Document:

EX-10.2

 CONFIDENTIAL 
 [*]
= Certain confidential information contained in this document, marked by brackets, has been omitted and filed separately with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

Exhibit 10.2 
 LICENSE
AGREEMENT 
 Dated June 10, 2015 

By and Between 
 ARES
TRADING S.A. 
 And 

OBSEVA S.A. 

 LICENSE AGREEMENT 

THIS LICENSE AGREEMENT (the “Agreement”) is dated as of June 10, 2015 (the “Effective Date”) by
and between ARES TRADING SA, a Swiss corporation with registered offices at Zone Industrielle de l’Ouriettaz, 1108 Aubonne, Switzerland (“Merck Serono”) and OBSEVA S.A., a Swiss corporation with registered offices
at 12, Chemin des Aulx, 1228 Plan-Les-Ouates, Geneva (“Licensee”). Merck Serono and Licensee may be referred to herein as a “Party” or, collectively, as “Parties”. 

WITNESSETH: 

WHEREAS, Licensee is active in the field of reproductive health and medicine; 

WHEREAS, Merck Serono is engaged, among other activities, in the development of pharmaceutical products; and 

WHEREAS, Merck Serono wishes to license to Licensee, on an exclusive worldwide basis, the right to research, develop, manufacture and
commercialize products comprising the Licensed Compounds in the Field (as hereinafter defined); and 
 WHEREAS, Licensee wishes to
obtain, and Merck Serono is willing to grant a license to the Merck Serono Technology upon the terms and conditions set forth herein; and 

NOW, THEREFORE, in consideration of the promises and mutual covenants contained herein, the parties agree to as follows: 

ARTICLE 1 - DEFINITIONS 

The following terms shall have the following respective definitions: 

1.1 “Affiliate” means a Person or entity that controls, is controlled by or is under common control with a Party, but only
for so long as such control exists. For the purposes of this Section 1.1, the word “control” (including, with correlative meaning, the terms “controlled by” or “under the common control with”) means the actual
power, either directly or indirectly through one or more intermediaries, to direct the management and policies of such Person or entity, whether by the ownership of at least fifty percent (50%) of the voting stock of such entity, or by contract
or otherwise. 
 1.2 “Bankruptcy Event” means: (a) voluntary or involuntary proceedings by or against a
Party instituted in bankruptcy under any insolvency law, which proceedings, if involuntary, shall not have been dismissed within sixty (60) days after the date of filing; (b) a receiver or custodian is appointed for a Party;
(c) proceedings are instituted by or against a Party for corporate reorganization, dissolution, liquidation or winding-up of such Party, which proceedings, if involuntary, shall not have been dismissed within sixty (60) days after the date
of filing; or (d) substantially all of the assets of a Party are seized or attached and not released within sixty (60) days thereafter. 

  
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 [*] = Certain confidential information contained in this document, marked by brackets, has been omitted and
filed separately with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

  

 1.3 “Calendar Quarter” means each three (3) month period commencing
January 1, April 1, July 1 or October 1, provided however that (i) the first Calendar Quarter of the Term shall extend from the Effective Date to the end of the first full Calendar Quarter thereafter, and
(ii) the last Calendar Quarter of the Term shall end upon the expiration of this Agreement. 
 1.4 “Calendar Year”
means the period beginning on the 1st of January and ending on the 31st of December of the same year, provided however that (i) the first
Calendar Year of the Term shall commence on the Effective Date and end on December 31, 2015 and (ii) the last Calendar Year of the Term shall commence on January 1 of the Calendar Year in which this Agreement terminates or expires and
ends on the date of termination or expiration of this Agreement. 
 1.5 “Clinical Trial” means a clinical trial in human
subjects that has been approved by a Regulatory Authority and is designed to measure the safety and/or efficacy of a Licensed Product. Clinical Trials shall include Phase I Trials, Phase II Trials and Phase III Trials. 

1.6 “Combination Product” means a product containing the Licensed Product together with one or more active ingredient, or
with one or more product, device, equipment or component. 
 1.7 “Commercialization” or “Commercialize” means any
and all activities undertaken prior to and after Regulatory Approval of an NDA for a particular Licensed Product and that relate to the marketing, promoting, distributing, importing for sale, offering for sale, and selling of the Licensed Product.

 1.8 “Commercially Reasonable Efforts” means, (a) with respect to the efforts to be expended by any Party with
respect to any objective, such reasonable, diligent, and good faith efforts as such Party would normally use to accomplish a similar objective under similar circumstances, and (b) with respect to any obligation relating to research, Development
or Commercialization of a Licensed Product by Licensee, the application by Licensee of the level of efforts required to carry out such obligation in a sustained manner consistent with the efforts a similarly situated biopharmaceutical company or
pharmaceutical company, as the case may be, devotes to a product of similar market potential, profit potential or strategic value resulting from its own research efforts. 

1.9 “Confidential Information” of a Party means information relating to the business, operations and products of a Party or
any of its Affiliates, including but not limited to, any technical information, Know-How, trade secrets, or inventions (whether patentable or not), not known or generally available to the public, that such Party discloses to the other Party under
this Agreement, or otherwise becomes known to the other Party by virtue of this Agreement. 
 1.10 “Controlled” means, with
respect to (a) Patent Rights, (b) Know-How or (c) biological, chemical or physical material, that a Third Party or a Party or one of its Affiliates owns or has a license or sublicense to such right, item, or material (or in the case
of material, has the right to physical possession of such material) and has the ability to grant a license or sublicense to, or assign its right, title and interest in and to, such right, item or material as provided for in this Agreement. 

  
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 [*] = Certain confidential information contained in this document, marked by brackets, has been omitted and
filed separately with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

  

 1.11 “Cover”, “Covering” or
“Covered” means, with respect to a Licensed Product, that the using, selling, or offering for sale of such Licensed Product would, but for a license granted in this Agreement under the Merck Serono Patents, infringe a Valid Claim of
the Merck Serono Patents in the country in which the activity occurs. 
 1.12 “Development” means, with
respect to a Licensed Product, the performance of all pre-clinical and clinical development (including toxicology, pharmacology, test method development and stability testing, process development, formulation development, quality control
development, statistical analysis), Clinical Trials (excluding clinical trials conducted after Regulatory Approval of an NDA), manufacturing and regulatory activities that are required to obtain Regulatory Approval of the Licensed Product in the
Territory. 
 1.13 “Executive Officers” means, together, a member of the senior management of the
pharmaceutical division of Merck Serono and the Chief Executive Officer of Licensee. 
 1.14 “EMA” means the European
Medicines Agency or any successor agency. 
 1.15 “FDA” means the United States Food and Drug Administration, or a
successor federal agency thereto. 
 1.16 “Field” means all prophylactic, palliative, therapeutic or diagnostic uses in
humans and animals. 
 1.17 “First Commercial Sale” shall mean, on a country-by-country basis, the first sale
for monetary value to a Third Party for use or consumption of the Licensed Product, by Licensee, its Affiliate(s) or Sublicensees. For the avoidance of doubt, a First Commercial Sale may only occur after the Licensed Product has received Regulatory
Approval valid for the country in which the First Commercial Sale occurs. 
 1.18 “Governmental Body” means any:
(a) nation, principality, state, commonwealth, province, territory, county, municipality, district or other jurisdiction of any nature; (b) federal, state, local, municipal, foreign or other government; (c) governmental or
quasi-governmental authority of any nature (including any governmental division, subdivision, department, agency, bureau, branch, office, commission, council, board, instrumentality, officer, official, representative, organization, unit, body or
entity and any court or other tribunal); (d) multi-national or supranational organization or body; or (e) individual, entity, or body exercising, or entitled to exercise, any executive, legislative, judicial, administrative, regulatory,
police, military or taxing authority or power of any nature. 
 1.19 “IND” means an investigational new drug application
filed with the FDA or the equivalent application or filing filed with any equivalent agency or Governmental Body outside the United States (including any supra-national entity such as in the European Union) for approval to commence Clinical Trials
in such jurisdiction, and including all regulations at 21 CFR § 312 Et. Seq. and equivalent foreign regulations. 
 1.20
“Initiation” of a Clinical Trial means the [*] patient with a Licensed Product in such Clinical Trial. 

  
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 [*] = Certain confidential information contained in this document, marked by brackets, has been omitted and
filed separately with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

  

 1.21 “Know-How” means any scientific or technical information, results and data
of any type whatsoever, in any tangible form, that is not in the public domain or otherwise publicly known, including, without limitation, discoveries, inventions, trade secrets, databases, practices, protocols, regulatory filings, methods,
processes, techniques, biological and other materials, reagents, specifications, formulations, formulae, data (including pharmacological, biological, chemical, toxicological and clinical information, analytical, quality control and stability data,
studies and procedures), manufacturing process and development information, results and data, whether or not patentable, all to the extent not claimed or disclosed in a patent. “Know How” excludes Patent Rights. 

1.22 “Licensed Compound(s)” means the Merck Serono’s proprietary compounds known as [*] and which are
listed on Schedule 1.23. For the avoidance of doubt, Licensed Compounds are prostaglandin F2 receptors antagonists. 
 1.23
“Licensed Product(s)” means any pharmaceutical product, in any dosage form, formulation, presentation or package configuration that is commercialized or undergoing research or pre-clinical or clinical development that contains or
comprises, in part or in whole, a Licensed Compound. 
 1.24 “Licensee Know-How” means all Know-How that is
owned or Controlled by Licensee or its Affiliates after the Effective Date and is necessary in the research, Development, manufacture, use, or Commercialization of the Licensed Products. 

1.25 “Major Market” means the United States, Germany, France, Italy, the United Kingdom and Spain. 

1.26 “Merck Serono Know-How” means all Know-How that is owned or Controlled by Merck Serono as of the Effective
Date and is necessary in the research, Development, manufacture, use, or Commercialization of the Licensed Products. The Know-How set forth on Schedule 1.27 constitutes all of such Know-How owned or Controlled by Merck Serono on the Effective Date.

 1.27 “Merck Serono Materials” means all chemical, biological or physical materials that are owned or Controlled by Merck
Serono or any of its Affiliates as of the Effective Date and that are necessary in the research, Development, manufacture, use or Commercialization of the Licensed Products. The Merck Serono Materials are set forth on Schedule 1.28. 

1.28 “Merck Serono Patents” means the Patent Rights listed on Schedule 1.29. 

1.29 “Merck Serono Technology” means the Merck Serono Know-How, the Merck Serono Patents and the Merck Serono
Materials, collectively. 
 1.30 “NDA” means a New Drug Application filed pursuant to the requirements of the FDA, as more
fully defined in 21 CFR.§ 314.3 et seq, a Biologics License Application filed pursuant to the requirements of the FDA, as more fully defined in 21 CFR § 601, and any equivalent application filed in any country in the Territory,
together, in each case, with all additions, deletions or supplements thereto. 

  
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 [*] = Certain confidential information contained in this document, marked by brackets, has been omitted and
filed separately with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

  

 1.31 “Net Sales” means, with respect to each country of the Territory, the
amounts invoiced by Licensee or its Affiliates or Sublicensees for all sales of Licensed Products to a Third Party (whether an end user, a distributor or otherwise), less the following: 

 

	 	(i)	trade, cash and quantities discounts, rebates (including rebates similar to Medicare or other government rebates), reimbursements, allowances and credits for expired Licensed Products; 

 

	 	(ii)	sales, use or similar taxes (including duties or other governmental charges levied or otherwise imposed on the sale or use of such Licensed Product, including, without limitation, value added taxes or other governmental
charges otherwise measured by the billing amount, but only to the extent such amount(s) is (are) included in the billing); 

  

	 	(iii)	freight, postage, shipping, customs duties and insurance charges, but only to the extent such amount(s) is (are) included in the billing; 

 

	 	(iv)	any other specifically identified amounts included in the Licensed Product invoice price that should be credited for reasons substantially equivalent to those listed above or as determined in accordance with
Licensee’s usual and customary accounting methods which are in accordance with International Accounting Standards or equivalent. 

Net Sales shall not include credits or allowances actually granted for damaged goods, returns or rejections of previously sold Licensed
Products and retroactive price reductions for wastage replacement, indigent patients and similar programs. 
 For the avoidance of doubt,
Net Sales may only occur after the Licensed Product has received Regulatory Approval valid for the country in which the Net Sales occur. 

In the event that a Licensed Product is sold in the form of a Combination Product, Net Sales for such Combination Product will be calculated
by multiplying actual Net Sales of such Combination Product by the fraction A/(A+B) where A is the invoice price of the Licensed Product containing a Compound as the only active ingredient if sold separately, and B is the invoice price of any other
active ingredient(s) or other products, devices, equipment or components in the Combination Product if sold separately. In the event that the Licensed Product or one or more of such active ingredients or other products, devices, equipment or
components in the Combination Product are not sold separately, then the Net Sales for such Combination Product shall be determined by the Parties in good faith. 

1.32 “Patent Right(s)” means: (a) an issued or granted patent, including any extension, supplemental protection
certificate, registration, confirmation, reissue, reexamination, extension or renewal thereof; (b) a pending patent application, including any continuation, divisional, continuation-in-part, substitute or provisional application thereof; and
(c) all counterparts or foreign equivalents of any of the foregoing issued by or filed in any country or other jurisdiction. 
 1.33
“Person” means any natural person, corporation, firm, business trust, joint venture, association, organization, company, partnership or other business entity, or any Governmental Body, government or agency or political subdivision
thereof. 

  
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 [*] = Certain confidential information contained in this document, marked by brackets, has been omitted and
filed separately with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

  

 1.34 “Phase I Trial” means a Clinical Trial in which the Licensed Product is
administered to human subjects at multiple dose levels with the primary purpose of determining safety, metabolism, and pharmacokinetic and pharmacodynamic properties of the Licensed Product, and consistent with 21 CFR § 312.21(a). 

1.35 “Phase II Trial” means a Clinical Trial of the Licensed Product in human patients, the principal purposes of which are
to make a preliminary determination that the Licensed Product is safe for its intended use, to determine its optimal dose, and to obtain sufficient information about the Licensed Product’s efficacy to permit the design of Phase III Trials, and
consistent with 21 CFR 312.21(b). 
 1.36 “Phase III Trial” means a human Clinical Trial of the Licensed Product, which
trial is designed (a) to establish that the Licensed Product is safe and efficacious for its intended use; (b) to define warnings, precautions and adverse reactions that are associated with the Licensed Product in the dosage range to be
prescribed; and (c) consistent with 21 CFR § 312.21(c). 
 1.37 “Preferred Equity” means, with respect to shares,
equity with rights identical to existing Series A Preferred shares. 
 1.38 “Regulatory Authority” means
(a) the FDA, (b) the EMA or the European Commission, or (c) any regulatory body with similar regulatory authority over pharmaceutical or biotechnology products in any other jurisdiction anywhere in the world. 

1.39 “Regulatory Approval” means the receipt from a Regulatory Authority by Licensee, its Affiliates, or Sublicensees of
approval to lawfully market a Licensed Product in the corresponding jurisdiction in the Territory. 
 1.40 “Sublicensee”
means a Person other than an Affiliate of Licensee to which Licensee (or its Affiliate) has, pursuant to Section 2.2, granted sublicense rights under any of the Merck Serono Technology licensed under Section 2.1.
“Sublicense” shall be construed accordingly. For the avoidance of doubt, a Third Party contract manufacturer of Licensed Products on behalf of Licensee shall not be considered a Sublicensee for the purpose of this Agreement. 

1.41 “Territory” means all the countries in the world. 

1.42 “Third Party” shall mean any Person that is not a Party, an Affiliate of a Party, or a Sublicensee of Licensee
hereunder. 
 1.43 “Third Party License Agreement” means any agreement entered into by Licensee with a Third Party, or any
amendment or supplement thereto, in each case following the Effective Date, whereby royalties, fees or other payments are to be made by Licensee to such Third Party in connection with the grant of rights under intellectual property rights Controlled
by such Third Party, which rights are necessary to research or Develop the Licensed Compounds or Licensed Products. 
 1.44 “Valid
Claim” means any claim in any (i) unexpired and issued patent that has not been disclaimed, revoked or held invalid by a final nonappealable decision of a court or other governmental agency of competent jurisdiction or any
(ii) patent application [*]. 

  
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 [*] = Certain confidential information contained in this document, marked by brackets, has been omitted and
filed separately with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

  

 1.47 Other Terms. The definition of each of the following terms is set forth in the
section of the Agreement indicated below: 
 “Action” has the meaning set forth in Section 5.5 (b). 

“Controlling Party” has the meaning set forth in Section 5.6 (c). 

“Disputes” has the meaning set forth in Section 10.9. 

“Licensee Indemnitees” has the meaning set forth in Section 8.1. 

“Licensee Patents” has the meaning set forth in Section 5.4 (a). 

“Losses” has the meaning set forth in Section 8.1. 

“Merck Serono Indemnitees” has the meaning set forth in Section 8.2. 

“Royalty Term” has the meaning set forth in Section 4.2 (d). 

“Term” has the meaning set forth in Section 9.1. 

“Upfront Payment” has the meaning set forth in Section 4.1. 

ARTICLE 2 – GRANT OF LICENSE 

2.1 Grant of License. Subject to the terms and conditions of this Agreement, Merck Serono hereby grants to Licensee an exclusive (even
as to Merck Serono), worldwide, royalty-bearing right and license (with the right to sublicense subject to the provisions of Section 2.2) under the Merck Serono Technology to research, Develop, make, have made, import, export, use and
Commercialize the Licensed Products in the Field in the Territory. 
 2.2 Grant of Sublicense by Licensee. The Licensee shall
have the right to grant Sublicenses under the license granted in Section 2.1, subject to Merck Serono being duly informed in writing by Licensee in advance of the execution of any Sublicense agreement. The Sublicense agreement shall be
consistent with the terms and conditions of this Agreement. The granting by Licensee of a Sublicense shall not relieve Licensee of its obligations hereunder. Licensee shall promptly provide Merck Serono with a copy of the fully executed Sublicense
agreement, which shall be redacted from its commercial terms, and Merck Serono hereby undertakes to treat such redacted Sublicense agreement as Confidential Information. For the avoidance of doubt, Licensee may grant Sublicenses to Sublicensees on a
country-by-country basis or worldwide. 

  
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 [*] = Certain confidential information contained in this document, marked by brackets, has been omitted and
filed separately with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

  

 2.3 Transfer. Merck Serono shall use Commercially Reasonable Efforts to transfer to
Licensee the Merck Serono Know-How and the Merck Serono Materials within thirty (30) days following the Effective Date. If within sixty (60) days after the initial transfer Licensee identifies specific items within the Merck Serono
Know-How that were not transferred to Licensee, then Merck Serono will use reasonable efforts to provide the same to Licensee upon request. In addition, at Licensee’s reasonable request, Merck Serono shall provide access to any raw data or
report directly and exclusively related to the Licensed Product which may become necessary for the Licensee to research, manufacture and Develop any Licensed Product in the Field. Each Party hereby designates a contact person as indicated below
whose responsibility it will be to oversee the transfer described in this Section 2.3: 
 For Licensee: [*] 

For Merck Serono: [*] 

ARTICLE 3 – DEVELOPMENT AND COMMERCIALIZATION 

3.1 Development and Commercialization of the Licensed Products by Licensee. Licensee shall have the exclusive right and responsibility
to research and Develop the Licensed Products and to conduct (either itself or through its Affiliates, agents, subcontractors and/or Sublicensees) all Clinical Trials and non-clinical studies Licensee believes appropriate to obtain Regulatory
Approval for the Licensed Products in any indication. In addition, Licensee shall have the exclusive right to Commercialize the Licensed Products itself or through one or more Third Parties and/or Sublicensees selected by Licensee, and shall have
the responsibility in all matters relating to the Commercialization of the Licensed Products. 
 3.2 Manufacturing and Supply.
Subject to the terms and conditions of this Agreement, Licensee shall have the exclusive right to manufacture the Licensed Compounds and the Licensed Products itself or through one or more Third Party subcontractor(s) selected by Licensee. 

3.3 Regulatory Filings. Licensee shall be responsible for and shall own and maintain all regulatory filings and Regulatory Approvals
for the Licensed Products, including all INDs and NDAs. 
 3.4 Diligence by Licensee. Licensee shall use Commercially Reasonable
Efforts to (a) research and Develop at least one Licensed Product, in accordance with its development plan as updated and/or amended from time to time and (b) launch and Commercialize at least one Licensed Product in each Major Market
within [*] after receiving Regulatory Approval (which for the purpose of this clause 3.4 shall include approval of pricing and reimbursement) in such Major Market. 

3.5 Reporting. Licensee (or its Sublicensee, as applicable) shall, on each anniversary of the Effective Date, provide Merck Serono with
a written report summarizing its research, Development, manufacturing and as applicable Commercialization activities in the Territory during the preceding Calendar Year. 

3.6 Trademarks. Licensee shall have the sole authority to select trademarks for the Licensed Products and shall own all such
trademarks. 

  
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 [*] = Certain confidential information contained in this document, marked by brackets, has been omitted and
filed separately with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

  

 ARTICLE 4 – FINANCIAL TERMS 

4.1 Upfront Payment. In partial consideration for the grant of the rights hereunder, Licensee shall assign 25’000 Preferred Equity
shares (“Upfront Payment”) to Merck Serono within thirty (30) days after the Initiation of the first Phase I Trial (‘’Phase I Equity Event’’), it being specified that Merck Serono will subscribe to such Preferred
Equity shares at the nominal value of CHF 1,-. In the event of any liquidation, dissolution, winding-up, sale or merger of Obseva (a “Liquidation Event”), irrespective of its legal qualification, before the occurrence of the Phase I Equity
Event, Licensee shall automatically assign the 25’000 Preferred Equity shares to Merck Serono, it being specified that Merck Serono will subscribe to such Preferred Equity shares at the nominal value of CHF 1,- and such assignment shall take
place immediately before the Liquidation Event. If additional securities are issued or sold by ObsEva prior to the occurrence of the Phase I Equity Event, Merck Serono shall have the right to maintain a percentage ownership on an as converted basis
through the purchase of its pro rata share of such securities on the same terms as such securities are offered to other purchasers (“the pre-Phase I Equity Event Pre-emptive Rights”). For the calculation of the pro-rata share purchase
under such “pre-Phase I Equity Event Pre-emptive Right”, the 25’000 Preferred Equity Shares shall be counted as if they have been assigned to Merck Serono on the Effective Date. 

