Document:

EX-10.11

 Exhibit 10.11 

[***] = CERTAIN CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, MARKED BY BRACKETS, HAS BEEN OMITTED BECAUSE THE INFORMATION
(I) IS NOT MATERIAL AND (II) WOULD BE COMPETITIVELY HARMFUL IF PUBLICLY DISCLOSED. 
 CONFIDENTIAL 

Execution Version 
 ASSET
TRANSFER AND LICENSE AGREEMENT - FGF-21 
 THIS ASSET TRANSFER AND LICENSE AGREEMENT – FGF-21 (this “Agreement”), dated as of the 16th day of April, 2018 (the “Effective Date”), is by and between (a) 89Bio Ltd.
(“Company”) on the one hand, and (b) Ratiopharm GmbH, Teva Branded Pharmaceutical Products R&D, Inc. and Teva Pharmaceutical Industries Ltd, (collectively “Teva”) on the other. Company, on the one hand, and
Teva, on the other hand, shall each be referred to herein as a “Party” or, collectively, as the “Parties.” 

RECITALS: 

WHEREAS, Teva and its Affiliates have been engaged in a development program relating to GlycoPEGylated FGF21 molecules, including TEV-47948, a GlycoPEGylated long acting FGF21 that targets FGFR1, FGFR2, FGFR3, and control certain patent rights and know-how with respect thereto; and 

WHEREAS, Company is interested in developing and commercializing Compounds and Products (as defined below); and 

WHEREAS, Company desires to purchase and take assignment of certain intellectual property rights and materials and to obtain a license
with respect to other intellectual property rights from Teva, and Teva wishes to sell and assign such intellectual property rights and materials and to grant such license to Company, for Company to develop, manufacture and commercialize Compounds
and Products, all on the terms set forth below. 
 WHEREAS, concurrently with the execution of this Agreement, the Parties will
execute an additional Asset Transfer and License Agreement with respect to Teva’s research and development program relating to FASN inhibitors (“FASN Agreement”), and a reagent supply and technology transfer agreement and a
master services agreement (collectively, with the Agreement the “Transaction Documents”). 
 NOW, THEREFORE, in
consideration of the foregoing and of the various promises and undertakings set forth herein, the Parties agree as follows: 
 ARTICLE I

 DEFINITIONS 

Unless otherwise specifically provided herein, the following terms shall have the following meanings: 

1.1 “ABF Work Order” means Work Order # 1234 version 1.02 under the Master Service Agreement between Teva and ABF for (a)
[***] and (b) [***]. 
 1.2 “Additional Ingredient” means any active ingredient, in addition to any Compound, which
is contained in a Product. Drug delivery vehicles, adjuvants, and excipients shall not be deemed to be “active ingredients”, except in the case where such delivery vehicle, adjuvant, or excipient is recognized as an active ingredient in
accordance with 21 C.F.R. § 210.3(b)(7) (as amended). 

 [***] = CERTAIN CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, MARKED BY BRACKETS,
HAS BEEN OMITTED BECAUSE THE INFORMATION (I) IS NOT MATERIAL AND (II) WOULD BE COMPETITIVELY HARMFUL IF PUBLICLY DISCLOSED. 
  

 1.3 “Affiliate” of a Person means any other Person that (directly or
indirectly) controls, is controlled by or is under common control with such Party, but only for so long as such control exists. For the purposes of this Section 1.3, the word “control” (including, with correlative meaning, the terms
“controlled by” or “under common control with”) means (a) in the case of a corporate entity, direct or indirect ownership of voting securities entitled to cast at least fifty percent (50%) of the votes in the election of
directors, (b) in the case of a non-corporate entity, direct or indirect ownership of at least fifty percent (50%), including ownership by trusts with substantially the same beneficial interest, of the
equity interests with the power to direct the management and policies of such Person, provided that if local law restricts foreign ownership, control shall be established by direct or indirect ownership of the maximum ownership percentage that may,
under such local law, be owned by foreign interests, or (c) the power to direct the management or policies of a Person, whether through ownership of voting securities, by contract or otherwise. 

1.4 “Agreement” has the meaning set forth in the Preamble. 

1.5 [Intentionally Omitted] 

1.6 “Assigned Assets” means to the extent owned by Teva or an Affiliate of Teva: (i) the Assigned Patents,
(ii) Teva Know-How to the extent solely and exclusively related to the FGF21 Program, including without limitation the items set forth on Schedule 2;(iii) the results generated and the deliverables to be
provided under the ABF Work Order and the Pre-Clinical Studies Work Orders; and (iv) Regulatory Filings to the extent solely and exclusively related to the FGF21 Program. 

1.7 “Assigned Patents” means those Patents owned by Teva and relating solely and exclusively to the FGF21 Program,
which Patents are set forth on Schedule 3 hereto, including any patents described in clauses (b) – (d) of the definition of “Patents” relating thereto. 

1.8 “Assumed Liabilities” means: (a) liabilities and obligations arising out of or relating to Company’s ownership
of the Assigned Assets with respect to activities taking place after the Closing Date; and (b) reimbursement of amounts due to ABF for fulfillment of the ABF Work Order. For clarity, Assumed Liabilities does not include liabilities or
obligations arising out of or relating to activities undertaken prior to the Closing Date. 
 1.9 “Change of Control”
means, with respect to a Party, (a) completion of a merger, reorganization, amalgamation, arrangement, share exchange, consolidation, tender or exchange offer, private purchase, business combination, recapitalization or other transaction
involving a Party as a result of which the stockholders of such Party immediately preceding such transaction hold less than fifty percent (50%) of the outstanding shares, or less than fifty percent (50%) of the outstanding voting power,
respectively, of the ultimate company or entity resulting from such transaction immediately after consummation thereof (including a company or entity which as a result of such transaction owns the then-outstanding securities of a Party or all or
substantially all 

  
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HAS BEEN OMITTED BECAUSE THE INFORMATION (I) IS NOT MATERIAL AND (II) WOULD BE COMPETITIVELY HARMFUL IF PUBLICLY DISCLOSED. 
  

 
of a Party’s assets, either directly or through one or more subsidiaries), (b) the sale or disposition to a Third Party of all or substantially all the assets of a Party (determined on a
consolidated basis) to which this Agreement relates, or (c) the sale or disposition to a Third Party of assets or businesses that constitute fifty percent (50%) or more of the total revenue or assets of a Party (determined on a consolidated
basis). 
 1.10 “Claim” has the meaning set forth in Section 9.1. 

1.11 “Clinical Trial” means any study in which human subjects are dosed with a drug, whether approved or
investigational, including any Phase I Trial, Phase II Trial, Phase III Trial or Phase IV Trial. 
 1.12 “Closing Date”
means the date of delivery of written proof of the wire transfer of the payments described in Section 5.1 to Teva’s bank account set forth in Section 5.1. 

1.13 “Combination Product” means a Product containing a Compound together with one or more other Additional
Ingredients. 
 1.14 “Commercialization” or “Commercialize” means any and all activities undertaken
at any time for a particular Product and that relate to obtaining pricing and reimbursement approvals, carrying out Phase IV Trials, marketing, promoting, distributing, importing or exporting for sale, offering for sale, and selling of the Product,
and interacting with Regulatory Authorities regarding the foregoing. 
 1.15 “Commercially Reasonable Efforts” means,
with respect to any Compound or Product, that level of effort and resources commonly dedicated in the pharmaceutical industry by a biotechnology company similarly situated to Company, to the Manufacture, Development or Commercialization, as the case
may be, of a product of similar commercial potential at a similar stage in its lifecycle to such Compound or Product, in each case taking into account the following considerations (the “CRE Considerations”): issues of safety and
efficacy, product profile, the proprietary position, the then current competitive environment and the likely timing of market entry, the regulatory environment and status of such Product, profitability, and other relevant scientific, technical and
commercial factors, but without regard to any payments owed to Teva under this Agreement. Without limiting or derogating from the foregoing, Commercially Reasonable Efforts requires that, taking into account the CRE Considerations, Company:
(a) promptly assign responsibility for the applicable Development and Commercialization activities to specific employees who are held accountable for progress and monitor such progress on an on-going
basis, (b) set and consistently seek to achieve specific and meaningful objectives and timelines for carrying out such Development and Commercialization activities, and (c) consistently make and implement decisions and allocate resources
designed to advance progress with respect to such objectives and timelines. 
 1.16 “Company” has the meaning set
forth in the Preamble. 
 1.17 “Company Indemnitee” has the meaning set forth in Section 9.2. 

  
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 [***] = CERTAIN CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, MARKED BY BRACKETS,
HAS BEEN OMITTED BECAUSE THE INFORMATION (I) IS NOT MATERIAL AND (II) WOULD BE COMPETITIVELY HARMFUL IF PUBLICLY DISCLOSED. 
  

 1.18 “Compound” means the compound known as TEV-47948, as further described on Schedule 4, a GlycoPEGylated long acting FGF21 that targets FGFR1, FGFR2, and FGFR3 and any other GlycoPEGylated FGF21 compound claimed in the Assigned Patents. 

1.19 “Confidential Information” has the meaning set forth in Section 7.1. 

1.20 “Controlled” means, with respect to any patent right, Know-How, or other
intellectual property right, the possession (whether by ownership or license, other than by a license or sublicense granted pursuant to this Agreement) by a Party or its Affiliates of the ability to grant to the other Party a license or access as
provided herein to such item, without violating the terms of any agreement or other arrangement with any Third Party in existence as of the time such Party or its Affiliates would first be required hereunder to grant the other Party such license or
access. 
 1.21 “Cover” means, with respect to a Patent, country and product, that the manufacture, use, sale, offer
for sale or import of such product in such country by an unlicensed entity would infringe a Valid Claim of such Patent (assuming, for this purpose, that all patent application claims otherwise constituting a Valid Claim at such time have issued).

 1.22 “CPA Representative” has the meaning set forth in Section 5.11. 

1.23 “CRE Considerations” has the meaning set forth in Section 1.15. 

1.24 “Development” or “Develop” means, with respect to any Compound and Product, the performance of non-clinical, preclinical and clinical development (including, without limitation, toxicology, pharmacology, test method development and stability testing, process development, formulation development, quality
control development, statistical analysis), clinical trials, and regulatory activities that are required to obtain Regulatory Approval of such Product (and specifically excluding activities directed to obtaining pricing and reimbursement approvals).

 1.25 “Development Plan” means the plan setting forth the activities and timelines relating to the Development of
any Compound and Product in the Territory, as amended by Company from time to time in accordance with Section 3.1(b). The initial Development Plan is set forth on Schedule 5. 

1.26 “Disclosing Party” has the meaning set forth in Section 7.1. 

1.27 “Distributor” means a Third Party bona fide wholesaler or distributor (a) engaged by Company, a Sublicensee
or an Affiliate of either, on an arm’s-length commercially reasonable basis, only to market, distribute and sell a Product in one or more particular jurisdiction(s) (but, for clarity, not to Develop or
Manufacture any Product in any way), (b) that purchases Products from Company, a Sublicensee or an Affiliate of either, and (c) that sells Product without providing any consideration to Company, the Sublicensee or an Affiliate of either, as
applicable, (other than the purchase price paid by the Distributor for the Products, which for clarity may include down or advance payments). 

1.28 “Effective Date” has the meaning set forth in the Preamble. 

  
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HAS BEEN OMITTED BECAUSE THE INFORMATION (I) IS NOT MATERIAL AND (II) WOULD BE COMPETITIVELY HARMFUL IF PUBLICLY DISCLOSED. 
  

 1.29 “EMA” means the European Medicines Agency or any successor
agency thereto. 
 1.30 “European Commission” means the authority within the European Union that has the legal
authority to grant Regulatory Approvals in the European Union based on input received from the EMA or other competent Regulatory Authorities. 

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

1.32 “FDCA” means the United States Federal Food, Drug and Cosmetic Act, as amended. 

1.33 “FGF21 Program” means Teva’s research and development program relating to GlycoPEGylated FGF21 molecules. 

1.34 “First Commercial Sale” means, with respect to a Product in any country, the first sale of such Product to a Third
Party in such country for distribution, use or consumption after Regulatory Approval has been obtained for such Product in such country. Sales for purposes of testing the Product in a Clinical Trial shall not be deemed a First Commercial Sale. For
clarity, First Commercial Sale shall be determined on a Product-by-Product and
country-by-country (or region-by-region) basis, as applicable. Two or more Products that
contain the same Compound will be deemed the same “Product” for purposes of this definition. 
 1.35 “GAAP”
means United States generally accepted accounting principles consistently applied. 
 1.36 “Good Clinical Practice”
means the then current standards for Clinical Trials for pharmaceuticals (including all applicable requirements relating to protection of human subjects), as set forth in the FDCA and applicable regulations promulgated thereunder (including, for
example, 21 C.F.R. Parts 50, 54, and 56), as amended from time to time, and such standards of good clinical practice (including all applicable requirements relating to protection of human subjects) as are required by other organizations and
Governmental Body in any other countries, including applicable regulations or guidelines from the ICH, in which a Product is intended to be sold, to the extent such standards are not less stringent than in the United States. 

1.37 “Governmental Body” means any: (a) nation, principality, state, commonwealth, province, territory, county,
municipality, district or other jurisdiction of any nature; (b) federal, state, local, municipal, foreign or other government; (c) governmental or quasi-governmental authority of any nature (including any governmental division,
subdivision, department, agency, bureau, branch, office, commission, council, board, instrumentality, officer, official, representative, organization, unit, body or entity and any court or other tribunal); (d) multi-national or supranational
organization or body; or (e) individual, entity, or body exercising, or entitled to exercise, any executive, legislative, judicial, administrative, regulatory, police, military or taxing authority or power of any nature. 

1.38 “IND” means an Investigational New Drug Application, Clinical Study Application, Clinical Trial Exemption, or
similar application or submission for approval to conduct human clinical investigations filed with or submitted to a Regulatory Authority in conformance with the requirements of such Regulatory Authority. 

  
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 [***] = CERTAIN CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, MARKED BY BRACKETS,
HAS BEEN OMITTED BECAUSE THE INFORMATION (I) IS NOT MATERIAL AND (II) WOULD BE COMPETITIVELY HARMFUL IF PUBLICLY DISCLOSED. 
  

 1.39 “Indemnified Party” has the meaning set forth in
Section 9.3(a). 
 1.40 “Indemnifying Party” has the meaning set forth in Section 9.3(a). 

1.41 “Invoicing Entity” has the meaning set forth in Section 1.53. 

1.42 “Know-How” means know-how, trade
secrets, chemical and biological materials, formulations, protocols, assays, formulations, methods, inventions, discoveries, information, documents, studies, results, data and regulatory approvals, data, filings and correspondence (including Drug
Master Files), including biological, chemical, pharmacological, toxicological, pre-clinical, clinical and assay data, manufacturing processes and data, specifications, sourcing information, assays, and quality
control and testing procedures, whether or not patented or patentable. 
 1.43 “Law” or “Laws” means
any federal, state, provincial, local, international or multinational law, statute, standard, ordinance, code, rule, regulation, resolution or promulgation, or any order, writ, judgment, injunction, decree, stipulation, ruling, determination or
award entered by or with any Governmental Body, or any license, franchise, permit or similar right granted under any of the foregoing, or any similar provision having the force or effect of law. 

1.44 “Licensed Know-How” means Teva
Know-How that is not included in the Assigned Assets, including without limitation the Teva Know-How listed in Schedule 6. 

1.45 “Licensed Patents” means the Teva Licensed Patents and Third Party Patents. 

1.46 “Lien” means any lien, pledge, mortgage, deed of trust, security interest, charge, claim, easement, encroachment
or other similar encumbrance. 
 1.47 “MAA” means (a) a marketing authorization application filed with
(i) the EMA under the centralized EMA filing procedure or (ii) a Regulatory Authority in any country of the EU if the centralized EMA filing procedure is not used, or (b) any other equivalent or related regulatory submission, in
either case to gain approval to market a Product in any country in the European Union, in each case including, for clarity, amendments thereto and supplemental applications. 

1.48 “Major European Country” means any of the United Kingdom, France, Germany, Italy or Spain. 

1.49 “Manufacture” or “Manufacturing” means activities related to the manufacture, formulation and
packaging of any compound or product, including any Compound and Products, including related quality control and quality assurance activities. 

1.50 “Master Services Agreement” means the Master Services Agreement between the parties dated even date herewith. 

  
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HAS BEEN OMITTED BECAUSE THE INFORMATION (I) IS NOT MATERIAL AND (II) WOULD BE COMPETITIVELY HARMFUL IF PUBLICLY DISCLOSED. 
  

 1.51 “Milestone Event” has the meaning set forth in
Section 5.2(a). 
 1.52 “Milestone Payment” has the meaning set forth in Section 5.2(a). 

1.53 “Net Sales” means, with respect to a Product, the gross sales price invoiced to a Third Party for sales of such
Product by Company or its Affiliates or Sublicensees (the “Invoicing Entity”), after deduction of: [***], that the Invoicing Entity allocates to sales of such Product in accordance with its standard policies and procedures
consistently applied across its products, all calculated and determined in accordance with GAAP, as reflected in the Invoicing Entity’s financial statements and measured in United States Dollars (unless such charges are not included in the
amount invoiced and are otherwise reimbursed to Company by a Third Party). 
 Sales of Products by an Invoicing Entity to Company or an
Affiliate or Sublicensee for resale by Company or such Affiliate or Sublicensee [***]. Net Sales will include [***], but in each case only to the extent that Company or its Affiliate or Sublicensee receives amounts therefor in excess of the
fully-burdened cost thereof. 
 In the event that a Product is sold in any country in the form of a Combination Product, Net Sales of such
Combination Product shall be adjusted by multiplying actual Net Sales of such Combination Product in such country by the fraction A/(A+B), where: A is the average invoice price in such country of a Product containing the same strength of Compound
included in the Combination Product, but not containing the Additional Ingredient(s) included in such Combination Product, when sold separately in such country; and B is the average invoice price of a product containing the same strength of
Additional Ingredient(s) included in the Combination Product, but not containing the Compound(s) included in such Combination Product, when sold separately in such country. If, in a specific country, any such products are not sold separately, market
prices for the Compound(s) and Additional Ingredient(s) included in the Combination Product shall be determined by the Parties in good faith. 

1.54 “Novo Sublicense Agreement” means that certain license agreement entered into between an Affiliate of Teva and
Neose Technologies, Inc. on January 27, 2009. 
 1.55 “Party(ies)” has the meaning set forth in the Preamble.

 1.56 “Patents” means (a) any issued patents and patent applications, (b) any additions, divisionals,
continuations, conversion, supplemental examinations, extensions, term restorations, registrations, reinstatements, amendments, reissuances, corrections, substitutions, re-examinations, registrations,
revalidations, supplementary protection certificates, renewals, and foreign counterparts of the patents and patent applications mentioned in clause (a) above, and (c) all patents issuing from any of the patents and patent applications
mentioned in clause (a) or (b) above and any foreign counterparts of any such patents and patent applications, and which shall include, in any case, patents surviving post grant review and inter partes review. 

1.57 “Patent Challenge” means any legal or administrative proceeding challenging the validity of any of the Teva
Licensed Patents (or any claim thereof), including by: (a) filing a declaratory judgment action in which any of the Teva Licensed Patents is alleged to be invalid; or (b) filing or pursuing any
re-examination, opposition, cancellation, nullity or other like proceedings against any of the Teva Licensed Patents. For clarity, Patent Challenge shall not include a bona fide patent infringement defense
(such defense to include a declaratory judgment action) against a claim of infringement of the Teva Licensed Patents brought by Teva or any of its Affiliates. 

  
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 1.58 “Periodic Report” has the meaning set forth in Section 5.6.

 1.59 “Person” means any natural person, sole proprietorship, corporation, firm, business trust, trust, joint
venture, association, organization, company, partnership, limited partnership or other business entity, or any government or agency or political subdivision thereof. 

1.60 “Phase III Trial” means a clinical trial of a Product on a sufficient number of subjects that is designed to
establish that a pharmaceutical product is safe and efficacious for its intended use, and to determine warnings, precautions, and adverse reactions that are associated with such Product in the dosage range to be prescribed, which trial is intended
to support Regulatory Approval of such Product, as described in 21 C.F.R. 312.21(c) (as amended or any replacement thereof), or a similar clinical trial prescribed by any Regulatory Authority outside of the United States. For purposes of this
Agreement, “initiation” of a Phase III Trial for any Product means the first dosing of the first human subject with such Product in such Phase III Trial. 

1.61 “Pre-Clinical Study Work Orders” means the work orders entered into by Teva with
third party CROs pursuant to which the reports described in Section 2 of Schedule 2 are to be prepared. The pre-clinical studies under these work orders have been completed by the relevant CROs and the
relevant CROs and Teva are in the process of preparing and/or finalizing the reports in accordance with the relevant work order. 
 1.62
“Product” means any pharmaceutical product containing any Compound (alone or with Additional Ingredients), in all forms, presentations, formulations and dosage forms. For clarification, Product shall include any Combination
Product. 
 1.63 “Reagent Supply and Technology Transfer Agreement” means the Reagent Supply and Technology Transfer
Agreement between Company and Teva Biotech GmbH dated even date herewith. 
 1.64 “Receiving Party” has the meaning
set forth in Section 7.1. 
 1.65 “Regulatory Approval” means, with respect to a country or region in the
Territory, all approvals, licenses, registrations or authorizations from the relevant Regulatory Authority necessary for the Development, Manufacture or Commercialization of a Product in such country or region. For the avoidance of doubt, Regulatory
Approval outside of the United States shall include any pricing or marketing approval needed prior to the sale of a Product in such country or region. 

1.66 “Regulatory Authority” means (a) the FDA, (b) the EMA or the European Commission, or (c) any
regulatory body or other analogous government regulatory authority or agency involved in granting approvals (including any required pricing or reimbursement approvals) for the development, manufacture or commercialization of pharmaceutical or
biotechnology products (including any Product) in any other jurisdiction anywhere in the world. 

  
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 1.67 “Regulatory Filing” means any documentation comprising or
relating to or supporting any filing or application with any Regulatory Authority with respect to any compound or product (including any Compound or Product), or its use or potential use in humans, including any documents submitted to any Regulatory
Authority and all supporting data, including INDs and NDAs, and all correspondence with any Regulatory Authority with respect to such compound or product (including minutes of any meetings, telephone conferences or discussions with any Regulatory
Authority). 
 1.68 “Royalty Term” means, on a
Product-by-Product and country-by-country basis, the period commencing on the First
Commercial Sale of such Product in such country and continuing until the latest to occur of: (a) the date of expiration of the last Valid Claim included in any of the Transferred Patents claiming the composition, formulation, manufacture or use
of such Product in such country; (b) the end of any regulatory or data exclusivity for the Product granted by a Regulatory Authority or Governmental Body applicable to such country; or (c) ten (10) years from the date of First Commercial
Sale of such Product in such country. For purposes of Sections 1.68(b) and 1.68(c), two or more Products that contain the same Compound will be deemed the same “Product” and the Royalty Term shall expire upon on a country-by-country basis on the expiration of the Royalty Term of the first such Product in the relevant country. 

