to revise the
[***] Territories. Negotiating in good faith, the Parties shall agree to a reasonable minimum percentages of Product supply to the each territory, including but not limited to [***] and such amendment shall be closed within [***] of CPDC notifying
Fusion [***] Import Alert. 
  

	6.2	 Term, Renewal. Following the Term, this Supply Agreement shall automatically renew for successive
periods of one (1) year (each a “Renewal Term”), unless a Party delivers written notice of non-renewal to the other Party [***] prior to the end of the applicable term. The Term, Initial Renewal Term and Renewal Terms shall be
collectively referred to as the “Term”. 

  

			
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	7.	 Termination 

  

	7.1	 Termination by FUSION, Without Cause. FUSION may terminate this Agreement by providing written notice to
the CPDC where: 

  

	 	(a)	 [***] following the Effective Date of this Supply Agreement, FUSION may terminate this Agreement without cause
by providing CPDC with [***] prior written notice. 

  

	 	(b)	 Fusion discontinues the trial or terminates the program, Fusion may terminate this agreement by giving [***]
written notice to CPDC 

  

	7.2	 Termination by FUSION, For Cause. FUSION may terminate this Agreement with immediate effect, by
providing written notice to the CPDC, where: 

  

	 	(a)	 CPDC commits a fundamental breach of any of its obligations under this Agreement, and such breach is not
remedied (if capable of remedy) within [***] of notice in writing from FUSION requiring that such breach be remedied; 

  

	 	(b)	 CPDC becomes insolvent or goes into administration, receivership or liquidation or enters into any arrangement
or composition with its creditors; or 

  

	 	(c)	 CPDC ceases or threatens to cease carrying on business. 

 

	 	(d)	 CPDC fails to maintain a Drug Establishment License with Health Canada 

 

	7.3	 Without limiting Section 11, in the event of for cause termination of this Agreement by FUSION pursuant to
Section 7.2, CPDC’s maximum liability shall be no greater than that set forth in Section 11.2. 

  

	7.4	 Termination by CPDC, For Cause. CPDC may terminate this Agreement immediately on written notice to
FUSION if: 

  

	 	(a)	 FUSION fails to pay or dispute any invoice in accordance with Section 3.5 and fails to remedy such breach
within [***] of a notice from CPDC requiring FUSION to remedy the same and stipulating that FUSION is in breach of this Agreement; or 

  

	 	(b)	 FUSION becomes insolvent or goes into administration, receivership or liquidation or enters into any
arrangement or composition with its creditors. 

  

	7.5	 Termination of this Agreement is without prejudice to any accrued rights of either party as at the date of
termination, including, without limitation, CPDC’s right to invoice FUSION pursuant to Section 3.5 for any amounts chargeable pursuant to this Agreement as of the date of termination, or as a result of termination. 

 

	7.6	 Upon termination of this Agreement for any reason whatsoever: 

 

	 	(a)	 CPDC must immediately return, [***], all of FUSION’S property in CPDC’s possession; and

  

	 	(b)	 all then active Production Orders shall be deemed to have been cancelled by FUSION as of the date of
termination of this Agreement. 

  

			
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	 	(c)	 Shall relieve CPDC of its Exclusivity and Performance of Work obligations set forth in the Master Services
Agreement sections 3 and 4 respectively, unless, other work orders under the MSA are still valid. 

  

	7.7	 Prior Obligations. Except as otherwise set forth in this Section 7, termination of this Supply
Agreement for any reason shall not release either Party from any obligation theretofore accrued. 

  

	8.	 Survival. Any provision of this Supply Agreement, which, by its terms, is intended to survive the
termination or expiration of this Supply Agreement, shall survive such termination or expiration of this Agreement. 

  

	9.	 Assignment. This Agreement shall inure to the benefit of and be binding upon the successors and assigns
of the Parties hereto; provided, however, that neither Party shall transfer or assign this Agreement without the prior written consent of the other Party, such consent not to be unreasonably withheld, except where such assignment is by CPDC
to any successor or subsidiary organization created within [***] of the Effective Date of this Agreement, which assignment may be completed without the prior written consent of FUSION. Notwithstanding the foregoing, each Party may assign this
Agreement and its rights and obligations hereunder without such consent in connection with the transfer or sale of all or substantially all of the business of such Party to which this Agreement relates, whether by merger, sale of stock, sale of
assets or otherwise, provided the assignee agrees in writing with the other Party hereto to assume all obligations and liabilities of the assignor under this Agreement. 

