Document:

EX-4.20

 Exhibit 4.20 

 

Confidential Materials omitted and filed separately with the 

Securities and Exchange Commission. Double asterisks denote omissions. 

DATED 16th November 2015 

(1) THE CHANCELLOR MASTERS AND SCHOLARS OF THE UNIVERSITY OF OXFORD 

- and - 

(2) SUMMIT THERAPEUTICS PLC 

- and - 
 (3) ISIS
INNOVATION LIMITED 
  
  

VARIATION AGREEMENT 

relating to the Option Agreement in relation to the 

intellectual property rights arising in the performance of 

the Sponsored Research Agreement and Research Field 

dated 22 November 2013 
  

 

  
 Page 1 of 7

 THIS AGREEMENT (the “Variation Agreement”) is dated 16th November 2015 (the “Variation Date”) 
 BETWEEN:- 

 

	(1)	THE CHANCELLOR MASTERS AND SCHOLARS OF THE UNIVERSITY OF OXFORD, whose administrative office is at University Offices, Wellington Square, Oxford, OX1 2JD (the “University”); and

  

	(2)	SUMMIT THERAPEUTICS PLC, a public limited company incorporated in England and Wales with company number 05197494 whose address is 85b Park Drive, Milton Park, Abingdon, Oxfordshire, OX14 4RY (the
“Summit”); and 

  

	(3)	ISIS INNOVATION LIMITED, a private limited company incorporated in England and Wales with company number 02199542, whose registered office is at University Offices, Wellington Square, Oxford, OX1 2JD
(“Isis”), 

 each a “Party” and together the “Parties”. 

RECITALS 
  

	(A)	The Parties entered into an option agreement in which Isis granted an option to Summit in relation to the intellectual property rights arising in the performance of the Sponsored Research Agreement and Research Field
dated 22 November 2013 (the “Option Agreement”). 

  

	(B)	On 19 February 2015, the Shareholders of Summit passed a resolution to change the name of Summit from Summit Corporation plc to Summit Therapeutics plc. 

 

	(C)	The Parties now wish to amend the Option Agreement as set out in this Variation Agreement. 

 NOW IT IS
AGREED AS FOLLOWS: 
  

	1.	DEFINITIONS AND INTERPRETATIONS 

  

	1.1	The terms defined in the Option Agreement shall have the same meanings when used in this Variation Agreement unless specifically indicated otherwise. 

 

	1.2	A reference to this Variation Agreement shall include any Schedules. 

  

	1.3	The words “include”, “including”, or “in particular” are deemed to have the words “without limitation” following them. 

 

	2.	VARIATION 

  

	2.1	In consideration of Isis agreeing to the extension of the term of the Option Agreement, as a result of the amendment to the Sponsored Research Agreement (as defined below) and the variation set out in clause 2.2.1 of
this Variation Agreement, Summit shall pay to Isis the sum of £[**] pounds) within [**] days of receipt by Summit of an invoice from Isis for such sum, said invoice to be issued on or after the Variation Date. 

  
 Page 2 of 7

	2.2	With effect from the Variation Date of this Variation Agreement, the Parties agree the following amendments to the Option Agreement: 

 

	 	2.2.1	the text of Recital B of the Option Agreement is amended as follows, where deletions are shown in struck through text and additions are shown in underlined text: 

Summit is in addition funding certain research at the University of Oxford as provided for in a separate sponsored research agreement dated on
or around the Effective Date and as subsequently amended from time to time (“Sponsored Research Agreement”)”. 

For the sake of clarity, the Parties acknowledge that by virtue of an extension to the term of the Sponsored Research Agreement, the term of
the Option Agreement shall be equivalently extended. 
  

	 	2.2.2	the text of Schedule 7 of the Option Agreement, entitled ‘Chemical Lead Criteria’ shall be deleted in its entirety and replaced with the Schedule 7 enclosed as the Appendix to this Variation Agreement entitled
‘Definition of Chemical Lead for New Generation Utrophin Modulators’ and any reference to Schedule 7 of the Option Agreement shall, from the date of its ratification by the Joint Steering Committee being 30 June 2015, be to this new,
replacement, Schedule 7. 

  

	3.	GOVERNING LAW AND JURISDICTION 

  

	3.1	This Variation Agreement and any dispute or claim arising out of or in connection with it or its subject matter or formation (including non-contractual disputes or claims) shall be governed by and construed in
accordance with the law of England and Wales. 

  

	3.2	The Parties irrevocably agree that the courts of England and Wales have exclusive jurisdiction to settle any dispute or claim arising out of in connection with this Variation Agreement or its subject matter or its
formation (including non-contractual disputes or claims). 

  
 Page 3 of 7

 IN WITNESS of this Agreement, the Parties have executed this Agreement through their duly authorised
representatives. 
  

					
			
	SIGNED for and on behalf of THE	  	                    )	  	/s/ Lisa Driver Davidson
	CHANCELLOR MASTERS AND	  	                    )	  	
	SCHOLARS OF THE UNIVERSITY	  	                    )	  	
	OF OXFORD:-	  	                    )	  	  

			
	Name: Lisa Driver Davidson	  		  	
			
	 Title: Senior Research Services Manager

University of Oxford
	  		  	
			
	Date: 30/10/15	  		  	

  

					
	SIGNED for and on behalf of SUMMIT	  	                    )	  	/s/ Glyn Edwards
	 THERAPEUTICS PLC:-
	  	                    )	  	
		  	                    )	  	  

			
	Name: Glyn Edwards	  		  	
			
	Title: Chief Executive Officer	  		  	
			
	Date: 16th November 2015	  		  	

  
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	SIGNED for and on behalf of ISIS 	  	 	                    ) )	  	  	/s/ Linda Naylor
	INNOVATION LIMITED :-	  	 	                    ) )	  	  	
		  	 	                    ) )	  	  	
		  	 	                    )	  	  	  

	Name: Linda Naylor	  				  	
			
	 Title: Managing Director
 Isis Innovation
Ltd
	  				  	
			
	Date: 6/11/15	  				  	

  
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 APPENDIX 

SCHEDULE 7: Definition of Chemical Lead for New Generation Utrophin Modulators 

 

			
	Chemical Profile:
	 [**]
	  	 •    [**]

•    [**]

		
	 [**]
	  	 •    [**]

•    [**]

		
	 [**]
	  	 •    [**]

		
	 [**]
	  	 •    [**]

•    [**]

		
	 [**]
	  	 •    [**]

		
	 [**]
	  	 •    [**]

•    [**]

		
	 [**]
	  	 •    [**]

•    [**]

		
	 [**]
	  	 •    [**]

•    [**]

•    [**]

  
 Page 6 of 7

			
	Biological Profile:
		
	 [**]
	  	 •    [**]

•    [**]

•    [**]

		
	 [**]
	  	 •    [**]

•    [**]

•    [**]

•    [**]

•    [**]

•    [**]

•    [**]

•    [**]

		
	 [**]
	  	 •    [**]

•    [**]

•    [**]

		
	 [**]
	  	 •    [**]

•    [**]

		
	 [**]
	  	 •    [**]

•    [**]

  
 Page 7 of 7EX-4.21

 Exhibit 4.21 

 

Confidential Materials omitted and filed separately with the 

Securities and Exchange Commission. Double asterisks denote omissions. 

DATED 16th November 2015 

(1) THE CHANCELLOR MASTERS AND SCHOLARS OF THE UNIVERSITY OF OXFORD 

- and - 

(2) SUMMIT THERAPEUTICS PLC 

- and - 
 (3) ISIS
INNOVATION LIMITED 
  
  

SECOND VARIATION AGREEMENT 

relating to the Agreement for the Sponsorship of a 

Research Programme for the development of small 

molecule modulators of utrophin for the treatment of 

Duchenne Muscular Dystrophy dated 22 November 2013 

 
  

  
 Page 1 of 8

 THIS AGREEMENT (the “Second Variation Agreement”) is dated 16th November 2015 (the “Variation Date”) 
 BETWEEN:- 

 

	(1)	THE CHANCELLOR MASTERS AND SCHOLARS OF THE UNIVERSITY OF OXFORD, whose administrative office is at University Offices, Wellington Square, Oxford, OX1 2JD (the “University”); and

  

	(2)	SUMMIT THERAPEUTICS PLC, a public limited company incorporated in England and Wales with company number 05197494 whose address is 85b Park Drive, Milton Park, Abingdon, Oxfordshire, OX14 4RY (the
“Sponsor”); and 

  

	(3)	ISIS INNOVATION LIMITED, a private limited company incorporated in England and Wales with company number 02199542, whose registered office is at University Offices, Wellington Square, Oxford, OX1 2JD
(“Isis”), 

  

	each	a “Party” and together the “Parties”. 

 RECITALS 

 

	(A)	The Parties entered into an agreement for the sponsorship of a research programme relating to the development of small molecule modulators of utrophin for the treatment of Duchenne Muscular Dystrophy dated
22 November 2013 (the “Agreement”). 

  

	(B)	The Agreement was amended by way of a variation dated 16 July 2014 (the “Variation Agreement”). 

  

	(C)	On 19 February 2015, the Shareholders of the Sponsor passed a resolution to change the name of the Sponsor from Summit Corporation plc to Summit Therapeutics plc. 

 

	(D)	The Parties now wish to extend the term of the Agreement and to increase the level of research support and funding. 

NOW IT IS AGREED AS FOLLOWS: 
  

	1.	DEFINITIONS AND INTERPRETATIONS 

  

	1.1	The terms defined in the Agreement shall have the same meanings when used in this Second Variation Agreement unless specifically indicated otherwise. 

 

	1.2	A reference to this Second Variation Agreement shall include any Schedules. 

  

	1.3	The words “include”, “including”, or “in particular” are deemed to have the words “without limitation” following them. 

