Document:

EX-10.10

 EXHIBIT 10.10 
  

	 	[*]	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. 

 ANTIBODY GENERATION AGREEMENT 

This ANTIBODY GENERATION AGREEMENT is entered into and effective as of December 2011 (the “Effective Date”), by and
between ANAPTYSBIO, INC., a Delaware corporation (“AnaptysBio”), having its principal place of business at 10421 Pacific Center Court, Suite 200, San Diego, CA 92121, and CELGENE CORPORATION, a Delaware corporation
(together with its subsidiaries and affiliates hereinafter collectively referred to as “Client”), having its principal place of business at 86 Morris Avenue, Summit, NJ 07901. 

WHEREAS, AnaptysBio possesses proprietary technology useful for the discovery, modification, optimization
and humanization of antibodies; and 
 WHEREAS, Client wishes to have AnaptysBio apply such technology
to one or more biological targets and/or antibodies selected by Client for the purpose of generating antibodies for use in the development of human therapeutic agents. 

NOW THEREFORE, in consideration of the foregoing premises and the mutual covenants
contained herein and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties, intending to be legally bound, agree as follows: 

 

	1.	DEFINED TERMS. 

 1.1 “Accounting
Standards” shall mean (a) GAAP (United States Generally Accepted Accounting Principles); or (b) IFRS (International Financial Reporting Standards), in either case, consistently applied. 

1.2 “Affiliate” shall mean any entity that, directly or indirectly through one or more intermediaries, is controlled
by, controlling, or under common control with a party hereto, for so long as such control exists, and shall include any entity more than 50% of whose voting stock or participating profit interest is owned or controlled, directly or indirectly, by a
party, and any entity which owns or controls, directly or indirectly, more than 50% (or such lesser percentage that is the maximum allowed to be owned by a foreign entity in a particular jurisdiction) of the voting stock of a party. As used in this
Section 1.1, “control” means to possess, directly or indirectly, the power to direct the management and policies of an entity, whether through ownership of voting securities or by contract relating to voting rights or corporate
governance. 
 1.3 “AnaptysBio Platform’’ shall mean AnaptysBio’s proprietary technology that is
generally applicable to the discovery, modification, optimization and/or humanization of antibodies and/or other proteins, and/or nucleic acids relating thereto (including, without 

 
limitation, the expression, manufacture and formulation of any of the foregoing), such as, but not limited to, software, nucleic acids, vectors, cell lines, libraries, screening systems,
reagents, methods, databases and instrumentation that, in each case, is Controlled by AnaptysBio on or after the Effective Date. The AnaptysBio Platform shall exclude Client Technology. 

1.4 “AnaptysBio Technology” shall mean: (a) to the extent Controlled by AnaptysBio on the Effective Date or
during the Research Period, all Information relating to the AnaptysBio Platform; and (b) all patent and other intellectual property rights in any of the foregoing. Without limiting the generality of the foregoing, AnaptysBio Technology shall
include any such Information generated, discovered or developed in whole or in part by employees or agents of AnaptysBio in performing any Project, or otherwise generated, discovered or developed in whole or in part by employees or agents of
AnaptysBio during the term of this Agreement; in each case, to the extent any of the foregoing: (i) relate or apply to the AnaptysBio Platform, improvements to the AnaptysBio Platform, or the use of the AnaptysBio Platform or any such
AnaptysBio Platform improvements; or (ii) are generally applicable to the discovery, modification, optimization or humanization of proteins and nucleic acids (including, without limitation, the expression and manufacture thereof). AnaptysBio
Technology shall exclude Client Technology. 
 1.5 “Antibody” shall mean any immunoglobulin molecule, or
fragment thereof, whether in monospecific or other form, and shall include any immunoglobulin fragment (such as Fv, Fab, F(ab’)2) containing one or more complementarity determining regions (CDRs) or framework regions (FRs)), any fusion protein
comprising an immunoglobulin molecule or immunoglobulin molecule fragment and any single chain antibody (such as scFv), any truncation of any of the foregoing, or any derivative or modification of any of the foregoing. 

1.6 “BLA” shall mean a biologics license application, as defined in the United States Federal Food, Drug and Cosmetic
Act of 1938, as amended from time to time, and all rules, regulations and guidance promulgated thereunder, or any successor application thereto, or any foreign equivalent application, registration, certification or approval that is required prior to
the marketing, distribution, sale and/or other commercial exploitation of a biological product for human use in a regulatory jurisdiction. 

1.7 “Client Antibody” shall mean, with respect to a particular Project, the starting Antibody (if any) identified in
the applicable Research Plan. 
 1.8 “Client Assay” shall mean, with respect to a particular Project, any
assay identified in the applicable Research Plan that is to be transferred by Client to AnaptysBio (if any). 
 1.9
“Client Information” shall mean, with respect to a particular Project: (a) the Information (other than chemical or biological materials) identified in the applicable Research Plan that is to be provided by Client to
AnaptysBio in connection with such Project, and (b) any additional Information disclosed by Client to AnaptysBio in connection with Client’s transfer to AnaptysBio of the Client Materials for such Project. 

  
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 1.10 “Client Materials” shall mean, with respect to a particular Project,
collectively, the chemical or biological samples of Client Antibody and Client Target to be provided, and the Client Assay(s) to be transferred, by Client to AnaptysBio for use in the performance of such Project, each as set forth in the applicable
Research Plan. 
 1.11 “Client Results” shall mean, with respect to a particular Project, effective only upon
and from such time as Client has made full and timely payment of the Success Fee for such Project to AnaptysBio: 
 (a) any
and all data and results generated, discovered or developed by or on behalf of Client as a result of performing the Evaluation (but excluding AnaptysBio Technology); and 

(b) any and all data and results generated, discovered or developed by or on behalf of Client after payment of the Success Fee using
any Delivered Antibody(ies) and/or Delivered Antibody Information. 
 1.12 “Client Target” shall mean, with respect
to a particular Project, the biological target identified in the applicable Research Plan. 
 1.13 “Client
Technology” shall mean: (a) Client Materials and Client Information; (b) if applicable, Client Results; and (c) all patent and other intellectual property rights in any of the foregoing. 

1.14 “Confidential Information” shall mean all Information, tangible or intangible, whether in written, graphic, oral,
visual or electronic form, that is disclosed or made available by one party to the other party under this Agreement and is not subject to the exceptions set forth in Section 5.2. Confidential Information provided by a party to the other party
in written, graphic or electronic form shall be marked “Confidential.” Confidential Information initially provided by a party to the other party orally or visually shall be summarized in a writing marked “Confidential” which
shall be delivered to the other party within 30 days after the initial oral or visual disclosure. 
 1.15
“Controlled” shall mean, with respect to any Information or intellectual property rights, possession by a party of the ability (whether by ownership, license or otherwise) to grant a license or a sublicense of or under such
Information or intellectual property rights without violating the terms of any agreement or other arrangement with any Third Party. 

1.16 “Delivered Antibody” shall mean, with respect to a particular Project, any Antibody resulting from
AnaptysBio’s performance of such Project that is delivered to Client pursuant to Section 2.3(a). 
 1.17 “Delivered
Antibody Information” shall mean, with respect to a particular Project: [*], as more fully described in the applicable Research Plan. 

1.18 “Delivered Antibody Inventions” shall have the meaning provided in Section 4.4(a). 

  

					
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 1.19 “Delivered Antibody Patents” shall mean all patents and patent
applications claiming or disclosing any Delivered Antibody Invention(s). 
 1.20 “Evaluation” shall have the
meaning provided in Section 2.4(a). 
 1.21 “Evaluation Period” shall have the meaning provided in Section 2.4(a).

 1.22 “Excluded Costs” shall mean, with respect to a particular Project: (a) the reasonable out-of-pocket
costs of specialized reagents, supplies or equipment, or specialized services performed by Third Party subcontractors of AnaptysBio, that, in each case, are needed specifically for such Project but are not generally required for other similar
projects AnaptysBio performs on behalf of Third Parties; and (b) all reasonable out-of-pocket travel costs pre-approved by Client, that are in compliance with Client’s travel policy, and incurred by
AnaptysBio in the event that Client requests, and AnaptysBio agrees, that any AnaptysBio personnel provide technical assistance at any location other than AnaptysBio’s facilities in connection with such Project. 

1.23 “First Commercial Sale” shall mean the first sale of a Product by Client or any of its Affiliates, licensees or
sublicensees to a Third Party for end use or consumption in a country after the governing health regulatory authority of such country has granted marketing approval (e.g., BLA approval) with respect to such Product. Sale to an
Affiliate or to a licensee or sublicensee of Client or any of its Affiliates shall not constitute a First Commercial Sale. 
 1.24
“Information” shall mean know-how, trade secrets, data, inventions, proprietary software, works of authorship, designs, techniques, methods, processes, formulations, structure and other information relating to compounds,
compositions, specifications, reagents, ideas and information. 
 1.25 “Joint Invention” shall mean any
invention, whether or not patentable, that is made jointly (as determined in accordance with U.S. laws of inventorship) by one or more employees, consultants or contractors of Client and one or more employees, consultants or contractors of
AnaptysBio, in the course of activities undertaken pursuant to this Agreement; but, in each case, excluding AnaptysBio Technology and Client Technology. 

1.26 “Joint Patents” shall have the meaning provided in Section 4.4(b). 

1.27 “Materials” shall have the meaning provided in Section 2.6. 

1.28 “Net Sales” shall mean [*]. 

1.29 “Phase 1 Trial” shall mean a human clinical trial that would satisfy the requirements for a Phase 1 study as
defined in 21 CFR § 312.21(a) (or its successor regulation) or any foreign equivalent thereof. 
 1.30 “Phase 2
Trial” shall mean a human clinical trial that would satisfy the requirements for a Phase 2 study as defined in 21 CFR § 312.21(b) (or its successor regulation) or any foreign equivalent thereof. 

  

					
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 1.31 “Phase 3 Trial” shall mean a human clinical trial that would satisfy
the requirements for a Phase 3 study as defined in 21 CFR § 312.2l(c) (or its successor regulation) or any foreign equivalent thereof. 

1.32 “Product” shall mean any product, composition, method, device, or service (a) that comprises, contains or
uses any Delivered Antibody (or any derivative or modification of a Delivered Antibody), in whole or in part, or (b) the manufacture, use, sale, offer for sale or import of which is covered by any Delivered Antibody Patent. 

1.33 “Project” shall mean a project directed to either [*]. 

1.34 “Project Goals” shall mean, with respect to a particular Project, the specific design goals with respect to
binding affinity and specificity of the Antibodies to be generated and characterized by AnaptysBio in such Project, as set forth in the applicable Research Plan. 

1.35 “Remaining Materials” shall mean any and all biological or chemical materials derived from the Client Materials
in the course and as a result of performance of a Project by or on behalf of AnaptysBio. Notwithstanding the foregoing, Remaining Materials shall exclude the Delivered Antibodies. 

1.36 “Research Period” shall mean the period commencing on the Effective Date and, subject to earlier termination of
this Agreement in accordance with Article 7, [*] 
 1.37 “Research Plan” shall have the meaning provided in
Section 2.1(b). 
 1.38 “Results” shall mean, with respect to a particular Project: (a) any and all data and
results generated, discovered or developed by or on behalf of AnaptysBio in the course and as a result of performance of such Project, which data and results relate specifically and solely to the applicable Client Materials, Client Information
and/or Delivered Antibodies; and (b) any and all data and results generated is covered or developed by or on behalf of Client as a result of performing the Evaluation of Delivered Antibodies from such Project (it being understood that upon
payment of the Success Fee for such Project to AnaptysBio, the data and results described in this clause (b) shall be deemed Client Results). Notwithstanding the foregoing, the Results shall exclude the AnaptysBio Technology and the Client
Technology. 
 1.39 “Subject AnaptysBio Patent” shall mean any patent application or patent within the
AnaptysBio Technology that: 
 (a) claims any invention that AnaptysBio either (i) used in generating a particular Delivered
Antibody assigned to Client hereunder, or (ii) incorporated into a particular Delivered Antibody assigned to Client hereunder; and 

(b) would, in the absence of a license thereunder, be infringed by the manufacture, use, sale, offer for sale or import of such
Delivered Antibody. 
 1.40 “Success Fee” shall have the meaning provided in Section 3.3. 

  

					
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 1.41 “Success Fee Due Date” shall mean, with respect to a particular
Project, the date that is [*] after expiration of the Evaluation Period and receipt of invoice for such Project. Notwithstanding the foregoing, if, prior to expiration of the Evaluation Period for a Project, Client exercises its rights under
Section 2.4(b) with respect to such Project, then the “Success Fee Due Date” shall be the date that is [*]. 
 1.42
“Third Party” shall mean any entity other than AnaptysBio or Client or an Affiliate of AnaptysBio. 
 1.43
“Valid Claim” means a claim of an issued patent that has not expired or been revoked, held invalid or unenforceable by a patent office, court or other governmental agency of competent jurisdiction in a final and non-appealable
judgment (or judgment from which no appeal was taken within the allowable time period), or a claim within a patent application that has not been revoked, cancelled, withdrawn, held invalid or abandoned and which has not been pending for more than
[*] years from its first priority filing date. 
  

	2.	STEERING COMMITTEE, PROJECTS AND DELIVERABLES. 

2.1 Steering Committee and Projects. 

(a) Steering Committee. A steering committee (hereinafter the “Steering Committee”) shall be formed within
30 days after the Effective Date, as further described at Exhibit B. 
 (b) Approval of Projects. During the Research Period,
AnaptysBio shall perform the [*] Projects for Client attached hereto as Exhibit A (the “Research Plan”) and the Projects described therein (the “Projects”). During the performance of a Project, [*]. If
AnaptysBio disputes in good faith that a proposed substitute Project is feasible, AnaptysBio shall so notify Client within [*] after receipt of the Project Notice, and the parties shall confer in good faith regarding the matter, [*]. In addition, in
the event AnaptysBio [*]. Unless AnaptysBio provides notice as set forth above that [*], which shall be in a form acceptable to the parties and shall specify the following information for such substitute Project: 

[*] 
 (c) Research
Plans. Each Research Plan shall be subject to all of the terms and conditions of this Agreement, in addition to the specific details set forth in such Research Plan. To the extent any terms of a Research Plan conflict with the terms of this
Agreement, the terms of this Agreement shall control, unless and only to the extent that such Research Plan expressly states the intent of the parties that the Research Plan supersede this Agreement with respect to a specific matter. Each
fully-executed Research Plan shall be deemed incorporated herein by reference, and a copy thereof shall be attached to this Agreement. Any changes to a Research Plan shall be in writing, executed by an authorized representative of each party,
attached to the original Research Plan, and incorporated herein and therein by reference. 
 (d) Exclusivity. On a Project-by-Project
basis, commencing on acceptance of the Research Plan for each Project and expiring on, as applicable, [*]; except for the activities under this Agreement, AnaptysBio shall not [*]. Notwithstanding the preceding sentence or any 

  

					
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other provision of this Agreement to the contrary, AnaptysBio shall at all times be free to conduct, participate in, or fund, directly or indirectly, alone or with any Third Party, any activities
directed to the discovery, research or commercialization of Antibodies that: [*]. 
 2.2 Transfer and Use of Client Materials and
Information. As promptly as practicable after mutual written approval of the Research Plan for each substitute Project (or after the Effective Date in the case of the Projects), Client shall deliver to AnaptysBio the Client Materials and the
Client Information for such Project as specified in the applicable Research Plan. 
 2.3 Performance of Projects; Substitution of
Projects; Deliverables. On a Project-by-Project basis, promptly following receipt of the Client Materials and Client Information for a Project, AnaptysBio shall use commercially reasonable efforts to perform such Project, as described in the
applicable Research Plan. In the event that the research term of the Project exceeds [*] or a substitute Project is agreed to by the parties under Section 2.l(b), and the combined research term of the Project and substitute Project exceed [*],
the parties agree to negotiate in good faith additional funding payments for the time period that is in excess of [*]. In addition, such substitute Project shall not be counted as an additional Project. AnaptysBio may perform some Project activities
through one or more subcontractors, provided that AnaptysBio shall at all times be fully responsible for the compliance of its subcontractors with this Agreement. Promptly following AnaptysBio’s completion of its responsibilities under each
Research Plan, AnaptysBio shall: 
 (a) deliver to Client the Antibodies generated and characterized in the course of the
performance of the applicable Project that meet the Project Goals; [*]; and 
 (b) provide a written report to Client setting forth,
for each Delivered Antibody from such Project, [*]. 
 For the avoidance of doubt, AnaptysBio shall have no obligation: (A) to generate
or characterize Antibodies other than as expressly set forth in the Research Plans; (B) to deliver to Client any Antibodies other than as expressly set forth in Section 2.3(a); (C) to disclose to Client any Results with respect to any
Antibody other than the Delivered Antibody Information with respect to the Delivered Antibodies; or (D) to disclose to Client any Information regarding the AnaptysBio Platform. 

2.4 Client Evaluation of Delivered Antibodies. 

(a) Evaluation. Commencing upon Client’s receipt of the Delivered Antibodies and Delivered Antibody Information from each Project
and for a period of [*] thereafter, or such extended time period as may mutually agreed by the parties (the “Evaluation Period”), Client will [*]. Client may conduct the Evaluation either directly or indirectly through its
Affiliate(s), agent(s), consultant(s) and/or subcontractor(s), provided that Client shall at all times be fully responsible for the compliance of its Affiliate(s), agent(s), consultant(s) and/or subcontractor(s) with this Agreement and, prior to
providing any Delivered Antibody or Delivered Antibody Information to any agent, consultant or subcontractor, shall obtain the written agreement of such agent, consultant or subcontractor to be bound by clauses (ii) and (iii) 

  

					
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of Section 2.5(a). Unless Client notifies AnaptysBio in writing on or before the end of the Evaluation Period for a Project that Client in good faith believes that [*]. In addition,
regardless of whether or not Client has completed any or all Evaluation activities by the end of the Evaluation Period for a Project, Client shall not have the right to deliver a notice to AnaptysBio that the Project Goals for such Project have not
been met unless Client has generated data during such Evaluation Period, through performance of Evaluation activities, to support its contention that none of such Delivered Antibodies meets the Project Goals. If Client notifies AnaptysBio in writing
by the end of the Evaluation Period for a Project that Client in good faith believes that [*]. 
 (b) Independent Laboratory
Determination. If Client notifies AnaptysBio in writing by the end of the Evaluation Period for a Project that Client in good faith believes that [*] of the Delivered Antibodies] from such Project do not meet the Project Goals, and AnaptysBio in
good faith does not agree that [*] of the Delivered Antibodies from such Project do not meet the Project Goals, then [*]. The parties will initially share the costs of the independent laboratory’s analysis on an equal basis in accordance with a
pre-agreed budget and maximum cost for such activities, but the party in whose favor the independent laboratory rules shall be entitled to have its share of such costs reimbursed by the other party promptly following such determination. 