 

	10.	 Indemnification 

 

	10.1	 By CPDC. CPDC shall defend, indemnify and hold FUSION and its Affiliates and sublicensees, and each of
their respective directors, officers and employees, harmless from and against any and all damages, liabilities, costs and expenses (including the reasonable costs and expenses of lawyers and other professionals) (collectively “Losses”)
incurred by FUSION in connection with any claim, demand, action or other proceeding (each, a “Claim”) by a third party (excluding FUSION’S Affiliates and sublicensees), to the extent such Losses arise out of (a) failure of the
Product delivered under this Agreement to conform to the Specifications; (b) CPDC’s breach of this Agreement, including without limitation any failure of its representations and warranties set forth in Section 5.1 or 5.2 to have been
accurate when made or any breach of the covenants set forth in this Agreement; or (c) the gross negligence or intentional misconduct of CPDC or any of its Affiliates, or any of their respective directors, officers, employees, provided CPDC will
not have an indemnification obligation with respect to any Claim to the extent that FUSION has an indemnification obligation under Section 10.2. 

  

	10.2	 By FUSION. FUSION shall defend, indemnify and hold CPDC and Its Affiliates, and each of their respective
directors, officers and employees, harmless from and against any and all Losses incurred by CPDC in connection with of any Claim by a third party (excluding CPDC’s Affiliates), to the extent such Losses arise out of: (a) except to the
extent arising from the failure of the Product to conform to the Specifications, the use or sale of the Product by FUSION, its Affiliates, sublicensees, distributors, agents or other parties; (b) except to the extent arising from the failure of
the Product to conform to the Specifications, the manufacture, storage, use, handling, promotion, marketing, distribution, importation, sale or offering for sale of Product; (c) interactions and communications with governmental authorities,
physicians or other third parties; or (d) FUSION’S breach of this Agreement, including without limitation any of its representations and warranties set forth in Section 5.1, (e) the gross negligence or intentional misconduct of
FUSION or any of its Affiliates, or any of their respective directors, officers, employees, provided FUSION will not have an indemnification obligation with respect to any Claim to the extent that CPDC has an indemnification obligation under
Section 10.1. 

  

			
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	10.3	 EXPENSES. AS THE PARTIES INTEND COMPLETE INDEMNIFICATION, ALL COSTS AND EXPENSES OF ENFORCING ANY
PROVISION OF THIS SECTION 10 SHALL ALSO BE REIMBURSED BY THE INDEMNITOR. 

  

	11.	 LIMITATIONS OF LIABILITY. 

 

	11.1	 GENERAL. EXCEPT FOR DAMAGES FOR WHICH A PARTY IS RESPONSIBLE PURSUANT TO ITS INDEMNIFICATION OBLIGATIONS
SET FORTH IN SECTION 10 ABOVE, EACH PARTY SPECIFICALLY DISCLAIMS ALL LIABILITY FOR AND SHALL IN NO EVENT BE LIABLE FOR ANY INCIDENTAL, SPECIAL, INDIRECT OR CONSEQUENTIAL DAMAGES, EXPENSES, LOST PROFITS, LOST SAVINGS, INTERRUPTIONS OF BUSINESS
OR OTHER DAMAGES OF ANY KIND OR CHARACTER WHATSOEVER ARISING OUT OF OR RELATED TO THIS AGREEMENT OR RESULTING FROM THE MANUFACTURE, HANDLING. MARKETING, SALE, DISTRIBUTION OR USE OF LICENSED PRODUCT REGARDLESS OF THE FORM OF ACTION, WHETHER IN
CONTRACT, TORT, STRICT LIABILITY OR OTHERWISE, EVEN IF SUCH PARTY WAS ADVISED OF THE POSSIBILITY OF SUCH DAMAGES. FUSION SHALL HAVE NO REMEDY, AND CPDC SHALL HAVE NO LIABILITY, OTHER THAN AS EXPRESSLY SET FORTH IN THIS AGREEMENT. EXCEPT FOR DAMAGES
FOR WHICH A PARTY IS RESPONSIBLE PURSUANT TO ITS INDEMNIFICATION OBLIGATIONS SET FORTH IN SECTION 10 ABOVE, NO ACTION, REGARDLESS OF FORM, ARISING OUT OF OR RELATED TO THIS AGREEMENT MAY BE BROUGHT BY EITHER PARTY MORE THAN [***] AFTER SUCH
PARTY HAS KNOWLEDGE OF THE OCCURRENCE THAT GAVE RISE TO THE CAUSE OF SUCH ACTION. 