  
 Page 2 of 8

	2.	VARIATION 

  

	2.1	With effect from the Variation Date of this Second Variation Agreement, the Parties agree the following amendments to the Agreement: 

 

	 	2.1.1	the text of clause 1.3 of the Agreement is amended as follows, where deletions are shown in struck through text and additions are shown in underlined text: 

The Project Period shall mean the period from Effective Date for a period of thirty-six (36) months and lasting until
21 November 2019 with an option to extend the Project Period until 21 November 2020 (the “Extension Option”). The Extension Option may, and
subject to clause 11.7, be exercised on or before the expiry of the Project Period. The Project Period may be extended by any further period that the Parties agree is required for the successful completion of the
Project; 
 For the sake of clarity, the Parties acknowledge that by virtue of the extension to the term of the Agreement, the term of the
Option Agreement shall be equivalently extended. 
  

	 	2.1.2	The document “Revised Development Plan” (as ratified by the Joint Steering Committee, 12 November 2014) shown in the Appendix to this Second Variation Agreement shall be inserted at the end of Schedule 1
of the Agreement, thereby incorporating it into that schedule. 

  

	 	2.1.3	The text of Schedule 3 of the Agreement is amended as follows, where deletions are shown in struck through text and additions are shown in underlined text: 

 

			
	 Date for Payment by the Sponsor
	  	 Amount (excluding VAT): £sterling

	 [**]
	  	[**]
	 [**]
	  	[**]
	 [**]
	  	[**]
	 [**]
	  	[**]
	 [**]
	  	[**]
	 [**]
	  	[**]
	 [**]
	  	[**]
	 [**]
	  	[**]
	 [**]
	  	[**]
	 [**]
	  	[**]
	 [**]
	  	[**]
	 [**]
	  	[**]

  
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	 [**]
	  	[**]
	 [**]
	  	[**]
	 [**]
	  	[**]
	 [**]
	  	[**]
	 [**]
	  	[**]
	 [**]
	  	[**]
	 [**]
	  	[**]
	 [**]
	  	[**]
	 [**]
	  	[**]
	 [**]
	  	[**]
	 [**]
	  	[**]
	 [**]
	  	[**]
	 TOTAL PAYABLE
	  	1,537,372 4,333,132

 The sums payable by the Sponsor between the [**] of the Agreement and [**] of the
Agreement, inclusive, are to be used to fund a minimum of [**]. A minimum of [**] and a minimum of[**]. 

It is noted that the £[**] is not included in the above figures. 

Should the Extension Option be exercised so that the Project Period is extended to 22 November 2020, then the following
sums will also become payable: 
  

			
	 Date for Payment by the Sponsor
	  	 Amount (excluding VAT): £sterling

	[**]	  	[**]
	[**]	  	[**]
	[**]	  	[**]
	[**]	  	[**]
	TOTAL PAYABLE UNDER THE EXTENSION OPTION	  	830,000

  
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	3.	GOVERNING LAW AND JURISDICTION 

  

	3.1	This Second Variation Agreement and any dispute or claim arising out of or in connection with it or its subject matter or formation (including non-contractual disputes or claims) shall be governed by and construed in
accordance with the law of England and Wales. 

  

	3.2	The Parties irrevocably agree that the courts of England and Wales have exclusive jurisdiction to settle any dispute or claim arising out of in connection with this Second Variation Agreement or its subject matter or
its formation (including non-contractual disputes or claims). 

  
 Page 5 of 8

 IN WITNESS of this Agreement, the Parties have executed this Agreement through their duly authorised
representatives. 
  

					
			
	SIGNED for and on behalf of THE	  	                    )	  	/s/ Lisa Driver Davidson
	CHANCELLOR MASTERS AND	  	                    )	  	
	SCHOLARS OF THE UNIVERSITY	  	                    )	  	
	OF OXFORD:-	  	                    )	  	  

			
	Name: Lisa Driver Davidson	  		  	
			
	 Title: Senior Research Services Manager

University of Oxford
	  		  	
			
	Date: 30/10/15	  		  	

  

					
	SIGNED for and on behalf of SUMMIT	  	                    )	  	/s/ Glyn Edwards
	 THERAPEUTICS PLC:-
	  	                    )	  	
		  	                    )	  	  

			
	Name: Glyn Edwards	  		  	
			
	Title: Chief Executive Officer	  		  	
			
	Date: 16 November 2015	  		  	

  
 Page 6 of 8

							
	SIGNED for and on behalf of ISIS 	  	 	                    ) )	  	  	/s/ Linda Naylor
	INNOVATION LIMITED :-	  	 	                    ) )	  	  	
		  	 	                    ) )	  	  	
		  	 	                    )	  	  	  

	Name: Linda Naylor	  				  	
			
	 Title: Managing Director
 Isis Innovation
Ltd
	  				  	
			
	Date: 6/11/15	  				  	

  
 Page 7 of 8

 APPENDIX 

REVISED DEVELOPMENT PLAN (ADOPTED BY JSC 12.11.2014) 

[**] 

  
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