2.5 Use of Delivered Antibodies, Information and Results. 

(a) Prior to Success Fee Due Date. On a Project-by-Project basis, until the Success Fee Due Date for a Project (or, if this Agreement
is earlier terminated in accordance with Article 7, until such termination), except as expressly set forth in Sections 2.5(b) and 2.5(c): 

(i) AnaptysBio shall solely own all rights in the Delivered Antibodies and Delivered Antibody Information resulting from such Project
and associated Results; 
 (ii) each party shall treat such Delivered Antibodies and Delivered Antibody Information as Confidential
Information of the other party in accordance with Article 5; 
 (iii) Client covenants that: (1) except as expressly
permitted by Section 2.4, it will not conduct or have conducted on its behalf, nor cause or allow any Affiliate or Third Party to conduct, any study of any such Delivered Antibody or related Product; (2) Client will not use any such
Delivered Antibody or Delivered Antibody Information for any purpose other than the Evaluation; and (3) except as expressly permitted by Section 2.4, Client will not transfer or disclose, or cause to be transferred or disclosed, any such
Delivered Antibody, Delivered Antibody Information, or Results to any Affiliate or to any Third Party; and 
 (iv) AnaptysBio shall
not use any such Delivered Antibody, Delivered Antibody Information or Results for any purpose other than performance of such Project. 

(b) Success Fee Timely Paid. On a Project-by-Project basis, if Client pays the Success Fee for a Project in full on or before the
applicable Success Fee Due Date (or, if this Agreement is earlier terminated in accordance with Article 7, prior to such termination), then effective upon such payment: 

  

					
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 (i) ownership of the Delivered Antibodies and Delivered Antibody Information from such
Project and all associated Results shall be assigned solely to Client pursuant to, and subject to the terms and conditions of, Section 4.1; 

(ii) AnaptysBio shall treat such Delivered Antibodies, Delivered Antibody Information and Results as Confidential Information of
Client in accordance with Article 5; and 
 (iii) AnaptysBio shall destroy all Results of such Project (other than the
Delivered Antibodies and Delivered Antibody Information) and all Remaining Client Materials from such Project. 
 (c) Success Fee Not
Timely Paid. On a Project-by-Project basis, if Client fails to pay the Success Fee for a Project in full on or before the applicable Success Fee Due Date (or, if this Agreement is earlier terminated in accordance with Article 7, prior to such
termination), then effective as of such Success Fee Due Date (or such earlier termination, as applicable): 
 (i) neither
party shall file, or cause to be filed, any Delivered Antibody Patent with respect to any Delivered Antibody Invention from such Project; 

(ii) Client and AnaptysBio shall immediately destroy all Delivered Antibodies from such Project and, except as expressly set forth in
Section 7.4(b), all associated Delivered Antibody Information and Results, and AnaptysBio shall destroy all Remaining Client Materials from such Project, and, in each case, certify such destruction in writing to the other party; 

(iii) the Delivered Antibodies and Delivered Antibody Information from such Project and all associated Results shall be considered
Confidential Information of both parties; and 
 (iv) each of Client and AnaptysBio hereby covenants that it will not (either
directly or through any Affiliate or Third Party) develop, make, have made, use, sell, have sold, offer for sale or import any such Delivered Antibody or any Product based thereon, or otherwise exploit the associated Delivered Antibody Information
or Results. 
 2.6 Materials Transfer. In connection with a Project, a party may provide to the other party certain biological or
chemical materials, including, but not limited to, Client Materials and Delivered Antibodies (collectively, “Materials”). Except as otherwise expressly set forth in this Agreement , all such Materials will remain the sole
property of the providing party, will be used only in furtherance of the activities expressly contemplated by this Agreement, will not be used or delivered to or for the benefit of any Third Party (except, in the case of AnaptysBio, in connection
with the subcontracting of Project activities in accordance with Section 2.3) without the prior written consent of the providing party, and will be used in compliance with all applicable laws, rules and regulations. The Materials supplied under
this Agreement must be used with prudence and appropriate caution in any experimental work because not all of their characteristics may be known. Except as expressly set forth herein, THE MATERIALS ARE PROVIDED “AS IS” AND WITHOUT ANY
REPRESENTATION OR 

  
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WARRANTY, EXPRESS OR IMPLIED, INCLUDING WITHOUT LIMITATION ANY IMPLIED WARRANTY OF MERCHANTABILITY OR OF FITNESS FOR ANY PARTICULAR PURPOSE OR ANY WARRANTY THAT THE USE OF THE MATERIALS WILL NOT
INFRINGE OR VIOLATE ANY PATENT OR OTHER PROPRIETARY RIGHTS OF ANY THIRD PARTY. 
  

	3.	PAYMENTS. 

 3.1 Initial Fee. Client shall pay to AnaptysBio a
one-time, non-refundable, non-creditable initial fee of six million dollars ($6,000,000) within five (5) business days after the Effective Date. 

3.2 Reimbursement for Excluded Costs. 

(a) On a Project-by-Project basis Client shall reimburse AnaptysBio for [*] Except as expressly set forth in such Research Plan,
AnaptysBio shall issue written, reasonably detailed invoices to Client for such Excluded Costs on a monthly basis, and Client shall pay each such invoice in full within [*] of receipt. 

3.3 Success Fee. On a Project-by-Project basis, Client shall pay to AnaptysBio a non-refundable, non-creditable fee of five hundred
thousand dollars ($500,000) per Project (the “Success Fee”) as set forth below: 
 [*] 

3.4 Milestone Payments. Subject to the limitations set forth below, within [*] following the first occurrence of each of the events set
forth below with respect to each Product arising from a Project, Client shall provide written notice to AnaptysBio of the occurrence of such event and shall pay to AnaptysBio the corresponding milestone payment set forth below (whether such
milestone is achieved by Client, its Affiliate or any of their respective licensees or sublicensees): 
  

					
	 Milestone Event
	  	Milestone
Payment	 
	 [*]
	  	 	    [*]	  
	 [*]
	  	 	[*]	  
	 [*]
	  	 	[*]	  
	 [*]
	  	 	[*]	  
	 [*]
	  	 	[*]	  
	 [*]
	  	 	[*]	  
		  	  
	  
	 
	 Total per Product
	  	 	[*]	  

 On a Project-by-Project basis, each of the milestone payments set forth above shall be payable: (a) only
once per Product, regardless of the number of times a particular Product achieves any milestone set forth above; and (b) only two times per Project, for the first two Products to achieve any milestone set forth above, regardless of the number
of Products from such Project that achieve the milestones set forth above; such that the maximum amount payable 

  

					
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under this Section 3.4 for each Project shall be fifty-three million dollars ($53,000,000). With respect to any particular milestone event set forth above, from and after such time as the
corresponding milestone payment has been paid for two Products arising from a Project, Client shall have no further obligation to notify AnaptysBio of the achievement of such milestone event by any other Product arising from such Project or to pay
any additional milestone payment for any such achievement. For purposes of the foregoing milestones, “initiation” of a clinical trial shall mean [*]. Each of the foregoing milestone payments shall be payable only one time for the first and
second Product arising from a Project and shall not be payable on any additional Products arising from the Project. 
 3.5
Royalties. Client shall pay to AnaptysBio a royalty equal to [*] percent [*]% of Net Sales of Products. Royalties under this Section 3.5 shall be payable on a Product-by-Product and country-by-country basis from the First
Commercial Sale of a Product in a country until the later of [*] (the “Royalty Term”). In the event Client obtains a license under any issued patent of a Third Party in a country for which license Client is obligated to pay
such Third Party a royalty on sales of a Product in such country, then Client may offset [*] percent ([*]%) of the royalties actually paid to such Third Party under such patent license with respect to sales of such Product in such country against
the royalties due AnaptysBio under this Agreement with respect to Net Sales of such Product in such country, provided that in no event shall the effective royalty rate applicable to Net Sales of such Product in such country hereunder be reduced
below [*]% as a result of all such offsets in the aggregate. For the avoidance of doubt, royalties shall be payable only once with respect to the same unit of Product. On a Product-by-Product and
country-by-country basis, upon expiration of the Royalty Term for a Product in a country, Client’s licenses and rights hereunder with respect to such Product in such country shall continue in effect, but become fully paid-up, royalty-free,
transferable, perpetual and irrevocable. 
 3.6 Applicability of Payment Obligations. Client acknowledges and agrees
that all milestone and royalty payment obligations as set forth in Sections 3.4 and 3.5 shall apply notwithstanding the sale, license, transfer or other disposition by Client of any of its rights with respect to any Delivered Antibody, Product,
Delivered Antibody Information or Delivered Antibody Patent. Moreover, Client shall at all times be and remain liable for any and all fees and payments that may become due hereunder with respect to any Delivered Antibody or Product, regardless of
whether Client has sold, licensed, transferred or otherwise disposed of any of its rights with respect to such Delivered Antibody or Product or any Delivered Antibody Information or Delivered Antibody Patent to any Affiliate or Third Party. Prior to
selling, licensing, transferring or otherwise disposing of any of Client’s rights with respect to any Delivered Antibody, Product, Delivered Antibody Information or Delivered Antibody Patent to any Affiliate or Third Party, Client shall obtain
the written agreement of such Affiliate or Third Party, for the benefit of AnaptysBio, to be bound by Sections 3.4 through 3.12 of this Agreement to the same extent as Client, and Client shall provide prompt written notice of any such sale, license,
transfer or other disposition to AnaptysBio, including the identity of the applicable Delivered Antibody(ies), Product(s), Delivered Antibody Information and/or Delivered Antibody Patent and the identity of the purchaser, licensee, transferee or
other recipient thereof. Client shall ensure that any such transfer arrangement is consistent with the terms of this Agreement. 

3.7 Third Party Patents. Except as expressly set forth in Section 4.3(b), Client shall be solely responsible for obtaining such
licenses under Third Party patent or other intellectual 

  

					
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property rights as Client determines are necessary or desirable for the manufacture, use, sale, offer for sale or import of Delivered Antibodies or Products, at Client’s sole expense. 

3.8 Payment; Reports. Royalties shall be calculated and reported for each calendar quarter and shall be paid within [*] after the end
of each calendar quarter. Each payment shall be accompanied by a report of [*]. 
 3.9 Exchange Rate; Manner and Place of Payment.
All payments hereunder shall be payable in U.S. dollars and shall be made by electronic funds transfer in immediately available funds to a bank and account designated in writing by AnaptysBio, unless otherwise specified in writing by AnaptysBio.
When conversion of payments from any foreign currency is required, such conversion shall be made at the rate of exchange used by Client throughout its accounting system for the applicable calendar quarter. 

3.10 Income Tax Withholding. AnaptysBio will pay any and all taxes levied on account of any payments made to it under this Agreement.
If any taxes are required to be withheld by Client, Client will (a) deduct such taxes from the payment made to AnaptysBio, (b) timely pay the taxes to the proper taxing authority, (c) send proof of payment to AnaptysBio (and, if such
tax authority provides a receipt for such payment to Client, a copy of such receipt), and (d) reasonably assist AnaptysBio in its efforts to obtain a credit for or refund of such tax payment. 

3.11 Records and Audit Rights. During the Term and for a period of [*] years thereafter, Client shall keep (and shall cause its
Affiliates, licensees and sublicensees to keep) complete and accurate records pertaining to the sale or other disposition of Products in sufficient detail to permit AnaptysBio to confirm the accuracy of all royalty payments due hereunder. AnaptysBio
shall have the right to cause an independent, certified public accountant reasonably acceptable to Client to audit such records to confirm Net Sales and royalty payments for a period covering not more than the preceding [*] full calendar years. Such
audits may be exercised during normal business hours upon reasonable prior written notice to Client. All information received or learned in connection with such audit shall be Confidential Information of Client and shall be subject to Article 5,
provided that AnaptysBio may use and disclose such information to the extent necessary to prepare its financial statements. Prompt adjustments shall be made by the parties to reflect the results of such audit. AnaptysBio shall bear the full cost of
such audit unless such audit discloses an underpayment by Client of more than [*]% of the amount due under this Agreement, in which case, Client shall bear the full cost of such audit and shall promptly remit to AnaptysBio the amount of any
underpayment. 
 3.12 Late Payments. In the event that any payment due under this Agreement is not made when due, the payment
shall accrue interest from the date due at the rate of [*]% per month (or, if lower, the maximum legal annual interest rate). The payment of such interest shall not limit AnaptysBio from exercising any other rights it may have as a consequence of
the lateness of any payment. 
  

	4.	INTELLECTUAL PROPERTY RIGHTS. 

  

					
		  	12	  	*Confidential Treatment Requested.

 4.1 Delivered Antibodies. Subject to the terms and conditions of this Agreement, on a
Project-by-Project basis, and effective only upon payment in full of the Success Fee for a Project on or before the applicable Success Fee Due Date (or, if this Agreement is earlier terminated in accordance with Article 7, prior to such
termination), AnaptysBio hereby assigns to Client all right, title and interest of AnaptysBio in and to the Delivered Antibodies and Delivered Antibody Information from such Project, and the Results of the Evaluation thereof, including all
intellectual property rights in any of the foregoing. Client acknowledges and agrees that, notwithstanding any assignment by AnaptysBio to Client of any Delivered Antibody, Delivered Antibody Information and/or any Results of the Evaluation, or any
further assignment, license or transfer by Client to any Affiliate or Third Party of any rights in any Delivered Antibody, Product, Delivered Antibody Information and/or Results of the Evaluation, all Delivered Antibodies and Products shall be and
remain subject to the milestone and royalty payment obligations set forth in Sections 3.4 and 3.5, respectively. 
 4.2 AnaptysBio
Technology. AnaptysBio shall at all times be and remain the sole and exclusive owner of the AnaptysBio Technology and shall have no obligation to deliver, make available or disclose to Client any AnaptysBio Technology. AnaptysBio shall be free,
in its sole discretion, to seek patent or other intellectual property protection of AnaptysBio Technology. Except as expressly set forth in Section 4.3, nothing in this Agreement shall be construed as granting to Client any right or license in
any AnaptysBio Technology or any other intellectual property rights of AnaptysBio. 
 4.3 Freedom to Operate. 

(a) Subject AnaptysBio Patents. Subject to the terms and conditions of this Agreement (including Sections 3.4 and 3.5 above and
Section 4.3(b) below), on a Project-by-Project basis, to the extent necessary, and effective only upon the effectiveness of the assignment set forth in Section 4.1 for a Project, AnaptysBio shall,
and it hereby does, grant to Client a non-exclusive, worldwide, royalty-bearing license under the Subject AnaptysBio Patents associated with a particular Delivered Antibody from such Project, solely to make,
have made, use, sell, have sold, offer for sale, and import such Delivered Antibody and related Products for all uses and purposes. The foregoing license will include the right to sublicense solely in conjunction with the grant by Client to a Third
Party of a license to make, have made, use, sell, have sold, offer for sale, or import a Product based on such Delivered Antibody. For the avoidance of doubt, the license granted pursuant to this Section 4.3(a) excludes (i) the right to
use any AnaptysBio Technology for the purpose of modifying any Antibody (including, without limitation, any Delivered Antibody), and (ii) the right to make, have made, use, sell, have sold, offer for sale, or import any Antibody other than a
Delivered Antibody that has been assigned to Client pursuant to Section 4.1 and its related Products. 
 (b) In-Licensed
Patents. With regard to any Subject AnaptysBio Patent licensed to Client pursuant to Section 4.3(a) that is licensed to AnaptysBio by [*]. Subject to mutual execution by the parties of a sublicense agreement with respect to an In-Licensed
Patent, AnaptysBio shall be responsible for any payments that may be due to Licensor(s) as a result of Client’s practice of the invention(s) claimed by such In-Licensed Patent within the scope of such sublicense. 

  

					
		  	13	  	*Confidential Treatment Requested.

 4.4 Patents. 

(a) Delivered Antibody Patents. Subject to the terms and conditions of this Agreement, on a Project-by-Project basis and effective only
upon effectiveness of the assignment set forth in Section 4.1 for a Project, Client shall have the exclusive right, in its sole discretion and at its own expense, to file and prosecute any patent applications, and to maintain, defend and
enforce any resulting patents, claiming or disclosing any Delivered Antibody or Delivered Antibody Information from such Project, any associated Product, or any method of making or using any of the foregoing (collectively, “Delivered
Antibody Inventions”). [*] 
 (b) Joint Patents. For the avoidance of doubt, the parties do not anticipate that there
will be any Joint Inventions, as they anticipate that inventions and information resulting from activities under this Agreement are most likely to fall within the scope of AnaptysBio Technology, Client Technology or Delivered Antibody Inventions.
However, in the event that any Joint Invention is made, the parties shall mutually agree, on a case-by-case basis, [*] 
 4.5
Cooperation. The parties shall cooperate in good faith to accomplish the intent of Sections 4.1 and 4.4 and to enable each party to exercise its rights and perform its responsibilities under such Sections, including the execution of all such
documents and instruments and the performance of such acts (and causing its relevant employees to execute such documents and instruments and to perform such acts) as may be reasonably necessary in order to permit each party to exercise such rights
and perform such obligations. 
 4.6 No Implied Licenses. No right or license under any Information or intellectual property
right of either party is granted or shall be granted by implication hereunder. All such rights or licenses are or shall be granted only as expressly provided in this Agreement. 

 

	5.	PROTECTION OF CONFIDENTIAL INFORMATION. 

5.1 Confidentiality. Except to the extent expressly authorized by this Agreement or otherwise agreed in writing by the parties, the
parties agree that a party (referred to as the “receiving party’ shall keep confidential and shall not publish or otherwise disclose and shall not use for any purpose other than as expressly provided for in this Agreement any Confidential
Information of the other party. Each party may use the other party’s Confidential Information only to the extent required to accomplish the purposes of this Agreement. Each party may disclose Confidential Information of the other party to those
of such party’s employees, directors, contractors and consultants who have a need for such information, provided that such party shall advise such employees, directors, contractors and consultants of the confidential nature thereof, shall
insure that each such employee, director, contractor or consultant is bound by obligations of confidentiality at least as stringent as those contained in this Agreement and shall be responsible for the compliance of its employees, directors,
contractors and consultants with the terms of this Agreement. Each party will use at least the same standard of care as it uses to protect proprietary or confidential information of its own (but in no event less than reasonable care) to ensure that
its employees, directors, contractors and consultants do not disclose or make any unauthorized use of the other party’s Confidential Information. Each party will promptly 

  

					
		  	14	  	*Confidential Treatment Requested.

 
notify the other upon discovery of any unauthorized use or disclosure of the other party’s Confidential Information. 

5.2 Exceptions. Confidential Information shall not include any information that the receiving party can prove by competent evidence:
(a) was already known to the receiving party prior to receipt from the other party other than as a result of performance of a Project; (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, other than through any act or omission of the receiving party in breach of this Agreement; (d) was
disclosed to the receiving party, other than under an obligation of confidentiality, by a Third Party with the lawful right to make such disclosure; or (e) was independently discovered or developed by the receiving party without access to and
without the aid, use or application of any Confidential Information disclosed or made available to the receiving party by the other party. 

