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EXHIBIT 10.26
CERTAIN CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, MARKED BY [...***...], HAS BEEN OMITTED BECAUSE IT IS BOTH (I) NOT MATERIAL AND (II) IS THE TYPE OF INFORMATION THAT TRAVERE THERAPEUTICS, INC. TREATS AS PRIVATE OR CONFIDENTIAL. 
AMENDMENT NO. 3 TO SUBLICENSE AGREEMENT
THIS AMENDMENT NO. 3 TO SUBLICENSE AGREEMENT (the "Amendment") is made and entered into as of February 27,  2015 ("Amendment Effective Date") and amends the Sublicense Agreement effective as of February 16, 2012, as amended pursuant to that certain Amendment to Sublicense Agreement dated December 11, 2012 and Amendment to Sublicense Agreement dated January 7, 2013 (the "Sublicense Agreement") by and between Ligand Pharmaceuticals Incorporated, a corporation organized under the laws of Delaware and having a place of business at 11119 North Torrey Pines Road, Suite 200, La Jolla, CA, 92037 and its wholly owned subsidiary, Pharmacopeia, LLC (as successor in interest to Pharmacopeia Drug Discovery Inc.) ("PCOP"), a limited liability company organized under the laws of Delaware and having a place of business at 11119 North Torrey Pines Road, Suite 200, La Jolla, CA, 92037 (collectively, Ligand Pharmaceuticals Incorporated and PCOP shall be known as "Ligand") and Retrophin, Inc., a corporation organized under the laws of Delaware and having a place of business at 777 Third Avenue, 22nd Floor, New York, NY, 10017 ("Retrophin").
BACKGROUND
WHEREAS Ligand and Retrophin have previously entered into the Sublicense Agreement; and
WHEREAS, Ligand and Retrophin desire to amend certain terms of the Sublicense Agreement as set forth herein.
NOW, THEREFORE, in consideration of the foregoing premises and the mutual covenants contained herein, the Parties, intending to be legally bound, agree as follows:
1.Capitalized Terms. The capitalized terms used herein and not otherwise defined shall have the same definitions as provided in the Sublicense Agreement
2.Amendments. 
a)Sections 6.1.2 and 6.1.4 of the Sublicense Agreement are hereby removed.
b)Section 6.1.3 of the Sublicense Agreement is hereby amended to read as follows:
“File for Approval for at least one (1) Orphan Licensed Product (“Approval Submission”) no later than [...***...] (“Filing Deadline”); provided that if Retrophin exercises its Extension Option (as defined below), then the Filing Deadline shall become (a) [...***...] if the Approval Submission is filed pursuant to the Code of Federal Regulations Title 21, Subpart H (“Subpart H”) or (b) [...***...], if the Approval Submission is not eligible to be filed pursuant to Subpart H.  In order to exercise the Extension Option, prior to or on [...***...] 
***Certain Confidential Information Omitted

(“Extension Date”), Retrophin shall either (a) pay to Ligand [...***...] or (b) issue to Ligand, or ensure that Ligand receives, that number of shares of capital stock of Retrophin equal to [...***...] as determined by the average of the closing prices for such capital stock over a five (5) trading day period ending three (3) trading days before the Extension Date (“Extension Option”).  
c)Development Milestone Events.  The third milestone event in Table 1 for $[...***...] shall be amended and restated as follows: 
“[...***...]”
3.No Other Amendments. Except as provided herein, the Sublicense Agreement shall continue in full force and effect.
4.Governing Law. This Amendment shall be governed by, enforced, and shall be construed in accordance with the laws of the State of New York without regard to its conflicts of law provisions.
5.Counterparts. This Amendment may be executed in counter-parts with the same effect as if both Parties had signed the same document. All such counterparts shall be deemed an original, shall be construed together and shall constitute one and the same instrument.
 [Signature Page Follows]

***Certain Confidential Information Omitted
| SD\1564018.2||

IN WITNESS WHEREOF, the Parties have executed this Amendment to Sublicense Agreement through their duly authorized representatives to be effective as of the Amendment Effective Date.
LIGAND PHARMACEUTICALS    RETROPHIN, INC. 
INCORPORATED    

By:    /s/ Matthew W. Foehr           By:    /s/ Steve Aselage      

Name:    Matthew W. Foehr           Name:    Steve Aselage       

Title:    President/COO           Title:    CEO    

Signature Page to Amendment to Sublicense Agreement||
| ||Document

   EXHIBIT 10.27
CERTAIN CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT,               MARKED BY [...***...], HAS BEEN OMITTED BECAUSE IT IS BOTH (I) NOT MATERIAL AND (II) IS THE TYPE OF INFORMATION THAT TRAVERE THERAPEUTICS, INC. TREATS AS PRIVATE OR CONFIDENTIAL.

  
AMENDMENT NO. 4 TO SUBLICENSE AGREEMENT

THIS    AMENDMENT    NO.    4    TO    SUBLICENSE    AGREEMENT    (the
"Amendment") is made and entered into as of September 17, 2015 ("Amendment Effective Date") and amends the Sublicense Agreement effective as of February 16, 2012, as amended pursuant to that certain Amendment to Sublicense Agreement dated December 11, 2012, Amendment No. 2 to Sublicense Agreement dated January 7, 2013, and Amendment No. 3 to Sublicense Agreement dated February 27, 2015 (the "Sublicense Agreement") by and between Ligand Pharmaceuticals Incorporated, a corporation organized under the laws of Delaware and having a place of business at 11119 North Torrey Pines Road, Suite 200, La Jolla, CA, 92037 and its wholly owned subsidiary, Pharmacopeia, LLC (as successor in interest to Pharmacopeia Drug Discovery Inc.) ("PCOP"), a limited liability company organized under the laws of Delaware and having a place of business at 11119 North Torrey Pines Road, Suite 200, La Jolla, CA, 92037 (collectively, Ligand Pharmaceuticals Incorporated and PCOP shall be known as "Ligand") and Retrophin, Inc., a corporation organized under the laws of Delaware and having a place of business at 12255 El Camino Real, San Diego, CA 92130 ("Retrophin").

BACKGROUND

WHEREAS Ligand and Retrophin have previously entered into the Sublicense Agreement pursuant to which Ligand sublicensed to Retrophin rights under the License Agreement dated March 27, 2006 between PCOP and Bristol-Myers Squib Company (the “Upstream License”); and

WHEREAS, Ligand and Retrophin desire to amend certain terms of the Sublicense Agreement and the Upstream Agreement as set forth herein.

NOW, THEREFORE, in consideration of the foregoing premises and the mutual covenants contained herein, the Parties, intending to be legally bound, agree as follows:

1.Capitalized Terms. The capitalized terms used herein and not otherwise defined shall have the same definitions as provided in the Sublicense Agreement

2.Amendments to Milestone Payments.

a)Development Milestone Payments.    Table 1 of Section 8.2.1 of the Agreement is hereby amended in its entirety as follows:

						
	

Milestone Event
	

Milestone Payment

	

Execution of Agreement
	

$1.15 million

	

The earlier of (a) December 31, 2012
	

$1.3    million    (the    “Second

	or (b) initiation of the first Phase 2
	Milestone”); provided,   that   if   the

	Trial for a Licensed Product
	Second Milestone   is   received   by

		Ligand (a) prior to or on January 31,

    

						
		

2012, Retrophin shall make an additional $50,000 payment simultaneously with the payment of the Second Milestone (for an aggregate payment of $1.35 million),
(b) after January 31, 2013 but prior to or on February 28, 2013, Retrophin shall make an additional $100,00 payment simultaneously with the payment of the Second Milestone (for an aggregate payment of $1.4 million), and (c) after February 28, 2013 but prior to or on March 31, 2013, Retrophin shall make an additional $150,000 payment of the Second Milestone (for an aggregate payment of $1.45 million) (the additional payment, an “Additional Payment”) 1

	[...***...]	[...***...]

	[...***...]	[...***...]

	[...***...]	[...***...]

	[...***...]	[...***...]

	[...***...]	[...***...]

	[...***...]	[...***...]

1 If the Second Milestone and any Additional Payment is not received by Ligand on or before March 31, 2013, Ligand shall have the right to terminate the Agreement pursuant to Section 13.2.2 with immediate effect as of March 31, 2013 by providing written notice to Retrophin, notwithstanding (a) the cure period for the failure to make a payment when due set out in said Section 13.2.2 (Breach) or (b) the provisions of Section 13.2.4 (Disputed Breach). In addition, and for clarity, the provisions of Section 13.4 (Effect of Termination) shall be operative, including, without limitation, the provisions of subsections (c),(k), and (m) related to amounts then due and payable.”

***Certain Confidential Information Omitted

    

						
	[...***...]	[...***...]

	[...***...]	[...***...]

	[...***...]	[...***...]

	[...***...]	[...***...]

b)Section 8.10 of the Sublicense Agreement is hereby deleted in its entirety.

3.Consideration. Retrophin shall pay Ligand (i) $850,000 in consideration for the amendments set forth in this Amendment, and (ii) $150,000 for the efforts to amend the Upstream License Agreement in accordance with Section 4 of this Amendment, in each case such payment shall be non-refundable and shall be made within 5 days of execution of this Amendment by both parties.

4.Efforts to Amend Upstream License Agreement.

(a)Ligand will use reasonable best efforts to obtain a waiver of Sections 3.1 and
13.2.5 by BMS for the Asia Pacific Region. “Asia Pacific Region” means Japan, China, S. Korea, Taiwan, Thailand and Vietnam.

(b)Ligand will use reasonable best efforts to obtain BMS’ agreement to the standby license provided by Section 2.2.2(v) in which event, Section 2.2.2(v) would be amended substantially in the form of the following language:

“...provided, that, that such sublicensed rights shall not terminate if, as of the effective date of termination by BMS under Section 13.2, the Sublicensee is not in material default under its license agreement with Ligand in which case Sublicensee will assume all of Ligand’s rights and obligation under this Sublicense Agreement and be bound directly to BMS substituting Sublicensee for Ligand and subject to the payment to Ligand of all royalties and milestones under the sublicense agreement to the extent they exceed payments due to BMS under this Sublicense Agreement and payment to BMS of all royalties and milestones under this Upstream Agreement.”

(c)Ligand will use reasonable best efforts to obtain BMS’s agreement to the following amendments to the termination provisions of the Upstream Agreement.
i.Section 13.4 (b) of the Upstream Agreement amended to read as set forth below:

***Certain Confidential Information Omitted

    

“[...***...]”

ii.Section 13.4(f) amended as set forth below: “Ligand will [...***...]”
iii.Section 13.4(i) deleted.

(d)For the avoidance of doubt, any such efforts by Ligand made under this Sublicense Agreement shall not require Ligand to pay BMS any fee or concede and existing rights, but rather shall solely involve the use of logic and reason to seek to persuade BMS.

5.Amendments to Sublicense Agreement.

a)For the avoidance of doubt, none of the following amendments to the Sublicense Agreement are intended to cause a breach of the Upstream Agreement and any amendment that would otherwise cause such a breach shall be null and void ab initio.

b)Section 1 of the Sublicense Agreement is hereby amended to include the following:

“1.70 “Asia Pacific Region” means Japan, China, S. Korea, Taiwan, Thailand and Vietnam.”

c)Section 2.2.2 (vi) is hereby revised as set forth below:

“...provided however, that such sublicensed rights shall not terminate if, as of the effective date of termination by Ligand under Article 13, the Sublicensee is not in material default under its license agreement with Retrophin in which case Sublicensee will assume all of Retrophin’s rights and obligation under this Sublicense Agreement and be bound directly to Ligand respectively substituting Sublicensee for Retrophin and subject to the payment to Retrophin of all royalties and milestones under the sublicense

***Certain Confidential Information Omitted

    

agreement to the extent they exceed payments due to Ligand under this Sublicense Agreement and payment to Ligand of all royalties and milestones under this Sublicense Agreement to the extent they exceed payments due to BMS under the Upstream Agreement.”

d)Section 3.2 of the Sublicense Agreement is hereby amended to include the following:

“3.2.4 The provisions of Sections 3.2.1 and 3.2.2 shall not apply within the Asia Pacific Region.”

e)Section 13.1.1 is hereby amended to add at the beginning of the first sentence “Subject to Section 13.7...”

f)Section 13.2.6 is hereby deleted.

g)Section 13.3 is hereby amended to add prior to the first sentence:

“Retrophin may terminate this Agreement for convenience upon [...***...] ([...***...]) days prior written notice to Ligand and all of the provisions of Section 13.4 will survive termination of this Agreement pursuant to this Section 13.3.”

h)The following amendments will be effective (i) as between Ligand and Retrophin at a time when there is no breach claimed by BMS under the Upstream Agreement, and/or (ii) at any time upon BMS’s agreement to amend or waive the applicable sections of the termination provisions in the Upstream Agreement;

a.Section 13.4(b) is hereby amended as set forth below: “[...***...]”
b.Section 13.4(f) amended as set forth below: “Retrophin will [...***...]

***Certain Confidential Information Omitted

    

[...***...]”

c.Section 13.4(i) deleted.

6.Further Agreements.

a)Ligand further agrees that it will not, by act or omission, cause the termination of the Upstream Agreement provided however Ligand may terminate the Upstream Agreement for good cause with Retrophin’s prior written consent, not to be unreasonably withheld. Upon receipt by Ligand of any notice of default or any event that could likely lead to termination of the Upstream Agreement, Ligand will promptly notify Retrophin and work with Retrophin to effect cure of the default or concession with BMS.

b)To the extent BMS shall not agree to the amendments proposed in Section 4 above, Ligand will, to the extent it does not cause a default under the Upstream Agreement, work with Retrophin in good faith and without further consideration and without refund of payments made hereunder to achieve the objectives contemplated by this Amendment by making further efforts to seek agreement from BMS.

7.No Other Amendments. Except as provided herein, the Sublicense Agreement shall continue in full force and effect.

8.Governing Law. This Amendment shall be governed by, enforced, and shall be construed in accordance with the laws of the State of New York without regard to its conflicts of law provisions.

9.Counterparts. This Amendment may be executed in counter-parts with the same effect as if both Parties had signed the same document. All such counterparts shall be deemed an original, shall be construed together and shall constitute one and the same instrument.

[Signature Page Follows]

***Certain Confidential Information Omitted

    

IN WITNESS WHEREOF, the Parties have executed this Amendment to Sublicense Agreement through their duly authorized representatives to be effective as of the Amendment Effective Date.

LIGAND PHARMACEUTICALS    RETROPHIN, INC. INCORPORATED

By:   /s/ Charles Berkman        By:    /s/ Laura Clague    

Name: Charles Berkman        Name:    Laura Clague    

Title: VP, General Counsel & Secretary        Title:    Chief Financial Officer    

SIGNATURE PAGE TO AMENDMENT TO SUBLICENSE AGREEMENT

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