Document:

EX-10.12

 Exhibit 10.12 

CERTAIN CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, MARKED BY [***], HAS BEEN OMITTED BECAUSE IT IS NOT MATERIAL AND WOULD LIKELY
CAUSE COMPETITIVE HARM TO THE COMPANY IF PUBLICLY DISCLOSED 
 STRATEGIC COLLABORATION AGREEMENT 

BY AND BETWEEN 
 LIANBIO

 AND 
 PFIZER
INC. 

 TABLE OF CONTENTS 

 

							
		
	 ARTICLE 1 DEFINITIONS
	  	 	1	 
		
	 ARTICLE 2 OPTED-IN PRODUCTS 
	  	 	8	 
			
	 2.1
	 	Product Sourcing	  	 	8	 
			
	 2.2
	 	Opt-In Exercise Mechanism; Disclosure of Information	  	 	8	 
			
	 2.3
	 	Pfizer Proposed Product	  	 	9	 
			
	 2.4
	 	Development of Opt-In Product	  	 	9	 
			
	 2.5
	 	Use of Cash; Reimbursement Obligations	  	 	9	 
			
	 2.6
	 	Joint Steering Committees	  	 	11	 
			
	 2.7
	 	Pfizer Services	  	 	12	 
		
	 ARTICLE 3 RIGHT OF FIRST NEGOTIATION 
	  	 	12	 
			
	 3.1
	 	Overview	  	 	12	 
			
	 3.2
	 	Exercise Mechanism	  	 	13	 
			
	 3.3
	 	Right of Last Refusal	  	 	13	 
			
	 3.4
	 	Third Party Transaction	  	 	14	 
			
	 3.5
	 	Commercialization Agreement	  	 	14	 
			
	 3.6
	 	Termination	  	 	15	 
		
	 ARTICLE 4 FINANCIAL CONSIDERATIONS 
	  	 	15	 
			
	 4.1
	 	Consideration	  	 	15	 
			
	 4.2
	 	Withholding Taxes	  	 	15	 
			
	 4.3
	 	VAT	  	 	15	 
			
	 4.4
	 	Other Taxes	  	 	16	 
			
	 4.5
	 	Delay Due to SAFE Restriction	  	 	16	 
			
	 4.6
	 	Additional Tax or VAT Liability	  	 	16	 
		
	 ARTICLE 5 JOINT COLLABORATION COMMITTEE; ALLIANCE MANAGER 
	  	 	16	 
			
	 5.1
	 	Joint Collaboration Committee	  	 	16	 
			
	 5.2
	 	Alliance Managers	  	 	18	 
		
	 ARTICLE 6 INTELLECTUAL PROPERTY 
	  	 	18	 
			
	 6.1
	 	Ownership of Inventions	  	 	18	 
		
	 ARTICLE 7 REPRESENTATIONS AND WARRANTIES 
	  	 	19	 
			
	 7.1
	 	Representations and Warranties	  	 	19	 
			
	 7.2
	 	No Other Warranties	  	 	20	 
		
	 ARTICLE 8 INDEMNIFICATION 
	  	 	20	 
			
	 8.1
	 	Indemnification by the Company	  	 	20	 
			
	 8.2
	 	Indemnification by Pfizer	  	 	20	 
			
	 8.3
	 	Claim for Indemnification	  	 	20	 

  
 i 

							
	 ARTICLE 9 TERM; TERMINATION
	  	 	21	 
			
	 9.1
	 	Term	  	 	21	 
			
	 9.2
	 	Early Termination of the Agreement	  	 	22	 
			
	 9.3
	 	Effects of Termination	  	 	22	 
		
	 ARTICLE 10 CONFIDENTIALITY;
NON-USE
	  	 	23	 
			
	 10.1
	 	Confidential Information	  	 	23	 
			
	 10.2
	 	Excluded Information	  	 	24	 
			
	 10.3
	 	Terms of the Agreement	  	 	24	 
			
	 10.4
	 	Publicity; Use of Names	  	 	24	 
		
	 ARTICLE 11 MISCELLANEOUS
	  	 	24	 
			
	 11.1
	 	Dispute Resolution; Escalation	  	 	24	 
			
	 11.2
	 	Arbitration	  	 	25	 
			
	 11.3
	 	Governing Law; Jurisdiction and Venue	  	 	25	 
			
	 11.4
	 	Assignment and Successors	  	 	25	 
			
	 11.5
	 	Force Majeure	  	 	26	 
			
	 11.6
	 	Notices	  	 	26	 
			
	 11.7
	 	Waiver	  	 	27	 
			
	 11.8
	 	Severability	  	 	27	 
			
	 11.9
	 	Entire Agreement	  	 	27	 
			
	 11.10
	 	Independent Contractors	  	 	27	 
			
	 11.11
	 	Interpretation	  	 	27	 
			
	 11.12
	 	Further Actions	  	 	28	 
			
	 11.13
	 	Construction of Agreement	  	 	28	 
			
	 11.14
	 	Counterparts	  	 	28	 
			
	 11.15
	 	Compliance with Laws	  	 	28	 
			
	 11.16
	 	Performance by Affiliates	  	 	28	 

  