  

	11.2	 CPDC MAXIMUM LIABILITY. NOTWITHSTANDING ANY OTHER TERM HEREIN, OR ANY TERM OF THE MASTER SERVICES
AGREEMENT. CPDC’S MAXIMUM LIABILITY TO FUSION UNDER THIS SUPPLY AGREEMENT FOR ANY REASON WHATSOEVER, INCLUDING, WILL NOT EXCEED [***]. 

  

	12.	 Non-Solicitation. During the term and for a period of [***] thereafter, neither party shall solicit,
induce, encourage or attempt to induce or encourage any employee of the other party with whom such party has had direct contact to terminate his or her employment with such other party or to breach any other obligation to such other party. This
section is not meant to encompass general solicitations such as may be found in newspaper advertisements and the like and the interviewing or hiring of any person who responds to a general solicitation 

 

	13.	 FORCE MAJEURE. NEITHER PARTY SHALL BE LIABLE FOR FAILURE TO PERFORM, OR DELAY IN THE PERFORMANCE OF, ITS
OBLIGATIONS UNDER THIS AGREEMENT (OTHER THAN PAYMENT OBLIGATIONS) WHEN SUCH FAILURE OR DELAY IS CAUSED BY AN EVENT OF FORCE MAJEURE. FOR PURPOSES OF THIS AGREEMENT, AN EVENT OF FORCE MAJEURE MEANS ANY EVENT OR CIRCUMSTANCE BEYOND THE REASONABLE
CONTROL OF THE AFFECTED PARTY. INCLUDING BUT NOT LIMITED TO, WAR, INSURRECTION, RIOT, FIRE, FLOOD OR OTHER UNUSUAL WEATHER CONDITION, EXPLOSION. ACT OF GOD, PERIL OF THE SEA, STRIKE, LOCKOUT OR OTHER INDUSTRIAL DISTURBANCE, SABOTAGE, ACCIDENT,
EMBARGO, BREAKAGE OF MACHINERY OR APPARATUS, INJUNCTION, ACT OF GOVERNMENTAL AUTHORITY, COMPLIANCE WITH GOVERNMENTAL ORDER ON NATIONAL DEFENSE REQUIREMENTS, OR INABILITY TO OBTAIN FUEL, POWER, RAW MATERIALS, LABOR OR TRANSPORTATION FACILITIES. IF,
DUE TO ANY EVENT OF FORCE MAJEURE, EITHER PARTY SHALL BE UNABLE TO FULFILL ITS OBLIGATIONS UNDER THIS AGREEMENT (OTHER THAN PREVIOUSLY ACCRUED PAYMENT OBLIGATIONS FROM COMPLETED WORK, THE AFFECTED PARTY SHALL IMMEDIATELY NOTIFY THE OTHER PARTY OF
SUCH INABILITY AND OF THE PERIOD DURING WHICH SUCH INABILITY IS EXPECTED TO CONTINUE AND SHALL USE COMMERCIALLY REASONABLE EFFORTS TO MITIGATE THE LENGTH AND EFFECT OF SUCH FORCE MAJEURE EVENT. 

  

			
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	14.	 Compliance with Law. Each Party agrees to comply, and to require its Affiliates and Sublicensees
to comply with all applicable international, federal, state and local laws, rules and regulations, including, but not limited to, import/export restrictions, laws, rules and regulations governing use and patent, copyright and trade secret
protection, in the performance of its activities as contemplated by this Agreement. 

  

	15.	 Costs and Expenses. Except as otherwise expressly provided in this Agreement, [***] shall bear all costs
and expenses associated with the performance of [***] under this Agreement. 

  

	16.	 Notices. Any notice or other communication required or permitted to be given hereunder shall be in
writing and shall be delivered in person, transmitted by facsimile, e-mail or similar means of recorded electronic communication or sent by registered mail, charges prepaid, addressed to the addresses set out on the signature page hereof. Any such
notice or other communication shall be deemed to have been given and received on the day on which it was delivered or transmitted (or, if such day is not a business day, on the next following business day) unless mailed, in which case on the [***]
following the date of mailing; provided, however, that if at the time of mailing or within [***] thereafter there is or occurs a labour dispute or other event that might reasonably be expected to disrupt the delivery of documents by mail, any notice
or other communication hereunder shall be delivered or transmitted by means of recorded electronic communication as described. 

  

	17.	 Severability. Each provision contained in this Agreement is distinct and severable and a declaration of
invalidity or unenforceability of any such provision or part thereof by a court of competent jurisdiction shall not affect the validity or enforceability of any other provision hereof. 

 

	18.	 Headings and References. The descriptive headings of this Agreement are for convenience only and shall
be of no force or effect in construing or interpreting any of the provisions of this Agreement. The terms “this Agreement”, “hereof, “hereunder” and similar expressions refer to this Agreement and not to any particular
Sections, subsection or other portion hereof, and include any agreement supplemental hereto. Unless something in the subject matter or context is inconsistent therewith, references herein to Sections, subsections, paragraphs, subparagraphs and
further subdivisions are references to such subdivisions of this Agreement. 

  

	19.	 Number, Gender and Persons. Unless the context otherwise requires, any reference to gender shall include
both genders and words importing the singular number shall include the plural and vice-versa. Words importing “persons” include individuals, partnerships, associations, trusts, unincorporated organizations and corporations.

  

	20.	 Calculation of Time Periods. Where a time period is expressed to begin or end at, on or with a specified
day, or to continue to or until a specified day, the time period includes that day. Where a time period is expressed to begin after or to be from a specified day, the time period does not include that day. Where anything is to be done within a time
period expressed after, from or before a specified day, the time period does not include that day. If the last day of a time period is not a business day, the time period shall end on the next business day. 

 

	21.	 Definitions. Any definitions contained in this Agreement shall include any necessarily corresponding
definitions as the context may require. Any capitalized or otherwise defined term used in this Agreement shall have the meaning ascribed in this Agreement regardless of whether such meaning is ascribed earlier or later in this document than the
reference in question. 

  

	22.	 Further Assurances. Each of the Parties hereto shall, at all times and from time to time hereafter,
execute, acknowledge, and deliver such other instruments and shall take such other action as may be necessary to carry out their respective obligations under this Agreement. 

  

			
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	23.	 Waiver. Except as expressly provided in this Agreement, no amendment or waiver of this Agreement or any
portion thereof shall be binding unless executed in writing. No waiver of any provision of this Agreement shall constitute a waiver of any other provision, nor shall any waiver of any provision of this Agreement constitute a continuing waiver unless
otherwise expressly provided. 

  

	24.	 Counterparts. This Agreement may be executed in any number of counterparts, and/or by facsimile or
e-mail transmission of standard PDF files, each of which shall constitute an original and all of which, taken together, shall constitute one and the same instrument. 

(remainder of page intentionally left blank; signature page follows) 

  

			
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 IN WITNESS WHEREOF, the Parties hereto have each caused this Supply Agreement to be duly executed as of the
Effective Date. 
  

							
	 Centre for Probe Development and

Commercialization
 McMaster University

Nuclear Research Building, A316
 1280 Main Street West

Hamilton, Ontario
 Canada, L8S 4K1
	 	 Fusion Pharmaceuticals Inc.
 270
Longwood Road South
 Hamilton, Ontario
 Canada, L8P
0A6

				
	By	 	
                     
                                        
	 	By	 	
                     
                                        

	Name	 	  
	 	Name	 	  

	Title	 	  
	 	Title	 	  

	Date	 	  
	 	Date	 	  

 [SIGNATURE PAGE] 

  

			
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 SCHEDULE 1: SUPPLY PRICING 

[***] 
  

	4.	 Production Standby Fee: a fee of $45,000 per month shall apply to [***].

  

					
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