1.69 “Sublicense” means any grant by Company to its Affiliate or a Third Party of any of the rights acquired by Company
under Section 2.1 of this Agreement, including the right to Develop, Manufacture, or Commercialize any Compound or Product, in accordance with Section 2.5. 

1.70 “Sublicensee” means any Affiliate of Company or Third Party to whom Company shall grant a Sublicense or option to
obtain such Sublicense in accordance with Section 2.5. Sublicensee shall include any other Third Party to whom such Sublicense or option shall be transferred or assigned, by operation of law or otherwise. For clarity, Sublicensee excludes
Distributor. 
 1.71 “Tax” or “Taxes” means any federal, state, local or foreign income, gross
receipts, license, payroll, employment, excise, severance, stamp, occupation, premium, windfall profits, environmental, customs duties, capital stock, franchise, profits, withholding, social security, unemployment, disability, real property,
personal property, sales, use, transfer, registration, value added, alternative or add-on minimum, estimated, or other tax of any kind whatsoever, including any interest, penalty, or addition thereto, whether
disputed or not. 
 1.72 “Term” has the meaning set forth in Section 10.1. 

1.73 “Territory” means worldwide. 

1.74 “Teva” has the meaning set forth in the Preamble. 

1.75 “Teva Indemnitee” has the meaning set forth in Section 9.1. 

  
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 1.76 “Teva Know-How” means
any and all Know-How that (i) is Controlled by Teva or any of its Affiliates as of the Effective Date or is developed by Teva or any of its Affiliates after the Effective Date and delivered to Company in
accordance with Section 15 of the Reagent Supply and Technology Transfer Agreement and (ii) is necessary or reasonably useful to Develop, Manufacture, or Commercialize any Compound or Product. 

1.77 “Teva Licensed Patents” means those Patents owned by Teva or its Affiliates on the Effective Date or at any time
during the term of this Agreement that are not Assigned Patents, and are necessary or useful for the Development or Commercialization of the Compounds or the Products, that are relevant to development programs other than the FGF21 Program, including
without limitation Patents Covering methods of glycoPEGylation and resulting compounds. 
 1.78 “Teva Licensed
Technology” means the Teva Licensed Patents and Licensed Know-How. 
 1.79
“Third Party” means any Person other than Teva, Company or their respective Affiliates. 
 1.80 “Third
Party Patents” means those Patents sublicensed to Company under the Novo Sublicense Agreement entered into contemporaneously with this Agreement. 

1.81 “Teva Transferred Patents” means the Assigned Patents and Teva Licensed Patents. 

1.82 “Transferee” means any Third Party to whom Company or its Affiliate sells and assigns the Assigned Assets. 

1.83 “Transferred Patents” means the Teva Transferred Patents together with the Third Party Patents. 

1.84 “United States” or “US” means the United States of America and its territories and possessions.

 1.85 “Valid Claim” means a claim of any pending patent application or any issued, unexpired United States or
granted foreign patent that has not been dedicated to the public, disclaimed, abandoned or held invalid or unenforceable by a court or other body of competent jurisdiction from which no further appeal can be taken, and that has not been explicitly
disclaimed, or admitted in writing to be invalid or unenforceable or of a scope not Covering a particular product or service through reissue, disclaimer or otherwise, provided that if a particular claim has not issued within five (5) years of
its earliest priority date, it shall not be considered a Valid Claim for purposes of this Agreement unless and until such claim is included in an issued or granted Patent, notwithstanding the foregoing definition. 

  
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 ARTICLE II 

TRANSFER OF ASSETS, LICENSES AND OTHER RIGHTS 

2.1 Transfer of Assets. On the Closing Date and upon the terms and subject to the conditions of this Agreement, including receipt of the
payments set forth in Sections 5.1, Teva shall, and shall cause its Affiliates to, (and, as of the Closing Date, Teva and its Affiliate hereby) sell, assign, transfer, convey and deliver to Company, and Company shall purchase, acquire and accept,
all right, title and interest of Teva or its Affiliates, as applicable, in, to and under the Assigned Assets, free and clear of all Liens. In order to effectuate the assignment, transfer and conveyance of the Assigned Assets, the Parties shall, and
Teva shall cause its Affiliates, as applicable, to, duly execute and deliver patent assignments substantially in the forms attached hereto as Schedule 7 (“Patent Assignments”), and any other document that may be needed in order to
effectively transfer, convey and assign to Company all of Teva’s and Teva’s Affiliates’ rights, title and interest in and to the Assigned Assets, including without limitation assignment of the IND with respect to Compounds and any
other regulatory documents related thereto. Subject to the terms and conditions set forth herein, Company shall assume and agree to pay, perform and discharge when due any and all Assumed Liabilities. 

2.2 Grant of Licenses to Company. Subject to the terms and conditions of this Agreement and the reserved rights described in
Section 2.4, Teva hereby grants to Company, and Company hereby accepts, a perpetual (subject to termination in accordance with the terms of this Agreement), non-exclusive (but exclusive with respect to
Compounds), worldwide, royalty-bearing (as provided in Section 5.3 below), non-transferable (except in accordance with Section 11.2) license (with the right to grant Sublicenses as provided for in
Section 2.5 only) under the Teva Licensed Technology to research, have researched, Develop, have Developed, use, have used, Commercialize and have Commercialized, Manufacture and have Manufactured the Compounds and Products in the Territory.

 2.3 License to Teva. Company hereby grants to Teva and Teva’s Affiliates, and Teva hereby accepts, a non-exclusive, worldwide, royalty-free, non-transferable license, under the Assigned Patents to make and have made the Compound and Products, solely for supply to Company
under the terms of the supply agreement to be executed between the Parties. In addition, to the extent that Company or its Sublicensees or Transferees makes any improvements to the reagents known as [***], [***] or [***] (as described in the Reagent
Supply and Technology Transfer Agreement) or the manufacturing process relating to any of such reagents, Company shall, and shall cause its Sublicensees and Transferees to grant, and hereby grants Teva a
non-exclusive worldwide, royalty-free, non-transferable license, to such improvements, solely to research, have researched, Develop, have Developed, use, have used such
reagents for the sole purpose of Commercializing and having Commercialized, Manufacturing and having Manufactured Teva’s product with an INN of lipegfilgrastim, known as Lonquex. 

2.4 Reservation of Rights. 

Except as expressly set forth in this Agreement, no licenses or other rights are granted or created hereunder to use any Patent, Know-How or other intellectual property rights owned, Controlled or otherwise in-licensed by a Party or any of its Affiliates, and all licenses and other rights are or shall
be granted only as expressly provided in this Agreement, and no other licenses or other rights is or shall be created or granted hereunder by implication, estoppel or otherwise. The licenses granted in Section 2.2 above shall not grant or
create (by implication, estoppel or 

  
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otherwise) any license or right under any Teva Licensed Patents or Teva Know-How to Develop, Manufacture or Commercialize any molecule that is not a
Compound or Product. For clarity and without limiting the foregoing, nothing shall be deemed to confer any ownership interest, license or other rights upon Teva as to any invention, Patent, Know-How,
technology, intellectual property (whether patentable or not), data or other materials developed, made, discovered, invented, conceived and/or created by or on behalf of Company, its Affliliates, Sublicensees or Transferees based on or using the
Assigned Assets or in exercising its licenses under this Agreement or otherwise. 
 2.5 Grant of Sublicenses by Company. 

(a) Company shall be entitled to grant Sublicenses through multiple tiers of the rights granted by Teva hereunder: 

(i) to any Affiliate of Company (including the rights to allow such Affiliates to grant further Sublicenses in accordance with this
Section 2.5), provided such Sublicense only remains in effect for as long as such Sublicensee remains an Affiliate of Company; 
 (ii)
to Third Parties that are clinical research organizations, contract manufacturers, contract laboratory organizations, and other similar organizations that support the Development, Manufacture and Commercialization of any Compounds and Products on a fee-for-service basis as Sublicensees hereunder, provided that such Sublicenses include obligations of confidentiality and non-use of
the Teva Licensed Technology and Teva Confidential Information substantially in accordance with the terms of this Agreement; 
 (iii) to
other Third Parties as a Sublicensee hereunder (including the rights to allow such Third Parties to grant further Sublicenses in accordance with this Section 2.5) 

(b) All Sublicenses granted by Company (or any option to a Sublicense) must (i) be in writing (other than in the case of Sublicenses to
Affiliates of Company), (ii) be subject and subordinate to, and consistent with, the terms and conditions of this Agreement and (iii) require the applicable Sublicensee to comply with all applicable terms of this Agreement (except for the
payment obligations, for which Company shall remain responsible). Company shall provide a copy of each agreement containing a Sublicense granted under Section 2.5(a)(iii), redacted of any confidential terms (including without limitation, the
identity of the proposed Sublicensee) that are not material to the rights of Teva hereunder, to Teva at least [***] prior to execution. Teva shall keep any such copies of Sublicense agreements in its confidential files, shall not disclose such
agreements or the contents thereof to any third party (except auditors or legal advisors of Teva for the purpose set forth below), and shall use them solely for the purpose of monitoring Company’s compliance with its obligations hereunder and
enforcing Teva’s rights under this Agreement. If Company so requests, Teva will limit disclosure of such agreements to members of Teva’s legal staff, provided however that Teva’s legal staff may disclose to its alliance management
individuals the information necessary for Teva to appropriately track payment and reporting obligations to Teva. No Sublicense shall diminish, reduce or eliminate any obligation of Company under this Agreement, and Company shall remain responsible
for its obligations under this Agreement. Company shall include Teva as a third party beneficiary with respect to any Teva Confidential Information (as defined below) disclosed to the Sublicensee, if any, and with respect to indemnification
obligations relating to Products. 

  
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 (c) Any Sublicense shall be dependent on the existence of the licenses and rights granted
hereunder. Notwithstanding the foregoing, upon termination of this Agreement by Teva pursuant to Section 10.3, or 10.4, and provided that Sublicensee is not in breach of the Sublicense at the time of termination of this Agreement, Teva shall
work diligently and in good faith to expeditiously enter into an agreement with each Sublicensee to the extent of the scope of the applicable Sublicense, as the Sublicensee’s direct licensor, provided that such Sublicensee delivers to Teva
within [***] after termination of this Agreement a license agreement, proposed for execution by such Sublicensee and Teva, that is consistent with the terms and conditions set forth in this Agreement, as reasonably modified to be no greater in scope
than the scope of the Sublicense granted to such Sublicensee with respect to territory, duration/term of sublicense grant, Products, fields of use, etc. (e.g., if the Sublicensee’s Sublicense, as in effect immediately prior to such termination,
included rights and obligations only with respect to a particular Product, Compound, country, indication and/or other matter, the proposed license agreement shall only include rights and obligations with respect to such particular Product, Compound,
country, indication and/or other matter) (each such license agreement, a “New License Agreement”); provided further that (A) Teva shall have no liability to such Sublicensee for any actual or alleged breach by Company of the
Sublicense agreement under which such Sublicensee was granted the initial Sublicense and (B) Teva shall not have any obligations to such Sublicensee in excess of those obligations corresponding to, and consistent with, those of Teva set forth
in this Agreement with respect to the applicable rights of such Sublicensee to the Teva Licensed Technology. Notwithstanding the foregoing, the license rights of each Sublicensee that is entitled to request a direct license from Teva under the
conditions set forth above shall be deemed to continue during the ninety-day period in which such Sublicensee may request a direct license from Teva, and during a reasonable time thereafter while the direct
license is being finalized, pursuant to this Section 2.5(c). Each Sublicensee shall be deemed a third-party beneficiary for purposes of this Section 2.5(c). Notwithstanding anything herein to the contrary, this provision shall not apply to
a Sublicense with an Affiliate of Company. 
 (d) Without limiting the foregoing, Company shall ensure that each Sublicense shall include
terms that bind the Sublicensee to observe the applicable terms of this Agreement, the material breach of which terms shall be a material breach resulting, if not cured in accordance with the terms of the Sublicense (which shall be consistent with
Section 10.3), in the right of Company to terminate the Sublicense. In case of any act or omission by any Sublicensee that would have constituted a material breach of this Agreement by Company entitling Teva to terminate this Agreement had it
been an act or omission of Company hereunder, Company will notify Teva of such act or omission promptly after Company is informed or becomes aware of such act or omission thereof. Company and Teva will discuss possible courses of action, including,
if necessary, terminating such Sublicense agreement in accordance with the terms thereof if the breach is not cured within a reasonable period. Company shall take all such actions reasonably requested by Teva to enforce the terms of the Sublicense
Agreement upon the Sublicensee. For clarity, if Company complies with the terms of this paragraph, Teva will not have the right to terminate this Agreement on account of such breach by such Sublicensee. 

  
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 2.6 Technology Transfer of Teva Know-How. Teva
shall deliver to Company all documents and materials specified in Schedule 2 in accordance with the timeframes and manner of delivery established in Schedule 2. During the [***] period following the Effective Date, to the extent required,
Company’s representatives will be granted reasonable access, at Teva’s election, to Teva’s personnel by teleconference or in-person at Teva’s facilities, in coordination with Teva, in order
to gain a reasonable level of first-hand knowledge of the Teva Know-How under guidance of the relevant research and development personnel up to the total hours of technical assistance set forth in the table
attached hereto as Schedule 8, according to the terms specified therein. For the avoidance of doubt, the services described in the Reagent Supply and Technology Transfer Agreement, the services described in the Master Services Agreement and any
bioanalysis support and assay transfer related services shall not be covered by this Section 2.6 and shall be covered by the separate services agreement, to be negotiated between the Parties. 

2.7 Pre-Clinical Study Work Orders; ABF Work Order; Notebooks, Novo US Patent. 

2.7.1 Pre-Clinical Study Work Orders. With respect to the Pre-Clinical Study Work Orders, Teva shall (a) supervise and ensure completion of the reports and any other deliverable due under such work orders, (b) make any outstanding payments due under such work
orders and (c) provide the Company with such reports and other deliverables. Teva will provide such reports and deliverables to Company on or prior to the dates set forth in Section 2 of Schedule 2, provided that the deliverables to be
provided by the relevant vendor are delivered to Teva according to the timeframes specified in the relevant work plan or otherwise agreed among Teva, Company and the third party vendor. In the event of any delay in the deliverables to be provided by
any such vendor, the date for the delivery of the relevant reports and deliverables by Teva shall be pushed back by the term of such delay. For clarity, Teva will not be entitled to reimbursement of such payments. 

2.7.2 ABF Work Order. With respect to the ABF Work Order, Teva shall supervise performance of, and use reasonable efforts
to ensure performance of, such work order by ABF on behalf of Company until delivery of the clinical material at ABF’s storage facility in the United States, as described in the Work Order. Company shall reimburse Teva for amounts paid by Teva
with respect to the ABF Work Order prior to the Closing Date in accordance with Section 5.1(c). All other amounts to be paid under the ABF Work Order after the Closing Date will be paid by Company directly to ABF. 

2.7.3 Assignment of US Patent. The parties acknowledge that [***] and [***] (“US Patents”) are part of a
patent family that is included in the Assigned Patents. The US Patents were licensed to Teva by Neose, but not assigned to Teva to date, and such license agreement was subsequently assigned by Neose to Novo Nordisk. Pursuant to a patent management
agreement between Teva and Novo Nordisk, Teva has the right to require Novo Nordisk to assign the US Patents to Teva upon request. Teva has sent Novo a request to perform such assignment and Novo has acknowledged receipt of such request and its
intention to work with Teva to execute such assignment. Teva shall use its best efforts to obtain such assignment from Novo Nordisk as soon as possible after the Effective Date. Upon formal assignment of the US Patent to Teva, Teva shall assign the
US Patent to Company in accordance with the second sentence of Section 2.1 and the US Patent shall become part of the Assigned Patents. Until such assignment occurs, the US Patent shall be deemed licensed to Company under the Novo Sublicense
Agreement. 

  
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 2.7.4 Notebooks. Within [***] following the Closing, Teva will make
available the notebooks and binders listed in Appendix 2 to Schedule 2 attached hereto, to a third party chosen by Company, so that such third party may scan and/or copy the notebooks and binders. The notebooks and binders will be copied in their
original language. Upon completion of the copying and scanning, Teva will send the scanned copies to Company via electronic means. In addition, upon [***] prior notice from Company, at any time during the [***] following Closing, Teva shall make the
originals and the hard copies of the notebooks and binders available to a notary public designated by Company, at Teva’s facility, to review the copies and confirm that they are true copies of the originals. Teva will send such notarized copies
to Company. All such costs and expenses relating to producing copies of the notebooks and binders, shipping copies of such notebooks to Company, and notarizing such copies shall be the responsibility of Company. Teva shall maintain the originals of
the notebooks and binders in its archives indefinitely and, at Company’s request shall make them available to regulatory agencies within [***] of a written request from Company. If Teva, at any time, wishes to cease maintaining any of the
original notebooks or binders, it shall notify Company and shall deliver such originals to Company. 
 2.8 Supply and Technology
Transfer. Teva understands that Company’s research and development activities with respect to assets purchased under this Agreement are dependent on, and the Company is relying on, Teva’s performance of its obligations under Sections
2.6 and 2.7, and on Teva Biotech GmbH’s performance of its obligations under the Reagent Supply and Technology Transfer Agreement. Teva undertakes to ensure that Teva Biotech GmbH performs its obligations under the Reagent Supply and Technology
Transfer Agreement. In order to facilitate communication between the parties regarding fulfillment of such activities and the performance of Teva’s obligations, Teva shall appoint an alliance manager (the “Alliance Manager”) as
the main point of contact for the Company for day-to-day activities, including as the initial contact with respect to any concerns regarding the fulfillment Teva’s
obligations under Sections 2.6 and 2.7. Teva shall keep an Alliance Manager until completion of all of Teva Biotech GmbH’s obligations under the Reagent Supply and Technology Transfer Agreement. 

2.9 Company’s Recording and Similar Responsibilities. It shall be Company’s responsibility (i) to record the patent
assignments following execution thereof and (ii) to bear the fees and other costs in connection therewith. 
 ARTICLE III 

DEVELOPMENT, MANUFACTURE AND COMMERCIALIZATION 

3.1 Development. 
 (a)
Company, alone and/or through its Affiliates and/or Sublicensees, shall use Commercially Reasonable Efforts to Develop a Product for approval in the United States, and each of the Major European Countries. The Parties acknowledge that Company, alone
and/or through its Affiliates and/or Sublicensees, may Develop Products that are a Combination Product. Without limiting the generality of the foregoing, Company, alone and/or through its Affiliates and/or Sublicensees, shall use Commercially
Reasonable Efforts to execute and perform, or cause to be 

  
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performed, the Development Plan, in accordance with the timelines set forth therein, and Company shall conduct its Development activities in good scientific manner and in compliance with
applicable Law, including Laws regarding environmental, safety and industrial hygiene, and, to the extent applicable, Good Laboratory Practice, Good Clinical Practice, current standards for pharmacovigilance practice, and all applicable requirements
relating to the protection of human subjects. Company, alone and/or through its Affiliates and/or Sublicensees, shall have the right to engage Third Party subcontractors (including Distributors) to conduct any of its Development, Manufacturing and
Commercialization obligations under this Agreement; provided that (a) Company shall be liable hereunder for all actions or inactions of any of such Person, and (b) each such Person shall execute a
non-disclosure/nonuse agreement no less restrictive than the terms and conditions contained in Article VII if Teva Confidential Information is to be disclosed. 

(b) Company shall use Commercially Reasonable Efforts to conduct all Development activities relating to the Products in accordance with the
Development Plan. Company shall have the right to amend the Development Plan from time to time; provided that no such Development Plan amendment may reduce or otherwise lessen the general diligence (except that the timelines for achieving
development and commercialization milestones may be amended) and other obligations of Company pursuant to this Agreement. The terms of and activities set forth in the Development Plan shall at all times be designed to be in compliance with all
applicable Laws and to be conducted in accordance with professional and ethical standards customary in the pharmaceutical industry. 
 (c) As
between the Parties, Company shall be responsible, at its, its Affiliates’ and/or Third Parties’ sole cost and expense, for all Development activities under this Agreement and the Development Plan. 

3.2 Commercialization. 

(a) Company (alone and/or through its Affiliates and/or Sublicensees) shall use Commercially Reasonable Efforts to Commercialize a Product in
the Territory in those countries for which Regulatory Approval and pricing and reimbursement approval have been obtained. 
 (b) As between
the Parties, Company shall be responsible, at its, its Affiliates’ and/or Third Parties’ sole cost and expense, for all Commercialization activities under this Agreement and shall keep Teva reasonably informed as to the progress of such
activities under Section 3.3. 
 3.3 Development, Regulatory and Commercialization Reports. Every [***] months during the Term,
Company shall issue to Teva a report on the Development, regulatory and commercialization activities Company has performed or caused to be performed for the Compounds and Products since the last such report, including a summary of the work performed
in relation to the goals of the Development Plan and a summary of progress against each Development and regulatory-related Milestone Event and an estimate of the timing of the achievement of the all Development and regulatory-related Milestone
Events (which estimate will not be construed as a guarantee of such timing), and shall provide such other information as may be reasonably requested by Teva with respect to such Development and regulatory activities. In addition to the foregoing,
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[***], Company shall participate in a telephone or video conference to discuss any of the foregoing as is reasonably necessary to convey an understanding of the status of the applicable
Development or regulatory activity. In addition to the foregoing, Company shall provide prompt written notice to Teva if, in any year, the Company has elected to suspend for a period equal to or greater than three (3) consecutive months, or to
no longer proceed with, all Development, Manufacturing and Commercialization activities relating to Compounds. 
 3.4 Trademarks. As
between Teva and Company, Company shall have the sole authority to select trademarks for Products and shall own all such trademarks, and shall be responsible for the registration, filing, maintenance and enforcement thereof. 