 ii 

 STRATEGIC COLLABORATION AGREEMENT 

This STRATEGIC COLLABORATION AGREEMENT (the “Agreement”) is entered into as of November 17, 2020 (the “Effective
Date”), by and between LianBio, an exempted company organized under the laws of the Cayman Islands (the “Company”) and Pfizer Inc., a Delaware corporation, having an address of 235 East 42nd Street, New York, New York 10017 (“Pfizer”). The Company and Pfizer each may be referred to herein individually as a “Party” or collectively as the
“Parties.” All attached appendices and exhibits are a part of this Agreement. 
 RECITALS 

WHEREAS, the Company is an innovative biopharmaceutical company specialized in the in-license,
research, Development and Commercialization of pharmaceutical and biological products in the Territory; 
 WHEREAS, Pfizer is one of
the world’s premier biopharmaceutical companies and has extensive expertise and experience in the Development and Commercialization of pharmaceutical and biological products; and 

WHEREAS, the Parties wish to enter into a strategic collaborative arrangement in the
in-license, Development and Commercialization of certain pharmaceutical and biological products in the Territory. 

NOW, THEREFORE, in consideration of the premises and the mutual promises and conditions hereinafter set forth, and other good and
valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Parties, intending to be legally bound, do hereby agree as follows: 

ARTICLE 1 
 DEFINITIONS

 For purposes of this Agreement, the following capitalized terms will have the following meanings: 

“Action” means any claim, action, cause of action or suit (whether in contract or tort or otherwise), litigation (whether at
law or in equity, whether civil or criminal), assessment, arbitration, investigation, hearing, charge, complaint, demand, notice or proceeding of, to, from, by or before any Governmental Authority. 

“Aggregate Contingent Payment Cap” has the meaning set forth in Section 2.5.2(c). 

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

“Affiliate” means, with respect to any Person, any Person controlling, controlled by or under common control with such first
Person, at the time that the determination of affiliation is made and for as long as such control exists. For purposes of this definition, “control” means (a) direct or indirect ownership of fifty percent (50%) or more of the
stock or shares having the right to vote for the election of directors of such Person (or if the jurisdiction where such Person is domiciled prohibits foreign ownership of such entity, the maximum foreign ownership interest permitted under such
Laws; provided, however, that such ownership interest provides actual control over such Person), (b) status as a general partner in any partnership, or (c) the possession, directly or indirectly, of the power to direct, or cause
the direction of, the management or policies of such Person, whether through the ownership of voting securities, by contract or otherwise. Affiliates of a Party shall exclude Persons who are financial investors of such Party or under common control
of such financial investors other than such Party and its subsidiary entities. 

 “Alliance Manager” has the meaning set forth in
Section 5.2.1. 
 “Anti-Corruption Laws” include all applicable anti-bribery and anti-corruption
laws and regulations, including the United States Foreign Corrupt Practices Act (the “FCPA”), the United Kingdom Bribery Act 2010 (the “U.K. Bribery Act”), the Criminal Law and Anti-Unfair Competition Law of the PRC, the
Prevention of Bribery Ordinance of Hong Kong, and laws implementing the Convention on Combating Bribery of Foreign Public Officials in International Business Transactions, and the local laws and regulations of any countries in which payments will be
provided or Development will be conducted under this Agreement. 
 “Breaching Party” has the meaning set forth in
Section 9.2.1. 
 “Business Day” means any day, other than a Saturday or a Sunday, on which the
banks in New York, Beijing, Hong Kong or Cayman Islands are open for business. 
 “Calendar Quarter” means each of the
three month periods ending on March 31, June 30, September 30, and December 31 of any Calendar Year; provided, however: (a) the first Calendar Quarter of the Term will extend from the Effective Date to the end
of the Calendar Quarter in which the Effective Date occurs; and (b) the last Calendar Quarter will extend from the beginning of the Calendar Quarter in which this Agreement expires or terminates until the effective date of such expiration or
termination. 
 “Calendar Year” means, each twelve (12)-month period commencing on January 1 and ending on December
31. 
 “Cessation Event” has the meaning set forth in Section 3.2.4. 

“Clinical Study” means a study in which human subjects or patients are dosed with a drug, whether approved or
investigational. 
 “Commercialization”, “Commercializing” or “Commercialize” means any
and all activities related to the pre-marketing, launching, marketing, promotion (including advertising and detailing), labeling, bidding and listing, pricing and reimbursement, distribution, storage,
handling, offering for sale, selling, having sold, importing and exporting for sale, having imported and exported for sale, distribution, having distributed, customer service and support, and post-marketing safety surveillance and reporting of a
product, but not including Manufacturing. 
 “Commercialization Agreement” has the meaning set forth in
Section 3.2.3. 
 “Commercialization Transaction” has the meaning set forth in
Section 3.1. 
 “Commercially Reasonable Efforts” means, (a) with respect to Pfizer, those
reasonable, good faith efforts to accomplish any objective as Pfizer would normally use to accomplish a similar objective under similar circumstances, and (b) with respect to Company, those reasonable, good faith efforts to accomplish any
objective that are commonly used by a company in the industry of a similar size and profile as Company to accomplish a similar objective under similar circumstances. With respect to any efforts by Company to Develop or Manufacture a Product, Company
will exercise efforts commensurate with those used by a company in the industry of a similar size and profile as Company with respect to a product at a similar stage in its development or product life and of a similar market and profitability
potential to the applicable Product and taking into account all relevant factors including the intellectual property protection of the product, product labeling or anticipated labeling, market potential, financial return, medical and clinical
considerations, regulatory environments and competitive market conditions, market exclusivity, and other technical legal, scientific, medical or commercial factors that such a company would reasonably deem to be relevant. 

  
 2 

 “Company” has the meaning set forth in the preamble. 

“Company Bank Account” means a bank account designated in writing by the Company, as may be updated from time to time by one
(1) Business Day’s prior written notice from the Company to Pfizer. 
 “Confidential Information” means all trade
secrets or confidential or proprietary information (including any tangible materials embodying any of the foregoing) of the disclosing Party, its Affiliates or any third parties that the disclosing Party has a business or strategic relationship with
provided or disclosed to the other Party or any of its Affiliates in connection with this Agreement; provided, however, that Confidential Information will not include information that: 

(i) has been published by a Third Party or otherwise is or hereafter becomes part of the public domain by public use, publication, general
knowledge or the like through no breach of this Agreement on the part of the receiving Party; 
 (ii) has been in the receiving Party’s
possession prior to disclosure by the disclosing Party hereunder, and not through a prior disclosure by the disclosing Party, without any obligation of confidentiality with respect to such information (as evidenced by the receiving Party’s or
such Affiliate’s written records or other competent evidence); 
 (iii) is subsequently received by the receiving Party from a Third
Party who is not known by the receiving Party to be under an obligation of confidentiality to the disclosing Party under any agreement between such Third Party and the disclosing Party; or 

(iv) has been independently developed by or for the receiving Party without reference to, or use or disclosure of, the disclosing Party’s
Confidential Information (as evidenced by the receiving Party’s or such Affiliate’s written records or other competent evidence). 

“Company Indemnified Party” has the meaning set forth in Section 8.2. 

“Contingent Payments” has the meaning set forth in Section 4.1.3. 

“Control” or “Controlled” means, with respect to any Know-How,
Patent Right, Regulatory Filing, Regulatory Approval or other property right, the legal authority or right (whether by ownership, license (other than a license granted pursuant to this Agreement) or otherwise) of a Person or its Affiliate, to grant
access, a license or a sublicense of or under such Know-How, Patent Right, Regulatory Filing, Regulatory Approval or other property right, without (a) breaching the terms of any agreement with a Third
Party and (b) paying any consideration to any Third Party, except for that which a Party in-licenses and under which the other Party elects to take a sublicense and agrees to make the associated payments,
which will be considered under the Control of such Party. 
 “Debarred/Excluded” means any Person becoming debarred or
suspended under 21 U.S.C. §335(a) or (b), the subject of a conviction described in Section 306 of the FFDCA, excluded, or having previously been excluded, from a federal or Governmental health care program, debarred from federal
contracting, convicted of or pled nolo contendere to any felony, or to any federal or state legal violation (including misdemeanors) relating to prescription drug products or fraud, the subject to OFAC sanctions or on the OFAC list of specially
designated nationals, or the subject of any similar sanction of any Regulatory Authority in the Territory. 
 “Development”
or “Develop” means non-clinical, pre-clinical, and clinical drug research and development activities, whether before or after Regulatory Approval,
including drug metabolism and pharmacokinetics, translational research, toxicology, pharmacology, test method development and stability testing, process and packaging development and improvement, process validation, process scale-up, formulation development, delivery system development, quality assurance and quality 

  
 3 

 
control development, statistical analysis, conduct of Clinical Studies, regulatory affairs, the preparation and submission of Regulatory Filings, Clinical Study regulatory activities, and any
other activities directed towards obtaining or maintaining Regulatory Approval of any Opted-In Product. Development includes use and importation of the relevant compound or
Opted-In Product to conduct such Development activities. Development will not include Commercialization activities. 

“Development Costs” means all reasonable and documented
out-of-pocket costs directly related to and incurred by Company in conducting Development of an Opted-In Product. 

“Dispute” has the meaning set forth in Section 11.1. 

“Dollars” or “US$” means United States dollars. 

“Effective Date” has the meaning set forth in the preamble. 

“Eligible Costs” means the sum of (a) fifty percent (50%) of any cash upfront payment incurred by the Company to in-license Opted-In Products and (b) one hundred percent (100%) of Development Costs arising in connection with the Registration Trials for
Opted-In Products. 
 “Exercise Period” has the meaning set forth in
Section 3.1. 
 “Excluded Information” means [***]. 

“First Opt-In Contingent Payment Cap” has the meaning set forth in
Section 2.5.1(d). 
 “Government” or “Governmental Authority” means (i) any
multinational, federal, national, state, provincial, local, regional or other entity, office, commission, bureau, agency, political subdivision, instrumentality, branch, department, authority, board, court, arbitral or other tribunal, official or
officer, exercising executive, judicial, legislative, police, regulatory, administrative or taxing authority or functions of any nature pertaining to government, (ii) any enterprise or instrumentality performing a government function; or
(iii) any political party. 
 “Government Official” is broadly interpreted and includes: (i) any elected or
appointed Government official (e.g., a legislator or a member of a ministry of health); (ii) any employee or person acting for or on behalf of a Government, a Government department or agency, an institution or entity owned or controlled by a
Government (e.g., a healthcare professional employed by a Government-owned or -controlled hospital, or a person serving on a healthcare committee that advises a Government), or an enterprise or instrumentality performing a governmental
function; (iii) any candidate for public office, or officer, employee, or person acting for or on behalf of a political party or candidate for public office; (iv) an employee or person acting for or on behalf of a public international
organization (e.g., the United Nations, the Red Cross, or the World Bank); (v) any member of a military or a royal or ruling family; and (vi) any person otherwise categorized as a Government official under law. 

“GxP” means collectively, all relevant good practice quality guidelines and regulations, encompassing such internationally
recognized standards as Good Manufacturing Practice (GMP), Good Clinical Practice (GCP), Good Laboratory Practice (GLP), Good Distribution Practice (GDP), and Good Review Practice (GRP). 

“HCP” or “Healthcare Professional” includes any physician, nurse, pharmacist, or other person who may
administer, prescribe, purchase, or recommend pharmaceutical products or other healthcare products. 
 “HKIAC” has the
meaning set forth in Section 11.2. 

  
 4 

 “Indemnified Party” means a Person entitled to indemnification under
Article 8. 
 “Indemnifying Party” means a Party from whom indemnification is sought under Article 8. 

“Invention” means inventions, Know-How, developments or discoveries, whether
patentable or non-patentable. 
 “Joint Collaboration Committee” or
“JCC” has the meaning set forth in Section 5.1.1. 
 “Joint Steering Committee”
or “JSC” has the meaning set forth in Section 2.6.1. 

“Know-How” means all chemical and biological materials and other tangible materials,
inventions, practices, methods, protocols, formulae, knowledge, know-how, trade secrets, processes, procedures, assays, skills, experience, techniques, information, data and results of experimentation and
testing, including pharmacological, toxicological and pre-clinical and clinical test data and analytical and quality control data, patentable or otherwise. 

“Law” or “Laws” means any applicable United States federal, state, or local law, or foreign or multinational
law, statute, standard, ordinance, code, rule, regulation, resolution, or promulgation, or any order, writ, judgment, injunction, decree, stipulation, ruling, determination, or award entered by or with any Governmental Authority, or any license,
franchise, permit, or similar right granted under any of the foregoing, or any similar provision having the force or effect of law, including all applicable Anti-Corruption Laws, accounting and recordkeeping laws, and laws relating to interactions
with HCPs and Government Officials. For the avoidance of doubt, any specific references to any Applicable Law or any portion thereof shall be deemed to include all then-current amendments thereto or any replacement or successor law, statute,
standard, ordinance, code, rule, regulation, resolution, promulgation, order, writ, judgment, injunction, decree, stipulation, ruling, or determination thereto.. 

“Losses” means damages, losses, liabilities, costs (including costs of investigation, defense), fines, penalties, taxes,
expenses, or amounts paid in settlement (in each case, including reasonable attorneys’ and experts’ fees and expenses), in each case resulting from an Action. 

“Manufacture” or “Manufacturing” means all activities related to the production of the Opted-In Product, including the production of any of the following to the extent used in the Opted-In Product: any drug substance produced in bulk form for use as an active
pharmaceutical ingredient, drug product, compounded or finished final packaged and labeled form, and in intermediate states, including the following activities: reference standard preparation, cell bank preparation, mammalian cell production,
purification, formulation, scale-up, packaging, quality assurance oversight, quality control testing (including in-process release and stability testing), validation
activities directly related to all of the foregoing, and data management and recordkeeping related to all of the foregoing. References to a Person engaging in Manufacturing activities will include having any or all of the foregoing activities
performed by a Third Party. 
 “Marketing Authorization” means the grant of all necessary final or conditional permits,
registrations, authorizations, licenses and approvals (or waivers) required for the importation and Commercialization of the Opted-In Product for use and in the Territory, including any Regulatory Approval for
sale or marketing, and, where required, Pricing and Reimbursement Approvals. 

“Non-Breaching Party” has the meaning set forth in
Section 9.2.1. 
 “Opt-In Notice” has the meaning set
forth in Section 2.2.1. 
 “Opt In” has the meaning set forth in
Section 2.2.2. 

  
 5 

 “Opt-In Confirmation” has the
meaning set forth in Section 2.2.2. 
 “Opt-In Data
Package” has the meaning set forth in Section 2.2.1. 

“Opted-In Product” has the meaning set forth in
Section 2.2.2. 
 “Pfizer” has the meaning set forth in the preamble. 

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

“Patent Rights” means the rights and interests in and to (a) all patents and patent applications (including provisional
applications), including all divisionals, continuations, substitutions, continuations-in-part, re-examinations, re-issues, additions, renewals, extensions, confirmations, registrations, any other pre- or post-grant forms of any of the foregoing, (b) any confirmation patent or
registration patent or patent of addition, utility models, patent term extensions, and supplemental protection certificates or requests for continued examinations, foreign counterparts, and the like of any of the foregoing, (c) any and all
patents that have issued or in the future issue from the foregoing patent applications, including author certificates, utility models, petty patents, innovation patents and design patents and certificates of invention. 

“Person” means any natural person, corporation, general partnership, limited partnership, joint venture, proprietorship or
other business organization or a Governmental Authority. 
 “Pfizer’s Best Offer” has the meaning set forth in
Section 3.4.1. 
 “Pfizer Indemnified Party” has the meaning set forth in
Section 8.1. 
 “Pfizer Proposal Notice” has the meaning set forth in Section 2.3. 

“Pfizer Proposed Product” has the meaning set forth in Section 2.3. 

“Pfizer Proposed Product Confirmation” has the meaning set forth in Section 2.3. 

“Pfizer Proposed Product Deadline” has the meaning set forth in Section 2.3.2. 

“Pfizer Services” has the meaning set forth in Section 2.7. 

“Pfizer Services Agreement” has the meaning set forth in Section 2.7. 

“Pfizer Withholding Tax Action” has the meaning set forth in Section 4.2.2. 

“PRC” means the People’s Republic of China, which for the purposes of this Agreement, excludes Hong Kong, Macau and
Taiwan. 
 “Product” means any pharmaceutical or biological product in any therapeutic area that the Company acquires the
rights to Develop and Commercialize in the Territory, following the Effective Date. 
 “Region” means each of the PRC,
Macau, Hong Kong, Taiwan. 
 “Registration Trials” shall include (a) a Phase IIb and/or a Phase III pivotal clinical
trial (as part of a multi-region clinical trial or a stand-alone pivotal trial) for such Product in the PRC; (b) bridging trials in the Territory for Products that are already approved outside the Territory; (c) post-approval commitment
trials for Products that achieve clinical trial waiver or conditional approval in the Territory; and/or (d) clinical trials and other regulatory activities other than Phase I or Phase IIa that are required by applicable Laws or Regulatory
Authority for obtaining a full-term Marketing Authorization of such Product in the Territory. 

  
 6 

 “Regulatory Approval” means the final or conditional approval of the
applicable Regulatory Authority necessary for the marketing and sale of the Opted-In Product in a Region(s). 

“Regulatory Approval Application” means an application to seek regular or expedited Regulatory Approval of the Opted-In Product for sale or marketing in any Region(s) in the Territory, as defined in the applicable Laws and filed with the Regulatory Authority of such Region(s). 

“Regulatory Authority” means any multinational, federal, national, state, provincial or local regulatory agency, department,
bureau or other Governmental Authority with authority over the clinical development, Manufacture, marketing or sale of the Opted-In Product in a Region, including the National Medical Products Administration
(formerly the China Food and Drug Administration) in the PRC. 
 “Regulatory Filing” means any documentation comprising or
relating to or supporting any filing or application with any Regulatory Authority with respect to the Opted-In Product, including any documents submitted to any Regulatory Authority, including INDs, Regulatory
Approval Applications, and all correspondence with any Regulatory Authority with respect to any Opted-In Product (including minutes of any meetings, telephone conferences or discussions with any Regulatory
Authority). 
 “Representatives” has the meaning set forth in Section 10.1.2. 

“ROFN” has the meaning set forth in Section 3.1. 

“ROFN Exercise Deadline” has the meaning set forth in Section 3.2.1. 

“ROFN Exercise Notice” has the meaning set forth in Section 3.2.2. 

“ROFN Deadline Notice” has the meaning set forth in Section 3.2.1. 

“ROLR” has the meaning set forth in Section 3.3.1. 

“ROLR Trigger Notice” has the meaning set forth in Section 3.3.1. 

“SAFE” has the meaning set forth in Section 4.5. 

“Second Opt-In Payment” has the meaning set forth in Section 4.1.2. 

“Second Opt-In Contingent Payment Cap” has the meaning set forth in
Section 2.5.2(c). 
 “Senior Officers” means, with respect to Company, its Chief Executive
Officer or his/her designee, and with respect to Pfizer, the General Manager of Pfizer China or his/her designee. 
 “Sourcing
Activities” has the meaning set forth in Section 2.1.1. 
 “Term” has the meaning set
forth in Section 9.1. 
 “Territory” means the PRC, Hong Kong, Macau and Taiwan. 

“Third Party” means any Person other than a Party or any of its Affiliates. 

“Third Party Claim” has the meaning set forth in Section 8.3.1. 

  
 7 

 “Third Party Commercialization Agreement” has the meaning set forth in
Section 3.2.4. 
 “Third Party Losses” means Losses resulting from an Action by a Third Party.

 “United States” or “U.S.” or “US” means the United States and its territories,
possessions and commonwealths. 
 “Upfront Payment” has the meaning set forth in Section 4.1.1.

 “VAT” has the meaning set forth in Section 4.3. 

ARTICLE 2 
 OPTED-IN PRODUCTS 
 2.1 Product Sourcing. 

2.1.1 Until the date on which [***], the Company will use Commercially Reasonable Efforts to identify and acquire rights to Develop and
Commercialize Products in the Territory (such efforts, the “Sourcing Activities”). 
 2.1.2 On a Product-by-Product basis, in the event that the Company, in its sole discretion, desires to seek a Third Party partner for the Commercialization in the Territory of any existing or potential Product, Pfizer
shall have an option to opt-in to a collaboration with respect to such Product subject to the terms and conditions of this Article 2. 

2.2 Opt-In Exercise Mechanism; Disclosure of Information. 

2.2.1 Opt-In Notice. The Company may, in its sole discretion, provide written notice to Pfizer
with respect any Product (an “Opt-In Notice”) provided that the Company must provide an Opt-In Notice prior to engaging in any outreach to a Third Party
regarding any potential Development or Commercialization opportunity with respect to any Product. Such Opt-In Notice shall be accompanied by information with respect to: [***] (collectively, the “Opt-In Data Package”), provided that the Opt-In Data Package shall not include any Excluded Information. Exhibit A hereto shall include a list of all Opt-In Notices provided and the date of such Opt-In Notices, and shall be updated from time to time by the chairperson of the JCC in accordance with
Section 5.1.2. 
 2.2.2 Opt-In Confirmation. Within [***] after
Pfizer’s receipt of the relevant Opt-In Notice and the Opt-In Data Package, Pfizer shall have an option to opt-in to a
collaboration (“Opt In”) with respect to such Product by providing written notice to the Company (an “Opt-In Confirmation”). Upon the Company’s receipt of an Opt-In Confirmation, such opted-in Product shall thereafter be an “Opted-In Product” and subject to Pfizer’s
confidentiality and non-use obligations as set forth in Article 10, the Company shall make available to Pfizer the Excluded Information (and other such information as Pfizer may reasonably request) with
respect to such Opted-In Product. Exhibit A hereto shall include a list of all Opted-In Products and the date of the relevant
Opt-In Confirmation and shall be updated from time to time by the chairperson of the JCC in accordance with Section 5.1.2. 

2.2.3 Expiration of Opt-In. In the event Pfizer does not Opt In in accordance with
Section 2.2.2, the Company shall be free to pursue such Product on its own or with a Third Party. 

  
 8 

 2.3 Pfizer Proposed Product. 

2.3.1 Pfizer Proposal Notice. Pfizer may, in its sole discretion, identify and propose to the Company in writing potential assets of
interest to Pfizer for the Company to pursue and acquire rights to Develop and Commercialize such potential asset (such written notice, a “Pfizer Proposal Notice”). The Pfizer Proposal Notice or any communication, proposal or
notice by Pfizer to the Company regarding such potential assets of interest shall not include any Excluded Information and Pfizer shall not disclose any additional information to the Company unless and until the Company requests such additional
information in writing. The Company may, in its sole discretion, in conjunction with Pfizer (subject to Pfizer’s agreement) or on its own, pursue the acquisition of rights to Develop and Commercialize such Pfizer Proposed Product, in which case
the Company shall provide a written notice thereof to Pfizer (“Pfizer Proposed Product Confirmation”) within [***] of receipt of the Pfizer Proposal Notice and such asset(s) of interest shall thereafter be a “Pfizer Proposed
Product”. Exhibit A hereto shall include a list of all Pfizer Proposed Products and the date of the relevant Pfizer Proposal Notice, and shall be updated from time to time by the chairperson of the JCC in accordance with
Section 5.1.2. 
 2.3.2 Pfizer Proposed Product Deadline. In the event the Company has not acquired the
rights to research, Develop and Commercialize a Pfizer Proposed Product in the Territory within [***] of Pfizer’s receipt of the Proposed Product Confirmation (the “Pfizer Proposed Product Deadline”), the asset will no longer
be a Pfizer Proposed Product, provided that, if Company is in active negotiations related to the Pfizer Proposed Product at any point within the [***] preceding the Pfizer Proposed Product Deadline, the Company may, in its sole discretion, extend
the Pfizer Proposed Product Deadline for up to [***] by sending written notice of such extension to Pfizer. For the avoidance of doubt, the Parties may mutually agree to extend the Pfizer Proposed Product Deadline at any time. 

2.3.3 Opted-In Product. In the event Pfizer provides a Pfizer Proposal Notice and the Company
subsequently acquires the rights to research, Develop and Commercialize such Pfizer Proposed Product in the Territory, such Pfizer Proposed Product shall be an Opted-In Product immediately and without further
action by the Parties on the date when the Company acquires the rights to research, Develop and Commercialize such Pre-Transacted Product, and Sections 2.4, 2.5 and 2.6 shall apply in all
respects from and after such date. 
 2.4 Development of Opt-In Product. With
respect to each Opted-In Product, the Company will use Commercially Reasonable Efforts to conduct the Development of each Opted-In Product through the completion of
Registration Trials in the PRC and any Region to the extent Company, in its sole discretion, has decided to Develop the Opted-In Product in such Region. 

2.5 Use of Cash; Reimbursement Obligations 

2.5.1 First Opted-In Product. In connection with the confirmation of the first Opted-In Product, 
 (a) the Company shall provide Pfizer with a written invoice of Eligible Costs
incurred with respect to such Opted-In Product to date; 
 (b) upon the Company’s delivery of
such invoice, [***] of the Upfront Payment (as defined below) as is equal to [***], become unrestricted and the Company shall thereafter be free to use the unrestricted portion of such Upfront Payment as it so chooses; 

(c) within [***] of its receipt of the Company’s invoice, Pfizer will pay to the Company by wire transfer of immediately available funds
the remaining [***] of the Eligible Costs incurred to date with respect to such Opted-In Product, up to an amount of [***] (the “First Opt-In Contingent Payment
Cap”); 
 (d) on a [***] basis thereafter, the Company shall invoice Pfizer [***] for any additional Eligible Costs incurred with
respect to such Opted-In Product during such [***] and (i) to the extent any portion of the Upfront Payment remains restricted, [***] shall immediately, and with no further action required from either
Party, become unrestricted and the Company shall 

  
 9 

 
thereafter be free to use the unrestricted portion of such Upfront Payment as it so chooses and (ii) