Document:

EX-10.5

 Exhibit 10.5 

Execution Version 
  

 
 AMENDED AND RESTATED LICENSE
AGREEMENT – US 
 BETWEEN 

BIOVENTUS LLC 
 AND

 Q-MED AB 

AND 
 NESTLÉ SKIN
HEALTH S.A. 
 December 9, 2016 
  

 

 [***] Certain information in this document has been excluded pursuant to Regulation S-K, Item 601(b)(10).
Such excluded information is not material and would likely cause competitive harm to the registrant if publicly disclosed. 
 AMENDED AND
RESTATED LICENSE AGREEMENT – US 
 This Amended and Restated License Agreement – US (together with all schedules and exhibits
attached hereto, the “Agreement”), is made and entered into this December 9, 2016 (the “Amendment Effective Date”), by and among Q-Med AB, a limited liability
company organized under the laws of the Kingdom of Sweden with corporate registration number 556258-6882 (“Q-Med”), Nestlé Skin Health S.A., a corporation organized under the
laws of Switzerland (“NSH”), and Bioventus LLC, a limited liability company organized under the laws of Delaware (“Bioventus”). Each of (i) Q-Med and NSH, on the
one hand, and (ii) Bioventus, on the other hand, shall be referred to herein as a “Party” and collectively as the “Parties.” This Agreement shall amend, supersede and replace the Current US License Agreement
(as defined below). 
 BACKGROUND: 

Q-Med has developed its DUROLANE® product
containing polymerized and cross-linked hyaluronic acid, wherein the hyaluronic acid is derived from non-animal sources, for the treatment of articular osteoarthritis in synovial joints. On June 27, 2006
(the “Initial Effective Date”), Smith & Nephew, Inc. (“S&N”) and Q-Med entered into: (i) that certain License Agreement (as amended by the Amendment, dated
July 13, 2009, the “Original License Agreement”) pursuant to which Q-Med granted, and S&N obtained, the rights and licenses set forth therein with respect to such DUROLANE® product, and (ii) that certain Supply Agreement (the “Original Supply Agreement”). 

Pursuant to a Consent and Waiver Letter, dated December 31, 2011, from S&N to Q-Med (the
“Consent Letter”), (i) certain terms of the Original License Agreement were amended (as so amended, the “Amended License Agreement”), (ii) certain terms of the Original Supply Agreement were amended (as so
amended, the “Amended Supply Agreement”) and (iii) Q-Med consented to the assignment by S&N of its rights and obligations under the Amended License Agreement to Bioventus Limited, a
limited liability company organized under the laws of Jersey. 
 Pursuant to an Amended and Restated License Agreement – Worldwide
Excluding the US (ROW), dated December 31, 2013, Q-Med, Galderma S.A. (“GSA”) and Bioventus Limited further amended the Amended License Agreement to cover matters related to the worldwide
territory excluding the United States (the “Current ROW License Agreement”) and simultaneously entered into an amendment to the Amended License Agreement (the “Current US License Agreement”) and the Amended Supply
Agreement (the “Current US Supply Agreement”), in each case to cover matters related to the United States, while pursuant to an Amended and Restated Supply Agreement – Worldwide Excluding the US (ROW), dated December 31,
2013, Q-Med, GSA and Bioventus Coöperatief U.A., a limited liability company organized under the laws of the Netherlands, further amended the Amended Supply Agreement to cover matters related to the
worldwide territory excluding the United States (the “Current ROW Supply Agreement”). 
 Pursuant to a Nasha Trademark
License dated November 16, 2015 (“Current Nasha License Agreement”), Q-Med and Galderma licensed the NASHA trademark to Bioventus Limited to cover matters related to the worldwide
territory excluding the United States. 

 Q-Med, NSH, GSA and Bioventus desire to amend and
restate the Current US License Agreement by entering into this Agreement and simultaneously enter into an amendment to the Current US Supply Agreement (“New US Supply Agreement”) and a license agreement similar to the Current Nasha
Trademark License to cover matters in the United States (“New Nasha Amended License Agreement”). 
 The Parties agree as
follows: 
 Article 1. DEFINITIONS 

1.1 Definitions. For the purposes of this Agreement, the following words and phrases shall have the following meanings: 

“AAA” shall have the meaning set forth in Section 13.3. 

“Affiliate” of an entity means any company or entity which controls, is controlled by or is under common control with such
company or entity, where control, for purposes of this definition, means (i) the possession, directly or indirectly, of the power to direct the management or policies of the company or entity or to veto any material decision relating to the
management or policies of the company or entity or a majority of the composition of the board of directors (or similar governing body), in each case, whether through the ownership of voting securities or by contract, or (ii) the beneficial
ownership, directly or indirectly, of at least fifty percent (50%) of the voting securities of a Person. 
 “Agreement”
shall have the meaning set forth in the Preamble. 
 “Amended License Agreement” shall have the meaning set forth in the
Background. 
 “Amended Supply Agreement” shall have the meaning set forth in the Background. 

“Amendment Effective Date” shall have the meaning set forth in the Preamble. 

“Bioventus” shall have the meaning set forth in the Preamble. 

“Bioventus Change of Control” means (x) the acquisition by a Third Party of a majority of the combined voting power of
the then outstanding voting securities of Bioventus, (y) the sale, transfer or other disposition to a Third Party of all or substantially all of the assets of Bioventus to which this Agreement relates or (z) the merger or consolidation of
Bioventus, as a result of which Persons who were stockholders of Bioventus, as applicable, immediately prior to such merger or consolidation, do not, immediately thereafter, own, directly or indirectly, more than fifty percent (50%) of the combined
voting power of the merged or consolidated company. 
 “Bioventus Indemnified Parties” shall have the meaning set forth in
Section 10.1. 
 “Breaching Party” shall have the meaning set forth in Section 12.2. 

  
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 “Business Day” means any day between and including Monday through Friday;
provided, that, with respect to any payment to be made or forecast or notice to be provided hereunder by a Party, if the date on which such payment, forecast or notice is due falls on a national bank holiday in the country in which the
principal place of business of either Party (or, in the case of a payment, only the paying Party) is located, such payment or notice shall be due on the next day on which banks in such country(ies) are open for business and such forecast shall be
due on the preceding day on which banks in such country(ies) are open for business. 
 “Chinese Study” means the
[***]. 
 “Commercialization” or “Commercialize” means, with respect to a product, any and all
activities directed to marketing, promoting, distributing, importing, offering to sell and/or selling such product, including market research, medical education programs, securing appropriate reimbursement, billing and coding support for physicians
and clinics, product related public relations, planning, detailing, marketing, distribution, creative development of visual sales aids, support of medical meetings, direct mail, telemarketing, and tele-detailing, media placement and advertising,
field marketing events such as peer influence programs featuring medical thought leaders, educational grants, sales meetings, adverse event reporting and post-market surveillance studies, whether for marketing purposes, regulatory compliance or as a
condition to obtaining a Regulatory Approval. 
 “Commercially Reasonable Efforts” means, with respect to the efforts to be
expended by a Party relative to objective, reasonable, diligent, and good faith efforts utilizing sound and reasonable scientific, business and medical practice and judgment to accomplish such objective that such Party would normally use to
accomplish a similar objective under similar circumstances; it being understood and agreed that with respect to the Commercialization of Licensed Product by Bioventus, such effort shall be substantially equivalent to those efforts and resources
commonly used by global medical device companies for other medical devices at a similar stage in its development or product life and is of similar market potential taking into account efficacy, safety, anticipated labeling, the competitiveness of
alternative products in the marketplace, the patent and other proprietary position of the product, the likelihood of regulatory approval, commercial value of the Licensed Product, alternative products and other relevant factors. 

“Competitive Product” means any single-injection-regimen or dual-injection-regimen medical device approved by the FDA for the
treatment of pain or other symptoms of osteoarthritis (OA) of the knee whose mode of action is based primarily on hyaluronic acid (sodium hyaluronate). 

“Confidential Information” shall have the meaning set forth in Section 11.1. 

“Consent Letter” shall have the meaning set forth in the Background. 

“Control” or “Controlled” means, with respect to any item of Information or any intellectual property right,
the possession (other than pursuant to this Agreement) of the right or ability of a Party or any of its Affiliates to grant to the other Party or a Third Party access to and/or a license under such item or right as provided herein without violating
the terms of any agreement or arrangement with any Third Party existing before or after the Initial Effective Date. 
 “Current
Nasha License Agreement” shall have the meaning set forth in the Background. 

  
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 “Current ROW License Agreement” shall have the meaning set forth in the
Background. 
 “Current ROW Supply Agreement” shall have the meaning set forth in the Background. 

“Current US License Agreement” shall have the meaning set forth in the Background. 

“Current US Supply Agreement” shall have the meaning set forth in the Background. 

“Durolane IP Claim” shall have the meaning set forth in Section 10.3(a). 

“FDA” means the U.S. Food and Drug Administration. 

“Field Infringement” shall have the meaning set forth in Section 7.3(a). 

“HA” means hyaluronic acid and any derivatives thereof (other than Stabilized HA). 

“IDE” means an investigational device exemption or other applications required to be submitted to Regulatory Authorities and
be approved or otherwise legally effective before the commencement of any human clinical study of a Licensed Product. 

“Improvement” means any improvement or modification of a Licensed Product in the Licensed Field. 

“Information” means any and all know-how and information, trade secrets, clinical
development and other technical and marketing information (whether or not confidential, proprietary, patented or patentable), and all tangible embodiments of any of the foregoing in written, electronic or any other form, that are necessary or
reasonably useful, in the ordinary course of business, for Commercializing a Licensed Product in the Territory; provided, that Information shall not include information that either Party is under an obligation to Third Parties not to
disclose, such as patient data. 
 “Initial Effective Date” shall have the meaning set forth in the Background. 

“Initial Regulatory Approval Date” shall have the meaning set forth in Section 6.1(b). 

“Initial Variable Royalty Amount” shall have the meaning set forth in Section 6.3. 

“Invention” means all improvements, inventions, discoveries and other improvements (whether or not patentable), know-how and information, trade secrets, pre-clinical and clinical development and other information (whether or not confidential, proprietary, patented or patentable), and
all tangible embodiments of any of the foregoing in written, electronic or any other form, that are generated, conceived or first reduced to practice in the course of conducting activities under this Agreement by one or more individuals who are
employees, agents, consultants or subcontractors of one of the Parties. 
 “J-Code
Date” means the date the unique CMS J-code for the Licensed Product becomes effective. 

“Knowledge” means the actual knowledge of the officers and directors of Q-Med or NSH.

  
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 “Licensed Field” means the prevention or treatment of pain due to
osteoarthritis. 
 “Licensed Product” means the product comprising a biocompatible gel composition formed from Stabilized
HA, which product is currently manufactured by Q-Med under the trademark, “DUROLANE®” in the form in existence on the Amendment Effective Date
(including all Improvements thereto). 
 “Lien” means any pledge, security interest, lien, reservation, exception,
covenant, condition, restriction, lease, encumbrance, charge, judgment, license or claim. 
 “Losses” shall have the
meaning set forth in Section 10.1. 
 “Minimum Sales Requirement” shall have the meaning set forth in
Section 6.4. 
 “Net Sales” means the gross sales invoiced to Third Parties by Bioventus, its Affiliates or
Sublicensees for the Licensed Products in finished packaged form (including all syringes and other administration devices and accessories), less the following deductions (to the extent such amounts are included in the amount invoiced for such
Licensed Product): 
 (a) any refunds for rejects, defects and returned product (including those subject to recall), any trade, quantity,
promotional and other customary discounts actually allowed and taken directly with respect to such sales, including, without limitation, administration, data and inventory management fees paid in connection with sales to wholesalers and specialty
pharmacies; provided, that where any such discount is based on sales of a bundled set of products in which Licensed Product is included, the discount shall be allocated to such Licensed Product on a pro rata basis based upon the sales value
(i.e. the unit average selling price in the prior quarter multiplied by the unit volume) of such Licensed Product relative to the sales value contributed by the other constituent products in the bundled set, with respect to such sale; 

(b) any rebates (including rebates to governmental authorities and managed care organizations); 

(c) any sales, use, occupation, or excise taxes, duties or other governmental charges imposed and paid with respect to the sale, delivery or
use of such Licensed Products (excluding national, state or local taxes based on income); and 
 (d) any freight, postage, or transportation
insurance charges. 
 “New Nasha Amended License Agreement” shall have the meaning set forth in the Background. 

“New US Supply Agreement” shall have the meaning set forth in the Background. 

“Notice of Claim” shall have the meaning set forth in Section 13.3. 

“Original License Agreement” shall have the meaning set forth in the Background. 

“Original Supply Agreement” shall have the meaning set forth in the Background. 

  
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“Out-of-Field Use” shall have the meaning set
forth in Section 5.1. 
 “Party” and “Parties” shall have the meaning set forth in the Preamble. 

“Person” means an individual, a corporation, a partnership, a limited liability company, a trust, an unincorporated
association, a governmental entity or other Regulatory Authority, or any other entity or body. 

“Q-Med” shall have the meaning set forth in the Preamble. 

“Q-Med Field” means all fields that are not included in the Licensed Field. 

“Q-Med Indemnified Parties” shall have the meaning set forth in Section 10.2.

 “Q-Med Information” means all Information that is Controlled by Q-Med or NSH at any time prior to, or on, the Amendment Effective Date, or during the Term. 
 “Q-Med IP” means the Q-Med Patents, the Q-Med Trademarks and the Q-Med Information,
other than the Q-Med Manufacturing Technology. 

“Q-Med Manufacturing Technology” means, to the extent Controlled by Q-Med or NSH at any time prior to, or on, the Amendment Effective Date, or during the Term, any and all know-how and information, trade secrets and other technical information
(whether or not confidential, proprietary, patented or patentable), and all tangible embodiments of any of the foregoing in written, electronic or any other form, that relates to the synthesis, formulation, manufacture, finishing, or packaging of
Licensed Product, including any analytical methods and other quality control and assurance methods, including all processes, procedures, and techniques. 

“Q-Med Patents” means the patent and patent applications set forth on Schedule A and
any other patent or patent application in the Territory Controlled by Q-Med or NSH at any time prior to, or on, the Amendment Effective Date, or during the Term that covers the composition of matter or a
method of manufacture or use of a Licensed Product in the Licensed Field, together with any extensions, reissues, continuations, divisionals, continuations-in-part,
reexamination certificates, substitutions or renewals, supplemental protection certificates or certificates of inventions thereof Controlled by Q-Med, NSH, or any of their Affiliates. 

“Q-Med Trademarks” means each trademark set forth on Schedule B and the durolane.com
domain name. 
 “Quality Agreement” means the Amended and Restated Quality Agreement – US, dated as of the date
hereof, entered into by Q-Med and Bioventus. The Quality Agreement will be an exhibit to the New US Supply Agreement and incorporated therein. 

“Quarterly Period” means each fiscal quarter of Bioventus. 

“Quarterly Royalty Amount” shall have the meaning set forth in Section 6.3. 

  
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 “Regulatory Approval” means, with respect to a product, any and all
approvals (including any necessary governmental price or reimbursement approvals), licenses, registrations or authorizations of the applicable Regulatory Authority necessary for the use, storage, import, promotion, marketing and sale of such product
in the Territory. 
 “Regulatory Authority” means the FDA and any competent or other governmental authority (whether
federal, state, provincial, municipal or other) regulating the exportation, importation, use, or Commercialization of medical devices. 

“Regulatory Filing” means the relevant application for Regulatory Approval of a Licensed Product. 

“Royalty Year” means each fiscal year of Bioventus beginning in the year in which, following Regulatory Approval of a
Licensed Product (if applicable), the Licensed Product is first commercially sold by Bioventus in the Territory to a Third Party. 

“S&N” shall have the meaning set forth in the Background. 

“Shortfall Payment” shall have the meaning set forth in Section 6.5(a). 

“Stabilized HA” means polymerized and cross-linked hyaluronic acid, wherein the hyaluronic acid is derived from non-animal sources. 
 “Sublicensee” means an entity to which Bioventus grants a
sublicense of its rights pursuant to Section 2.2 of this Agreement or otherwise grants any right to promote, distribute and sell a Licensed Product in the Territory (other than wholesalers and physical distributors). 

“Supply Purchase Price” means the purchase price paid by Bioventus under the New US Supply Agreement for the Licensed
Products. 
 “Term” shall have the meaning set forth in Section 12.1. 

“Termination Date” shall have the meaning set forth in Section 12.1. 

“Terminating Party” shall have the meaning set forth in Section 12.2. 

“Territory” means the [***]. 

“Third Party” means any Person other than Q-Med, NSH, Bioventus or their respective
Affiliates. 
 “Unit” means one (1) pre-filled syringe containing three
(3) milliliters of Licensed Product or such other units of Licensed Product as the Parties shall designate and specify in the applicable Specifications. 

“Variable Royalty” shall have the meaning set forth in Section 6.2(a). 

  
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 1.2 Interpretation 

(a) Whenever any provision of this Agreement uses the term “including” (or “includes”), such term shall be deemed to mean
“including without limitation” and “including but not limited to” (or “includes without limitations” and “includes but is not limited to”) regardless of whether the words “without limitation” or
“but not limited to” actually follow the term “including” (or “includes”); 
 (b) “Herein,”
“hereby,” “hereunder,” “hereof,” and other equivalent words shall refer to this Agreement as an entirety and not solely to the particular portion of this Agreement in which any such word is used; 

(c) All definitions set forth herein shall be deemed applicable whether the words defined are used herein in the singular or the plural; 

(d) Unless otherwise provided, all references to Sections, Articles and Appendices are to Sections, Articles and Appendices of and to this
Agreement; 
 (e) All references to days, months, quarters, or years are references to calendar days, calendar months, calendar quarters, or
calendar years; and 
 (f) Any reference to any supranational, national, federal, state, local, or foreign statue or law shall be deemed to
also refer to all rules and regulations promulgated thereunder, unless the context requires otherwise. 
 Article 2. LICENSE GRANTS

 2.1 Grant. Q-Med and NSH hereby grant to Bioventus the exclusive license under the Q-Med IP to Commercialize, but not to develop or manufacture, the Licensed Product in the Licensed Field in the Territory. Bioventus may sublicense the rights granted under this Section 2.1 only to the extent
provided in Section 2.2. 
 2.2 Right to Sublicense. Bioventus may sublicense the rights granted under Section 2.1 without
the consent of Q-Med or NSH to (i) any of its Affiliates so long as such entity remains an Affiliate, and (ii) any Third Party approved by Q-Med (such approval
not to be unreasonably withheld, conditioned or delayed). In each such sublicensing case, Bioventus shall remain jointly and severally liable to Q-Med for compliance with the terms of this Agreement, including
all diligence, payment and reporting obligations. If Bioventus grants any such sublicense, it shall promptly notify Q-Med in writing and provide such information about the Sublicensee and the sublicense
agreement as Q-Med reasonably requests. Bioventus shall cause such sublicensees to comply fully with the terms and conditions set forth in this Agreement and applicable laws and regulations with respect to the
Commercialization of the Licensed Product. 
 2.3 Improvements. Subject to Section 6.5(b), all Improvements Controlled by Q-Med or NSH, including without limitation, prior to, or on, the Amendment Effective Date, or during the Term, shall be included under the licenses granted to Bioventus under Section 2.1. 