3.5 Other Government Laws. Company shall comply with, and ensure that its Affiliates comply and Sublicensees undertake to comply with,
all applicable government statutes and regulations that relate to Compounds or Products. These include but are not limited to FDA statutes and regulations, the Export Administration Act of 1979, as amended, codified in 50 App. U.S.C. 2041 et seq.
and the regulations promulgated thereunder or other applicable export statutes or regulations. 
 ARTICLE IV 

REGULATORY MATTERS 
 4.1
Regulatory Responsibilities. Company (alone and/or through its Affiliates and/or Sublicensees) shall use Commercially Reasonable Efforts to seek and obtain Regulatory Approval for a Product in the United States, and each of the Major European
Countries in accordance with the Development Plan. 
 4.2 Ownership of Regulatory Approvals. As between Company and Teva, Company (or
its applicable Affiliate) shall own and maintain all Regulatory Filings made after the Effective Date for Products and all Regulatory Approvals for Products. All such filings shall be in the name of Company or its Affiliate or Sublicensee, except
where otherwise required by local law. 
 4.3 Regulatory Cooperation. The report described in Section 3.3 shall summarize
material submissions made by Company with, and material correspondence received by Company from, a Regulatory Authority pertaining to any Regulatory Filing or Regulatory Approval for Products. In the [***] after the Effective Date, to the extent
reasonably requested by Company, Teva shall use reasonable efforts, at Company’s expense, to provide Company with any information relating to the Licensed Know-How that is in Teva’s possession, is
not in the possession of Company and is needed for Regulatory Filing or Regulatory Approval for Products. For clarity, except as stated in the previous sentence, Teva shall have no obligation, responsibility or liability relating to any Regulatory
Filing or Regulatory Approval for any Compound or Product, and Teva shall have no obligation, responsibility or liability to maintain, comment on, respond to or file any Regulatory Filings or Regulatory Approvals for any Compound or Product. 

  
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 4.4 Regulatory Audits. To the extent that Teva’s participation is requested by
Company, the Parties shall cooperate in good faith with respect to Regulatory Authority inspections of any site or facility where Clinical Trials or Manufacturing of Products are conducted pursuant to this Agreement, whether such site or facility is
Company’s or its Affiliate’s or a permitted subcontractor’s. 
 4.5 Pricing and Reimbursement Standards. Company (alone
and/or through its Affiliates and/or Sublicensees) shall be responsible for and have the exclusive right to seek and attempt to obtain pricing and reimbursement approvals for the Products in the Territory. 

ARTICLE V 
 FINANCIAL
PROVISIONS 
 5.1 Upfront and CRO Payments. 

(a) Upfront Payment. Within [***] of the Effective Date, Company shall pay to Teva a total of Six Million US Dollars (US$6,000,000) as
an aggregate one-time upfront payment for the rights granted under this Agreement and under the FASN Agreement. Such payment shall be non-refundable and non-creditable and not subject to set-off. For clarity, such amount shall serve as the upfront payment for both this Agreement and the FASN Agreement. 

(b) CRO Payment. Within [***] of the Effective Date, Company shall pay to Teva, [***]. 

(c) ABF Work Order Payment. Within [***] of the Effective Date, Company shall pay to Teva, an amount equal to Teva’s payments made
to ABF as of the Effective Date under the ABF Work Order. 
 (d) Timing of Payments. Company shall pay to Teva the payments set forth
in this Section 5.1 within [***] of the Effective Date. Any failure to provide such payments within such [***] shall be a material breach of this Agreement permitting Teva to terminate this Agreement with immediate effect. 

(e) Wire Transfer Instructions. The payments described in this Section 5.1 shall be made by wire transfer to the following account:

 [***] 
 Branch no. [***] 

Account No: [***] 
 Swift: [***] 

Beneficiary: [***] 
 5.2 Milestone
Payments. 
 (a) Product-based Milestones. As consideration for Teva’s grant of the rights and licenses to Company hereunder
and the assignment of the Assigned Assets, Company shall pay to Teva the following one-time, product-based milestone payments (the “Milestone Payments”) upon the first achievement of each of
the milestone events set forth in the table below (the “Milestone Events”) by a Product. Each Milestone Payment will be payable one time only, regardless of the number of Products and/or indications to achieve the corresponding
Milestone 

  
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Event. Company shall pay the relevant Milestone Payment within [***] of such achievement (or in the case of the [***] milestones, of the end of the calendar quarter in which the [***] milestone
was obtained) by Company or its Affiliates or Sublicensees, or any Transferee. For the avoidance of doubt, each of the Milestone Payments shall become payable upon the first occurrence of the associated Milestone Event, irrespective of the order in
which the Milestone Events occur relative to each other. If a development Milestone Event (i.e., [***]) for a Product is skipped, then the skipped Milestone Event(s) for such Product will be deemed to have been met upon the achievement of the
subsequent milestone for such Product. Such payments shall be non-refundable and non-creditable and not subject to set-off. 

 

			
	 Milestone Events
	  	Milestone Payment
	[***]	  	$[***]
	[***]	  	$[***]
	[***]	  	$[***]
	[***]	  	$[***]
	[***]	  	$[***]

 5.3 Royalties. 

(a) As further consideration for Teva’s grant of the rights and licenses to Company hereunder and the assignment of the Assigned Assets,
Company shall pay to Teva a royalty at the graduated royalty rates specified in the table below with respect to the aggregate annual worldwide Net Sales of all Products by Company and its Affiliates, Sublicensees or any Transferee of the Assigned
Assets, in the Territory in a calendar year (subject to the reductions and set-offs set forth below): 
  

			
	 Aggregate Annual Worldwide Net Sales of All Products in a calendar
year (US Dollars)
	  	Royalty Rate
	For that portion of aggregate annual Net Sales of all Products up to and including $[***].	  	[***]%
	For that portion of aggregate annual Net Sales of all Products exceeding $[***] but less than and including $[***].	  	[***]%
	For that portion of aggregate annual Net Sales of all Products exceeding $[***].	  	[***]%

 The applicable royalty rate shall be calculated as provided in this Section 5.3(a) by reference to the aggregate annual
worldwide Net Sales of all Products in a calendar year. By way of example, in a given calendar year, if the aggregate annual worldwide Net Sales of all Products for which royalties are due under this Section 5.3(a) were US$[***], the following
royalty payment would be payable under this Section 5.3(a): [***]. 

  
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 (b) Royalties shall be payable from the First Commercial Sale of a Product, on a country-by-country basis, until the expiration of the Royalty Term for such Product and country. 

(c) Only one royalty shall be due with respect to the sale of the same unit of Product regardless of how many Valid Claims included in any of
the Transferred Patents Cover the manufacture, use, sale, offer for sale or importation of such Product. 
 (d) On a Product-by-Product and country-by-country basis, upon expiration of the Royalty Term for a
Product in a country, the licenses granted to Company under Section 2 with respect to such Product in such country shall continue in effect but become fully paid-up, royalty-free, irrevocable and
perpetual. 
 5.4 Reductions 

(a) Expiration of Transferred Patents. Subject to Section 5.4(c), if royalties are payable under Section 5.3 on Net Sales of a
particular Product (i) in a particular country after the expiration of all Valid Claims included in the Transferred Patents (including any applicable patent term extension) Covering such Product in such country or (ii) in a particular
country in which there is no Valid Claim included in the Transferred Patents (including any applicable patent term extension) covering such Product, then the royalties payable on Net Sales of such Product shall be calculated as set forth in
Section 5.3, provided that the portion of the royalties payable on Net Sales of such Product in the particular country shall be reduced by [***] after the date of expiration of the
last-to-expire Valid Claim of the Transferred Patents Covering such Product in the country of sale. 

(b) Third Party Royalties. If Company identifies any Patent owned or controlled by a Third Party in a particular jurisdiction that,
absent a license or agreement with such Third Party, would be infringed (or in the case of pending application, the would be infringed if the claims therein were to issue) by manufacturing, using or selling a Product (except, in the case of
Combination Products, intellectual property rights that are specific to Additional Ingredient(s) included in such Combination Product) (“Blocking IP”), then Company shall notify Teva. In the event that the Company acquires a license
from such Third Party with respect to such Blocking IP, then Company will be entitled to offset [***] of any amounts paid under such license agreement with respect to such Product against amounts due under Section 5.3 (after the deductions
described in Section 5.4(a)), provided however that Company shall not be entitled to deduct any such amounts until the relevant patent included in the Blocking IP has granted. Upon the granting of such patent included in the Blocking IP,
Company shall be entitled to deduct from the royalties payable [***] of the amounts previously paid by Company to the Third Party licensee, all in accordance with this Section 5.4(b) and subject to Section 5.4(c). 

(c) Maximum Deduction. In no event shall (a) the reduction under Section 5.4(b) reduce royalties otherwise due to Teva by more
than [***] in any calendar [***] in any particular country and (b) the cumulative reductions under Sections 5.4(a) and 5.4(b) reduce the royalties otherwise due to Teva by more than [***] in any calendar [***] in any particular country. 

  
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 (d) No Obligation to Pay Third Party Royalties. In no event shall Teva be required to
contribute to Company’s payments to Third Parties from which it has received (sub)licenses to intellectual property that claims or covers any Compound or Product. In no event shall Company be required to contribute to Teva’s payments to
Third Parties from which it has received (sub)licenses to intellectual property that claims or covers any Compound or Product. 
 (e) No
Other Deductions. There shall be no deductions or other reductions to any royalties or other amounts payable to Teva hereunder, except to the extent provided by Sections 5.4(a), and 5.4(b). 

5.5 Notice. Company shall give Teva written notice of any First Commercial Sale of a Product, or Milestone Event achieved under
Section 5.2(a) within [***] of the occurrence of each such event. 
 5.6 Periodic Reports. Within [***] after the end of each
calendar quarter commencing upon the First Commercial Sale of a Product, Company shall furnish Teva with a quarterly report (“Periodic Report”) detailing, at a minimum, the following information for the applicable calendar quarter,
each listed by Product and by country of sale: (i) the total number of units of Product sold by Company, its Affiliates, Sublicensees or Transferee for which royalties are owed to Teva hereunder, including a breakdown of the number and type of
Products sold (example dosage strength, formulation and count as applicable), (ii) gross amounts received for all such sales, (iii) deductions by type taken from Net Sales as specified in Section 1.53, (iv) Net Sales, (v) royalties
and milestone payments owed to Teva, listed by category, (vi) the currency in which the sales were made, including the computations for any applicable currency conversions pursuant to Section 5.8, and (vii) a summary of progress
against each Net Sales Milestone Event. Once the first Commercial Sale has occurred, Periodic Reports shall be provided to Teva whether or not royalties, milestone payments or Sublicense fees are payable for a particular calendar quarter. In
addition to the Periodic Report, and commencing upon the First Commercial Sale of a Product, Company shall furnish to Teva an annual forecast for the projected sales of Products in the foregoing calendar year, provided that (a) if sales are
being made under a Sublicense agreement, Company shall only be required to provide such estimates if it has received the relevant estimates from the Sublicensee and is authorized under the relevant Sublicense agreement to share such estimates with
Teva and (b) if substantially all of the shares of Company or substantially all of the assets to which this Agreement relates are sold in a bona fide transaction, the obligation to provide such forecasts shall terminate. Company agrees to
suggest language requiring the Sublicensee to provide such information and allow such disclosure in its negotiations with Sublicensees; provided however, that Teva understands that the relevant Sublicensee may not agree to the inclusion of such
language. In addition to the foregoing, upon Teva’s reasonable request, Company shall provide to Teva such other information as may be reasonably requested by Teva, and shall otherwise cooperate with Teva as reasonably necessary, to enable Teva
to verify Company’s compliance with the payment and related obligations under this Agreement, including verification of the calculation of amounts due to Teva under this Agreement and of all financial information provided or required to be
provided in the reports; provided that with respect to information related to sales by Sublicensees, Company shall only be obligated to provide Teva the information that it obtains from its Sublicensees, provided that Company shall use reasonable
efforts to require its Sublicensee to provide all of the information requested by Teva pursuant to this sentence. 

  
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 5.7 Payments. On the date prescribed for the submission of each Periodic Report,
Company shall pay the royalties due to Teva for the reported period. All payments under this Agreement shall be computed and paid in United States Dollars. All Payments shall be made by wire transfer to such bank accounts as Teva may designate by
written notice. 
 5.8 Currency Exchange. With respect to Net Sales invoiced in United States Dollars, the Net Sales and the amounts
due to Teva hereunder shall be expressed in United States Dollars. With respect to Net Sales invoiced in a currency other than United States Dollars, the Net Sales shall be expressed in the domestic currency of the entity making the sale, together
with the United States Dollars equivalent, calculated based on the average conversion rate existing in the United States (as reported in the Wall Street Journal) for the calendar quarter for which remittance is made for Royalties. For purposes of
calculating the Net Sales thresholds set forth in Section 5.3, the aggregate Net Sales with respect to each calendar quarter within a calendar year shall be calculated based on the currency exchange rates for the calendar quarter in which such
Net Sales occurred, in a manner consistent with the exchange rate procedures set forth in the immediately preceding sentence. 
 5.9
Taxes. Each Party is responsible for its own taxes, duties, levies, imposts, assessments, deductions, fees, withholdings or similar charges imposed on or measured by net income or overall gross income, gross receipts, capital, ability or right
to do business, property, and franchise or similar taxes pursuant to applicable laws. All amounts to be paid to Teva pursuant to this Agreement are exclusive of Value Added Tax. Company shall add value added tax, as required by Law, to all such
amounts. If applicable Laws require that taxes be withheld from any amounts due to Teva under this Agreement, Company shall (a) deduct these taxes from the remittable amount, (b) pay the taxes to the proper taxing authority, and
(c) promptly deliver to Teva a statement including the amount of tax withheld, and such other information as may be necessary for tax credit purposes. Company shall cooperate with Teva in claiming exemptions from such deductions or a reduced
withholding tax rate as allowable under any agreement or treaty from time to time in effect. If Company receives a refund of any such withheld taxes, in whole or in part, and whether in the form of cash, credit or other similar offset, Company shall
refund such amount to Teva within a reasonable period of time, provided that nothing in this Agreement shall require Company to take any particular steps to obtain such refund. Payment of Value Added Tax – or of any analogous foreign tax,
charge or levy (if charged), applicable to the sale of Products shall be added to each payment in accordance with the statutory rate in force at such time. Teva shall not be liable for any penalties or interest due to the failure of Company to remit
any withholding or deductions to the proper tax authorities. 
 5.10 Records. Company shall keep, and shall require its Affiliates and
Sublicensees to keep, full and correct books of account in accordance with GAAP enabling the royalties, Sublicense fees and Milestone Payments, and all corresponding deductions, to be calculated accurately. Company shall, and shall require and cause
its Affiliates and Sublicensees to, retain such books of account with respect to a given report provided under Section 5.6, for three (3) years after the end of the calendar year to which such report relates, which reports shall be kept at
each of their principal place of business and shall be open for inspection and audit in accordance with Section 5.11 below. 

  
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 5.11 Audit. Teva shall be entitled to appoint, at its sole expense, a certified public
accountant or other professional as appropriate and reasonably acceptable to Company (the “CPA Representatives”) to inspect, not more than once a calendar year, during normal business hours Company’s and its Affiliates’
books and records contemplated by Section 5.10 above, including all books of account, records and other relevant documentation to the extent relevant or necessary for the sole purpose of verifying compliance with the payment and related
obligations under this Agreement, the calculation of amounts due to Teva under this Agreement and of all financial information required to be provided in the Periodic Reports, provided that Teva shall coordinate such inspection with Company or its
Affiliate (as the case may be) reasonably in advance. In addition, Teva may require that Company, through the CPA Representatives, inspect, at Teva’s expense, during normal business hours the books and records contemplated by Section 5.10
above, including all applicable books of account, records and other relevant documentation of any Sublicensees, not more than once a calendar year, to the extent relevant or necessary for the sole purpose of verifying the compliance with the payment
obligations under this Agreement, the calculation of amounts due to Teva under this Agreement and of all financial information provided in the Periodic Reports, and Company shall use its commercially reasonable efforts to cause such inspection to be
performed. The Parties shall reconcile any underpayment or overpayment within thirty (30) days after the CPA Representatives deliver the results of the audit to Teva and Company. The results of such inspection, if any, shall be binding on both
Parties. Any underpayment shall be subject to interest in accordance with the terms of Section 5.13, below. Any overpayments shall be fully creditable against amounts payable in subsequent payment periods during the Term, or if such
overpayments are identified following the Term, then such overpayments shall be refunded within [***] of receipt of the corresponding audit results. In the event that any inspection of Company aforesaid reveals any underpayment by Company to Teva in
respect of any calendar year of the Agreement in an amount exceeding five percent (5%) of the correct amount due by Company to Teva in respect of such calendar year, then Company shall pay the reasonable out-of-pocket cost of such inspection. Any underpayments or overpayments under this Section 5.11 shall be subject to the currency exchange provisions set forth in Section 5.8 as applied to the
calendar quarter during which the payment obligations giving rise to such underpayment or overpayment were incurred by Company. 
 5.12
Blocked Payments. In the event that, by reason of applicable Law in any country, it becomes impossible or illegal for Company to transfer, or have transferred on its behalf, payments owed Teva hereunder, Company shall promptly notify Teva of the
conditions preventing such transfer and such payments shall be deposited in local currency in the relevant country to the credit of Teva in a recognized banking institution designated by Teva or, if none is designated by Teva within a period of
[***], in a recognized banking institution selected by Company, as the case may be, and identified in a written notice given to Teva. 

5.13 Interest Due. Any sum of money due to Teva which is not duly paid on time shall bear interest from the due date of payment until
the actual date of payment at the rate of [***], computed for the actual number of days the payment was past due. 

  
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 5.14 Mutual Convenience. The royalty and other payment obligations set forth hereunder
have been agreed to by the Parties for the purpose of reflecting and advancing their mutual convenience, including the ease of calculating and paying royalties and other amounts to Teva. Company hereby stipulates to the fairness and reasonableness
of such royalty and other payments obligations and covenants not to allege or assert, nor to allow any of its Affiliates or Sublicensees to allege or assert, nor further to cause or support any other Third Parties to allege or assert, that any such
royalty or other payments obligations are unenforceable or illegal in any way. 
 ARTICLE VI 

INTELLECTUAL PROPERTY 

6.1 Intellectual Property. 

(a) The Parties acknowledge that the ownership rights set out in this Section 6.1 are subject to the terms and conditions of this
Agreement (including the license grants and restrictions on licensing that are set forth in Article II). 
 (b) Teva shall own all right,
title and interest in and to the Teva Licensed Technology. Company shall own all right, title and interest in and to the Assigned Assets. Ownership of any Third Party Patents shall be as set forth in the applicable Third Party License Agreement.

 (c) Company agrees that it will use reasonable efforts to prosecute and maintain the patents included in the patent family [***] in the
following countries: [***]. Notwithstanding the foregoing, the Company shall have no such obligation with respect to a country listed above if Company reaches the conclusion, in its reasonable judgment after consultation with patent counsel, that
(i) it is unlikely that a patent will be granted on the relevant Assigned Patents in such country or (ii) if any such patent is granted, it is unlikely to be enforceable in a manner that provides a competitive advantage to Company in such
country. In the event that Company decides that it will not file, prosecute or maintain any patents included in the Assigned Patents, Company shall provide Teva with prior written notification thereof. Teva shall have the right, but not the
obligation to, assume control of and responsibility for the filing, prosecution or maintenance of such Assigned Patent in such country at Teva’s expense. 

ARTICLE VII 

CONFIDENTIALITY 
 7.1
Definitions. Company and Teva each recognizes that during the Term, a Party (the “Disclosing Party”) may disclose or provide Confidential Information (as defined herein) to the other Party (the “Receiving
Party”). The disclosure and use of Confidential Information shall be governed by the provisions of this Article VII. Neither Company nor Teva shall use the other’s Confidential Information except as expressly permitted in this
Agreement, which includes the exercise of rights or performance of obligations under this Agreement. For purposes of this Agreement, “Confidential Information” means all confidential or proprietary information (including information
relating to the business, operations and products of a Party or any of its Affiliates), including Third Party information, disclosed or provided by the Disclosing Party to the Receiving Party or its Affiliates or Sublicensees, regardless of whether
any of the foregoing are marked “confidential” or “proprietary” or communicated to the other by the disclosing Party or its Affiliates in oral, written, graphic, or electronic form. Notwithstanding the foregoing, all non-public information within the Assigned Assets will be deemed Confidential Information of the Company (and not of Teva) and Company shall be deemed the Disclosing Party and Teva will be deemed the Receiving Party
with respect to such information. 

  
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 7.2 Obligation. Each Receiving Party agrees that it may use the Disclosing
Party’s Confidential Information solely for the purpose performing its obligations and/or exercising its rights under this Agreement. Each Receiving Party further agrees that it may disclose the Disclosing Party’s Confidential Information
to its own (or its respective Affiliate’s, or with respect to Company, also its Sublicensees’ and contractors’) shareholders, officers, employees, consultants, representatives, agents only if and to the extent necessary to carry out
the Receiving Party’s responsibilities under this Agreement or in accordance with the exercise of Receiving Party’s rights under this Agreement, and such disclosure shall be limited to the maximum extent possible consistent with such
responsibilities and rights, and only if such recipient is under written obligations of confidentiality and non-use at least as stringent as those herein. Except as set forth in the foregoing sentence, the
Receiving Party shall not disclose Confidential Information of the Disclosing Party to any Third Party without the Disclosing Party’s prior written consent. In all events, however, any and all disclosure to a Third Party (or to any such
Affiliate or Sublicensee) shall be pursuant to the terms of a non-disclosure/nonuse agreement no less restrictive than this Article VII. The Party which disclosed Confidential Information of the other to any
Third Party (or to any such Affiliate or Sublicensee) shall be responsible and liable for any disclosure or use by such Third Party, Affiliate or Sublicensee (or its disclosees) which would have violated this Agreement if committed by the Party
itself. Each Receiving Party shall take such action to preserve the confidentiality of the Disclosing Party’s Confidential Information as it would customarily take to preserve the confidentiality of its own Confidential Information (but in no
event less than a reasonable standard of care). Upon expiration or termination of this Agreement, each Receiving Party, upon the Disclosing Party’s request, shall return or destroy (at Disclosing Party’s discretion) all the Confidential
Information disclosed to the Receiving Party pursuant to this Agreement, including all copies and extracts of documents, within sixty (60) days after the request, except for one archival copy (and such electronic copies that exist as part of
the Receiving Party’s computer systems, network storage systems and electronic backup systems) of such materials solely to be able to monitor its obligations that survive under this Agreement. 

7.3 Exceptions. The non-use and non-disclosure
obligations set forth in this Article VII shall not apply to any Confidential Information, or portion thereof, that the Receiving Party can demonstrate by competent evidence: 

(a) at the time of disclosure is in the public domain; 

(b) after disclosure, becomes part of the public domain, by publication or otherwise, through no fault of the Receiving Party or its disclosees
(including any Affiliates or Sublicensees); 
 (c) is made available to the Receiving Party by an independent Third Party without an
obligation of confidentiality with respect to such information; or 
 (d) is independently developed by the Receiving Party without access,
use or reference to the Disclosing Party’s information. 