4.2 Royalty Payments. 

(a) Royalty Rate. As further consideration for Merck Serono’s grant of the rights and licenses to the Licensee hereunder, the
Licensee shall, during each applicable Royalty Term (i.e. on a country-by-country basis), pay to Merck Serono a royalty on aggregate annual worldwide Net Sales of each Licensed Product for each Calendar Year, at the percentage rate set forth below:

  

			
	Royalty Rate for Annual Net Sales of Licensed Products Net Sales per Calendar Year	  	[*]

 (b) Know-How Royalty. The royalty rate set forth in Section 4.2 (a) applicable to the Net
Sales of a Licensed Product in a country will be reduced by [*] during any period there exists no Valid Claim of a Merck Serono Patent in such country that Covers such Licensed Product in such country. For the avoidance of doubt, no Know-How
Royalties shall be due in any country after the end of the Royalty Term pursuant to Section 4.2 (d) in such country. 
 (c)
Third Party License Agreements. Subject to the terms and conditions of this Agreement, if Licensee enters into one or more Third Party License Agreement(s), Licensee will be entitled to deduct from any royalties payable to Merck Serono under
Section 4.2 (from the amount calculated by consideration of the then applicable royalty rate), an amount equal to not more than [*] of any amounts paid by Licensee pursuant to such Third Party License Agreement(s) in respect of the Licensed
Product which gave rise to the payment obligation under Section 4.2. Notwithstanding the foregoing, under no circumstances shall the deductions under this Section 4.2 (c) result in the amount payable to Merck Serono being reduced by
more than [*] compared with the amount otherwise payable under Section 4.2. In the event that Licensee is not able to deduct the full amount of the permitted deduction from the amount due to Merck Serono due to the [*] minimum amount, Licensee
shall be entitled to deduct any undeducted excess amount from subsequent amounts owed to Merck Serono (subject always to Merck Serono receiving a minimum of [*] of the amount owed). 

  
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 [*] = Certain confidential information contained in this document, marked by brackets, has been omitted and
filed separately with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

  

 (d) Royalty Term. Royalties shall be payable on a Licensed Product-by-Licensed Product and
country-by-country basis from the period from the First Commercial Sale of Licensed Product in such country until the latest of (a) the last date on which such Licensed Product is Covered by a Valid Claim within a Merck Serono Patent in such
country, or (b) ten (10) years after such First Commercial Sale of Licensed Product in such country (the “Royalty Term”). 

(e) Payment of Royalties. Nothing herein contained shall obligate Licensee and/or its Sublicensees to pay or cause to be paid to Merck
Serono more than one royalty on any unit of Licensed Product. Simultaneous with the delivery of the report described in Section 4.2 (f) hereof, Licensee shall pay, or cause to be paid, to Merck Serono at such place as Merck Serono may from
time to time designate in writing, all royalties earned pursuant to this Section 4.2 in the preceding Calendar Quarter. All such payments shall be made in Euros. 

(f) Royalty Reports; Currency Conversion. Commencing with the Calendar Quarter in which the First Commercial Sale of a Licensed Product
is made by the Licensee or its Affiliate or Sublicensee, Licensee shall submit to Merck Serono with each royalty payment a report detailing its computation of royalties due on Net Sales in each country during each Calendar Quarter within sixty
(60) days after the end of such Calendar Quarter (and Licensee shall cause its Sublicensees to submit royalty reports containing the same level of detail). All payments to Merck Serono hereunder shall be made by deposit of Euros in the
requisite amount to such bank account as Merck Serono may from time to time designate by written notice to Licensee. With respect to sales not denominated in Euros, royalty amounts owed shall first be calculated in the currency of sale, and then
such amounts shall be converted into Euro using the exchange rate of the European Central Bank on the last day of the Calendar Quarter to which the report relates. For accounting and documentation purposes, the Parties may vary the method of payment
set forth herein at any time upon mutual agreement, and any change shall be consistent with the local law at the place of payment or remittance. 

(g) Record Retention, Inspection. Licensee shall keep or cause its Affiliates and Sublicensee to keep complete and accurate records in
sufficient detail to enable Net Sales and royalties payable under Section 4.2 to be established for a period of sixty (60) months after the date that such royalties were payable. Such records shall be consistent with Licensee’s normal
accounting principles. At the request and cost of Merck Serono (but not more frequently than once each Calendar Year) an independent chartered or certified public accountant chosen by Merck Serono but approved by the Licensee (which approval shall
not be unreasonably withheld or delayed) shall be allowed access during ordinary business hours to such records pertaining to the preceding two (2) Calendar Year solely to verify the accuracy of any payments made to Merck Serono under
Section 4.2. The accountant shall not disclose to Merck Serono any information other than that which should properly be contained in a report of matters relevant to Net Sales and royalty calculation and payment arising under Section 4.2
above. Licensee shall make Sublicensee records available to Merck to the same extent as set forth in this Section 4.2 (g). 
 4.3
Tax. If applicable law requires that taxes be deducted and withheld from royalties or any other payments paid under this Agreement by either Party, said Party shall (i) deduct those taxes 

  
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 [*] = Certain confidential information contained in this document, marked by brackets, has been omitted and
filed separately with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

  

 
and interests and penalties assessed thereon from the payment or from any other payment owed by said Party hereunder; (ii) pay the taxes to the proper Governmental Body; (iii) send
evidence of the obligation together with proof of payment to the other Party within three (3) months following such payment; (iv) remit the net amount, after deductions or withholding made under this Section 4.3 and (v) cooperate
with other Party in any way reasonably requested by said other Party, to obtain available reductions, credits or refunds of such taxes; provided, however, that the other Party shall reimburse said Party for said Party’s out-of-pocket expenses
incurred in providing such assistance. It is understood and agreed between the Parties that any payments made by either Party under this Agreement are exclusive of any value added or similar tax imposed upon such payment. 

4.4 Late Payment. Payments not paid when due shall bear interest at a rate of [*] per annum above the three-month EURO LIBOR which
applied on the day when the payment was due. Calculation of interest will be made for the exact number of days in the interest period based on a year of three hundred and sixty (360) days. 

ARTICLE 5 - INVENTIONS AND PATENTS 

5.1 Certification Under Drug Price Competition and Patent Restoration Act. Each Party shall immediately give written notice to the
other Party of any certification of which they become aware filed pursuant to 21 U.S.C. Section 355(b)(2)(A) (or any amendment or successor statute thereto) claiming that any Merck Serono Patents covering Licensed Compounds or Licensed
Products, or the manufacture or use of each of the foregoing, are invalid or unenforceable, or that infringement will not arise from the manufacture, use or sale of a product by a Third Party. 

5.2 Listing of Patents. Merck Serono shall determine which of the Merck Serono Patents, if any, shall be listed for inclusion in the
Approved Drug Products with Therapeutic Equivalence Evaluations pursuant to 21 U.S.C. Section 355, or any successor law in the United States, together with any comparable laws or regulations in any other country in the Territory. Licensee shall
have the right to propose Merck Serono Patents for such listing and Merck Serono shall not unreasonably reject any such proposal. 
 5.3
Title to Inventions. All inventions having as inventors solely employees or independent contractors of one Party in the course of the Parties’ performance under this Agreement, and all intellectual property rights pertaining to such
inventions shall be the property of such Party. 
 5.4 Patent Prosecution and Maintenance. 

(a) Licensee Patents. Licensee shall have the right to file, prosecute and maintain the Patent Rights owned by Licensee pursuant to
Section 5.3 or otherwise (such Patent Rights, the “Licensee Patents”). Licensee shall bear all costs and expenses of filing, prosecuting and maintaining Licensee Patents in the Territory. For the avoidance of doubt, Merck
Serono shall have no right whatsoever regarding any Licensee Patents, including if such Licensee Patents are entirely or partially based on Merck Serono Know-How. 

  
 12 

 [*] = Certain confidential information contained in this document, marked by brackets, has been omitted and
filed separately with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

  

 (b) Merck Serono Patents. Merck Serono shall have the first right, and the obligation, to
file, prosecute and maintain Merck Serono Patents. Merck Serono shall bear all costs and expenses of filing, prosecuting and maintaining Merck Serono Patents in the Territory. Merck Serono shall keep Licensee informed of the course of the filing and
prosecution of Merck Serono Patents or related proceedings (e.g. interferences, oppositions, reexaminations, reissues, revocations or nullifications) in the United States, the European Union, Japan, China, Canada and Australia in a timely manner,
and shall take into consideration the advice and recommendations of Licensee in that respect. At Merck Serono’s request, Licensee will provide Merck Serono with reasonable assistance in prosecuting Merck Serono Patents to the extent possible,
including providing such data in Licensee’s control that is, in Merck Serono’s reasonable judgment, needed to support the prosecution of a Merck Serono Patent; provided, however, that Merck Serono shall reimburse Licensee for
Licensee’s out-of-pocket expenses incurred in providing such assistance. 
 (c) Election not to file and prosecute Merck Serono
Patents. If Merck Serono elects not to file, prosecute or maintain a Merck Serono Patent in a country or possession in the Territory, then it shall notify Licensee in writing at least ninety (90) days before any deadline applicable to the
filing, prosecution or maintenance of such Merck Serono Patent, as the case may be, or any other date by which an action must be taken to establish or preserve such Merck Serono Patent in such country or possession. In such case, Licensee shall have
the right, but not the obligation, to pursue the filing or support the continued prosecution or maintenance of such Merck Serono Patent. If Licensee does elect to take such action in a country in the Territory, then it shall notify Merck Serono of
such election, and Merck Serono shall reasonably cooperate with Licensee in this regard. If Licensee does elect to take such action in a country in the Territory, it shall also notify Merck Serono, at the time of such election, whether Licensee
requests from Merck Serono the assignment of all its right, title and interest in and to any such Merck Serono Patent in such country. If Licensee does not request from Merck Serono such assignment of a Merck Serono Patent, Merck Serono shall file,
prosecute or maintain a Merck Serono Patent in a country or possession in the Territory and such Merck Serono Patent shall remain a Merck Patent under which royalty payments shall be due by Licensee under Article 4 of this Agreement. If Licensee
does request from Merck Serono the assignment of Merck Serono Patent Patent in a country or possession in the Territory, such Merck Serono Patent shall become a Licensee Patent under which no royalty payments in such country or possession in the
Territory shall be due by Licensee under this Agreement, and Licensee shall thereupon be responsible for all costs of filing, prosecution and maintenance of such new Licensee Patent for aforesaid country or possession in the Territory. 

(d) Patent Term Extension. Merck Serono shall be responsible for obtaining patent term extensions wherever available for Merck Serono
Patents, at Merck Serono costs. Licensee shall provide Merck Serono with all relevant information, documentation and assistance in this respect. Any such assistance, supply of information and consultation shall be provided promptly and in a manner
that will ensure that all patent term extensions for Licensed Products are obtained wherever legally permissible, and to the maximum extent available. In the event that any election with respect to obtaining patent term extensions is to be made,
Licensee shall have the right to make such elections, and Merck Serono shall abide by all such elections. 

  
 13 

 [*] = Certain confidential information contained in this document, marked by brackets, has been omitted and
filed separately with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

  

 5.5 Enforcement of Patents. 

(a) Notice. If either Party believes that a Merck Serono Patent is being infringed by a Third Party or if a Third Party claims that any
Merck Serono Patent is invalid or unenforceable, the Party possessing such knowledge or belief shall notify the other Party and provide it with details of such infringement or claim that are known by such Party. 

(b) Right to bring an Action. Merck Serono shall have the exclusive right to attempt to resolve such infringement or claim pertaining
to a Merck Serono Patent, including by filing an infringement suit, defending against such claim or taking other similar action (each, an “Action”) and to compromise or settle such infringement or claim. If Merck Serono does not
intend to prosecute or defend an Action, Merck Serono shall promptly inform Licensee in writing and Licensee shall have the right to initiate an Action. If Licensee does not initiate an Action with respect to such an infringement or claim within one
hundred and eighty (180) days following notice thereof, Merck Serono shall have the right to attempt to resolve such infringement or claim. The Party initiating the Action shall have the sole and exclusive right to select counsel for any suit
initiated by it pursuant to this Section 5.5. Each Party shall have the right to join an Action relating to a Merck Serono-Patent taken by the other Party, at its own expense. 

(c) Costs of an Action. Subject to the respective indemnity obligations of the Parties set forth in Article 8, the Party taking an
Action under Section 5.5 (b) shall pay all costs associated with such Action, other than the expenses of the other Party if the other Party elects to join such Action. 

(d) Settlement. Neither Party shall settle or otherwise compromise any Action by admitting that any Merck Serono Patent is invalid or
unenforceable without the other Party’s prior written consent, and, in the case of Licensee, Licensee may not settle or otherwise compromise an Action in a way that adversely affects or would be reasonably expected to adversely effect Merck
Serono’s rights or benefits hereunder with respect to the Licensed Product, without Merck Serono’s prior written consent. The settlement will be treated in accordance with the law of the country to which the settlement relates. 

(e) Reasonable Assistance. The Party not enforcing or defending Merck Serono-Patents shall provide reasonable assistance to the other
Party, including providing access to relevant documents and other evidence and making its employees available, subject to the other Party’s reimbursement of any out-of-pocket expenses incurred by the non-enforcing or non-defending Party in
providing such assistance. 
 (f) Distribution of Amounts Recovered. Any amounts recovered by the Party taking an Action pursuant to
this Section 5.5, whether by settlement or judgment, shall be allocated in the following order: (i) to reimburse the Party taking such Action for any costs incurred, (ii) to reimburse the Party not taking such Action for its costs
incurred in such Action, if it joins such Action; and (iii) the remaining amount of such recovery shall be attributed to Licensee (as if it were Net Sales), and Licensee shall pay to Merck Serono a royalty on such remaining amount based on the
royalty rates set forth in Section 4.2. 

  
 14 

 [*] = Certain confidential information contained in this document, marked by brackets, has been omitted and
filed separately with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

  

 5.6 Third Party Actions Claiming Infringement. 

(a) Notice. If a Party becomes aware of any claim or action by a Third Party against either Party that claims that the Licensed Product,
or its use, Development, manufacture or sale infringes such Third Party’s intellectual property rights (each, a “Third Party Action”), such Party shall promptly notify the other Party of all details regarding such Third Party
Action that is reasonably available to such Party. 
 (b) Right to Defend. Merck Serono shall have the right, at its sole expense,
but not the obligation, to defend a Third Party Action through counsel of its choosing. If Merck Serono declines or fails to assert its intention to defend such Third Party Action within sixty (60) days of receipt/sending of notice under
Section 5.6 (a), then Licensee shall have the right to defend such Third Party Action. The Party defending such Third Party Action shall have the sole and exclusive right to select counsel for such Third Party Action. Each Party shall have the
right to join any Third Party Action defended by the other Party, at its own expense. 
 (c) Consultation. The Party defending a
Third Party Action pursuant to Section 5.6 (b) shall be the “Controlling Party.” The Controlling Party shall consult with the non-Controlling Party on all material aspects of the defense. The non-Controlling Party shall
have a reasonable opportunity for meaningful participation in decision-making and formulation of defense strategy. The Parties shall reasonably cooperate with each other in all such actions or proceedings. The non-Controlling Party will be entitled
to be represented by independent counsel of its own choice at its own expense. 
 (d) Appeal. In the event that a judgment in a Third
Party Action is entered against the Controlling Party and an appeal is available, the Controlling Party shall have the first right, but not the obligation, to file such appeal. In the event the Controlling Party does not desire to file such an
appeal, it will promptly, in a reasonable time period (i.e., with sufficient time for the non-Controlling Party to take whatever action may be necessary) prior to the date on which such right to appeal will lapse or otherwise diminish, permit the
non-Controlling Party to pursue such appeal at such non-Controlling Party’s own cost and expense. The non-Controlling Party shall then become the Controlling Party. If applicable law requires the non-Controlling Party’s involvement in an
appeal, the non-Controlling Party shall be a nominal party of the appeal and shall provide reasonable cooperation to the Controlling Party at the Controlling Party’s expense. 

(e) Costs of an Action. Subject to the respective indemnity obligations of the Parties set forth in Article 8, the Controlling Party
shall pay all costs associated with such Third Party Action other than the expenses of the other Party if the other Party elects to join such Action. 

(f) No Settlement Without Consent. No Controlling Party shall settle or otherwise compromise any Third Party Action by admitting that
any Merck Serono Patent is invalid or unenforceable without the non-Controlling Party’s prior written consent. 

  
 15 

 [*] = Certain confidential information contained in this document, marked by brackets, has been omitted and
filed separately with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

  

 ARTICLE 6 – CONFIDENTIALITY 

6.1 Confidentiality Obligations. Each Party agrees that, for the Term and for [*] years thereafter, such Party shall, and shall ensure
that its officers, directors, employees, agents and Sublicensees shall keep completely confidential and not publish or otherwise disclose and not use for any purpose, except as expressly permitted hereunder, any Confidential Information disclosed to
it by the other Party pursuant to this Agreement. The foregoing obligations shall not apply to any Confidential Information disclosed by a Party hereunder to the extent that the receiving Party can demonstrate that such Confidential Information:

 (a) was already known to the receiving Party or its Affiliates, other than under an obligation of confidentiality, at the time of
disclosure; 
 (b) was generally available to the public or otherwise part of the public domain at the time of its disclosure to the
receiving Party; 
 (c) became generally available to the public or otherwise part of the public domain after its disclosure and
other than through any act or omission of the receiving Party in breach of this Agreement; 
 (d) was subsequently lawfully disclosed
to the receiving Party or its Affiliates by a Third Party without an obligation of confidentiality other than in contravention of a confidentiality obligation of such Third Party to the disclosing Party; or 

(e) was developed or discovered by employees or agents of the receiving Party or its Affiliates who had no access to the Confidential
Information of the disclosing Party. 
 Notwithstanding the above obligations of confidentiality and non-use, a Party may disclose
information to the extent that such disclosure is reasonably necessary in connection with: 
  

	 	(i)	filing or prosecuting patent applications, subject to the terms of Section 5.3; 

  

	 	(ii)	prosecuting or defending litigation; 

  

	 	(iii)	conducting pre-clinical studies or Clinical Trials; 

  

	 	(iv)	seeking Regulatory Approval of the Licensed Product; or 

  

	 	(v)	complying with applicable law, including securities law and the rules of any securities exchange or market on which a Party’s securities are listed or traded; 

 

	 	(vi)	due diligence performed by a Third Party in connection with either Party’s business development activities, subject to such Third Parties being bound by written obligations of confidentiality that are at
least as stringent as the ones herein. 

 In addition, in connection with any permitted filing by either Party of this
Agreement with any Governmental Body, included but not limited to the U.S. Securities and Exchange Commission Agreement, the filing Party shall endeavor to obtain confidential treatment of economic, trade secret information and such other
information as may be requested by the other Party, and shall provide the other Party with the proposed confidential treatment request with reasonable time for such other Party to provide comments, and shall include in such confidential treatment
request all reasonable comments of the other Party. The filing Party shall, where reasonably practicable, give 

  
 16 

 [*] = Certain confidential information contained in this document, marked by brackets, has been omitted and
filed separately with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

  

 
such advance notice to the other Party of such disclosure requirement as is reasonable under the circumstances and will use its reasonable efforts to cooperate with the other Party in order to
secure confidential treatment of such Confidential Information required to be disclosed. 
 6.2 Publications. Licensee shall not
publish any information relating to the Licensed Compounds or the Licensed Products without the written consent of Merck Serono, which consent shall not be unreasonably withheld. Licensee shall submit to Merck Serono for Merck Serono’s written
consent any publication, presentation or abstract of information related to the Licensed Product for review and approval at least thirty (30) days prior to submission. In case Merck Serono does not object to said proposed publication,
presentation or abstract within said thirty (30) day deadline, Merck Serono shall be deemed to have approved said publication, presentation or abstract. 

6.3 Press Releases and Disclosure. Licensee may not make any subsequent press release or public announcements regarding this Agreement
or any matter covered by this Agreement, including the Development or Commercialization of Licensed Products, without the prior written consent of Merck Serono (which consent shall not be unreasonably withheld). In case Merck Serono does not object
to said press release within ten (10) business days’ deadline, Merck Serono shall be deemed to have approved the said Press Release. In the event that Licensee believes it is required to issue a press release or make an other public
announcement to comply with applicable law as a publicly-traded company and Merck Serono does not believe such public announcement is so required, Licensee may only issue such press release if (a) it obtains an opinion of legal counsel, from a
reputable law firm approved by Merck Serono, that it is required to make such disclosure to comply with applicable law and (b) after receiving such opinion, provides the text of such planned disclosure to Merck Serono no less than seven
(7) days prior to disclosure, and has incorporated all reasonable comments of Merck Serono regarding such disclosure. 
 ARTICLE 7 -
REPRESENTATIONS AND WARRANTIES 
 7.1 Merck Serono representations and warranties. Merck Serono represents and warranties to the
Licensee that: 
 (a) Merck Serono has the full power, authority and right to enter into this Agreement and to perform its
obligations hereunder in accordance with the terms and conditions hereof, and all requisite corporate action has been taken to authorize Merck Serono’s execution, delivery and performance of this Agreement; 

(b) The execution, delivery and performance of this Agreement by Merck Serono does not breach, violate, contravene or constitute a
default under any contract, arrangement or commitment to which Merck Serono is a party or by which it is bound, or violate any statute, law or regulation or any court, governmental body or administrative or other agency having jurisdiction over
Merck Serono; and 

  
 17 

 [*] = Certain confidential information contained in this document, marked by brackets, has been omitted and
filed separately with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

  

 (c) All consents, approvals and authorizations from all governmental authorities or other
Third Parties required to be obtained by Merck Serono in connection with the execution, delivery and performance of this Agreement have been obtained. 