  
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 2.4 Reservation of Rights; No Implied Rights. Except as expressly stated herein,
Bioventus shall have no other right to use, or interest in, the Q-Med IP. Specifically, Bioventus shall not have any interest in any patents, trademarks or other intellectual property owned, licensed,
developed or controlled by Q-Med or NSH, other than such rights in the Licensed Field as are expressly provided in this Agreement. Q-Med and NSH make no grant of
intellectual property rights by implication. Bioventus makes no express or implied grant of intellectual property rights. 
 Article 3.
RESTRICTIVE COVENANTS 
 3.1 Non-Compete. Subject to Section 6.5(c), during the
period commencing on the Amendment Effective Date and ending on the earlier of (a) the Termination Date, and (b) the [***] ([***]) anniversary of the Initial Regulatory Approval Date, neither
Q-Med nor NSH, nor any of their Affiliates, shall, directly or indirectly, Commercialize in the Licensed Field in the Territory any Competitive Product. Subject to Section 6.5(c), during the period
commencing on the Amendment Effective Date and ending on the earlier of (a) the Termination Date, and (b) the [***] ([***]) anniversary of the Amendment Effective Date, neither Bioventus nor any of its Affiliates shall,
directly or indirectly, Commercialize in the Licensed Field in the Territory any Competitive Product, other than Licensed Products. For clarity, Bioventus and its Affiliates shall retain their respective rights to Commercialize any multi-injection
(three or more) HA products in the Licensed Field and in the Territory. 
 Article 4. REGULATORY 

4.1 Regulatory Obligations. 

(a) Responsibilities. Bioventus will be solely responsible for obtaining (and solely responsible for the costs of obtaining) Regulatory
Approvals of Licensed Product in the Territory. Notwithstanding the foregoing, and in addition to Bioventus’ access rights to Regulatory Submissions (as such term is defined in the New US Supply Agreement) as set forth in Section 2.5 of
the New US Supply Agreement, Q-Med and NSH shall use Commercially Reasonable Efforts to provide to Bioventus in a timely manner the internal resources to support Bioventus’ activities to Commercialize the
Licensed Products in the Territory, including manufacturing activities, quality activities, and preparation of data and written materials relating to Q-Med’s and NSH’s confidential regulatory and
manufacturing information for Bioventus’ submission or presentation to the FDA or that may be requested by authorities. As Bioventus will be providing the clinical data for any FDA filings, Q-Med and NSH
may elect to support, but do not have the obligation to support, work on the clinical data-related sections of any FDA filing. 
 (b)
Participation. Bioventus will conduct all regulatory matters with the FDA. Q-Med and NSH shall have the right, but not the obligation, to attend all FDA meetings and review all written correspondence
with the FDA prior to any submission. Bioventus will give reasonable consideration to Q-Med’s and NSH’s comments. For clarity, Bioventus, on the one hand, and
Q-Med and NSH, on the other hand, will each have the right to review the other Party’s correspondence with the FDA regarding the Licensed Products. In furtherance of the foregoing, Bioventus shall provide
to Q-Med and NSH, and Q-Med and NSH shall provide to Bioventus, any written materials received from the FDA within [***] ([***]) Business Days of receipt
thereof, and Bioventus shall provide to Q-Med and NSH, and Q-Med and NSH shall provide to Bioventus, any written materials to be provided to the FDA that involve
substantive issues associated with the Licensed Products prior to submission thereof, and each Party will use Commercially Reasonable Efforts to provide to the other Party such written materials within a reasonable amount of time to allow the other
Party to comment on such written materials prior to submission thereof. For the avoidance of doubt, (i) no materials shall be submitted to the FDA without the prior approval of the other Party unless the circumstances make obtaining such prior
approval reasonably impractical and (ii) complete and accurate copies of all submissions to the FDA shall be provided to the other Party. 

  
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 4.2 Ownership of Regulatory Approvals. All IDEs and other Regulatory Approvals for
the sale of Licensed Product in the Licensed Field submitted or amended after the Initial Effective Date shall be submitted and owned by Bioventus or one of its Affiliates. 

4.3 Adverse Event Reporting. The Parties shall comply with the safety data exchange procedures governing the coordination of collection,
investigation, reporting, and exchange of information concerning adverse events and product complaints in effect on the Amendment Effective Date which are sufficient to permit each Party to comply with its vigilance and medical device reporting and
other legal obligations, including, in the case of Q-Med, any such obligations in respect of other products containing HA that are manufactured or sold by Q-Med. The
safety data exchange procedures will be promptly updated if required by changes in legal requirements or by agreement between the Parties. Bioventus shall be responsible for reporting all adverse events to the appropriate Regulatory Authorities in
the Territory in accordance with applicable laws and regulatory requirements and for establishing and maintaining all required files of product complaints and reportable events. Bioventus shall ensure that its Affiliates and Sublicensees comply with
all such reporting obligations. 
 4.4 Other Regulatory Matters. Except as otherwise expressly provided in this Article 4,
Bioventus shall comply with all other legal and regulatory requirements to obtain and maintain all Regulatory Approvals and to Commercialize the Licensed Product in the Licensed Field in the Territory, including establishment and device listing
obligations. Each Party shall comply with its respective obligations under the Quality Agreement. 
 Article 5. COMMERCIALIZATION 

5.1 Prohibited Marketing and Sales Activities. Bioventus shall cause its and its Affiliates’ and permitted Sublicensees’
sales representatives to promote the sale of the Licensed Product to only physicians and other medical professionals who practice medicine, and their patients, in the Licensed Field. Bioventus shall use Commercially Reasonable Efforts, subject to
and conditioned upon compliance with all laws, rules and regulations applicable to Bioventus business and operations, to prevent the marketing, promotion and sale of the Licensed Product by Bioventus, its Affiliates and Sublicensees and distributors
for use outside the Licensed Field (an “Out-of-Field Use”). If Q-Med believes that Licensed Products have been
or are being used for an Out-of-Field Use, Q-Med shall present Bioventus with such evidence of such Out-of-Field Use available to Q-Med. Subject to the right to dispute such claim pursuant to the procedures set forth in
Section 13.3, Bioventus shall take prompt action seeking to further prevent the marketing, promotion and sale of Licensed Product for an Out-of-Field Use. 

  
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 5.2 Compliance with Laws. Bioventus shall, and shall cause all Affiliates and
Sublicensees to, comply with all applicable federal, national, state, provincial and local laws, regulations, rules, orders and guidelines applicable to the transportation, labeling, Commercialization and use of the Licensed Product. Q-Med and NSH shall, and shall cause their Affiliates to, comply with all applicable federal, national, state, provincial and local laws, regulations, rules, order and guidelines applicable to their performance of
any of their duties and obligations of this Agreement. 
 5.3 Labeling. To the extent required by applicable law, all labeling,
packaging and promotional materials for the Licensed Product shall display such names and logos, including the identity of the manufacturer of the Licensed Product, as directed by Q-Med. 

Article 6. CONSIDERATION AND PAYMENTS 

6.1 Milestone Payments. 

(a) As compensation for data and manufacturing documentation with respect to the Licensed Products generated by
Q-Med at its own expense, Bioventus will pay to Q-Med AB one non-refundable fee of [***] Dollars ([***] USD) within
[***] ([***]) Business Days after the Amendment Effective Date. 
 (b) Bioventus will pay to
Q-Med AB one non-refundable fee of [***] Dollars ([***] USD) within [***] ([***]) Business Days after receiving Regulatory Approval for the
first Licensed Product that has a duration claim of [***] ([***]) months or longer (the date of receipt of such Regulatory Approval, the “Initial Regulatory Approval Date”). 

(c) Bioventus will pay to Q-Med AB one non-refundable fee of
[***] Dollars ([***] USD) within [***] ([***]) Business Days after the first J-Code Date. 

6.2 Variable Compensation. 

(a) Bioventus shall pay Q-Med a variable annual royalty on the Unit sales of the Licensed Products
(“Variable Royalty”). The Variable Royalty shall be calculated annually within [***] ([***]) days after the end of each Royalty Year so that the aggregate amount of the Supply Purchase Price and the Variable Royalty in
the Royalty Year equals [***] percent ([***]%) of Bioventus’ Net Sales of Licensed Products for that Royalty Year. For the avoidance of doubt, the aggregate of the Variable Royalty and the purchase price of the Licensed Product
shall never be less than SEK [***]. 
 (b) If in any Royalty Year after the one year anniversary of the
J-Code Date, Unit sales of Licensed Products are greater than [***] ([***]) times the applicable Minimum Sales Requirement for such Royalty Year, then with respect to the incremental Unit sales
in such Royalty Year that are greater than [***] ([***]) times the applicable Minimum Sales Requirement but less than [***] ([***]) times the applicable Minimum Sales Requirement, the Variable Royalty with respect to such
incremental Unit sales shall be calculated so that the aggregate amount of the Supply Purchase Price and the Variable Royalty equals [***] percent ([***]%) of Bioventus’ Net Sales of Licensed Products for that Royalty Year. By way
of example, if in Royalty Year 3, Bioventus sold an aggregate of [***] Units, then the Variable Royalty for Royalty Year 3 would be calculated so that the aggregate amount of the Supply Purchase Price and the Variable Royalty equals
[***] percent ([***]%) of Bioventus’ Net Sales of the first [***] Units of Licensed Products sold in Royalty Year 3 and the aggregate amount of the Supply Purchase Price and the Variable Royalty equals [***] percent
([***]%) of Bioventus’ Net Sales of the last [***] Units of Licensed Products sold in Royalty Year 3. 

  
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 (c) If in any Royalty Year after the one year anniversary of the J-Code Date, Unit sales of Licensed Products are greater than [***] ([***]) times the applicable Minimum Sales Requirement for such Royalty Year, then with respect to the incremental Unit sales in such
Royalty Year that are greater than [***] ([***]) times the applicable Minimum Sales Requirement, the Variable Royalty with respect to such incremental Unit sales shall be calculated so that the aggregate amount of the Supply Purchase
Price and the Variable Royalty equals [***] percent ([***]%) of Bioventus’ Net Sales of Licensed Product that Royalty Year. By way of example, if in Royalty Year 3, Bioventus sold an aggregate of [***] Units, then the
Variable Royalty for Royalty Year 3 would be calculated so that the aggregate amount of the Supply Purchase Price and the Variable Royalty equals [***] percent ([***]%) of Bioventus’ Net Sales of the first [***] Units of
Licensed Products sold in Royalty Year 3, the aggregate amount of the Supply Purchase Price and the Variable Royalty equals [***] percent ([***]%) of Bioventus’ Net Sales of next [***] Units of Licensed Products sold in
Royalty Year 3, and the aggregate amount of the Supply Purchase Price and the Variable Royalty equals [***] percent ([***]%) of Bioventus’ Net Sales of the last [***] Units of Licensed Products sold in Royalty Year 3. 

6.3 Variable Royalty Payment Structure. The Variable Royalty payments due under this Agreement will be paid in SEK within [***]
([***]) days after the end of each successive Quarterly Period of each Royalty Year. Within [***] ([***]) days after Bioventus’ receipt of an invoice from Q-Med within a Quarterly
Period for the supply of Licensed Products under the New US Supply Agreement, Bioventus shall pay Q-Med an initial Variable Royalty equal to SEK [***] minus any price increase in the purchase price of
the Licensed Products pursuant to Sections 3.1 and 3.2 of the New US Supply Agreement per invoiced Unit (“Initial Variable Royalty Amount”). At the end of each Quarterly Period Bioventus shall calculate the Variable Royalty for such
Quarterly Period (“Quarterly Royalty Amount”), and, if the Quarterly Royalty Amount is less than the Initial Variable Royalty Amount, no further Variable Royalty will be due from Bioventus for such Quarterly Period. If, however, the
Quarterly Royalty Amount is greater than the Initial Variable Royalty Amount, then Bioventus shall pay Q-Med such amount to true up the Variable Royalty payment for such Quarterly Period. For the purpose of
converting U.S. dollars in which any royalties arise into SEK, the rate of exchange to be applied shall be the average rate of exchange for the last [***] ([***]) Business Days of the relevant Quarterly Period as reported in the Wall
Street Journal. 
 6.4 Minimum Sales Requirements. Bioventus will be subject to annual aggregate minimum sales requirements applicable
to the Licensed Product that has a unique CMS J-code as set forth below (“Minimum Sales Requirement”). For clarity, the Minimum Sales Requirements will not apply if the Licensed Product does
not receive a unique CMS J-code, and no Minimum Sales Requirement will apply for any period prior to the J-Code Date. Bioventus’ obligation to meet the Minimum
Sales Requirements shall be conditioned on Q-Med’s satisfaction of its obligations under the New US Supply Agreement. Any quantity deficiency in Q-Med’s timely
fulfillment of firm orders under the New US Supply Agreement shall be credited towards the aggregate minimum sales amounts below. 

  
 12 

			
	            Year 	  	 Aggregate Minimum Units

	 Year 1
	  	[***] units
		
	 Year 2
	  	[***] units
		
	 Year 3
	  	[***] units
		
	 Year 4
	  	[***] units
		
	 Year 5
	  	[***] units

 Years 6 and thereafter: Such Minimum Sales Requirement as the Parties may mutually agree; provided that if the
Parties are unable to agree, the Minimum Sales Requirement shall be the greater of (i) [***] units and (ii) the number of units constituting the Minimum Sales Requirement for the prior year; provided further, however, that in no event
shall the Minimum Sales Requirement exceed [***] percent ([***]%) of the total number of single injection HA treatments in the Territory for the prior year. 

6.5 Failure to Meet the Minimum Sales Requirement. 

(a) If the Unit sales of Licensed Products for any Royalty Year are less than the Minimum Sales Requirement for such Royalty Year, Bioventus
may satisfy its obligations under Section 6.2 by paying Q-Med the amount equal to the shortfall in the Variable Royalty (as defined in Section 6.2(a)) due to the failure to meet the Minimum Sales
Requirement (“Shortfall Payment”). The amount of the Shortfall Payment for a Royalty Year shall be calculated according to the following formula: 

SP = ((NS x MSR) x[***]) - (VS + U x SPP) 

Where: 
 SP = the Shortfall
Payment for the applicable Royalty Year 
 NS = Bioventus’ Net Sales for the applicable Royalty Year divided by the actual Units
sold for the applicable Royalty Year 
 MSR = the Minimum Sales Requirement for the applicable Royalty Year 

VR = the Variable Royalty due from (or already paid by) Bioventus for the applicable Royalty Year as calculated under Section 6.2

 U = the Minimum Sales Requirement for the applicable Royalty Year minus the actual Units sold for the applicable Royalty Year 

SPP = the Supply Purchase Price 

(b) If, after the period consisting of the Royalty Year in which the J-Code Date occurs and the next
[***] consecutive Royalty Years after that, a Shortfall Payment is due for [***] ([***]) consecutive Royalty Years, NSH and Q-Med may convert the license granted to Bioventus in
Section 2.1 to a non-exclusive license upon [***] ([***]) days’ prior written notice to Bioventus. 

  
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 (c) Upon Bioventus’ license converting to
non-exclusive pursuant to Section 6.5(b), (i) each Party’s non-compete obligations under Section 3.1 shall immediately end and shall not prevent any Party
from Commercializing any HA product in the Territory; (ii) the license granted to Bioventus in Section 2.1 shall not include Improvements Controlled by Q-Med or NSH after the date the license becomes
non-exclusive; (iii) Bioventus shall assign the Q-Med Trademarks to Q-Med; and (iv) Bioventus shall promptly amend
and/or provide Q-Med access to Bioventus’ regulatory filings for the Licensed Products in the Territory as may be necessary to allow Third Parties to distribute the Licensed Products. 

(d) Bioventus’ failure to meet the Minimum Sales Requirement shall not be a breach of this Agreement and NSH’s and Q-Med’s sole and exclusive remedy in the event of a failure by Bioventus to meet the Minimum Sales Requirement is to convert the exclusive license granted under this Agreement to a non-exclusive license pursuant to Section 6.5(b). 
 6.6 Interest. In addition to any other
remedies available to Q-Med, if Bioventus fails to pay any amounts when due, Bioventus shall pay Q-Med interest thereon at an annual rate equal to the rate of interest
per annum publicly announced from time to time by JPMorgan Chase Bank as its prime rate in effect on the date such payment is due at its principal office in New York City, plus [***] percent ([***]%) (or the highest rate
permitted by law, if lower). 
 6.7 Records. Bioventus, its Affiliates and Sublicensees shall, during the Term and for a period of
[***] ([***]) years thereafter, maintain complete and accurate books and records of account relating to the sale of the Licensed Product in the Territory. 

6.8 Audits. Q-Med shall have the right up until the date that is [***] ([***])
years after the payment of a Variable Royalty, to have an independent certified public accountant reasonably acceptable to Bioventus examine the relevant books and records of Bioventus and its Affiliates during normal business hours to verify such
Variable Royalty and any associated Shortfall Payments. In the event a determination is made that Q-Med has been underpaid, Bioventus shall promptly pay to Q-Med the
amount by which Q-Med was underpaid, together with interest thereon as provided in Section 6.6. The fees and expenses of the accountant performing any verification pursuant to this Section 6.8 shall
be paid by Q-Med; provided, that, if a determination is made that the amount paid to Q-Med with respect to any calendar year was less than [***] percent
([***]%) of the amount properly due to Q-Med, Bioventus shall promptly reimburse Q-Med for the costs of such verification. In the event a determination is made
that Q-Med has been overpaid, Q-Med shall promptly pay Bioventus the amount by which Q-Med was overpaid without any interest
thereon. 
 6.9 Taxes. The payments pursuant to this Article 6 shall be made without deductions for taxes, assessments, fees or
charges of any kind. 
 6.10 Trademark Registrations. From and after the Amendment Effective Date, Bioventus shall be solely
responsible for the payment of all fees and expenses incurred in connection with maintaining the DUROLANE trademarks included in the Q-Med Trademarks (including, without limitation, prosecuting any current
pending applications). Q-Med and NSH shall use Commercially Reasonable Efforts to provide Bioventus with all necessary support in connection with maintaining and prosecuting presently existing trademark
registrations and applications for the DUROLANE trademarks included in the Q-Med Trademarks and the filing of new applications in the Territory, including, without limitation, providing Bioventus or its named
attorneys with all documents, information, necessary powers of attorney and approvals required in order to permit Bioventus or its attorneys to maintain and prosecute such registrations and applications. 