  
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 In addition, the Receiving Party may disclose information that is required to be disclosed by Law, by a valid
order of a court or by order or regulation of a governmental agency, including but not limited to, regulations of the SEC or in the course of arbitration or litigation; provided, however, that in all cases the Receiving Party shall give the other
party prompt notice of the pending disclosure, to the extent permitted and practicable, and make a reasonable effort to assist the Disclosing Party, at the Disclosing Party’s expense, in obtaining, a protective order or confidential-treatment
order preventing or limiting (to the greatest possible extent and for the longest possible period) the disclosure and/or requiring that the Confidential Information so disclosed be used only for the purposes for which the law or regulation required,
or for which the order was issued. The foregoing notwithstanding, with respect to any such disclosure required by applicable Law or the requirements of any stock exchange to which a Party is subject, the Party required to make such disclosure shall
(a) provide the other Party with notice and a copy of such proposed disclosure as far in advance of such filing or other disclosure as is reasonably practicable under the circumstances, and (b) provide the other Party a reasonable
opportunity to request confidential treatment or review and comment on such communications. Notwithstanding anything to the contrary herein, if a Party is seeking to make a disclosure required by applicable Law as set forth in Section 7.5 or
this Section 7.3, and the other Party provides comments, the Party seeking to make such disclosure or its counsel, as the case may be, shall in good faith (i) consider incorporating such comments and (ii) use reasonable efforts to
incorporate such comments, limit disclosure or obtain confidential treatment to the extent reasonably requested by the other Party, to the extent that such Party reasonably determines such request to be consistent with applicable Law. 

Notwithstanding the foregoing, (i) the Receiving Party may disclose the Disclosing Party’s Confidential Information to actual or potential
investors, acquirors, licensees, sublicensees, contractors and other financial or commercial partners solely for the purpose of evaluating or carrying out an actual or potential investment, acquisition, service (on behalf of Receiving Party) or
collaboration; provided that in each such case such disclosure is on the condition that such recipients are bound by confidentiality and non-use obligations substantially consistent with those contained in the
Agreement; provided, however, that the term of confidentiality and non-use for such recipients shall be no less than [***] years, and (ii) Company may disclose Teva’s Confidential Information to the
extent such disclosure is reasonably necessary, and subject to any available confidentiality protection, (A) to the patent offices in any country in which Patents are sought for purposes of prosecuting any applications for Patents or defending
any Patents in opposition or other actions; or (B) to Regulatory Authorities to pursue Development, Manufacture and Commercialization of Products. 

7.4 Terms of this Agreement. The Parties agree that the terms of this Agreement shall be treated as Confidential Information of both
Parties, and may only be disclosed to actual or potential investors, acquirors, licensees, or sublicensees, solely for the purpose of evaluating or carrying out an actual or potential investment, acquisition, or collaboration, and subject to
confidentiality protections at least as strict as those contained herein. In addition, each Party may disclose this Agreement or its terms to the extent required to be disclosed by Law, by a valid order of a court or by order or regulation of a
governmental agency, including but not limited to, regulations of the SEC or in the course of arbitration or litigation; provided, however, that the Party required to make such disclosure shall (a) provide the other Party with notice and a copy
of 

  
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such proposed disclosure as far in advance of such filing or other disclosure as is reasonably practicable under the circumstances, and (b) provide the other Party a reasonable opportunity
to request confidential treatment or review and comment on such communications. Notwithstanding anything to the contrary herein, if a Party is seeking to make a disclosure required by applicable Law as set forth in this Section 7.4, and the
other Party provides comments, the Party seeking to make such disclosure or its counsel, as the case may be, shall in good faith (i) consider incorporating such comments and (ii) use reasonable efforts to incorporate such comments, limit
disclosure or obtain confidential treatment to the extent reasonably requested by the other Party, to the extent that such Party reasonably determines such request to be consistent with applicable Law. 

7.5 Publicity; Publications. Neither Party, nor its Affiliates shall originate any publicity, news release, public announcement or
publication, written or oral, relating to this Agreement, the transactions contemplated hereby or the terms hereof, or the existence of any arrangement between the Parties, without the prior written consent of the other Party (not to be unreasonably
withheld, conditioned or delayed), whether or not named in such publicity, news release, other public announcement or publication, except that such consent shall not be required for disclosures to the extent described in the penultimate paragraph of
Section 7.3, previously approved for disclosure under this Section 7.5 or otherwise made public not in breach of this Article VII. Notwithstanding the foregoing, Company shall have the right to publish and present publicly the results of
its activities under this Agreement, and shall provide Teva with a copy (to the attention of “Alliance Management” pursuant to Section 11.7) of each abstract, presentation, manuscript and similar materials intended to be published or
presented by Company in any medium or forum (including information to be presented verbally) that may disclose Teva Confidential Information at least five (5) days prior to Company publishing (or submitting for publication) or presenting such
materials. 
 7.6 Survival. The provisions of this Article VII shall survive expiry or termination of this Agreement for a period of
[***] thereafter. 
 ARTICLE VIII 

REPRESENTATIONS, WARRANTIES AND COVENANTS 

8.1 Representations and Warranties. (a) Company represents and warrants to Teva, and (b) Teva represents to Company, in each
case as of the Effective Date that: 
 (a) Such Party is a corporation duly organized and validly existing under the Laws of the jurisdiction
of its incorporation; 
 (b) Such Party has all right, power and authority to enter into this Agreement, and to perform its obligations under
this Agreement; 
 (c) Such Party has taken all action necessary to authorize the execution and delivery of this Agreement and the
performance of its obligations under this Agreement; 
 (d) This Agreement is a legal and valid obligation of such Party, binding upon such
Party and enforceable against such Party in accordance with the terms of this Agreement; 

  
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 (e) The execution, delivery and performance of this Agreement by such Party does not conflict
with, breach or create in any Third Party the right to accelerate, terminate or modify any agreement or instrument to which such Party is a party or by which such Party is bound; 

(f) 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; and the execution, delivery and performance of this Agreement by such Party does not violate any Law of any Governmental Body having authority over such Party; 

(g) No person or entity has or shall have, as a result of the execution and delivery of or 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 Affiliates, agents or Sublicensees; and 

(h) No agreement between it and any Third Party is in conflict with the rights granted to the other Party pursuant to this Agreement. 

8.2 Additional Representations and Warranties of Teva. Teva represents, warrants and covenants to Company as of the Effective Date that:

 (a) No consent by any Third Party or Governmental Body is required with respect to the execution and delivery of this Agreement by Teva or
the consummation by Teva of the transactions contemplated hereby; 
 (b) Except as described in Section 2.7.3, Teva or its Affiliates
exclusively own all right, title and interest in and to the Assigned Assets free and clear of all Liens. 
 (c) Teva has the full right to
grant the licenses granted under this Agreement with respect to the Teva Licensed Patents and Teva Licensed Know-How without breaching any third party rights. 

(d) Intellectual Property 

(i) The Assigned Patents are all of the Patents owned by Teva or its Affiliates that relate solely and exclusively to the FGF21 Program. 

(ii) To the best of Teva’s knowledge, the Assigned Assets and the use and practice of the Assigned Assets for the Development and
Commercialization of Compounds and Products, and the use of and the practice of the inventions claimed in the Teva Licensed Patents and the Teva Know-How, do not violate or infringe the intellectual property
rights of any Third Party. To the best of Teva’s knowledge, no Third Party has the right to assert any claim regarding the use of, or challenging or questioning Teva’s right or title in, any Assigned Asset. To the best of Teva’s
knowledge, no Third Party is making an unauthorized use or disclosure of any Assigned Asset. 

  
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 (iii) Teva has taken security measures to protect the secrecy, confidentiality and value of
all of the Assigned Assets, which measures are reasonable and customary in the industry in which Teva operates. 
 (iv) No government,
university, college, other educational institution research center, or nonprofit institution (each an “Institution” and collectively the “Institutions”) provided facilities or funding for the development of any
intellectual property included in the Assigned Assets. 
 (v) With respect to all Assigned Patents, all necessary filing, examination,
registration, maintenance, renewal and other fees and taxes have been timely paid, and all necessary documents and certificates have been timely filed with all relevant registration offices for the purposes of maintaining such intellectual property,
in each case in accordance with applicable law, except in each case as would not be expected to have a material adverse effect on the Assigned Patents. 

(vi) With respect to all Assigned Patents, in each case (A) such Assigned Patents have been prosecuted in good faith, and (B) Teva
and its patent counsel have complied with their duty of candor and disclosure to all registration offices with respect to such Assigned Patents and have made no intentional misrepresentations in connection with the prosecution or maintenance of such
Assigned Patents. 
 (e) Litigation. There are no actions, suits, claims, charges, hearings, arbitrations, audits, proceedings (public
or private) or investigations (collectively, “Proceedings”) that have been brought or initiated by or against any governmental authority, customer, distributer or any other third party, or are pending or threatened in writing
(whether settled or unsettled) regarding any of the Assigned Assets, the Product or the Compound, or (b) that seek or would reasonably be expected to prevent, enjoin, alter or delay the transactions contemplated by this Agreement. 

(f) Tax. There is no unpaid Tax which constitutes a Lien upon any of the Assigned Assets or any Teva Licensed Patents. 

(g) Patent Claims. No action, claim, proceeding or inquiry or investigation is pending or, to the knowledge of Teva, threatened by any
Third Party with respect to any Compound or Product or the patentability or validity of any claims of any of the Assigned Patents or the Teva Licensed Patents; 

(h) Notice of Infringement. Teva has not received any written notice or threat from any Third Party asserting or alleging that any
research, manufacture or development of Compounds or Products by Teva prior to the Effective Date infringed or misappropriated the intellectual property rights of such Third Party. 

8.3 Disclaimer. Notwithstanding the representations and warranties set forth in this Article VIII, Company acknowledges and accepts the
risks inherent in attempting to Develop and Commercialize any pharmaceutical product. There is no implied representation that the Compounds or Products can be successfully Developed or Commercialized. 

  
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 8.4 EXCEPT AS EXPRESSLY SET FORTH HEREIN, NEITHER PARTY MAKES ANY REPRESENTATION OR
WARRANTY OF ANY KIND, EITHER EXPRESS OR IMPLIED, WITH RESPECT TO ANY TEVA PATENT OR TEVA KNOW-HOW, ANY COMPOUND, ANY PRODUCTS OR ANY INVENTORY, INCLUDING ANY WARRANTIES OF VALIDITY OR ENFORCEABILITY OF ANY
PATENTS, TITLE, QUALITY, MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE, PERFORMANCE OR NONINFRINGEMENT OF ANY THIRD PARTY PATENTS OR OTHER INTELLECTUAL PROPERTY RIGHTS. 

ARTICLE IX 

INDEMNIFICATION; LIMITATION OF LIABILITY; INSURANCE 

9.1 Indemnification 
 (a)
Indemnification by Company. Company shall indemnify, defend and hold Teva and its Affiliates and each of their respective employees, officers, directors and agents (each a “Teva Indemnitee”) harmless from and against any and
all actions, judgments, settlements, liabilities, damages, penalties, fines, losses, costs and expenses (including reasonable attorneys’ fees and expenses) to the extent arising out of any Third Party claim, demand, action or other proceeding
(each, a “Claim”) to the extent arising out of or resulting from (i) the Development, Manufacture, Commercialization (including testing, handling, storage, transportation, sale or use or other disposition) of any Compound or
Product by or on behalf of Company or its Affiliates or Sublicensees; (ii) Company’s or its Affiliates’ and Sublicensees’ use or practice of the Teva Licensed Technology, Third Party Licensed Patents, Assigned Patents;
(iii) breach by Company of any of its representations, warranties, covenants or obligations set forth in this Agreement, (iv) a Company Indemnitee’s or any of Company’s Sublicensees’ gross negligence, recklessness or willful
misconduct; or (e) use of the Assigned Assets by or on behalf of Company, its Affiliates, Sublicensees and/or Transferees, provided, however, that Company’s obligations pursuant to this Section 9.1 shall not apply to the extent such
Claims arise out of or result from Teva’s breach of this Agreement or the negligence, recklessness or willful misconduct of any Teva Indemnitee. 

(b) Indemnification by Teva. Teva shall indemnify, defend and hold Company and its Affiliates and each of their respective agents,
employees, officers and directors (each a “Company Indemnitee”) harmless from and against any and all Claims to the extent arising out of or resulting from (a) the Development or Manufacture (including testing, handling,
storage, transportation, use or other disposition) of any Compound or Product by or on behalf of Teva or its Affiliates or licensees prior to the Effective Date; (b) breach by Teva of any of its representations, warranties, covenants or
obligations set forth in this Agreement, or (c) a Teva Indemnitee’s gross negligence, recklessness or willful misconduct; provided, however, that Teva’s obligations pursuant to this Section 9.2 shall not apply to the extent such
Claims arise out of or result from Company’s breach of this Agreement or the negligence, recklessness or willful misconduct of any Company Indemnitee. 

  
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HAS BEEN OMITTED BECAUSE THE INFORMATION (I) IS NOT MATERIAL AND (II) WOULD BE COMPETITIVELY HARMFUL IF PUBLICLY DISCLOSED. 
  

 9.2 Procedure. 

(a) The Party or other Person intending to claim indemnification under this Article IX (an “Indemnified Party”) shall promptly
notify the other Party (the “Indemnifying Party”) of any Claim in respect of which the Indemnified Party intends to claim such indemnification (provided, that no delay or deficiency on the part of the Indemnified Party in so
notifying the Indemnifying Party shall relieve the Indemnifying Party of any liability or obligation under this Agreement except to the extent the Indemnifying Party has suffered actual prejudice directly caused by the delay or other deficiency),
and the Indemnifying Party shall assume the defense thereof (with counsel selected by the Indemnifying Party and reasonably satisfactory to the Indemnified Party) whether or not such Claim is rightfully brought; provided, however, that an
Indemnified Party shall have the right to retain its own counsel and to participate in the defense thereof, with the fees and expenses to be paid by the Indemnified Party unless the Indemnifying Party does not assume the defense or unless a
representation of both the Indemnified Party and the Indemnifying Party by the same counsel would be inappropriate due to the actual or potential differing interests between them, in which case the reasonable fees and expenses of counsel retained by
the Indemnified Party shall be paid by the Indemnifying Party. For clarity, in no event shall the Indemnifying Party be required to pay for more than one separate counsel no matter the number or circumstances of all Indemnified Parties. 

(b) If the Indemnifying Party shall fail to timely assume the defense of and reasonably defend such Claim, the Indemnified Party shall have the
right to retain or assume control of such defense and the Indemnifying Party shall pay (as incurred and on demand) the fees and expenses of counsel retained by the Indemnified Party. 

(c) The Indemnifying Party shall not be liable for the indemnification of any Claim settled (or resolved by consent to the entry of judgment)
without the written consent of the Indemnifying Party. Also, if the Indemnifying Party shall control the defense of any such Claim, the Indemnifying Party shall have the right to settle such Claim; provided, that the Indemnifying Party shall obtain
the prior written consent (which shall not be unreasonably withheld or delayed) of the Indemnified Party before entering into any settlement of (or resolving by consent to the entry of judgment upon) such Claim unless (i) there is no finding or
admission of any violation of law or any violation of the rights of any person by an Indemnified Party, no requirement that the Indemnified Party admit negligence, fault or culpability, and no adverse effect on any other claims that may be made by
or against the Indemnified Party and (ii) the sole relief provided is monetary damages that are paid in full by the Indemnifying Party and such settlement does not require the Indemnified Party to take (or refrain from taking) any action. 

(d) The Indemnified Party, and its employees and agents, shall cooperate fully with the Indemnifying Party and its legal representatives in the
investigations of any Claim. 
 (e) Regardless of who controls the defense, each Party hereto shall reasonably cooperate in the defense as
may be requested. 
 (f) Teva shall not be liable under this Article 9 for any Claims and losses arising therefrom, to the extent based upon
or arising out of any inaccuracy in or breach of any of the representations or warranties of Teva contained in Sections 8.2(d)(ii), 8(d)(iv), 8(e) or 8(h) of this Agreement if either [***] or [***] had actual knowledge of such inaccuracy or breach
prior to the Effective Date. 

  
 31 

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HAS BEEN OMITTED BECAUSE THE INFORMATION (I) IS NOT MATERIAL AND (II) WOULD BE COMPETITIVELY HARMFUL IF PUBLICLY DISCLOSED. 
  

 9.3 Expenses. As the Parties intend complete indemnification, all costs and expenses
of enforcing any provision of this Article IX shall also be reimbursed by the Indemnifying Party. 
 9.4 Limitation of Liability. IN
NO EVENT SHALL EITHER PARTY OR ITS AFFILIATES BE LIABLE TO THE OTHER PARTY FOR ANY PUNITIVE, EXEMPLARY OR CONSEQUENTIAL DAMAGES ARISING OUT OF A BREACH OF THIS AGREEMENT, PROVIDED THAT, NOTWITHSTANDING ANYTHING TO THE CONTRARY, THE FOREGOING SHALL
NOT BE CONSTRUED TO LIMIT THE INDEMNITY OBLIGATIONS SET FORTH IN SECTIONS 9.1 AND 9.2 OR EITHER PARTY’S LIABILITY FOR A BREACH OF Article VII. THE TOTAL AGGREGATE LIABILITY OF EITHER PARTY UNDER THIS AGREEMENT, THE TRANSACTIONS DOCUMENTS, AND
ANCILLARY DOCUMENTS RELATED THERETO WILL BE THE TOTAL SUMS OF MONEY PAID UNDER THE TRANSACTIONS DOCUMENTS, OTHER THAN IN CASE OF FRAUD, INTENTIONAL MISREPRESENTATION OR WILLFUL MISCONDUCT BY THE BREACHING PARTY, IN WHICH CASE THE BREACHING PARTY
SHALL BE LIABLE TO ANY AMOUNT. 
 9.5 Insurance. During the Term and for at least [***] thereafter, Company shall carry and maintain
insurance of the types and in amounts which are reasonable and customary in the pharmaceutical industry for companies of comparable size for comparable activities. Such insurance shall insure against all liability, including but not limited to (when
applicable to Company’s activities), bodily injury or property damage arising out of the manufacture, sale, distribution, marketing, Development or Commercialization of any Compounds or Products. Such insurance shall include commercial general
liability insurance (when applicable to Company’s activities), including product liability insurance, which coverage shall have limits of liability which are commercially reasonable for the pharmaceutical industry. The coverage limits set forth
herein will not create any limitation on Company’s liability to Teva under this Agreement. 
 ARTICLE X 

TERM AND TERMINATION 

10.1 Term. The term of this Agreement shall commence on the Effective Date and, unless earlier terminated as provided in this Article
X, shall continue in full force and effect, on a country-by-country and
Product-by-Product basis, until the Royalty Term in such country with respect to such Product expires, at which time this Agreement shall expire with respect to such
Product in such country, subject to the perpetual license under Section 5.3(d) and other rights and obligations surviving such expiration. The “Term” means the period from the Effective Date until the earlier of termination of
this Agreement as provided in this Article X or expiration of this Agreement upon the expiration of the last-to-expire Royalty Term. The Parties confirm that subject to
the foregoing sentence, this Agreement shall not be terminated or invalidated by any future determination that any or all of the Teva Licensed Patents have expired or been invalidated. 

10.2 Termination Without Cause. Company may terminate this Agreement without cause upon [***] prior written notice to Teva, provided
that Company may only exercise its right to terminate under this Section 10.2, and provide such notice, after the first anniversary of the Effective Date. Any notice of termination sent prior to [***] shall be deemed to be delivered upon the
first anniversary of the Effective Date. 

  
 32 

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HAS BEEN OMITTED BECAUSE THE INFORMATION (I) IS NOT MATERIAL AND (II) WOULD BE COMPETITIVELY HARMFUL IF PUBLICLY DISCLOSED. 
  

 10.3 Termination upon Material Breach. If a Party materially breaches any of its
material obligations under this Agreement, the Party not in breach may give to the breaching Party a written notice specifying the nature of the breach, requiring it to cure such breach, and, if desired, stating its intention to terminate this
Agreement if such breach is not cured. If such breach is not capable of being cured, or is capable of being cured but nonetheless has not within [***] after the receipt of such notice been cured, then the Party not in breach shall (in addition to
and not in lieu of all other available rights and remedies) be entitled to at its option either (i) terminate this Agreement immediately by written notice to the other Party, or (ii) continue this Agreement in full force and effect and
seek any legal or equitable remedies that the non-breaching Party may have; provided that if such material breach is curable but is incapable of being cured within such [***], then the non-breaching Party’s right of termination shall be suspended only if, and for so long as, the other Party has provided to the non-breaching Party and is diligently
implementing a written plan that is reasonably calculated to effect a cure of such material breach in as prompt a manner as reasonably practicable, but no longer than an additional [***]. Notwithstanding the foregoing provisions, in the event of a
good-faith dispute as to whether any alleged breach is in fact a material breach, termination under this Section 10.3 in respect of such alleged breach shall not take effect unless and until such dispute is finally resolved (by the final
unappealable decision of a court or otherwise) in favor of the Party alleging the breach and the breaching Party fails to cure such breach within [***] after the date of such final decision. In case of a breach of an obligation to pay money, which
obligation to pay is not disputed in good faith, the cure period shall be [***]instead of [***]. Notwithstanding anything to the contrary contained herein, a failure by Company to make the payments specified in Section 5.1 within [***] of the
Effective Date shall be a material breach permitting termination by Teva with immediate effect. 
 10.4 Termination for Bankruptcy.
Teva may terminate this Agreement immediately upon written notice to Company in the event that Company has a petition in bankruptcy filed against it that is not dismissed within sixty (60) days of such filing, files a petition in bankruptcy, or
makes an assignment for the benefit of creditors. Company may terminate this Agreement immediately upon written notice to Teva in the event that Teva has a petition in bankruptcy filed against it that is not dismissed within sixty (60) days of
such filing, files a petition in bankruptcy, or makes an assignment for the benefit of creditors. Notwithstanding the foregoing, in the event a receiver or trustee (or the like) is appointed to a party or a party has entered into a settlement with
its creditors and such party is otherwise meeting its obligations pursuant to this Agreement, the other party shall not be entitled to terminate this Agreement as contemplated under Section 10.4 during such period. 

10.5 Termination for Patent Challenge 

(a) In the event that Company or any of its Affiliates or Sublicensees, directly or indirectly commences a Patent Challenge with respect to any
of the Teva Licensed Patents and does not withdraw such Patent Challenge within [***] of Teva’s written notice, Teva may terminate the license with respect to the Teva Licensed Patents that are subject to such Patent Challenge; provided, that
with respect to any such Patent Challenge by any non-Affiliate Sublicensee, Teva will not have the right to terminate this Agreement under this Section 10.5(a) if Company (i) causes such Patent
Challenge to be terminated or dismissed or (ii) terminates such Sublicensee’s Sublicense to the Teva Licensed Patents being challenged by the Sublicensee, in each case within [***] of Teva’s notice to Company under this
Section 10.5(a). In the event Company or any of its Affiliates intends to bring a Patent Challenge in any forum, not less than [***] prior to commencing such action, Company will provide to Teva a complete written disclosure of each basis known
to Company and its Affiliates for such Patent Challenge. 