5.3 Authorized Disclosure. Notwithstanding Section 5.1, a party may disclose Confidential Information of the other party, without
violating its obligations under this Agreement, to the extent the disclosure is necessary in the following instances: 
 (a)
filing or prosecuting patent applications as permitted by this Agreement; 
 (b) prosecuting or defending litigation as permitted by
this Agreement; 
 (c) exercising rights expressly granted to such party hereunder; 

(d) enforcing the provisions of this Agreement; or 

(e) complying with a valid order of a court or other governmental body having jurisdiction or with applicable law; provided that, if
legally permissible and to the extent practicable under the circumstances, such party gives reasonable prior written notice to the other party of such required disclosure and, at the other party’s request and expense, cooperates with the other
party’s efforts to contest such required disclosure, and/or to obtain a protective order preventing or limiting the disclosure and/or requiring that the Confidential Information so disclosed be used only for the purposes for which the law or
regulation requires, or for which the order was issued, and/or to obtain other confidential treatment of such information. 
 5.4 Use of
Names; Blinded Data. Neither party shall use the other party’s name or trademarks in any advertising, sales, or promotional material or in any publication without the prior written consent of the other party. Notwithstanding the preceding
sentence or any other provision of this Article 5, the parties agree that for the purposes of promoting or otherwise highlighting the advantages of the AnaptysBio Technology, AnaptysBio may publish (or cause to be published) or otherwise disclose
(or cause to be disclosed) to Third Parties, blinded data relating to Results, Delivered Antibodies and/or Delivered Antibody Information (such data to be limited to the number of projects, the types of projects, number and diversity of Antibodies
generated or matured, binding affinity of Antibodies generated or matured, functional assay data, and number and types of mutations observed), at any time during or subsequent to the Term, provided that neither Client nor any Client Target, Client
Antibody or Delivered Antibody shall be identified, directly or indirectly, in connection therewith. 

  
 15 

 5.5 Confidentiality of this Agreement. This Agreement and its terms are considered
Confidential Information of both parties, and each party shall keep confidential and shall not publish or otherwise disclose this Agreement or its terms without the prior written consent of the other party, except as expressly permitted by
Section 5.3, Section 5.4 or Section 5.6, and except that AnaptysBio may disclose this Agreement and its terms to actual or potential investors, strategic partners, acquirers and merger candidates on a confidential basis. 

5.6 Publicity. Except as required by judicial order or applicable law, neither party shall make any public announcement concerning this
Agreement without the prior written consent of the other party. Notwithstanding the foregoing, from and after such time as Client begins publicly disclosing or discussing Client’s interest and/or efforts in the development of antibodies,
AnaptysBio may issue one or more press releases concerning, or otherwise publicly disclose or discuss, the existence of this Agreement and/or the achievement of significant development and regulatory milestones by Products arising from this
Agreement, after good faith consultation between the parties with respect to the text and timing of any such press release (or content and timing of any such other public disclosure or discussion) and subject to Client’s prior approval, which
shall not be unreasonably withheld. 
  

	6.	REPRESENTATIONS AND WARRANTIES; DISCLAIMER; LIMITATION OF LIABILITY. 

6.1 Mutual Representations and Warranties. Each party represents and warrants to the other that: (a) it is duly organized and
validly existing under the laws of its jurisdiction of incorporation or formation, and has full corporate or other power and authority to enter into this Agreement and to carry out the provisions hereof; (b) it is duly authorized to execute and
deliver this Agreement and to perform its obligations hereunder; and (c) this Agreement is legally binding upon it, enforceable in accordance with its terms, and does not conflict with any agreement, instrument or understanding, oral or
written, to which it is a party or by which it may be bound. 
 6.2 Limited Services Warranty. AnaptysBio’s sole warranty
with respect to each Project is that AnaptysBio will perform such Project with due care and in accordance with applicable laws and regulations (including, without limitation, laws and regulations relating to health, safety and the environment, fair
labor practices, unlawful discrimination and animal welfare), (b) the terms and conditions contained herein and (c) generally prevailing industry standards. 

6.3 Disclaimer. Except as expressly set forth herein, EACH PARTY EXPRESSLY DISCLAIMS ANY AND ALL WARRANTIES OF ANY KIND, EXPRESS OR
IMPLIED, INCLUDING, WITHOUT LIMITATION, THE WARRANTIES OF DESIGN, MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE, NON-INFRINGEMENT OF THE INTELLECTUAL PROPERTY RIGHTS OF THIRD PARTIES, OR ARISING FROM A COURSE OF DEALING, USAGE OR TRADE
PRACTICES. Without limiting the generality of the foregoing, Client acknowledges and• agrees that AnaptysBio does not make, and that AnaptysBio hereby disclaims, any representation or warranty (a) that the Project Goals will be achieved by
any Antibody generated in the course of any Project, (b) as to the safety or usefulness for any purpose of the AnaptysBio Technology or any Delivered Antibody, Delivered Antibody Information or other Results, or (c) that any Delivered
Antibody, Product, Delivered 

  
 16 

 
Antibody Information or other Results will be acceptable to any regulatory governmental agency to which they are presented or that Client will be able to market or otherwise exploit any Delivered
Antibody or Product. 
 6.4 Limitation of Liability. EXCEPT FOR LIABILITY FOR BREACH OF SECTION 4.1, 4.3 OR 4.4, OR ARTICLE 5 HEREOF,
IN NO EVENT SHALL EITHER PARTY BE ENTITLED TO RECOVER FROM THE OTHER PARTY ANY SPECIAL, INCIDENTAL, CONSEQUENTIAL OR PUNITIVE DAMAGES, INCLUDING, WITHOUT LIMITATION, LOST PROFITS AND THE COST OF PROCUREMENT OF SUBSTITUTE GOODS, TECHNOLOGY OR
SERVICES, IN CONNECTION WITH THIS AGREEMENT, EVEN IF THE OTHER PARTY HAD NOTICE OF THE POSSIBILITY OF SUCH DAMAGES; provided, however, that the foregoing shall not be construed to limit either party’s indemnification obligations under Article
8. [*] 
  

	7.	TERMINATION. 

 7.1 Term. The term of this Agreement (the
“Term”) shall commence on the Effective Date and, subject to earlier termination of this Agreement in accordance with this Article 7, shall continue until: 

(a) the Success Fee Due Date for the last Project initiated during the Research Period, unless Client has timely paid the Success Fee
for at least one Project on or before the Success Fee Due Date for such last Project; or 
 (b) if Client pays the Success Fee for at
least one Project on or before the applicable Success Fee Due Date, the expiration of the last-to-expire of all Royalty Terms with respect to all Products associated with any Project for which Client obtained the assignment set forth in Section 4.1.

 7.2 Termination of Agreement for Material Breach. Each party shall have the right to terminate this Agreement upon 60 days’
prior written notice to the other party upon or after the material breach of any provision of this Agreement by the other party if the breaching party has not cured such breach by the end of such 60-day period. 

7.3 Termination by Client At Will. Client shall have the right, at any time prior to delivery to Client of the Delivered Antibodies and
Delivered Antibody Information pursuant to Section 2.3 and in its sole discretion, to terminate this Agreement upon 30 days’ prior written notice to AnaptysBio. 

7.4 Disposal of Materials and Information. In the event of expiration or any termination of this Agreement: 

(a) each party shall return to the other party all Materials of the other party remaining in such party’s possession promptly
following such expiration or termination, except as expressly provided in Section 7.5 (including any surviving sections of this Agreement referenced therein); provided that AnaptysBio shall destroy all Remaining Materials; 

  

					
		  	17	  	*Confidential Treatment Requested.

 (b) each party shall return to the other party all Confidential Information of the other
party (including all copies thereof) in such party’s possession; provided, however, that each party may retain one copy of the other party’s Confidential Information in such party’s secure archives for the sole purpose of monitoring
compliance with its obligations hereunder; and provided, further, that a party may retain such Confidential Information of the other party as is necessary or useful for the exercise or enforcement of any of its rights under this Agreement that
survive such expiration or termination pursuant to the applicable provisions of Section 7.5; and 
 (c) each party covenants
that, from and after such expiration or termination, it will not use any Confidential Information of the other party for any purpose whatsoever, except as expressly set forth in Section 7.5 (including any surviving sections of this Agreement
referenced therein). 
 7.5 Consequences of Termination or Expiration. 

(a) Project Goals Not Achieved; Success Fee Not Paid. On a Project-by-Project basis, in the event of any termination or expiration of
this Agreement, if the Project Goals for a Project were not met prior to such termination or expiration, and Client did not pay the Success Fee for such Project in full to AnaptysBio on or before the applicable Success Fee Due Date (or, if earlier,
prior to termination or expiration of this Agreement), then: (i) Sections 4.1, 4.3 and 4.4(a) shall terminate with respect to such Project and be of no further force or effect; and (ii) clauses (i) through (iv) of
Section 2.5(c) shall become effective with respect to such Project and survive such termination or expiration. 
 (b) Success Fee
Paid. On a Project-by-Project basis, in the event of any termination or expiration of this Agreement, if Client paid the Success Fee for a Project in full on or before the Success Fee Due Date and prior to such termination or expiration,
Sections 2.5(b), 4.1, 4.3 and 4.4(a) shall survive such termination or expiration with respect to such Project in accordance with their respective terms, subject to Client’s continued compliance with all applicable terms and conditions of this
Agreement, including, without limitation, Sections 3.4 through 3.12 (which shall survive such termination). 
 (c) General. Except as
expressly set forth in Section 7.4, 7.5(a) or 7.5(b), or below in this Section 7.5(c), upon expiration or any termination of this Agreement, all rights and obligations of the parties under this Agreement shall terminate and be of no
further force or effect. The expiration or termination of this Agreement for any reason shall not release either party from any liability or obligation that, at the time of such expiration or termination, has already accrued to the other party or
that is attributable to a period prior to such expiration or termination, nor will expiration or any termination of this Agreement preclude either party from pursuing all rights and remedies it may have under this Agreement , or at law or in equity,
with respect to breach of this Agreement. In the event of expiration or any termination of this Agreement (and in addition to any provisions of this Agreement that survive pursuant to the preceding provisions of this Section 7.5), the following
provisions of this Agreement shall survive such expiration or termination in accordance with their respective terms and conditions: Sections 2.6 (last sentence only), 3.11, 3.12, 4.2, 4.4(b), 4.5 (solely as it applies to Joint Patents), 4.6, 6.3,
6.4, 7.4 and 7.5, and Articles 5, 8 and 9. 

  
 18 

	8.	INDEMNIFICATION. 

 8.1 By Client.
Client hereby agrees to save, defend, indemnify and hold harmless AnaptysBio and its officers, directors, employees, consultants and agents (each, an “AnaptysBio Indemnitee”) from and against any and all losses, damages,
liabilities, expenses and costs, including reasonable legal expense and attorneys’ fees (collectively, “Losses”), to which any AnaptysBio Indemnitee may become subject as a result of any claim, demand, action or other
proceeding by any Third Party to the extent such Losses arise directly or indirectly out of (a) the use of Client Materials or Client Information in performance of a Project, (b) the development , manufacture, use, handling, storage, sale
or other disposition of any Delivered Antibody or Product or use of any Delivered Antibody Information by or on behalf of Client or any Affiliate or Third Party to whom Client sells, licenses, transfers or disposes of its rights therein,
(c) the negligence or willful misconduct of any Client Indemnitee, or (d) the breach by Client of any warranty, representation , covenant or agreement made by Client in this Agreement; except, in each case, to the extent such Losses result
from the negligence or willful misconduct of any AnaptysBio Indemnitee or the breach by AnaptysBio of any warranty, representation, covenant or agreement made by AnaptysBio in this Agreement. 

8.2 By AnaptysBio. AnaptysBio hereby agrees to save, defend, indemnify and hold harmless Client and its officers, directors, employees,
consultants and agents (each, a “Client Indemnitee”) from and against any and all Losses to which any Client Indemnitee may become subject as a result of any claim, demand, action or other proceeding by any
Third Party to the extent such Losses arise directly or indirectly out of (a) the negligence or willful misconduct of any AnaptysBio Indemnitee, or (b) the breach by AnaptysBio of any warranty, representation, covenant or agreement made by
AnaptysBio in this Agreement; except, in each case, to the extent such Losses result from the negligence or willful misconduct of any Client Indemnitee or the breach by Client of any warranty, representation, covenant or agreement made by Client in
this Agreement. 
 8.3 Control of Defense. In the event a party seeks indemnification under Section 8.1 or
Section 8.2, it shall inform the other party (the “Indemnifying Party”) of a claim as soon as reasonably practicable after it receives notice of the claim, shall permit the Indemnifying Party to assume
direction and control of the defense of the claim (including the right to settle the claim solely for monetary consideration with no admission of fault) at the Indemnifying Party’s expense, and shall cooperate as requested (at the expense of
the Indemnifying Party) in the defense of the claim. 
  

	9.	MISCELLANEOUS. 

 9.1 Independent Contractor Relationship.
AnaptysBio’s relationship with Client is that of an independent contractor, and nothing in this Agreement should be construed to create a partnership, joint venture, or employer-employee relationship. Neither party is an agent of the other
party or authorized to make any representation, contract, or commitment on behalf of the other party. 
 9.2 Entire Agreement;
Amendment. This Agreement, together with all Exhibits attached hereto, constitutes the final, complete and exclusive agreement of the parties with 

  
 19 

 
respect to the subject matter hereof and supersedes all prior and contemporaneous understandings and agreements relating to its subject matter, including, without limitation, that certain Mutual
Confidentiality Agreement between the parties dated May 11, 2011 (the “CDA”); provided, however, that all “Confidential Information,” as such term is defined in the CDA, that was disclosed by a party to the
other party pursuant to the CDA shall be deemed Confidential Information of such party for purposes of this Agreement. This Agreement (including its Exhibits) may not be changed, modified, amended or supplemented except by a written instrument
signed by both parties. 
 9.3 Non-Waiver. The failure of a party to insist upon strict performance of any provision of this
Agreement or to exercise any right arising out of this Agreement shall neither impair that provision or right nor constitute a waiver of that provision or right, in whole or in part, in that instance or in any other instance. Any waiver by a party
of a particular provision or right shall be in writing, shall be as to a particular matter and, if applicable, for a particular period of time and shall be signed by such party. 

9.4 Severability. If any provision of this Agreement should be held invalid or unenforceable, the remaining provisions shall be
unaffected and shall remain in full force and effect, to the extent consistent with the intent of the parties as evidenced by this Agreement as a whole. 

9.5 Assignment. Neither this Agreement nor any rights or obligations hereunder may be assigned by either party without the prior
written consent of the other party (which consent shall not be unreasonably withheld); provided, however, that either party may assign this Agreement and its rights and obligations hereunder without the other party’s consent to an Affiliate of
the assigning party or in connection with the transfer or sale of all or substantially all of the business of such party to which this Agreement relates to a Third Party, whether by merger, sale of stock, sale of assets or otherwise, provided that
in the event of any such transaction involving AnaptysBio (whether this Agreement is actually assigned or is assumed by the acquiring party by operation of law (e.g., in the context of a reverse triangular merger)), intellectual property rights of
the acquiring party to such transaction (if other than AnaptysBio) shall not be included in the technology subject to this Agreement. The rights and obligations of the parties under this Agreement shall be binding upon and inure to the benefit of
the successors and permitted assigns of the parties, and the name of a party appearing herein will be deemed to include the name of such party’s successors and permitted assigns to the extent necessary to carry out the intent of this section.
Any assignment not in accordance with this Agreement shall be void. 
 9.6 Governing Law. This Agreement shall be governed by
the laws of the State of California, excluding its conflict of laws principles. 
 9.7 Force Majeure. Except for the
obligation to make payment when due, each party shall be excused from liability for the failure or delay in performance of any obligation under this Agreement by reason of any event beyond such party’s reasonable control including but not
limited to Acts of God, fire, flood, explosion, earthquake, or other natural forces, war, civil unrest, acts of terrorism, accident, destruction or other casualty, any lack or failure of transportation facilities, any lack or failure of supply of
raw materials, any strike or labor 

  
 20 

 
disturbance, or any other event similar to those enumerated above. Such excuse from liability shall be effective only to the extent and duration of the event(s) causing the failure or delay in
performance and provided that the party has not caused such event(s) to occur. All delivery dates under this Agreement that have been affected by force majeure shall be tolled for the duration of such force majeure. 

9.8 Notices. Any notice to be given under this Agreement must be in writing and delivered either in person, by any method of mail
(postage prepaid) requiring return receipt, by overnight courier, or by facsimile, to the party to be notified at its address(es) given below, or at any address such party has previously designated by prior written notice to the other. Notice shall
be deemed sufficiently given for all purposes upon the earlier of: (a) the date of actual receipt; or (b) if mailed, three calendar days after the date of postmark. 

 

			
	 If to AnaptysBio:
	 	 AnaptysBio, Inc.

		 	 10421 Pacific Center Court, Suite 200

		 	 San Diego, CA 92121

		 	 Attn: Chief Executive Officer

		 	 Fax: (858) 228-9642

		
	 If to Client:
	 	 Celgene Corporation

		 	 86 Morris Avenue

		 	 Summit, NJ 07901

		 	 Attn: George S. Golumbeski

		 	 Fax: (908) 673-2769

		
	 with a copy to:
	 	 Celgene Corporation

		 	 86 Morris Avenue

		 	 Summit, NJ 07901

		 	 Attn: Legal Department

		 	 Fax: (908) 673-2771

 9.9 Interpretation. The headings of clauses contained in this Agreement preceding the text of the
sections, subsections and paragraphs hereof are inserted solely for convenience and ease of reference only and shall not constitute any part of this Agreement, or have any effect on its interpretation or construction. All references in this
Agreement to the singular shall include the plural where applicable. Unless otherwise specified, references in this Agreement to any Article shall include all Sections, subsections and paragraphs in such Article, references to any Section shall
include all subsections and paragraphs in such Section, and references in this Agreement to any subsection shall include all paragraphs in such subsection. Ambiguities and uncertainties in this Agreement, if any, shall not be interpreted against
either party, irrespective of which party may be deemed to have caused the ambiguity or uncertainty to exist. This Agreement has been prepared in the English language, and the English language shall control its interpretation. In addition, all
notices required or permitted to be given hereunder, and all written, electronic, oral or other communications between the parties regarding this Agreement, shall be in the English language. 

  
 21 

 9.10 Counterparts. This Agreement may be executed in counterparts, including by
transmission of facsimile or PDF copies of signature pages, each of which shall be deemed an original and all of which together shall constitute one and the same instrument. 

[Signature page follows.] 

  
 22 

 IN WITNESS WHEREOF, the parties hereto have executed this ANTIBODY GENERATION AGREEMENT on
the Effective Date. 
  

									
	ANAPTYSBIO, INC.	 		 	CELGENE CORPORATION
					
	By:	 	/s/ Hamza Suria	 		 	By:	 	/s/ G.S. Golumberski
	Name:	 	Hamza Suria	 		 	Name:	 	G.S. Golumberski
	Title:	 	Acting CEO	 		 	Title:	 	SVP Business Development
				
		 		 		 	CELGENE CORPORATION
					
		 		 		 	By:	 	/s/ Robert J. Hugin
		 		 		 	Name:	 	Robert J. Hugin
		 		 		 	Title:	 	Chief Executive Officer

 EXHIBIT A 

Research Plan 
 [*]

  
 *Confidential
Treatment Requested. 

 EXHIBIT B 

Steering Committee 

(a) Steering Committee. A steering committee (hereinafter the “Steering Committee”) shall be formed within [*]
after the Effective Date. The duties of the Steering Committee shall include: 
 [*] 

(b) Steering Committee Composition. The Steering Committee shall be comprised of [*] representatives from each Party. The
Steering Committee representatives from each party shall be designated by such party upon written notice to the other party, and each party can change its designated representatives from time to time upon written notice to the other party.

 (c) Steering Committee Meetings. The Steering Committee shall meet [*] and meetings may be conducted by
telephone, electronic mail, facsimile, video conference or in person. Up to [*] additional employees of each party may attend the Steering Committee meetings as non-voting observers. The Steering Committee shall be chaired by one of the
representatives [*] (the “Chairperson”). The Chairperson shall prepare written minutes of each Steering Committee meeting and a written record of all Steering Committee decisions made during such meetings. 

(d) Quorum; Required Vote. No Steering Committee meeting may be conducted unless at least [*] Steering Committee member
from each party is participating. For the purposes of any approval or action taken by the Steering Committee, all decisions of the Steering Committee initially will be taken [*]. 

  

					
		  	B-1	  	*Confidential Treatment Requested.EX-10.11

 EXHIBIT 10.11 
  

	 	[*]	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. 

 COLLABORATION AND EXCLUSIVE LICENSE AGREEMENT 

This COLLABORATION AND EXCLUSIVE LICENSE AGREEMENT (the “Agreement”), effective as of March 10 , 2014 (the
“Effective Date”), is made by and between (i) AnaptysBio, Inc., a Delaware corporation, having a place of business at 10421 Pacific Center Court, Suite 200, San Diego, California 92121 (“AnaptysBio”),
and (ii) TESARO, Inc., a Delaware corporation, having a place of business at 1000 Winter Street, Suite 3300, Waltham, Massachusetts 02541 (“TESARO US”) and TESARO Development, Ltd., a Bermuda corporation, having
its principal office at Clarendon House, 2 Church Street, Hamilton HM 11, Bermuda (together with TESARO US, “TESARO”). 

BACKGROUND 
 A. AnaptysBio
has skills, expertise and proprietary technology for the discovery, generation and optimization of immunotherapy antibodies. 
 B.
AnaptysBio is developing therapeutic antibodies against immune checkpoint proteins for use in the treatment of cancer and related conditions. 

C. TESARO possesses expertise in the research, development, manufacturing and commercialization of treatments for cancer and related
conditions. 
 D. TESARO and AnaptysBio desire to enter a collaboration wherein AnaptysBio will perform certain discovery and early
development of therapeutic antibodies against immune checkpoint proteins, with the goal of generating immunotherapy antibodies to such targets for subsequent preclinical, clinical, regulatory and commercial development by TESARO. 

NOW, THEREFORE, for and in consideration of the covenants, conditions and undertakings hereinafter set forth, it is agreed by and
between the Parties as follows: 
  

	1.	DEFINITIONS 

 As used herein, the following terms will have the meanings set forth
below: 
 1.1. “Affiliate” shall mean any corporation or other entity, whether de jure or de facto, which is
directly or indirectly controlling, controlled by or under common control of a Party hereto for so long as such control exists. For the purposes of this Section 1.1, “control” shall mean the direct or indirect ownership of at least
fifty percent (50%) of the outstanding shares or other voting rights of the subject entity having the power to vote, or if not meeting the preceding, 

 
the maximum voting right that may be held by the particular Party under the laws of the country where such entity exists, or the power to otherwise direct the affairs of the entity. 

1.2. “AnaptysBio IP Rights” shall mean, collectively, the AnaptysBio Patents and the AnaptysBio Know-How. 

1.3. “AnaptysBio Know-How” shall mean all trade secret and other proprietary know- how rights in and to all data,
information, compositions and other technology (including, but not limited to, formulae, procedures, protocols, techniques and results of experimentation and testing) which are necessary or useful for TESARO to make, use, develop, sell or seek
regulatory approval to market a Product, or to practice any method or process, and which (a) AnaptysBio discloses or makes available to TESARO under this Agreement, or (b) are within the Control of AnaptysBio. AnaptysBio Know-How shall
exclude the AnaptysBio Platform. 
 1.4. “AnaptysBio Patents” shall mean all Patents owned or Controlled by
AnaptysBio to the extent claiming the manufacture, composition or use of the Development Antibodies. AnaptysBio Patents shall exclude Patents included within the AnaptysBio Platform. 

1.5. “AnaptysBio Platform” shall mean: (a) all know-how, trade secrets, data, inventions, proprietary software,
works of authorship, designs, techniques, methods, processes, formulations, structure and other information relating to compounds, compositions, specifications, reagents, ideas and information relating to AnaptysBio’s proprietary technology
that is, in each case, generally applicable to the discovery, modification, optimization and/or humanization of antibodies and/or other proteins, and/or nucleic acids relating thereto (including, without limitation, the expression, manufacture and
formulation of any of the foregoing); and (b) all patent and other intellectual property rights in any of the foregoing; provided, that the AnaptysBio Platform shall not include any Patents covering the composition of matter, in whole or in
part, of any Development Antibody or the Patents set forth on Schedule 12.2(i). Without limiting the generality of the foregoing, AnaptysBio Platform shall include any such information generated, discovered or developed in whole or in part by
employees or agents of AnaptysBio in performing any Discovery Program, or otherwise generated, discovered or developed in whole or in part by employees or agents of AnaptysBio during the term of this Agreement; in each case, to the extent any of the
foregoing: (i) relate to the AnaptysBio Platform, improvements to the AnaptysBio Platform, or the use of the AnaptysBio Platform or any such AnaptysBio Platform improvements; or (ii) are generally applicable to the discovery, modification,
optimization or humanization of proteins and nucleic acids (including, without limitation, the expression and manufacture thereof); provided, that the AnaptysBio Platform shall not include any Patents covering the composition of matter, in whole or
in part, of any Development Antibody or the Patents set forth on Schedule 12.2(i). 
 1.6. “Collaboration IP Rights”
shall mean all Collaboration Patents and Collaboration Know-How. 
 1.7. “Collaboration Know-How” shall mean all
proprietary ideas, inventions, data, instructions, processes, formulas, expert opinions and information, including, without limitation, biological, chemical, pharmacological, toxicological, pharmaceutical, physical and analytical, clinical, safety,
manufacturing and quality control data and information developed solely or 

  
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jointly by AnaptysBio and/or TESARO during and in connection with the Discovery Program, or by or for TESARO, its Affiliate or sublicensees in connection with the further development of a Product
during and in connection with the Discovery Program. Collaboration Know-How shall exclude the AnaptysBio Platform. 
 1.8.
“Collaboration Patents” shall mean all Patents the subject of which are inventions conceived and reduced to practice solely or jointly by AnaptysBio and/or TESARO during and in connection with the Discovery Program, or by or for
TESARO, its Affiliate or sublicensees in connection with the further development of a Product during and in connection with the Discovery Program. Collaboration Patents shall exclude the AnaptysBio Platform. 

1.9. “Combination Product” means a Product that contains a Development Antibody and at least one other therapeutically
active product or pharmaceutical ingredient which is not a Development Antibody. 
 1.10. “Commercially Reasonable
Efforts” means, with respect to a Party, such efforts that are consistent with the efforts and resources normally used by such Party in the exercise of its reasonable business discretion relating to the research, development and
commercialization of a pharmaceutical or biologic product owned by it or to which it has exclusive rights, with similar product characteristics, which is of similar market potential at a similar stage in its development or product life, taking into
account issues of patent coverage, safety and efficacy, product profile, the competitiveness of the marketplace, the proprietary position of the compound or product, the regulatory structure involved, the potential or actual profitability of the
applicable products (including pricing and reimbursement status achieved or to be achieved), and other relevant factors, including technical, legal, scientific and/or medical factors. For purposes of clarity, Commercially Reasonable Efforts would be
determined on a market-by-market and indication- by-indication basis for a particular product and it is anticipated that the level of effort may be different for different markets and may change over time, reflecting changes in the status of the
product and the market(s) involved. [*] 
 1.11. “Confidential Information” shall have the meaning set forth in
Section 10.1. 
 1.12. “Control,” “Controls,” “Controlled” or
“Controlling” shall mean possession of the ability to grant the licenses or sublicenses as provided herein without violating the terms of any agreement or other arrangements with any Third Party. 

1.13. “Development Antibody” shall mean any antibody that is developed using the AnaptysBio Platform antibody
technology under one of the Discovery Programs and is a Target Antagonist. In addition, the antibodies existing as of the Effective Date and identified on Exhibit C attached to the Supplmental Information Package, which Exhibit also sets forth the
sequence of such antibodies, shall each be a “Development Antibody” under this Agreement. 
 1.14. “Development
Programs” shall mean, collectively, the PD-1 Development Program, TIM-3 Development Program and LAG-3 Development Program, and “Development Program” shall mean any of such programs. 

1.15. “Discovery Plan” shall mean the written research plan governing the joint effort of the Parties in conducting
the applicable Discovery Program, which may be amended from 

  

					
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time to time, in accordance with this Agreement. The initial Discovery Plan for each Discovery Program is attached to the Supplemental Information Package as Exhibits A-1 – A-3. 

1.16. “Discovery Programs” shall mean, collectively, the PD-1 Discovery Program, TIM-3 Discovery Program and LAG-3
Discovery Program, and “Discovery Program” shall mean any of such programs. 
 1.17. “Discovery Program
Term” shall mean, with respect to a Discovery Program, the term of such Discovery Program, as provided in Section 2.7 below. 

1.18. “EMA” shall mean the European Agency for the Evaluation of Medicinal Products of the European Union, or the
successor thereto. 
 1.19. “FDA” shall mean the Food and Drug Administration of the United States, or the successor
thereto. 
 1.20. “Field” shall mean all uses of Products for any purpose, including the [*]. 

1.21. “FTE” shall mean a full-time person working on the Discovery Program, or in the case of less than a full-time,
dedicated person, a full-time, equivalent person year, based upon a total of [*] hours per year of work in connection with a Discovery Program. 

1.22. “GLP Study” shall mean any in vitro or in vivo study that (i) is required under 21 C.F.R. § 58 to be
governed under the principles of good laboratory practice, or (ii) is performed by a GLP vendor. 
 1.23. “IND”
shall mean an investigational new drug application filed with the FDA as more fully defined in 21 C.F.R. § 312.3 
 1.24.
“JSC” or “Joint Steering Committee” shall have the meaning set forth in Section 4.1. 
 1.25.
“LAG-3” shall mean lymphocyte-activation gene 3, encoded by the LAG3 gene, also known as CD223. 
 1.26.
“LAG-3 Development Program” shall mean the development program to be conducted in accordance with Section 3 for the development of Development Antibodies generated under the LAG-3 Discovery Program. 

1.27. “LAG-3 Discovery Program” shall mean the discovery program to be conducted in accordance with Section 2 for
the development of antibodies directed to antagonize LAG-3, including dual-reactive antibodies that are directed to antagonize both PD-1 and LAG-3. 

1.28. “MAA” means a Marketing Authorization Application, or similar application for marketing approval of a Product
for use in the Field submitted to the EMA. 

  

					
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 1.29. “NDA” shall mean a New Drug Application or Biologics License
Application, or similar application for marketing approval of a Product for use in the Field submitted to the FDA. 
 1.30.
“Net Sales” means, with respect to any Product, the gross invoiced sales price of such Product sold by TESARO, its Affiliates or sublicensees (the “Selling Party”), in arm’s- length sales to Third Parties, less
deductions allowed to the Third Party customer by the Selling Party, to the extent actually taken by the Third Party customer, on such sales for: 

[*] 
 The maximum allowed for deductions
resulting from clauses [*], collectively, shall not exceed [*] percent ([*]) of the total Net Sales. 
 If a Product is sold as part of a Combination
Product, for purposes of determining payments due hereunder, Net Sales of such Product shall be deemed to be an amount equal to the following: 

(X divided by Y) multiplied by Z, 

where “X” is the average sales price during the applicable reporting period achieved for the relevant Product in the country in
which such sale occurred when the Product contains only the Product and no other active pharmaceutical ingredient; 
 “Y” is the
sum of the average sales price during the applicable reporting period achieved in that country (as applicable) of each active pharmaceutical ingredient included in the Combination Product when such compound is sold as a separate product and not as
part of a Combination Product; and 
 “Z” is the single price at which the relevant Combination Product was actually sold. 

In the event that no separate sale of either (i) the Product and no other active pharmaceutical ingredient or (ii) the other active
pharmaceutical ingredient(s) of the Combination Product are made during the accounting period in which the sale was made or if the price for a particular therapeutically active ingredient or relevant product cannot otherwise be determined for an
accounting period, Net Sales allocable to the Product shall be determined by mutual agreement reached in good faith by the Parties prior to the end of the accounting period in question based on an equitable method of determining the same that takes
into account, variations in potency, the relative contribution of each therapeutically active ingredient in the Combination Product, and relative value to the end user of each therapeutically active ingredient. 

Sales among TESARO and its Affiliates or sublicensees shall be excluded from the computation of Net Sales, and no royalties will be payable on
such sales except where such Affiliates or sublicensees are end users; provided, however, in that any subsequent resale to a Third Party shall be included within Net Sales. 

Notwithstanding the foregoing, Net Sales shall be calculated and accounted for in accordance with United States generally accepted accounting
principles (“GAAP”); provided, that if TESARO should change accounting standards during the term of this Agreement due to a 

  

					
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merger, acquisition or requirement of applicable laws, then Net Sales hereunder may be calculated and accounted for in accordance with such different set of accounting standards, consistently
applied, following such change. 
 1.31. “Party” or “Parties” shall mean, respectively, AnaptysBio
or TESARO, individually, or AnaptysBio and TESARO, collectively. 
 1.32. “Patents” shall mean (a) all patents
and patent applications in any country or supranational jurisdiction in the Territory, and (b) any substitutions, divisions, continuations, continuations-in-part, provisional applications, reissues, renewals, registrations, confirmations,
re-examinations, extensions, supplementary protection certificates and the like of any such patents or patent applications. 
 1.33.
“PD-1” shall mean programmed cell death protein 1, encoded by the PDCD1 gene, also known as CD279. 
 1.34.
“PD-1 Development Program” shall mean the development program to be conducted in accordance with Section 3 for the development of Development Antibodies generated under the PD-1 Discovery Program. 

1.35. “PD-1 Discovery Program” shall mean the discovery program to be conducted in accordance with Section 2 for
the development of antibodies directed to antagonize PD-1, including the antibody identified on Exhibit C to the Supplemental Information Package. [*] 

1.36. “Phase II Clinical Trial” shall mean a human clinical trial in any country that is intended to initially
evaluate the effectiveness of a Product for a particular indication or indications in patients with the disease or indication under study and would satisfy requirements of 21 CFR 312.21(b) or its foreign equivalent. 

1.37. “Phase III Clinical Trial” shall mean a human clinical trial in any country, the results of which could be used
to establish safety and efficacy of a Product as a basis for an NDA, and would satisfy requirements of 21 CFR 312.21(c) or its foreign equivalent. 

1.38. “Product” shall mean any pharmaceutical or biologic product or therapy including one or more Development
Antibodies, in whole or in part, as an active ingredient. 
 1.39. “Subcontractor” means a Third Party which a Party
has engaged to perform services in connection with such Party fulfilling its obligations and exercising its rights under and pursuant to this Agreement. 

1.40. “Supplemental Information Package” means the Supplemental Information Package delivered in connection with the
execution of this Agreement by the Parties on the Effective Date. 
 1.41. “Target(s)” shall mean LAG-3, PD-1 and
TIM-3. 
 1.42. “Target Antagonist” shall mean an antibody that is created against and selected in order to
antagonize Target(s), and does anatagonize that Target. 

  

					
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 1.43. “Territory” shall mean worldwide. 

1.44. “TESARO Know-How” shall mean all proprietary ideas, inventions, data, instructions, processes, formulas, expert
opinions and information, including, without limitation, biological, chemical, pharmacological, toxicological, pharmaceutical, physical and analytical, clinical, safety, manufacturing and quality control data and information developed by or for
TESARO, its Affiliate or sublicensees in connection with the further development of a Product and Controlled by TESARO. 
 1.45.
“TESARO Patents” shall mean all Patents Controlled by TESARO the subject of which are inventions conceived and reduced to practice by or for TESARO, its Affiliate or sublicensees in connection with the further development of a
Product. 
 1.46. “TIM-3” shall mean the T cell immunoglobulin and mucin protein 3 protein, encoded by the TIM3
gene. 
 1.47. “TIM-3 Development Program” shall mean the development program to be conducted in accordance with
Section 3 for the development of Development Antibodies generated under the TIM-3 Discovery Program. 
 1.48. “TIM-3
Discovery Program” shall mean the discovery program to be conducted in accordance with Section 2 for the development of antibodies directed to antagonize TIM-3, including dual-reactive antibodies that are directed to antagonize both
PD-1 and TIM-3. 
 1.49. “Third Party” shall mean any person or entity other than AnaptysBio and TESARO, and their
respective Affiliates. 
 1.50. “Third Party In-License” shall mean any agreement between AnaptysBio or any
Affiliate thereof and any Third Party under which AnaptysBio or such Affiliate is or has been granted a license or other rights under the AnaptysBio IP Rights or with respect to the AnaptysBio Platform. 

 

	2.	DISCOVERY PROGRAMS 

 2.1. Goals. The goals of the Discovery Programs are the
discovery of Development Antibodies directed to the applicable Targets, and characterization and certain testing, including certain efficacy, pharmacology and toxicology studies, provided that none shall be a GLP Study, all as set forth in the
applicable Discovery Plan for such Discovery Program. 
 2.2. Responsibility. AnaptysBio shall hold the primary responsibility for
executing each of the Discovery Programs in accordance with each Discovery Plan. AnaptysBio shall utilize resources and methodologies as needed with respect to the AnaptysBio Platform to generate Development Antibodies with respect to each Target.

 2.3. Conduct of the Discovery Program. Subject to the terms and conditions set forth herein, AnaptysBio agrees to conduct research
under the Discovery Programs, which shall be funded as set forth in Section 6. During each Discovery Program Term, AnaptysBio shall use Commercially Reasonable Efforts to conduct each Discovery Program in accordance with the

  
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applicable Discovery Plan within the time schedules contemplated therein and to keep TESARO informed as to the progress and results of the Discovery Programs hereunder. 

2.4. Discovery Plans. Each Discovery Program shall be carried out in accordance with a mutually agreed upon written Discovery Plan,
which shall establish specific research objectives and the research tasks to be performed and resources to be provided by AnaptysBio. The initial Discovery Plans, attached to the Supplemental Information Package as Exhibits A-1 – A-3,
establish: (i) the scope of the research activities which will be performed under the applicable Discovery Program; (ii) the research objectives and work plan activities with respect to such Discovery Program; and (iii) the criteria
for determining when a Development Antibody shall be advanced into its respective Development Program. The Discovery Plans may be amended or modified from time to time by approval of the JSC. 

2.5. Discovery Budgets. Each Discovery Plan includes a budget covering the activities to be conducted by AnaptysBio under such
Discovery Plan, as approved by the Parties (each, a “Discovery Budget”). The Discovery Budgets may be amended from time to time by approval of the JSC, but, unless otherwise decided by the JSC, only following a JSC-approved
modification to the applicable Discovery Plan which necessitates a change in the applicable Discovery Budget. At all times the Discovery Budgets shall reflect the Parties’ good faith estimate of the costs reasonably necessary in order for
AnaptysBio to complete its activities set forth in the Discovery Plans. 
 2.6. Discovery Program Costs. During the applicable
Discovery Program Term and subject to TESARO funding the costs of each Discovery Program pursuant to Section 6.1, AnaptysBio shall [*]. At the beginning of each calendar quarter, [*]. 

2.7. Term of Discovery Program. Each Discovery Program Term shall commence on the Effective Date and shall end upon the earlier of [*].

 2.8. Third Party Licenses. In the event that the Parties agree to acquire additional technologies, equipment or other fixed assets
from a Third Party specifically for use in the conduct of a Discovery Program, TESARO will be responsible for the payment of any amounts due to Third Parties for the license of intellectual property which directly applies to any Target, and the
costs of negotiating, preparing and executing any such license. 
 2.9. Records; Inspection. 

(a) Records. AnaptysBio and TESARO shall maintain records of each Discovery Program (or cause such records to be maintained) in
sufficient detail and in good scientific manner as will properly reflect all work done and results achieved in the performance of the Discovery Program (including all data in the form required under any applicable governmental regulations or as
directed by the JSC). All such records shall be owned by AnaptysBio, and licensed to TESARO on a Discovery Program-by-Discovery Program basis in accordance with Section 5.1 and AnaptysBio shall deliver copies of any such records to TESARO upon
TESARO’s written request. AnaptysBio shall maintain any such records, to the extent not delivered to TESARO, during the applicable Discovery Program Term and for a 

  

					
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period of at least five (5) years thereafter, and shall provide TESARO access to such records at AnaptysBio’s place of business upon reasonable advance notice by TESARO. 

(b) Reports and Information Exchange. During each Discovery Program Term, each of TESARO and AnaptysBio shall use their respective
Commercially Reasonable Efforts to disclose to the other Party all material information relating to the applicable Discovery Program promptly after it is learned or its materiality is appreciated. Each Party shall also keep the other Party,
including the Joint Steering Committee, informed as to its progress under each Discovery Plan. [*] 
 2.10. Technology Transfer. At
any time after cessation, termination or completion of the applicable Discovery Program, or as reasonably requested by TESARO at any time after the Effective Date, TESARO shall have the right to request that AnaptysBio commence a technology transfer
to TESARO, or its designee, of any tangible embodiments of AnaptysBio Know-How or other information and technology reasonably necessary for the GLP manufacture, clinical and/or commercial manufacture of Products or any Development Antibodies with
respect to such Discovery Program. The cost of a technology transfer shall be borne by TESARO and shall be based on the FTE rates set forth herein. [*] 

2.11. Subcontracting. 

(a) AnaptysBio Right to Subcontract. Subject to the terms of this Agreement, AnaptysBio shall have the right to engage Affiliates or
Subcontractors to perform certain of its obligations under the Discovery Plans; provided, that with respect to each subcontract: (i) AnaptysBio shall notify TESARO in writing (on a confidential basis) in advance (including a description of the
activity(ies) to be subcontracted, the identity of the Subcontractor and the countries involved); (ii) AnaptysBio shall ensure that each of its Subcontractors accepts and complies with all applicable terms and conditions of this Agreement, and
AnaptysBio shall remain responsible for the performance of its Subcontractors hereunder; (iii) no subcontract shall contain any royalty bearing licenses or any milestone payment obligations, in each case, payable by AnaptysBio, without the
prior written consent of TESARO; and (iv) any such subcontract shall (A) be in writing, (B) be subject and subordinate to the terms and conditions of this Agreement, (C) contain terms and conditions which are consistent with the
terms and conditions of this Agreement, (D) not in any way diminish, reduce or eliminate any of AnaptysBio’s obligations under this Agreement, (E) impose on the Subcontractor all applicable obligations under the terms of this
Agreement, including the reporting, audit, inspection and confidentiality provisions hereunder, as well as a provision prohibiting such Subcontractor from further sublicensing or subcontracting, and (F) use reasonable efforts to cause such
subcontract to be assignable to TESARO without consent of the Subcontractor. Notwithstanding the foregoing, approval of the JSC will be required if AnaptysBio desires to engage a Subcontractor to perform work related to chemistry, manufacturing and
controls. 
 (b) TESARO Right to Subcontract. Subject to the terms of this Agreement, TESARO shall have the right to engage
Affiliates or Subcontractors to perform certain of its obligations and exercise its rights under this Agreement (including any activities under the Development Programs); provided, that with respect to each subcontract: (i) TESARO shall ensure
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conditions of this Agreement, and TESARO shall remain responsible for the performance of its Subcontractors hereunder; and (ii) any such subcontract shall (A) be in writing, (B) be
subject and subordinate to the terms and conditions of this Agreement, (C) contain terms and conditions which are consistent with the terms and conditions of this Agreement, (D) not in any way diminish, reduce or eliminate any of
TESARO’s obligations under this Agreement, (E) impose on the Subcontractor all applicable obligations under the terms of this Agreement, including the reporting, audit, inspection and confidentiality provisions hereunder, and (F) use
reasonable efforts to cause such subcontract to be assignable to AnaptysBio without consent of the Subcontractor. 
 2.12. [*] 

 

	3.	DEVELOPMENT PROGRAMS 

 3.1. Development Program Activities. Following completion
of each Discovery Program, TESARO shall be responsible, at its sole expense, for conducting the Development Program, which shall include without limitation all pre-IND activities, including cross-reactivity studies and pilot studies to enable GLP
pharmacology/toxicology studies, GMP manufacturing, regulatory filings, clinical trials and commercialization activities with respect to one or more Development Antibodies under each Development Program. 

3.2. Records; Inspection. 

(a) Records. TESARO shall maintain records of each Development Program (or cause such records to be maintained) in sufficient detail
and in good scientific manner as will properly reflect all work done and results achieved in the performance of the Development Program (including all data in the form required under any applicable governmental regulations). TESARO shall maintain
such records for a period of [*], and shall provide AnaptysBio access to such records at TESARO’s place of business upon reasonable advance notice by AnaptysBio in accordance with Section 7.4. 

(b) Reports and Information Exchange. During the performance of each Development Program, TESARO shall use Commercially Reasonable
Efforts to disclose to AnaptysBio all material information relating to the applicable Development Program promptly after it is learned or its materiality is appreciated. TESARO shall also keep AnaptysBio informed as to its progress under each
Development Program. Within sixty (60) days following the end of each calendar quarter of the Development Program, [*]. 
 (c)
Assistance by AnaptysBio. Upon reasonable request by TESARO, AnaptysBio will in good faith make available key personnel to assist TESARO in the planning, monitoring and strategy of preclinical development, manufacturing and early clinical
development under each Development Program, provided that any material expenses incurred by AnaptysBio (including FTEs utilized, reasonable travel expenses and specialized supplies or equipment required) shall be reimbursed by TESARO in accordance
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	4.	MANAGEMENT 

 4.1. Joint Steering Committee. Promptly after the Effective Date,
TESARO and AnaptysBio will establish a committee (the “Joint Steering Committee” or “JSC”) to oversee, review and recommend direction of each Discovery Program. The responsibilities of the Joint Steering Committee shall
include, monitoring, reporting progress, developing strategies and ensuring open and frequent exchange between the Parties regarding each Discovery Program and the activities of the Parties and their Affiliates, Subcontractors and agents thereunder.

 4.2. Membership. The JSC shall include [*] of each of TESARO and AnaptysBio, each Party’s members selected by that Party.
AnaptysBio and TESARO may each replace its JSC representatives at any time, upon written notice to the other Party. From time to time, the JSC may establish subcommittees to oversee particular projects or activities, and such subcommittees will be
constituted as the JSC agrees. Each Party’s JSC members shall be senior individuals empowered to provide timely feedback regarding their Party’s decisions on key matters. 

4.3. Meetings. During each Discovery Program Term, the JSC shall meet at least quarterly, or as agreed by the Parties, at such
locations as the Parties agree, and will otherwise communicate regularly by telephone, electronic mail, facsimile and/or video conference. With the consent of the Parties, other representatives of AnaptysBio or TESARO may attend JSC meetings as
nonvoting observers. Each Party shall be responsible for all of its own expenses associated with attendance of such meetings. [*] 
 4.4.
Minutes. The JSC shall keep accurate minutes of its deliberations which shall record all proposed decisions and all actions recommended or taken. The Secretary of the JSC (as appointed by the members of the JSC) shall be responsible for the
preparation of draft minutes. [*] All records of the JSC shall at all times be available to both AnaptysBio and TESARO. 
 4.5. Decision
Making. [*] 
 4.6. Development Program Meetings. During each [*] calendar period commencing with the completion of the
applicable Discovery Program and continuing for a period of [*] thereafter, and then annually after such [*] period, upon the written request of either Party, TESARO and AnaptysBio shall meet to discuss the progress of each Development Program and
review future activities planned by TESARO with respect thereto, including strategic plans for preclinical, clinical and commercial advancement of Products under each Development Program. 

 

	5.	LICENSES; EXCLUSIVITY 

 5.1. Grant. 

(a) Subject to the terms and conditions of this Agreement, AnaptysBio hereby grants to TESARO and its Affiliates an exclusive license
(with the right to grant sublicenses through multiple tiers) under the AnaptysBio IP Rights and Collaboration IP Rights to research, develop, make, have made, use, sell, offer for sale, import and export Products for use in the Field and in the
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 (b) Subject to the terms and conditions of this Agreement, AnaptysBio hereby grants to
TESARO and its Affiliates a non-exclusive license (with the right to grant sublicenses through multiple tiers) under the Patents and other intellectual property constituting the AnaptysBio Platform to research, develop, make, have made, use, sell,
offer for sale, import and export Products for use in the Field and in the Territory and as necessary for TESARO to practice the licenses granted to it under Section 5.1(a); provided, however that the foregoing license grant to TESARO is
limited to researching, developing, making, having made, selling, offering for sale, importing, exporting and using Development Antibodies previously generated by AnaptysBio, and expressly excludes any license of rights to TESARO to utilize,
practice or operate the AnaptysBio Platform to develop or generate new or materially different antibodies. 
 5.2. No Implied
Licenses. Only the licenses granted pursuant to the express terms of this Agreement shall be of any legal force or effect. No other license or rights shall be created by implication, estoppel or otherwise. Without limiting the foregoing, if a
Product contains an active pharmaceutcial ingredient or biologic in addition to the Development Antibody, then the licenses granted to TESARO under AnaptysBio IP Rights and the AnaptysBioPlatform shall not include the right to research, develop,
make, have made, use, sell, offer for sale, import and export such other active pharmaceutical ingredient or biologic. 
 5.3.
Exclusivity. 
 (a) Except to the extent required for AnaptysBio to fulfill its obligations under this Agreement and as permitted
under this Agreement, with respect to each Target (or combination of Targets), [*]. 
 (b) During the Exclusivity Period, and except
with respect to a Product pursuant to this Agreement, TESARO shall not [*]. 
 (c) The exclusivity described in Sections 5.3(a) and
5.3(b) will apply on a Discovery Program/Development Program basis, such that if a Discovery Program or Development Program is terminated for any reason, then the Targets that are subject of that Discovery Program or Development Program shall no
longer be subject to the exclusivity. By way of example, if the TIM-3 Discovery Program is terminated, then the exclusivity shall no longer apply to TIM-3 alone or dual-reactivity to TIM-3 and PD-1, but the exclusivity for the other non-terminated
Discovery Programs (or Development Programs) shall continue. 
 (d) Notwithstanding the foregoing provision of this Section 5.3,
in the event of a Change of Control (as defined below) of AnaptysBio, or if AnaptysBio or an Affiliate acquires any Third Party, business or assets, or any interest therein (an “AnaptysBio Business Acquisition”), the provisions of
this Section 5.3 shall not apply to any active research or development program that a portion of the surviving entity or Affiliate that was not AnaptysBio (prior to the Change of Control or AnaptysBio Business Acquisition) had ongoing as of
immediately prior to the date of such Change of Control or AnaptysBio Business Acquisition. For purposes of this Section 5.3, a “Change of Control” shall mean, with respect to a Party, the merger, consolidation, sale of
substantially all of such Party’s assets or similar transaction or series of transactions, as a result of which such Party’s shareholders before such transaction or series of transactions own less than fifty percent (50%) of the total
number of voting securities of 

  

					
		  	12	  	*Confidential Treatment Requested.

 
the surviving entity immediately after such transaction or series of transactions. For clarity, if as a result of any such Change of Control, a Party exists as a wholly owned subsidiary of a
parent, then the provisions of this Section 5.3 shall continue to apply to such Party as the surviving entity, but not to such parent. 

(e) Notwithstanding the foregoing provision of this Section 5.3, in the event of a Change of Control of TESARO or if TESARO or an
Affiliate acquires any Third Party, business or assets, or any interest therein (a “TESARO Business Acquisition”), the provisions of this Section 5.3 shall not apply to any active research or development program that a portion
of the surviving entity or Affiliate that was not TESARO (prior to the Change of Control or TESARO Business Acquisition) had ongoing as of immediately prior to the date of such Change of Control or TESARO Business Acquisition. 

 

	6.	PAYMENTS 

 6.1. Upfront Payment. Within ten (10) business days following the
Effective Date, TESARO shall pay to AnaptysBio a non-creditable, non-refundable license fee of seventeen million dollars (USD $17,000,000.00). 

6.2. Discovery Program Funding. TESARO shall reimburse AnaptysBio on a quarterly basis for all [*]. All payments are non-creditable
(against amounts in Secction 6.3 or 6.4) and non-refundable (except pursuant to Section 7.4 or Section 13.2). Within ten (10) days of the end of each calendar quarter, AnaptysBio shall provide TESARO with an invoice for all amounts
owed by TESARO under this Section 6.2 for that calendar quarter and TESARO shall pay such amounts within thirty (30) days after receipt of AnaptysBio’s quarterly invoice. All amounts paid by TESARO to AnaptysBio pursuant to this
Section 6.2 shall be made in accordance with Section 7.2 with respect to withholding for taxes or any other charges. 
 6.3.
Upfront Payment. On a Development Program-by-Development Program basis, TESARO shall pay AnaptysBio the following payments [*]: 
  

			
	 Milestone Event
	  	 Milestone Payment
(USD)

	 Initiation of first GLP PK/tox Study
	  	[*]
	 First IND clearance
	  	[*]
	 Initiation of the first Phase II Clinical Trial
	  	[*]
	 Initiation of the first Phase III Clinical Trial for first indication
	  	[*]
	 Initiation of the first Phase III Clinical Trial for second indication
	  	[*]
	 Filing of the first NDA for the first indication
	  	$[*]
	 Filing of the first NDA for the second indication
	  	$[*]
	 Filing of the first MAA for the first indication
	  	$[*]
	 Filing of the first MAA for the second indication
	  	$[*]

  

					
		  	13	  	*Confidential Treatment Requested.

			
	 Milestone Event
	  	 Milestone Payment
(USD)

	 First NDA approval for the first indication
	  	$[*]
	 First NDA approval for the second indication
	  	$[*]
	 First MAA approval for the first indication
	  	$[*]
	 First MAA approval for the second indication
	  	$[*]
	 Achievement of annual worldwide Net Sales in a calendar year equal to or greater than $[*]
	  	$[*]
	 Achievement of annual worldwide Net Sales in a calendar year equal to or greater than $[*]
	  	$[*]
	 Achievement of annual worldwide Net Sales in a calendar year equal to or greater than $[*]
	  	$[*]
	 Achievement of annual worldwide Net Sales in a calendar year equal to or greater than $[*]
	  	$[*]

 As used in this Section 6.3, the following terms have the meanings set forth below: 

“initiation” means, with respect to a study or clinical trial, the administration of the first dose of Product to the first
patient enrolled in such study or trial; 
 “IND clearance” means filing and clearance by FDA without rejection or being
placed on clinical hold; 
 “indication” means a specific disease or condition; 

“filing” means acceptance for filing with the applicable regulatory or governmental authority; and 

“approval” means, with respect to a Product in any country or jurisdiction, any approval, registration, license or
authorization from a regulatory or governmental authority in a country or other jurisdiction that is necessary to market and sell such Product in such country or jurisdiction; “approval” shall specifically include FDA approvals of BLAs.

 6.4. Earned Royalties. 

(a) With respect to Net Sales of a Product resulting from a Development Antibody, on a Product-by-Product basis, TESARO shall pay
AnaptysBio a royalty on Net Sales as follows: 
  

			
	 Worldwide Annual Net Sales of a Product (on a

Product-by-Product basis) during the applicable

calendar year during the Royalty Term:
	  	 Royalty Rate
Applicable to
a Product:

	 Portion less than or equal to $[*]:
	  	[*]%
	 Portion greater than $[*], but less than or equal to $[*]:
	  	[*]%
	 Portion greater than $[*], but less than or equal to $[*]:
	  	[*]%
	 Portion greater than $[*], but less than or equal to $[*]:
	  	[*]%
	 Portion greater than $[*]:
	  	[*]%

  

					
		  	14	  	*Confidential Treatment Requested.

 (b) Royalties payable under this Section 6.4 shall be paid on a country-by- country
basis from the date of the first commercial sale of each Product with respect to which royalty payments are due until the later of (i) the [*] ([*]) anniversary of the first commercial sale of the Product in such country, and (ii) the
expiration date in such country of the last to expire of any Patent within the AnaptysBio Patents or the Collaboration Patents covering the manufacture, use or sale of such Product in such country (the “Royalty Term”). For the
avoidance of doubt, TESARO’s obligation to pay royalties under this Section 6.4 is imposed only once with respect to the same unit of Product, notwithstanding such Product may be covered by more than one valid claim of an AnaptysBio Patent
or Collaboration Patent. 
 (c) If TESARO pays royalties to any Third Party in a country in order to make, use, sell, offer for sale
or import the Development Antibody component of a Product in such country, then TESARO shall have the right to credit [*] percent ([*]%) of such Third Party royalty payments against the royalties owing to AnaptysBio under Section 6.4(a) with
respect to sales of such Product in such country; provided, however, that TESARO shall not reduce the amount of the royalties owing to AnaptysBio under Section 6.4(a) with respect to such Product in such country to less than [*] percent ([*]%)
of the royalties that would otherwise be due under Section 6.4(a) with respect to such Product in such country. Notwithstanding the foregoing, if TESARO pays any such royalties to a Third Party that [*]. 

 

	7.	PAYMENTS; RECORDS 

 7.1. Payment Method. All payments due under this Agreement
shall be made from a bank located in the United States by bank wire transfer in immediately available funds to a bank account designated by AnaptysBio. All payments hereunder shall be made in U.S. dollars. In the event that the due date of any
payment subject to Section 6 is a Saturday, Sunday or national holiday, such payment may be paid on the following business day. Any payments that are not paid on the date such payments are due under this Agreement shall bear interest to the
extent permitted by applicable law at the rate of [*] percent ([*]%) per annum, calculated on the number of days such payment is delinquent. 

7.2. Taxes. All payments required to be paid to AnaptysBio pursuant to this Agreement shall be paid with deduction for withholding for
or on account of any taxes (other than taxes imposed on or measured by net income) or similar governmental charge. 

  

					
		  	15	  	*Confidential Treatment Requested.

 7.3. Royalty Payments and Reports. Royalty payments under this Agreement with respect to
Net Sales of Product in a given calendar quarter shall be made to AnaptysBio or its designee quarterly within [*] ([*]) days following the applicable calendar quarter. Each royalty payment shall be accompanied by a report [*]. 

7.4. Books and Records; Accounting and Audits. Each Party shall maintain complete and accurate books and records, in accordance with
GAAP, which are relevant to, as applicable, costs or expenses to be reimbursed by TESARO, or payments to made to AnaptysBio, under this Agreement, which books and records shall be sufficient in detail to verify all payment amounts due to a Party
hereunder. The Party requesting an audit (the “Auditing Party”) shall have the right, at its own expense and not more than once in any calendar year during the term of this Agreement, to have an independent, certified public
accountant, selected by the Auditing Party, and under an obligation of confidence, audit the books and records of the other Party (the “Audited Party”) in the location(s) where such books and records are maintained upon reasonable
notice (which shall be no less than fifteen (15) business days prior written notice) and during regular business hours, and for the sole purpose of verifying the basis and accuracy of payments required and made under this Agreement. The report
and communication of such accountant with respect to such an audit shall be limited to a certificate stating whether any, as applicable, report made or reimbursement or other payment submitted during such period is accurate or inaccurate and, if a
discrepancy is identified, shall also indicate the amount and if applicable, with respect to any report, the nature, of any discrepancy, and the correct information (with respect to the applicable period). Such accountant shall provide AnaptysBio
and TESARO with a copy of each such report simultaneously. Should the audit lead to the discovery of a discrepancy: (i) to the Auditing Party’s detriment, the Audited Party shall pay to the Auditing Party the amount of the discrepancy
within thirty (30) days of the Audited Party’s receipt of the report; or (ii) to the Audited Party’s detriment, the Audited Party may, as applicable, credit the amount of the discrepancy against future payments payable to the
Auditing Party under this Agreement, and if there are no such payments payable, then the Auditing Party shall pay to the Audited Party the amount of the discrepancy within thirty (30) days of the Auditing Party’s receipt of the report.
Additionally, in the event that the discrepancy is to the Auditing Party’s detriment and is greater than five percent (5%) of the amount due for such audited period, then the Audited Party shall pay or reimburse the reasonable cost charged
by such accountant for such audit. Once the Auditing Party has conducted an audit permitted by this Section 7.4 in respect of any period, it may not re-inspect the Audited Party’s books and records in respect of such period, unless a
subsequent audit of a separate reporting period uncovers fraud on the part of the Audited Party that is reasonably expected to have been occurring during the prior audited period. For clarity, however, if a discrepancy is identified by the
accountant during the course of an audit and the Parties do not agree upon a resolution of such discrepancy, then the Auditing Party’s accountant may re-inspect the books and records to the extent reasonably relevant to resolving such
discrepancy. Notwithstanding anything herein to the contrary, upon the expiration of three (3) years following the end of any calendar year, the right to audit, the books and records for such calendar year shall expire and such Party shall be
released from any liability or accountability with respect to payments or FTE work performed as reflected in such books of such Party for such calendar year (including, for clarity, with respect to the calculation of royalties payable with respect
to each such calendar year). The Parties shall no longer be required to retain such books and records for any calendar year after the expiration of the third (3rd) calendar year following such calendar year. 

  

					
		  	16	  	*Confidential Treatment Requested.

 7.5. Blocked Currency. If at any time legal restrictions in the Territory prevent the
prompt remittance of any payments with respect to sales therein, TESARO shall have the right and option to make such payments by depositing the amount thereof in local currency to AnaptysBio account in a bank or depository in the Territory. 

7.6. Confidentiality. Each Party shall treat all financial information of the other Party that is subject to review under this
Section 7 of this Agreement (including all royalty reports) as such other Party’s Confidential Information. 
  

	8.	DILIGENCE; REVERSION 

 8.1. Products. TESARO shall use Commercially Reasonable
Efforts to (a) fund the development of each Discovery Program as set forth in the applicable Discovery Plan and until each Discovery Program has reached the applicable key program decision point set forth in the applicable Discovery Plan,
(b) advance at least one Development Antibody with respect to each Development Program, (c) research, test and develop Products, (d) obtain regulatory approval for preclinical, clinical and commercial use of at least one Product with
respect to each Development Program, and (e) commercialize Products and attempt to obtain the optimum commercial return for each Product in all major markets throughout the world. [*] 

8.2. Reversion. If TESARO fails to satisfy its obligations under Section 8.1 with respect to a Discovery Program or Development
Program, or discontinues development of all Products within a Discovery Program or Development Program, then all rights to that Discovery Program and/or Development Program, including Development Antibody, Products, data, result, materials and
Collaboration IP Rights resulting from such Discovery Program or Development Program shall revert to AnaptysBio in accordance with Sections 14.4(b), 14.4(d) or 14.4(e) without any further obligation to TESARO. 

 

	9.	INTELLECTUAL PROPERTY 

 9.1. Ownership of Inventions; Disclosure. 

(a) Ownership. Title to all inventions and other intellectual property made by employees of AnaptysBio in the course of performing, or
in connection with, the Discovery Programs shall be owned by AnaptysBio; title to all inventions and other intellectual property made by employees of TESARO in the course of performing, or in connection with, the Discovery Programs or the further
development of a Product shall be owned by TESARO; title to all inventions and other intellectual property made jointly by employees of TESARO and AnaptysBio in the course of performing, or in connection with, the Discovery Programs shall be owned
jointly by TESARO and AnaptysBio. Inventorship of inventions and other intellectual property made pursuant to this Agreement shall be determined in accordance with the patent laws of the United States. Except as expressly provided in this Agreement,
neither Party shall have any obligation to account to the other for profits, or to obtain any approval of the other Party to license or exploit patented jointly-owned subject matter, by reason of joint ownership thereof, and each Party hereby waives
any right it may have under the laws of any jurisdiction to require any such consent or accounting. Notwithstanding the foregoing, AnaptysBio is and shall be the sole owner of the AnaptysBio Platform. 

  

					
		  	17	  	*Confidential Treatment Requested.

 (b) Disclosure of Inventions. Each Party shall promptly disclose to the other any
inventions made in connection with this Agreement. 
 9.2. Patent Prosecution. Prior to the IND clearance for a Product resulting
from a Discovery Program, AnaptysBio shall be responsible, at TESARO’s expense, for (i) preparing, filing, prosecuting and maintaining Patent applications and Patents directed to Collaboration Patents claiming the manufacture, composition
or use of such Product, and (ii) for conducting any interferences, re-examinations, reissues and oppositions relating thereto (“Prosecute and Maintain”); provided, that TESARO’s financial obligations with respect to any
such interference or opposition shall be subject to AnaptysBio obtaining TESARO’s prior written consent with respect to any such action and the associated costs. After IND clearance for a Product resulting from a Discovery Program, TESARO shall
be responsible at TESARO’s expense to Prosecute and Maintain the applicable Collaboration Patents. The Party that is tasked to Prosecute and Maintain shall keep the other Party informed with respect to the prosecution and issuance of the
Collaboration Patents and provide prompt notice of all material matters related thereto (including upon such Party’s request), and the other Party shall reasonably cooperate with and assist the Party tasked to Prosecute and Maintain in
connection with such activities, including without limitation by making scientists and scientific records reasonably available and the execution of all such documents and instruments and the performance of such acts as may be reasonably necessary in
order to continue any filing, prosecution, maintenance or extension thereof. 
 9.3. Enforcement and Defense. 

(a) Each Party shall promptly notify the other of any knowledge it acquires of any potential infringement of the Collaboration Patents
by a Third Party. 
 (b) If any Patent within the Collaboration Patents is infringed by a Third Party in any country in the Territory
in connection with the manufacture, use and sale of a product the same as or substantially similar to a Product in the Field in such country, TESARO shall have the primary right, but not the obligation, to institute, prosecute, and control any
action or proceeding with respect to such infringement of such Patent, by counsel of its own choice, and AnaptysBio shall have the right, at its own expense, to be represented in that action by counsel of its own choice. If TESARO fails to bring an
action or proceeding within a period of one hundred twenty (120) days after a request by AnaptysBio to do so, AnaptysBio shall have the right to bring and control any such action by counsel of its own choice, and TESARO shall have the right to
be represented in any such action by counsel of its own choice at its own expense. 
 (c) If one Party brings an action or proceeding
in accordance with Section 9.3(b), the second Party agrees to be joined as a party plaintiff if necessary and to give the first Party reasonable assistance and authority to file and prosecute the suit. The costs and expenses of the Party
bringing suit under this Section shall be borne by such Party, and any damages or other monetary awards recovered shall be shared as follows: The amount of such recovery actually received by the Party controlling such action shall first be applied
to the out-of- pocket costs of such action, and then (i) if TESARO is the Party that brings such action or proceeding, then AnaptysBio shall be paid an amount equal to the royalties, if any, that would have been due upon sales of the infringing
product as if such infringing sales had been Net Sales of a Product sold by 

  
 18 

 
or under the authority of TESARO, and the remaining portion of such recovery shall be paid to TESARO, or (ii) if AnaptysBio is the Party that brings such action or proceeding, then the
remaining portion of such recovery shall be retained by AnaptysBio. A settlement or consent judgment or other voluntary final disposition of a suit under this Section 9.3 may be entered into without the consent of the Party not bringing the
suit. Neither Party shall, however, have the right to enter into any settlement or consent to any claim to the effect that the patent protection offered under any part of the Collaboration Patents would be materially negatively affected, without the
consent of the other Party, such consent not to be unreasonably withheld. 
  

	10.	CONFIDENTIALITY 

 10.1. Confidential Information. Except as otherwise expressly
provided herein, the Parties agree that, for the term of this Agreement and for ten (10) years thereafter, the receiving Party shall not, except as expressly provided in this Section 10, disclose to any Third Party any Confidential
Information furnished to it by the disclosing Party hereto pursuant to this Agreement, or any results of the Discovery Programs (“Results”). For purposes of this Section 10, “Confidential Information” shall
mean any information, samples or other materials, which if disclosed in tangible form is marked “confidential” or with other similar designation to indicate its confidential or proprietary nature, or, if disclosed orally, is indicated
orally to be confidential or proprietary at the time of such disclosure and is confirmed in writing as confidential or proprietary within forty-five (45) days after such disclosure. Notwithstanding the foregoing, Confidential Information shall
not include any information that can be established by the receiving Party by competent proof that such information: 
 (a) was
already known to the receiving Party, 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 breach of this Agreement by the receiving Party; 

(d) was independently developed by the receiving Party as demonstrated by documented evidence prepared contemporaneously with such
independent development; or 
 (e) was disclosed to the receiving Party, other than under an obligation of confidentiality, by a
Third Party who had no obligation to the disclosing Party not to disclose such information to others. 
 10.2. Permitted Use and
Disclosures. Each Party hereto may use or disclose Confidential Information disclosed to it by the other Party or Results to the extent such use or disclosure is reasonably necessary and permitted in the exercise of the rights granted hereunder
in filing or prosecuting Patent applications, prosecuting or defending litigation, complying with applicable governmental laws, rules, regulations or court order or otherwise submitting information to tax or other governmental authorities,
conducting clinical trials, or making a permitted sublicense or otherwise exercising license rights expressly granted by the other Party 

  
 19 

 
to it pursuant to the terms of this Agreement; provided, that if a Party is required to make any such disclosure, other than pursuant to a confidentiality agreement, it will give reasonable
advance notice to the other Party of such disclosure and, save to the extent inappropriate in the case of Patent applications, will use its reasonable efforts to secure confidential treatment of such information in consultation with the other Party
prior to its disclosure (whether through protective orders or otherwise) and disclose only the minimum necessary to comply with such requirements. Nothing in this Article 10 shall restrict TESARO from providing Development Antibodies (and associated
related information) to academic and other collaborators to conduct pre-clinical and clinical studies to further the research, development and commercialization of the Development Antibodies. 

 

	11.	PUBLICITY 

 11.1. Nondisclosure of Terms. Each of the Parties hereto agrees not
to disclose the terms of this Agreement to any Third Party without the prior written consent of the other Party hereto, which consent shall not be unreasonably withheld, except to such Party’s attorneys, advisors, investors, potential investors
and other similarly situated Third Parties on a need to know basis under circumstances that reasonably ensure the confidentiality thereof, or to the extent required by law. Notwithstanding the foregoing, the press release attached to the
Supplemental Information Package as Exhibit B-1 shall be jointly released by both Parties promptly following the Effective Date, and the press release attached to the Supplemental Information Package as Exhibit B-2 shall be released by AnaptysBio
promptly following the Effective Date. Furthermore, it is understood that either Party may be required to issue subsequent press releases or make disclosures required by law (pursuant to filings with the Securities and Exchange Commission or
otherwise) relating to the terms of this Agreement or activities hereunder. The Parties agree to consult with each other reasonably and in good faith with respect to the text and timing of all such press releases or other disclosures required by law
prior to the issuance thereof, provided that a Party may not unreasonably withhold or delay consent to such releases or disclosures, and that either Party may issue such press releases or make such disclosures as it determines, based on advice of
counsel, are reasonably necessary to comply with laws or regulations or for appropriate stock market disclosure. Furthermore, AnaptysBio shall have the right to publicly announce, by press release or otherwise, the occurrence of each significant
event under the terms of this Agreement, including the receipt of each milestone payment reference above, provided that AnaptysBio consults with TESARO reasonably and in good faith with respect to the text and timing of such public announcement
prior to the issuance thereof, provided that no Confidential Information shall be disclosed without permission of TESARO. 
 11.2.
Publications. With respect to any Discovery Program, each Party shall submit any proposed scientific publication to the other Party that relates directly to one or more Development Antibodies or Products, discloses the results of a Discovery
Program or includes Confidential Information of the other Party at least thirty (30) days in advance to allow that Party to review such planned public disclosure. The reviewing Party will promptly review such proposed scientific publication and
make any objections that it may have to the publication of such results or the Confidential Information of the reviewing Party contained therein. Should the reviewing Party make an objection to the publication of any such results or Confidential
Information, then the Parties shall discuss the advantages and disadvantages of publishing such 

  
 20 

 
results or Confidential Information. If the Parties are unable to agree on whether to publish the same, the respective Chief Executive Officers of AnaptysBio and TESARO (or, with respect to
TESARO, the President) shall reasonably agree on the extent to which the publication of such results or Confidential Information shall be made. AnaptysBio acknowledges that TESARO may enter into agreements with academic and other collaborators to
conduct studies with Development Antibodies, including in combination with other compounds, in all cases consistent with the license rights granted hereunder. Notwithstanding the provisions of this Section 11.2 to the contrary, TESARO shall be
required only to request such collaborators comply with the provisions of this Section 11.2 with regard to their scientific publications, but TESARO shall not be in violation of this Section 11.2 as a result of the actions of such
collaborators with respect thereto. 
 11.3. Blinded Data. For the purposes of promoting or otherwise highlighting the advantages of
the AnaptysBio Platform, AnaptysBio may disclose (or cause to be disclosed) to Third Parties, blinded data relating to each of the Discovery Programs at any time during or subsequent to the term of the Agreement, provided that (a) neither
TESARO, the Targets or therapeutic area shall be identified, directly or indirectly, in connection therewith, (b) TESARO shall have an opportunity to review each such disclosure at least thirty (30) days prior to the release thereof, and
(c) no such disclosure shall include any Confidential Information of TESARO. 
 11.4. Permitted Disclosures. Notwithstanding
anything to the contrary contained in this Agreement or any confidentiality agreement between the Parties, nothing herein or therein shall prevent a Party from disclosing the terms of this Agreement or such other information a Party reasonably
determines, based on advice from its counsel, is necessary or desirable to disclose under applicable law, regulation or legal process (whether in connection with its ongoing disclosure obligations, in connection with a corporate activity or
otherwise), including as required by the rules or regulations of the United States Securities and Exchange Commission or similar regulatory agency in a country other than the United States or of any stock exchange or NASDAQ, or in connection with a
presentation or disclosure to investors or potential investors subject to customary and appropriate confidentiality restrictions. 
  

	12.	REPRESENTATIONS AND WARRANTIES 

 12.1. TESARO. TESARO represents and warrants
that: 
 (a) it has the legal power, authority and right to enter into this Agreement and to fully perform all of its obligations
hereunder, and has taken all necessary action on its part to authorize the execution and delivery of this Agreement and the performance of its obligations hereunder; 

(b) this Agreement is a legal and valid obligation binding upon it and enforceable in accordance with its terms, except as such
enforcement may be limited by bankruptcy, insolvency, or other similar laws affecting creditors, generally, or general principles of equity; 

  
 21 

 (c) the performance of its obligations hereunder do not conflict with, violate or breach
or constitute a default or require any consent under, any agreement, instrument or understanding, or other contractual obligations of TESARO; 

(d) no government authorization, consent, approval, license, exemption of or filing or registration with any court or governmental
authority, is necessary for the transactions contemplated by this Agreement or any other agreement or instrument executed in connection herewith, or for the performance by it of its obligations under this Agreement; and 

(e) TESARO has not and shall not employ (or use any Subcontractor or consultant that employs) any individual or entity debarred by the
FDA (or subject to a similar sanction of the EMA), or any individual who or entity which is the subject of an FDA debarment investigation or proceeding (or similar proceeding of EMA), or is convicted of a crime for which an individual or entity
could be debarred under 21 U.S.C. Section 335a or its foreign equivalent or has been under indictment for a crime for which a person or entity could be debarred under such provision. 

12.2. AnaptysBio. AnaptysBio represents and warrants that: 

(a) it has the legal power, authority and right to enter into this Agreement and to fully perform all of its obligations hereunder, and
has taken all necessary action on its part to authorize the execution and delivery of this Agreement and the performance of its obligations hereunder; 

(b) this Agreement is a legal and valid obligation binding upon it and enforceable in accordance with its terms, except as such
enforcement may be limited by bankruptcy, insolvency, or other similar laws affecting creditors, generally, or general principles of equity; 

(c) the performance of its obligations hereunder do not conflict with, violate or breach or constitute a default or require any consent
under, any agreement, instrument or understanding, or other contractual obligations of AnaptysBio; 
 (d) no government
authorization, consent, approval, license, exemption of or filing or registration with any court or governmental authority, is necessary for the transactions contemplated by this Agreement or any other agreement or instrument executed in connection
herewith, or for the performance by it of its obligations under this Agreement; 
 (e) AnaptysBio Controls the AnaptysBio Know-How
and AnaptysBio Patents existing as of the Effective Date; 
 (f) AnaptysBio has the right to grant all rights and licenses it
purports to grant to TESARO with respect to the AnaptysBio Know-How, AnaptysBio Patents and AnaptysBio Platform under this Agreement; 

(g) AnaptysBio has no present knowledge that any settled, pending or threatened claim or lawsuit or legal proceeding of a Third Party
against AnaptysBio or any other person alleging that the AnaptysBio Know-How, AnaptysBio Patents or AnaptysBio Platform 

  
 22 

 
misappropriates or infringes, in part or in whole, the intellectual property or intellectual property rights of such Third Party; 

(h) AnaptysBio has not granted any right or license to any Third Party relating to any of the AnaptysBio Know-How, AnaptysBio Patents
or AnaptysBio Platform that would conflict or interfere with any of the rights or licenses granted or purported to be granted to TESARO hereunder; 

(i) Schedule 12.2(i) attached hereto sets forth a complete and accurate list of the AnaptysBio Patents as of the Effective Date,
indicating the owner or co-owners thereof if such AnaptysBio Patent is not solely owned by AnaptysBio. AnaptysBio has disclosed to TESARO all material information received by AnaptysBio as of the Effective Date concerning the institution of any
interference, opposition, reexamination, reissue, revocation, nullification or any official proceeding involving any AnaptysBio Patent or Patent included in the AnaptysBio Platform anywhere in the Territory; 

(j) To the best of AnaptysBio’s knowledge as of the Effective Date, Exhibit C attached to the Supplemental Information Package
sets forth a complete and accurate list of all Target Antagonists owned or Controlled by AnaptysBio as of the Effective Date; 
 (k)
To the best of AnaptysBio’s knowledge as of the Effective Date, TESARO will not be required to obtain a license or sublicense under any Third Party In-License for TESARO to research, develop, make, have made, use, sell, offer for sale, import
and export Products for use in the Field and in the Territory pursuant to the rights and licenses granted to it under this Agreement; 

(l) AnaptysBio has not and shall not employ (or use any Subcontractor or consultant that employs) any individual or entity debarred by
the FDA (or subject to a similar sanction of the EMA), or any individual who or entity which is the subject of an FDA debarment investigation or proceeding (or similar proceeding of EMA), or is convicted of a crime for which an individual or entity
could be debarred under 21 U.S.C. Section 335a or its foreign equivalent or has been under indictment for a crime for which a person or entity could be debarred under such provision; and 

(m) AnaptysBio acknowledges that, in entering into this Agreement, TESARO has relied upon information supplied by AnaptysBio and
information which AnaptysBio has caused to be supplied to TESARO by AnaptysBio’s agents and/or representatives (all of such information being hereinafter referred to collectively as “Product Information”). To the knowledge of
AnaptysBio as of the Effective Date, the Product Information is accurate in all material respects. AnaptysBio has not, as of the Effective Date, intentionally omitted to furnish TESARO with any material information known to AnaptysBio concerning the
AnaptysBio IP Rights, AnaptysBio Platform or Development Antibodies, or the transactions contemplated by this Agreement, which would reasonably be considered to be material to TESARO’s decision to enter into this Agreement and to undertake the
commitments and obligations set forth herein. 
 12.3. Disclaimer. TESARO and AnaptysBio specifically disclaim any guarantee that the
Discovery Programs will be successful, in whole or in part. The failure of the Parties to 

  
 23 

 
successfully develop Products will not constitute a breach of any representation or warranty or other obligation under this Agreement. EXCEPT AS OTHERWISE EXPRESSLY SET FORTH IN THIS AGREEMENT,
ANAPTYSBIO AND TESARO MAKE NO REPRESENTATIONS AND EXTEND NO WARRANTIES OR CONDITIONS OF ANY KIND, EITHER EXPRESS OR IMPLIED, WITH RESPECT TO THE ANAPTYSBIO IP RIGHTS, INFORMATION DISCLOSED HEREUNDER OR PRODUCTS INCLUDING, BUT NOT LIMITED TO,
WARRANTIES OF MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE, OR NONINFRINGEMENT OF THE INTELLECTUAL PROPERTY RIGHTS OF THIRD PARTIES. 
  

	13.	INDEMNIFICATION 

 13.1. TESARO. TESARO agrees to indemnify, defend and hold
AnaptysBio and its Affiliates and their respective directors, officers, employees, agents and their respective successors, heirs and assigns (the “AnaptysBio Indemnitees”) harmless from and against any losses, costs, claims,
damages, liabilities or expense (including reasonable attorneys’ and professional fees and other expenses of litigation) (collectively, “Liabilities”) arising, directly or indirectly out of or in connection with Third Party
claims, suits, actions, demands or judgments, relating to (i) any breach by TESARO of the representations and warranties made in this Agreement, or (ii) the development or commercialization of a Product, except, in each case, to the extent
such Liabilities result from the gross negligence or intentional misconduct of AnaptysBio. 
 13.2. AnaptysBio. AnaptysBio agrees to
indemnify, defend and hold TESARO and its Affiliates and their respective directors, officers, employees, agents and their respective successors, heirs and assigns (the “TESARO Indemnitees”) harmless from and against any Liabilities
arising, directly or indirectly out of or in connection with Third Party claims, suits, actions, demands or judgments, relating to any breach by AnaptysBio of its representations and warranties made in this Agreement, except to the extent such
Liabilities result from the gross negligence or intentional misconduct of TESARO. 
 13.3. Indemnification Procedure. A Party that
intends to claim indemnification (the “Indemnitee”) under this Section 13 shall promptly notify the other Party (the “Indemnitor”) in writing of any claim, complaint, suit, proceeding or cause of action with respect
to which the Indemnitee intends to claim such indemnification (for purposes of this Section 13.3, each a “Claim”), and the Indemnitor shall have sole control of the defense and/or settlement thereof; provided that the
Indemnitee shall have the right to participate, at its own expense, with counsel of its own choosing in the defense and/or settlement of such Claim. The indemnification obligations of the Parties under this Section 13 shall not apply to amounts
paid in settlement of any Claim if such settlement is effected without the consent of the Indemnitor, which consent shall not be withheld or delayed unreasonably. The failure to deliver written notice to the Indemnitor within a reasonable time after
the commencement of any such Claim, if prejudicial to its ability to defend such action, shall relieve such Indemnitor of any liability to the Indemnitee under this Section 13, but the omission so to deliver written notice to the Indemnitor
shall not relieve the Indemnitor of any liability to any Indemnitee otherwise than under this Section 13. The Indemnitee under this Section 13, and its employees, at the Indemnitor’s request and

  
 24 

 
expense, shall provide full information and reasonable assistance to Indemnitor and its legal representatives with respect to such Claims covered by this indemnification. 

13.4. LIMITATION OF LIABILITY. EXCEPT FOR A BREACH OF ARTICLES 10 OR 11, OR FOR ACTS OF GROSS NEGLIGENCE OR WRONGFUL INTENTIONAL ACTS
OR OMISSIONS, NEITHER TESARO NOR ANAPTYSBIO, NOR ANY OF THEIR RESPECTIVE AFFILIATES OR SUBLICENSEES, SHALL BE LIABLE TO THE OTHER PARTY, ITS AFFILIATES OR ANY OF THEIR SUBLICENSEES FOR ANY INDIRECT, INCIDENTAL, CONSEQUENTIAL, SPECIAL, RELIANCE OR
PUNITIVE DAMAGES OR LOST OR IMPUTED PROFITS, WHETHER LIABILITY IS ASSERTED IN CONTRACT, TORT (INCLUDING NEGLIGENCE AND STRICT PRODUCT LIABILITY), INDEMNITY OR CONTRIBUTION, AND IRRESPECTIVE OF WHETHER THAT PARTY OR ANY REPRESENTATIVE OF THAT PARTY
HAS BEEN ADVISED OF, OR OTHERWISE MIGHT HAVE ANTICIPATED THE POSSIBILITY OF, ANY SUCH LOSS OR DAMAGE; PROVIDED, THAT THIS LIMITATION WILL NOT LIMIT THE INDEMNIFICATION OBLIGATION OF A PARTY UNDER THE PROVISIONS OF ARTICLE 13 FOR SUCH DAMAGES CLAIMED
BY A THIRD PARTY. 
  

	14.	TERM AND TERMINATION 

 14.1. Term. Unless earlier terminated, the Agreement will
continue in full force and effect, on a Product-by-Product, Discovery Program-by-Discovery Program, Development Program-by-Development Program and country-by-country basis until the date no further payments are due under Section 6 above. 

14.2. Termination for Breach. Either Party to this Agreement may terminate one or more Discovery Program(s), Development Program(s)
and/or this Agreement in the event the other Party hereto shall have materially breached or defaulted in any of its representations or warranties or the performance of any of its obligations hereunder, and such default shall have continued for sixty
(60) days after written notice thereof was provided to the breaching Party by the non-breaching Party. Any termination shall become effective at the end of such sixty (60) day period unless the breaching Party (or any other Party on its behalf) has
cured any such breach or default prior to the expiration of the sixty (60) day period; provided, however, in the case of a failure to pay any amount due hereunder, such default may be the basis of termination ten (10) business days following the
date that notice of such default was provided to the breaching Party. 
 14.3. Termination without cause by TESARO. TESARO may
terminate this Agreement in its entirety or on a Discovery Program-by-Discovery Program or Development Program-by-Development Program basis without cause upon ninety (90) days prior written notice to AnaptysBio. 

14.4. Effect of Breach or Termination. 

(a) Accrued Rights and Obligations. Termination of this Agreement, or any portion hereof, for any reason shall not release either Party
hereto from any liability which, at the time of such termination, has already accrued to the other Party or which is attributable to a 

  

					
		  	25	  	

 
period prior to such termination nor preclude either Party from pursuing any rights and remedies it may have hereunder or at law or in equity with respect to any breach of this Agreement. 

(b) Return of Materials. Upon a termination of this Agreement, in its entirety, TESARO and AnaptysBio shall promptly return to the
other all Confidential Information of the other Party, except one copy of which may be retained for archival purposes. Upon termination of this Agreement, a Discovery Program or a Development Program by TESARO pursuant to Section 14.3, or by
AnaptysBio pursuant to Section 14.2, TESARO shall return to AnaptysBio copies of records received by TESARO pursuant to Section 2.9 or, if only a Discovery Program or a Development Program is terminated, then those records received by
TESARO pursuant to Section 2.9, with respect to the terminated program. 
 (c) Effect of Termination of Agreement by TESARO
Without Cause or by AnaptysBio for Breach by TESARO. If TESARO terminates this Agreement in its entirety without cause pursuant to Section 14.3 or if AnaptysBio terminates this Agreement in its entirety pursuant to Section 14.2 for breach
by TESARO, then: 
 (i) all licenses and rights to TESARO under Section 5.1 shall concurrently terminate, and TESARO and its
Affiliates and sublicensees shall immediately cease all manufacture, development and commercialization of Products; provided, that TESARO and its Affiliates, sublicensees and distributors shall be entitled, during the twelve (12) month period
immediately following the effective date of termination, to finish any work-in-progress and to sell any Products remaining in inventory, in accordance with the terms of this Agreement; 

(ii) TESARO hereby grants to AnaptysBio an irrevocable, non- exclusive, worldwide license, with the right to grant and authorize
sublicenses, under TESARO’s interest in the Collaboration IP Rights, TESARO Patents and TESARO Know-How, to make, have made, use, sell, offer to sell and import Products; 

(iii) To the extent permitted by applicable regulatory authorities, TESARO shall and hereby does transfer to AnaptysBio all regulatory
filings and regulatory approvals for the Products held by TESARO, its Affiliates or sublicensees, or if the foregoing transfer is not permitted by the applicable regulatory authority, TESARO hereby permit AnaptysBio to cross-reference and rely upon
any such regulatory approvals and regulatory filings; 
 (iv) AnaptysBio shall have the sole right to Prosecute and Maintain, and to
solely enforce, all Collaboration IP Rights; and 
 (v) Upon AnaptysBio’s request, TESARO shall continue all on-going
development for the Products for a mutually agreed upon migration period after termination of this Agreement (“Migration Period”). During such Migration Period, TESARO shall provide such knowledge transfer and other training to
AnaptysBio as reasonably necessary for AnaptysBio to continue such activities. In connection with such transfer, TESARO shall, subject to subsection (i) above: (A) transfer to AnaptysBio all quantities of Products manufactured by TESARO in
TESARO’s control as of the effective date of termination, (B) assign to AnaptysBio any agreements with Third Parties with respect to the development or commercialization of 

  
 26 

 
Product (to the extent assignable) and (C) continue funding FTEs (equivalent to the number of FTEs being funded upon the date of notice of termination) for a mutually agreed period not to
exceed the remaining portion of the then-current calendar quarter and one (1) full calendar quarter following the effective date of termination. 

(d) Effect of Termination of Discovery Program. If AnaptysBio terminates a Discovery Program pursuant to Section 14.2 for breach
by TESARO, or TESARO discontinues a Discovery Program in accordance with Section 8.2, then: 
 (i) AnaptysBio’s
obligations to conduct further activities under the applicable Discovery Program shall terminate as of the effective date of such termination; and 

(ii) all licenses and rights to TESARO under Section 5.1 for the Products resulting from such Discovery Program shall
concurrently terminate, and TESARO and its Affiliates and sublicensees shall immediately cease all manufacture, development and commercialization of such Products; 

(iii) TESARO hereby grants to AnaptysBio an irrevocable, non- exclusive, worldwide license, with the right to grant and authorize
sublicenses, under TESARO’s interest in the Collaboration IP Rights, TESARO Patents and TESARO Know-How, to make, have made, use, sell, offer to sell and import Products resulting from such Discovery Program; 

(iv) To the extent permitted by applicable regulatory authorities, TESARO shall and hereby does transfer to AnaptysBio all regulatory
filings and regulatory approvals for the Product resulting from such Discovery Program held by TESARO, its Affiliates or sublicensees, or if the foregoing transfer is not permitted by the applicable regulatory authority, TESARO hereby permit
AnaptysBio to cross-reference and rely upon any such regulatory approvals and regulatory filings; 
 (v) AnaptysBio shall have the
sole right to Prosecute and Maintain, and to solely enforce, all Collaboration IP Rights that are the subject of such Discovery Program; and 

(vi) Upon AnaptysBio’s request, TESARO shall continue all on-going development for the Products resulting from such Discovery
Program for a mutually agreed upon Migration Period after termination of this Agreement. During such Migration Period, TESARO shall provide such knowledge transfer and other training to AnaptysBio as reasonably necessary for AnaptysBio to continue
such activities. In connection with such transfer, TESARO shall: (A) transfer to AnaptysBio all quantities of Product resulting from such Discovery Program generated by TESARO in TESARO’s control as of the effective date of termination,
(B) assign to AnaptysBio any agreements with Third Parties with respect to the development or commercialization of such Products (to the extent assignable), and (C) continue funding FTEs (equivalent to the number of FTEs being funded upon
the date of notice of termination) for a mutually agreed period not to exceed the remaining portion of the then current calendar quarter and one (1) full calendar quarter following the effective date of termination. 

(e) Effect of Termination of Development Program. If AnaptysBio terminates a Development Program pursuant to Section 14.2 for
breach by TESARO, or TESARO discontinues a Development Program in accordance with Section 8.2, then: 

  

					
		  	27	  	

 (i) all licenses and rights to TESARO under Section 5.1 for the Products resulting
from such Development Program shall concurrently terminate, and TESARO and its Affiliates and sublicensees shall immediately cease all manufacture, development and commercialization of such Products; 

(ii) TESARO hereby grants to AnaptysBio an irrevocable, non- exclusive, worldwide license, with the right to grant and authorize
sublicenses, under TESARO’s interest in the Collaboration IP Rights, TESARO Patents and TESARO Know-How, to make, have made, use, sell, offer to sell and import Products resulting from such Development Program; 

(iii) To the extent permitted by applicable regulatory authorities, TESARO shall and hereby does transfer to AnaptysBio all regulatory
filings and regulatory approvals for the Product resulting from such Development Program held by TESARO, its Affiliates or sublicensees, or if the foregoing transfer is not permitted by the applicable regulatory authority, TESARO hereby permit
AnaptysBio to cross-reference and rely upon any such regulatory approvals and regulatory filings; 
 (iv) AnaptysBio shall have the
sole right to Prosecute and Maintain, and to solely enforce, all Collaboration IP Rights that are the subject of such Development Program; and 

(v) Upon AnaptysBio’s request, TESARO shall continue all on-going development for the Products resulting from such Development
Program for a mutually agreed upon Migration Period after termination of this Agreement. During such Migration Period, TESARO shall provide such knowledge transfer and other training to AnaptysBio as reasonably necessary for AnaptysBio to continue
such activities. In connection with such transfer, TESARO shall: (A) transfer to AnaptysBio all quantities of Product resulting from such Discovery Program manufactured by TESARO in TESARO’s control as of the effective date of termination,
(B) assign to AnaptysBio any agreements with Third Parties with respect to the development or commercialization of such Products (to the extent assignable), and (C) continue funding FTEs (equivalent to the number of FTEs being funded upon
the date of notice of termination) for a mutually agreed period not to exceed the remaining portion of the then-current calendar quarter and one (1) full calendar quarter following the effective date of termination. 

(f) Effect of Termination by TESARO With Cause or by TESARO for Breach by AnaptysBio. If TESARO terminates one or more Discovery
Programs or this Agreement pursuant to Section 14.2 for breach by AnaptysBio, then: 
 (i) all licenses and rights to TESARO
under Section 5.1 with respect to the applicable Discovery Program(s), Development Program(s) and Products shall automatically become perpetual and irrevocable; provided, that the payment obligations under Sections 6.3 and 6.4 shall continue;
provided, however, that if TESARO terminated this Agreement pursuant to AnaptysBio’s uncured material breach of Article 5, then without limiting any other rights or remedies available to TESARO, TESARO shall continue to make payments to
AnaptysBio under Sections 6.3 and 6.4 but at fifty percent (50%) of the amounts set forth therein when and if they become due; 

  

					
		  	28	  	

 (ii) AnaptysBio and its Affiliates and sublicensees shall immediately cease all research,
development or other activities with respect to applicable Development Antibodies and Products resulting from such Discovery Program; 

(iii) To the extent permitted by applicable regulatory authorities, AnaptysBio shall and hereby does transfer to TESARO all regulatory
filings and regulatory approvals for the applicable Products resulting from such Discovery Program held by AnaptysBio, its Affiliates or sublicensees, or if the foregoing transfer is not permitted by the applicable regulatory authority, AnaptysBio
shall, and hereby does, permit TESARO to cross- reference and rely upon any such regulatory approvals and regulatory filings; 

(iv) TESARO shall have the sole right to Prosecute and Maintain, and to solely enforce, all Collaboration IP Rights specific to such
Discovery Program; and 
 (v) Upon TESARO’s request, AnaptysBio shall continue all on-going development under such Discovery
Program and for applicable Products for a mutually agreed upon Migration Period after termination of this Agreement. During such Migration Period, AnaptysBio shall provide such knowledge transfer and other training to TESARO or its designees as
reasonably necessary for TESARO to continue such activities. In connection with such transfer, AnaptysBio shall transfer to TESARO all quantities of applicable Development Antibodies and Products manufactured by or on behalf of AnaptysBio and in the
possession or control of AnaptysBio or its affiliates or contractors as of the effective date of termination, and assign to TESARO any agreements with Third Parties with respect to the research, development or commercialization of applicable
Development Antibodies or Products. 
 14.5. Expiration. Upon the expiration of the last to expire Royalty Term for Products
resulting from a Discovery Program and Development Program, all licenses and rights to TESARO under Section 5.1 with respect to such Discovery Program and Development Program and Products shall automatically become fully paid up, perpetual and
irrevocable. 
 14.6. Survival Sections. Sections 7, 9, 10, 13, 14.4, 14.5, 14.6, 14.7 and 15 shall survive the expiration or
termination of this Agreement for any reason. 
 14.7. Termination Not Sole Remedy. Termination is not the sole remedy under this
Agreement and, whether or not termination is effected, all other remedies will remain available except as agreed to otherwise herein. 
  

	15.	MISCELLANEOUS 

 15.1. Governing Laws. This Agreement and any dispute arising from
the construction, performance or breach hereof shall be governed by and construed, and enforced in accordance with, the laws of the State of Delaware, without reference to conflicts of laws principles thereof that would result in the application of
any other law. 
 15.2. Waiver. It is agreed that no waiver by either Party hereto of any breach or default of any of the covenants
or agreements herein set forth shall be deemed a waiver as to any subsequent and/or similar breach or default. 

  
 29 

 15.3. Assignment. This Agreement shall not be assignable by either Party to any Third
Party hereto without the written consent of the other Party hereto, and any attempted assignment shall be null and void. Notwithstanding the foregoing, either Party may assign this Agreement, without such consent, to an entity that acquires all or
substantially all of the business or assets of such Party to which this Agreement pertains, whether by merger, reorganization, acquisition, sale, or otherwise. This Agreement shall be binding upon and accrue to the benefit any permitted assignee,
and any such assignee shall agree to perform the obligations of the assignor. 
 15.4. Independent Contractors. The relationship of
the Parties hereto is that of independent contractors. The Parties hereto are not deemed to be agents, partners or joint venturers of the others for any purpose as a result of this Agreement or the transactions contemplated thereby. 

15.5. Compliance with Laws. In exercising their rights under this license, the Parties shall fully comply in all material respects with
the requirements of any and all applicable laws, regulations, rules and orders of any governmental body having jurisdiction over the exercise of rights under this license including, without limitation, those applicable to the discovery, development,
manufacture, distribution, import and export and sale of Products pursuant to this Agreement. 
 15.6. Notices. All notices, requests
and other communications hereunder shall be in writing and shall be personally delivered or by registered or certified mail, return receipt requested, postage prepaid, in each case to the respective address specified below, or such other address as
may be specified in writing to the other Parties hereto and shall be deemed to have been given upon receipt: 
  

					
	If to TESARO:	  	TESARO, Inc.
		  	1000 Winter Street, Suite 3300
		  	Waltham, Massachusetts 02541
		  	Attention:	  	Leon O. Moulder, Jr.,
		  		  	Chief Executive Officer
		  	Facsimile:	  	339-230-3961
			
		  	and	  	
		
		  	TESARO Development Ltd.
		  	Clarendon House
		  	2 Church Street
		  	Hamilton HM 11
		  	Bermuda
		  	Attention:	  	Corporate Secretary
		
	 with a copy (which shall

not constitute notice) to:
	  	Hogan Lovells US LLP
		  	100 International Drive, Suite 2000

  
 30 

					
		  	Baltimore, MD 21202
		  	Attention:	  	Asher M. Rubin
		  	Facsimile:	  	410-659 2701
		
	If to AnaptysBio:	  	AnaptysBio, Inc.
		  	10421 Pacific Center Court, Suite 200
		  	San Diego, CA 92121
		  	Attention:	  	Hamza Suria, Chief Executive Officer
		  	Facsimile:	  	858-366-9055
		
	 with a copy (which shall
 not constitute
notice) to:
	  	Fenwick & West
		  	1191 Second Avenue, 10th Floor
		  	Seattle, WA 98101
		  	Attention:	  	Effie Toshav
		  	Facsimile:	  	206-389-4511

 15.7. Severability. Each Party hereby agrees that it does not intend to violate any public
policy, statutory or common laws, rules, regulations, treaty or decision of any government agency or executive body thereof of any country or community or association of countries. Should one or more provisions of this Agreement be or become
invalid, the Parties hereto shall substitute, by mutual consent, valid provisions for such invalid provisions which valid provisions in their economic effect are sufficiently similar to the invalid provisions that it can be reasonably assumed that
the Parties would have entered into this Agreement with such valid provisions. In the event a Party seeks to avoid a material provision of this Agreement upon an assertion that such provision is invalid, illegal or otherwise unenforceable, the other
Party shall have the right to terminate this Agreement upon sixty (60) days prior written notice to the asserting Party, unless such assertion is eliminated and cured within such sixty (60) day period. Such a termination shall be deemed a
termination by such Party for breach pursuant to Section 14.2. 
 15.8. Force Majeure. Neither Party shall lose any rights hereunder
or be liable to the other Party for damages or losses (except for payment obligations) on account of failure of performance by the defaulting Party if the failure is occasioned by war, strike, fire, Act of God, earthquake, flood, lockout, embargo,
governmental acts or orders or restrictions, failure of suppliers, or any other reason where failure to perform is beyond the reasonable control and not caused by the negligence, intentional conduct or misconduct of the non-performing Party and such
Party has exerted all reasonable efforts to avoid or remedy such force majeure; provided, however, that in no event shall a Party be required to settle any labor dispute or disturbance. 

15.9. Complete Agreement. This Agreement and the Supplemental Information Package, constitute the entire agreement, both written and
oral, between the Parties with respect to the subject matter hereof, and all prior agreements respecting the subject matter hereof, either written or oral, express or implied, shall be abrogated, canceled, and are null and void and of no effect. No
amendment or change hereof or addition hereto shall be effective or binding on either of the Parties hereto unless reduced to writing and executed by the respective duly authorized representatives of AnaptysBio and TESARO. TESARO, Inc., and TESARO
Development, Ltd shall be jointly and severally liable for all obligations of TESARO under this Agreement. 

  
 31 

 15.10. Headings. The captions to the several Sections hereof are not a part of this
Agreement, but are included merely for convenience of reference and shall not affect its meaning or interpretation. 
 15.11.
Counterparts. This Agreement may be executed in counterparts, each of which shall be deemed to be an original and all of which together shall be deemed to be one and the same agreement. 

[signature page follows] 

  
 32 

 IN WITNESS WHEREOF, the Parties hereto have caused this Collaboration and Exclusive
License Agreement to be duly executed by their authorized representatives and delivered in duplicate originals effective as of the Effective Date. 
  

							
	TESARO, INC.	  	ANAPTYSBIO, INC.
				
	By:	  	/s/ Leon O. Moulder, Jr.	  	By:	  	/s/ Hamza Suria
				
	Name:	  	Leon O. Moulder, Jr.	  	Name:	  	Hamza Suria
				
	Title:	  	Chief Executive Officer	  	Title:	  	President & CEO
			
	TESARO DEVELOPMENT, LTD.	  		  	
				
	By:	  	/s/ Leon O. Moulder, Jr.	  		  	
				
	Name:	  	Leon O. Moulder, Jr.	  		  	
				
	Title:	  	Chief Executive Officer	  		  	

 Signature page to Collaboration and Exclusive License Agreement 

 Schedule 12.2(i) 

AnaptysBio Patents 
 [*] 

  
 *Confidential
Treatment Requested. 

 AMENDMENT NO. 1 

TO COLLABORATION AND EXCLUSIVE LICENSE AGREEMENT 

This Amendment No. 1 to the Collaboration and Exclusive License Agreement (this “Amendment”) effective as of
November 28, 2014 (the “Amendment Date”), is entered into is made by and between (i) AnaptysBio, Inc., a Delaware corporation, having a place of business at 10421 Pacific Center Court, Suite 200, San Diego,
California 92121 (“AnaptysBio”), and (ii) TESARO, Inc., a Delaware corporation, having a place of business at 1000 Winter Street, Suite 3300, Waltham, Massachusetts 02541 (“TESARO US”) and TESARO
Development, Ltd., a Bermuda corporation, having its principal office at Clarendon House, 2 Church Street, Hamilton HM 11, Bermuda (together with TESARO US, “TESARO”). 

WHEREAS, the parties previously entered into that certain Collaboration and Exclusive License Agreement dated as of March 10, 2014 (the
“Agreement”); 
 WHEREAS, the parties wish to amend the Agreement in certain respects on the terms and conditions set forth
herein. 
 NOW THEREFORE, capitalized terms not defined in this Amendment shall have the meaning ascribed in the Agreement, and the parties
hereby agree as follows: 
 1. Amendment License Fee. Within ten (10) business days following the Amendment Date, TESARO
shall pay to AnaptysBio a non-creditable, non-refundable license fee of two million dollars (USD $2,000,000.00). 
 2.
Amendment. The following Sections of the Agreement are hereby amended and replaced in their entirety as follows: 
 2.1.
Section 1 of the Agreement is amended to add the following new definitions: 
 (a) 1.51 “[*]” shall mean [*].

 (b) 1.52 “[*]” shall mean both [*] and shall be used with respect to a Development Antibody that is specifically
designed to cross-react and antagonize both [*]. 
 (c) 1.53 “[*] Development Program” shall mean the development
program to be conducted in accordance with Section 3 for the development of Development Antibodies generated under the [*] Discovery Program. 

(d) 1.54 “[*] Discovery Program” shall mean the discovery program to be conducted in accordance with Section 2
for the development of antibodies directed to antagonize both [*]. 
 2.2. Section 1.14, the definition of “Development
Programs”, is amended to add the [*] Development Program. 

  
 *Confidential
Treatment Requested. 

 2.3. Section 1.15, the definition of “Discovery Plan”, is amended to add
Exhibit A-4 to the Supplemental Information Package. 
 2.4. Section 1.16, the definition of “Discovery Programs”, is
amended to add the [*] Discovery Program. 
 2.5. Section 1.41, the definition of “Target(s)”, is amended to include
[*]. 
 2.6. Section 2.4 is hereby amended by adding the following new sentence immediately following the end of
Section 2.4: “Exhibit A-4 to the Supplemental Information Package is hereby added as an additional Discovery Program to be carried out in accordance with this Agreement.” 

2.7. Section 5.3(a) of the Agreement is hereby amended by adding the following new sentence immediately following the end of
Section 5.3(a): 
 [*] 
 3.
TESARO shall pay AnaptysBio each of the milestone payments set forth in Section 6.3 of the License Agreement [*]. 
 4.
Discovery Plan. The Discovery Plan for the [*] Discovery Program shall be added to the Supplemental Information Package as Exhibit A-4, thereto. 

5. Press Release. Disclosure of the terms of this Amendment are subject to Section 11.1 of the Agreement, provided that the
press release attached to this Amendment as Appendix A shall be jointly released by both Parties promptly following the Amendment Date. 

6. Miscellaneous. This Amendment shall be effective for all purposes as of the Amendment Date. Except as expressly modified
herein, the Agreement shall continue to remain in full force and effect in accordance with its terms. This Amendment may be executed in counterparts, each of which shall be deemed to be an original and together shall be deemed to be one and the same
document. 

  
 *Confidential
Treatment Requested. 

 IN WITNESS WHEREOF, the parties have caused this Amendment to be executed by their respective
duly authorized representatives effective as of the Amendment Date. 
  

							
	TESARO, INC.	  	ANAPTYSBIO, INC.
				
	By:	  	/s/ Leon O. Moulder, Jr.	  	By:	  	/s/ Hamza Suria
				
	Name:	  	Leon O. Moulder, Jr.	  	Name:	  	Hamza Suria
				
	Title:	  	Chief Executive Officer	  	Title:	  	President & CEO
			
	TESARO DEVELOPMENT, LTD.	  		  	
				
	By:	  	/s/ Leon O. Moulder, Jr.	  		  	
				
	Name:	  	Leon O. Moulder, Jr.	  		  	
				
	Title:	  	Chief Executive Officer	  		  	

 Appendix A 

Press Release 

 FOR RELEASE ON DECEMBER 2, 2014 AT 5:15 AM ET 

TESARO AND ANAPTYSBIO EXPAND IMMUNO-ONCOLOGY COLLABORATION TO INCLUDE NOVEL BISPECIFIC ANTIBODY CANDIDATE 

—Candidate Will Target Two Undisclosed Immune Checkpoints 

—Anti-TIM-3 Antibody Data to be Presented Today at the AACR Conference in Orlando 

WALTHAM, MA, and SAN DIEGO, CA – December 2, 2014 – TESARO, Inc. (NASDAQ: TSRO), an oncology-focused biopharmaceutical company, and AnaptysBio,
Inc., a privately-held therapeutic antibody company, today announced an expansion of their immuno-oncology collaboration and exclusive license agreement to include development of a novel bispecific antibody candidate designed to target two
undisclosed immune checkpoints. 
 AnaptysBio and TESARO first initiated their collaboration in March of 2014, and have together focused on the development
of monospecific antibody drug candidates targeting TIM-3, LAG-3 and PD-1 and dual reactive antibody drug candidates targeting PD-1/TIM-3 and PD-1/LAG-3. Since the beginning of this partnership, Investigational New Drug (IND) enabling preclinical
studies of TSR-042 (anti-PD-1 antibody candidate) have been initiated, and additional clinical candidates have been identified, including lead candidates targeting TIM-3 and LAG-3. 

“Through our collaboration with AnaptysBio, we are employing a variety of approaches, including monospecific, bispecific and dual specific antibodies, to
address some of the most validated and promising immune checkpoint targets,” said Mary Lynne Hedley, president and COO of TESARO. “We are committed to advancing the science of immuno-oncology in order to potentially transform the care of
patients with cancer. Our team looks forward to continued collaboration with AnaptysBio on these programs and to the presentation of data describing our anti-TIM-3 antibody candidate at the AACR conference later today in Orlando.” 

“AnaptysBio continues to focus on the development of therapeutic antibodies for unmet medical needs in immuno-oncology, inflammation and fibrosis. Our
strategic advantage is the ability to rapidly discover and develop therapeutic antibodies against emerging biological targets using the natural somatic hypermutation mechanism encoded within the human immune system,” said Hamza Suria, president
and CEO of AnaptysBio. “We are pleased to expand our collaboration with TESARO, and look forward to advancing multiple immuno-oncology antibodies into the clinic.” 

Under the terms of this expansion, TESARO will pay AnaptysBio an undisclosed upfront fee and will provide funding for all costs incurred by AnaptysBio related
to the development of a clinical antibody candidate. For each program within the collaboration, AnaptysBio is eligible to receive milestone payments if certain research and development events are achieved and additional payments for achievement of
certain U.S. and ex-U.S. regulatory submissions and approvals in multiple indications. AnaptysBio will also be eligible to receive royalties related to worldwide net sales of products developed under the collaboration, and may earn certain
commercial milestone payments if specified levels of annual worldwide net sales are attained. AnaptysBio and TESARO will together complete preclinical development of the antibody candidates, with 

  
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TESARO being solely responsible for all clinical development, manufacturing, regulatory and commercial activities. 

AACR Poster Presentation Details 
 AACR Conference: Tumor
Immunology and Immunotherapy: A New Chapter (Orlando) Tuesday, December 2, 2014, 1:15 PM to 3:30 PM, Poster Session A 
 Abstract title:
Identification and characterization of a potent anti-human TIM-3 antagonist 
 This poster will be available following its presentation at:
http://www.tesarobio.com/documents/AACRDec2014.pdf 
 About AnaptysBio 

AnaptysBio is a privately-held antibody development company advancing first-in-class programs in immuno-oncology, inflammation and fibrosis. AnaptysBio’s
proprietary SHM-XELTM platform, which couples fully human antibody libraries with in vitro somatic hypermutation in mammalian cells to generate high affinity antibodies. replicates key features of the human immune system and overcomes
limitations of prior antibody technologies. Multiple antibodies emanating from the AnaptysBio pipeline are currently undergoing IND-enabling studies with potentially transformative clinical read-outs during the 2016-2017 timeframe. For more
information, visit www.anaptysbio.com 
 About TESARO 

TESARO is an oncology-focused biopharmaceutical company dedicated to improving the lives of cancer patients by acquiring, developing and commercializing safer
and more effective therapeutics. For more information, visit www.tesarobio.com. 
 TESARO Contact:  

Jennifer Davis Sr. 
 Director, Corporate Development &
Investor Relations 
 +1.781.325.1116 or jdavis@tesarobio.com 

AnaptysBio Contact:  
 Julie Rathbun 

+1.206.769.9219 or julie@rathbuncomm.com 
 To the
extent that statements contained in this press release are not descriptions of historical facts regarding TESARO, they are forward-looking statements reflecting the current beliefs and expectations of management made pursuant to the safe harbor
provisions of the Private Securities Litigation Reform Act of 1995. Words such as “may,” “will,” “expect,” “anticipate,” “estimate,” “intend,” and similar expressions (as well as other
words or expressions referencing future events, conditions or circumstances) are intended to identify forward-looking statements. Examples of forward looking statements contained in this press release include, among others, statements regarding our
expectations regarding the timing of both the selection of clinical candidates from the programs and the commencement of clinical testing, our development plans for any antibody therapeutic candidates individually and in combination

  
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other products and product candidates, and our ability to form partnerships in the future in support of our overall oncology strategy. Forward-looking statements in this release involve
substantial risks and uncertainties that could cause our research and pre-clinical development programs, clinical development programs, future results, performance or achievements to differ significantly from those expressed or implied by the
forward-looking statements. Such risks and uncertainties include, among others. the uncertainties inherent in the research and development of therapeutic antibodies, including the selection, pre-clinical testing and manufacturing of antibodies,
initiation of future clinical trials, availability of data from ongoing clinical trials, expectations for regulatory approvals, and other matters that could affect the availability or commercial potential of our drug candidates. TESARO undertakes no
obligation to update or revise any forward-looking statements. For a further description of the risks and uncertainties that could cause actual results to differ from those expressed in these forward-looking statements, as well as risks relating to
the business of the Company in general, see TESARO’s Annual Report on Form 10-K for the year ended December 31, 2013, and Quarterly Report on Form 10-Q for the quarter ended September 30, 2014. 

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