  
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 6.11 Provision of Information. Within [***] ([***]) Business Days of
the Amendment Effective Date, Q-Med and NSH shall provide to Bioventus a docket report for the DUROLANE trademarks included in the Q-Med Trademarks listing all
trademarks, their status, the next action due and the contact information for the Person handling the prosecution and maintenance of the trademarks, and will use Commercially Reasonable Efforts to provide any other information and documents to
enable Bioventus to fulfill its obligations under Sections 6.10 and 4.1. 
 Article 7. INTELLECTUAL PROPERTY 

7.1 Ownership. Subject to the terms hereof, including the licenses and other rights granted hereunder, all Inventions shall be owned as
follows, with all issues of inventorship determined by United States patent law: 
 (a) Q-Med/NSH
Sole Inventions. Subject to the license granted under Section 2.1, Q-Med or NSH shall own the entire right, title and interest in and to all Inventions (and patents and other intellectual property
rights thereto) made solely by their employees, agents, consultants or subcontractors. 
 (b) Bioventus Sole Inventions. Bioventus
shall own the entire right, title and interest in and to all Inventions (and patents and other intellectual property rights thereto) made solely by its employees, agents, consultants or subcontractors; provided that upon termination of this
Agreement, the parties shall use commercially reasonable efforts to provide Q-Med with a non-exclusive license to any Improvements to the Licensed Products developed by
Bioventus during the term of this Agreement (such license to be on customary commercially reasonable terms). 
 7.2 Prosecution and
Maintenance. Q-Med or NSH shall, at its expense, direct the filing, prosecution (including any interferences, oppositions, reissuance, and re-examinations) and
maintenance of all Q-Med Patents. If Q-Med or NSH wish to abandon any patent application or patent that is a Q-Med Patent, it
shall give Bioventus [***] ([***]) days’ prior written notice of the desired abandonment. Q-Med and NSH shall not abandon any such Q-Med Patent except
upon the prior written consent of Bioventus. On Bioventus’ request, which may be provided at any time after the notice of desired abandonment, Q-Med and NSH shall assign to Bioventus any such patent
application and patent Q-Med or NSH wish to abandon. 

  
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 7.3 Infringement Claims against Third Parties. 

(a) To the extent either Party becomes aware that any of the Q-Med Patents is being infringed by a
Third Party’s sale or use of a product for use in the Licensed Field, and such suspected infringement does or is reasonably likely to adversely affect the Commercialization of the Licensed Product in the Licensed Field (the “Field
Infringement”), the Party first having knowledge of such Field Infringement shall promptly notify the other in writing. The notice shall set forth the facts of such Field Infringement in reasonable detail, to the extent known. The Parties
shall thereafter consult and cooperate fully to determine a course of action, including the commencement of legal action by either or both Parties, to terminate any such infringement in accordance with the terms set forth below. 

(b) Q-Med shall have the first right, but not the obligation, to bring an action or take other
appropriate steps in respect of such Field Infringement. Except to the extent the Parties otherwise agree to share costs, Q-Med shall be responsible for all reasonable attorney’s fees and other costs
incurred by it in any litigation or other actions in respect of such Field Infringement. 
 (c) If
Q-Med fails to undertake efforts to investigate such a Field Infringement within [***] ([***]) days after it receives a written request from Bioventus to do so, or if Q-Med fails to bring an action to abate such a Field Infringement within [***] ([***]) days after it receives a written request from Bioventus, or if Q-Med
discontinues the prosecution of any such action after filing, or in the event that a Manufacturing License (as defined in the New US Supply Agreement) has been granted pursuant to the New US Supply Agreement, Bioventus may, in its discretion,
undertake such action as it deems necessary to enforce the Q-Med Patents in respect of such Field Infringement. In no event shall either Party settle any action referred to in this Section 7.3 with any
Third Party if such settlement would materially affect any of the rights of the other Party (as determined by that Party in its reasonable discretion) under this Agreement or Q-Med’s other products
containing Stabilized HA, without the prior approval of the other Party, which approval shall not be unreasonably withheld or delayed. 
 (d)
In connection with any action contemplated under this Section 7.3, the Parties shall cooperate fully and shall provide each other with any information or assistance that either may reasonably request. Each Party shall keep the other informed of
developments in any action or proceeding, including the status of any settlement negotiations and the terms of any offer related thereto. If the enforcing Party reasonably determines that the other Party is an indispensable party to the action or it
would otherwise be desirable for such other Party to join such action or proceeding to obtain a more effective remedy, such other Party shall consent to be joined. In such event, such other Party shall have the right, at its expense, to be
represented in that action by counsel of its own choice. No settlement, compromise or other disposition of any such proceeding that concerns any Q-Med Patent shall be entered into without Q-Med’s prior written consent. 
 (e) If either Party exercises the rights conferred in this
Section 7.3 and recovers any damages or other sums in such action, suit or proceeding or in settlement thereof, such damages or other sums recovered shall first be applied to all
out-of-pocket costs and expenses incurred by such Party in connection therewith, including attorneys’ fees. If, after such reimbursement, any funds shall remain
from such damages or other sums recovered, [***] percent ([***]%) of the amount of any recovery remaining shall then be allocated to the Party enforcing the Q-Med Patents under this
Section 7.3 and the remaining balance to the other Party. Notwithstanding the foregoing, if the Parties agreed to share the costs incurred in respect of any such action, suit or proceeding, such damages or other sums recovered shall be shared
in the same proportion as such costs were shared. 

  
 16 

 (f) Notwithstanding anything to the contrary in this Section 7.3, Q-Med shall have the sole right to enforce all Q-Med Patents in respect of any actual or suspected infringement by a Third Party’s sale or use of a product for use in the
Q-Med Field. 
 Article 8. Q-MED TRADEMARKS 

8.1 Ownership of Q-Med Trademarks. Q-Med and NSH hereby
assign to Bioventus all rights in and to the Q-Med Trademarks, together with the goodwill associated with or attached to the Q-Med Trademarks. All use of the Q-Med Trademarks by Q-Med and NSH shall inure to the benefit of Bioventus. Bioventus shall have the sole right to prosecute and maintain the
Q-Med Trademarks. 
 8.2 No Contest. Q-Med and NSH
each agree that neither Q-Med or NSH, nor their Affiliates will: (a) contest, oppose or challenge, or assist any party in contesting, opposing or challenging, Bioventus’ ownership of the applicable Q-Med Trademarks (or the distinctiveness or validity of the applicable Q-Med Trademarks); (b) at any time do or fail to do any act or thing that will in any way impair
Bioventus’ ownership of or rights in and to the Q-Med Trademarks, or any registration thereof; (c) register or attempt to register any Q-Med Trademark in the
Territory in the name of any party other than Bioventus; (d) oppose Bioventus’ registration of any applicable Q-Med Trademark (alone or with other words or designs) in any jurisdiction; or
(e) make any application for or register any trademark, service mark, trade name, business name, domain, URL or any other name, term, design or designation identical, incorporating or confusingly similar to the
Q-Med Trademarks. 
 Article 9. REPRESENTATIONS, WARRANTIES AND COVENANTS 

9.1 Q-Med and NSH Representations and Warranties. Q-Med
and NSH, jointly and severally, each represent, warrant and covenant to Bioventus, as of the Amendment Effective Date, that: 
 (a) It has
the legal power to extend the rights granted to Bioventus under this Agreement and that it has not made, and throughout the term of this Agreement will not make, any commitments to others inconsistent with such rights; 

(b) Except in respect of rights granted to the Q-Med IP for products other than the Licensed Product, Q-Med and NSH own all rights, title and interest in and to the Q-Med IP free and clear of any options, guarantees, Liens, either written, oral, or implied, or any other
encumbrances, including any claim of current or former employees or contractors of Q-Med or NSH, or of any of their Affiliates, and to the extent that any such employees or contractors have developed any Q-Med IP, such parties have assigned, or are under an ongoing obligation to so assign, to Q-Med or NSH all of their rights therein, including intellectual property rights;

 (c) Except for rights that have expired or were terminated in writing prior to the Initial Effective Date and no longer have any force or
effect, neither Q-Med nor NSH has granted a right to any Third Party to develop, market, sell, promote, or distribute in the Territory a Licensed Product for use in the Licensed Field; 

  
 17 

 (d) The Q-Med IP is not the subject of any notice or
claim to Q-Med or NSH regarding any infringement of any such rights in respect of any use in the Licensed Field, and, to the Knowledge of Q-Med and NSH, no Third Party
is infringing any Q-Med IP in respect of any use in the Licensed Field, and Q-Med Trademarks are not the subject of any notice or claim to
Q-Med or NSH regarding any infringement of any such rights, and, to the Knowledge of Q-Med and NSH, no Third Party is infringing any
Q-Med Trademarks; 
 (e) Neither Q-Med nor NSH has any
Knowledge that any Q-Med Patents that are part of the Q-Med IP are invalid or unenforceable; and neither Q-Med nor NSH has made
any claims, which are now outstanding, against a Third Party alleging infringement of any of the Q-Med Patents in the Licensed Field or of any of the Q-Med Trademarks;

 (f) Neither this Agreement nor the transactions contemplated hereby shall result in Q-Med or NSH
granting to any Third Party any right with respect to any Q-Med IP in the Licensed Field or Q-Med or NSH being bound by, or subject to, any non-compete (other than Section 3.1) or other restriction on the use of the Q-Med IP in the Licensed Field; 

(g) Neither Q-Med nor NSH has received any notice from any governmental authority to the effect that
either of them has not materially complied with or is not now in material compliance with material laws and regulations relating to the manufacture, use or sale of the Licensed Product; 

(h) There are no claims, actions, suits or other proceedings pending, or to the Knowledge of Q-Med and
NSH, threatened which, would reasonably be expected to materially and adversely affect the ability of Q-Med or NSH to perform its obligations hereunder; 

(i) Neither Q-Med nor NSH has filed for bankruptcy, is insolvent, has proposed a compromise or
arrangement to its creditors generally, has had any petition or a receiving order in bankruptcy filed against it, has made a voluntary assignment in bankruptcy, has taken any proceeding with respect to a compromise of arrangement with its creditors,
has taken any proceeding to have it declared either bankrupt or liquidated, has taken any proceeding to have a receiver appointed for any part of its assets, and has had any execution, charging order, levy or distress warrant become enforceable or
become levied upon any of its assets; 
 (j) To the Knowledge of Q-Med and NSH, there have been no
claims or judicial proceedings concerning any of the Q-Med Patents in respect of any use in the Licensed Field and no such claims have been threatened; 

(k) Each of Q-Med and NSH are duly organized, validly existing and in good standing under the laws of
each of its jurisdiction of organization and has all requisite corporate power and authority to own and operate its properties and assets, to execute and deliver this Agreement, and to perform its obligation hereunder and thereunder; 

(l) (i) Q-Med’s and NSH’s execution, delivery and performance of this Agreement has been
duly authorized by Q-Med and NSH and this Agreement and the New US Supply Agreement will each be, upon its execution and delivery, a valid and binding legal obligation of
Q-Med and NSH, enforceable in accordance with its terms; 

  
 18 

 (m) The execution, delivery and performance of this Agreement and the New US Supply
Agreement do not and will not (i) violate, conflict with or result in the breach of any provision of the corporate charter or by-laws (or similar organizational documents) of Q-Med or NSH, (ii) violate or conflict with any law or governmental order applicable to Q-Med or NSH, or their assets, properties or businesses, or (iii) conflict
with, result in a breach of, constitute a default (or event which with the giving of notice or lapse of time, or both, would become a default) under, require any consent under, or give to others any rights of termination, amendment, acceleration,
suspension, revocation or cancellation of, or result in the creation of any encumbrance on any of its outstanding shares of capital stock or any of the assets or properties of Q-Med or NSH pursuant to any
note, bond, mortgage, indenture, contract, agreement, lease, sublease, license, permit, franchise or other instrument or arrangement to which either of them are a party or by which any of Q-Med’s or
NSH’s shares of capital stock or any of Q-Med’s or NSH’s assets or properties is bound or affected; 

(n) No permit, approval, authorization or consent of any Person is required in connection with the execution, delivery and performance by Q-Med and NSH of this Agreement and the New US Supply Agreement or the consummation of the transactions contemplated hereby; 

(o) Q-Med and NSH have informed Bioventus as to the development of any Improvements, setting forth with
particularity the nature of the Improvement, including, in the case of proposed changes to a Licensed Product, test data, and whether either of them intend to prepare, file, prosecute and maintain domestic or foreign patents with respect thereto;

 (p) To the Knowledge of Q-Med and NSH, there are no outstanding and unresolved deficiencies
regarding the source materials, manufacturing process or procedures or quality control processes that would materially affect the safety or quality of Licensed Product manufactured or supplied as of, or after, the Amendment Effective Date; and 

(q) Q-Med and NSH shall maintain in good standing the Q-Med
Patents, the trademarks licensed under the New Nasha Amended License Agreement, and all applications and registrations associated with such trademarks. 

9.2 Bioventus Representations and Warranties. Bioventus represents, warrants and covenants, as of the Amendment Effective Date, that:

 (a) Bioventus is duly organized, validly existing and in good standing under the laws of its jurisdiction of organization and has all
requisite corporate power and authority to own and operate its properties and assets, to execute and deliver this Agreement and to perform its obligation hereunder; 

(b) Bioventus’ execution, delivery and performance of this Agreement has been duly authorized by Bioventus, and this Agreement will be,
upon its execution and delivery, a valid and binding legal obligation of Bioventus, enforceable in accordance with its terms; 

  
 19 

 (c) The execution, delivery and performance of this Agreement do not and will not
(i) violate, conflict with or result in the breach of any provision of its corporate charter or by-laws (or similar organizational documents) of Bioventus, (ii) violate or conflict with any law or
governmental order applicable to Bioventus or its assets, properties or businesses, or (iii) conflict with, result in a breach of, constitute a default (or event which with the giving of notice or lapse of time, or both, would become a default)
under, require any consent under, or give to others any rights of termination, amendment, acceleration, suspension, revocation or cancellation of, or result in the creation of any encumbrance on any of its outstanding shares of capital stock or any
of the assets or properties of Bioventus pursuant to any note, bond, mortgage, indenture, contract, agreement, lease, sublease, license, permit, franchise or other instrument or arrangement to which it is a party or by which any of Bioventus’
shares of capital stock or any of Bioventus’ assets or properties is bound or affected; and 
 (d) Other than as expressly stated in
this Agreement, no Permit, approval, authorization or consent of any person is required in connection with the execution, delivery and performance by Bioventus of this Agreement or the consummation of the transactions contemplated hereby; 

9.3 Limitations on Warranties. EXCEPT AS EXPRESSLY SET FORTH IN SECTION 9.1 ABOVE, Q-MED
DISCLAIMS ALL WARRANTIES WHATSOEVER WITH RESPECT TO THE Q-MED PATENTS AND THE LICENSED PRODUCT, EITHER EXPRESS OR IMPLIED. WITHOUT LIMITING THE GENERALITY OF THE FOREGOING, THERE IS NO EXPRESS OR IMPLIED
WARRANTY: (a) OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE, (b) THAT ANY Q-MED PATENTS ARE VALID OR ENFORCEABLE, OR (c) THAT THE USE OF THE LICENSED PRODUCT WILL NOT INFRINGE ANY
PATENT, COPYRIGHT, TRADEMARK, OR OTHER RIGHTS. EXCEPT AS EXPRESSLY SET FORTH IN SECTION 9.2 ABOVE, BIOVENTUS DISCLAIMS ALL WARRANTIES WHATSOEVER WITH RESPECT TO THE BIOVENTUS PATENTS, EITHER EXPRESS OR IMPLIED. WITHOUT LIMITING THE GENERALITY OF THE
FOREGOING, THERE IS NO EXPRESS OR IMPLIED WARRANTY: (a) OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE, (b) THAT ANY BIOVENTUS PATENTS ARE VALID OR ENFORCEABLE, OR (c) THAT THE USE OR PRACTICE OF ANY BIOVENTUS PATENTS WILL NOT
INFRINGE ANY PATENT, COPYRIGHT, TRADEMARK, OR OTHER RIGHTS. 
 Article 10. INDEMNIFICATION 

10.1 Q-Med Indemnification. Except to the extent provided in Section 10.2, Q-Med and NSH shall indemnify, defend and hold harmless Bioventus and its Affiliates and Sublicensees, and its and their respective officers, directors, shareholders, successors, assigns, agents, employees and
insurers to the extent the same become subject to a claim in such capacity (“Bioventus Indemnified Parties”) from and against any and all damages, losses, claims, expenses, obligations or liabilities, including reasonable
attorneys’ fees and disbursements, (collectively, “Losses”) arising out of or in connection with: 
 (a) the breach of
any of Q-Med’s or NSH’s representations and warranties made hereunder or under the New US Supply Agreement; and 

(b) the breach of any of Q-Med’s or NSH’s covenants or agreements made hereunder. 

  
 20 

 10.2 Bioventus Indemnification. Except to the extent provided in Section 10.1,
Bioventus shall indemnify, defend and hold harmless Q-Med and NSH, and their Affiliates and its and their respective officers, directors, shareholders, successors, assigns, agents, employees and insurers to
the extent the same become subject to a claim in such capacity (“Q-Med Indemnified Parties”) from and against any and all Losses arising out of or in connection with: 

(a) the breach of any of Bioventus’ representations and warranties made hereunder or under the New US Supply Agreement; and 

(b) the breach of any of Bioventus’ covenants or agreements made hereunder. 

10.3 Intellectual Property Infringement Claims. 

(a) Q-Med and NSH shall indemnify, defend and hold harmless the Bioventus Indemnified Parties from and
against any and all Losses (including expert fees and expenses) in connection with any claims, actions or proceedings instituted against any of the Bioventus Indemnified Parties, including all appeals thereof, that arise out of or result from the
infringement of a Third Party’s patent rights or the misappropriation by Q-Med or NSH of any trade secrets of a Third Party by the importation, offer for sale, sale or use of the Licensed Product for any
use in the Licensed Field or, to the extent such claims, actions or proceedings arise of the composition of matter of the Licensed Product, any use to treat osteoarthritis in other synovial joints (a “Durolane IP Claim”). For the
avoidance of doubt, Durolane IP Claims do not include claims arising out of the infringement of patents claiming any use outside of the Licensed Field. Q-Med’s and NSH’s indemnification obligations
under Section 10.3(a) exclude indemnification for increased, enhanced or treble damages assessed under 35 U.S.C. 284 in an infringement action as a result of any willful or intentional acts or conduct on the part of any of the Bioventus
Indemnified Parties, except to the extent Bioventus acts in reliance upon a legal opinion or other directive provided by or at the request of Q-Med or NSH. 

(b) In connection with any Durolane IP Claim by a Third Party, Q-Med shall be responsible for the
payment of all royalties and all other payments to such Third Party under any license or other agreement entered into by Q-Med or NSH or, with the approval and at the direction of Q-Med, Bioventus in respect of the use of such Third Party’s IP rights to Commercialize the Licensed Product for the uses referred to in paragraph (a) above. Q-Med
shall have the sole right, in its sole discretion, to settle any such claim or enter into any such license or other settlement agreement. 