(d) Merck Serono has all right, title and interest in and to the Merck Serono Technology, and Merck Serono has not previously licensed,
assigned, transferred, or otherwise conveyed any right, title or interest in and to the Merck Serono Technology to any Third Party, including but not limited to any rights to any Licensed Compounds and Licensed Products; the Merck Serono Technology
is free and clear of any liens, charges, encumbrances or rights of others to possession or use. 
 (e) No claims have been asserted,
or, to Merck Serono’s knowledge, threatened by any Person, nor are there any valid grounds for any claim of any such kind (i) challenging the validity, effectiveness, or ownership of Merck Serono Technology, and/or (ii) to the effect
that the use, reproduction, modification, manufacturing, distribution, licensing, sublicensing, sale or any other exercise of rights in any of Merck Serono Technology infringes or will infringe on any intellectual property right of any Person. No
such claims have been asserted or, to the knowledge of Merck Serono, are threatened. 
 (f) MERCK SERONO DISCLAIMS ALL OTHER
WARRANTIES EXPRESS OR IMPLIED, INCLUDING WITHOUT LIMITATION, WARRANTIES TO TITLE OR NON-INFRINGEMENT, TO FREEDOM TO OPERATE, OR IMPLIED WARRANTIES OF MERCHANTABILITY OR FITNESS OF LICENSED COMPOUND/LICENSED PRODUCT FOR A PARTICULAR PURPOSE. 

7.2 Licensee representations and warranties. Licensee represents and warranties to Merck Serono that: 

(a) Licensee has the full power, authority and right to enter into this Agreement and to perform its obligations hereunder in
accordance with the terms and conditions hereof, and all requisite corporate action has been taken to authorize Licensee’s execution, delivery and performance of this Agreement; 

(b) The execution, delivery and performance of this Agreement by Licensee does not breach, violate, contravene or constitute a default
under any contract, arrangement or commitment to which Licensee is a party or by which it is bound, or violate any statute, law or regulation or any court, governmental body or administrative or other agency having jurisdiction over Licensee; and

 (c) All consents, approvals and authorizations from all governmental authorities or other Third Parties required to be obtained by
Licensee in connection with the execution, delivery and performance of this Agreement have been obtained. 

  
 18 

 [*] = Certain confidential information contained in this document, marked by brackets, has been omitted and
filed separately with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

  

 ARTICLE 8 - INDEMNIFICATION 

8.1 Indemnification by Merck Serono. Merck Serono shall defend, indemnify and hold harmless Licensee, its Affiliates, directors,
employees and agents (the “Licensee Indemnitees”) from and against any and all liability, damage, loss, cost or expense (including reasonable attorney’s fees and expenses of litigation) (“Losses”) arising or
resulting from any claims made or suits brought by Third Parties to the extent such Losses arise or result from the breach of any provision of this Agreement by Merck Serono, including a breach of any of the Merck Serono representations and
warranties set forth in Section 7.1 of this Agreement. In the event of a claim against the Licensee Indemnitees which may be subject to the foregoing indemnification obligation, the Licensee Indemnitees agree to notify Merck Serono promptly of
such claim and Merck Serono shall provide Licensee Indemnitees with any assistance Licensee Indemnitees may reasonably require in the defense of such action, at Merck Serono’s cost and expense. 

8.2 Indemnification by Licensee. Licensee shall defend, indemnify and hold harmless Merck Serono, its Affiliates, directors, employees
and agents (the “Merck Serono Indemnitees”) from and against any and all Losses arising or resulting from any claims made or suits brought by Third Parties to the extent such Losses arise or result from (i) the breach of any
provision of this Agreement by Licensee, including a breach of any of the Licensee representations and warranties set forth in Section 7.2 of this Agreement, and (ii) a product liability claim relating to the Licensed Product. In the event
of a claim against the Merck Serono Indemnitees which may be subject to the foregoing indemnification obligation, the Merck Serono Indemnitees agree to notify Licensee promptly of such claim and Licensee shall provide Merck Serono Indemnitees with
any assistance Merck Serono Indemnitees may reasonably require in the defense of such action, at Licensee’s cost and expense. 

ARTICLE 9 – TERM AND TERMINATION 

9.1 Term of Agreement. This Agreement shall come into force on the Effective Date and shall continue in full force and effect until the
end of the last-to-expire Royalty Term in any country with respect to a Licensed Product, unless the Agreement is terminated at an earlier date pursuant to Article 9.2 to 9.6 below ( the “Term”). As of the effective date of
expiration of the Royalty Term in any country of the Territory, the license from Merck Serono to Licensee under Article 2 in such country shall convert to a fully paid, royalty free, irrevocable, perpetual, exclusive, and sublicensable license under
the Merck Serono Technology to research, Develop, manufacture, make, have made, use, import, export, Commercialize, offer for sale and sell the Licensed Products in said country. 

9.2 Termination of the Agreement by Licensee for convenience. At any time during the Term, Licensee may, at its convenience, terminate
this Agreement in its entirety upon ninety (90) days prior written notice to Merck Serono. 
 9.3 Termination for Non-Payment.
If Licensee has not paid the Upfront Payment or a royalty payment by the required respective payment dates set forth in Section 4.1 and 4.2, Merck Serono shall have the right to terminate this Agreement with ninety (90) days prior notice
to Licensee, unless Licensee has proceeded to payment within the period of such notice. Such termination shall be in addition to and not in lieu of any other remedies available to Merck Serono, at law and in equity. 

  
 19 

 [*] = Certain confidential information contained in this document, marked by brackets, has been omitted and
filed separately with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

  

 9.4 Termination for Breach Either Party may terminate this Agreement, and the rights and
licenses granted hereunder, with ninety (90) days prior notice to the other Party if the other Party breaches any material provision of this Agreement, unless the other Party cures such breach within the period of such notice. 

9.5 No Immediate Termination on Bankruptcy. To the extent permitted by applicable law, all rights and licenses granted pursuant to this
Agreement by a Party to the other Party shall not be terminated upon a Bankruptcy Event of such Party or its Affiliates, and each Party hereby claims the benefit of any applicable law which may enable it to prevent such termination. In the event of
a Bankruptcy Event of Licensee, the Licensee shall, during the 24-month period following such Bankruptcy Event, seek to enter into one or several Sublicense agreements for the Territory with one or several Sublicensees. Any such Sublicense shall be
subject to the terms of Section 2.2. If, upon expiry of the 24-month period Licensee has failed to enter into one or more definitive Sublicense agreement(s), Merck Serono shall have the right to terminate this Agreement and to exercise its
rights under Section 9.7. During the aforementioned 24-month period, Licensee shall continue to prosecute and maintain the Licensee Patents, if any, and shall use appropriate safeguards in order for the value and usefulness of the Licensee
Know-How to be preserved. 
 9.6 No Challenge. In the event that Licensee or any of its Affiliates or Sublicensee, anywhere in the
world, institutes, prosecutes or otherwise participates in (or in any way aids any Third Party in instituting, prosecuting or participating in), at law or in equity or before any administrative or regulatory body, including the U.S. Patent and
Trademark Office or its foreign counterparts, any claim, demand, action or cause of action for declaratory relief, damages or any other remedy, or for an enjoinment, injunction or any other equitable remedy, including any interference,
re-examination, opposition or any similar proceeding, alleging that any claim in a Merck Serono Patent is invalid, unenforceable or otherwise not patentable, except in the case where asserted as a defense or counterclaim to an action brought by
Merck Serono against Licensee or any of its Affiliates or Sublicensee, Merck Serono shall have the right (i) to terminate this Agreement as a whole or (ii) to terminate the license granted to Licensee or Sublicensee under such challenged
Merck Serono Patent on a patent-by-patent basis. 
 9.7 Effects of Termination. 

(a) Accrued Rights and Obligations. Termination of this Agreement shall not release either Party from its obligations accrued prior to
the effective date of termination nor deprive either Party from any rights that this Agreement provides shall survive termination. The provisions of Article 6 (Confidentiality), Article 8 (Indemnification), Section 9.6 (No Challenge) and 9.7
(Effects of Termination) shall survive any termination of this Agreement. 

  
 20 

 [*] = Certain confidential information contained in this document, marked by brackets, has been omitted and
filed separately with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

  

 (b) Termination by Licensee pursuant to Section 9.2 or by Merck Serono pursuant to
Sections 9.3, 9.4, 9.5 or 9.6. Upon any termination of this Agreement by Licensee pursuant to Section 9.2 or by Merck Serono pursuant to Sections 9.3, 9.4, 9.5 or 9.6 (being understood that the effects mentioned below will occur only to the
extent permitted by applicable law if the termination results from the application of Section 9.5 on bankruptcy): 
  

	 	(1)	all licenses granted to Licensee under Section 2.1 shall terminate; 

  

	 	(2)	Licensee shall return to Merck Serono (or at Merck Serono’s request, destroy) all relevant records and materials (including Merck Serono Materials) in its possession or control containing or comprising the
Merck Serono Know-How or such other Confidential Information of Merck Serono. 

  

	 	(3)	Licensee shall automatically grant Merck Serono an exclusive, sublicensable, royalty-free license under the Licensee Patents and the Licensee Know-How, if any, to research, Develop, make, have made, import,
export, use and Commercialize the Licensed Products in the Field in the Territory. 

  

	 	(4)	Licensee shall promptly and fully disclose and transfer to Merck Serono the Licensee Know How; 

  

	 	(5)	Licensee shall, upon written request by Merck Serono and subject to Merck Serono assuming legal responsibility for any Clinical Trials of the Licensed Product then ongoing, transfer to Merck Serono, at
Licensee’s cost and expense, all regulatory documentation and Regulatory Approvals prepared or obtained by or on behalf of Licensee prior to the date of such termination, to the extent solely related to Licensed Products and transferable;

  

	 	(6)	To the extent not prohibited by law, Licensee shall either wind down any ongoing Clinical Trials with respect to the Licensed Product, or at Merck Serono’s option, transfer such Clinical Trials to Merck
Serono at Licensee’s cost; 

  

	 	(7)	Licensee shall, at Merck Serono’s option, transfer to Merck Serono free of charge any and all chemical, biological or physical materials relating to or comprising the Licensed Products, including clinical
supplies of Licensed Products, that are owned or Controlled by Licensee. 

  

	 	(8)	Licensee and its Affiliates and Sublicensees shall be entitled, during the eighteen (18) month period following such termination, to sell any commercial inventory of Licensed Products which remains on hand
as of the date of the termination, so long as Licensee pays to Merck Serono the royalties applicable to said subsequent sales in accordance with the terms and conditions set forth in this Agreement. Any commercial inventory remaining following such
eighteen (18) month period shall be offered for sale to Merck Serono, at a price equal to be mutually agreed upon between the Parties in good faith. 

(c) Save as set forth in Section 9.7 and to the extent permitted by applicable law, upon any termination of this Agreement, each
of Licensee’s Sublicensees shall continue to have the rights and license set forth in their respective Sublicense agreements, which agreements shall be automatically assigned to Merck Serono, provided however, that such Sublicensee is not then
in breach of any of its material obligations under its Sublicense agreement and provided further that the terms of the Sublicense are at least as favourable as the ones herein and do not impose any obligations on Merck Serono that are not expressly
set forth herein. 

  
 21 

 [*] = Certain confidential information contained in this document, marked by brackets, has been omitted and
filed separately with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

  

 ARTICLE 10 – MISCELLANEOUS 

10.1 Relationship of the Parties. Nothing in this Agreement is intended or shall be deemed to constitute a partnership, agency, joint
venture or employer-employee relationship between the Parties. 
 10.2 Assignment. 

(a) Except as expressly provided herein, neither this Agreement nor any interest hereunder shall be assignable, nor any other obligation
delegable, by Licensee without the prior written consent of Merck Serono (not to be unreasonably withheld or delayed). Notwithstanding the foregoing, Licensee may assign this Agreement in whole without the consent of Merck Serono to (a) any
Affiliate or (b) a successor to substantially all of the business of the Licensee to which this Agreement relates, in connection with any company merger, company trade sale, sale of stock, sale of assets or other similar transaction. 

(b) Merck Serono may assign this Agreement, in whole or in part, to any Affiliate or a successor in interest without the consent of
Licensee. Merck Serono shall give written notice to Licensee promptly following any such assignment. 
 (c) No assignment under this
Section 10.2 shall relieve the assigning party of any of its responsibilities or obligations hereunder and provided, further, that as a condition of such assignment, the assignee shall agree to be bound by all obligations of the assigning Party
hereunder. 
 (d) This Agreement shall be binding upon the successors and permitted assigns of the Parties. 

(e) Any assignment not in accordance with this Section 10.2 shall be void. 

10.3 Further Actions. Each Party agrees to execute, acknowledge and deliver such further instruments and to do all such other acts as
may be necessary or appropriate in order to carry out the purposes and intent of this Agreement. 
 10.4 Accounting Procedures. Each
Party shall calculate all amounts hereunder and perform other accounting procedures required hereunder and applicable to it in accordance with either, as applicable (a) United States generally accepted accounting principles (US GAAP) or
(b) International Financial Reporting Standard (IFRS), whichever is normally used by such Party to calculate its financial position, and in each case consistently applied by such Party. 

10.5 Force Majeure. Neither Party shall be liable to the other for failure or delay in the performance of any of its obligations under
this Agreement for the time and to the extent such failure or delay is caused by acts of God, earthquake, riot, civil commotion, terrorism, war, strikes or other labor disputes, fire, flood, failure or delay of transportation, default by suppliers
or 

  
 22 

 [*] = Certain confidential information contained in this document, marked by brackets, has been omitted and
filed separately with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

  

 
unavailability of raw materials, governmental acts or restrictions or any other reason which is beyond the control of the respective Party. The Party affected by force majeure shall provide the
other Party with full particulars thereof as soon as it becomes aware of the same (including its best estimate of the likely extent and duration of the interference with its activities), and will use Commercially Reasonable Efforts to overcome the
difficulties created thereby and to resume performance of its obligations hereunder as soon as practicable. 
 10.6 No Trademark Rights.
No right, express or implied, is granted by this Agreement to a Party to use in any manner the name or any other trade name or trademark of the other Party in connection with the performance of this Agreement or otherwise. 

10.7 Entire Agreement of the Parties; Amendments. This Agreement and the schedules and exhibits hereto constitute and contain the
entire understanding and agreement of the Parties respecting the subject matter hereof and cancel and supersede any and all prior negotiations, correspondence, understandings and agreements between the Parties, whether oral or written, regarding
such subject matter. No waiver, modification or amendment of any provision of this Agreement shall be valid or effective unless made in a writing referencing this Agreement and signed by a duly authorized officer of each Party. 

10.8 Captions. The captions to this Agreement are for convenience only, and are to be of no force or effect in construing or
interpreting any of the provisions of this Agreement. 
 10.9 Disputes. If a dispute or difference arises under or in connection with
this Agreement or hereunder between Merck Serono and the Licensee, including but not limited to any dispute or difference as to its interpretation, validity or termination (a “Dispute”) the Parties agree first to use all reasonable
endeavours in good faith to settle the Dispute. A Party claiming that a Dispute has arisen must give notice to the other Party specifying the nature of the Dispute and requesting that the Dispute be resolved by the Executive Officers within fifteen
(15) days of their first consideration of such dispute. If the Executive Officers cannot resolve such dispute within fifteen (15) days of their first consideration of such dispute, then, at any time after such fifteen (15) days
period, either Party may proceed to enforce any and all of its rights with respect to such dispute. 
 10.10 Governing Law. This
Agreement shall be governed by and interpreted in accordance with the laws of Switzerland, and will be subject to the exclusive jurisdiction of the courts of competent jurisdiction located in the Canton of Geneva. 

10.11 Notices and Deliveries. Any notice, request, approval or consent required or permitted to be given under this Agreement shall be
in writing and shall be deemed to have been sufficiently given if delivered in person, transmitted by facsimile (receipt verified) or by express courier service (signature required) to the Party to which it is directed at its address or facsimile
number shown below or such other address or facsimile number as such Party shall have last given by notice to the other Party. 

  
 23 

 [*] = Certain confidential information contained in this document, marked by brackets, has been omitted and
filed separately with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

  

 If to Merck Serono, addressed to: 

ARES TRADING SA 
 Zone
Industrielle de l’Ouriettaz 
 1170 Aubonne 

Switzerland 
 Facsimile: [*] 

With a copy to: 
 Merck Serono
S.A. 
 Zone Industrielle de l’Ouriettaz 

1170 Aubonne 
 Switzerland 

Attn: Legal Department 

Facsimile: [*] 
 If to Licensee,
addressed to: 
 OBSEVA S.A. 

12, Chemin des Aulx 
 1228
Plan-Les-Ouates, Geneva 
 Switzerland 

Attn: [*] 
 10.12 Waiver.
A waiver by either Party of any of the terms and conditions of this Agreement in any instance shall not be deemed or construed to be a waiver of such term or condition for the future, or of any other term or condition hereof. All rights,
remedies, undertakings, obligations and agreements contained in this Agreement shall be cumulative and none of them shall be in limitation of any other remedy, right, undertaking, obligation or agreement of either Party. 

10.13 Severability. When 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 under applicable law, such provision will be ineffective only to the extent of such prohibition or invalidity, without invalidating the remainder of
this Agreement. The Parties shall make a good faith effort to replace the invalid or unenforceable provision with a valid one which in its economic effect is most consistent with the invalid or unenforceable provision. 

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

{Signature page to follow} 

  
 24 

 [*] = Certain confidential information contained in this document, marked by brackets, has been omitted and
filed separately with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

  

 IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed and
delivered in duplicate by their duly authorized representatives with legal and binding effect as of the date first above written. 
  

									
	OBSEVA S.A.	 		 	ARES TRADING SA
					
	By:	 	 /s/ Ernest Loumaye
	 		 	By:	 	 /s/ James Singleton

	Name:	 	 Ernest Loumaye
	 		 	Name:	 	 James Singleton

	Title:	 	 CEO
	 		 	Title:	 	 Authorized Representative

					
		 	10.06.2015	 		 		 	
					
	By:	 	 /s/ Fabien de Ladonchamps
	 		 	By:	 	 /s/ Cedric Hyde

	Name:	 	 Fabien de Ladonchamps
	 		 	Name:	 	 Cedric Hyde

	Title:	 	 Finance Director
	 		 	Title:	 	 Authorized Representative

  
 25 

 [*] = Certain confidential information contained in this document, marked by brackets, has been omitted and
filed separately with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

  

 Schedule 1.23 

Licensed Compounds 
  

	•	 	[*] Thiazolidine Carboxamide Derivatives as Modulators of the Prostaglandin F Receptor 

  

	•	 	[*] Thiazolidine Carboxamide Derivatives as Modulators of the Prostaglandin F Receptor 

  
 26 

 [*] = Certain confidential information contained in this document, marked by brackets, has been omitted and
filed separately with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

  

 Schedule 1.27 

Merck Serono Know-How 
 [*] 

  
 27 

 [*] = Certain confidential information contained in this document, marked by brackets, has been omitted and
filed separately with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

  

 Schedule 1.28 

Merck Serono Materials 
 [*] 

  
 28 

 [*] = Certain confidential information contained in this document, marked by brackets, has been omitted and
filed separately with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

  

 Schedule 1.29 

Merck Serono Patents 
 [*] 

  
 29 

 [*] = Certain confidential information contained in this document, marked by brackets, has been omitted and
filed separately with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

  

 FIRST AMENDMENT TO THE 

LICENSE AGREEMENT 
 THIS
AMENDMENT N°1 TO THE LICENSE AGREEMENT (“First Amendment”), effective as of July 8, 2016 (“First Amendment Effective Date”), is made and entered into by and between ARES TRADING SA, a Swiss
corporation with registered offices at Zone Industrielle de l’Ouriettaz, 1170 Aubonne, Switzerland (“Merck Serono”) and OBSEVA S.A., a Swiss corporation with registered offices at Chemin des Aulx, 12, 1228
Plan-les-Ouates, Geneva, Switzerland (“Licensee”). Merck Serono and Licensee may be referred to herein as the “Party” or, collectively, as the “Parties”. 

WHEREAS, the Parties entered into a License Agreement on 10 June 2015 (“License Agreement”) concerning
Merck Serono’s proprietary compounds known as [*]; 
 WHEREAS, [*], is not claimed by and not specifically disclosed in the
Merck Serono Patents listed on Schedule 1.29 of the License Agreement; 
 WHEREAS, Licensee wishes and Merck Serono agrees to seek
patent protection for [*] and Licensee instructed Clark and Elbing LLP, a law firm with registered offices at 101 Federal Street Fl, 1500 Boston, MA02110, US (“C&E”) to prepare and file two new US patent applications covering
[*] which were agreed upon by the Parties and of which the abstracts are attached hereto as Exhibit A; 
 WHEREAS, the two patent
applications were filed on 4 January 2016 and the U.S. Patent Application No.: [*] under attorney docket [*] contains only Merck Serono Know-How and compounds and the U.S. Patent Application No.: [*] under attorney docket [*] contains both,
Merck Serono Know-How and Licensee Know-How; 
 WHEREAS, the Parties agree that the patent application [*] shall be a Merck Serono
Patent according to Section 5.3 of the License Agreement and that the patent application [*] shall be a Licensee Patent according to Section 5.4(a) of the License Agreement; and 

WHEREAS, the Parties therefore wish to amend the License Agreement as set forth herein. 

NOW, THEREFORE, in consideration of the mutual covenants contained herein, and for other good and valuable consideration, the Parties
hereto, intending to be legally bound, hereby agree as follows: 
 Capitalized terms used but not otherwise defined herein shall have the
meanings ascribed to such terms in the License Agreement. 
 I. Modification of Schedule 1.29. The following patent application shall
be added to the Merck Serono Patents in Schedule 1.29 of the License Agreement: 

            [*] 

II. Reimbursement. According to Section 5.4(b) of the License Agreement Merck Serono shall reimburse Licensee $8’989.75 for
patent expenses incurred by Licensee in the 

  
 Page 1 of 4 

 [*] = Certain confidential information contained in this document, marked by brackets, has been omitted and
filed separately with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

  

 
preparation and filing of the patent application [*] and Merck shall bear all further costs and expenses of filing, prosecution and maintaining this patent application in the Territory. 

For the avoidance of doubt and in accordance with Section 5.4(a) of the License Agreement, Licensee shall solely bear all costs and expenses of filing,
prosecution and maintaining the patent application [*] in the Territory. 
 III. Patent Maintenance. Contrary to what is provided by
Section 5.4(b) of the License Agreement, Merck Serono agrees that the filing, prosecution, and maintenance of patent application [*] shall be under the responsibility of Licensee, provided that (i) Licensee coordinates all responses to
office actions, country selection, filing strategy, enforcement activities and any other matter related to patent application [*] with the Merck Patent Department in Darmstadt (hereinafter “Merck Patent GmbH”) and (ii) Merck
Serono via Merck Patent GmbH shall reimburse Licensee for all reasonable costs and out-of-pocket expenses related to the filing, prosecution, and maintenance of patent application [*] after approval by a Merck Patent GmbH patent attorney, it being
specified that such approval shall not unreasonably be withheld. Invoices can only be processed if they are addressed to Merck Patent GmbH. 
 For the
coordination activities described in the preceding paragraph: 
  

	 	(a)	Merck Patent GmbH’s contact person is [*], it being specified that Merck Patent GmbH shall be allowed to change such contact person provided that (i) it informs Licensee in a written notice prior to such
change and (ii) the newly appointed contact person shall have the same skills and competences as the previous contact person; and 

  

	 	(b)	Licensee shall inform Merck Patent GmbH about the coordination activities and Merck shall participate in the coordination activities, both in a timely manner (in particular in view of any relevant process timelines); in
the event Merck Patent GmbH fails to do so, it is understood by the Parties that Licensee shall have the right to proceed further in such relevant process. 

For the avoidance of doubt, Licensee is solely responsible for filing, prosecution, maintaining and enforcement of the patent application [*] in the
Territory. 
 IV. Effectiveness. This First Amendment shall become effective as of the First Amendment Effective Date. 

V. Counterparts; Fax; Signatures. This First Amendment may be executed in two (2) counterparts, including by facsimile or PDF,
each of which, when signed and executed, shall be deemed to be an original and both of which together shall constitute the one and same document. 

VI. Full Force and Effect. Except as set forth in this First Amendment, the License Agreement shall remain unchanged. This First
Amendment, including its Exhibit A, shall be incorporated into and deemed part of the License Agreement from the First Amendment Effective Date on, and any future reference to the License Agreement shall include the terms and conditions of this
First Amendment. 

  
 Page 2 of 4 

 [*] = Certain confidential information contained in this document, marked by brackets, has been omitted and
filed separately with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

  

 IN WITNESS WHEREOF, the Parties have caused this First Amendment to be executed by their duly
authorized representatives. 
  

									
	OBSEVA S.A.	 		 	ARES TRADING S.A.
					
	By:	 	 /s/ Ernest Loumaye
	 		 	By:	 	 /s/ Cedric Hyde

	Name:	 	 Ernest Loumaye
	 		 	Name:	 	 Cedric Hyde

	Title:	 	 CEO
	 		 	Title:	 	 Authorized Representative

					
	By:	 	 /s/ Fabien de Ladonchamps
	 		 	By:	 	 /s/ Sebastien Boutte

	Name:	 	 Fabien de Ladonchamps
	 		 	Name:	 	 Sebastien Boutte

	Title:	 	 VP Finance
	 		 	Title:	 	 Authorized Representative

  

  
 Page 3 of 4 

 [*] = Certain confidential information contained in this document, marked by brackets, has been omitted and
filed separately with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

  

 EXHIBIT A 

[*] 

  
 Page 4 of 4 

 [*] = Certain confidential information contained in this document, marked by brackets, has been omitted and
filed separately with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended.EX-10.3

 [*] = Certain confidential information contained in this document, marked by brackets, has been omitted and
filed separately with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 
 Exhibit
10.3 
 EXCLUSIVE LICENSE AGREEMENT 

This EXCLUSIVE LICENSE AGREEMENT (the “Agreement”) made this 19th day of
November, 2015 (the “Effective Date”) by and between Kissei Pharmaceutical Co., Ltd., a corporation duly organized and existing under the laws of Japan and having its registered office at 19-48, Yoshino, Matsumoto-City, Nagano-
Prefecture, Japan (“Kissei”) and ObsEva SA, a corporation duly organized and existing under the laws of the Switzerland, and having its principal place of business at Chemin des Aulx, 12, 1228 Plan-les-Ouates, Switzerland
(“ObsEva”). Each of Kissei and ObsEva is referred to herein as a “Party” and collectively, as the “Parties.” 

WITNESSETH THAT: 
 WHEREAS,
Kissei has developed and is still developing GnRH antagonist as a promising drug candidate with the internal development code name of KLH-2109, and is the owner of all rights and title to and interest in certain patents, patent applications and
technical information relating to such drug candidate; 
 WHEREAS, ObsEva desires to obtain from Kissei an exclusive license with respect to
such drug candidate under such Kissei patents, patent applications and technical information for the formulation, development, manufacture, marketing, distribution and sales of the pharmaceutical preparations containing such drug candidate in
certain territories of the world; 
 WHEREAS, Kissei and ObsEva entered into the Letter Agreement -CMC Activities relating to KLH-2109 as of
August 5th, 2015 (the “Letter Agreement”) in which the Parties agreed that ObsEva may conduct certain activities for research and development of KLH-2109 at its own cost and responsibility before the execution of this
Agreement; and 
 WHEREAS, Kissei is willing to grant an exclusive license to ObsEva, under the terms and conditions hereinafter appearing.

 NOW, THEREFORE, in consideration of the covenants and obligations expressed herein, and intending
to be legally bound, the Parties hereto agree as follows: 
  

	1	Definitions 

 1.1 “Affiliate” means any and all persons, corporations,
firms, partnerships, limited liability companies or other entities that control, are controlled by or are under common control with a Party to this Agreement. For the purpose of this definition, an entity will be regarded as in “control”
of another if (a) it owns or directly or indirectly controls at least 50% of the voting stock of the other entity or such lesser maximum percentage permitted in those jurisdictions where majority ownership by foreign entities is prohibited,
(b) it owns or has a right to at least 50% of the net assets of an entity without voting securities, or (c) it possesses, directly or indirectly, the power to direct or cause to direct the management and policies of the entity, whether
through contract or otherwise. 
 1.2 “Combination Product” means a product containing the Compound together with one or
more active ingredient, or with one or more product or component. 
 1.3 “Commercially Reasonable Efforts” means (a) with
respect to the efforts to be expended by any Party with respect to any objective, such reasonable, diligent, and good faith efforts as such Party would normally use to accomplish a similar objective under similar circumstances, and (b) with
respect to any obligation relating to research, development or commercialization of a Product by ObsEva, the application by ObsEva of the level of efforts required to carry out such obligation in a sustained manner consistent with the efforts a
similarly situated biopharmaceutical company or pharmaceutical company, as the case may be, devotes to a product of similar market potential, profit potential or strategic value resulting from its own research efforts. 

1.4 “Compound” means KLH-2109 [*], which is further described in Exhibit A, and any and all compounds included in the
composition of matter patent for KLH-2109 [*] ([*], which is one of the Kissei Patents). 
 1.5 “CoG” has the meaning set
forth in Section 5.01. 
 1.6 “Control” means, with respect to any Patent, Know-How or other intellectual property
right, that the Party controlling such right owns a transferable interest or has a license to practice such Patent, Know-How or right and has the ability and right to grant the other Party access, a license or a sublicense (as applicable) to use
– as provided for in this Agreement – such Patent, Know-How or right without violating the rights of any Third Party. 
 1.7
“EMA” means the European Medicines Agency, or any successor organization thereto. 
 1.8 “FDA” means the
United States Food and Drug Administration, or any successor agency thereto. 
 1.9 “Field” means all prophylactic,
palliative, therapeutic or diagnostic uses in humans. 
 1.10 “Floor Price” has the meaning set forth in Section 9.02.

  
 2 

 [*] = Certain confidential information contained in this document, marked by brackets, has been omitted and
filed separately with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

  

 1.11 “Generic Competition” means the condition in any country where sales in
such country by one or more Third Parties, excluding ObsEva’s sublicensees, of the products containing the Compound for the same indication exceeds [*] of the total sales (objective measure in units) in such country during two
(2) consecutive calendar quarters of all products for the same indication containing the Compound (including the Product) in all dosage forms. 

1.12 “Improvement” means any and all technical information, patentable or non-patentable, owned, owned jointly or Controlled
by either Party or its Affiliates, licensees (in case of Kissei) or sublicensees (in case of ObsEva), which covers any improvement, invention or discovery concerning the Compound or the Product, including, without limitation, new or improved methods
of manufacture, formulas, uses, indications, methods of delivery and dosage forms thereof. 
 1.13 “IND” means an
Investigational New Drug Application (as defined in 21 C.F.R. Part 312 or any successor regulations) filed with FDA in conformance with applicable laws and regulations, for the purposes of initiating clinical trials of a pharmaceutical compound in
the United States. 
 1.14 “JDC” has the meaning set forth in Section 6.01. 

1.15 “JMC” has the meaning set forth in Section 7.03. 

1.16 “Kissei Know-How” means all Know-How Controlled by Kissei or any of its Affiliates, licensees (other than ObsEva), or
contractors on the Effective Date and all Know-How which becomes Controlled by Kissei or any of its Affiliates, licensees (other than ObsEva), or contractors during the term of this Agreement. 

1.17 “Kissei Patents” means all Patents that relate to the Compound and Product in the ObsEva Territory Controlled by Kissei
or any of its Affiliates as of the Effective Date, and all Patents that relate to the Compound, Products or Improvements thereof in the ObsEva Territory that become Controlled by Kissei or any of its Affiliates or licensees (other than ObsEva)
during the term of this Agreement, which are listed in Exhibit B-1, as amended and updated from time to time under the terms of this Agreement. 

1.18 “Kissei Relevant Patents” means all Patents listed in Exhibit B-2. 

1.19 “Kissei Territory” means the Excluded Territories. 

1.20 “Know-How” means all present and future scientific, technical, or commercial information, results and data of any type
whatsoever developed or generated in relation to the Compound or the Product in the Field, in any tangible or intangible form, whether patentable or not, including, without limitation, all (i) biological, toxicological, chemical, and
biochemical information, (ii) metabolic, non-clinical, pre-clinical, clinical, pharmacological, and pharmacokinetic data, (iii) physico-chemical properties, assays, formulations, quality controls, processes, synthesis processes,
manufacturing methods and data, specifications, discoveries, formulae, protocols, practices, reagents, inventions, Improvement, databases and (iv) any other information relating thereto. 

  
 3 

 [*] = Certain confidential information contained in this document, marked by brackets, has been omitted and
filed separately with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

  

 1.21 “MAA” means a Marketing Authorization Application submitted to EMA for the
purpose of obtaining European Commission approval for the marketing of the Product for the countries located within the European Union. 

1.22 “Major Countries” means the United States, Germany, France, Italy, Spain, and the United Kingdom. As a correlative
definition, the term “Major Country” shall mean any one of the countries specified in the previous sentence. 
 1.23
“Marketing Approval” means the approval of an NDA in the United States, the approval of an MAA in the EU, or any corresponding approvals in any other countries of the ObsEva Territory. 

1.24 “NDA” means a new drug application submitted to the FDA in conformance with applicable laws and regulations, to obtain
FDA approval for the marketing of a pharmaceutical product in the United States and all subsequent amendments and supplements to such NDA. 

1.25 “Net Sales” means with respect to the Product, the gross amounts invoiced by ObsEva, its Affiliates or sublicensees to
Third Party customers for sales or other transfers or disposition of the Product, less: 
  

	 	(i)	customary trade, quantity, and cash discounts or rebates actually allowed on the Product; 

  

	 	(ii)	credits or allowances given to customers for rejections or returns of the Product or on account of retroactive price reductions affecting such Product; 

 

	 	(iii)	amounts debited on account of bad debts with respect to Net Sales previously invoiced (provided that the net amount of any such bad debts subsequently collected shall be counted as sales); 

 

	 	(iv)	sales taxes, excise taxes, use taxes, import/export duties or other governmental charges actually due or incurred with respect to the production, importation, use or sale of the Product to Third Parties;

  

	 	(v)	postage, shipping, and transportation charges to the extent that they are included in the price or otherwise paid by the purchaser, including insurance, for transporting the Product; 

 

	 	(vi)	Product rebates and Product chargebacks including those granted to managed-care entities and government agencies. 

Sales or transfers of the Product among ObsEva, its Affiliates and/or sublicensees shall be excluded from the computation of Net Sales, and no
royalties will be payable on such sales. 

  
 4 

 [*] = Certain confidential information contained in this document, marked by brackets, has been omitted and
filed separately with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

  

 In the event that a Product is sold in the form of a Combination Product, Net Sales for such
Combination Product will be calculated by multiplying actual Net Sales of such Combination Product by the fraction A/(A+B) where A is the invoice price of the Product containing a Compound as the only active ingredient if sold separately, and B is
the invoice price of any other active ingredient(s), product(s), or component(s) in the Combination Product if sold separately. In the event the Product or one or more of such other active ingredient(s), product(s), or component(s) in the
Combination Product are not sold separately, then the Net Sales for such Combination Product shall be determined by the Parties in good faith prior to the submission of MAA or NDA or such similar submission in other countries than European Union and
the United States. In the event the Product or one or more of such other active ingredient(s), product(s), or component(s) in the Combination Product are sold separately but the basic elements including but not limited to their strength in the
Combination Product is different, such Product or such other active ingredient(s), product(s), or component(s) are deemed not to be sold separately, and the Net Sales for such Combination Product shall be determined by the Parties in good faith as
stipulated in the preceding sentence. 
 1.26 “ObsEva Know-How” means all Know-How which becomes Controlled by ObsEva or
its Affiliates, sublicensees or contractors during the term of this Agreement. 
 1.27 “ObsEva Patents” has the meaning set
forth in Section 14.02. 
 1.28 “ObsEva Territory” means all countries of the world, excluding Bangladesh, Bhutan,
Brunei, Cambodia, China including Hong-Kong and Macao, India, Indonesia, Japan, Korea, Laos, Malaysia, Myanmar, Nepal, Palau, Philippines, Singapore, Sri Lanka, Taiwan, Thailand and Viet Nam (the “Excluded Territories”). 

1.29 “Patent” means all patents and patent applications, including provisional and priority filings, and which specifically
or generally claim the Compound or Product, claim a use for the Compound or Product, claim a method of making the Compound or Product or otherwise covers the Compound or Product, including but not limited to the patent applications listed in Exhibit
B-1 and B-2, together in all cases with any continuations, continuations-in-part, divisions, patents of addition, reexaminations, reissues, renewals as well as extensions and supplementary protection
certificates of any of the foregoing. 
 1.30 “Product” means any and all pharmaceutical preparations in the Field in
finished dosage package forms ready for sale to Third Party which contain the Compound. For the avoidance of doubt, a Combination Product is covered by the definition of Product. 

1.31 “Regulatory Filings” means (i) with respect to the United States, any IND or NDA, and (ii) with respect to
countries or jurisdiction outside the United States but still within the ObsEva Territory, any filings, registrations or applications equivalent to an IND or NDA. 

1.32 “Royalty” has the meaning set forth in Section 5.01. 

1.33 “Royalty Period” has the meaning set forth in Section 5.04. 

1.34 “Royalty Report” has the meaning set forth in Section 5.04. 

  
 5 

 [*] = Certain confidential information contained in this document, marked by brackets, has been omitted and
filed separately with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

  

 1.35 “Royalty Term” has the meaning set forth in Section 5.01. 

1.36 “Section” means a section of this Agreement. 

1.37 “Supply Price” has the meaning set forth in Section 9.02. 

1.38 “Territory” means the Kissei Territory or ObsEva Territory. 

1.39 “Third Party” means any party other than a Party to this Agreement and such Party’s Affiliates. 

1.40 “Trademark” has the meaning set forth in Section 8.01. 

1.41 “Valid Claim” means any claim contained in issued and unexpired Kissei Patents which has not been held unenforceable,
unpatentable or invalid by a decision of a court or other governmental agency or competent jurisdiction, unappealable or unappealed within the time allowed for appeal, and which has not been admitted to be invalid or unenforceable through
abandonment, reissue, disclaimer or otherwise. 
 1.42 Definitions in the singular include the plural and vice versa. 

 

	2	Grant 

 2.01 Grant of Rights. Kissei hereby grants to ObsEva an exclusive license,
with the right to grant sublicenses, under the Kissei Patents, the Kissei Know-How, and the Trademark, for the full duration of rights protecting each of the Kissei Patents, Kissei Know-How, and Trademark, to use, import and export the Compound in
the Field in the ObsEva Territory, and to make, have made, use, develop, commercialize, sell, offer to sell, import and export the Product in the Field in the ObsEva Territory. 

2.02 Sublicenses. ObsEva shall inform diligently Kissei of potential ObsEva sublicensee and Kissei may submit comments to ObsEva
regarding such potential sublicensee and ObsEva shall take into account the comments from Kissei in good faith if Kissei has reasonable causes for not accepting sublicensing. For clarity, ObsEva has the final decision making power. In the event
ObsEva has decided to grant a sublicense to any Third Party, ObsEva shall inform Kissei of the name, location and other details of such Third Party in writing at least thirty (30) days before the sublicense is granted. Any sublicense granted by
ObsEva shall have no provision that conflicts with the provisions of this Agreement. 
 2.03 Contractors. ObsEva may use contractors
in the drug development, in Marketing Approval processes, non-clinical and clinical testing and formulation of the Compound and distribution contractors with respect to the sale and distribution of the Product, each in any country in the ObsEva
Territory without informing Kissei prior to entering into such agreement. 

  
 6 

 [*] = Certain confidential information contained in this document, marked by brackets, has been omitted and
filed separately with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

  

 2.04 Kissei Relevant Patents. Kissei shall not grant to the Third Parties a license to
use, import, export, make, have made, develop, commercialize, sell, offer to sell the compound and/or the product covered by Kissei Relevant Patents in the Field in the ObsEva Territory without prior written consent of ObsEva. In the case where
ObsEva decides to develop a compound which is included in the Kissei Relevant Patents with Commercially Reasonable Efforts, such compound shall be included in the definition of Compound without any additional consideration by ObsEva to Kissei. 

2.05 Kissei Drug Master Files. Kissei hereby grants to ObsEva a non-exclusive right to access, reference or cross-reference all Kissei
Drug Master Files (as defined in Section 3.01) for any IND and/or Marketing Approval by or for ObsEva in or for the ObsEva Territory. 
  

	3	Disclosure and Use of Know-How 

 3.01 Disclosure of Kissei Know-How. Promptly
after the Effective Date of this Agreement, Kissei shall disclose and deliver to ObsEva, or make available to ObsEva, all of the Kissei Know-How, and from time to time thereafter during the term of this Agreement, Kissei shall disclose or make
available to ObsEva all future Kissei Know-How, provided that Kissei may reserve the right not to disclose the information on manufacturing Compound to ObsEva, but Kissei shall file or cause its contract manufacturer to file a Drug Master File to
the FDA, EMA and all other competent authorities implementing the same system in each country of the ObsEva Territory on the manufacturing method of Compound (each a “Kissei Drug Master File”) so that ObsEva, its Affiliates and its
sublicensees may refer to the filed Kissei Drug Master File at the time of submission of IND and/or Marketing Approval by ObsEva, its Affiliates or its sublicensees. Both Parties shall cooperate in preparing the CMC (Chemistry, Manufacturing and
Control) part of the IMPD (Investigational Medicinal Product Dossier) that would support a CTA (Clinical Trial Application) by ObsEva. Kissei shall ensure that the manufacturing site and facilities of Kissei’s contract manufacturer of Compound
shall be maintained, and its CMC shall be performed, in conformity with the GMP requirements by the FDA, EMA and all other competent authorities in each country of the ObsEva Territory during the term of this Agreement. 

3.02 Use of Kissei Know-How. Subject to Section 2, ObsEva shall have the right to use and disclose any and all Kissei Know-How
received from Kissei pursuant to Sections 3.01 hereof to its Affiliates and/or its sublicensees in the ObsEva Territory for their use and subject to terms and conditions of this Agreement. 

3.03 Disclosure and Use of ObsEva Know-How. ObsEva agrees to provide Kissei, from time to time during the term of this Agreement, with
any and all ObsEva Know-How. Subject to Section 14, Kissei shall have the right to use and disclose the ObsEva Know-How received from ObsEva pursuant to this Section 3.03 to its Affiliates and its licensees (other than ObsEva) in the
Kissei Territory and subject to terms and conditions of this Agreement. 

  
 7 

 [*] = Certain confidential information contained in this document, marked by brackets, has been omitted and
filed separately with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

  

	4	Milestone Payments 

 4.01 Milestone Payments. In consideration of the acquisition
of license rights granted to ObsEva by Kissei as of the Effective Date hereunder, ObsEva shall pay to Kissei the following milestone amounts within sixty (60) calendar days for (i) and within thirty (30) calendar days for
(ii) through (vi) of the occurrence of the corresponding events described below: 
  

					
	 	 	 Milestone Event
	  	Milestone
Payment (US $):
	 (i)
	 	Effective Date	  	[*]
	 (ii)
	 	[*]	  	[*]
	 (iii)
	 	[*]	  	[*]
	 (iv)
	 	[*]	  	[*]
	 (v)
	 	[*]	  	
		 	[*]	  	[*]
		 	[*]	  	[*]
			
	 (vi)
	 	Commercial Milestones	  	
			
		 	When the annual Net Sales exceeds [*]	  	[*]
		 	When the annual Net Sales exceeds [*]	  	[*]
		 	When the annual Net Sales exceeds [*]	  	[*]

 [*] 
 [*] 

4.02 Non-Refundable. Any payments made by ObsEva in accordance with Section 4.01 hereof shall, once they are paid, not be
refundable nor creditable for any reason whatsoever, except as expressly provided to the contrary in this Agreement. 
 4.03 Single
Payments. The Milestone Payments specified above shall be made only once, upon the first occurrence of the Milestone Event described above, regardless of how many times such Milestone Event may be achieved. 

 

	5	Royalties 

 5.01 Royalty Rates and Term of Royalty. In consideration of the
acquisition of license rights granted to ObsEva as of the Effective Date hereunder, ObsEva shall pay to Kissei on Net Sales of all Products, on a Product-by-Product and country-by-country basis, a non-refundable royalty ( the
“Royalty”), which shall be fully included in the supply price (the “Supply Price”, as defined in Section 9.02 hereof), as follows: 
  

	 	(i)	ObsEva shall pay the Supply Price from the first commercial sales of the Product in countries of the ObsEva Territory until the latest of (a) the last date on which such Product is covered by a Valid Claim which
Kissei has at the Effective Date hereof and during this Agreement, (b) the expiration of regulatory exclusivity period, or (c) to the extent authorized under applicable law fifteen (15) years after the first commercial sale of the
Product in such country (from the first commercial sales to the latest of (a), (b) and (c) above: the “Royalty Term”). 

  
 8 

 [*] = Certain confidential information contained in this document, marked by brackets, has been omitted and
filed separately with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

  

	 	(ii)	For each country within the ObsEva Territory where no Generic Competition exists, irrespective of existence or non-existence of Kissei Patents or ObsEva Patents, the full Supply Price shall be applied during the Royalty
Term. 

  

	 	(iii)	Notwithstanding the above Section 5.01 (ii), for each country within the ObsEva Territory where no Valid Claim of Kissei Patents exists and no Generic Competition exists solely because of ObsEva Patent or ObsEva
Patent application, the Supply Price shall be reduced to [*] 

 For the avoidance of doubt, the Floor Price as set out in
Section 9.02 does not apply under this Section 5.01(iii). 
  

	 	(iv)	For each country within the ObsEva Territory where the Generic Competition exists, the Supply Price in consideration of the Trademark and Kissei Know-How license, shall be reduced to CoG [*] as described in the
Section 5.01 (x). [*] 

 For the avoidance of doubt, the Supply Price and the Floor Price as set out in Section 9.02
do not apply under this Section 5.01 (iv). 
  

	 	(v)	In the case where ObsEva continues to purchase Compound from Kissei after the expiration of the Royalty Term in accordance with Section 8.02, the supply price of the Compound, in consideration of the Trademark
license, shall be CoG [*] as described in the Section 5.01 (x). [*] 

 For the avoidance of doubt, the Supply Price and
the Floor Price as set out in Section 9.02 does not apply under this Section 5.01 (v). 
  

	 	(vi)	ObsEva shall notify Kissei as soon as ObsEva becomes aware of the occurrence of the above (iii) through (v), and Kissei does not have an obligation to refund the ObsEva’s excess payment made to Kissei during
the period from the occurrence of such event to the date of notification. 

  

	 	(vii)	Kissei shall disclose to ObsEva the CoG for the sole purpose of calculation stipulated in this Section. ObsEva shall have the right to have a public accounting firm review the CoG during reasonable business hours upon
reasonable prior written notice to Kissei and not more often than once each Kissei’s financial year, for not more than three (3) previous years for the sole purpose of determining the appropriateness of the CoG at its cost. Kissei shall
provide such public accounting firm with any relevant information and documents for such purpose. Kissei shall have the right to require said public accounting firm to sign a confidential disclosure agreement before the audit commences and such
public accounting firm shall not disclose to ObsEva any information other than those contained in a report of matters relevant to the CoG. If any discrepancy between the then used CoG and the CoG in the report is found and it caused the overpayment
or underpayment of ObsEva, the Parties shall refund the difference caused by such discrepancy without delay unless such discrepancy is less than [*]. In such cases and if the discrepancy is exceeding [*], Kissei shall pay the costs for the public
accounting firm. In any case, ObsEva may recommend certain measures to improve the CoG after having the report, and Kissei shall take that recommendation into consideration in good faith. 

  
 9 

 [*] = Certain confidential information contained in this document, marked by brackets, has been omitted and
filed separately with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

  

	 	(viii)	The Supply Price determined according to Section 5.01 (iii) and 5.01 (iv) and the supply price determined according to Section 5.01 (v) will be updated with the updated CoG once every
Kissei’s financial year. For the avoidance of doubt, the Supply Price or the supply price shall be updated upon the first occurrence of 5.01 (iii), (iv) or (v). 

 

	 	(ix)	Kissei shall use Commercially Reasonable Efforts to reduce the CoG. 

  

	 	(x)	For the clarity purpose, the Supply Price in all case intended by both Parties in the Section 5.01 shall be as follows; 

  

					
	 Case
	  	the Royalty Term	 	after the Royalty Term
	 No Generic Competition except the case where only ObsEva Patents prevents Generic
Competition
	  	[*]	 	 [*]

	  
 No Generic Competition Only
ObsEva Patents prevents Generic Competition.
	  	[*]	 
	  
 Generic Competition
	  	[*]	 

 5.02 Accrual of Royalties. No royalties shall be payable on sales between ObsEva and/or its Affiliates
and/or its sublicensees, but royalties shall be payable on subsequent sales by ObsEva, its Affiliates or its sublicensees to a Third Party. 

5.03 Third Party Royalties. In the event that (i) the Compound or Product is deemed by a court of competent jurisdiction to
infringe a valid claim of a patent owned or Controlled by a Third Party in any country of the ObsEva Territory, or (ii) ObsEva and/or its Affiliates or its sublicensees determine, [*] that it is necessary to pay royalties or other fees to any
Third Party to obtain a license to exercise any Third Parties rights in order to market, manufacture or develop the Compound or Product in any country of the ObsEva Territory, then in such event, ObsEva and its Affiliates and its sublicensees may
deduct [*] of all expenses due to such Third Parties (including royalties, milestones, other license fees and other reasonable amounts expended in settlement of such claim, or for securing such rights) from the Supply Price otherwise due to Kissei
under Section 5.01 for such country, [*]. The Supply Price after such reduction shall in no case be below the Floor Price. 
 5.04
Royalty Reports; Records. During the term of this Agreement and after the first commercial sales, ObsEva shall furnish or cause to be furnished to Kissei on a quarterly basis a written report or reports (the “Royalty Report”)
covering ObsEva’s fiscal quarter (currently ending on the last day of March, June, September and December; each such fiscal quarter being sometimes referred to herein as a “Royalty Period”) showing: 

 

	 	(a)	the gross amount of sales to Third Party and Net Sales of all Products in each country of the ObsEva Territory during the Royalty Period; 

  
 10 

 [*] = Certain confidential information contained in this document, marked by brackets, has been omitted and
filed separately with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

  

	 	(b)	the Supply Price, payable in US Dollars, which shall have accrued hereunder in respect to such Net Sales; 

  

	 	(c)	withholding taxes, if any, required by law to be deducted in respect of such royalties; and 

  

	 	(d)	the exchange rates used in determining the amount of US Dollars. 

 The Parties acknowledge that
Kissei needs to obtain certain information in a certain time-frame from ObsEva for the purpose of financial reporting. The Parties shall discuss and determine such details of information and time-frame prior to the first Marketing Approval in the
ObsEva Territory. 
 Royalty Reports shall be due on the forty-fifth (45th) calendar day following the close of each Royalty Period. In
addition, ObsEva shall furnish Kissei with the expected royalty amount estimated based on the information available at the end of each Royalty Period within seven (7) calendar days following the close of each Royalty Period. ObsEva, and its
Affiliates and sublicensees shall keep contemporaneous, legible, verifiable and accurate records in sufficient detail to enable the royalties payable hereunder to be determined and substantiated. A final Royalty Report shall be due upon the
expiration or termination of this Agreement. 
 Both Parties shall discuss and determine the detailed mechanism to calculate the payment
under Section 5, time-frame to make the payment and other necessary procedure by the first Marketing Approval in the ObsEva Territory. 

5.05 Exchange Rates. With respect to the sales of Product invoiced in US Dollars, the Net Sales and royalty payable shall be expressed
in US Dollars. With respect to the sales of Product invoiced in a currency other than US Dollars, the Net Sales and royalty payable shall be expressed in such other currency together with the US Dollar equivalent of the royalty payable, which shall
be calculated using certain exchange rates, which will be agreed by the first Marketing Approval in the ObsEva Territory. 
 5.06
Withholding Tax. Any tax paid or required to be withheld by ObsEva on account of the milestones or royalties payable to Kissei under Section 4 and Section 5 shall be deducted from the amount of the milestones or royalties otherwise
due. ObsEva shall secure and send to Kissei written proof of any such taxes withheld and incurred by ObsEva, its Affiliates or sublicensees for the benefit of Kissei in a form sufficient to satisfy the taxing agency having authority to tax such
transaction. Each Party shall cooperate with the other Party in providing necessary documentation related to and claiming exemptions from such deductions or withholdings under any agreement or treaty, and both Parties shall use reasonable efforts to
reduce or minimize any withholding taxes. 
 5.07 Audit Rights. Kissei shall have the right to have a public accounting firm of its
own selection, except one to whom ObsEva or its Affiliates or its sublicensees may have reasonable objection, and at its own expense (except if the result of such audit results in a variation or error exceeding [*] of the payments that were paid to
Kissei where ObsEva shall 

  
 11 

 [*] = Certain confidential information contained in this document, marked by brackets, has been omitted and
filed separately with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

  

 
bear the expense), examine the relevant books and records of account of ObsEva and its Affiliates and its sublicensees during reasonable business hours upon reasonable prior written notice to
ObsEva and not more often than once each calendar year, for not more than three (3) previous years, for the sole purpose of determining whether appropriate accounting and payment have been made to Kissei hereunder. Kissei may exercise such
right until the end of three (3) years after the termination or expiration of this Agreement. ObsEva shall pay to Kissei the full amount of any underpayment without delay, together with interest thereon at the rate of LIBOR plus [*] per year
from the date payment was due. Said public accounting firm shall treat as confidential, and shall not disclose to Kissei, any information other than information which shall be given to Kissei pursuant to any provision of this Agreement. Such public
accounting firm shall not disclose to Kissei any information other than that which should properly be contained in a report of matters relevant to Net Sales and royalties calculation and payment. ObsEva shall have the right to require said public
accounting firm to sign a confidential disclosure agreement before the audit commences. 
  

	6	Development 

 6.01 The Joint Development Committee. (a) Promptly after the
Effective Date, the Parties shall form a Joint Development Committee (the “JDC”) to oversee the development of the Compound and the Product. 

The JDC will be comprised of six (6) members, three (3) of which shall be appointed by ObsEva, and three (3) of which shall be
appointed by Kissei. All such members will have the ordinary experience, scientific, clinical, regulatory and/or commercial expertise, availability, skill and care required in order to fulfil their obligations as members of the JDC. Both Parties
have the right to substitute their JDC members, provided each new member meets the same qualities mentioned herein above. It is the obligation of the Party whose member changed to bring the new member up-to-date on the development. The new
member’s name and contact detail will be communicated by written notice in a timely manner. 
 Each Party will appoint one
(1) contact person within its JDC members. The contact person for each Party will be determined promptly after the Effective Date. 

The primary purpose of the JDC shall be to co-ordinate and share information concerning the development efforts of the Parties in their
respective Territories, safety and efficacy information, and additional Know-How. Specifically, the JDC will, among others: 
  

	 	a)	provide a forum to share information with respect to the development schedule, plan, strategy and regulatory information for the Compound and the Product which shall give the first priority to obtain the first marketing
authorization for the Product for the treatment of endometriosis (ObsEva’s development plan’s GANTT chart as of the Effective Date hereof is attached as Exhibit C hereto); 

 

	 	b)	review study protocols and study results for the Compound and the Product (it is understood and agreed, however, that the JDC shall not be the exclusive method of reviewing study protocols and study results, and the
Parties may review protocols and study results in forums other than the JDC); 

  
 12 

 [*] = Certain confidential information contained in this document, marked by brackets, has been omitted and
filed separately with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

  

	 	c)	discuss proposed publications and presentations relating to the Compound and the Product or other arising intellectual property created under this Agreement; 

 

	 	d)	discuss ObsEva’s out-licensing activities including partnering options in each country of the ObsEva’s Territory; and 

  

	 	e)	such other items to be mutually agreed by the Parties, on a case-by-case basis. 

 Information
exchanged in a timely manner shall be limited to information for the US, EU and Japan. The exchange of information which is generated in any country other than the US, EU or Japan shall be done on a request basis. 

Decisions of the JDC shall be based on consensus, and all reasonable efforts will be made to achieve such consensus. Disagreements which,
despite such efforts, cannot be resolved at the JDC level, will be addressed by joint discussions between senior management of ObsEva and Kissei. In the event of a disagreement, representatives of the senior management of ObsEva and Kissei will
review and discuss the disagreement, and attempt to resolve the matter in good faith. If such resolution efforts fail, each Party will retain the right of final decision with respect to matters concerning its respective Territory. Each Party shall
consult with the other Party with respect to the development of the Compound and the Product in the Territory of the other Party in order to determine whether the other Party reasonably believes that the development may have a negative impact on the
safety, the efficacy profile or the label of the Compound and the Product in its Territory. The consulting Party shall consider in good faith the other Party’s views and suggestions. If the consulting Party decides not to follow the other
Party’s suggestions, the decision of the consulting Party shall be brought to JDC. If not resolved by JDC, the decision will be referred to the respective heads of R&D for each of ObsEva and Kissei. The respective heads of R&D for each
of ObsEva and Kissei shall meet and discuss the matter and shall resolve the matter in good faith. The consulting Party shall have the sole responsibility for final decision. 

The JDC shall meet formally at least semi-annually, or with such other frequency, and at such time and location as agreed upon mutually from
time to time. Members of the JDC may be represented at any meeting by a designee appointed by such member for such meeting. Each Party may, in its discretion, invite non-member representatives of such Party or representatives of sublicensees in the
Major Country to attend meetings of the JDC, provided that the Parties approve such Party’s invitees or representatives of sublicensees in advance. If ObsEva’s Affiliate or sublicensee is a lead sponsor for clinical studies in the
US or EU, ObsEva shall invite representatives of such Affiliate or sublicensee to the JDC. At each meeting of the JDC, each Party will present to the full JDC a summary of the results of such Party’s development efforts and update on their
development progress with respect to the Compound and the Product during the period of time since the previous JDC meeting. 
 Each Party
shall provide to the other Party the draft protocols or, in case of draft protocols with non-English language, the synopsis of the draft protocols for any non-clinical or clinical studies related to the Compound prior to the commencement of such
studies. The Party receiving such draft protocols or the synopsis of the draft protocols will have fourteen (14) calendar days or such other days agreed by the Parties from receipt thereof to review and comment on the draft protocols or the
synopsis of the draft protocols. Each Party shall consider in good faith the other Party’s views and suggestions regarding the development program for the Product in its respective Territory, but shall develop the Product in its Territory under
its 

  
 13 

 [*] = Certain confidential information contained in this document, marked by brackets, has been omitted and
filed separately with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

  

 
own responsibility and have the sole final responsibility for all decisions related thereto; provided, however, that each Party shall refrain from suggesting development activities
with respect to the development of the Compound in the other Party’s Territory which may have a negative impact on the safety or efficacy profile, the label or the commercial potential of the Compound in the other Party’s Territory, and
provided, further, that the Parties shall discuss in good faith and mutually agree the existence and possibility of such negative impact on the safety or efficacy profile, the label or the commercial potential of the Compound in such
other Party’s Territory. 
 6.02 Development Costs. ObsEva shall be responsible for all costs incurred by it in non-clinical and
clinical development activities related to Compound and Product in the ObsEva Territory. Kissei shall be responsible for all costs incurred by it in non-clinical and clinical development activities related to Compound and Product in the Kissei
Territory. Each Party shall bear all costs incurred by their respective JDC members and invitees, and ObsEva’s sublicensees shall bear all costs incurred by them through the JDC. Both Parties equally bear the external cost for non-clinical
studies (excluding CMC studies, for clarity) and clinical pharmacology studies which have not been completed on or prior to the Effective Date and are designed to meet regulatory requirements for Marketing Approval of both (i) EU or the US and
(ii) Japan, such studies, its protocols and other details will be discussed and determined under JDC, and Kissei will conduct such non-clinical studies by itself or through contract laboratory. For the sake of clarity, each Party has the right
to choose not to bear the cost by the initiation of each study, in case that the Party determines that the design of the study no longer meets the regulatory requirements in EU and the US in case of ObsEva or Japan in case of Kissei. ObsEva has the
exclusive right, with the right to sublicense, to the results of such studies in the ObsEva Territory and Kissei has the exclusive right, with the right to sublicense, to the results of such studies in the Kissei Territory. 

6.03 Commercially Reasonable Efforts. ObsEva shall use Commercially Reasonable Efforts to develop the Compound and the Product in the
Field in the ObsEva Territory. 
 In particular, ObsEva shall use Commercially Reasonable Efforts: 

 

	 	(i)	to prioritize the obtaining of the marketing authorization for the Product for the treatment of endometriosis in certain countries of the Major Countries; 

 

	 	(ii)	not to terminate or suspend the development of the Product for the treatment of endometriosis; in case ObsEva wishes to terminate or suspend such development, it shall, prior to such termination or suspension,
diligently inform Kissei of its scientific, clinical, regulatory and/or commercial reasons and Kissei may submit comments within thirty (30) calendar days following the receipt of such information, which ObsEva shall in good faith take into
account; 

  

	 	(iii)	to perform development activities according to the development plan (of which the GANTT chart is attached hereto in Exhibit C), as amended from time to time, in Major Countries; and 

 

	 	(iv)	[*]. 

  
 14 

 [*] = Certain confidential information contained in this document, marked by brackets, has been omitted and
filed separately with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

  

 6.04 Regulatory Filings. In the event ObsEva or its Affiliates or its sublicensees has to
file an IND, NDA, or MAA for the Compound or the Product, including any supplements which may have significant impact on development in Kissei Territory, or annual reports thereto, ObsEva shall submit to Kissei an English summary thereof for its
prior review and comment and Kissei may give comments thereon, if any, within thirty (30) calendar days from the receipt thereof and ObsEva shall take into account any such comments from Kissei as long as it is scientifically and objectively
appropriate and reasonable. ObsEva shall provide Kissei with a copy of all formal correspondences for the Compound or the Product with the FDA and EMA in a timely manner. Similarly, Kissei shall submit to ObsEva an English summary of IND and NDA to
be filed in Japan, which should contain the elements relevant for ObsEva product development and registration , as well as for any supplements which may have significant impact on development in the ObsEva Territory, for its prior review and comment
and ObsEva may give comments thereon, if any, within thirty (30) calendar days from the receipt thereof and Kissei shall take into account any such comments from ObsEva as long as it is scientifically and objectively appropriate and reasonable.
Kissei shall provide ObsEva with an English summary of all formal correspondences for the Compound or the Product with the PMDA in a timely manner. The JDC determines the detailed procedure and contents for the exchange of the documents stipulated
in this Section 6.04. 
 6.05 Development Status Report. Within thirty (30) calendar days following the close of each
calendar year during the term of this Agreement, ObsEva shall issue a development status report on its development activities, as well as development activities of its Affiliates and its sublicensees in its Territory during the immediately preceding
twelve (12) month period. 
 6.06 Exchange of Development Data. ObsEva agrees to provide Kissei, from time to time, with ObsEva
Development Data relating to the Compound and the Product for the purpose of allowing Kissei to conduct its own development program with respect to the Compound in the Kissei Territory, and to file for regulatory approval in the Kissei Territory.
Similarly, Kissei agrees to provide ObsEva, from time to time, with Kissei Development Data relating to the Compound and the Product for the purpose of allowing ObsEva to further its own development program with respect to the Compound in the ObsEva
Territory, including filing such Kissei Development Data with regulatory agencies in the ObsEva Territory. 
 For purpose of this
Section 6.06, “ObsEva Development Data” means all study reports for clinical and non-clinical studies, and other information reasonably requested by Kissei, and “Kissei Development Data” means all study reports
for clinical and non-clinical studies, and other information reasonably requested by ObsEva. The Development Data will be provided to the other Party in English except as otherwise agreed by the Parties. 

6.07 Kissei may attend meetings with key opinion leaders and meetings with authorities of EU or the US held by ObsEva, its Affiliates or its
sublicensees including but not limited to the End of Phase 2 Meeting. ObsEva, its Affiliates or its sublicensees will give reasonable information to Kissei to assist it in the preparation of its participation. For the sake of clarity, ObsEva will
not provide financial assistance. 

  
 15 

 [*] = Certain confidential information contained in this document, marked by brackets, has been omitted and
filed separately with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

  

	7	Marketing and Commercialization 

 7.01 Commercially Reasonable Efforts. ObsEva
shall use Commercially Reasonable Efforts, at its own expense, to promote, market, distribute and sell the Product in the ObsEva Territory. ObsEva shall consider in good faith Kissei’s views and suggestions regarding the marketing of the
Product in the ObsEva Territory, but ObsEva shall market the Product in the ObsEva Territory under its own responsibility and shall have the sole final responsibility for decisions in the ObsEva Territory. Kissei shall consider in good faith
ObsEva’s views and suggestions regarding the marketing of the Product in the Kissei Territory, but Kissei shall market the Product in the Kissei Territory under its own responsibility and have the sole final responsibility for decisions in the
Kissei Territory. To the extent the Parties deem appropriate, they may agree to collaborate regarding participation in international medical or scientific conferences as well as pre- and post-launch promotional activities involving the Product which are applicable and beneficial both in the ObsEva Territory and the Kissei Territory. 

7.02 Pricing and reimbursement activities; Commercialization. Within ninety (90) days following receipt by ObsEva or its
Affiliates or its sublicensees of a Marketing Approval of the Product for a Major Country, ObsEva shall, and shall cause its Affiliates and its sublicensees to, start pricing and reimbursement activities in such Major Country. After such pricing and
reimbursement activities have been successfully completed, ObsEva shall start the marketing and sales of the Product in such Major Country using its Commercially Reasonable Efforts at its own expense and use Commercially Reasonable Efforts to
promote, market, distribute and sell the Product consistent with accepted pharmaceutical business practice and applicable legal requirements. In case ObsEva or its Affiliates or sublicensees does not start the marketing and sales of the Product in
the countries other than the Major Country but still in the ObsEva Territory within two (2) years of a Marketing Approval, the Parties shall discuss and determine the necessary actions for such country for the purpose of maximizing the value of
the Product. 
 7.03 The Joint Marketing Committee. Promptly after filing the first NDA or MAA, the Parties shall form a Joint
Marketing Committee (the “JMC”) to oversee marketing of the Compound and the Product. The JMC will be comprised of six (6) members, three (3) of which shall be appointed by ObsEva, and three (3) of which shall be
appointed by Kissei. The primary purpose of the JMC shall be to co-ordinate and share information concerning the marketing efforts of the Parties in their respective Territories. The JMC shall meet formally at least semi-annually, or with such other
frequency, and at such time and location as agreed upon mutually from time to time. Members of the JMC may be represented at any meeting by a designee appointed by such member for such meeting. Each Party may, at its sole discretion, invite
non-member representatives of such Party or representatives of sublicensees to attend meetings of the JMC, provided that the Parties shall approve such Party’s invitees or representatives of sublicensees in advance subject to the
Section 6.01. ObsEva submits to Kissei its three-year sales forecast on a quarterly basis from the quarter where the launch is expected in the ObsEva Territory promptly after the first NDA or MAA. After the first launch, the three-year sales
forecast will be updated on a semiannually basis. 
 7.04 Package Design. The design of the package of the Product for sale in the
ObsEva Territory will be decided by ObsEva at its sole discretion. However, ObsEva shall furnish Kissei with copies of all Product packages, package inserts and monographs as well as major promotional materials such as brochures, pamphlets and the
like to be used for marketing of the Product in the ObsEva Territory. It is understood and agreed, however, that Kissei shall not use the ObsEva corporate trademarks or ObsEva corporate trade dress, without ObsEva’s

  
 16 

 [*] = Certain confidential information contained in this document, marked by brackets, has been omitted and
filed separately with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

  

 
prior written consent. Unless prohibited by law, regulation, rule, regulatory agency policy or informal regulatory agency guidance in a country in the ObsEva Territory, all of such packages,
package inserts, monographs and promotional materials shall properly and clearly indicate in such reasonable shape, size and color so as to render the indication plainly discernible and as specified or approved by Kissei the words, “developed
and sold by ObsEva (or its designee) under license from Kissei Pharmaceutical Co., Ltd., Matsumoto, Japan” or such equivalent wording, to the extent authorized by applicable law, to be agreed by the Parties in a relevant language in each
country of the ObsEva Territory. 
 7.05 Option to Co-Promote. Kissei retains the option to participate in the promotion of the
Product in the United States by itself or through its Affiliates, in accordance with the following: 
  

	 	(i)	The Parties shall discuss the plan for commercialization in the United States from time to time during the term of this Agreement. Kissei shall retain the right for co-promotion with ObsEva, its Affiliates or its
sublicensees in the United States, which is the right to contribute field force FTEs up to [*] of total per annum at Kissei’s costs [*]; such costs and range of field force FTEs shall be commercially reasonable and ObsEva shall have the right
to have a public accounting firm review such range and such costs for the purpose of ensuring they are reasonable at its cost; Kissei shall provide such public accounting firm with any relevant information and documents for such purpose. Kissei
shall have the right to require said public accounting firm to sign a confidential disclosure agreement before the audit commences and said public accounting firm shall not disclose to ObsEva any information other than that which should properly be
contained in a report of matters relevant to such field force FTEs. Kissei shall decide to exercise the right or not, at the latest within ninety (90) days of Kissei’s receipt of the notice from ObsEva that the NDA has been filed. Upon
Kissei’s exercise, the Parties will execute a co-promotion agreement; 

  

	 	(ii)	ObsEva, its Affiliates or its sublicensees has the casting vote on the plan for commercialization in the US, provided that ObsEva, its Affiliates or its sublicensees will take into account Kissei’s comments
as far as they are reasonable and that any decision made by ObsEva, its Affiliates or its sublicensees shall be commercially reasonable for the Product and both Parties; 

 

	 	(iii)	Kissei’s co-promotion rights will expire in the event that Kissei becomes an Affiliate of a Third Party due to merger, consolidation, corporation combination or acquisition; 

 

	 	(iv)	In the event that Kissei exercises its rights to co-promote the Product hereunder, it shall do so in conformity with the commercialization strategy and marketing plan specified by ObsEva; and 

 

	 	(v)	The Kissei’s rights stipulated in this clause shall apply even after ObsEva sublicenses its rights in the United States to any Third Party. 

7.06 Non-Competition. ObsEva shall not develop, market, nor sell GnRH agonists and GnRH antagonists other than the Compound. This
non-compete clause will not apply to any ObsEva successor or permitted assignee pursuant to Section 24 to the extent that such 

  
 17 

 [*] = Certain confidential information contained in this document, marked by brackets, has been omitted and
filed separately with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

  

 
ObsEva succession or assign will have no significant negative commercial impact on the Product, provided that such successor or assignee acquirer fully endorses all ObsEva’s obligations
under this Agreement. Further for the sake of clarity, the Parties have no intention to conflict with any law and regulation such as the competition law of any country and the Parties agree that this clause shall be construed to the extent allowed
by applicable laws. 
  

	8	Trademark 

 8.01 Choice of Trademark. No later than after the start of phase III,
the Parties shall discuss and determine the trademark(s) to be used for the Product in the ObsEva Territory (the “Trademark”). In such discussion, the Parties shall seek for a uniform global trademark as the Trademark which will be
used in both the Kissei Territory and the ObsEva Territory as long as it is acceptable from a legal and a commercial stand point in each individual country. The details of market research and trademark validation work shall be agreed by the Parties
and the cost of such activities in the ObsEva Territory shall be borne equally by the Parties. The final decision for the Trademark in the ObsEva Territory will be made by ObsEva provided that ObsEva shall consider Kissei’s reasonable
request. The Trademark shall be owned and maintained by Kissei at its own cost. 
 8.02 Rights on Termination or Expiration. In the
event of expiration of the Royalty Term in each countries of the ObsEva Territory, ObsEva and its Affiliates and sublicensees shall have an exclusive license, for the full duration of the Trademark rights, to use the Trademark in such countries of
the ObsEva Territory as long as ObsEva purchases from Kissei the full amount of Compound which is necessary to manufacture the Product sold in such countries of the ObsEva Territory. For the avoidance of doubt, the full amount of royalties due by
ObsEva to Kissei in consideration of such Trademark exclusive license is provided for in Section 5.01 (v). 
  

	9	Supply 

 9.01 Supply of the Compound. Kissei shall use Commercially Reasonable
Efforts to supply to ObsEva in due time, and ObsEva shall purchase exclusively from Kissei all the required amount of Compound for ObsEva, its Affiliates and its sublicensees to make and/or have made the Product for clinical studies and
commercialization in the ObsEva Territory during the term of this Agreement. As soon as possible after the Effective Date, the Parties shall enter into a Clinical Supply Agreement and a related Quality Agreement. In addition, prior to the first
filing for Marketing Approval, the Parties shall enter into a Commercial Supply Agreement and a related Quality Agreement. 
 9.02 Supply
Price. The supply price [*] as per ICC Incoterms 2010 of the Compound for development stage is [*]. The supply price [*] as per ICC Incoterms 2010 of the Compound for the commercial Product before or during the Royalty Term is [*] of the Net
Sales of the Product (the “Supply Price”), it being specified that the Supply Price includes all Royalties. Notwithstanding the foregoing, in no event shall the Supply Price for the Compound be lower than [*] (respectively, the
“Floor Price”). The supply price of the Compound for sample use and development use after the first Marketing Approval in the US or EU is [*]. If both Parties agree that one Party provides the other Party with some other

  
 18 

 [*] = Certain confidential information contained in this document, marked by brackets, has been omitted and
filed separately with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

  

 
materials including but not limited to reference standard and excipients, such materials will be supplied [*] as per ICC Incoterms 2010 to the other Party at the Floor Price for reference
standard, and manufacturing cost with [*] for excipients and other materials. 
 9.03 Supply Conditions. Kissei shall deliver the
Compound [*] as per ICC Incoterms 2010 for the commercial Product during the Royalty Term and the Compound [*] as per ICC Incoterms 2010 for commercial Product after the Royalty Term, sample use and the development use after the first Marketing
Approval. The shipment place shall be determined by the Parties. The details of the terms and conditions for the supply of the Compound shall be stipulated in the separate agreements referred to in Section 9.01, which shall be entered into by
the Parties in due course. 
 9.04 Nonconforming Compound. In the event that any quantity of the Compound supplied by Kissei to
ObsEva hereunder does not comply with such specifications referred to in the Quality Agreement referred to in Section 9.01 and if Kissei has confirmed the nonconformance of such quantity of the Compound, ObsEva shall have the right to request
the replacement thereof by the quantity of the Compound of the quality specified in such specifications and return to Kissei such nonconforming quantity of the compound in question at Kissei’s expenses, provided that ObsEva shall notify Kissei,
within a period of forty-five (45) days after receipt of such quantity of the Compound, of such nonconformance and such notification shall be made in any event before ObsEva utilizes such nonconformance quantity of the Compound in production.
In the event that the concurrent quality control testing conducted by the Parties is conflicting as to the Compound’s conformance to such specifications, the Parties shall endeavor to settle such matter amicably and constructively between
themselves. In the event that the Parties fail to settle such matter within thirty (30) days following ObsEva’s replacement request, the Parties shall agree to refer such allegedly nonconforming quantity of the Compound to a neutral
laboratory as agreed upon between the Parties. The results of the neutral laboratory shall be final and binding upon the Parties. All expenses incurred on such analysis will be borne by the Party whose quality control does not conform to the results
of the neutral laboratory. In the event that the neutral laboratory upholds the results of ObsEva relating to the quantity of the Compound being nonconforming, then Kissei shall replace at its cost and expense the entire quantity of the Compound as
soon as possible. It is agreed and understood that Kissei’s responsibility under this Section shall be limited to prompt replacement of the nonconforming quantity of the Compound and that ObsEva shall store the Compound in accordance with the
conditions to be agreed by both parties. 
 9.05 Purchase Estimate and Order. ObsEva shall submit to Kissei the following: 

 

	 	a)	At least [*] prior to the beginning of each calendar quarter commencing January 1, April 1, July 1, and October 1, ObsEva shall submit to Kissei a good faith written estimate of its
requirements of the Compound for each of the consecutive [*] commencing from such calendar quarter; 

  

	 	b)	At least [*] prior to the beginning of each calendar quarter commencing January 1, April 1, July 1, and October 1, ObsEva shall submit to Kissei an updated good faith written estimate of
its requirements of the Compound for each of the consecutive [*] commencing from such calendar quarter; 

  
 19 

 [*] = Certain confidential information contained in this document, marked by brackets, has been omitted and
filed separately with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

  

	 	c)	At least [*] prior to the beginning of each calendar quarter commencing January 1, April 1, July 1, and October 1, ObsEva shall provide Kissei with the firm order for the quantities of the
Compound of which ObsEva wishes shipments during such calendar quarter. Such quantities of the compound shall in no event be lower than [*] of the quantities of the Compound indicated in the written estimate submitted by ObsEva to Kissei under
(b) of this Section 9.05, unless otherwise agreed by the Parties. In the event that the quantities of the Compound ordered by ObsEva in any calendar quarter exceed [*] of the quantities of the Compound in the estimate submitted by ObsEva
under (b) of this Section 9.05, Kissei shall not be obliged but shall use its Commercially Reasonable Efforts to supply ObsEva with such quantities of the Compound which exceed [*]. If for any reason (including, without limitation, due to
a Force Majeure event) Kissei is unable to supply all of ObsEva’s requirements specified in ObsEva’s firm order, the available Compound shall be allocated to ObsEva, Kissei and other licensees as a relative percentage of all sales in all
territories, in the proportion that the aggregate sales of Product in all territories during the immediately preceding six (6) consecutive months bears to the aggregate worldwide sales of product by Kissei and its licensees for the same period.

 9.06 Buffer stock and sourcing. Kissei shall at all times maintain a buffer stock of at least [*] of the yearly
requirements estimate of Compound exclusively for use in the ObsEva Territory. ObsEva also shall at all times maintain a buffer stock of at least [*] of the yearly requirements estimate of Compound or Product for use in the ObsEva Territory. Within
one (1) month after the initiation of phase 3 study for endometriosis necessary and sufficient for the NDA or MAA, ObsEva shall provide Kissei with the good faith written estimate of Compound requirements up to two (2) years after the
initial commercial sales in the US and EU. Unless such requirements are small enough to exclude the necessity of the back-up supplier based on the pharmaceutical industry standard, Kissei shall use Commercially Reasonable Efforts to start the
process to have a back-up supplier for Compound ready to deliver i) at the first commercial sale in the US or EU, or ii) at full two (2) years after the first commercial sale, provided that, in the case of ii), Kissei shall secure a stock of at
least two (2) years of Compound requirements in the purchase estimate submitted by ObsEva to Kissei in accordance with the Section 9.05, in order to comply with Section 9.01. 

9.07 Manufacture and Development of the Product. (a) ObsEva shall manufacture and develop by itself or through contract
manufacturers finished forms of the Product using the Compound supplied by Kissei for clinical studies and sale under this Agreement in the ObsEva Territory. ObsEva and Kissei shall fully co-operate with respect to establishing the proper
manufacturing process and quality control specifications for the Product. Specifically, the Parties agree to freely exchange information concerning formulation, regulatory requirements, quality control, and other information concerning the
manufacturing process for the Product. For clarity, Kissei will not make financial assistance for ObsEva’s manufacturing and developing of the Product. ObsEva shall reimburse all reasonable out-of-pocket costs incurred by Kissei for technical
transfer to ObsEva or its designee. It is acknowledged that Kissei will have the right to manufacture its own Compound and finished forms of the Product for pre-clinical and clinical studies and sale in the Kissei Territory, provided,
however, that Kissei shall have the option to be supplied the Product by ObsEva for use in the Kissei Territory. In such case, the Parties shall enter into a Commercial Supply Agreement and a related Quality Agreement, which shall provide
that (i) ObsEva shall have priority on any available supply, (ii) ObsEva will sell the Product to Kissei at reasonable terms and conditions, and (iii) ObsEva shall determine a reasonable mark-up on top of the Product’s price in
consideration of its development activities in relation to manufacturing processes. 

  
 20 

 [*] = Certain confidential information contained in this document, marked by brackets, has been omitted and
filed separately with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

  

 (b) In no event, shall Kissei, its Affiliates or licensees clinically develop or sell Compound or
finished forms of the Product to any Third Party in the ObsEva Territory or to any Third Party which intends to actively sell it in the ObsEva Territory. 

(c) In no event, shall ObsEva its Affiliates or sublicensees clinically develop or sell Compound or finished forms of the Product to any Third
Party in the Kissei Territory or to any Third Party which intends to actively sell it in the Kissei Territory. 
 9.08 Abandonment of
Supply Right by Kissei. Notwithstanding anything provided in this Agreement, Kissei may abandon the rights to supply Compound to ObsEva stipulated in this Section 9: (i) at its discretion and by giving written notice to ObsEva before
the first recruitment of patients in Phase 3 study in the ObsEva Territory or within six (6) months after ObsEva sublicenses to a Third Party for Major Countries or (ii) if Change of Control in ObsEva occurs or (iii) if supplying
Compound by Kissei to ObsEva is no longer commercially viable for Kissei. In case Kissei abandons the rights to supply Compound to ObsEva, Kissei will transfer and assign the contract manufacturing agreement with Kissei’s contract manufacturer
for Compound to ObsEva. In the case that such transfer/assignment is not feasible or ObsEva elects not to accept the transfer/assignment, Kissei shall give a reasonable assistance excluding financial assistance for the technology transfer to ObsEva
or a Third Party designated by ObsEva, and Kissei shall continue to supply Compound required by ObsEva, its Affiliates and its sublicensees, until ObsEva or such Third Party is able to manufacture Compound in sufficient quantities and to the extent
of complete substitution of the supply and such period of supply shall be reasonable (the “Transition Period”). Kissei shall cooperate with ObsEva to find a new supplier and make it be able to manufacture Compound within such
Transition Period and/or assist ObsEva, its Affiliates, or sublicensees, as the case may be, to make it be able to manufacture Compound within such Transition Period. Kissei retains the right to directly contract and purchase Compound for Kissei
Territory from such new supplier. If Kissei chooses to abandon the rights to supply Compound, the Parties will negotiate the execution of an amendment to this Agreement, but it is understood between the Parties that in such case the percentage of
the Royalties shall be reduced (based on the percentage of the Supply Price) in order to take into account (i) ObsEva’s reasonable costs during the transition period and (ii) ObsEva’s reasonable costs of manufacturing and/or
supply of the Compound. Sections 9.01 to 9.06 shall not apply as of the end of the Transition Period. 
 9.09 Failure of supply.
Kissei shall promptly notify ObsEva if Kissei determines that it will be unable to meet the delivery date or quantity specified in any firm order. If more than once during any twelve (12) consecutive month period, (i) Kissei is unable to
deliver at least [*] of any firm order placed by ObsEva in accordance with section 9.05, (ii) any firm order is delivered more than fifteen (15) days after the delivery date specified in a firm order or (iii) any Compound supplied by
Kissei is determined to be nonconforming subject to section 9.04 and if Kissei is not able to cure such failure of supply within three (3) months from the date ObsEva receives a first written notice by Kissei subject to this Section due to
occurrence of such failure (i), (ii) or (iii), ObsEva shall have the right to obtain a second source of supply for the Compound to supplement or replace Kissei as a supplier of the Compound under the conditions of Section 9.08. 

  
 21 

 [*] = Certain confidential information contained in this document, marked by brackets, has been omitted and
filed separately with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

  

	10	Other Kissei’s Activities with ObsEva 

 (a) Kissei may dispatch their employees (one
at a time) to ObsEva, at Kissei’s costs, for training purpose. The details of such training dispatch shall be discussed and determined by both Parties. 

(b) Kissei may support the sublicensing activity by referring interested potential sublicensees to ObsEva, without any obligation for ObsEva
to enter into sublicenses with such potential sublicensees. 
  

	11	Disclaimer and Warranties 

 11.01 Disclaimer. Kissei does not warrant that ObsEva
can successfully develop, obtain Marketing Approvals for, or market the Product in the ObsEva Territory by using and relying upon the Kissei Patents and the Kissei Know-How supplied by Kissei hereunder. 

11.02 Kissei. Kissei represents and warrants to ObsEva that as of the Effective Date: 

 

	 	(i)	Kissei is a corporation duly organized, validly existing and in good standing under the laws of state or jurisdiction in which it is incorporated. 

 

	 	(ii)	Kissei has full right and authority to use the Kissei Patents and to enter into this Agreement and to grant the license and all other rights to ObsEva as herein described. 

 

	 	(iii)	This Agreement has been duly authorized by all requisite corporate actions, and when executed and delivered will become a valid and binding contract of Kissei enforceable against Kissei in accordance with its terms,
subject to applicable bankruptcy, insolvency, reorganization, moratorium and other laws affecting creditors’ rights generally from time to time in effect, and to general principles of equity. 

 

	 	(iv)	The execution, delivery and performance of this Agreement by Kissei does not conflict with any other agreement, contract, instrument or understanding, oral or written, to which Kissei is a Party, or by which it is
bound, nor will it violate any law or regulation of any legislature, court, governmental body, administrative agency or other authority having jurisdiction over Kissei. 

 

	 	(v)	Attached hereto as Exhibit B-1 is a complete and accurate list of all patents and patent applications included within the Kissei Patents as of the Effective Date; Kissei is the owner of the entire rights, titles and
interests in and to the Kissei Patents; Kissei will update Exhibit B-1 on a periodic basis during the term of this Agreement to include additional Kissei Patents that may be filed or issued or become modified in some respect after the Effective
Date; to the best knowledge of Kissei, the issued claims included in the Kissei Patents as of the Effective Date are valid and enforceable; the patent applications included in the Kissei Patents as of the Effective Date have been duly and properly
filed; however, Kissei does not warrant that the Kissei Patents will not infringe any intellectual property owned by any Third Party in the ObsEva Territory; the patents and patent applications listed on Exhibit B-1 are the only Kissei Patents
Controlled by Kissei and its Affiliates as of the Effective Date covering the Compound, and to the best knowledge of Kissei, there are no patents by Third Parties that claim the composition of matter, or the use of, or a method of making, any of the
Compound in the Field in the ObsEva Territory. 

  
 22 

 [*] = Certain confidential information contained in this document, marked by brackets, has been omitted and
filed separately with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

  

	 	(vi)	Kissei has not granted as of the Effective Date, and will not grant during the term of this Agreement, any right to any Third Party relating to the Kissei Patents or the Kissei Know-How in the Field in the ObsEva
Territory which would conflict with the rights granted to ObsEva hereunder. 

  

	 	(vii)	Kissei has taken reasonable measures to protect the confidentiality of the Kissei Know-How, and will during the term of this Agreement continue to take reasonable measures to protect the confidentiality of the Kissei
Know-How; on occasions where Kissei has granted access to Third Parties to Kissei Know-How, such access has been granted pursuant to an enforceable written confidentiality agreement containing restrictions on the use of such Kissei Know-How with a
term of at least [*] years; Kissei has obtained the assignment of all interests and all rights of its employees and Third Parties (including, but not limited to, contractors) with respect to the Kissei Patents in the ObsEva Territory.

  

	 	(viii)	Kissei has not been served with any interference action or litigation with respect to the Kissei Patents, and Kissei has not received any communication which expressly threatens interference actions of other litigation
before any patent office, court or any other governmental entity in any jurisdiction with respect to the Kissei Patents. 

  

	 	(ix)	Kissei has provided and will continue to provide ObsEva with all relevant material data and information generated in the course of pre-clinical and clinical testing relating to the Compound, and nothing has come to the
attention of Kissei that would indicate the existence of any material side effect, carcinogenicity effect, adverse event, or any instances of deleterious physical effects or reactions resulting from, or alleged to result from the Compound.

  

	 	(x)	Kissei will supply the Compound in sufficient quantities to ObsEva in accordance with and conforming to the specifications set forth in Section 9. 

11.03 ObsEva. ObsEva represents and warrants to Kissei that as of the Effective Date: 

 

	 	(i)	ObsEva is a corporation duly organized, validly existing and in good standing under the laws of state or jurisdiction in which it is incorporated and it has full right and authority to enter into this Agreement and to
accept the license granted as herein described. 

  

	 	(ii)	This Agreement has been duly authorized by all requisite corporate actions, and when executed and delivered will become a valid and binding contract of ObsEva enforceable against ObsEva in accordance with its terms,
subject to applicable bankruptcy, insolvency, reorganization, moratorium and other laws affecting creditors’ rights generally from time to time in effect, and to general principles of equity. 

 

	 	(iii)	The execution, delivery and performance of this Agreement by ObsEva does not conflict with any other agreement, contract, instrument or understanding, oral or written, to which ObsEva is a Party, or by which it is
bound, nor will it violate any law or regulation of any legislature, court, governmental body, administrative agency or other authority having jurisdiction over ObsEva. 

  
 23 

 [*] = Certain confidential information contained in this document, marked by brackets, has been omitted and
filed separately with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

  

	 	(iv)	It has not knowingly performed any acts that are inconsistent with the terms and purposes of this Agreement or that may infringe upon any of the rights of Kissei hereunder. 

 

	 	(v)	It has thoroughly studied all Know-How provided to ObsEva prior to execution of this Agreement and significant data concerning the Compound and the Product provided to ObsEva prior to execution of this Agreement,
including but not limited to their safety and efficacy and risk/benefit, and ObsEva has made its own judgment to enter into this Agreement at its own risk. 

  

	 	(vi)	ObsEva will provide Kissei with all relevant material data and information generated in the course of pre-clinical and clinical testing relating Compound. 

11.04 Limitation of Warranty. EXCEPT AS EXPRESSLY STATED IN THIS AGREEMENT, NEITHER PARTY MAKES ANY REPRESENTATIONS OR WARRANTIES, AND
EACH PARTY HEREBY DISCLAIMS ALL IMPLIED WARRANTIES, INCLUDING BUT NOT LIMITED TO WARRANTIES OF MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE, WITH RESPECT TO ANY OF THE MATERIALS, INFORMATION, SERVICES OR LICENSES PROVIDED PURSUANT TO THIS
AGREEMENT. 
 11.05 Performance by Affiliates. The Parties recognize that each Party may perform some or all of its obligations under
this Agreement through Affiliates; provided, however, that each Party will remain responsible and liable for the performance by its Affiliates and will cause its Affiliates to comply with the provisions of this Agreement in connection
with such performance. 
  

	12	Intellectual Property 

 12.01 Prosecution and Maintenance. Kissei shall have full
responsibility, including financial responsibility for all Kissei Patents applications, prosecution, and maintenance in the Major Countries and will use Commercially Reasonable Efforts to prosecute and maintain all Kissei Patents applications in the
other countries of the ObsEva Territory. Subject to the foregoing, Kissei may promptly file patent applications in the ObsEva Territory for patentable Improvements made by Kissei. 

If Kissei starts to consider abandoning any part of Kissei Patents or electing not to file, prosecute or maintain a Kissei Patent in the
ObsEva Territory, it shall notify ObsEva in writing promptly and at least sixty (60) calendar days before such abandon or any deadline applicable to the filing, prosecution or maintenance of such Kissei Patent, as the case may be, or any other
date by which an action must be taken to establish or preserve such Kissei Patent in such country or possession. Within thirty (30) calendar days after the receipt of such notice from Kissei, ObsEva shall notify Kissei whether ObsEva will
pursue the filing or the continued prosecution or maintenance of such Kissei Patent in a country in the ObsEva Territory at its costs, under its responsibility and in its name. Kissei shall i) file or continue the prosecution or maintenance of such
Kissei Patent in such country at its cost and its name instead of assigning such Kissei Patent to ObsEva, ii) immediately assign such Kissei Patent in such country to 

  
 24 

 [*] = Certain confidential information contained in this document, marked by brackets, has been omitted and
filed separately with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

  

 
ObsEva, or iii) in the case the immediate assignment is not feasible due to applicable deadline, file or continue the prosecution or maintenance of such Kissei Patent and then assign such Kissei
Patent in such country to ObsEva, and ObsEva shall reimburse any cost incurred by Kissei after ObsEva’s notification to Kissei. The Kissei Patent assigned to ObsEva shall become an ObsEva Patent and ObsEva shall thereupon be responsible for all
costs of filing, prosecution, and maintenance of such new ObsEva Patent for aforesaid country in the ObsEva Territory. Kissei shall provide to ObsEva and/or execute any and all documents necessary to substantiate such assignment. ObsEva shall
reimburse Kissei’s cost incurred for the assignment from the time of the notification made by Kissei to ObsEva referred to in this Section 12.01. Notwithstanding anything to the contrary in this Section 12.01, Kissei shall have the
right to abandon any of Kissei Relevant Patents, in any country of the ObsEva Territory at its sole discretion. However, Kissei will timely consult with ObsEva prior to any decision. 

12.02 Updates. To achieve the purpose of making updates and modifications to Exhibit B-1 on the developed and/or marketed Product by
ObsEva, Kissei will periodically send a list of additional patents and patent applications to be included in the Kissei Patents to ObsEva. 

12.03 Validity Challenge. In the event that a Third Party attacks the validity of any particular Kissei Patents in any country of the
ObsEva Territory, then Kissei shall at its own discretion, but without obligation, promptly take such legal action as is required to defend the validity of such particular Kissei Patents and ObsEva shall give all reasonable assistance (excluding
financial assistance) to Kissei. ObsEva may be represented by counsel of its own selection at its own expense in any such legal action but Kissei shall have the right to control the suit and proceeding; provided, however, that Kissei
shall not agree to any settlement of the suit without the prior written consent of ObsEva. If Kissei would not take legal action as is required to defend the validity of such particular Kissei Patents, ObsEva may then, at its option, assume control
and defense of such claim at its expense. In the event that ObsEva assumes control of the defense, Kissei shall give all reasonable assistance to ObsEva. Kissei may be represented by counsel of its own selection at its own expense in any such legal
action, but ObsEva shall have the right to control the suit and proceeding; provided, however, that ObsEva shall not agree to any settlement of the suit without the prior written consent of Kissei. Any amounts recovered by either Party
pursuant to this Section will first be used to reimburse the Parties for any out-of-pocket litigation expenses (including reasonable attorney’s fees and expenses) and any other legal expenses incurred pursuant to such validity challenge. Any
remaining amounts shall be attributed to ObsEva and will be deemed Net Sales subject to a royalty hereunder. 
 12.04 Patent Term
Extension. ObsEva shall cooperate with Kissei in obtaining any extension of the term of the Kissei Patents or any other similar period of exclusivity, which may be available under the laws and regulations in any country of the ObsEva Territory.

  
 25 

 [*] = Certain confidential information contained in this document, marked by brackets, has been omitted and
filed separately with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

  

	13	Infringement 

 13.01 Notification of Infringement. If either Party (i) learns
of any misappropriation or any infringement or threatened infringement by a Third Party of any Kissei Patents and/or Kissei Know-How or (ii) becomes aware of any claim or action by a Third Party against either Party that claims that the
Product, or its use, development, manufacture or sale infringes such Third Party’s intellectual property rights, then such Party will promptly notify the other Party and will provide such other Party with all available evidence of such
misappropriation or infringement. 
  

	 	(i)	ObsEva will have the first right, but not the obligation, to institute, prosecute and control at its own expense, any action or proceeding with respect to infringement in the Field and in the ObsEva Territory of any
Kissei Patents or Kissei Know-How in the Field and in the Territory, by counsel of its own choice, and will consult with Kissei on any actions that ObsEva proposes to take in such action or proceeding. Kissei will cooperate with ObsEva in any such
action or proceeding defended or brought by ObsEva against a Third Party, and will have the right to consult with ObsEva and to participate in and be represented by independent counsel of its own choice in such litigation at its own expense.

  

	 	(ii)	If ObsEva fails to bring an action or proceeding or otherwise take appropriate action in ObsEva’s discretion to abate such infringement or misappropriation in the Field and in the ObsEva Territory within a period
of ninety (90) days of written notice by Kissei to ObsEva requesting such action, Kissei will have the right, but not the obligation, to bring and control, by counsel of its own choice, at its own expense, any such infringement or
misappropriation action or proceeding relating to such Kissei Patents or Kissei Know-How. ObsEva will cooperate with Kissei in any such action or proceeding defended or brought by Kissei against a Third Party, and will have the right to consult with
Kissei and to participate in and be represented by independent counsel of its own choice in such litigation at its own expense. 

  

	 	(iii)	If one Party defends or brings any such action or proceeding under this Section, the other Party agrees, at the request and expense of the first Party, to be joined as a Party plaintiff to the extent necessary to
prosecute the action or proceeding and to give the first Party reasonable assistance and authority to defend, file and prosecute the suit. Any amounts recovered by either Party pursuant to this Section will first be used to reimburse the Parties for
any out-of-pocket litigation expenses (including reasonable attorney’s fees and expenses) and any other legal expenses incurred pursuant to such enforcement. Any remaining amounts shall be attributed to ObsEva, to the extent such amounts are
attributable to the ObsEva Territory, and will be deemed Net Sales subject to a royalty hereunder. Any remaining amounts attributable to the Kissei Territory shall be attributed to Kissei. 

13.02 Settlement with a Third Party. The Party that controls the prosecution of a given action under this Section will also have the
right to control settlement of an action described above; provided, however, that no settlement will be entered into with respect to a Patent without the written consent of the Party owning such Patent, if such settlement would require
the Party to be subject to an injunction or make a monetary payment in excess of [*] or would restrict the claims in or invalidate any of the Patents. 
  

	14	Improvement & Grant-back 

 14.01 Kissei Improvements. In the event that
any Improvement results from the activities undertaken by Kissei, its Affiliates or licensees pursuant to this Agreement, patentable and non-patentable inventions shall be owned by Kissei, its Affiliates or licensees. Any Improvement patents shall
be included in the definition of Kissei Patents as defined in Section 1.17. 

  
 26 

 [*] = Certain confidential information contained in this document, marked by brackets, has been omitted and
filed separately with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

  

 14.02 ObsEva Improvements. In the event that any Improvement results from the activities
undertaken by ObsEva or its Affiliates or sublicensees pursuant to this Agreement, patentable and non-patentable inventions shall be owned by ObsEva, its Affiliates or sublicensees; ObsEva shall have the right to file, prosecute and maintain patents
on all such inventions and patentable Improvements (including such Improvements, the “ObsEva Patents”), in ObsEva Territory and Kissei Territory, at its own costs. If ObsEva starts to consider abandoning any part of ObsEva’s
Patents or electing not to file, prosecute or maintain an ObsEva Patent in the Kissei Territory, it shall notify Kissei in writing promptly and at least sixty (60) calendar days before such abandon or any deadline applicable to the filing,
prosecution or maintenance of such ObsEva Patent, as the case may be, or any other date by which an action must be taken to establish or preserve such ObsEva Patent in such country or possession. Within thirty (30) calendar days after the
receipt of such notice from ObsEva, Kissei shall notify ObsEva whether Kissei will pursue the filing or the continued prosecution or maintenance of such ObsEva Patent in a country in the Kissei Territory at its costs, under its responsibility and in
its name. ObsEva shall (i) file or continue the prosecution or maintenance of such ObsEva Patent in such country at its cost and its name instead of assigning such ObsEva Patent to Kissei, (ii) immediately assign such ObsEva Patent in such
country to Kissei, or (iii) in the case the immediate assignment is not feasible due to applicable deadline, file or continue the prosecution or maintenance of such ObsEva Patent and then assign such ObsEva Patent in such country to Kissei, and
Kissei shall reimburse any cost incurred by ObsEva after Kissei’s notification to ObsEva. The ObsEva Patent assigned to Kissei shall become a Kissei Patent and Kissei shall thereupon be responsible for all costs of filing, prosecution, and
maintenance of such new Kissei Patent for aforesaid country in the Kissei Territory. ObsEva shall provide to Kissei and/or execute any and all documents necessary to substantiate such assignment. Kissei shall reimburse ObsEva’s cost incurred
for the assignment from the time of the notification made by ObsEva to Kissei referred to in this Section 14.02. 
 14.03 Grant
Back. ObsEva hereby grants to Kissei an exclusive (or non-exclusive, to the extent required to be non-exclusive by applicable law), royalty-free paid-up and perpetual license, with the right to sublicense, on ObsEva Patents and ObsEva Know-How,
for the purpose of manufacture, development, filing the new drug application, obtaining the registration of the Compound and the Product and marketing and selling the Compound and the Product in the Kissei Territory. 

 

	15	Confidentiality 

 15.01 Kissei Confidential Information. Subject to any other
provisions of this Agreement, ObsEva, for itself and its Affiliates and its sublicensees agrees that it shall, during the term of this Agreement and for a period of [*] years thereafter or [*] years from the Effective Date, whichever is longer, hold
in confidence the Kissei Know-How defined as Kissei Confidential Information hereunder and shall not disclose such Kissei Confidential Information to any Third Party nor use such Kissei Confidential Information for any commercial purpose other than
the purpose of this Agreement, without first obtaining the written consent of Kissei. The term “Kissei Confidential Information” means any and all Kissei Know-How including confidential information disclosed to ObsEva under the
Letter Agreement, except as follows: 
  

	 	(i)	such Kissei Know-How is a part of the public domain prior to the disclosure by Kissei to ObsEva hereunder; or 

  
 27 

 [*] = Certain confidential information contained in this document, marked by brackets, has been omitted and
filed separately with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

  

	 	(ii)	such Kissei Know-How becomes a part of the public domain after the disclosure by Kissei to ObsEva hereunder without any breach by ObsEva of this Agreement; or 

 

	 	(iii)	such Kissei Know-How which ObsEva can demonstrate that it had independently developed prior to the disclosure by Kissei to ObsEva hereunder; or 

 

	 	(iv)	such Kissei Know-How is disclosed to ObsEva by Third Party who has the right to make such disclosure. 

Nothing contained herein shall prevent ObsEva and its Affiliates and its sublicensees from disclosing any of such Kissei Confidential
Information to the extent that (a) such Kissei Confidential Information is disclosed in connection with the securing of the necessary governmental authorizations for the marketing of the Product in the ObsEva Territory, or (b) such Kissei
Confidential Information is required to be disclosed by law or for the purpose of complying with governmental law, rules or regulations, or (c) such Kissei Confidential Information is disclosed under an appropriate secrecy agreement to outside
research institutions performing experiments and tests on the Compound and/or the Product on behalf of ObsEva so as to perform the purpose of this Agreement or sublicensing activities in the ObsEva Territory in accordance with this Agreement, or
(d) such Kissei Confidential Information is disclosed for due performance of this Agreement. 
 15.02 Publication. Each Party
shall submit to the other Party for the other Party’s written consent any publication, presentation or abstract of information related to any results of clinical, non-clinical or other studies conducted by the Party or its Affiliates or its
sublicensees hereunder for review and approval at least twenty-one (21) calendar days prior to submission. In case the other Party does not object (on reasonable grounds) to said proposed publication, presentation or abstract within said
twenty-one (21) calendar day deadline, the other Party shall be deemed to have approved said publication, presentation or abstract. 

15.03 Ownership of Know-How. All Kissei Know-How disclosed by Kissei to ObsEva shall remain the intellectual property of Kissei, but
exclusively licensed to ObsEva for the ObsEva Territory pursuant to the terms of this Agreement. In the event a court or other legal or administrative tribunal, directly or through an appointed master, trustee or receiver, assumes partial or
complete control over the assets of ObsEva based on the insolvency or bankruptcy of ObsEva, ObsEva shall promptly notify the court or other tribunal (a) that the Kissei Know-How received from Kissei remains the property of Kissei and
(b) of the confidentiality obligations under this Agreement. In addition, ObsEva shall, to the extent authorized under applicable law, take all steps necessary or desirable to maintain the confidentiality of the Kissei Know-How and to insure
that the court, other tribunal or appointee maintains such information in confidence in accordance with the terms of this Agreement. All ObsEva Know-How disclosed by ObsEva to Kissei shall remain the intellectual property of ObsEva, but exclusively
licensed to Kissei for the Kissei Territory pursuant to the terms of this Agreement. In the event that a court or other legal or administrative tribunal, directly or through an appointed master, trustee or receiver, assumes partial or complete
control over the 

  
 28 

 [*] = Certain confidential information contained in this document, marked by brackets, has been omitted and
filed separately with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

  

 
assets of Kissei based on the insolvency or bankruptcy of Kissei, Kissei shall promptly notify the court or other tribunal (a) that the ObsEva Know-How received from ObsEva remains the
property of ObsEva (b) of the confidentiality obligations under this Agreement. In addition, Kissei shall, to the extent authorized under applicable law, take all steps necessary or desirable to maintain the confidentiality of the ObsEva
Know-How and to insure that the court, other tribunal or appointee maintains such information in confidence in accordance with the terms of this Agreement. 

15.04 ObsEva Confidential Information. Subject to any other provisions of this Agreement, Kissei, for itself and its Affiliates and its
sublicensees agrees that it shall, during the term of this Agreement and for a period of [*] years thereafter or [*] years from the Effective Date, whichever is longer, hold in confidence the ObsEva Know-How defined as ObsEva Confidential
Information hereunder and shall not disclose such ObsEva Confidential Information to any Third Party nor use such ObsEva Confidential Information for any commercial purpose other than the purpose of this Agreement, without first obtaining the
written consent of ObsEva. The term “ObsEva Confidential Information” means any and all ObsEva Know-How, except as follows: 
  

	 	(i)	such ObsEva Know-How is a part of the public domain prior to the disclosure by ObsEva to Kissei hereunder; or 

  

	 	(ii)	such ObsEva Know-How becomes a part of the public domain after the disclosure by ObsEva to Kissei hereunder without any breach by Kissei of this Agreement; or 

 

	 	(iii)	such ObsEva Know-How which Kissei can demonstrate that it had independently developed prior to the disclosure by ObsEva to Kissei hereunder; or 

 

	 	(iv)	such ObsEva Know-How is disclosed to Kissei by Third Party who has the right to make such disclosure. 

Nothing contained herein shall prevent Kissei, its Affiliates or its licensees, if any, from disclosing any of such ObsEva Confidential
Information to the extent that (a) such ObsEva Confidential Information is disclosed in connection with the securing of necessary governmental authorizations for the marketing of the Product in the Kissei Territory, or (b) such ObsEva
Confidential Information is required to be disclosed by law or for the purpose of complying with governmental law, rules or regulations, or (c) such ObsEva Confidential Information is disclosed under an appropriate secrecy agreement to outside
research institutions performing experiments and tests on the Compound and/or the Product on behalf of Kissei so as to perform the purpose of this Agreement or licensing activities in the Kissei Territory in accordance with this Agreement, or
(d) such ObsEva Confidential Information is disclosed for due performance of this Agreement. 
  

	16	Safety Information 

 16.01 Safety Data Exchange. Kissei and ObsEva shall each
promptly inform the other in writing with respect to any significant information it comes to know of (from any source) relating in any way to the safety of the Compound or Product including possible adverse drug reactions during the development
stage and the commercial stage. The details of such reporting shall be stipulated in separate agreements, consistent with regulatory requirements of the ObsEva Territory and Kissei Territory, to be entered into by the Parties in due course. 

  
 29 

 [*] = Certain confidential information contained in this document, marked by brackets, has been omitted and
filed separately with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

  

	17	Term and Termination 

 17.01 This Agreement shall become effective on the Effective Date.
Unless sooner terminated by any other provision of this Agreement, this Agreement shall expire with respect to each Product on a country-by-country basis upon the completion of the Royalty Term, provided, however, that in the case where ObsEva
continues to purchase the Compound in accordance with Section 8.02, this Agreement shall survive and continue under the general conditions described in Section 5.01 (v) and Section 9.03 with necessary amendment by the Parties.

 17.02 Notwithstanding the stipulation in Section 17.01 hereof, each Party shall have the right to terminate this Agreement upon the
occurrence of any of the following itemized events: 
  

	 	(i)	Either Party notifies the other Party of the fact of default or breach of any provision in this Agreement by the notified Party, which shall contain a list of proposed corrective measures, and the notified Party fails
to take corrective measures to mitigate or cure such default or breach within ninety (90) days from the date of notification, provided that notice of termination is given to the notified Party upon or subsequent to the expiration of such
ninety (90) day period and prior to the notified Party’s correction of such default or breach; for the avoidance of doubt, instead of terminating this Agreement in case of failure to take corrective measures to mitigate or cure a breach of
Section 6.03 in accordance with this Section 17.02(i), Kissei shall have an option to make the license granted to ObsEva under Section 2.01 non-exclusive by giving a written notice to ObsEva, provided further that Kissei shall have
the right to terminate this Agreement immediately in the case of ObsEva’s breach of Section 4.01(i) except any case of reasonable administrative delay; or 

 

	 	(ii)	Either Party files in any court or agency pursuant to any statute or regulation pertaining to bankruptcy, solvency, or payment of debts, of any state or country, a petition in bankruptcy or insolvency or for
reorganization or for an arrangement or for the appointment of a receiver or trustee of the Party or of its assets, or if the other Party proposes a written agreement of composition or extension of its debts, or if the other Party shall be served
with an involuntary petition against it, filed in any insolvency proceeding, and such petition shall not be dismissed within sixty (60) days after the filing thereof, or if the other Party shall propose or be a Party to any dissolution or
liquidation, or if the other Party shall make an assignment for the benefit of creditors. 

 17.03 ObsEva may, at its
discretion, terminate this Agreement for scientific, commercial, strategic or intellectual property reasons, upon (i) sixty (60) days’ prior written notice to Kissei, if a Product has not been launched in any country of the ObsEva
Territory, or (ii) six (6) months prior written notice to Kissei, if a Product has been launched in any country of the ObsEva Territory. In the notice of termination, ObsEva shall briefly state the nature of its reason for termination.

  
 30 

 [*] = Certain confidential information contained in this document, marked by brackets, has been omitted and
filed separately with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

  

 17.04 Kissei may forthwith terminate this Agreement in case that 

 

	 	(i)	ObsEva does not purchase the Compound for use at the development stage for any consecutive forth-eight (48) month period subject practically to the development plan in the Exhibit C to be updated by both Parties
from time to time and in accordance with the provisions of Section 9 of this Agreement; or 

  

	 	(ii)	no or substantially no development, regulatory or marketing activities of the Product are performed for more than twelve (12) months as a result of any Change of Control occurs in ObsEva; provided that
“Change of Control” in this paragraph means any transaction in which ObsEva (i) sells, conveys or otherwise disposes of all or substantially all of its assets or (ii) merges, consolidates thereto, in the aggregate, no longer own
more than fifty percent (50%) of the outstanding securities or capital stock of the surviving party following the merger, consolidation or other transaction. 

17.05 Upon the termination of this Agreement for ObsEva breach, ObsEva bankruptcy, if ObsEva terminates the Agreement pursuant to
Section 17.03, or if Kissei terminates the Agreement pursuant to Section 17.04: 
  

	 	(i)	ObsEva shall cease to use Kissei Patent and Kissei Know How and shall return to Kissei any and all documents and electronic data that embodies the Kissei Know-How; 

 

	 	(ii)	ObsEva shall transfer free-of-charge to Kissei the ObsEva Patent and ObsEva Know-How to the extent authorized under applicable law; 

  

	 	(iii)	ObsEva shall notify Kissei of the amount of Compound and Product ObsEva and its Affiliates and its sublicensees, if any, then have on hand, and ObsEva and its Affiliates and its sublicensees, if any, shall either
destroy or transfer such Compound and Product upon Kissei’s instruction; 

  

	 	(iv)	Kissei has the right to receive all payments of the royalties accrued under Section 5 hereof; 

  

	 	(v)	Kissei may exercise its audit rights pursuant to Section 5.07; 

  

	 	(vi)	Sub-licensing agreements between ObsEva and its sublicensees based on this Agreement shall be automatically assigned to Kissei. For the avoidance of doubt, upon completion of the assignment, Kissei shall be entitled to
terminate the sublicensing agreements in compliance with the terms governing termination set out in said sublicensing agreements which shall as a matter of principle reflect this Section 17. 

 

	 	(vii)	 ObsEva shall, and shall cause its Affiliates and its sublicensees (if applicable) to, provide Kissei and/or its
Affiliates and/or any Third Party appointed by Kissei (hereinafter referred to as “Transferee”) with reasonable assistance in the transfer, to the extent authorized under applicable laws or regulations of the ObsEva Territory, to
the Transferee of the Marketing Approvals or any other authorization, approval or license which ObsEva or its Affiliates and its sublicensees (if applicable) has with 

  
 31 

 [*] = Certain confidential information contained in this document, marked by brackets, has been omitted and
filed separately with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

  

	 	
respect to the Compound or the Product in each country of the ObsEva Territory which is not covered by a sublicense that is transferred to Kissei pursuant to Section 17.05 (vi). Such
assistance shall include, among others, an authorization by ObsEva or its Affiliates and its sublicensees (if applicable) given to the Transferee to access to the Regulatory Filings and Marketing Approval filed by ObsEva or its Affiliates and its
sublicensees (if applicable) with the competent health authorities with respect to the Compound and/or the Product in the relevant countries of the ObsEva Territory, the provision by ObsEva, if necessary, to the Transferee of the ObsEva Know-How and
such other acts which the Transferee may reasonably request ObsEva in order to transfer the Regulatory Filings and Marketing Approval with respect to the Compound and the Product in the relevant countries of the ObsEva Territory. 

17.06 Upon the termination of this Agreement for Kissei breach or Kissei bankruptcy: 

 

	 	(i)	Kissei shall cease to use ObsEva Patents and ObsEva Know-How and shall return to ObsEva any documents and electronic data that embodies the ObsEva Know-How, provided that Kissei’s licensees shall have the right to
continue to use ObsEva Patent and ObsEva Know-How. 

  

	 	(ii)	In case that ObsEva terminates this Agreement for Kissei material breach under Section 17.02 (i), Kissei shall grant an exclusive, royalty-free paid-up and perpetual license right under the Kissei Patent and Kissei
Know How to ObsEva in the ObsEva Territory to the extent authorized under applicable law; and 

  

	 	(iii)	In case that ObsEva terminates this Agreement for Kissei bankruptcy, the license granted under Section 2.01, Section 4, Section 5 and practical conditions thereof shall survive the termination and all
sublicenses granted under Section 2.02 shall survive on the same manner. In the case ObsEva wishes to continue this Agreement but Kissei’s administrator wishes to exercise its statutory power to terminate this Agreement, ObsEva shall have
the exclusive option, only to override such power, to be assigned all or part of the Kissei Patents in the ObsEva Territory for free (or if it is not allowed by applicable law, based on reasonable compensation). If ObsEva exercises such options,
Kissei shall duly cooperate with ObsEva for the assignment of the Kissei Patents to ObsEva. 

  

	18	Announcement 

 No public announcement or other disclosure to Third Parties concerning the
existence of or terms or provisions of this Agreement or Compound shall be made, either directly or indirectly, by any Party to this Agreement, except as may be legally required or as may be required for recording purposes, without first obtaining
the written approval of the other Party and agreement upon the nature and text of such announcement or disclosure, provided that the Parties shall use reasonable efforts to provide the draft announcement or other disclosure in advance even if such
announcement or other disclosure is legally required or required for recording purposes. 
 Subject to legally required disclosure or
announcement which has to be made in a shorter deadline, the Party desiring to make any such public announcement or other disclosure 

  
 32 

 [*] = Certain confidential information contained in this document, marked by brackets, has been omitted and
filed separately with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

  

 
will inform the other Party of the proposed announcement or disclosure at least seven (7) calendar days prior to public release or such other period to be agreed by the Parties, and will
provide the other Party with a written copy of a draft text for such public release, in order to allow such other Party to review, comment upon and approve announcement or disclosure. Such approval shall not be unreasonably withheld and shall be
provided within the abovementioned seven (7) calendar day period or such other period to be agreed by the Parties, failing which the announcement or disclosure shall be deemed approved. 

 

	19	Governing Law 

 This Agreement shall be governed by the Law of Japan. 

 

	20	Dispute Resolution 

 20.01 Organization Resolution. The Parties will try to settle
their differences amicably between themselves. In the event of any controversy or claim arising out of or relating to any provision of this Agreement or the performance or alleged non-performance of a Party of its obligations under this Agreement
(“Dispute”), a Party may notify the other Party in writing of such Dispute. If the Parties are unable to resolve the Dispute within sixty (60) days of receipt of the written notice by the other Party, such Dispute will be
referred to the appropriate officers of the Parties who shall attempt for an additional thirty (30) days to resolve such Dispute in good faith. If Dispute is not resolved by such officers of each Party within such thirty (30) day period,
such Dispute will be referred to the Chief Executive Officers or Chief Operating Officer of each of the Parties who will use their good faith efforts to resolve the Dispute within thirty (30) days after it was referred to the Chief Executive
Officers or Chief Operating Officer. 
 20.02 Arbitration. Any Dispute that is not resolved as provided in Section 20.01,
whether before or after termination of this Agreement, shall be referred to and finally determined by arbitration in accordance with the Rules of Arbitration of the International Chamber of Commerce (“ICC”). The arbitration proceedings
will be held in Tokyo in English language if ObsEva is the Party seeking arbitration and in Geneva in English language if Kissei is the Party seeking arbitration. The arbitration will be conducted by three (3) arbitrators according to the ICC
Arbitration Rules. 
 20.03 Binding Decision. The decision by the arbitrators will be binding and conclusive upon the Parties, their
successors and permitted assigns and the Parties will comply with such decision in good faith. The Parties agree that any damages awarded pursuant to any Dispute submitted to arbitration hereunder will be limited to compensatory damages and that the
arbitrators will in no event have authority to award any special, incidental, consequential or punitive damages. Whether a claim, Dispute or other matter in question would be barred by the applicable statute of limitations, which statute of
limitations will apply to any claim or Dispute, will also be determined by binding arbitration pursuant to this Section 20. 

  
 33 

 [*] = Certain confidential information contained in this document, marked by brackets, has been omitted and
filed separately with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

  

	21	Notices 

 21.01 Any notice required to be given under this Agreement shall be given in
the English language by sending such notices by postage-prepaid registered airmail or an internationally recognized overnight courier service if formal and by e-mail or facsimile if informal addressed to the other Party at the address listed below:

  

			
	For Kissei:	  	Kissei Pharmaceutical Co., Ltd.
		  	1-8-9 Nihonbashi, Muromachi
		  	Chuo-Ku, Tokyo 103-0022, Japan
		  	Attention: Senior Director of Business Development and Licensing
		  	Telephone: [*]
		  	Facsimile: [*]
		  	E-mail: To be informed by Kissei to ObsEva from time to time
		
	For ObsEva:	  	ObsEva SA
		  	Chemin des Aulx, 12,
		  	1228 Plan-les-Ouates, Switzerland
		  	Attention: Chief Executive Officer
		  	Telephone: [*]
		  	Facsimile: [*]
		  	E-mail: To be informed by ObsEva to Kissei from time to time

 Either Party may notify the other Party of a different address to receive the other Party’s notices in
accordance with the manner described in this Section 21.01. 
 21.02 In the case where any notice is sent by airmail, such notice shall
be sent return receipt requested and is deemed to be received by the other Party upon endorsement, by an employee or agent of the other Party of such receipt. 
  

	22	Force Majeure 

 22.01 Neither Party shall be liable for any failure to perform as
required by this Agreement by reason of Force Majeure, to the extent such failure to perform is due to circumstances reasonably beyond the control of such Party, including but not limited to requisition or interference by any government, state or
local authorities, war, riots, civil disturbances, strikes or other labor disputes, accidents, failure to secure required governmental approval, civil disorders or acts of aggression, acts of God, energy or other conservation shortages, diseases, or
other such occurrences. 
 22.02 If and when any Party is hindered in its performance of its obligations under this Agreement by reason of
Force Majeure, the performance shall be suspended during, but not longer than, the continuance of such circumstances. 
 22.03 Either Party
hereto whose performance of obligations has been hindered by reason of Force Majeure shall, to the extent possible, inform the other Party immediately, and shall use reasonable efforts to overcome the effect of the Force Majeure. 

  
 34 

 [*] = Certain confidential information contained in this document, marked by brackets, has been omitted and
filed separately with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

  

	23	Indemnification 

 23.01 Indemnification by Kissei. Kissei shall defend, indemnify
and hold ObsEva and its Affiliates and sublicensees and all the officers, directors, and employees thereof harmless from and against all suits, claims, liabilities (including, for the avoidance of doubt, product liability claims), costs, damages,
judgements and other expenses (including, but not limited to, reasonable legal fees and expenses) arising from: 
  

	a)	Kissei’s material breach of any term of this Agreement, 

  

	b)	the negligence, recklessness or willful misconduct or fraud on the part of Kissei or any of its Affiliates or licensees or any of its or their officers, directors or employees with respect to the Compound produced by
Kissei or in the performance of this Agreement, or 

  

	c)	any claims made by Third Party against ObsEva relating to the Compound or Product produced, manufactured, supplied, used, tested, sold or distributed by or on behalf of Kissei or its Affiliates or licensees into the
Kissei Territory at any time; provided, however, that Kissei shall not be required to indemnify ObsEva to the extent that any such claims arose out of or resulted from the negligence, recklessness or willful misconduct or fraud of
ObsEva or any of its Affiliates or sublicensees. 

 23.02 Indemnification by ObsEva. ObsEva shall defend, indemnify and hold
Kissei and its Affiliates and licensees and all the officers, directors, and employees thereof harmless from and against all suits, claims, liabilities (including, for the avoidance of doubt, product liability claims), costs, damages, judgements and
other expenses (including, but not limited to, reasonable legal fees and expenses) arising from: 
  

	a)	ObsEva’s material breach of any term of this Agreement, 

  

	b)	the negligence, recklessness or willful misconduct or fraud on the part of ObsEva or any of its Affiliates or sublicensees or any of its or their officers, directors or employees with respect to the Product produced by
ObsEva or in the performance of this Agreement, or 

  

	c)	any claims made by Third Party against Kissei relating to the Compound or the Products produced, manufactured, supplied, used, tested, by ObsEva or its Affiliates or sublicensees and sold as a Product into the ObsEva
Territory at any time after the Letter Agreement; 

 provided, however, that ObsEva shall not be required to
indemnify Kissei to the extent that any such claims arose out of or resulted from the negligence, recklessness or willful misconduct or fraud of Kissei or any of its Affiliates or licensees. 

23.03 Indemnification Procedures. A Party which intends to claim indemnification under Section 23.01 or 23.02 hereof (the
“Indemnitee”) will promptly notify the other Party (the “Indemnitor”) in writing of any claim, lawsuit or other action in respect of which the Indemnitee or any of its directors, officers, employees, and Affiliates
and licensees or sublicensees (as the case may be) intend to claim such indemnification within a reasonable period of time after the assertion of such claim; provided, however, that the failure to provide written notice of such claim
within a reasonable period of time will not relieve the Indemnitor of any of its obligations hereunder, except to the extent that the Indemnitor is materially prejudiced by such failure to provide prompt notice. The Indemnitor will have the right to
assume the complete control of the defense, compromise or settlement of any such claim (provided that no settlement of any claim will include any admission of wrongdoing on the part of an Indemnitee, without the prior written consent of such
Indemnitee, which such consent 

  
 35 

 [*] = Certain confidential information contained in this document, marked by brackets, has been omitted and
filed separately with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

  

 
will not be unreasonably withheld). The Indemnitor may, at its own expense, employ of legal counsel to defend the claim at issue. The Indemnitee may, in its sole discretion and at its own
expense, employ legal counsel to represent it (in addition to the legal counsel employed by the Indemnitor) in any such matter, and in such event legal counsel selected by the Indemnitee will be required to confer and cooperate with such counsel of
the Indemnitor in such defense, compromise or settlement for the purpose of informing and sharing information with the Indemnitor. The Indemnitee will, at its own expense, make available to Indemnitor those employees, officers and directors or
Indemnitee whose assistance, testimony or presence is necessary, useful or appropriate to assist the Indemnitor in evaluating, defending or settling any such claim; provided, however, that any such access will be conducted in such a
manner as not to interfere unreasonably with the operations of the businesses of Indemnitee; and will otherwise fully cooperate with the Indemnitor and its legal counsel in the investigation and defense of such claim. 

 

	24	Non-assignability 

 This Agreement is personal to the Parties hereto and shall not be
assignable to any Third Party by either Party without the prior written consent of the other Party, which shall not be unreasonably withheld or delayed, provided that any Party may assign this Agreement to any entity with which such Party may
merge or consolidate (or engage in some other form of corporate combination), or to which it may transfer all or substantially all of its assets to which this Agreement relates, on condition that all successors and permitted assignees of a Party
shall be subject to, and will be bound, by all the terms and conditions of this Agreement. Any attempted assignment made contrary to the provisions hereof will be void. Notwithstanding the foregoing, Kissei’s co-promotion rights pursuant to
Section 7.05 shall not be assigned to any Third Party. 
  

	25	Original Text 

 The text of this Agreement in the English language shall be the original
text, and any text in another language, even if such a text is made by translation of the text in English language or prepared by any of the Parties hereto for the purpose of its own convenience, shall have no meaning for any purpose between the
Parties hereto. 
  

	26	Entire Agreement 

 This Agreement, together with the respective Exhibits attached to this
Agreement, shall constitute the entire agreement between the Parties hereto concerning the subject matter hereof and shall supersede any other agreements, whether oral or written, express or implied, including the Confidential Disclosure Agreement
dated September 4, 2014 and the Letter Agreement dated August 5, 2015, by and between the Parties, and may not be changed or modified or revised except as specifically agreed upon by the Parties in writing. 

  
 36 

 [*] = Certain confidential information contained in this document, marked by brackets, has been omitted and
filed separately with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

  

	27	Severability 

 27.01 In the event any portion of this Agreement shall be held illegal,
void or ineffective, the remaining portions hereof shall remain in full force and effect. 
 27.02 If any of the terms or provisions of this
Agreement are in conflict with any applicable statute or rule or law, then such terms or provisions shall be deemed inoperative to the extent that they may conflict therewith and shall be deemed to be modified to conform with such statute or rule or
law. 
  

	28	Independent Contractors; No Partnership 

 The Parties hereto are independent contractors.
In making and performing this Agreement, the Parties are acting, and intend to be treated, as independent entities performing a contract, and nothing contained in this Agreement is to be construed or implied or deemed to create an agency,
partnership, joint venture or an employee/employer relationship between ObsEva and Kissei. This Agreement is not, and will not be deemed to be, a partnership agreement or joint venture agreement, expressly or by implication. Employees of each Party
remain employees of said Party and will be considered at no time agents of or owing a fiduciary duty to the other Party. Neither Party hereto will have any implied right or authority to assume or create any obligations on behalf of or in the name of
the other Party or to bind the other Party to any other contract, agreement or undertaking with any Third Party. 
  

	29	Amendment 

 The Parties hereto may amend, modify or alter any of the provisions of this
Agreement, but such amendment, modification or alteration shall be valid and binding on either Party only if memorialized by a written instrument that explicitly refers to this Agreement and is duly executed by both Parties hereto. 

 

	30	United Nations Convention 

 THE PARTIES EXPRESSLY DISCLAIM AND EXCLUDE THE APPLICATION OF
THE UNITED NATIONS CONVENTION ON CONTRACTS FOR THE INTERNATIONAL SALES OF GOODS. 
  

	31	Counterparts 

 This Agreement may be executed by the Parties in one or more identical
counterparts, all of which together will constitute this Agreement. If this Agreement is executed in counterparts, no signatory hereto will be bound until both Parties have duly executed a counterpart of this Agreement. 

 

	32	Communications 

 All communications, whether written or oral, between the Parties under
this Agreement (including without limitation the disclosure of Know-How, notices, reports, documents submitted to the JDC) shall be made in English unless otherwise set forth herein. 

  
 37 

 [*] = Certain confidential information contained in this document, marked by brackets, has been omitted and
filed separately with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

  

 IN WITNESS WHEREOF, the Parties hereto have caused this Agreement to be executed in duplicate
counterparts by their duly authorized representatives, each fully executed copy hereof to be deemed as original, as of the Effective Date. 
  

					
		 		 	Kissei Pharmaceutical Co., Ltd.
			
		 	By:	 	 /s/ Mutsuo Kanzawa

		 		 	 Mr. Mutsuo Kanzawa
 Chairman and CEO

Kissei Pharmaceutical Co., Ltd.

			
		 		 	ObsEva SA
			
		 	By:	 	 /s/ Ernest Loumaye

		 		 	 Mr. Ernest Loumaye, MD, PhD
 CEO

ObsEva SA

			
		 		 	 /s/ Fabien De Ladonchamps

		 		 	 Mr. Fabien De Ladonchamps
 Finance
Director
 ObsEva SA

  
 38 

 [*] = Certain confidential information contained in this document, marked by brackets, has been omitted and
filed separately with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

  

 Exhibit A 

[*] 

  
 39 

 [*] = Certain confidential information contained in this document, marked by brackets, has been omitted and
filed separately with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

  

 Exhibit B-1 

Kissei Patents 
 [*] 

  
 40 

 [*] = Certain confidential information contained in this document, marked by brackets, has been omitted and
filed separately with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

  

 Exhibit B-2 

Kissei Relevant Patents 

[*] 

  
 41 

 [*] = Certain confidential information contained in this document, marked by brackets, has been omitted and
filed separately with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

  

 Exhibit C 

ObsEva’s Development Plan’s GANTT chart 

[*] 

  
 42 

 [*] = Certain confidential information contained in this document, marked by brackets, has been omitted and
filed separately with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended.

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