  
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HAS BEEN OMITTED BECAUSE THE INFORMATION (I) IS NOT MATERIAL AND (II) WOULD BE COMPETITIVELY HARMFUL IF PUBLICLY DISCLOSED. 
  

 10.6 Effect of Termination. 

(a) No release. Upon expiration or termination of this Agreement for any reason, nothing in this Agreement may be construed to release
either party from any liability or obligation that accrued or matured prior to the effective date of the expiration or termination, nor preclude either Party from pursuing all rights and remedies it may have hereunder or at law or in equity, with
respect to any breach of this Agreement nor prejudice either Party’s right to obtain performance of any obligation. 
 (b)
Survival. 
 (i) Article 7, Article 9 and Sections 11.2, 11.3, 11.6 and 11.7, as well as any rights, obligations and duties which by
their nature extend beyond the expiration or termination of this Agreement, shall survive termination or expiration of this Agreement. 

(ii) In addition, unless the Agreement is terminated in accordance with Section 5.1(d) or in accordance with Section 10.2 (in which
case the Assigned Assets will be assigned back to Teva), the following provisions will survive termination or expiration of this Agreement: Section 2.1, the first sentence of Section 2.6, Section 2.7, Article V (other than
Section 5.1) and Article VI. 
 (c) Consequences of Termination Without Cause or Termination by Teva. The following provisions
shall apply in the event of termination by Company pursuant to Section 10.2 or by Teva pursuant to Sections 10.3, 10.4 or 10.5: 
 (i)
Wind-down. Except as may otherwise be agreed in writing by the Parties, Company will be responsible at its own expense for an orderly wind-down, in accordance with accepted pharmaceutical industry norms and ethical practices, of any then on-going clinical trials hereunder for which it has responsibility. 
 (ii) Licenses. All licenses
and other rights granted by Teva to Company under the Teva Licensed Technology pursuant to Section 2.2 will terminate and such licenses will revert to Teva, and Company and its Affiliates and Sublicensees will have no further rights to use any
Teva Licensed Technology (except as necessary for Company to conduct any activities expressly set forth in Section 10.6(c)(i)). Each Party will promptly return to the other Party (or as directed by such other Party destroy and certify to such
other Party in writing as to such destruction) all of such other Party’s Confidential Information and any materials and Teva Licensed Technology provided by or on behalf of such other Party hereunder that are in such Party’s (or its
Affiliates’ or in the case of Company’s Sublicensees’) possession or control, save that such Party will have the right to retain (A) one (1) copy of intangible Confidential Information of such other Party for legal purposes, and
(B) any of the foregoing to which such Party retains any license or other right hereunder. 

  
 34 

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HAS BEEN OMITTED BECAUSE THE INFORMATION (I) IS NOT MATERIAL AND (II) WOULD BE COMPETITIVELY HARMFUL IF PUBLICLY DISCLOSED. 
  

 (iii) Sublicenses. Any sublicenses shall survive termination of this Agreement solely
if and to the extent provided in Section 2.5(c) and otherwise they shall terminate contemporaneously with this Agreement. 
 (d)
Additional Consequences of Termination without Cause. In addition, in the event of termination by Company pursuant to Section 10.2, Company shall assign all of the Assigned Assets back to Teva. 

10.7 Bankruptcy Code. All rights and licenses granted under or pursuant to this Agreement by a Party are, and shall otherwise be deemed
to be, for purposes of Section 365(n) of the U.S. Bankruptcy Code, licenses of rights to “intellectual property” as defined under Section 101 of the U.S. Bankruptcy Code. The Parties agree that each Party as licensee of such
rights under this Agreement, shall retain and may fully exercise all of its rights and elections under the U.S. Bankruptcy Code or any other provisions of applicable law outside the United States that provide similar protection for
“intellectual property.” The Parties further agree that, in the event of the commencement of a bankruptcy proceeding by or against a Party under the U.S. Bankruptcy Code or analogous provisions of applicable law outside the United States,
the other Party shall be entitled to a complete duplicate of (or complete access to, as appropriate) any Teva Licensed Technology, Third Party Licensed Patents and all embodiments of such Teva Licensed Technology and Third Party Licensed Patents,
which, if not already in such Party’s possession, shall be promptly delivered to it (a) upon any such commencement of a bankruptcy proceeding upon the other Party’s written request therefor, unless such Party elects to continue to
perform all of its obligations under this Agreement or (b) if not delivered under (a) above, following the rejection of this Agreement by or on behalf of such Party upon written request therefor by the other Party. Nothing in this Section
shall limit or derogate from any Party’s rights pursuant to Section 11.12 below (Equitable Relief). Any agreements supplemental hereto shall be deemed to be “agreements supplementary to” this Agreement for purposes of
Section 365(n) of the Bankruptcy Code. 
 ARTICLE XI 

MISCELLANEOUS PROVISIONS 

11.1 Relationship of the Parties. Nothing in this Agreement is intended or shall be deemed to constitute a partnership, agency, joint
venture or employer-employee relationship between the Parties. No Party shall have any right or authority to commit or legally bind any other Party in any way whatsoever including, without limitation, the making of any agreement, representation or
warranty and each Party agrees to not purport to do so. 
 11.2 Assignment. 

(a) Any assignment not in accordance with this Section 11.2 shall be void. 

(b) Company may not delegate, transfer or assign its rights or obligations under this Agreement, in whole or in part, by operation of law or
otherwise, to any Third Party without the prior written consent of Teva, which consent shall not be unreasonably withheld, conditioned or delayed; provided that, notwithstanding the foregoing, Company may, without such consent, assign its
rights or licenses and/or delegate its obligations in whole or in part under this Agreement to an Affiliate or in connection with a Change of Control. As a condition to any permitted assignment hereunder, the assignee must expressly assume, in a
writing delivered to Teva and signed by a duly authorized officer of the assignee, all of Company’s obligations under this Agreement arising at or after the assignment. 

  
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HAS BEEN OMITTED BECAUSE THE INFORMATION (I) IS NOT MATERIAL AND (II) WOULD BE COMPETITIVELY HARMFUL IF PUBLICLY DISCLOSED. 
  

 (c) Any permitted assignee will assume all assigned obligations of its assignor under this
Agreement. Subject to the foregoing, this Agreement shall be binding on the Parties and their successors and permitted assigns. 
 11.3
Further Actions. Each Party agrees to execute, acknowledge and deliver such further instruments and to do all such other acts as may be necessary or appropriate in order to carry out the purposes and intent of this Agreement. 

11.4 Force Majeure. No Party shall be liable to any other Party or be deemed to have breached or defaulted under this Agreement for
failure or delay in the performance of any of its obligations under this Agreement (other than obligations for the payment of money) for the time and to the extent such failure or delay is caused by or results from acts of God, earthquake, riot,
civil commotion, terrorism, war, strikes or other labor disputes, fire, flood, failure or delay of transportation, omissions or delays in acting by a governmental authority, acts of a government or an agency thereof or judicial orders or decrees or
restrictions or any other like reason which is beyond the control of the respective Party. The Party affected by force majeure shall provide the other Party with full particulars thereof as soon as it becomes aware of the same (including its best
estimate of the likely extent and duration of the interference with its activities), and shall use commercially reasonable efforts to overcome the difficulties created thereby and to resume performance of its obligations hereunder as soon as
practicable, and the time for performance shall be extended for a number of days equal to the duration of the force majeure. 
 11.5
Entire Agreement of the Parties; Amendments. This Agreement, the Transaction Documents, and the Schedules hereto and thereto constitute and contain the entire understanding and agreement of the Parties respecting the subject matter hereof and
cancel and supersede any and all prior or contemporaneous negotiations, correspondence, understandings and agreements between the Parties, whether oral or written, regarding such subject matter (provided, that any and all previous
nondisclosure/nonuse obligations are not superseded and remain in full force and effect in addition to the nondisclosure/nonuse provisions hereof). Each Party acknowledges that it has not relied, in deciding whether to enter into this Agreement on
this Agreement’s expressly stated terms and conditions, on any representations, warranties, agreements, commitments or promises which are not expressly set forth within this Agreement. No modification or amendment of any provision of this
Agreement shall be valid or effective unless made in a writing referencing this Agreement and signed by a duly authorized representative of each Party. 

11.6 Governing Law. All disputes, claims or controversies arising out of this Agreement, or the negotiation, validity or performance of
this Agreement, or the transactions contemplated hereby shall be governed by and construed in accordance with the laws of Israel without regard to its rules of conflict of laws. Each of the parties hereto hereby irrevocably and unconditionally
consents to submit to the sole and exclusive jurisdiction of the courts of Tel Aviv, Israel for any litigation among the parties hereto arising out of or relating to this Agreement, or the negotiation, validity or performance of this Agreement,
waives any objection to the laying of venue of any such litigation in such courts. 

  
 36 

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HAS BEEN OMITTED BECAUSE THE INFORMATION (I) IS NOT MATERIAL AND (II) WOULD BE COMPETITIVELY HARMFUL IF PUBLICLY DISCLOSED. 
  

 11.7 Notices and Deliveries. Any notice, request, approval or consent required or
permitted to be given under this Agreement shall be in writing and shall be deemed to have been sufficiently given if and only if delivered in person, or by express or overnight courier service to the Party to which it is directed at its physical
address shown below or such other physical address as such Party shall have last given by such written notice to the other Party. Notices will be deemed given upon receipt. 

If to Company, addressed to: 
 89
Bio Ltd. c/o Orbimed Israel Partners 
 89 Midanat Hayehudim 

Herzliya 46766 
 Israel 

Attention: CEO 
 If to Teva,
addressed to: 
 Teva Pharmaceutical Products R&D, Inc. 

41 Moores Road, Frazer, PA 19355 

Attention: Head of Alliance Management 

With a copy to: 
 Teva
Pharmaceuticals 
 425 Privet Road, Horsham, PA 19044 

Attention: General Counsel 

11.8 Waiver. No waiver of any provision of this Agreement shall be valid or effective unless made in a writing referencing this
Agreement and signed by a duly authorized representative of the waiving Party. A waiver by a Party of any of the terms and conditions of this Agreement in any instance shall not be deemed or construed to be a waiver of such term or condition for the
future, or of any other term or condition hereof. 
 11.9 Rights and Remedies are Cumulative. Except to the extent expressly set forth
herein, all rights, remedies, undertakings, obligations and agreements contained in or available upon violation of this Agreement shall be cumulative and none of them shall be in limitation of any other remedy or right authorized in law or in
equity, or any undertaking, obligation or agreement of the applicable Party. 
 11.10 Severability. This Agreement is severable. When
possible, each provision of this Agreement shall be interpreted in such manner as to be effective and valid under applicable Law, but if any provision of this Agreement is held to be to any extent prohibited by or invalid under applicable Law, such
provision shall be ineffective only to the extent of such prohibition or invalidity, without invalidating the remainder of this Agreement (or of such provision). The Parties shall make a good faith effort to replace the invalid or unenforceable
provision with a valid one which in its economic effect is most consistent with the invalid or unenforceable provision. 

  
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 [***] = CERTAIN CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, MARKED BY BRACKETS,
HAS BEEN OMITTED BECAUSE THE INFORMATION (I) IS NOT MATERIAL AND (II) WOULD BE COMPETITIVELY HARMFUL IF PUBLICLY DISCLOSED. 
  

 11.11 Third Party Beneficiaries. Except for the rights of Indemnified Parties pursuant
to Article IX hereof, the terms and provisions of this Agreement are intended solely for the benefit of each Party hereto and their respective successors or permitted assigns and it is not the intention of the Parties to confer third-party
beneficiary rights upon any other Person. 
 11.12 Equitable Relief. Each Party recognizes that the covenants and agreements herein
and their continued performance as set forth in this Agreement are necessary and critical to protect the legitimate interests of the other Party, that the other Party would not have entered into this Agreement in the absence of such covenants and
agreements and the assurance of continued performance as set forth in this Agreement, and that a Party’s breach or threatened breach of such covenants and agreements may cause the opposed Party irreparable harm and significant injury, the
amount of which shall be extremely difficult to estimate and ascertain, thus potentially making any remedy at law or in damages inadequate. Therefore, each Party agrees that an opposed Party shall be entitled to seek specific performance, an order
restraining any breach or threatened breach of Article VII and all other provisions of this Agreement, and any other equitable relief (including but not limited to temporary, preliminary and/or permanent injunctive relief). This right shall be in
addition to and not exclusive of any other remedy available to such other Party at law or in equity. 
 11.13 Interpretation. The
language used in this Agreement is the language chosen by the Parties to express their mutual intent, and no provision of this Agreement shall be interpreted for or against a Party because that Party or its attorney drafted the provision. 

11.14 Performance by Affiliates. Each Party may discharge any obligations and exercise any right hereunder through any of its
Affiliates. Each Party hereby guarantees the performance by its Affiliates of such Party’s obligations under this Agreement, and shall cause its Affiliates to comply with the provisions of this Agreement in connection with such performance. Any
breach by a Party’s Affiliate of any of such Party’s obligations under this Agreement shall be deemed a breach by such Party, and the other Party may proceed directly against such Party without any obligation to first proceed against such
Party’s Affiliate. 
 11.15 Construction. The words “include,” “includes” and “including” shall be
deemed to be followed by the phrase “without limitation.” All references herein to Articles, Sections and Schedules shall be deemed references to Articles and Sections of, and Schedules to, this Agreement unless the context shall otherwise
require. The definitions of the terms herein will apply equally to the singular and plural forms of the terms defined. Whenever the context may require, any pronoun will include the corresponding masculine, feminine and neuter forms. The Parties
each acknowledge that they have had the advice of counsel with respect to this Agreement, that this Agreement has been jointly drafted, and that no rule of strict construction will be applied in the interpretation hereof. Unless the context requires
otherwise, (a) any definition of or reference to any agreement, instrument or other document herein will be construed as referring to such agreement, instrument or other document as from time to time amended, supplemented or otherwise modified
(subject to any restrictions on such amendments, supplements or modifications set forth herein or therein), (b) any reference to any Laws herein will be construed as referring to 

  
 38 

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HAS BEEN OMITTED BECAUSE THE INFORMATION (I) IS NOT MATERIAL AND (II) WOULD BE COMPETITIVELY HARMFUL IF PUBLICLY DISCLOSED. 
  

 
such Laws as from time to time enacted, repealed or amended, (c) any reference herein to any person will be construed to include the person’s permitted successors and assigns,
(d) the words “herein”, “hereof” and “hereunder”, and words of similar import, will be construed to refer to this Agreement in its entirety and not to any particular provision hereof, and (e) all references
herein to Articles, Sections, or Schedules, unless otherwise specifically provided, will be construed to refer to Articles, Sections, and Schedules of this Agreement. 

11.16 Counterparts. This Agreement may be executed in counterparts, each of which shall be deemed an original, and all of which together
shall be deemed to be one and the same instrument. A facsimile or a portable document format (.pdf) copy of this Agreement, including the signature pages, shall be deemed an original. 

[the remainder of this page has been left blank intentionally] 

  
 39 

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HAS BEEN OMITTED BECAUSE THE INFORMATION (I) IS NOT MATERIAL AND (II) WOULD BE COMPETITIVELY HARMFUL IF PUBLICLY DISCLOSED. 
  

 IN WITNESS WHEREOF, the Parties have caused this Asset Transfer and License Agreement to be
executed and delivered by their respective duly authorized representatives as of the day and year first above written. 
  

			
	89Bio Ltd.
		
	By:	 	/s/ Anat Naschitz
	Name:	 	Anat Naschitz
	Title:	 	Director

  

  
 [SIGNATURE PAGE OF
ASSET TRANSFER AND LICENSE AGREEMENT — FGF-21] 

 IN WITNESS WHEREOF, the Parties have caused this Asset Transfer and License Agreement to be
executed and delivered by their respective duly authorized representatives as of the day and year first above written. 
  

			
	Teva Pharmaceutical Industries LTD
		
	By:	 	/s/ Doran Herman
	Name:	 	Dr. Doron Herman
	Title:	 	Head of Tax
		
	By:	 	/s/ Dror Bashan
	Name:	 	Dror Bashan
	Title:	 	SVP Corporate Business Development
	
	ratiopharm GmbH
		
	By:	 	/s/ Miran Denac
	Name:	 	Miran Denac
	Title:	 	Managing Director Operations
		
	By:	 	/s/ Andreas Burkhardt
	Name:	 	/s/ Andreas Burkhardt
	Title:	 	Managing Director Genetics
	
	Teva Branded Pharmaceutical Products R&D, Inc.
		
	By:	 	/s/ Rivka Kreitman
	Name:	 	Rivka Kreitman, PhD
	Title:	 	SVP, Head of Global Specialty Regulatory Affairs
		
	By:	 	/s/ Stephen P. Trusko
	Name:	 	Stephen P. Trusko
	Title:	 	Director, Business Development

 [SIGNATURE PAGE OF ASSET TRANSFER AND LICENSE AGREEMENT —
FGF-21]EX-10.12

 Exhibit 10.12 

[***] = CERTAIN CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, MARKED BY BRACKETS, HAS BEEN OMITTED BECAUSE THE INFORMATION
(I) IS NOT MATERIAL AND (II) WOULD BE COMPETITIVELY HARMFUL IF PUBLICLY DISCLOSED. 
 REAGENT SUPPLY AND TECHNOLOGY TRANSFER
AGREEMENT 
 between 
 89
Bio Ltd. 
 a company incorporated in accordance with the laws of Israel 

(“BUYER”) 
 and

 Teva Biotech GmbH 
 a
company incorporated in accordance with the laws of Germany 
 (“SUPPLIER”) 

WHEREAS, SUPPLIER and BUYER agreed to enter into a supply agreement (“Agreement”) to serve as the general framework for, and to govern the
supply of [***], [***] and [***] by SUPPLIER to BUYER or its Affiliates; and 
 WHEREAS, SUPPLIER has the
know-how, expertise, capability, experience and the infrastructure necessary to supply the [***], [***], [***] and [***] (the “Products”, as such term is defined below) subject to and in accordance
with the terms hereof; 
 THEREFORE, THE PARTIES AGREE AS FOLLOWS: 
  

	1.	 INTERPRETATION AND DEFINITIONS 

 

	 	1.1.	 The preamble to this Agreement forms an integral part hereof. 

 

	 	1.2.	 Clause headings in this Agreement are intended solely for convenience of reference and shall be given no effect
in the interpretation of this Agreement. 

  

	 	1.3.	 All appendices to this Agreement, if any, whether attached at the time of signature hereof or by signature at
any time thereafter, shall be construed as an integral part of this Agreement. 

  

	 	1.4.	 In this Agreement, the following expressions shall bear the meanings assigned to them below and cognate
expressions shall bear corresponding meanings. 

  

	 	1.4.1.	 “Affiliate” shall mean a company that, directly or indirectly, through one or more
intermediates, controls, is controlled by, or is under common control with the company specified. For such purpose the term “control” means the holding of fifty or more than fifty percent (50%) or, if less than fifty percent (50%), the
maximum percentage as allowed by applicable law, of the common voting stock or ordinary shares in, or the right to appoint more than fifty percent (50%) of the directors of, or the right to share more than fifty percent (50%) of the profits of, the
said corporation, company, partnership, joint venture or entity. 

 [***] = CERTAIN CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, MARKED BY BRACKETS,
HAS BEEN OMITTED BECAUSE THE INFORMATION (I) IS NOT MATERIAL AND (II) WOULD BE COMPETITIVELY HARMFUL IF PUBLICLY DISCLOSED. 
  

	 	1.4.2.	 “cGMP” shall mean Current Good Manufacturing Practice; 

 

	 	1.4.3.	 “Classified Information” is information such as
know-how and trade secrets that is (i) not necessary for Tech Transfer described in Section 15 to an experienced CMO (i.e. is not needed to enable an experienced CMO to manufacture products meeting
the same specifications and quality as the Products), and (ii) necessary only for the purpose described in Section 2.4 and 3.10, and (iii) regarded as highly confidential of e.g. third party manufacturers, and notified as such by
SUPPLIER to BUYER. 

  

	 	1.4.4.	 “Effective Date” shall be April 16, 2018. 

 

	 	1.4.5.	 “Manufacture” or “Manufacturing” shall mean the manufacturing, testing,
labeling, packaging and release of the Product and the Batches in accordance with the Quality System Requirements and the Specifications. 

  

	 	1.4.6.	 “Product” shall mean any of the following: [***] or [***] or [***] or [***] further details of
which are set out in the description and Specification (as defined in Annex 1 through Annex 4 attached hereto). 

  

	 	1.4.7.	 “Products” shall mean more than one Product. 

 

	 	1.4.8.	 “Quality Agreement” shall mean the quality agreement between the Parties in respect of the
Products and the supply thereof, realized in a separate agreement as soon as practicable after the Effective Date. 

  

	 	1.4.9.	 “Quality System Requirements” shall mean current Good Manufacturing Practices; the
then-current good manufacturing practices and standards for the manufacture, testing, filling and/or preparation for delivery of drug substance pursuant to (a) the U.S. Federal Food, Drug and Cosmetics Act as amended (21 USC 301 et seq.), (b)
relevant U.S. regulations found in Title 21 of the U.S. Code of Federal Regulations (including but not limited to Parts 11, 210, 211, and (c) the EC Guide to Good Manufacturing Practice for Medicinal Drug Products, including respective guidance
documents and any comparable laws, rules or regulations of any of the above jurisdictions, as each may be amended from time to time. cGMP also includes adherence to any applicable product license requirements, to the current requirements of the
United States 

 [***] = CERTAIN CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, MARKED BY BRACKETS,
HAS BEEN OMITTED BECAUSE THE INFORMATION (I) IS NOT MATERIAL AND (II) WOULD BE COMPETITIVELY HARMFUL IF PUBLICLY DISCLOSED. 
  

	 	
Pharmacopoeia/National Formulary, the current requirements of the European Pharmacopoeia and the relevant current International Conference on Harmonization (ICH) guidance documents, including
without limitation the ICH Guidance Q7 Good Manufacturing Practices Guidance for Active Pharmaceutical Ingredients and including the Japanese Pharmaceutical Affairs Law (PAL) in the cGMP, all as applicable. 

 

	 	1.4.10.	 ”Regulatory Authorities” shall mean any and all governmental bodies and organizations with
jurisdiction over the processing, manufacturing, testing, labeling, packaging, delivery, importation, distribution, use or sale of the Product. 

  

	 	1.4.11.	 ”Shelf Life” shall mean the recommendation of time during which the Product can be stored
under specified conditions with defined quality remaining. The time starts with the manufacturing date and ends with expiry date. The Shelf Life of the Products is defined in Annexes 1 - 4. 

 

	 	1.4.12.	 “Specifications” shall mean the specifications for a Product (including without limitation,
the technical and release specifications) set out in the Quality Agreement, which will be consistent with the specifications set forth in the Certificate of Analysis for the most recent batches of Products produced (referred to as “acceptance
criterion”, “specifications” or “acceptance limits” depending on the relevant certificate). 

  

	 	1.5.	 Each of SUPPLIER and BUYER shall be called individually as a “Party” and collectively as
“Parties”. 

  

	2.	 SUPPLY OF PRODUCTS 

 

	 	2.1.	 With effect from the Effective Date, and subject to the terms herein, SUPPLIER undertakes to manufacture, sell
and supply to the BUYER all of BUYER’s orders to SUPPLIER for the Products (provided that such demand is made in accordance with the ordering mechanism and volume limitations set forth in Section 3 and Annexes 1—4 of this Agreement),
and BUYER hereby undertakes to purchase the Products supplied to BUYER by SUPPLIER on the terms and conditions set out in this Agreement. 

  

	 	2.2.	 Promptly following the execution of this Agreement, the Parties will enter into a separate Quality Agreement.
In the event of contradiction in any issue other than quality issues, the terms and conditions of this Agreement will prevail upon those of the Quality Agreement. Any term or definition appearing in the Quality Agreement will be interpreted in
accordance to this Agreement unless specifically defined in the Quality Agreement. 

 [***] = CERTAIN CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, MARKED BY BRACKETS,
HAS BEEN OMITTED BECAUSE THE INFORMATION (I) IS NOT MATERIAL AND (II) WOULD BE COMPETITIVELY HARMFUL IF PUBLICLY DISCLOSED. 
  

	 	2.3.	 The Products will be Manufactured or supplied by the SUPPLIER in accordance with the Specifications and in
accordance with the Quality System Requirements, the terms hereof and the requirements of applicable Regulatory Authorities, and quantities thereof will be supplied by SUPPLIER to BUYER as agreed between the Parties, and as illustrated in Annexes 1
- 4 hereto, free and clear of any and all encumbrances, liens, or other third party rights. 

  

	 	2.4.	 SUPPLIER shall Manufacture / supply the Products solely for further processing by or on behalf of BUYER and/or
its licensees to support production of material for research and development purposes (including without limitation clinical trials). 

  

	 	2.5.	 For any Product supplied following the Effective Date, SUPPLIER shall guarantee a Shelf Life for each of the
Products as defined in detail in Annexes 1 - 4. For any Product supplied following the Effective Date, SUPPLIER shall supply the Products with a Shelf life remaining at the date of delivery, which allows BUYER to further process the Products, but in
any case not less than twelve months of Shelf Life. In the event that the Product has less than twelve months of Shelf life at the date of delivery for any reason, BUYER may send the Product back to the SUPPLIER and the cost of such Product
described above shall be borne by SUPPLIER. In such cases BUYER may, at its sole discretion, (a) decide to accept, keep and use Batches with less than the guaranteed remaining Shelf life at the date of delivery or (b) request a replacement
Product, in which case SUPPLIER shall as soon as practicably feasible deliver a replacement Product with a Shelf life meeting the guaranteed remaining Shelf life. BUYER will inform the SUPPLIER of the decision not later than thirty (30) days
from delivery in writing. 

  

	 	2.6.	 SUPPLIER shall only make available for delivery quantities of Product to BUYER once SUPPLIER’s quality
control department has found the Product suitable to be delivered, based on its own testing results with regard to the Products Manufactured by SUPPLIER, or based on testing results received from the third party manufacturer of the Products (if
SUPPLIER bases its quality control decisions with respect to the use of the same Product for production of its products on such results), all in accordance with the Specifications, the Quality Agreement, the Quality System Requirements and in
accordance with the relevant regulatory demands, all at BUYER’s requested delivery dates (as specified in accordance with the provisions of Section 3 below). 

 

	 	2.7.	 SUPPLIER shall inform BUYER in advance and in writing of any specific precautionary and protective measures
which SUPPLIER is aware that are required for the safe handling of the Products to the best knowledge of the SUPPLIER. 

 [***] = CERTAIN CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, MARKED BY BRACKETS,
HAS BEEN OMITTED BECAUSE THE INFORMATION (I) IS NOT MATERIAL AND (II) WOULD BE COMPETITIVELY HARMFUL IF PUBLICLY DISCLOSED. 
  

	 	2.8.	 SUPPLIER will not subcontract certain part(s) of the Manufacturing (for the Products manufactured by the
SUPPLIER) and will not change the subcontractor for certain part(s) of the Manufacturing (for the Products manufactured by third party manufacturers defined in Annexes 1 - 4) to a third party or to another third party respectively without BUYER
prior written approval in accordance to the terms and conditions of the Quality Agreement. BUYER shall not withhold such approval unreasonably. 

  

	3.	 ORDERS, QUANTITIES, LEAD TIME AND DELIVERIES 

 

	 	3.1.	 BUYER shall provide the SUPPLIER with a monthly updated, rolling, nonbinding forecast (“Forecast”),
specifying BUYER’s requirements of each of the Products separately covering the following twelve (12) months. The forecasted quantities of each of the Products per month shall be within the quantity ranges defined in the Annexes 1 - 4.

  

	 	3.2.	 Promptly after the Effective Date with respect to the First Order (as defined below) or one hundred and eighty
(180) days prior to the delivery date at the latest with respect to all further orders for Products, BUYER shall place firm orders (“Purchase Order”) specifying the required quantity of the Products at the Supply Prices in Annexes 1 -
4 and delivery conditions effective at the order date. For clarity, the order described in Annex 6 (“First Order”) will be delivered in accordance with dates listed in Annex 6. 

 

	 	3.3.	 Each Purchase Order shall detail the total order quantity of Product(s) to be delivered, and shall specify
BUYER’s requested date of delivery (taking into consideration a one hundred and eighty (180) days lead time with respect to orders other than the First Order). 

 

	 	3.4.	 Within seven (7) business days following the receipt of each Purchase Order, SUPPLIER shall acknowledge
receipt of such Purchase Order. No order shall be binding upon SUPPLIER until acceptance by written acknowledgment was sent by SUPPLIER to BUYER; provided that SUPPLIER is obliged to confirm BUYER’s Purchase Order within such seven
(7) business days period in the event that such Purchase Order complies with the terms of this Agreement. Failure to respond within such seven (7) business days period shall be deemed acceptance of BUYER’s Purchase Order, provided
such Purchase Order complies with the terms of this Agreement. 

  

	 	3.5.	 SUPPLIER shall be required to supply to BUYER all quantities of Product requested in any Purchase Order in
accordance with the terms thereof and on the delivery date requested in respect thereof; provided that the quantities ordered under such Purchase Order do not exceed the maximum order quantity per Product defined in Annexes 1 - 4.

 [***] = CERTAIN CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, MARKED BY BRACKETS,
HAS BEEN OMITTED BECAUSE THE INFORMATION (I) IS NOT MATERIAL AND (II) WOULD BE COMPETITIVELY HARMFUL IF PUBLICLY DISCLOSED. 
  

	 	3.6.	 A delay in delivery, attributed to the SUPPLIER, of any Purchase Order of Product or deviation in quantity of
Product supplied, shall entitle BUYER to terminate the applicable Purchase Order without any requirement to compensate SUPPLIER in respect of same, provided that a delay of up to ten (10) days in the delivery of any Purchase Order of Product or
discrepancy of ± ten (10)% between the quantity as stated on the invoice and the actual quantity delivered, shall not constitute a breach by SUPPLIER hereunder and shall not entitle BUYER to terminate the Purchase Order as set forth above
(provided that BUYER shall only be required to pay for the quantities of Product that BUYER actually receives). 

  

	 	3.7.	 In case of the implementation of a Change defined in Section 6 which might delay an original delivery date
of a Purchase Order, the Parties will agree on a revised delivery date of such Purchase Order, unless such delay is due to SUPPLIER’s fault. 

  

	 	3.8.	 The ordered Products shall be delivered to EXW SUPPLIER facility, Ulm, Germany, (Incoterms 2010) in accordance
with the delivery configuration (as defined in Annexes 1 - 4). Risk of loss of or damage to the Products shall pass to BUYER according the rule of Incoterms 2010. 

 

	 	3.9.	 At the time of the delivery, the Product shall conform to the Specifications. SUPPLIER undertakes to provide
with every delivery of the Products each a Certificate of Analysis in accordance with the Quality Agreement. Such Certificate of Analysis shall be issued by the SUPPLIER for the Products CMP-SA-PEG and ST6GALNAC1, and by the third party manufacturers for MBP-GALNAC T2 and UDP-GalNAc. In addition, SUPPLIER
undertakes to provide BUYER, together with the delivery of the Products, the applicable invoice, and packing list. 

  

	 	3.10.	 Furthermore, upon BUYER’s request to answer authorities’ requests BUYER has received, SUPPLIER
undertakes to provide BUYER for the Products being delivered any needed support with data to address such inquiries, complaints and requests, if such data and/or specific details are available with the SUPPLIER and do not include SUPPLIER’s
Classified Information. All documentation/data from SUPPLIER submitted to answer regulatory requests is considered as confidential information. Upon BUYER’s request, SUPPLIER will provide Classified Information requested by, or needed for, a
Regulatory Authority directly to the applicable Regulatory Authority. Supply of documents and information is further defined in Section 15. 

  

	 	3.11.	 SUPPLIER understands that this Agreement is being executed in connection with that certain Asset Transfer and
License Agreement among BUYER and Teva Pharmaceutical Industries Ltd., Ratiopharm GmbH and Teva Branded Pharmaceutical Products R&D, Inc. dated as of the date hereof (“Asset Transfer and License Agreement”) and that BUYER’s
research and development activities with respect to assets purchased under such Agreement are dependent on, and BUYER is relying on, SUPPLIER’s timely delivery of the Products ordered by BUYER under this Agreement. 

 [***] = CERTAIN CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, MARKED BY BRACKETS,
HAS BEEN OMITTED BECAUSE THE INFORMATION (I) IS NOT MATERIAL AND (II) WOULD BE COMPETITIVELY HARMFUL IF PUBLICLY DISCLOSED. 
  

	 	3.12.	 In the event that SUPPLIER anticipates to be unable to deliver the Product to BUYER in accordance with the
confirmed order dates due to a reason beyond the reasonable control of SUPPLIER, SUPPLIER shall inform BUYER thereof and the Parties shall establish each time by mutual consultation the necessary arrangements for minimizing the possible loss and
damage which BUYER may suffer from such delay in delivery. 

  

	 	3.13.	 In case SUPPLIER faces a shortage in supply or manufacture of the Product, so that the amounts available are
not sufficient to cover BUYER’s orders as well as SUPPLIER’s requirements, SUPPLIER will proceed to a partition between its own requirements and BUYER’s orders on a pro rata basis. 

 

	4.	 PRICE AND PAYMENT 

 

	 	4.1.	 The prices for the Products will be as set forth in Annexes 1 - 4 hereof. 

 

	 	4.2.	 All prices and deliveries provided for herein are on EXW SUPPLIER’s facility, Ulm, Germany, (as per
Incoterms 2010) basis. 

  

	 	4.3.	 Any payment according to this Agreement shall be paid against invoices [***] days after the delivery date for
the Products. Each payment due to SUPPLIER hereunder shall be paid by wire transfer of immediately available funds to an account designated by SUPPLIER in writing at least ten (10) days in advance of the payment date. 

 

	 	4.4.	 SUPPLIER will issue an invoice to BUYER in respect of the Products on the day of delivery of the applicable
ordered and released Product to BUYER. 

  

	5.	 MANUFACTURING, STABILITY TESTING AND SUPPLY 

 

	 	5.1.	 The Product shall be manufactured by the companies and in the manufacturing sites as follows:

  

	 	•	 	 [***] 

  

	 	•	 	 [***] 

  

	 	•	 	 [***] 

  

	 	•	 	 [***] 

It shall be SUPPLIER’s [***] decision for each confirmed order, which [***] Product to supply to BUYER, provided in each case that the
supplied Product meets the Specifications set forth in the Quality Agreement. 

 [***] = CERTAIN CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, MARKED BY BRACKETS,
HAS BEEN OMITTED BECAUSE THE INFORMATION (I) IS NOT MATERIAL AND (II) WOULD BE COMPETITIVELY HARMFUL IF PUBLICLY DISCLOSED. 
  

	 	5.2.	 The Products [***] and [***] to be supplied by SUPPLIER under this Agreement may be submitted to a change of
the manufacturing process for the purpose of optimization. 

 With regard to [***], SUPPLIER is currently [***]. Supplies
of [***] until [***] shall be processed using [***] unless confirmed otherwise by BUYER in writing. 
 With regard to [***], SUPPLIER is
currently [***]. It shall be SUPPLIER’s [***] decision for each confirmed order, according to which [***] to be supplied will be manufactured, provided that the supplied Product meets the Specifications set forth in the Quality Agreement. 

 

	 	5.3.	 With regard to [***] and [***] there are no changes in the manufacturing process planned by SUPPLIER.

  

	 	5.4.	 Independent of any changes in the manufacturing process, as described above, SUPPLIER shall supply the Products
in accordance with the Quality System Requirements, this Agreement, the Quality Agreement and the Specifications, as amended from time to time in accordance with the provision of the Quality Agreement. 

 

	6.	 CHANGE CONTROL 

 

	 	6.1.	 SUPPLIER shall be solely responsible for any and all costs with respect to any change or modification that
SUPPLIER intends to carry out in respect of the Product or the Manufacture thereof, including a change to the Specifications (“Change”). 

  

	 	6.2.	 SUPPLIER shall be free to unilaterally proceed to any change in the manufacturing of the Products, provided
that the Products supplied after such change comply with the Specifications and the quality criteria as defined under Section 5.4. 

  

	 	6.3.	 With regard to any changes in the manufacturing which will lead to the Products supplied no longer complying
with the original Specifications, but to which the SUPPLIER and/or its manufacturing subcontractors are mandatorily submitted to, as they are required to bring SUPPLIER’s Facility and or it’s subcontractor’s Facility and any general
systems, operations and procedures relating to its performance of Manufacturing into compliance with cGMP, applicable laws or with the requirements of applicable Regulatory Authorities generally, SUPPLIER is obliged to inform BUYER before
implementation. The implementation is nevertheless not subject to BUYER’s approval. 

 [***] = CERTAIN CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, MARKED BY BRACKETS,
HAS BEEN OMITTED BECAUSE THE INFORMATION (I) IS NOT MATERIAL AND (II) WOULD BE COMPETITIVELY HARMFUL IF PUBLICLY DISCLOSED. 
  

 In advance of implementing a Change which will lead to the Products supplied no longer
complying with the original Specifications, SUPPLIER shall, upon BUYER’s request, produce sufficient stock of Product (according to the original Specifications) to enable continued manufacturing of BUYER finished medicinal product while
evaluation of the potential impact of the Changes on BUYER’s manufacturing process is being performed. BUYER will place the required Purchase Orders in accordance to Section 3. BUYER acknowledges that the implemented Change may affect the
shelf life of the Product, and in such cases the guaranteed shelf life according to Section 2.5, shall be adjusted as agreed by the Parties. 
  

	 	6.4.	 With regard to [***] SUPPLIER may not be capable to produce such stock of Product, in view of the fact, that
the [***] Product out the original manufacturing process is manufactured by SUPPLIER’s subcontractor, and this supply agreement with the subcontractor will terminate within the term of this Agreement. Such termination may even lead to SUPPLIER
not be capable to confirm all orders for [***] out of the original manufacturing process, depending from the quantities required. 

  

	7.	 SUPPLIER WARRANTIES AND UNDERTAKINGS 

 

	 	7.1.	 SUPPLIER represents, warrants and covenants to BUYER that: 

 

	 	7.1.1.	 it will perform all its obligations under this Agreement in accordance with this Agreement and all applicable
laws and regulations, including but not limited to those pertaining to employee safety and health and environmental protection. SUPPLIER and/or its manufacturing subcontractors shall obtain and maintain, at its expense, all necessary permits,
licenses and other documentation required now or hereafter in order to perform the Manufacturing, including, without limitation, facility licenses, registrations, authorizations and approvals which are necessary to perform the Manufacturing in
accordance with the Quality System Requirements, and to comply with all applicable laws and regulations relating to SUPPLIER’s and/or its subcontractors’ activities. 

 

	 	7.1.2.	 SUPPLIER and/or its manufacturing subcontractors have the requisite experience, knowledge and expertise, they
have qualified personnel and the legal right to perform the Manufacturing hereunder in lawful and workmanlike manner, in accordance with the Quality System Requirements (including without limitation, in the event that any such Quality System
Requirements change during the term of this Agreement), the Quality Agreement and this Agreement. 

  

	 	7.1.3.	 the Products that are delivered hereunder shall (i) conform to the Specifications, (ii) be compliant
with the Quality System Requirements, (iii) conform to the Quality Agreement, (iv) be in accordance to the terms and conditions to this Agreement, (v) shall be free from defects in workmanship and materials, and (vi) be free and
clear of any and all encumbrances, liens, or other third party claims. 

 [***] = CERTAIN CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, MARKED BY BRACKETS,
HAS BEEN OMITTED BECAUSE THE INFORMATION (I) IS NOT MATERIAL AND (II) WOULD BE COMPETITIVELY HARMFUL IF PUBLICLY DISCLOSED. 
  

	 	7.1.4.	 all Products supplied by SUPPLIER to BUYER pursuant to this Agreement shall be Manufactured at the
manufacturing sites defined in Annexes 1 - 4 and Section 5.1 and in compliance with the Quality System Requirements, the Quality Agreement and this Agreement. SUPPLIER may use third parties according to provisions in the Quality Agreement.

  

	 	7.1.5.	 SUPPLIER and/or its manufacturing subcontractors is not under any obligation to any third party that would
interfere with its performing the Manufacturing or which would be inconsistent with any of its representations or obligations during the term of this Agreement. 

 

	 	7.1.6.	 it has rights and is entitled to supply the Products to BUYER. SUPPLIER confirms that to SUPPLIER’s best
knowledge, nothing in its activities according and in connection with the obligations under this Agreement, including the manufacturing, selling, and supply of the Products, infringes or will infringe any third party intellectual property rights.

  

	 	7.2.	 EXCEPT AS EXPRESSLY SET FORTH UNDER IN THIS AGREEMENT, THE SUPPLIER HEREBY EXPRESSLY DISCLAIMS ANY AND ALL
REPRESENTATIONS AND WARRANTIES OF ANY KIND OR NATURE, WHETHER EXPRESS OR IMPLIED, RELATING TO PRODUCTS AND SERVICES, INCLUDING, WITHOUT LIMITATION, ANY WARRANTY OF MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE,
NON-INFRINGEMENT, VALIDITY, PATENTABILITY OR ENFORCEABILITY. 

  

	 	7.3.	 BUYER represents, warrants and covenants to SUPPLIER that it will perform all its obligations under this
Agreement in accordance with this Agreement and all applicable laws and regulations, including but not limited to those pertaining to employee safety and health and environmental protection. 

 

	 	7.4.	 Neither Party shall be entitled to claim from or recover from, the other Party, any special, incidental,
consequential or punitive damages in connection with this Agreement. 

 [***] = CERTAIN CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, MARKED BY BRACKETS,
HAS BEEN OMITTED BECAUSE THE INFORMATION (I) IS NOT MATERIAL AND (II) WOULD BE COMPETITIVELY HARMFUL IF PUBLICLY DISCLOSED. 
  

	8.	 ACCEPTANCE; CONFORMITY DISPUTES; RECORDS; AUDITS 

 

	 	8.1.	 Without derogating in any way from SUPPLIER’s warranty regarding the conformance of the Products to the
Specifications and their Manufacture in accordance with the Quality System Requirements, BUYER shall, upon receipt of each shipment of the Products, only proceed to a visual examination of intactness and identity and quantity of the Products. In the
event that BUYER detects by its visual examination, that Products delivered by SUPPLIER to BUYER is not conforming with the Specifications, or not conforming in its Manufacture with the Quality System Requirements, or is not complying with the Shelf
life requirements, or not conforming with the confirmed order, then BUYER shall so inform SUPPLIER within thirty (30) days of BUYER’s receipt of the Products, without which BUYER is deemed to accept the Products with regard to conforming
with the Specifications and Shelf life requirements, and subject to Section 8.3 below: 

  

	 	8.1.1.	 SUPPLIER’s obligation, in case said above non-conformity is
attributed to SUPPLIER, shall be to dispatch to BUYER a replacement Product that does meet the Specifications and does conform in its Manufacture with the Quality System Requirements and does comply with the Shelf life requirements at no additional
cost to BUYER, in a reasonable delay, but latest within the lead time according to Section 3.2. At BUYER’s sole discretion SUPPLIER will alternatively reimburse BUYER for all payments made in connection with the Products at issue and all
related costs. 

  

	 	8.1.2.	 BUYER shall, if so requested by SUPPLIER, return to SUPPLIER at SUPPLIER’s expense, any ordered Product
which the Parties agree that is non-conforming, or otherwise dispose of such ordered Product, at SUPPLIER’s expense, in accordance with instructions provided by SUPPLIER. If SUPPLIER does not provide any
such instructions, within thirty (30) days following BUYER’s notification of non-conformity, BUYER may dispose of such ordered Product as BUYER may deem reasonably appropriate, provided that any such
disposal complies with environmentally acceptable standards and applicable laws, and SUPPLIER shall bear the costs of such disposal. 

  

	 	8.1.3.	 Notwithstanding the foregoing, SUPPLIER warrants the Products shall conform to the Specifications during its
Shelf life, provided that BUYER has transported and stored the Products under the recommended transport and storage conditions. Any non-conformation of the Product to the Specifications during its Shelf life
that was not or could not be detected by BUYER within its visual examination and identity testing upon receipt, shall be notified by BUYER to SUPPLIER or by SUPPLIER to BUYER promptly after discovery thereof, and Section 8.1.1. and 8.1.2. shall
apply mutatis mutandis and SUPPLIER shall provide BUYER in case of nonconforming Product with an investigation report. 

 [***] = CERTAIN CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, MARKED BY BRACKETS,
HAS BEEN OMITTED BECAUSE THE INFORMATION (I) IS NOT MATERIAL AND (II) WOULD BE COMPETITIVELY HARMFUL IF PUBLICLY DISCLOSED. 
  

	 	8.2.	 In the event of a dispute between BUYER and SUPPLIER regarding the rejection by BUYER of any delivered Product
in respect of any deviation from the Specifications or from the Quality System Requirements or from the Shelf life requirements, the Parties’ quality assurance representatives shall jointly investigate such delivered Product in good faith. If
the Parties are still unable to resolve such dispute, an independent, mutually agreed third party shall be retained to test representative samples of the allegedly non-conforming Product, and the details of
BUYER’s contentions as to nonconformance, which third party laboratory shall examine such samples in a method specified by the Parties as part of a mutually agreed testing procedure. The Parties shall endeavor to procure that within thirty
(30) days, the said laboratory issues its finding as to whether the delivered Product conform to the Specifications and/or the Quality System Requirements and/or the Shelf life requirements. The results of the said laboratory shall be final and
binding on the Parties, and the costs associated with such submission and determination shall be borne by the Party against which the laboratory decides, as shall the costs of the Manufacture of a replacement if such is needed.

  

	 	8.3.	 BUYER’s obligation to effect payment for any Purchase Order alleged by BUYER not to be in compliance with
the Specifications and/or the Quality System Requirements and/or the Shelf life requirements shall be held in abeyance pending resolution of the matter. 

  

	 	8.4.	 During the period of five (5) years unless a longer period may be required by applicable law, rule or
regulation, SUPPLIER will retain originals of the documentation related to the Manufacturing and the Products as required by applicable law, rule or regulation and Quality System Requirements (as applicable). 

 

	 	8.5.	 SUPPLIER shall allow representatives of any regulatory authority or other governmental agency with jurisdiction
over the Manufacture of the Products to audit SUPPLIER’s Facilities utilized in the Manufacture, testing, packaging, storage, and delivery of the Products. SUPPLIER shall further support BUYER to achieve the right to audit the relevant
facilities of SUPPLIER’s manufacturing subcontractors or any of its subcontractor’s facilities in which any part of the Manufacturing is conducted. 

  

	9.	 CONFIDENTIAL INFORMATION 

 

	 	9.1.	 The Parties acknowledge that there may be disclosure of each other’s Confidential Information to the other
Party and/or its Affiliates. (“Confidential Information” means, subject to Section 9.3, any and all non-public information of whatever nature that is supplied by one Party to the other Party,
whether disclosed directly or indirectly, 1) in writing (irrespective of the way of the writing, e.g., hardcopy fax, electronic writing, drawings, etc.) and designated or marked as secret, confidential, or proprietary by the disclosing Party, 2)
orally and confirmed in writing as confidential within thirty (30) days from the date of disclosure or 3) by observation by the receiving Party. Confidential Information of SUPPLIER shall include, without limitation, all non-public information relating to the Product. Confidential Information of BUYER shall include, without limitation, all nonpublic information relating to the finished medicinal product; 

 [***] = CERTAIN CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, MARKED BY BRACKETS,
HAS BEEN OMITTED BECAUSE THE INFORMATION (I) IS NOT MATERIAL AND (II) WOULD BE COMPETITIVELY HARMFUL IF PUBLICLY DISCLOSED. 
  

	 	9.2.	 In consideration of the disclosing Party making available its Confidential Information to the recipient Party
and/or its Affiliates, the recipient Party undertakes that it shall, and shall procure that each of its permitted recipients shall: 

  

	 	9.2.1.	 treat and safeguard as private and confidential all the Confidential Information of the disclosing Party;

  

	 	9.2.2.	 use the Confidential Information of the disclosing Party only for those purposes reasonably required or
anticipated under this Agreement and/or the Asset Transfer and License Agreement and without prejudice to the generality of the foregoing, not use any Confidential Information of the disclosing Party to obtain any commercial advantage over the
disclosing Party; 

  

	 	9.2.3.	 ensure the proper and secure storage of all Confidential Information of disclosing Party, applying standards of
care reasonably expected to maintain the confidentiality thereof and no less stringent than standards applied to protection of recipient Party’s own confidential information; 

 

	 	9.2.4.	 not at any time without the disclosing Party’s prior written consent disclose or reveal, whether directly
or indirectly any of the disclosing Party’s Confidential Information to any person whatsoever save its permitted recipients, and then on a limited need to know basis, who shall be informed by it of the confidential nature of the Confidential
Information and of the confidentiality terms of this Agreement and for whom it hereby accepts full responsibility in the event that any such person shall breach the duty of confidence imposed upon them; and 

 

	 	9.2.5.	 not at any time have any discussion, correspondence or contact with any third party, other than permitted
recipients, concerning the disclosing Party’s Confidential Information without the prior written consent of the disclosing Party. 

“permitted recipient” shall mean, with respect to each Party, any of such Party’s actual or potential employees, consultants,
contractors, licensees and acquirers. 

 [***] = CERTAIN CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, MARKED BY BRACKETS,
HAS BEEN OMITTED BECAUSE THE INFORMATION (I) IS NOT MATERIAL AND (II) WOULD BE COMPETITIVELY HARMFUL IF PUBLICLY DISCLOSED. 
  

	 	9.3.	 Notwithstanding the above, “Confidential Information” shall not include and the obligations in this
Agreement regarding Confidential Information do not apply to the extent that the recipient Party can prove by written evidence that the respective information: 

 

	 	9.3.1.	 is, at the time of its disclosure by the disclosing Party, wholly available to the public and could be obtained
without reference to the Confidential Information by any person with no more than reasonable diligence; 

  

	 	9.3.2.	 becomes generally available to the public after such disclosure otherwise than by reason of a breach of any of
the undertakings in this Agreement or any breaches of confidence by the recipient Party or its permitted recipients; 

  

	 	9.3.3.	 is, at the time of such disclosure, lawfully already within its possession, as evidenced by written records;

  

	 	9.3.4.	 is independently developed by the recipient party without reference to the Confidential Information of the
disclosing Party, as evidenced by records; or 

  

	 	9.3.5.	 is received by recipient Party from a third party who disclosed such information to recipient Party without
breaching an obligation of confidentiality to disclosing Party. 

  

	 	9.4.	 Other than the limited and restricted rights of use set out in this Section 9 nothing in this Agreement
intends to or has the effect of granting any right, title, license or interest to the recipient Party in respect of the disclosing Party’s Confidential Information except as otherwise expressly provided herein. 

 

	 	9.5.	 If the recipient Party or any of its permitted recipients becomes compelled to disclose any Confidential
Information in the circumstances where the recipient Party is required to disclose by law or by any stock exchange or other regulatory authorities having jurisdiction, a breach or threatened breach of this Section 9 occurs or becomes apparent,
or the recipient Party becomes aware of any misuse of the Confidential Information, the recipient Party shall inform the disclosing Party in writing of such obligation or fact as soon as possible after it is informed or the recipient Party becomes
aware of it and, if any and possible, before any Confidential Information is disclosed, so that (if the disclosing Party in its absolute discretion shall see fit) a protective order or other appropriate remedy may be sought. The recipient Party
agrees to assist and co-operate (and shall procure that each of its permitted recipients shall, as appropriate, assist and co-operate) in any action which the disclosing
Party may decide to take. The recipient Party shall notify the disclosing Party prior to each disclosure of Confidential Information if it is under any obligation which would or might compel it to disclose any Confidential Information and subsequent
to such disclosure it shall not voluntarily assume any such obligation. 

 [***] = CERTAIN CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, MARKED BY BRACKETS,
HAS BEEN OMITTED BECAUSE THE INFORMATION (I) IS NOT MATERIAL AND (II) WOULD BE COMPETITIVELY HARMFUL IF PUBLICLY DISCLOSED. 
  

	 	9.6.	 Upon termination of this Agreement or at the request of the disclosing Party, each Party shall promptly return
to the other, at the other’s request, any and all Confidential Information of the other (including copies of documents, computer records and records on all other media) then in its possession or under its control except where such Confidential
Information is covered under surviving license rights between the Parties and/or their Affiliates (including under the Asset Transfer and License Agreement) and except of one single copy for archival purposes, kept in secure nature, to fulfill legal
requirements regarding documentation of business processes. 

  

	 	9.7.	 The provisions of this Section 9 shall survive termination or expiry of this Agreement and shall continue
in effect for [***] years after such termination or expiry; provided, however, that each Party thereafter will continue to use commercially reasonable endeavors to maintain the confidentiality of the other Party’s Confidential Information.

  

	10.	 LIABILITY AND INDEMNIFICATION 

 

	 	10.1.	 The SUPPLIER shall indemnify and hold harmless BUYER and its Affiliates and each of its directors, officers and
employees (the “BUYER Parties”) against any and all third party Claims (as defined below) and associated Losses (as defined below) that the BUYER Parties may suffer or incur in consequence of the following: 

 

	 	10.1.1.	 any material failure by the SUPPLIER to perform any obligations under this Agreement and any unremedied breach
by SUPPLIER of the representations, warranties or covenants given pursuant to Section 7.1; 

  

	 	10.1.2.	 any infringement or alleged infringement or breach of any third party rights by the SUPPLIER, including without
limitation any intellectual property rights, patents, trademarks, copyrights, know-how or confidential information, by the manufacturing of the Products, and/or use of the SUPPLIER’s intellectual property
rights and/or the SUPPLIER’s Confidential Information in the performance of SUPPLIER’s activities in connection with this Agreement; 

provided, however, that the SUPPLIER shall have no obligation to indemnify BUYER Parties if, and solely to the extent that, any such Claims and
associated Losses are caused by BUYER Parties’ own negligence or willful misconduct in the performance of its rights or obligations hereunder or by BUYER Parties’ breach of a representation, warranty or covenant herein or failure by BUYER
Parties to perform an express obligation under this Agreement. 

 [***] = CERTAIN CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, MARKED BY BRACKETS,
HAS BEEN OMITTED BECAUSE THE INFORMATION (I) IS NOT MATERIAL AND (II) WOULD BE COMPETITIVELY HARMFUL IF PUBLICLY DISCLOSED. 
  

	 	10.2.	 BUYER shall indemnify and hold harmless the SUPPLIER and its Affiliates and each of its directors, officers,
employees and shareholders (“SUPPLIER Parties”) against any and all third party Claims and associated Losses suffered or incurred in consequence of the following: 

 

	 	10.2.1.	 any material failure by BUYER to perform any obligations under this Agreement and any unremedied breach by
BUYER of the representations, warranties or covenants given pursuant to Section 7.3; 

  

	 	10.2.2.	 any infringement or alleged infringement or breach of any third party rights by BUYER, including without
limitation any intellectual property rights, patents, trademarks, copyright, know-how or confidential information, by use of the BUYER intellectual property rights and/or BUYER Confidential Information in the
performance of BUYER’s activities in connection with this Agreement; 

  

	 	10.2.3.	 any product liability claims relating to BUYER’s finished products and materials including any derivatives
of the foregoing, conjugated form or formulation of the same to the extent such claim is based on the use of the finished products following the BUYER’s release; or 

 

	 	10.2.4.	 the negligence of BUYER in relation to the use, processing, storage or sale of the Product or any derivative,
conjugated form or formulation thereof; 

 provided, however, that BUYER shall have no obligation to indemnify the SUPPLIER
Parties if, and solely to the extent, that any such Claims and associated Losses are caused by SUPPLIER Parties’ own negligence or willful misconduct in the performance of its rights and obligations under this Agreement or by SUPPLIER
Parties’ breach of a representation, warranty or covenant herein or failure by SUPPLIER Parties to perform an express obligation under this Agreement. 
  

	 	10.3.	 In this Section 10 the below definitions are to be applied: 

 

	 	10.3.1.	 “Claims” means any and all charges, complaints, actions, suits, proceedings, hearings,
investigations, claims and demands imposed upon a Party; 

  

	 	10.3.2.	 “Losses” means any and all damages awards, deficiencies, settlement amounts, defaults, assessments,
fines, dues, penalties, costs, fees, liabilities, obligations and expenses payable or awarded to a third party with respect to a Claim, together with all reasonable documented
out-of-pocket costs and expenses incurred by a Party in defending against or complying with any Claims of a third party in accordance with the terms of this Agreement;

 [***] = CERTAIN CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, MARKED BY BRACKETS,
HAS BEEN OMITTED BECAUSE THE INFORMATION (I) IS NOT MATERIAL AND (II) WOULD BE COMPETITIVELY HARMFUL IF PUBLICLY DISCLOSED. 
  

	 	10.4.	 Indemnification Procedure 

The Party (the “Indemnitee”) that intends to claim indemnification under this Section 101 shall: 

 

	 	10.4.1.	 promptly, and in any event within twenty (20) business days of it receiving notice of the Claim, notify
the other Party (the “Indemnitor”) in writing in general terms of any Claim which gives rise to or has the potential to give rise to the Indemnitee seeking to rely on and claim the benefit of the indemnification together with notification
of the Indemnitee’s intention to rely on such indemnity, provided however, that failure to give such notice shall not relieve the Indemnitor of its indemnification obligations except and only to the extent such failure actually and materially
prejudices the ability of the Indemnitor to defend against such Claims; 

  

	 	10.4.2.	 not prejudice any defense to any Claim; 

 

	 	10.4.3.	 subject to its other rights and obligations and compliance with the procedures set out in this Section 10,
permit the Indemnitor to have overall control of the conduct of the negotiations and the proceedings including any counterclaim as well as retain and direct any legal counsel; 

 

	 	10.4.4.	 cooperate as reasonably requested by the Indemnitor, at the Indemnitor’s expense, in the conduct of such
Claim (and any counterclaim); and 

  

	 	10.4.5.	 have the right (at its own expense) to participate in all proceedings and negotiations whether named or not as
a party in the Claim or proceedings. 

  

	 	10.5.	 The Indemnitor shall not settle or consent to an adverse judgment in any such Claim that adversely affects the
rights or interests of any Indemnitee or imposes additional obligations (financial or otherwise) on such Indemnitee, without the prior express written consent of such Indemnitee (such consent not to be unreasonably withheld). 

 

	 	10.6.	 If Indemnitee shall be obliged to provide testimony or records regarding the Claim in any legal or
administrative proceeding not covered by the indemnity set forth above, Indemnitor shall reimburse Indemnitee for its reasonable out-of-pocket costs plus a reasonable
hourly fee for its employees or representatives at Indemnitee’s standard commercial rates. 

 [***] = CERTAIN CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, MARKED BY BRACKETS,
HAS BEEN OMITTED BECAUSE THE INFORMATION (I) IS NOT MATERIAL AND (II) WOULD BE COMPETITIVELY HARMFUL IF PUBLICLY DISCLOSED. 
  

	11.	 INSURANCE 

During the Term and for [***] thereafter, BUYER shall carry and maintain insurance of the types and in amounts which are reasonable and
customary in the pharmaceutical industry for companies of comparable size and for comparable activities. Such insurance shall insure against all liability, including but not limited to (when applicable to BUYER’s activities), bodily injury or
property damage arising out of the manufacture, sale, distribution, marketing, Development or Commercialization of any Compounds or Products. Such insurance shall include commercial general liability insurance, including (when applicable to
BUYER’s activities), product liability insurance, which coverage shall have limits of liability which are commercially reasonable for the pharmaceutical industry. The coverage limits set forth herein will not create any limitation on
BUYER’s liability to Teva under this Agreement. 
  

	12.	 TERM 

  

	 	12.1.	 This Agreement shall be effective form the Effective Date until 31.12.2019 (“Term”). Thereafter, this
Agreement shall terminate automatically without the requirement for any Party to give notice, unless extended by the mutual written agreement of the Parties. 

  

	 	12.2.	 During the term of this Agreement, this Agreement may not be prematurely terminated by the Parties except for
the cases set forth in Section 13. 

  

	13.	 BREACH AND TERMINATION 

 

	 	13.1.	 Either Party (“Non-Defaulting Party”) may terminate this
Agreement before expiry of the Term with immediate effect upon written notice to the other Party (“Defaulting Party”) if: 

  

	 	13.1.1.	 the Defaulting Party fails to deliver the Product and remedy within [***], or pay any undisputed sum payable
under this Agreement [***] after a written demand issued after the original due date; 

  

	 	13.1.2.	 the Defaulting Party makes or has made a material misrepresentation or commits a material breach of its
obligations under this Agreement and, if the breach is capable of remedy, fails to remedy it during the period of [***] starting on the date of receipt of notice from the Non-Defaulting Party generally
identifying the breach and requiring it to be remedied; 

  

	 	13.1.3.	 there has been a filing of a bankruptcy or insolvency petition by or against a Defaulting Party, or entry by
the Defaulting Party into an arrangement with its creditors, or application for or consent to the appointment of a receiver or trustee by the Defaulting Party, or the making of an assignment by the Defaulting Party for the benefit of creditors, or
the Defaulting Party suffering or permitting the entry of an order adjudicating it as a bankrupt or insolvent which is not removed, dismissed or cured within sixty (60) days, or any shareholders’ meeting convened for the dissolution of the
Defaulting Party. 

 [***] = CERTAIN CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, MARKED BY BRACKETS,
HAS BEEN OMITTED BECAUSE THE INFORMATION (I) IS NOT MATERIAL AND (II) WOULD BE COMPETITIVELY HARMFUL IF PUBLICLY DISCLOSED. 
  

	 	13.2.	 Unless agreed otherwise between the Parties, upon the termination of this Agreement, BUYER will purchase the
Product in respect of which orders have been placed and accepted by SUPPLIER prior to expiration or termination of this Agreement, but not yet supplied on the date of termination. 

 

	 	13.3.	 In the event that a condition of Force Majeure as defined in Article 16, prevents a Party from performing any
of its material obligations for more than [***], the other Party may terminate this Agreement by giving written notice to the Party which has been prevented from performing with immediate effect. 

 

	 	13.4.	 In the case SUPPLIER is not able to deliver Products within the Specification within [***] after SUPPLIER
detected and informed BUYER immediately and/or BUYER detected that the manufactured / delivered Products are out of the Specification, BUYER is entitled to terminate this Agreement by written notice with immediate effect. 

 

	 	13.5.	 In the event of termination or expiration of this Agreement for any reason whatsoever, neither Party shall be
entitled as a result of such termination to any consequential damages or other similar payment whatsoever from the other, whether in respect of goodwill, loss of profit or otherwise. 

 

	14.	 GOVERNING LAW AND DISPUTE RESOLUTION 

This Agreement shall be governed and interpreted according to the laws of Israel without regard to provisions to conflicts of law. The UN
Convention for the International Sale of Goods shall be excluded. Any dispute arising from this Agreement shall be resolved through the courts of Tel Aviv, Israel, and by no other court or jurisdiction. 

 

	15.	 TRANSFER OF THE MANUFACTURING PROCESS 

 

	 	15.1.	 At any time during the term of this Agreement, the BUYER has the right, at its sole discretion, to request a
technology transfer from SUPPLIER or SUPPLIER’s Affiliate(s). Such technology transfer shall be limited to the Products [***], [***] and [***]. There will be no technology transfer for [***] under this Agreement. 

 

	 	15.1.1. 	 With regard to [***], SUPPLIER will transfer a Package of Documents of the original manufacturing process, such
Package to be supplied [***] after Closing. Further, SUPPLIER will transfer a Package of Documents of the optimized manufacturing process, such Package to be supplied [***] after Closing. With regard to [***], SUPPLIER will transfer a Package of
Documents of the original manufacturing process, such Package to be supplied [***] after Closing. Package of Documents for [***] shall comprise in addition to the standard documents, documentation relating to possible improvements of [***] Process
demonstrated in small scale. 

 [***] = CERTAIN CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, MARKED BY BRACKETS,
HAS BEEN OMITTED BECAUSE THE INFORMATION (I) IS NOT MATERIAL AND (II) WOULD BE COMPETITIVELY HARMFUL IF PUBLICLY DISCLOSED. 
  

	 	15.1.2. 	 For [***], as used by [***] will be transferred. A transfer of [***] of [***] as used by [***] shall be limited
to transfer of a Package of Documents, as available within SUPPLIER. SUPPLIER will transfer a Package of Documents of [***] within the limits defined above, such Package to be supplied [***] after Closing. SUPPLIER will transfer a Package of
Documents of [***], such Package to be supplied [***] after Closing. 

  

	 	15.2.	 “Package of Documents” under this Section 15 shall mean all documents as listed in Annex 1 to 4
in their original language. 

  

	 	15.3.	 Further, Supplier shall supply the physical materials listed in Annex 5 (“Materials”) to BUYER [***]
after Closing. 

  

	 	15.4.	 In addition to the Package of Documents and Materials, BUYER has the right to request and SUPPLIER shall
supply, limited by its technical and personnel capacities, additional available documents and materials as well as consultancy (in written, per telephone, and/or on-site). 

 

	 	15.5.	 Any such supply of additional documents and materials, as well as any such consultancy may be granted until
latest [***] after termination of this Agreement. 

  

	 	15.6.	 The supply of the Package of Documents and the Materials in accordance with Section 15.2 and 15.3 will be
[***] to BUYER. 

  

	 	15.7.	 The supply of additional documents as well as consultancy will be remunerated based on [***]. The supply of
additional materials will be remunerated on a [***] basis. 

  

	 	15.8.	 SUPPLIER does not take any liability for the successful transfer of the Manufacturing Process of the Products.
Nothing in this Section 15.8 shall be deemed to limit SUPPLIER’s obligations under Section 15. 

  

	16.	 FORCE MAJEURE 

Neither Party shall be held liable or responsible to the other Party nor be deemed to have defaulted under or breached this Agreement for
failure or delay in fulfilling or performing any term of this Agreement or the Services to the extent, and for so long as, such failure or delay is caused by or results from causes beyond the reasonable control of such Party including but not
limited to fires, earthquakes, floods, embargoes, wars, acts of war (whether war is declared or not), terrorist acts, insurrections, riots, civil commotion, strikes, lockouts or other labor disturbances, acts of God or other acts, omissions or
delays in acting by any administrative authority or other party. 

 [***] = CERTAIN CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, MARKED BY BRACKETS,
HAS BEEN OMITTED BECAUSE THE INFORMATION (I) IS NOT MATERIAL AND (II) WOULD BE COMPETITIVELY HARMFUL IF PUBLICLY DISCLOSED. 
  

	17.	 GENERAL PROVISIONS 

 

	 	17.1.	 Assignment: Neither Party hereto may assign its rights and/or obligations hereunder in whole or in part,
without the prior written consent of the other Party hereto, provided that each Party shall be entitled, at any time, to assign this Agreement to an Affiliate of such Party or to any purchaser of all or substantially all of its assets to which the
subject matter of this Agreement relates, or to any successor corporation resulting from any merger or consolidation of such party with or into such corporation; provided, in each case, that the assignee agrees in writing to be bound by the terms of
this Agreement, and the assigning Party shall remain liable for performance of all obligations of the assignee. 

  

	 	17.2.	 Power and representation: Each Party has full power and authority to execute, deliver and perform this
Agreement and to incur the obligations provided herein under their respective laws. The entering into of this Agreement has been duly authorized by all proper and necessary action or otherwise, of each of the Parties. No consent or approval of
shareholders or of any other person, other than directors, officers, or employees of each Party (which approvals have been obtained) is required as a condition to the validity, implementation or enforceability of this Agreement.

  

	 	17.3.	 UN Convention: To the extent that it may otherwise be applicable, the Parties hereby expressly agree to exclude
from the operation of this Agreement, the United Nations Convention on Contracts for the International Sale of Goods, concluded at Vienna, on 11 April 1980, as amended and as may be amended further from time to time. 

 

	 	17.4.	 Entire Agreement: This Agreement constitutes the entire understanding between the Parties with regard to the
subject matter hereof other than the Asset Transfer and License Agreement, the Quality Agreement, and except for such agreements supersedes all other prior written and oral understandings and agreements with respect to the subject matter hereof.
This Agreement may be amended only by a written instrument signed by the Parties. 

  

	 	17.5.	 Conflict with other documents: In the event of any conflict between the terms and conditions of this Agreement
and the terms and conditions set forth in any standard or other Purchase Order documentation or any document evidencing acceptance thereof or setting out terms of delivery and/or payment, the terms and conditions of this Agreement shall prevail
unless such other document records expressly state that it prevails over this Agreement and is signed by duly authorized representatives of both Parties. 

 [***] = CERTAIN CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, MARKED BY BRACKETS,
HAS BEEN OMITTED BECAUSE THE INFORMATION (I) IS NOT MATERIAL AND (II) WOULD BE COMPETITIVELY HARMFUL IF PUBLICLY DISCLOSED. 
  

	18.	 NOTICES 

Any payment’s notice, or other written communication required or permitted to be made or given hereunder may be made or given by either
Party by facsimile; by first-class mail, postage prepaid; or by courier to the mailing address or facsimile numbers set as below: 
 If to
SUPPLIER: 
 Teva Biotech GmbH 

Dornierstrasse 10 
 D-89079 Ulm 
 Germany 

Attention: Geschäftsführung 

If to BUYER: 
 89 Bio Ltd. 

c/o Orbimed Israel Partners 
 89
Midanat Hayehudim 
 Herzliya 46766 

Israel 
 Attention: CEO 

or to such other addresses or facsimile numbers as a Party shall designate by notice, similarly given, to the other Party. Notices or written
communications shall be deemed to have been sufficiently made or given: (i) if mailed, seven days after being dispatched by mail, postage prepaid; (ii) if by air courier, three days after delivery to the air courier company; or
(iii) if by facsimile with confirmed transmission, within one day of transmission. 
  

	19.	 SIGNATURES 

This Agreement may be executed in counterparts, each of which shall be deemed an original, and all of which together shall be deemed to be one
and the same instrument. A facsimile or a portable document format (.pdf) copy of this Agreement, including the signature pages, shall be deemed an original. 

[signatures on following pages] 

 [***] = CERTAIN CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, MARKED BY BRACKETS,
HAS BEEN OMITTED BECAUSE THE INFORMATION (I) IS NOT MATERIAL AND (II) WOULD BE COMPETITIVELY HARMFUL IF PUBLICLY DISCLOSED. 
  

 IN WITNESS WHEREOF, each of the Parties has executed this Agreement and the Appendices hereto as of the
Effective Date. 
  

									
	89Bio Ltd.	 		 	Teva Biotech GmbH
					
	signature:	 	/s/ Anat Naschitz	 	        	 	signature:	 	/s/ Hermann Allgaier
	name: Anat Naschitz	 		 	name: Dr. Hermann Allgaier
	designation: Director	 		 	designation: Managing Director of Teva Biotech GmbH
			
	Date: March 29, 2018	 		 	Date: May 4, 2018

 [SIGNATURE PAGE OF REAGENT SUPPLY AND TECHNOLOGY TRANSFER AGREEMENT] 

 [***] = CERTAIN CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, MARKED BY BRACKETS,
HAS BEEN OMITTED BECAUSE THE INFORMATION (I) IS NOT MATERIAL AND (II) WOULD BE COMPETITIVELY HARMFUL IF PUBLICLY DISCLOSED. 
  

 First Amendment 

to Reagent Supply and Technology Transfer Agreement 

This Agreement (“First Amendment Agreement”), effective as of the 25 day of June, 2018, (the “Amendment Date”), is entered
into by and among: Teva Biotech GmbH, a company formed under the laws of Germany (“Supplier”); 89Bio Ltd., a company formed under the laws of Israel (“Buyer”); and UAB Rigridas, a company formed under the laws of the Republic of
Lithuania, with an address at Jogailos str. 9, Vilnius, the Republic of Lithuania (“Buyer Subsidiary”). 
 WHEREAS, Supplier and
Buyer are party to that certain Reagent Supply and Technology Transfer Agreement dated April 5, 2018 (the “Original Agreement”); and 

WHEREAS, the Original Agreement contemplates, among other things, that Buyer will order, receive and pay for certain Products (as defined in
the Original Agreement) and that Supplier will supply Buyer with, and invoice Buyer for, such Products; and 
 WHEREAS, the Parties wish to
enable Buyer to have Buyer Subsidiary receive and pay for Products under the Original Agreement on Buyer’s behalf and to have Supplier supply Products to Buyer Subsidiary and invoice Buyer Subsidiary for such Products; and 

WHEREAS, in order to enable such actions by Buyer Subsidiary, the parties wish to add Buyer Subsidiary as a party to the Original Agreement;

 WHEREAS, the parties wish to amend the Agreement, with effect as of the date of the execution of the Original Agreement (the
“Effective Date”), in accordance with the terms and conditions of this First Amendment Agreement. 
 NOW THEREFORE, the parties
agree as follows: 
 20. The parties agree to amend the Original Agreement as set forth below, with effect as of the Effective Date.

 21. The parties hereby agree to add Buyer Subsidiary as a party to the Original Agreement. 

22. The parties hereby agree that each Purchase Order provided by Buyer pursuant to Section 3 of the Original Agreement will
clearly state whether Buyer or Buyer Subsidiary will be the entity receiving and paying for the Products covered by such Purchase Order. If a Purchase Order states that Buyer Subsidiary will be the entity receiving and paying for the Products
covered by such Purchase Order, the following shall apply: 
 22.1. References in the Original Agreement to Supplier’s obligations to
deliver the Products covered by such Purchase Order to Buyer shall be changed to an obligation to deliver such Products to Buyer Subsidiary; 

 [***] = CERTAIN CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, MARKED BY BRACKETS,
HAS BEEN OMITTED BECAUSE THE INFORMATION (I) IS NOT MATERIAL AND (II) WOULD BE COMPETITIVELY HARMFUL IF PUBLICLY DISCLOSED. 
  

 22.2. Buyer Subsidiary shall be responsible for collecting and inspecting the Products
covered by such Purchase Order and references to Buyer’s obligations relating to the collection or inspection of Purchase Orders will be changed to Buyer Subsidiary with respect to such Purchase Order; provided that any action or inaction of
Buyer Subsidiary shall be attributed to Buyer, as if it was Buyer’s own action or inaction. 
 22.3. Supplier will invoice Buyer
Subsidiary for such Purchase Order; and 
 22.4. Buyer Subsidiary shall be responsible paying the amounts due for such Purchase Order;
provided that Buyer shall remain liable towards Supplier for any failure by Buyer Subsidiary to pay any such invoices when due. 
 23.
The parties hereby agree that the Forecast provided to Supplier pursuant to Section 3.1 of the Original Agreement will be provided by the Buyer. The Buyer shall ensure that the Forecast includes all Purchase Orders placed by the Buyer or the
Buyer Subsidiary. 
 24. All other terms and conditions of the Original Agreement shall remain unchanged and in full force and effect.

 [***] = CERTAIN CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, MARKED BY BRACKETS,
HAS BEEN OMITTED BECAUSE THE INFORMATION (I) IS NOT MATERIAL AND (II) WOULD BE COMPETITIVELY HARMFUL IF PUBLICLY DISCLOSED. 
  

 IN WITNESS WHEREOF, each of the Parties has executed this First Amendment Agreement and the Appendices
hereto as of the Effective Date. 
  

							
	89 Bio Ltd.	 	Teva Biotech GmbH
				
	signature:	 	 /s/ Anat Naschitz
	 	signature:	 	 /s/ Hermann Allgaier

	name: Anat Naschitz	 	name: Dr. Hermann Allgaier
	 designation:
	 	Director	 	 designation:
	 	Managing Director of Teva Biotech GmBH
				
		 		 	signature:	 	 /s/ Eric Kurzhals

		 		 	name: Eric Kurzhals
		 		 	designation:	 	Director PMI
		
	Date: June 25, 2018	 	Date: June 26, 2018
			
	UAB Rigridas	 		 	
				
	signature:	 	 /s/ Ram Waisbourd
	 		 	
	name: Ram Waisbourd	 		 	
	designation:	 	CEO	 		 	
			
	Date: June 25, 2018	 		 	

 [***] = CERTAIN CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, MARKED BY BRACKETS,
HAS BEEN OMITTED BECAUSE THE INFORMATION (I) IS NOT MATERIAL AND (II) WOULD BE COMPETITIVELY HARMFUL IF PUBLICLY DISCLOSED. 
  

 Second Amendment 

to Reagent Supply and Technology Transfer Agreement 

This Agreement (“Second Amendment Agreement”), effective as of the 26 day of July, 2018, (the “Amendment Date”), is
entered into by and among: Teva Biotech GmbH, a company formed under the laws of Germany (“Supplier”); 89Bio Ltd., a company formed under the laws of Israel (“Buyer”); and UAB 89bio Lithuania (foremerly UAB Rigridas), a company
formed under the laws of the Republic of Lithuania, with an address at Jogailos str. 9, Vilnius, the Republic of Lithuania (“Buyer Subsidiary”). This Agreement replaces the Second Amendment Agreement formerly signed by the Buyer and Buyer
Subsidiary on the 31 day of July, 2018 and signed by the Supplier on 26 day of July, 2018. 
 WHEREAS, Supplier and Buyer are party to that
certain Reagent Supply and Technology Transfer Agreement dated April 5, 2018 (the “Original Agreement”) and the Buyer Subsidiary has become Party to the Original Agreement as per the First Amendment Agreement dated June 25, 2018;
and 
 WHEREAS, the Original Agreement contemplates, among other things, BUYER shall provide the SUPPLIER with a monthly updated, rolling, non-binding forecast (“Forecast”), specifying BUYER’s requirements of each of the Products separately covering the following twelve (12) months. The forecasted quantities of each of the Products
per month shall be within the quantity ranges defined in the Annexes 1—4 of the Reagent Supply and Technology Transfer Agreement (the “Original Agreement”). 

WHEREAS, promptly after the Effective Date with respect to the First Order (as defined below) or one hundred and eighty (180) days prior
to the delivery date at the latest with respect to all further orders for Products, BUYER shall place firm orders (“Purchase Order”) specifying the required quantity of the Products at the Supply Prices in Annexes 1—4 and delivery
conditions effective at the order date. 
 WHEREAS, each Purchase Order shall detail the total order quantity of Product(s) to be delivered,
and shall specify BUYER’s requested date of delivery (taking into consideration a one hundred and eighty (180) days lead time with respect to orders other than the First Order). 

WHEREAS, 89Bio wishes to have the right to cancel the August Order 2018 agreed in Annex 6—First Order of the Reagent Supply and
Technology Transfer Agreement (the “Original Agreement”) 
 WHEREAS, 89Bio wishes to place a new Purchase Order for delivery in
January 2019 
 NOW THEREFORE, the Parties agree as follows: 
  

	 	1.	 The First Order, as described in Annex 6 to the Original Agreement, as far as referring to the delivery agreed
for August 2018, is herewith cancelled. 

  

	 	2.	 Buyer and/or Buyer Subsidiary will place an order, which will cover the same materials as the cancelled part of
the First Order. This order shall be placed keeping the standard lead-time of one hundred and eighty (180) days prior to the delivery date. 

 [***] = CERTAIN CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, MARKED BY BRACKETS,
HAS BEEN OMITTED BECAUSE THE INFORMATION (I) IS NOT MATERIAL AND (II) WOULD BE COMPETITIVELY HARMFUL IF PUBLICLY DISCLOSED. 
  

	 	3.	 The Parties are today already aware that, depending upon a milestone result in 89Bio’s project, Buyer
and/or Buyer Subsidiary shall have the right to cancel this Purchase Order described under Clause 2 of this Second Amendment by providing written notification to Supplier no later than November 16, 2018. 

 

	 	4.	 If Buyer and/or Buyer Subsidiary cancels this Purchase Order, Buyer and/or Buyer Subsidiary shall pay Supplier
a cancellation fee of 50% of the order value.. In case of a partial cancellation (reduction of the quantities), the cancellation fee will be calculated accordingly. Numeric example for partial cancellation fee only: 

Quantity of reagent ST6 in Purchase Order 1550 grams ST6 Partial cancellation by 89Bio before Nov 16th, 2018 550 grams ST6 Resulting partial cancellation fee without VAT 54450 Euro (275g) 

Supplier will invoice Buyer or Buyer Subsidiary for such cancellation fee, and Buyer or Buyer Subsidiary will pay cancellation fee within 30
days of receipt of invoice. 
  

	 	5.	 All other terms and conditions of the Original Agreement shall remain unchanged and in full force and effect.

 [***] = CERTAIN CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, MARKED BY BRACKETS,
HAS BEEN OMITTED BECAUSE THE INFORMATION (I) IS NOT MATERIAL AND (II) WOULD BE COMPETITIVELY HARMFUL IF PUBLICLY DISCLOSED. 
  

 IN WITNESS WHEREOF, each of the Parties has executed this Second Amendment Agreement as of the
Effective Date. 
  

							
	89 Bio Ltd.	 	Teva Biotech GmbH
				
	signature:	 	 /s/ Ram Waisbourd
	 	signature:	 	 /s/ Hermann Allgaier

	name: Ram Waisbourd	 	name: Dr. Hermann Allgaier
	designation:	 	COO	 	designation:	 	Managing Director of Teva Biotech GmBH
				
		 		 	signature:	 	 /s/ Eric Kurzhals

		 		 	name: Eric Kurzhals
		 		 	designation:	 	Director PMI
		
	Date: August 1, 2018	 	Date: August 1, 2018
			
	UAB 89bio Lithuania	 		 	
				
	signature:	 	 /s/ Ram Waisbourd
	 		 	
	name: Ram Waisbourd	 		 	
	designation:	 	CEO	 		 	
			
	Date: August 1, 2018	 		 	

 [***] = CERTAIN CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, MARKED BY BRACKETS,
HAS BEEN OMITTED BECAUSE THE INFORMATION (I) IS NOT MATERIAL AND (II) WOULD BE COMPETITIVELY HARMFUL IF PUBLICLY DISCLOSED. 
  

 Third Amendment 

to Reagent Supply and Technology Transfer Agreement 

This Agreement (“Third Amendment Agreement”), effective as of the 30 day of January, 2019, (the “Amendment Date”), is
entered into by and among: Teva Biotech GmbH, a company formed under the laws of Germany (“Supplier”); 89Bio Ltd., a company formed under the laws of Israel (“Buyer”); and UAB 89Bio Lithuania, a company formed under the laws of
the Republic of Lithuania (“Buyer Subsidiary”). 
 WHEREAS, Supplier and Buyer are party to that certain Reagent Supply and
Technology Transfer Agreement dated April 5, 2018 (the “Original Agreement”); and 
 WHEREAS, the Buyer Subsidiary has become
Party to the Original Agreement as per the First Amendment Agreement dated June 25, 2018 (the “First Amendment Agreement”; and 

WHEREAS, the parties entered into a Second Amendment Agreement dated August 1, 2018 (the “Second Amendment Agreement”); and

 WHEREAS, SUPPLIER and BUYER agreed that the Original Agreement shall be effective from the Effective Date until 31.12.2019
(“Original Term”); and 
 WHEREAS, SUPPLIER and BUYER agreed in the Original Agreement that in the context of process transfer any
supply of additional documents and materials, as well as any such consultancy may be granted until latest [***] after termination of the Original Agreement; and 

WHEREAS, SUPPLIER and BUYER agreed in the Original Agreement that the supply prices and the maximum order quantities for the Products will be
as set forth in Annexes 1—4 of the Original Agreement; and 
 WHEREAS, SUPPLIER and BUYER agreed in the Original Agreement that the
supplies of [***] until [***] shall be processed using [***] unless confirmed otherwise by BUYER in writing; and 
 WHEREAS, SUPPLIER and
BUYER agreed in the Original Agreement that it shall be SUPPLIER’s [***] decision for each confirmed order, according to which [***] to be supplied will be manufactured, provided that the supplied Product meets the Specifications set forth in
the Quality Agreement; and 
 WHEREAS, the parties now wish to extend the Term (“Original Term”) of the Reagent Supply and
Technology Transfer Agreement (the “Original Agreement”) until 31.12.2022 (“Extended Term”), and to agree to further amendments, whereas those further amendments shall become effective from 01.01.2020 only; 

The Original Agreement, as amended by the First Amendment Agreement, the Second Amendment Agreement and this Third Amendment Agreement, shall
be referred to as this “Agreement”. 

 [***] = CERTAIN CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, MARKED BY BRACKETS,
HAS BEEN OMITTED BECAUSE THE INFORMATION (I) IS NOT MATERIAL AND (II) WOULD BE COMPETITIVELY HARMFUL IF PUBLICLY DISCLOSED. 
  

 NOW THEREFORE, the Parties agree as follows: 

The Term (“Original Term”) agreed in Clause 12 of the Original Agreement shall be extended until 31.12.2022 (The period between
01.01.2020 and 31.12.2022 shall be referred to as the “Extended Term”). Thereafter, this Agreement shall terminate automatically without the requirement for any Party to give notice, unless extended by the mutual written agreement of the
Parties. 
 In the context of transfer of the manufacturing process any supply of additional documents and materials from the SUPPLIER to
BUYER, as well as any such consultancy, as stipulated in Clause 15.5, may be granted until latest twenty-four (24) months after termination of this Agreement, but in any case no longer than until the end of the Extended Term (31.12.2022). 

The prices set forth in Annexes 1-4 of the Original Agreement shall remain the same during the
Original Term. During the Extended Term, the prices shall be as set forth in Annex 1 to this Third Amendment Agreement. 
 The maximum order
quantities set forth in Annexes 1-4 of the Original Agreement shall be for the Extended Term as follows: 

The order quantities for [***]: 

Maximum annual quantity: 
  

					
	 Quantity per calendar year
	  	Year	 
	 [***]
	  	 	[	***] 

 Maximum order quantity: 
  

					
	 Quantity per Order
	  	Year	 
	 [***]
	  	 	[	***] 

 The order quantities for [***]: 

Maximum annual quantity: 
  

					
	 Quantity per calendar year
	  	Year	 
	 [***]
	  	 	[	***] 

 Maximum order quantity: 
  

					
	 Quantity per Order
	  	Year	 
	 [***]
	  	 	[	***] 

 [***] 

The order quantities for [***]: 

Maximum annual quantity: 
  

					
	 Quantity per calendar year
	  	Year	 
	 [***]
	  	 	[	***] 

 [***] = CERTAIN CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, MARKED BY BRACKETS,
HAS BEEN OMITTED BECAUSE THE INFORMATION (I) IS NOT MATERIAL AND (II) WOULD BE COMPETITIVELY HARMFUL IF PUBLICLY DISCLOSED. 
  

 Maximum order quantity: 

 

					
	 Quantity per Order
	  	Year	 
	 [***]
	  	 	[	***] 

 [***] 

The order quantities for [***]: 

Maximum annual quantity: 
  

					
	 Quantity per calendar year
	  	Year	 
	 [***]
	  	 	[	***] 

 Maximum order quantity: 
  

					
	 Quantity per Order
	  	Year	 
	 [***]
	  	 	[	***] 

 With regard to [***], SUPPLIER is currently [***]. It shall be SUPPLIER’s [***] decision for each
confirmed order, according to which [***] to be supplied will be manufactured, provided that the supplied Product meets the Specifications set forth in the Quality Agreement. 

With regard to [***], SUPPLIER has [***]. It shall be SUPPLIER’s [***] decision for each confirmed order, according to which [***] be
supplied will be manufactured, provided that the supplied Product meets the Specifications set forth in the Quality Agreement. 
 No later
than [***] prior to the delivery of [***], Supplier will send Buyer a CoA of the batch from which the material will be supplied. If the activity of the batch is [***], Buyer will have the right to send, within [***], a new purchase order for
additional quantities of the material to compensate for the [***] These additional quantities will be provided together with the rest of the order of the material at the same price per gram. 

No later than thirty [***] prior to the delivery of [***], Supplier will send buyer a CoA of the batch from which the material will be
supplied. If the activity of the batch is [***], Buyer will have the right to send, within [***], a new purchase order for additional quantities of the material to compensate for the [***]. These additional quantities will be provided together with
the rest of the order of the material at the same price per gram. 
 For the avoidance of doubt, this right to order and to receive further
quantities of material shall be valid only within the limits of the quantities stipulated under Clause 4 of this Third Amendment Agreement. 

The amendments stipulated under 2.—7 of this Third Amendment Agreement shall become effective from 01.01.2020 only. 

All other terms and conditions of the Agreement shall remain unchanged and in full force and effect. 

 [***] = CERTAIN CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, MARKED BY BRACKETS,
HAS BEEN OMITTED BECAUSE THE INFORMATION (I) IS NOT MATERIAL AND (II) WOULD BE COMPETITIVELY HARMFUL IF PUBLICLY DISCLOSED. 
  

 IN WITNESS WHEREOF, each of the Parties has executed this Third Amendment Agreement as of the
Effective Date. 
  

									
	89 Bio Ltd.	 	 	 	Teva Biotech GmbH
					
	signature:	 	 /s/ Rohan Palekar
	 		 	signature:	 	 /s/ Hermann Allgaier

	 name: Rohan Palekar

designation: CEO
	 		 	 name: Dr. Hermann Allgaier

designation: Managing Director of Teva Biotech GmBH

					
	signature:	 	 /s/ Anat Naschitz
	 		 	signature:	 	 /s/ Eric Kurzhals

	 name: Anat Naschitz

designation: Director
	 		 	 name: Eric Kurzhals

designation: Director PMI

			
	 Date: February 1, 2019
	 		 	Date: January 30, 2019
				
	UAB 89bio Lithuania	 	 	 	 	 	 
					
	signature:	 	 /s/ Ram Waisbourd
	 		 		 	
	 name: Ram Waisbourd

designation: Director
	 		 		 	
				
	 Date: January 31, 2019

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