10.4 Limitations on Indemnification 

(a) Notwithstanding anything to the contrary herein, except with respect to claims arising out of fraud or intentional misrepresentation, in no
event shall Q-Med and NSH, collectively on the one hand, or Bioventus, on the other hand, be liable for Losses pursuant to Sections 10.1(a) or 10.2(a), as applicable, in excess of the amounts paid by Bioventus
pursuant to Article VI hereof. 
 (b) Notwithstanding anything to the contrary herein, no Party shall be obligated to indemnify any other
Party hereunder to the extent such claim arises from the Party seeking indemnification or such Party’s or its Affiliates’, sublicensees’, or assigns’ intentional misconduct or breach of its representations or warranties
hereunder. 

  
 21 

 10.5 Procedure. The Party seeking indemnification under Sections 10.1, 10.2 or 10.3
shall provide the indemnifying Party with written notice of any claim or action within ten days of its receipt thereof, and shall afford the indemnifying Party the right to control the defense and settlement of such claim or action, including the
right to select counsel. The Party seeking indemnification shall provide reasonable assistance to the indemnifying Party in the defense of such claim or action, including providing access to witnesses and documents for discovery or the prosecution
of any claims and defenses. If the defendants in any such action include both Parties, and the indemnified Party concludes that there may be legal defenses available to it which are inconsistent with those available to the indemnifying Party, the
indemnified Party shall have the right to select separate counsel to participate in the defense of such action on its behalf, and the indemnified Party shall bear the cost and expense of such separate defense, unless and to the extent the Parties
otherwise agree or it is determined through arbitration hereunder that such costs and expense are or were required to be indemnified by the indemnifying Party and are or were required to be incurred separately due to such inconsistent defenses.
Should the indemnifying Party determine not to defend such claim or action, the indemnified Party shall have the right to maintain the defense of such claim or action and the indemnifying Party shall provide reasonable assistance to it in the
defense of such claim or action and shall bear the reasonable cost and expense of such defense (including reasonable attorneys’ fees). Except to the extent provided in Section 10.3(b), neither Party shall settle any such claim or action in
a way that materially adversely impacts the other Party without the prior approval of such other Party (which approval shall not be unreasonably withheld). Withholding such approval for any reason unrelated to the litigation expenses, liability, or
damages in the pending claim or the settlement terms thereof shall be unreasonable. 
 10.6 Insurance. Each Party shall (and shall
cause its respective Affiliates, as required, to), promptly after the Amendment Effective Date and extending throughout the Term and for a period of not less than [***] ([***]) months following the termination or expiration of this
Agreement, carry or be subject to coverage (as a named insured) under product liability insurance in an amount of not less than [***] dollars ($[***]) limit, which insurance shall be written on a “claims-made” policy basis
with an insurance carrier rated at least [***] by Bests Rating Service or a comparable rating by a comparable rating service (including [***] by Standard & Poor’s and [***] by Moody’s). Q-Med and NSH shall provide Bioventus with evidence of coverage contemplated hereby, in the form of certificates of insurance, as reasonably requested in writing, which certificates shall provide that the insurer
shall notify the other Party at least [***] ([***]) days prior to any cancellation or nonrenewal. 

  
 22 

 Article 11. CONFIDENTIAL INFORMATION 

11.1 Treatment of Confidential Information. Each Party receiving Confidential Information of the other Party shall (a) maintain in
confidence such Confidential Information to the same extent such Party maintains its own proprietary industrial information of similar kind and value (but at a minimum each Party shall use Commercially Reasonable Efforts), (b) not disclose such
Confidential Information to any Third Party without prior consent of the other Party, and (c) not use such Confidential Information for any purpose except those permitted by this Agreement. “Confidential Information” means all non-public, proprietary data or information and materials received by either Party from the other Party pursuant to this Agreement or prior to the date hereof that are designated as confidential in writing by the
disclosing Party. Notwithstanding the foregoing, information that is orally, electronically or visually disclosed by a Party, or is disclosed in writing without an appropriate letter, stamp or legend, shall constitute Confidential Information of a
Party (i) if the disclosing Party, within 30 days after such disclosure, delivers to the other Party a written document describing the information and referencing the place and date of such oral, visual, electronic or written disclosure and the
names of the persons to whom such disclosure was made, or (ii) such information is of the type that is customarily considered to be confidential information by persons engaged in activities that are substantially similar to the activities being
engaged in by the Parties. Notwithstanding Section 11.2 or anything other provision of this Article 11, in no event shall Bioventus disclose or use any Q-Med Manufacturing Technology, except as
permitted under Section 11.3 hereof, Section 6.2 of the New US Supply Agreement or as expressly permitted under this Agreement in connection with the submission of Regulatory Filings. 

11.2 Exceptions. A Party shall not have the obligations set forth in Section 11.1 with respect to any portion of such Confidential
Information that it can show by adequate documentation: (a) is publicly disclosed by the disclosing Party, either before or after it becomes known to the receiving Party; (b) was known to the receiving Party, without obligation to keep it
confidential, prior to when it was received from the disclosing Party; (c) is subsequently disclosed to the receiving Party by a Third Party lawfully in possession thereof without obligation to keep it confidential; (d) has been published
by a Third Party; or (e) has been independently developed by the receiving Party without the aid, application or use of Confidential Information. Information that is otherwise Confidential Information and consists of a combination of
information shall not be deemed to be in the public domain if individual elements of such information are in the public domain, unless the specific combination of those elements is also in the public domain. 

11.3 Required Disclosures. This Article 11 shall not be construed to prohibit disclosure of Confidential Information to the extent that
such disclosure is required to by law or valid order of a court or other governmental authority; provided, that the disclosing Party shall (to the extent permitted) give the other Party prior notice of such required disclosure and cooperate
with such other Party in order that such other Party may seek a protective order or relief to prevent or limit the Confidential Information required to be disclosed; provided, further, that the disclosing Party shall only disclose that
portion of the Confidential Information that such Party is advised by its legal counsel is required to be disclosed by law. 
 11.4
Permitted Disclosures. Nothing contained herein shall prevent either Party from disclosing information to the extent such information is required to be disclosed (a) for the purposes of compliance with governmental regulations, or
(b) to Sublicensees for the purpose of sublicensing; provided, that the Sublicensee is subject to confidentiality obligations commensurate with those in Article 11.1. In addition, nothing contained herein or in any other agreement
between the Parties shall prevent Bioventus from disclosing information to the extent Bioventus determines that such information is necessary or useful to disclose in connection with its regulatory purposes, including disclosures in connections with
filings or submissions to regulatory bodies. Such permitted disclosures shall also include, in Bioventus’ discretion, disclosures to Third Party consultants and advisors assisting Bioventus with regulatory work (provided that such Third Party
consultants and advisors are subject to confidentiality obligations commensurate with those in Article 11.1). Prior to making disclosure to any governmental authority, each Party shall use its reasonable efforts to provide the other with notice and
an opportunity to seek a protective order and confidential treatment of any such disclosure. Nothing contained herein shall prohibit any Party from making disclosure of Confidential Information to its Affiliates in connection with such Party’s
performance of its obligations under this Agreement or the exercise of its rights hereunder. Prior to disclosure of Confidential Information to a Party’s Affiliate, such Affiliate shall execute a confidentiality agreement fully consistent with
the terms and conditions of this Agreement and each Party shall be liable to the other Party for actions of its Affiliate. 

  
 23 

 11.5 Disclosure of Financial and Other Terms. 

(a) No Party will issue any press release with respect to the transactions contemplated by this Agreement without the prior written consent of
the other Parties, which consent shall not be unreasonably withheld or delayed. For the avoidance of doubt, a Party may re-use the text of a press release previously approved by the other Parties without
further consent. 
 (b) Except as required by applicable laws, treaties, and regulations (including securities laws), the Parties agree that
the consideration terms set forth in Article 6 of this Agreement and the pricing terms set forth in Article 3 of the US Supply Agreement (the “Material Financial Terms”) will be considered Confidential Information of all Parties and
shall be subject to the confidentiality and non-disclosure restrictions set forth in this Article 11 with respect to Confidential Information. 

(c) Notwithstanding the foregoing, (i) any Party may disclose any terms as are required to be disclosed in its publicly-filed financial
statements or other public statements pursuant to applicable laws, regulations, and stock exchange rules (e.g., the U.S. Securities and Exchange Commission or any other stock exchange on which securities issued by a Party may be issued) or otherwise
disclosed pursuant to applicable law; provided, that (1) the terms of this Agreement shall be redacted to the greatest extent reasonably possible and (2) to the extent practicable under the circumstances, such Party shall provide the other
Party with a copy of the proposed text of such statements or disclosure (including any exhibits containing this Agreement) sufficiently in advance of the scheduled release or publication thereof to afford such other Party a reasonable opportunity to
review and comment upon the proposed text (including redacted versions of this Agreement). 
 (d) In addition, each Party shall have the
right to disclose the Material Financial Terms and information regarding the development and Commercialization status of the Licensed Product under confidentiality undertakings substantially similar to those contained herein to any actual or
potential acquirer, merger partner, investors or providers of financing (whether in the form of debt, equity or otherwise) and their advisors. 

  
 24 

 Article 12. TERMINATION 

12.1 Term. Unless previously terminated in accordance with Section 12.2 or 12.3 of this Agreement, this Agreement shall remain in
force until the [***] ([***]) anniversary of the Amendment Effective Date (such date, the “Termination Date” and the period from the Amendment Effective Date until such date, the “Term”). 

12.2 Termination for Default. If either Party (“Breaching Party”) commits a material breach of its obligations under
this Agreement, the other Party (“Terminating Party”) may terminate this Agreement. The Terminating Party shall provide written notice to the Breaching Party, which notice shall identify the material breach, the intent to so
terminate and the actions or conduct that it considers would be an acceptable cure of such breach. The Breaching Party shall have a period of [***] ([***]) days after such written notice is provided to cure such breach. If such breach
is not cured within such [***] ([***]) day period, the Agreement shall be terminated. 
 12.3 Termination of the US Supply
Agreement. If the New US Supply Agreement is terminated pursuant to Section 6.3 thereof, the Terminating Party (as defined in the New US Supply Agreement) may terminate this Agreement simultaneously with such termination of the New US
Supply Agreement. 
 12.4 Termination for Patent Challenge. If Bioventus or any of its Affiliates commences or otherwise, directly or
indirectly, pursues (or voluntarily assists Third Parties to pursue, other than as required by law or legal process) any proceeding seeking to have any of the Q-Med Patents revoked or declared invalid,
unpatentable, or unenforceable, Q-Med or NSH may declare a material breach hereunder and shall then have the right to exercise the remedies available under Section 12.2 with immediate effect without
further notice or right to cure. 
 12.5 Termination for Failure of Receipt of FDA Acceptance. If the FDA notifies Bioventus that the
data from the Chinese Study is not sufficient for submission of a new pre-market application (PMA) for the Licensed Product, or if a PMA based on such data is ultimately not approved, Bioventus may terminate
this Agreement upon written notice. 
 12.6 Termination Related to PMA. Provided that Q-Med
has complied with its obligations under Section 4.1 of this Agreement and Section 2.5 of the New US Supply Agreement, Q-Med may terminate this Agreement upon written notice if (x) Bioventus does
not submit a PMA for the Licensed Product within [***] ([***]) months of the Amendment Effective Date; (y) the Initial Regulatory Approval Date is not achieved within [***] ([***]) months after a PMA is submitted; or
(z) Bioventus has not made the payment under Section 6.1(c) within [***] ([***]) months of the Amendment Effective Date. 

12.7 Effect of Termination. 

(a) Termination of this Agreement, for whatever reason, shall not affect any rights or obligations accrued by either Party prior to the
effective date of termination. The following provisions shall survive any expiration or termination of this Agreement: Sections 4.3, 6.6, 6.7, 6.8, 6.9, 7.1, 7.3 and 12.6, and Articles 9, 10, 11 and, to the extent required to effect to the
foregoing, Articles 1 and 13. Termination is not the sole remedy under this Agreement and, whether or not termination is effected, all other remedies will remain available, except as agreed to or otherwise expressly provided for herein. 

(b) Upon termination of this Agreement, all rights and licenses granted by Q-Med or NSH to Bioventus
hereunder shall terminate, except to the extent provided in paragraph (c) below (and for the avoidance of doubt, such rights shall revert to Q-Med and/or NSH as applicable). 

  
 25 

 (c) For a period of [***] ([***]) months following termination, Bioventus may
continue to sell in the ordinary course of business, including using Commercially Reasonable Efforts to maintain pricing, Licensed Product comprising its inventory (and all licensed Product then in transit or subject to Firm Orders);
provided, that Bioventus shall not have such rights if such termination arose out of a breach of a payment obligation or any other obligation relating specifically to the purchase or sale of Licensed Product or any other breach that would be
continued or aggravated by such sale of inventory. All such sales shall be subject to all applicable terms of this Agreement and the US Supply Agreement. 

(d) If Q-Med terminates this Agreement under Section 12.2, 12.3, or 12.6, Q-Med shall automatically have a non-exclusive license to use the Q-Med Trademarks and, notwithstanding anything to the contrary in
this Agreement, without any additional consideration to Bioventus: 
 (i) Bioventus shall promptly assign to
Q-Med all Regulatory Filings and Regulatory Approvals and all Information Controlled by Bioventus that relate solely to the Licensed Product, or, if such assignment is not legally permissible or such filings,
approvals and Information do not relate solely to the Licensed Product, grant Q-Med the exclusive license and right to access, use, and cross-reference such filings, approvals and Information for the
development and Commercialization of the Licensed Product; provided, however, Bioventus shall have no obligation to make such assignment or grant such license in the event of termination under Section 12.6; 

(ii) Any Q-Med Information and other materials transferred by
Q-Med to Bioventus pursuant to this Agreement in respect of the Licensed Product shall be promptly returned by Bioventus to Q-Med or at
Q-Med’s option, destroyed, except that Bioventus may retain one copy of any tangible embodiments included within such Information solely for the purpose of satisfying any requirements of law or as need to
comply with all laws, rules or regulations applicable to Bioventus; 
 (iii) Bioventus shall promptly assign or otherwise grant all rights
required to be assigned or granted under this Section 12.7 promptly and shall promptly (but not later than [***] days) transfer all tangible embodiments to which Q-Med or NSH has rights under this
Section 12.7; 
 (iv) Bioventus shall assign the Q-Med Trademarks to Q-Med; and 
 (v) Bioventus shall cooperate in any reasonable manner requested by Q-Med and NSH to achieve a smooth and expeditious transition of the Commercialization of the Licensed Product to Q-Med or its licensees. 

  
 26 

 Article 13. MISCELLANEOUS 

13.1 Disclaimers. IN NO EVENT SHALL EITHER PARTY OR THEIR AFFILIATES BE LIABLE FOR SPECIAL, PUNITIVE, INDIRECT, INCIDENTAL OR
CONSEQUENTIAL DAMAGES, WHETHER BASED ON CONTRACT, NEGLIGENCE, STRICT LIABILITY, TORT OR ANY OTHER LEGAL THEORY. Notwithstanding anything to contrary herein or in the New US Supply Agreement, neither Party shall have any liability under this
Agreement for an indemnification claim or other matter to the extent that such claim or other matter was satisfied under the New US Supply Agreement. 

13.2 Choice of Law. This Agreement shall be construed, governed, interpreted and applied in accordance with the laws of the State of New
York, without regard to conflict of laws principles, except that questions affecting the construction and effect of any patent or trademark shall be determined by the law of the country in which the patent was granted. 

13.3 Arbitration. Any dispute arising out of or in connection with, or relating to, this Agreement, or the breach, termination, or
invalidity hereof, including claims of fraud in the inducement, shall be resolved as follows. In the event of a dispute between the Parties, either Party may initiate the dispute resolution procedures of this Section 13.3 by providing written
notice (the “Notice of Claim”) to the other Party identifying the dispute and stating the desire to resolve the dispute. After receiving the Notice of Claim, respondent will respond in writing within [***] ([***])
calendar days by stating its position and setting forth a proposed resolution of the dispute. If claimant and respondent are not able to resolve the dispute within [***] ([***]) calendar days after the date of such response, the matter
in dispute shall be settled by arbitration administered by the American Arbitration Association (the “AAA”) under its Commercial Arbitration Rules, and judgment on the award rendered by the arbitrator(s) may be entered in any court
having jurisdiction thereof. The Parties hereby irrevocably and unconditionally submit to the jurisdiction of the AAA for the purposes of such proceeding, and any counterclaims that relate in any respect to this Agreement thereafter asserted by a
Party to such proceedings. The arbitral tribunal shall be comprised of three arbitrators with relevant expertise in the subject matter of the dispute. The arbitrators shall have the full authority, consistent with New York law, to consider granting non-monetary relief, including, but not limited to, rescission, termination, declaratory judgment, or any form of equitable relief recognized under New York law. A Party may pursue both non-monetary and monetary relief without regard to election of remedies, but may not be granted inconsistent or duplicative remedies. The place of arbitration shall be [***]. The language to be used in the
arbitral proceedings shall be English. The Parties agree that the losing Party shall bear the cost of the arbitration filing and hearing fees, the cost of the arbitrators and the AAA administrative expenses and the attorney’s fees and
reasonable associated costs and expenses of each Party. The Parties agree to reasonable document discovery provided the requesting Party makes a showing of relevance and need to the tribunal. Notwithstanding the foregoing, either Party may seek an
immediate injunction from a court of competent jurisdiction (i) to prevent the disclosure of Confidential Information in violation of Article 11; or (ii) to prevent an assignment of this Agreement in violation of Section 13.4.
Notwithstanding the foregoing, either Party may seek an immediate injunction from a court of competent jurisdiction to enforce the non-compete in Article 3. 

13.4 Assignment. Neither this Agreement nor any of the rights and obligations arising hereunder may be assigned or transferred by either
Party without the prior written consent of the other. Such consent will not be unreasonably withheld or delayed. Notwithstanding the foregoing, (a) either Party may assign this Agreement without the consent of the other Party to any Affiliate
of such Party; provided, that such Affiliate assumes such assignment in writing to the other Party and the assigning Party shall remain joint and severally liable with such Affiliate for all of its obligations under this Agreement; and
(b) Bioventus may assign or transfer this Agreement without the consent of Q-Med or NSH to any acquiring entity in connection with a Bioventus Change of Control. 

  
 27 

 13.5 Effect of Insolvency. To the extent permitted by applicable law: (a) the
validity of this Agreement shall not be affected by any proceeding under a law relating to insolvency or adjustment of debt; (b) this Agreement shall not be subject to termination on the basis that any Party becomes a party to any insolvency
proceeding or one that contemplates the adjustment of debt; and (c) if Q-Med or NSH become a debtor in a proceeding under a law relating to insolvency or adjustment of debt, Bioventus may retain its
rights with respect to the Q-Med IP under this Agreement for the duration of the Term and may offset against any royalty or other payment obligations the amount of any damages caused by nonperformance of any
of Q-Med’s or NSH’s obligations under this Agreement. 
 13.6 Consents. Except as
may otherwise be expressly provided herein, all consents and other approvals required to be provided under this Agreement shall not be withheld or delayed unreasonably and shall be provided in writing. 

13.7 Notice. Any notice to be given by one Party to the other shall be in writing and shall be deemed given when delivered personally,
mailed by certified or registered mail, postage prepaid or sent by reputable international courier (such mailed notice to be effective on the date which is three business days after the date of mailing), or sent by facsimile (such facsimile notice
to be effective upon receipt of confirmation (a) on the date so confirmed if prior to 5 p.m. local time on a local Business Day, or (b) if not so confirmed prior to 5 p.m. local time on a local Business Day, the following Business Day),
and addressed as follows (or to such other address as a Party may designate as to itself by written notice to the other Party): 
 If to Q-Med: 
 Q-Med AB 

Seminariegatan 21 
 SE-752 28 Uppsala 
 Sweden 

Attention: 
 Telephone: 

Facsimile: 
 If to NSH: 

Nestlé Skin Health S.A. 

Avenue Gratta-Paille 2 

Lausanne, Vaud 
 Switzerland

 Attention:  

Telephone: 
 Facsimile: 

  
 28 

 If to Bioventus: 

Bioventus LLC 
 4721 Emperor
Blvd. Suite 100 
 Durham, NC 27703 

Attn.  
 With a copy to

 Bioventus LLC 
 4721
Emperor Blvd. Suite 100 
 Durham, NC 27703 

Attn. 
 13.8 Force
Majeure. Neither Party shall be responsible or liable in any way for failure or delay in carrying out the terms of this Agreement (other than any payment or confidentiality obligations) resulting from any cause or circumstance beyond its
reasonable control, including fire, flood, other natural disasters, war, labor difficulties, interruption of transit, accident, explosion, civil commotion, delays in performance or supplies from its suppliers and subcontractors and acts of any
governmental authority; provided, that the Party so affected shall give prompt notice thereof to the other. If any such cause prevents either Party from performing any of its material obligations hereunder for more than [***]
([***]) days, the other Party may then terminate this Agreement upon [***] ([***]) days prior notice. Except as provided in the preceding sentence, no such failure or delay shall terminate this Agreement, and each Party shall
complete its obligations hereunder as promptly as reasonably practicable following cessation of the cause or circumstances of such failure or delay. 

13.9 Amendment. This Agreement may be modified or amended only by written agreement of the Parties hereto signed by authorized
representatives of the Parties hereto and specifically referencing this Agreement. 
 13.10 Entire Agreement. 

(a) This Agreement, together with the New US Supply Agreement, the Quality Agreement and the New Nasha Amended License Agreement, each of their
appendices, exhibits, schedules and certificates, and all documents and certificates delivered or contemplated in connection herewith and therewith constitute the entire agreement between the Parties with respect to the subject matter hereof and
supersede all prior agreements or understandings of the Parties relating thereto. 
 (b) Upon the Amendment Effective Date, the Current US
License Agreement shall be terminated and replaced in its entirety with this Agreement, except for purposes of indemnification obligations occurring prior to the Amendment Effective Date. 

13.11 Severability. Whenever possible, each provision of this Agreement will 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 prohibited by or invalid or unenforceable under applicable law, such provision will be ineffective only to the extent of such prohibition, invalidity unenforceability,
without invalidating the remainder of this Agreement and the Parties shall in good faith seek to agree on an alternative provision reflecting the intent of the Parties that is enforceable. 

  
 29 

 13.12 Expenses. Except as set forth in this Agreement,
Q-Med, NSH and Bioventus will each bear their own expenses and the expenses of their respective Affiliates incurred in connection with the negotiation and preparation of this Agreement. 

13.13 Further Actions. Q-Med, NSH and Bioventus each hereby agrees to use all reasonable efforts
to take, or cause to be taken, all actions and to do, or cause to be done, all things necessary or proper and execute and deliver such documents and other papers as may be required to make effective the transactions contemplated by this Agreement.

 13.14 Waiver. Any term or provision of this Agreement may be waived at any time by the Party entitled to the benefit thereof only
by a written instrument executed by such Party. No delay on the part of Q-Med, NSH or Bioventus in exercising any right, power or privilege hereunder will operate as a waiver thereof, nor will any waiver on
the part of Q-Med, NSH or Bioventus of any right, power or privilege hereunder operate as a waiver of any other right, power or privilege hereunder nor will any single or partial exercise of any right, power
or privilege hereunder preclude any other or further exercise thereof or the exercise of any other right, power or privilege hereunder. 

13.15 Relationship of the Parties. The Parties shall each be an independent contractor in the performance of their respective
obligations hereunder, and, the provisions hereof are not intended to create any partnership, joint venture, agency or employment relationship between the Parties. Each Party shall be responsible for and shall comply with all state, local, federal
and foreign laws pertaining to employment taxes, income withholding and other employment related statutes applicable to that Party. Except as is expressly set forth herein, neither Party will have any right by virtue of this Agreement to bind the
other Party in any manner whatsoever. 
 13.16 No Third Party Rights. No provision of this Agreement will be deemed or construed in
any way to result in the creation of any rights or obligations in any Person not a Party to this Agreement. 
 13.17 Construction.
This Agreement will be deemed to have been drafted by both Q-Med, NSH and Bioventus and will not be construed against either Party as the draftsperson hereof. 

13.18 Enforcement. The Parties agree that irreparable damage would occur in the event that any of the provisions of this Agreement were
not performed in accordance with their specific terms. It is accordingly agreed that the Parties shall be entitled to specific performance of the terms of this Agreement, this being in addition to any other remedy to which they are entitled at law
or in equity. 
 13.19 Counterparts. This Agreement may be executed in one or more counterparts, each of which shall be deemed an
original, and all of which shall constitute one and the same agreement. 

  
 30 

 13.20 Headings. The heading references herein are for convenience purposes only, do
not constitute a part of this Agreement and shall not be deemed to limit or affect any of the provisions hereof. 
 13.21 Appendices,
Exhibits, Schedules and Certificates. Each appendix, exhibit, schedule and certificate attached hereto is incorporated herein by reference and made a part of this Agreement. 

[Signatures Follow] 

  
 31 

 IN WITNESS WHEREOF, the Parties execute this Agreement as of the Amendment Effective
Date. 
  

									
	Q-MED	 		 	BIOVENTUS LLC
					
	By:	 	 /s/ Christian Matton
	 	        	 	By:	 	 /s/ Anthony P. Bihl III

	Name: Christian Matton	 		 	Name: Anthony P. Bihl III
	Title: Chairman of the Board	 		 	Title:   CEO
			
	NESTLÉ SKIN HEALTH S.A.	 		 	
				
	By:	 	 /s/ Stuart Raetzman
	 		 	
	Name: Stuart Raetzman	 		 	
	Title: Member of the Board	 		 	

 SCHEDULE A 

Q-MED PATENTS 

POLYSACCHARIDE GEL COMPOSITION 
  

									
	 Property / Category

Sub Type
	  	 Renewal date / Duration
	  	 Filing date / Reg. date
	  	
Application No /
Registration No.
	  	 Country

	 Patent
	  	 Expiration date:
 Dec. 12, 2017
	  	 Granted:
 Oct. 27, 1998
	  	US5827937	  	U.S.A

 SCHEDULE B 

Q-MED TRADEMARK(S) 

DUROLANEEX-10.6

 [***] Certain information in this document has been excluded pursuant to Regulation S-K, Item 601(b)(10). Such
excluded information is not material and would likely cause competitive harm to the registrant if publicly disclosed. 
 Exhibit 10.6

  
  

AMENDED AND RESTATED SUPPLY AGREEMENT - US 

BETWEEN 
 BIOVENTUS LLC

 AND 
 Q-MED AB 
 December 9, 2016 

 
  

 AMENDED AND RESTATED SUPPLY AGREEMENT - US

 This Amended and Restated Supply Agreement – US (together with all schedules and exhibits attached hereto, this “Agreement”)
is entered into as of December 9, 2016 (the “Amendment Effective Date”), between Bioventus LLC, a limited liability company organized under the laws of Delaware (“Bioventus”), Q-Med AB, a limited liability company organized under the laws of the Kingdom of Sweden with corporate registration number 556258-6882 (“Q-Med”) and Nestlé Skin Health S.A., a corporation organized under the laws of Switzerland, as guarantor of Q-Med’s obligations hereunder
(“Guarantor”). Each of (i) Q-Med and Guarantor, on the one hand, and (ii) Bioventus, on the other hand, shall be referred to herein as a “Party” and
collectively as the “Parties.” This Agreement shall amend, supersede and replace the Current US Supply License Agreement (as defined below). 

BACKGROUND: 
 On June 27, 2006 (the
“Initial Effective Date”), Smith & Nephew, Inc. (“S&N”) and Q-Med entered into (i) that certain Supply Agreement (the “Original
Supply Agreement”) and (ii) that certain License Agreement (the “Original License Agreement”) pursuant to which S&N was granted rights to sell certain products containing polymerized and cross-linked hyaluronic acid, including Q-Med’s DUROLANE® product and
Q-Med agreed to supply S&N and its Affiliates and permitted Sublicensees (each as defined herein) with such products. 

Pursuant to a Consent and Waiver Letter, dated December 31, 2011, from S&N to Q-Med (the “Consent
Letter”), (i) certain terms of the Original Supply Agreement were amended (as so amended, the “Amended Supply Agreement”), (ii) certain terms of the Original License Agreement were amended (as so
amended, the “Amended License Agreement”), and (iii) Q-Med consented to the assignment by S&N of its rights and obligations under the Amended License Agreement and the
Amended Supply Agreement to Bioventus Limited, a limited liability company organized under the laws of Jersey (“Bioventus Limited”). Bioventus Limited assigned its rights under the Amended Supply Agreement with respect to
Territory to Bioventus Coöperatief U.A., a limited liability company organized under the laws of the Netherlands (“Coöperatief”), to cover matters related to the worldwide territory excluding the United
States. 
 Pursuant to an Amended and Restated Supply Agreement – Worldwide Excluding the US (ROW), dated December 31, 2013, Q-Med, Galderma S.A. (“GSA”) and Coöperatief further amended the Amended Supply Agreement to cover matters related to the [***] territory excluding the United States (the
“Current ROW Supply Agreement”) and simultaneously entered into an amendment to the Amended Supply Agreement (the “Current [***] Supply Agreement”) and the Amended License Agreement (the
“Current US License Agreement”), in each case to cover matters related the United States, while pursuant to an Amended and Restated License Agreement – Worldwide Excluding the US (ROW), dated December 31, 2013, Q-Med, GSA and Bioventus Limited further amended the Amended License Agreement to cover matters related to the worldwide territory excluding the United States (the “Current ROW License Agreement”).

 Pursuant to a Nasha Trademark License dated November 16, 2015 (“Current Nasha License Agreement”), Q-Med and GSA licensed the NASHA trademark to Bioventus Limited to cover matters related to the worldwide territory excluding the United States. 

 Q-Med and Bioventus desire to further amend and restate the Current
US Supply Agreement by entering into this Agreement and a Quality Agreement, and simultaneously entering into an amendment to the Current US License Agreement (“New US License Agreement”), to cover matters related the
United States and a license agreement similar to the Current Nasha Trademark License to cover matters in the United States (“New Nasha Amended License Agreement”). 

The Parties hereby agree as follows: 
 ARTICLE
1. DEFINITIONS 
  

	1.1	 Definitions. For the purposes of this Agreement, unless otherwise defined in this Agreement, the
following words and phrases shall have the following meanings and all other capitalized and undefined terms shall have the meanings set forth in the New US License Agreement: 

“AAA” has the meaning set forth in Section 9.4. 

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

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

“Bioventus” has the meaning set forth in the Preamble. 

“Bioventus Discretionary Changes” has the meaning set forth in Section 2.6(c). 

“Breaching Party” has the meaning set forth in Section 6.3. 

“Business Day” means any day between and including Monday through Friday; provided, that, with respect to any payment to be
made or forecast or notice to be provided hereunder by a Party, if the date on which such payment, forecast or notice is due falls on a national bank holiday in the country in which the principal place of business of either Party (or, in the case of
a payment, only the paying Party) is located, such payment or notice shall be due on the next day on which banks in such country(ies) are open for business and such forecast shall be due on the preceding day on which banks in such country(ies) are
open for business. 
 “Capacity Shortage” has the meaning set forth in Section 2.7. 

“Consent Letter” has the meaning set forth in the Background. 

“Current Nasha License Agreement” has the meaning set forth in the Background. 

“Current US License Agreement” has the meaning set forth in the Background. 

“Current US Supply Agreement” has the meaning set forth in the Background. 

“Delinquent Payment” has the meaning set forth in Section 3.3(b). 

“FDCA” means the U.S. Federal Food, Drug and Cosmetic Act. 

  
 2 

 “Firm Order” means a written, irrevocable purchase order for the Licensed Product
that shall include (a) the quantity of such Licensed Product ordered; and (b) a delivery schedule specifying the monthly delivery date for Licensed Product ordered and the shipment destination(s). 

“Firm Order Maximum Quantities” has the meaning set forth in Section 2.2(a). 

“Forecast” has the meaning set forth in Section 2.2(a). 

“GMP” means Good Manufacturing Practices applicable to the Licensed Product that are promulgated or otherwise established by any
Regulatory Authority, including those set forth in the FDA’s Quality System Regulations in 21 C.F.R. Part 820, and the European Council Directive concerning Medical Devices, 93/42/EEC. 

“Guarantor” has the meaning set forth in the Preamble. 

“Labeling” means all labels and other written, printed or graphic material upon any Licensed Product or any of its containers or
wrappers accompanying such Licensed Product, including package leaflets, instructions for use and package inserts. 
 “Latent Defect”
has the meaning set forth in Section 4.3. 
 “Laws and Rules” has the meaning set forth in Section 2.6(a). 

“Legally Required Changes” has the meaning set forth in Section 2.6(a). 

“Licensed Product Claims” has the meaning set forth in Section 4.6(a). 

“Major Supply Default” has the meaning set forth in Section 6.2. 

“Manufacture” and “Manufacturing” and other forms of such words means the manufacturing, processing, handling,
packaging and quality control testing (including in-process, release and stability testing) of Licensed Product. 

“Manufacturing License Actions” has the meaning set forth in Section 6.2. 

“Manufacturing Licensee” has the meaning set forth in Section 6.2. 

“Market Launch” means with regard to the Licensed Product, the date following Regulatory Approval (if applicable) on which the
Licensed Product is first commercially sold by Bioventus in the United States to a Third Party. 
 “New Nasha Amended License Agreement”
has the meaning set forth in the Background. 
 “Original License Agreement” has the meaning set forth in the Background. 

“Original Supply Agreement” has the meaning set forth in the Background. 

“Party” has the meaning set forth in the Preamble. 

  
 3 

 “Person” means any individual, firm, corporation, partnership, limited liability company,
trust, joint venture or other entity or organization. 
 “Purchase Price” has the meaning set forth in Section 3.1. 

“Purchasers” means Bioventus’ Affiliates and their permitted Sublicensees. 

“Q-Med” has the meaning set forth in the Preamble. 

“Q-Med Discretionary Changes” has the meaning set forth in Section 2.6(b). 

“Q-Med Excluded Claims” has the meaning set forth in Section 4.6(a). 

“Quality Agreement” means the Amended and Restated Quality Agreement – US, dated as of the date hereof, by and between Q-Med and Bioventus, and attached as Schedule A. 
 “Regulatory Submissions” has the
meaning set forth in Section 2.5. 
 “S&N” has the meaning set forth in the Background. 

“Specifications” means the specifications and the quality control testing procedures for Licensed Product that are set forth or
referenced in Schedule B hereto, as amended from time to time in accordance with this Agreement. All Specifications shall be consistent with applicable Regulatory Approvals. The Parties agree that the Specifications constitute a list at the
effective date of those documents that control the manufacture of the Licensed Product. The documents contained in the Specifications shall be updated and kept current by mutual written agreement, and in accordance with the provisions hereof during
the Term. 
 “Terminating Party” has the meaning set forth in Section 6.3. 

“Unit” means one (1) pre-filled syringe containing three (3) milliliters of Licensed
Product or such other units of Licensed Product as the Parties shall designate and specify in the applicable Specifications. 
 “Visual Non-Conformity” has the meaning set forth in Section 4.2. 
  

	1.2	 Interpretation. 

 

	(a)	 Whenever any provision of this Agreement uses the term “including” (or “includes”), such
term shall be deemed to mean “including without limitation” and “including but not limited to” (or “includes without limitations” and “includes but is not limited to”) regardless of whether the words
“without limitation” or “but not limited to” actually follow the term “including” (or “includes”); 

  

	(b)	 “Herein,” “hereby,” “hereunder,” “hereof,” and other equivalent words
shall refer to this Agreement as an entirety and not solely to the particular portion of this Agreement in which any such word is used; 

  
 4 

	(c)	 All definitions set forth herein shall be deemed applicable whether the words defined are used herein in the
singular or the plural; 

  

	(d)	 Unless otherwise provided, all references to Sections, Articles and Appendices are to Sections, Articles and
Appendices of and to this Agreement; 

  

	(e)	 All references to days, months, quarters, or years are references to calendar days, calendar months, calendar
quarters, or calendar years; and 

  

	(f)	 Any reference to any supranational, national, federal, state, local, or foreign statue or law shall be deemed
to also refer to all rules and regulations promulgated thereunder, unless the context requires otherwise. 

 ARTICLE 2.
SUPPLY OF LICENSED PRODUCT 
  

	2.1	 Licensed Product to be Supplied. Subject to Bioventus’ rights set forth in
Section 6.3 hereof, Bioventus shall, and shall cause Purchasers to, purchase from Q-Med, and Q-Med shall sell to Bioventus and the Purchasers, all of their
requirements for the Licensed Product for sale in the Territory for use in only the Licensed Field. Bioventus shall, and agrees to cause the Purchasers to, purchase such Licensed Product from only Q-Med, and
neither Bioventus nor any of the Purchasers shall purchase such Licensed Product from, directly or indirectly, any other Person. Licensed Product will be delivered to Bioventus in finished form for distribution to Bioventus customers and their
distributees. The Licensed Product shall be labeled and packaged as initially specified by Bioventus, consistent with the labeling and packaging elements set forth in the Specifications, and consistent with
Q-Med’s then current manufacturing set-up. Q-Med will use Commercially Reasonable Efforts to accommodate subsequent changes
to the packaging of Licensed Products requested by Bioventus. 

  

	2.2	 Forecasts. 

  

	(a)	 Forecasts and Orders. Commencing prior to, but no later than [***] months before, Market Launch,
and thereafter on or before the last Business Day of each month, Bioventus shall provide a forecast of its and the Purchasers’ estimated monthly requirements of Licensed Product for the [***] month period beginning with the following
month (a “Forecast”). Such beginning month of each Forecast shall be referred to below as “Month 1” and each subsequent month shall be numbered sequentially. The initial Forecast shall be accompanied by Firm Orders for the
quantity of Licensed Product set forth in Months 1, 2 and 3 of such Forecast. The quantities of Licensed Product set forth in Months 4, 5 and 6 of each Forecast after the initial Forecast shall be for a quantity of Licensed Product that is at least
[***] percent ([***]%), but not more than [***] percent ([***]%) (“Firm Order Maximum Quantities”), of the quantities of Licensed Product for months 4, 5 and 6, respectively, in the
immediately prior Forecast. The Forecast will also include the quantities of Licensed Product forecasted for each month after Month 6 up to and including Month 24 of the Forecast, which shall all constitute good faith
non-binding guidance estimates. For example, (i) the Forecast submitted on or before 31 December 2018 shall cover the period from 1 January 2019 through 31 December 2020, (ii) the
quantities of Licensed Product set forth in such Forecast for January 2019, February 2019 and March 2019 shall be Firm Orders, and (iii) the quantities of Licensed Product set forth for April 2019, May 2019 and June 2019 shall be at least
[***] percent ([***]%), and not more than [***] percent ([***]%), of such quantities for such month set forth in the previous Forecast (unless this is the initial Forecast). 

  
 5 

	(b)	 Q-Med shall satisfy all Firm Orders in conformance with the quantity,
delivery, timing and other requirements of each Firm Order and in accordance with the terms of this Agreement; provided that, with respect to any Firm Order, delivery of any quantity that is within [***]% and [***]% of such Firm Order
and within [***] ([***]) Business Days of the date set forth in the Firm Order shall be deemed to be in compliance with the terms hereof. Q-Med shall use Commercially Reasonable Efforts to
procure or be able to procure sufficient raw materials to enable it to meet Firm Order Maximum Quantities. 

  

	(c)	 Failure to Purchase. If Bioventus does not provide Firm Orders for Month 4 or Month 5 that are equal to
at least [***] percent ([***]%) of the quantities of Licensed Product set forth in the most recent Forecast for such months, Q-Med may nonetheless ship, and Bioventus shall pay for, up to
[***] percent ([***]%) of such quantities of Licensed Product, taking into account any Firm Orders actually placed by Bioventus for such months. 

 

	(d)	 Q-Med’s Obligations.
Q-Med shall not be obligated to supply any ordered quantities of Licensed Product for Firm Orders that exceed the [***] percent ([***]%) limits set forth in Section 2.2(a), but Q-Med shall use Commercially Reasonable Efforts to supply such excess quantities within the limitations of its available production capacity and lead times. 

 

	(e)	 Order Limitations. The aggregate minimum order size for each Firm Order shall be [***] Units.

  

	2.3	 Major Forecast Changes. In the event that Bioventus’ orders a number of Units for any
[***] month period in excess of twice the number of Units initially forecasted for such [***] month period, Q-Med shall not be responsible for (and shall have no liability, including pursuant to
Section 6.2, with respect to) the failure to provide any Units in excess [***]% of such initial forecast unless Bioventus has provided Q-Med with written notice of such volume at least [***]
months before the beginning of such 12 month period. 

  

	2.4	 Subcontractors. Q-Med shall have the right in connection
with its obligations hereunder to contract, in whole or in part, with its Affiliates or one or more Third Parties for the Manufacture and supply of the Licensed Product to Bioventus; provided, that:
(i) Q-Med shall cause such contractor to comply fully with the terms and conditions set forth in this Agreement with respect to the Manufacture and supply of the Licensed Product; and (ii) Q-Med shall remain fully responsible for the Manufacture and supply of the Licensed Product to Bioventus. Q-Med shall bear the costs and expense of any required
Regulatory Approvals due to the contracting with any Affiliate or Third Party for the Manufacture and supply of the Licensed Product. The foregoing shall not affect, apply to, prevent or otherwise limit
Q-Med’s right to select and employ Third Party suppliers and subcontractors to provide ingredients, components, parts, and processing activities to aid Q-Med’s
manufacturing process. 

  
 6 

	2.5	 Right of Access to Regulatory Submissions. To the extent
Q-Med maintains device master files for the Licensed Product or other regulatory submissions of Manufacturing information which may be relevant to the Licensed Product (collectively, “Regulatory
Submissions”), Q-Med grants Bioventus the right to cross-reference such Regulatory Submissions for the purpose of obtaining Regulatory Approvals in
accordance with all applicable legal requirements and Q-Med shall provide appropriate letters of access to the applicable Regulatory Authorities in the Territory. 

 

	2.6	 Changes. The Parties shall have the right to request and make changes to the Licensed Product
subject to the provisions of this Section 2.6. Q-Med is the design history file and device master record owner for the Licensed Product. Changes to the Licensed Product will be managed under Q-Med’s design control and/or change control processes as set forth in the Quality Agreement. Bioventus is the holder of Regulatory Approvals for the Licensed Product as described in Article 4 of the New US
License Agreement. Approval for changes to the Licensed Product will be managed under Bioventus’ Regulatory Approvals processes. With respect to any changes to the Licensed Product (regardless of whether it is a Legally Required Change, a Q-Med Discretionary Change or a Bioventus Discretionary Change), Q-Med shall provide Bioventus with reasonable prior written notice of any proposed change to the
Specifications or Manufacturing of the Licensed Product. 

  

	(a)	 Legally Required Changes. Both Parties may initiate changes (“Legally Required
Changes”) in the Specifications, Manufacturing and other changes necessary for the Licensed Product to comply with applicable laws, rules, and regulations, including GMPs, QSRs and the requirements of Regulatory Authorities in the
Territory (collectively, “Laws and Rules”). Both Parties shall work together to update the necessary Specifications and other related design control documentation. Q-Med will conduct or
have conducted the required design control and/or change control activities. Bioventus will review the output and be responsible for acceptability of the final documentation and will make the relevant filings with the applicable Regulatory
Authorities. Any costs for Legally Required Changes, including but not limited to costs for work performed by Q-Med employees, external consultants, translations, and Regulatory Authority filing fees
associated with any such filings, shall be borne by [***]. 

  

	(b)	 Q-Med Discretionary Changes. Q-Med may initiate and make Manufacturing changes which are not Legally Required Changes (“Q-Med Discretionary Changes”). Q-Med shall notify Bioventus in writing of any desired Q-Med Discretionary Change at least [***] ([***]) months prior to the date
Q-Med wishes to implement it. To the extent that any Q-Med Discretionary Change requires Regulatory Approval, Bioventus shall, at
Q-Med’s cost and expense, use Commercially Reasonable Efforts to take all actions reasonably requested by Q-Med in connection therewith including, without
limitation, making Regulatory Filings. Bioventus shall not be financially responsible for any costs or expenses associated with Q-Med Discretionary Changes (for clarity, including any costs or expenses
substantially related to changes requested by Q-Med for compliance with laws and rules for products other than the Licensed Product, costs for work performed by external consultants, translations, and
Regulatory Authority filing fees associated with such filings) or for any increases in the Purchase Price of the Licensed Product. Q-Med shall reimburse Bioventus for all of the costs it incurs in seeking such
Regulatory Approvals, which costs shall include reasonable costs of labor, Regulatory Authority filing fees, consulting fees, and other out of pocket costs of Bioventus. Q-Med shall not implement any Q-Med Discretionary Change requiring Regulatory Approval before such Regulatory Approval is obtained. 

  
 7 

	(c)	 Bioventus Discretionary Changes. Bioventus may initiate and make Manufacturing changes which are not
Legally Required Changes (“Bioventus Discretionary Changes”). Q-Med agrees to implement such changes provided that they are commercially reasonable for
Q-Med, and provided further that Bioventus shall be financially responsible for all of the costs of such changes as described in Section 3.2(a) of this Agreement. In the event that Q-Med believes in good faith that a requested Bioventus Discretionary Change is not commercially reasonable, it shall provide Bioventus with the reasons therefor and supporting documentation in connection therewith,
and the Parties shall explore in good faith alternative changes that would be commercially reasonable for Q-Med. 

  

	(d)	 Changes to Specifications. Notwithstanding anything in this Section 2.6, and for the avoidance of
doubt, any changes to the Specifications must be mutually agreed to by Q-Med and Bioventus. 

  

	2.7	 Secure Manufacturing Source. Q-Med shall use its
Commercially Reasonable Efforts to maintain capacity or inventory sufficient to meet Bioventus’ requirements of Licensed Product as indicated in the Forecasts. At the written request of either Party, appropriate personnel from each Party will
meet and discuss their then current views on the markets and demand for Licensed Product, current and planned marketing plans and initiatives and other matters pertaining to capacity and inventory planning that such Party may reasonably wish to
discuss. If at any time Q-Med reasonably believes that it may not have sufficient capacity or inventory to fulfill the requirements so forecasted by Bioventus (a “Capacity Shortage”),
whether due to insufficient manufacturing capacity or otherwise (including any of the reasons described in Section 9.2), Q-Med shall promptly notify Bioventus. If
Q-Med has a plan of action with respect to such Capacity Shortage when it delivers such notice, Q-Med shall provide Bioventus with a written outline of such plan and its
reasonably supported conclusions relating thereto. Q-Med may take prompt action with respect to such plan or, if Q-Med desires,
Q-Med may promptly convene a meeting between Bioventus and Q-Med to discuss such plan. If Q-Med has not developed a plan of
action at the time of its notice to Bioventus of the Capacity Shortage, Q-Med shall promptly convene a meeting between Bioventus and Q-Med to develop in mutual
consultation a commercially reasonable course of action with respect to such Capacity Shortage. As soon as practicable after such meeting, Q-Med shall use Commercially Reasonable Efforts to carry out such
mutually determined plan of action. If such plan of action includes the use of a Third Party contract manufacturer, Q-Med shall use Commercially Reasonable Efforts to contract with a Third Party to Manufacture
such Licensed Product and supply the Purchasers. Q-Med shall in good faith negotiate the grant to such Third Party of license to so Manufacture such Licensed Product on the terms set forth in Schedule 6.2 and
provide such other assistance as may be required to enable such Third Party to validate a manufacturing facility and commence the Manufacture of such Licensed Product in accordance with the applicable Specifications and GMP. Upon resumption of
sufficient capacity at Q-Med’s facilities to fulfill Bioventus’ orders, Q-Med shall, subject to the terms and conditions of that Third Party license, resume
the Manufacture and supply of orders in accordance with the terms set forth in Section 2.2. 

  
 8 

	2.8	 Guaranty. Guarantor hereby unconditionally and irrevocably guarantees to Bioventus the
performance in full of Q-Med’s obligations under this Agreement. 

 ARTICLE
3. CONSIDERATION 
  

	3.1	 Pricing. 

  

	(a)	 Price. The purchase price of the Licensed Product shall be SEK [***] per [***] Unit of
Licensed Product. 

  

	(b)	 Price Adjustments. The purchase price of the Licensed Product shall not increase for the first
[***] ([***]) years following Regulatory Approval in the United States. Adjustments to the purchase price thereafter shall be made in accordance with Section 3.2 hereof, and increases or decreases shall not be made more than
[***] every year unless there is a Legally Required Change, and then in such case, not more than [***] every [***] ([***]) months and only in accordance with Section 3.2 hereof. 

 

	(c)	 Samples. The purchase price for Licensed Products that are used as samples shall be SEK [***] per
Unit. The amount of such samples purchased by Bioventus in the initial Royalty Year shall not exceed [***] percent ([***]%) of the total Units purchased for the initial Royalty Year, and for any subsequent Royalty Year shall not exceed
[***] percent ([***]%) of the total Units purchased for such Royalty Year. This Section 3.1(c) shall be of no further force and effect upon the license granted to Bioventus in Section 2.1 of the New US License Agreement being
converted to a non-exclusive license in accordance with the terms thereof. 

  

	(d)	 Each such price, as adjusted as provided above or in Section 3.2, shall be referred to as the
“Purchase Price”. 

  

	3.2	 Bases for Purchase Price Adjustments. Adjustments to the Purchase Price for each Licensed
Product as contemplated in Section 3.1(b) hereof may be based upon: 

  

	(a)	 changes in costs of the Licensed Product as a result of Bioventus Discretionary Changes; 

 

	(b)	 changes in manufacturing costs or market conditions; and 

 

	(c)	 changes in costs of the Licensed Product as a result of Legally Required Changes, as described in
Section 2.6(a). 

  
 9 

 If either Party desires to propose a Purchase Price adjustment, it shall provide the other
Party with at least [***] ([***]) days’ notice, accompanied by written documentation demonstrating such cost changes and explaining the reasons therefor. If the Parties are unable to agree on a purchase price adjustment for a
Licensed Product, the Chief Executive Officers of each of the Parties will meet to discuss the proposed purchase price adjustment in good faith. 
  

	3.3	 Payment Obligations. 

 

	(a)	 Invoices for the Purchase Price shall be issued upon shipment and shall be payable in SEK within [***]
([***]) days thereafter. 

  

	(b)	 All payments shall be made by wire transfer to an account designated in writing by Q-Med at least [***] Business Days prior to the date such payment is due or as specified in such invoice. Any required payment hereunder not made by Bioventus on or before the date specified in this
Section 3.3 shall bear interest from the date such payment is due until the date it is actually received by Q-Med at an annual rate equal to the rate of interest per annum publicly announced from time to
time by JPMorgan Chase Bank as its prime rate in effect on the date such payment is due at its principal office in New York City, plus [***] percent ([***]%) (or the highest rate permitted by law, if lower).
Notwithstanding the foregoing, if at any time Bioventus has failed to make a payment in full when due (a “Delinquent Payment”) and the aggregate amount of such Delinquent Payment exceeds [***] percent ([***]%)
of the value of the most recently placed Firm Order, Q-Med shall automatically be entitled to pre-payment for all subsequent deliveries until such Delinquent Payment has
been paid in full with interest from and including the date such Delinquent Payment was due (such interest to be determined in accordance with the immediately preceding sentence) but excluding the date of payment. 

 

	(c)	 The payments pursuant to this Article 3 are exclusive of all taxes and shall be made without deductions for
taxes, assessments, fees or charges of any kind. If Bioventus is required by law to withhold any tax to the tax or revenue authorities in any country regarding any payments or royalties, such amount shall be deducted from the amounts to be paid by
Bioventus, and Bioventus shall notify Q-Med and promptly furnish Q-Med with copies of any tax certificate or other documentation evidencing such withholding. Each Party
agrees to cooperate with the other Party in claiming exemptions from or collecting such deductions or withholdings under any agreement or treaty from time to time in effect. All payments to Q-Med shall be made
by Bioventus from the United States. 

 ARTICLE 4. DELIVERY AND WARRANTY 

 

	4.1	 Purchases, Shipments and Delivery. 

 

	(a)	 Delivery Terms. Q-Med shall deliver the Licensed Product FCA
(INCOTERMS 2010) Q-Med facility – [***] or such other facility as permitted under this Agreement, and Q-Med shall, on behalf of Bioventus and at
Bioventus’ expense, make such arrangements for shipping and export as may be instructed by Bioventus. Q-Med shall not be required to ship the Licensed Product to more than [***] ([***])
destinations. Q-Med shall so deliver the Licensed Product with a shelf life of at least [***]% of total shelf life. 

  
 10 

	(b)	 Orders. Q-Med’s sales of Licensed Product shall be subject
to the terms and limitations of this Agreement and not to any Bioventus purchase order, Q-Med order acknowledgement or other document not effectively amending this Agreement, except insofar as such order or
other document establishes: (i) the quantity of Licensed Product sold; (ii) the delivery date of Licensed Product; or (iii) the destination of shipment of Licensed Product. Any additional, inconsistent or different terms and
conditions contained in such other documents are hereby expressly rejected. 

  

	(c)	 Packing List. Q-Med shall include a packing list in each
shipment of Licensed Product which shall provide the following information: (i) Bioventus purchase order number, (ii) quantity, (iii) Q-Med lot number, (iv) commercial invoice; and
(v) any other legally required documentation. An electronic copy of this information shall be provided as an advance shipping notice upon delivery for shipment. 

 

	4.2	 Licensed Product Acceptance. Bioventus shall be entitled to reject all or any portion of a
shipment of Licensed Product within [***] ([***]) Business Days of Bioventus’ receipt of such shipment of Licensed Product based solely on obvious physical, packaging or Labeling damage or defect that would be evident upon visual
inspection of the packaged Licensed Product and discoverable without affecting the integrity of the Licensed Product packaging, as shipped by Q-Med (unless such obvious physical, packaging or Labeling damage
or defect was attributable to an act or omission of Bioventus or any of its Affiliates or any carrier after delivery by Q-Med in accordance with Section 4.1(a) (a “Visual Non-Conformity”)). If Bioventus does not provide notice within such time period, then Bioventus shall be deemed to have accepted such Licensed Product and waived its right to reject the shipment
based upon a Visual Non-Conformity. Bioventus shall provide Q-Med with written notice of any such rejection within the period set forth above together with a reasonably
detailed statement to support any such rejection. Q-Med shall notify Bioventus as promptly as reasonably possible, but in any event within [***] ([***]) Business Days after receipt of such
written notice, whether it agrees with Bioventus’ assertions with respect thereto. If Q-Med agrees with such assertions, all such rejected Licensed Product shall be returned to Q-Med together with the notice of rejection, a copy of the delivery receipt and the reasonably detailed statement of Bioventus’ reasons for rejection and Q-Med shall
replace such Licensed Product and shall reimburse Bioventus for the cost of shipping (including insurance). If Q-Med does not agree with Bioventus’ assertions and Bioventus does not accept Q-Med’s determination, then the Parties shall refer the dispute to a mutually acceptable independent testing laboratory for final resolution. If such independent laboratory affirms Bioventus’ finding of a
Visual Non-Conformity, Q-Med shall promptly supply Bioventus with the same quantity of such Licensed Product so found to be
non-conforming. The cost of such independent laboratory shall be borne by the Party whose findings are contrary to the findings of such independent laboratory. While any dispute regarding nonconformity of
Licensed Product is pending, Q-Med, using its Commercially Reasonable Efforts, shall replace any shipment or portion of a shipment under dispute, and Bioventus shall pay the applicable Purchase Price, subject
to a credit if such dispute is resolved in Bioventus’ favor. 

  

	4.3	 Latent Defects. The Parties acknowledge that it is possible for Licensed Product to have defects
that are not discoverable upon the visible inspection of the packaged Licensed Product (referred to herein as a “Latent Defect”). Latent Defects may include, by way of illustration and not definition or limitation, defects
not present in preshipment samples, loss of stability or other manufacturing defects. Q-Med is responsible for all Latent Defects to the extent expressly provided for in this Agreement. 

  
 11 

	4.4	 Warranties. 

  

	(a)	 Licensed Product Warranty. Q-Med warrants to Bioventus that it
will deliver Purchasers good title to the Licensed Product free and clear of any liens, claims, charges or encumbrances. Q-Med further represents and warrants to Bioventus that Licensed Product when delivered
in accordance with Section 4.1: (i) shall be Manufactured in accordance and conformity with the then applicable Specifications, (ii) shall not be adulterated or misbranded as defined in the FDCA (except to the extent arising out of
Labeling provided or specified by Bioventus or marketing, promotional or sales practices by any of the Purchasers) and (iii) shall be Manufactured in compliance with GMP. 

 

	(b)	 Remedy. Provided that Q-Med receives, within [***]
([***]) months after delivery, prompt written notice of a nonconformity with its foregoing warranties, Q-Med, at its option and expense, will furnish Bioventus a credit, refund or replacement of such
nonconforming Licensed Product. 

  

	(c)	 Exclusions. Q-Med’s warranties do not apply to the extent
any breach thereof arises out of any defect in a device provided or specified by Bioventus. 

  

	(d)	 THE FOREGOING WARRANTIES BY Q-MED ARE EXCLUSIVE AND IN LIEU OF ALL
OTHER WARRANTIES OF QUALITY AND PERFORMANCE, WRITTEN, ORAL OR IMPLIED, AND ALL OTHER WARRANTIES INCLUDING ANY IMPLIED WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE ARE HEREBY DISCLAIMED BY
Q-MED, ITS AFFILIATES AND THEIR SUBCONTRACTORS. 

  

	(e)	 Exclusive Remedies. Correction of nonconformities in the manner and for the period of time provided
above shall be Bioventus’ exclusive remedy and shall constitute fulfillment of all liabilities of Q-Med, its Affiliates and their subcontractors (including any liability for direct, indirect, special,
incidental or consequential damages), whether in warranty, contract, negligence, tort, strict liability, or otherwise, with respect to any nonconformance of or defect or deficiency in the Licensed Product, except to the extent provided in
Section 4.6 below. 

  

	4.5	 Legal Compliance. In the Manufacture of the Licensed Product,
Q-Med shall comply in all material respects with all applicable Laws and Rules, including those relating to the environment, health and safety. Following delivery of the Licensed Product, Bioventus shall
comply in all material respects with all applicable Laws and Rules, including those relating to the environment, health and safety, and with all applicable GMP and customary industry practices relating to handling, storage and distribution.

  

	4.6	 Indemnity. 

  
 12 

	(a)	 In addition to the indemnification provided for in Section 10.2 of the New US License Agreement and
subject to the terms set forth in Section 4.6(b) below, Q-Med shall indemnify, defend and hold harmless the Bioventus Indemnified Parties from and against any and all liability, claims, damage, or loss
(including reasonable attorneys’ and expert fees and expenses) arising out of or in connection with Third Party claims made or legal proceedings instituted against the Bioventus Indemnified Parties for bodily injuries, including death, or
tangible property damage suffered or incurred by a patient to the extent caused by (i) the negligence of Q-Med in the development or manufacture of a Licensed Product, (ii) a design defect in the
Licensed Product, (iii) a breach of the warranty set forth in Section 4.4 (“Licensed Product Claims”), or (iv) breach of the Quality Agreement; provided, that
Q-Med shall not be so liable to the extent any Licensed Product Claims result from a Licensed Product that following delivery to Bioventus in accordance with Section 4.1: (x) is not handled, stored, used
and otherwise managed in accordance with the Labeling (including uses indicated in the Labeling approved by the applicable Regulatory Authority) or clinical protocols, as applicable; (y) was used after expiration of the Licensed Product’s
labeled shelf life; or (z) has been modified or combined in any way with any other products in a manner not permitted or recommended by the Labeling for such Licensed Product (“Q-Med
Excluded Claims”); provided, further, Q-Med shall not be obligated under this Section 4.6, and Q-Med Excluded Claims shall be
deemed to include, any Licensed Product Claims arising out of: (yy) the injection or other use of needles, syringes or other delivery devices to administer a Licensed Product, including claims of pain, swelling and redness from the use of such
needles, or (zz) known adverse effects listed on the Licensed Product Labeling. 

  

	(b)	 Each Party’s indemnification obligation under Section 4.6 shall be subject to the same procedure and
other rights set forth in Section 10.4 of the New US License Agreement. The exercise by a Party of its right to control the defense and settlement of a claim or action pursuant to Section 10.4 of the New US License Agreement shall not
constitute a waiver of any limitation on indemnification set forth in this Section 4.6 or the right of Q-Med to reimbursement for any expense (including reasonable attorneys’ and expert fees and
costs) incurred in defending claims made or legal proceedings instituted against the Bioventus Indemnified Parties that are not covered by Section 4.6(a). In seeking indemnification pursuant to Section 4.6(a), the Bioventus Indemnified
Parties shall, in addition to complying with the procedures in Section 10.4 of the New US License Agreement, provide with the written notice to Q-Med required under Section 10.4 of the New US License
Agreement all information pertinent to such claims or proceedings, including all available information covered by Section 4.7, patient medical records, statements, reports, and demands, subject to compliance with applicable Laws and Rules
relating to the privacy of patient records. 

  

	(c)	 Q-Med’s liability in respect of Licensed Product Claim indemnity
obligation under Section 4.6(a)(iii) does not extend to Licensed Product Claims arising out of the labeling, the marketing or sales practices of Bioventus or other matters for which Bioventus is responsible under Section 10.2 of the New US
License Agreement. For the avoidance of doubt, nothing contained herein shall limit the rights and obligations set forth in Section 4.4(b) hereof. 

  
 13 

	(d)	 Bioventus shall implement all reasonable safety measures, including new or modified warnings or instructions to
patients or health care professionals, recommended in writing by Q-Med regarding the Licensed Product. Q-Med shall not have any liability under Section 4.6 for
Licensed Product Claims resulting from or arising out of Bioventus’ breach of this section. 

  

	(e)	 Bioventus shall indemnify, defend and hold harmless the Q-Med
Indemnified Parties from and against any and all liability, claims, damage, or loss (including reasonable attorneys’ and expert fees and expenses) arising out of or in connection with Third-Party claims
made or legal proceedings instituted against the Q-Med Indemnified Parties for bodily injuries, including death, or tangible property damage suffered or incurred by a patient to the extent resulting from any
Bioventus Discretionary Change or Q-Med Excluded Claim. 

  

	(f)	 Q-Med shall indemnify, defend and hold harmless the Bioventus
Indemnified Parties from and against any and all liability, claims, damage, or loss (including reasonable attorneys’ and expert fees and expenses) arising out of or in connection with Third Party claims made or legal proceedings instituted
against the Bioventus Indemnified Parties for bodily injuries, including death, or tangible property damage suffered or incurred by a patient to the extent resulting from any Q-Med Discretionary Change.

  

	4.7	 Licensed Product Complaints. Bioventus shall cooperate with
Q-Med in investigating and resolving customer complaints concerning the Licensed Product, including, to the extent practicable and feasible, obtaining relevant medical records, interviewing the administering
physician and obtaining such other information as is necessary to a full understanding of the patient’s complaint, subject to compliance with applicable laws relating to the privacy of patient records. Among other things, the Parties shall
promptly establish and implement a system for exchange of complaint and adverse event information between the Parties sufficient to allow each Party to comply with its respective indemnification obligations hereunder and under the New US License
Agreement and adverse event reporting obligations, which shall include appropriate provisions for recording worldwide customer complaints relating to Licensed Product and prompt notice to the other Party of significant and/or potentially reportable
adverse events. Bioventus shall cooperate fully with Q-Med in dealing with product complaints concerning the Licensed Product and shall take such action to promptly resolve such complaints as may be reasonably
requested by Q-Med. Bioventus shall provide accurate and timely information to Q-Med about all complaints and adverse events, and shall otherwise cooperatively undertake
investigations and provide information and analysis as reasonably requested by Q-Med. Bioventus shall provide appropriate medical advisory support to patients and physicians concerning the use of the Licensed
Product and responding to product complaints and adverse events. 

 ARTICLE 5. REPRESENTATIONS AND WARRANTIES 

 

	5.1	 Representations. Each Party hereby represents and warrants that: 

 

	(a)	 It is duly organized, validly existing and in good standing under the laws of its jurisdiction of organization
and has all requisite corporate power and authority to own and operate its properties and assets, to execute and deliver this Agreement and to perform its obligation hereunder. 

  
 14 

	(b)	 Its execution, delivery and performance of this Agreement have been duly authorized by it and this Agreement
will be, upon its execution and delivery, a valid and binding legal obligation of it, enforceable in accordance with its terms. 

  

	(c)	 The execution, delivery and performance of this Agreement does not and will not (i) violate, conflict with
or result in the breach of any provision of its corporate charter or by-laws (or similar organizational documents), (ii) violate or conflict with any law or governmental order applicable to it or its assets,
properties or businesses, or (iii) conflict with, result in a breach of, constitute a default (or event which with the giving of notice or lapse of time, or both, would become a default) under, require any consent under, or give to others any
rights of termination, amendment, acceleration, suspension, revocation or cancellation of, or result in the creation of any encumbrance on any of its outstanding shares of capital stock or any of its assets or properties pursuant to any note, bond,
mortgage, indenture, contract, agreement, lease, sublease, license, permit, franchise or other instrument or arrangement to which it is a party or by which any of its shares of capital stock or any of its assets or properties is bound or affected.

  

	(d)	 Other than as expressly stated in this Agreement, no permit, approval, authorization or consent of any Person
is required in connection with the execution, delivery and performance by it of this Agreement or the consummation of the transactions contemplated hereby. 

  

	5.2	 Additional Representations by Q-Med. Q-Med further represents, warrants and covenants, as of the Amendment Effective Date, that: 

  

	(a)	 Q-Med has the legal power to extend the rights granted to Bioventus
under this Agreement and that it has not made, and throughout the term of this Agreement will not make, any commitments to others inconsistent with such rights. 

 

	(b)	 Q-Med has received no notice from any governmental authority to the
effect that it has not materially complied with or is not now in material compliance with material Laws and Rules relating to the Manufacture of the Licensed Product. 

 

	(c)	 There are no claims, actions, suits or other proceedings pending, or to the knowledge of Q-Med, threatened which, would reasonably be expected to materially and adversely affect the ability of Q-Med to perform its obligations hereunder. 

 

	(d)	 Q-Med has not filed for bankruptcy, is not insolvent, has not proposed
a compromise or arrangement to its creditors generally, has not had any petition or a receiving order in bankruptcy filed against it, has not made a voluntary assignment in bankruptcy, has not taken any proceeding with respect to a compromise of
arrangement with its creditors, has not taken any proceeding to have it declared either bankrupt or liquidated, has not taken any proceeding to have a receiver appointed for any part of its assets, and has not had any execution, charging order, levy
or distress warrant become enforceable or become levied upon any of its assets. 

  

	(e)	 To the knowledge of Q-Med, there have been no claims or judicial
proceedings concerning the Q-Med Manufacturing Technology and no such claims have been threatened. 

  
 15 

	5.3	 NO OTHER REPRESENTATIONS OR WARRANTIES. EXCEPT AS EXPRESSLY PROVIDED IN SECTION 4.4 OR IN THE NEW
US LICENSE AGREEMENT, Q-MED MAKES NO REPRESENTATION OR WARRANTY, EXPRESS OR IMPLIED, EITHER AT LAW OR IN EQUITY, RELATED TO THE LICENSED PRODUCT, INCLUDING ANY REPRESENTATION OR WARRANTY AS TO VALUE,
MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE OR FOR ORDINARY PURPOSES, OR ANY OTHER MATTER. 

 ARTICLE 6. TERM AND
TERMINATION 
  

	6.1	 Term. Unless earlier terminated in accordance with Section 6.2 or 6.3, this Agreement shall remain
in force until (and including) the termination or expiration of the New US License Agreement. 

  

	6.2	 Manufacturing License. For purposes of this Agreement, a “Major Supply Default”
means a failure to supply at least [***] percent ([***]%) of the aggregate quantities of Licensed Product required under any Firm Orders in [***] ([***]) consecutive months and does not cure such shortfall by
supplying such shortfall within the subsequent [***] ([***]) months. Upon the occurrence of a Major Supply Default, Bioventus shall be entitled to terminate the Agreement effective immediately upon written notice to Q-Med. In addition and without limiting the other rights, remedies and obligations set forth this Agreement, upon the occurrence of a Major Supply Default (regardless of whether Bioventus has terminated the
Agreement in accordance with the foregoing), Q-Med shall do the following at its sole cost and expense (the “Manufacturing License Actions”): 

 

	(a)	 assist Bioventus in identifying alternative suppliers for the Licensed Product; 

 

	(b)	 upon Bioventus’ instruction, grant to Bioventus or to a Third Party reasonably acceptable to Bioventus
(the “Manufacturing Licensee”) the right to Manufacture the Licensed Product on the following terms (the “Manufacturing License”): Q-Med shall grant an
irrevocable, royalty-free, exclusive license under the Q-Med IP to manufacture the Licensed Product in the Licensed Field in the Territory, including the right to
sublicense its license rights to Bioventus Affiliates and Third Party contract manufacturers. For clarity, at Bioventus’ option, the grant of the Manufacturing License may be accomplished by deeming that the license grant in Section 2.1 of
the New US License Agreement is amended to include manufacturing. 

  

	(c)	 promptly, but in any event within [***] days after the Manufacturing Licensee is engaged, provide
Bioventus or the Manufacturing Licensee, as applicable, copies of all tangible embodiments of Q-Med Manufacturing Technology then being used by Q-Med or any of its Third
Party contract manufacturers to Manufacture the applicable Licensed Product, including all analytical and process techniques, standard operating procedures and batch records. Q-Med shall also provide all
reagents and analytical standards used to conduct such analytical methods conducted by Q-Med and which are not commercially available. 

  
 16 

	(d)	 Q-Med shall further provide such technical assistance as may be
reasonably required to enable Bioventus or a competent and experienced contract manufacturing organization to Manufacture the Licensed Product using the Q-Med Manufacturing Technology. All such services shall
be provided at Q-Med’s expense, except for out-of-pocket travel costs. 

 

	(e)	 assist with training and transfer of the information and technology necessary to Manufacture the Licensed
Product, including access to key personnel with know-how regarding the Manufacture of the Licensed Product; 

  

	(f)	 grant access to Q-Med’s manufacturing facility for a reasonable
period of time, during regular business hours, as necessary to accomplish the transfer of the manufacturing of the Licensed Product to Bioventus or the Manufacturing Licensee, as quickly as possible; and 

 

	(g)	 use Commercially Reasonable Efforts (including, as appropriate, assignment of agreements to Bioventus or the
Manufacturing Licensee) to cause Q-Med’s raw material and component suppliers to supply such components and raw materials that are necessary for the Manufacture of the Licensed Product to be supplied
directly to Bioventus or the Manufacturing Licensee, as applicable, to the same extent supplied to Q-Med for the manufacture of the Licensed Product prior to the Major Supply Default. 

In the event a Manufacturing License is granted hereunder: (i) no additional compensation shall be payable to
Q-Med with respect to the Manufacturing License other than the Variable Royalty otherwise payable under the New US License Agreement; (ii) the Variable Royalty payable under the New US License Agreement
shall be reduced by the Purchase Price per Unit of Licensed Product sold; (iii) Bioventus’ obligation to pay the Variable Royalty under the New US License Agreement shall end on the [***] ([***]) year anniversary of the
granting of the Manufacturing License, and thereafter the Manufacturing License shall be completely royalty free and paid up; (iv) Q-Med shall not be responsible for any Licensed Product Manufactured by
or for Bioventus under such Manufacturing License, except pursuant to clause (ii) of Section 4.6(a) of the Agreement; and (v) Q-Med shall not be obligated to supply Licensed Product to Bioventus
in any specified quantities after a Third Party contract manufacturer commences delivering Licensed Product to Bioventus. If Bioventus uses a Third Party contract manufacturer to Manufacturer any Licensed Product, then, upon the expiration or
termination of the supply contract with such Third Party contract manufacturer, if Q-Med has resolved the issues that caused the Major Supply Default, Bioventus will provide
Q-Med with a reasonable opportunity to negotiate mutually acceptable terms for Q-Med to be reinstated as the manufacturer of the associated Licensed Products (provided
that Q-Med shall be responsible for Bioventus’ reasonable expenses related thereto). Nothing in Section 6.2 shall limit the remedies or rights of Bioventus in the event of a Major Supply Default and
Bioventus’ rights under Section 6.2 shall be in addition to all other remedies available under this Agreement at law or in equity. The foregoing notwithstanding, in no event shall Q-Med be obligated
to grant a Manufacturing License hereunder (i) if the Major Supply Default is caused by a Force Majeure that lasts less than [***] months or (ii) if at the time of the Major Supply Default the then current Minimum Sales Requirement
is less than [***] Units. 

  
 17 

	6.3	 Early Termination. If either Party (“Breaching Party”) commits a material
breach of its obligations under this Agreement (other than a Major Supply Default, which termination right shall be governed by Section 6.2 hereof), the other Party (“Terminating Party”) may terminate this Agreement in
accordance with the terms hereof. The Terminating Party shall provide written notice to the Breaching Party, which notice shall identify the material breach, the intent to so terminate and the actions or conduct that it considers would be an
acceptable cure of such breach. The Breaching Party shall have a period of [***] ([***]) days (or, in respect of any payment default, [***] ([***]) days) after such written notice is provided to cure such breach. If such
breach is not cured within such [***] ([***]) or [***] ([***]) day period, as applicable, the Agreement shall be terminated. 

  

	6.4	 Effect of Termination or Expiration. 

 

	(a)	 Upon termination of this Agreement pursuant to Section 6.3, Q-Med
will furnish to Bioventus a complete inventory of all work-in-progress for the Manufacture of the Licensed Product and an inventory of all finished Licensed Product.
Unless otherwise agreed to between the Parties, all stock on hand as of such termination will be dealt with promptly as provided in Section 12.6 of the New US License Agreement. 

 

	(b)	 Upon termination of this Agreement pursuant to Section 6.3, each of Bioventus and Q-Med will immediately at its expense return to the other Party all proprietary and confidential documents, work papers and other material of the other Party and its Affiliates relating to the transactions
contemplated hereby obtained from that other Party or its Affiliates pursuant to this Agreement, whether so obtained before or after the execution hereof, and all copies, extracts or other reproductions, in whole or in part thereof which may have
been made by or on behalf of Bioventus or Q-Med or their respective representatives, as the case may be, and shall deliver to the other Party or destroy all notes or memorandum or other stored information of
any kind containing, reflecting or derived from such documents, work papers and other material, except that Bioventus shall have the right to retain one archival copy, which may be retained by each Party’s outside counsel or in-house counsel, which copy retained by Bioventus may be used in connection with its compliance with applicable Laws and Rules. The return or destruction, as applicable, of such documents, work papers and other
material (and all copies, extracts or other reproductions in whole or in part thereof) pursuant to this Section 6.4(b) shall be certified in writing by an authorized officer supervising the same. Notwithstanding such return or destruction, each
Party will continue to be bound by its obligations of confidentiality under Article 8 herein. Each Party shall not use or disclose to any Person any information derived from such confidential and proprietary documents, work papers and other material
of the other Party and shall be responsible for preventing the disclosure of any such information as provided in Article 8. 

  

	(c)	 Upon termination of this Agreement, all obligations of the Parties hereunder shall terminate, except for
Sections 4.5, 4.6, 6.4, 7.2 and Articles 8 and, to the extent requires to give effect to the foregoing, Articles 1 and 9; provided, that termination will not relieve a defaulting or breaching Party from any liability to the other Party
hereto, including the obligation to pay invoiced amounts when due. Termination shall not relieve either Party from obligations that are indicated to survive termination or expiration of this Agreement. Termination is not the sole remedy under this
Agreement and, whether or not termination is effected, all other remedies will remain available, except as agreed to or otherwise expressly provided for herein. For the avoidance of doubt, termination of this Agreement shall not affect the
obligation of Bioventus or its affiliates from paying royalties owed pursuant to the New US License Agreement. 

  
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	6.5	 Q-Med Sole Suppliers. 

 

	(a)	 During the period beginning on the Amendment Effective Date and ending on the date [***], any
interruption in Q-Med supplying Licensed Products to Bioventus under this Agreement shall not be considered a failure to supply for purposes of determining whether a Major Supply Default has occurred, or
otherwise be a breach of this Agreement, to the extent that such interruption is due to problems that are the fault of [***]. For the avoidance of doubt, the above provision in this Section 6.5 shall automatically become null and void
without any action by the Parties as soon as a second HA supplier is approved by the FDA. 

  

	(b)	 During the period beginning on the Initial Regulatory Approval Date, any interruption in Q-Med supplying Licensed Products to Bioventus under this Agreement shall not be considered a failure to supply for purposes of determining whether a Major Supply Default has occurred, or otherwise be a breach of
this Agreement, to the extent that such interruption is due to problems that are the fault of [***] of any component or any raw material necessary for the production of the Licensed Products, where FDA approval of a replacement for
[***] of such component or raw material is required and (i) Q-Med requested Bioventus to seek FDA approval of [***] at least [***] ([***]) months prior to the interruption; and
(ii) Bioventus failed (y) to file for FDA approval of [***] within [***] ([***]) days after receipt of Q-Med’s written notice, or (z) to use Commercially Reasonable
Efforts to seek FDA approval of [***] after filing. For the avoidance of doubt, this Section 6.5(b) shall not apply to the initial FDA approval of a [***] as that situation shall be governed by Section 6.5(a).

 ARTICLE 7. INSPECTION OF MANUFACTURING FACILITIES 

 

	7.1	 Inspection Rights. Upon [***] weeks’ prior written notice to
Q-Med, Q-Med will permit Bioventus and Affiliates to conduct an inspection and audit of Q-Med’s and/or its Affiliates’
manufacturing facilities and operations to the extent used in the manufacturing, receiving, sampling, analyzing, storing, handling, packaging and shipping of Licensed Product for Bioventus in the Territory, including the receipt, storage and
issuance of raw materials, labeling and packaging components and ingredients thereof (including all documentation related thereto) for the purpose of quality control and to assure compliance with GMP, applicable Laws and Rules and the terms of this
Agreement. Bioventus may not conduct an audit hereunder or pursuant to the New US License Agreement more frequently than once during any twelve (12) month period; provided, that additional audit(s) may be conducted in the event there is
a quality or compliance issue concerning a Licensed Product for Bioventus or its manufacture that Bioventus deems in good faith to be material hereunder. Bioventus may conduct such audit using its own personnel, the personnel of a Bioventus
Affiliate, or a Third Party auditor/inspector and shall conduct such audit, or cause such audit to be conducted, during regular business hours and in such a manner so as to minimize interference with
Q-Med’s operations. Q-Med will provide Bioventus with access to relevant personnel during the audit and Q-Med will provide a
written response to any written audit observations provided by Bioventus within [***] ([***]) days of Q-Med’s receipt thereof. In the event that the facilities used by Q-Med to produce Licensed Product are the subject of an audit or inspection by FDA or a similar Regulatory Authority relating to the manufacture of a Licensed Product for Bioventus,
Q-Med shall notify Bioventus, and, if possible under the circumstances, Bioventus or its Affiliates or representatives shall have the right to be present during such audit or inspection. The foregoing
notwithstanding, Bioventus’ or its Affiliates’ regulatory affairs staff may with prior written notice to Q-Med make non-audit visits to Q-Med’s facilities for the purpose of assisting in preparation for FDA or other Regulatory Authority visits. Bioventus acknowledges that any non-public and proprietary
information provided to Bioventus during the course of such audit (regardless of whether it is marked as confidential) shall be deemed Confidential Information as defined in Section 11 of the New US License Agreement for as long as it does not
fall under the exceptions in Section 11.3 of the New US License Agreement. 

  
 19 

	7.2	 Records. Q-Med shall keep complete, accurate and detailed
original records pertaining to the Manufacture, including quality control of each lot, of Licensed Product produced and manufactured by Q-Med or its Affiliates hereunder. Records shall be maintained for the
longer of (i) any period required under applicable law, and (ii) a period of two (2) years after expiry of the expiration dating of such lot. For validation batches, Q-Med shall keep the
documents throughout the commercial life of the relevant Licensed Product. Q-Med shall make available to Bioventus such records (including making copies thereof) without unreasonable delay to the extent
reasonably requested and required by Bioventus to comply with its regulatory and other legal requirements. 

  

	7.3	 Regulatory and Quality Cooperation. 

 

	(a)	 Q-Med shall promptly, and in any event, within [***]
([***]) Business Days of becoming aware, notify Bioventus of any quality, materials or manufacturing issues that arise that are likely to affect the Commercialization or marketability of the Licensed Product. Without limiting the foregoing
and in addition any rights and obligations set forth in the Quality Agreement, Q-Med will notify Bioventus promptly if (i) Q-Med (or its authorized agents) is
served with notice of violation of any law, regulation, permit or license which relates to the materials, quality or manufacturing of the Licensed Product; (ii) proceedings are commenced which could lead to revocation of permits of licenses
which relate to the materials, quality or manufacturing of the Licensed Product; or (iii) any safety issues or regulatory actions with respect to the safety of the Licensed Products have been initiated by
Q-Med or a Regulatory Authority, including but not limited to adverse events, corrective actions, recalls, clinical holds, restrictions on distribution, dosage modification or formulation changes for safety
reasons. In addition, Q-Med will timely share any findings with Bioventus resulting from any audits or investigations conducted by or on behalf of Q-Med, its Affiliates
or Regulatory Authorities that are likely to affect the Commercialization or marketability of the Licensed Product, or that otherwise affect the safety and quality of the Licensed Product. In addition to the foregoing, the Parties shall comply with
the notification requirements relating to the Licensed Product as set forth in the Quality Agreement. 

  

	(b)	 Bioventus shall promptly, and in any event within [***] ([***]) Business Days, notify Q-Med of any instance where Bioventus has actual knowledge that Licensed Product (i) was not handled, stored, used and otherwise managed in accordance with the Labeling (including uses indicated in the Labeling
approved by the applicable Regulatory Authority) or clinical protocols, as applicable; (ii) was used after expiration of the Licensed Product’s labeled shelf life; or (iii) has been modified or combined in any way with any other
products in a manner not permitted or recommended by the Labeling for such Licensed Product. 

  
 20 

 ARTICLE 8. CONFIDENTIALITY 

The terms and provisions of Article 11 of the New US License Agreement are incorporated herein by reference and each Party agrees to be bound by such terms
and provisions as if expressly stated herein. All non-public and proprietary data and information disclosed pursuant to this Agreement, including all batch records, Certificates of Analysis, information
disclosed pursuant to Section 7.3 hereof, and other information relating to the manufacture of the Licensed Product (regardless of whether it is marked as confidential), shall be deemed “Confidential Information” as defined in
Section 11 of the New US License Agreement and subject to the confidentiality provisions thereof for as long as it does not fall under the exceptions in Section 11.3 of the New US License Agreement. In no event shall Bioventus have the
right to use or disclose any Q-Med Manufacturing Technology except to the extent expressly permitted under Section 11.1 of the New US License Agreement or as permitted in the event of a Major Supply
Default. 
 ARTICLE 9. MISCELLANEOUS 
  

	9.1	 Limitation of Liability. IN NO EVENT SHALL EITHER PARTY OR THEIR AFFILIATES BE LIABLE FOR
SPECIAL, PUNITIVE, INDIRECT, INCIDENTAL OR CONSEQUENTIAL DAMAGES, WHETHER BASED ON CONTRACT, NEGLIGENCE, STRICT LIABILITY, TORT OR ANY OTHER LEGAL THEORY, and excluding any claims of Third Parties for such damages that are subject to an
indemnification obligation under Section 4.6; provided, nothing in this Section 9.1 is intended to limit Bioventus’ payment obligations under Article 3. Notwithstanding anything to contrary herein or in the New US License
Agreement, neither Party shall have any liability under this Agreement for an indemnification claim or other matter to the extent that such claim or other matter was satisfied under the New US License Agreement. 

 

	9.2	 Force Majeure. Without limiting Q-Med’s obligations under
Section 2.2(b), Section 2.5 and Section 6.2 hereof, Q-Med shall not be liable for loss, damage, detention, or delay, nor be deemed to be in default, from causes beyond its reasonable control or
from epidemics, floods, typhoons, or any other weather condition that shall be unusually severe, earthquakes, explosions, fires, wars (declared or not), war-like situations, blockades, embargoes, revolutions,
riots, insurrections, any extended interruption of public transportation, civil commotion, strikes, lockouts, acts of God or nature, changes in law or governmental regulations, or expropriation or other similar governmental action, inability to
obtain necessary materials or manufacturing facilities from usual sources or from defects or delays in the performance of its suppliers or subcontractors due to any of the foregoing enumerated causes (each a “Force Majeure”).
In the event of delay due to any such cause, the date of delivery shall be adjusted as may be reasonably necessary, but in no event more than [***] ([***]) days. In addition and without limiting the other rights, remedies and
obligations set forth this Agreement, Bioventus may cancel any order, in whole or in part, which cannot be completed due to any of the foregoing causes within [***] ([***]) days after the delivery date specified in the order.

  
 21 

	9.3	 Choice of Law. This Agreement shall be construed, governed, interpreted and applied in accordance
with the laws of the State of New York, without regard to conflict of laws principles, except that questions affecting the construction and effect of any patent shall be determined by the law of the country in which the patent was granted.

  

	9.4	 Arbitration. Any dispute arising out of or in connection with, or relating to, this Agreement, or the
breach, termination, or invalidity hereof, including claims of fraud in the inducement, shall be resolved as follows. In the event of a dispute between the Parties, either Party may initiate the dispute resolution procedures of this Section 9.4
by providing written notice (the “Notice of Claim”) to the other Party identifying the dispute and stating the desire to resolve the dispute. After receiving the Notice of Claim, respondent will respond in writing within
[***] ([***]) calendar days by stating its position and setting forth a proposed resolution of the dispute. If claimant and respondent are not able to resolve the dispute within [***] ([***]) calendar days after the date
of such response, the matter in dispute shall be settled by arbitration administered by the American Arbitration Association (the “AAA”) under its Commercial Arbitration Rules, and judgment on the award rendered by the arbitrator(s)
may be entered in any court having jurisdiction thereof. The Parties hereby irrevocably and unconditionally submit to the jurisdiction of the AAA for the purposes of such proceeding, and any counterclaims that relate in any respect to this Agreement
thereafter asserted by a Party to such proceedings. The arbitral tribunal shall be comprised of three arbitrators with relevant expertise in the subject matter of the dispute. The arbitrators shall have the full authority, consistent with New York
law, to consider granting non-monetary relief, including, but not limited to, rescission, termination, declaratory judgment, or any form of equitable relief recognized under New York law. A Party may pursue
both non-monetary and monetary relief without regard to election of remedies, but may not be granted inconsistent or duplicative remedies. The place of arbitration shall be [***]. The language to be
used in the arbitral proceedings shall be English. The Parties agree that the losing Party shall bear the cost of the arbitration filing and hearing fees, the cost of the arbitrators and the AAA administrative expenses and the attorney’s fees
and reasonable associated costs and expenses of each Party. The Parties agree to reasonable document discovery provided the requesting Party makes a showing of relevance and need to the tribunal. 

 

	9.5	 Assignment. Neither this Agreement nor any of the rights and obligations arising hereunder may be
assigned or transferred by either Party without the prior written consent of the other. Such consent will not be unreasonably withheld or delayed. Notwithstanding the foregoing, (a) either Party may assign this Agreement without the consent of
the other Party to any Affiliate of such Party; provided, that such Affiliate assumes such assignment in writing to the other Party and the assigning Party shall remain joint and severally liable with such Affiliate for all of its obligations under
this Agreement; and (b) Bioventus may assign or transfer this Agreement without the consent of Q-Med to any entity that acquires substantially all of the assets of the business to which this Agreement
relates, or in the event of a change of control of Bioventus. 

  
 22 

	9.6	 Insolvency. To the extent permitted under applicable law: (a) the validity of this Agreement
shall not be affected by any proceeding under a law relating to insolvency or adjustment of debt; (b) this Agreement shall not be subject to termination on the basis that any Party becomes a party to any insolvency proceeding or one that
contemplates the adjustment of debt; and (c) if Q-Med becomes a debtor in a proceeding under a law relating to insolvency or adjustment of debt, Bioventus may retain its rights with respect to the Q-Med IP under this Agreement for the duration of the Term and may offset against any royalty or other payment obligations the amount of any damages caused by nonperformance of any of
Q-Med’s obligations under this Agreement 

  

	9.7	 Notices. Any notice to be given by one Party to the other shall be in writing and shall be deemed
given when delivered personally, mailed by certified or registered mail, postage prepaid or sent by reputable international courier (such mailed notice to be effective on the date which is [***] business days after the date of mailing), or
sent by facsimile (such facsimile notice to be effective upon receipt of confirmation (a) on the date so confirmed if prior to 5 p.m. local time on a local Business Day, or (b) if not so confirmed prior to 5 p.m. local time on a local
Business Day, the following Business Day), and addressed as follows (or to such other address as a Party may designate as to itself by written notice to the other Party): 

If to Q-Med: 

Q-Med AB 

Seminariegatan 21 

752 28 Uppsala, Sweden 

Attention:  

Telephone No.:  

Facsimile No.:  

If to Guarantor: 

Nestlé Skin Health S.A. 

Avenue Gratta-Paille 2 

Lausanne, Vaud 

Switzerland 

Attention:  

Telephone:  

Facsimile:  

If to Bioventus: 

Bioventus LLC 

4721 Emperor Blvd. Suite 100 

Durham, NC 27703 

Attn.  

With a copy to 

Bioventus LLC 

4721 Emperor Blvd. Suite 100 

Durham, NC 27703 

Attn.  

  
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	9.8	 Amendment. This Agreement may be modified or amended only by written agreement of the Parties
hereto signed by authorized representatives of the Parties hereto and specifically referencing this Agreement. 

  

	9.9	 Entire Agreement. 

 

	(a)	 This Agreement, together with the New US License Agreement, the Quality Agreement and the New Nasha Amended
License Agreement, each of their appendices, exhibits, schedules and certificates, and all documents and certificates delivered or contemplated in connection herewith and therewith constitute the entire agreement between the Parties with respect to
the subject matter hereof and supersede all prior agreements or understandings of the Parties relating thereto. 

  

	(b)	 Upon the Amendment Effective Date, the Current US Supply Agreement shall be terminated and replaced in its
entirety with this Agreement. 

  

	9.10	 Severability. Whenever possible, each provision of this Agreement will 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 prohibited by, invalid or unenforceable under applicable law, such provision will be ineffective only to the extent of such prohibition,
invalidity or enforceability, without invalidating the remainder of this Agreement and the Parties shall in good faith seek to agree on an alternative provision reflecting the intent of the Parties that is enforceable. 

 

	9.11	 Expenses. Except as set forth in this Agreement, Q-Med
and Bioventus will each bear their own expenses and the expenses of their respective Affiliates incurred in connection with the negotiation and preparation of this Agreement. 

 

	9.12	 Further Actions. Q-Med and Bioventus each hereby agrees
to use all reasonable efforts to take, or cause to be taken, all actions and to do, or cause to be done, all things necessary or proper and execute and deliver such documents and other papers as may be required to make effective the transactions
contemplated by this Agreement. 

  

	9.13	 Waiver. Any term or provision of this Agreement may be waived at any time by the Party entitled
to the benefit thereof only by a written instrument executed by such Party. No delay on the part of Q-Med or Bioventus in exercising any right, power or privilege hereunder will operate as a waiver thereof,
nor will any waiver on the part of either Q-Med or Bioventus of any right, power or privilege hereunder operate as a waiver of any other right, power or privilege hereunder nor will any single or partial
exercise of any right, power or privilege hereunder preclude any other or further exercise thereof or the exercise of any other right, power or privilege hereunder. 

 

	9.14	 Relationship of the Parties. The Parties shall each be an independent contractor in the
performance of their respective obligations hereunder, and, the provisions hereof are not intended to create any partnership, joint venture, agency or employment relationship between the Parties. Each Party shall be responsible for and shall comply
with all state, local, federal and foreign laws pertaining to employment taxes, income withholding and other employment related statutes applicable to that Party. Except as is expressly set forth herein, neither Party will have any right by virtue
of this Agreement to bind the other Party in any manner whatsoever. 

  
 24 

	9.15	 No Third Party Rights. No provision of this Agreement will be deemed or construed in any way to
result in the creation of any rights or obligations in any Person not a Party to this Agreement. 

  

	9.16	 Construction. This Agreement will be deemed to have been drafted by both Q-Med and Bioventus and will not be construed against either Party as the draftsperson hereof. 

  

	9.17	 Enforcement. The Parties agree that irreparable damage would occur in the event that any of the
provisions of this Agreement were not performed in accordance with their specific terms. It is accordingly agreed that the Parties shall be entitled to specific performance of the terms of this Agreement, this being in addition to any other remedy
to which they are entitled at law or in equity. 

  

	9.18	 Counterparts. This Agreement may be executed in one or more counterparts, each of which shall be
deemed an original, and all of which shall constitute one and the same agreement. 

  

	9.19	 Headings. The heading references herein are for convenience purposes only, do not constitute a
part of this Agreement and shall not be deemed to limit or affect any of the provisions hereof. 

  

	9.20	 Appendices, Exhibits, Schedules and Certificates. Each appendix, exhibit, schedule
and certificate attached hereto is incorporated herein by reference and made a part of this Agreement. 

 [Signatures
Follow] 

  
 25 

 IN WITNESS WHEREOF, the Parties have duly executed this Agreement as of the day and year first above
written. 
  

			
	Q- MED AB
		
	By:	 	 /s/ Christian Matton

		 	Name: Christian Matton
		 	Title: Chairman of the Board
	
	NESTLÉ SKIN HEALTH S.A. in its capacity as Guarantor
		
	By:	 	 /s/ Stuart Raetzman

		 	Name: Stuart Raetzman
		 	Title: Member of the Board
	
	BIOVENTUS LLC
		
	By:	 	 /s/ Anthony P. Bihl III

		 	Name: Anthony P. Bihl III
		 	Title: CEO

 SCHEDULE A 

QUALITY AGREEMENT 

 SCHEDULE B 

SPECIFICATIONS 
  

	1.	 Licensed Product specification 

Durolane®, Art. No: TBD 

[***]

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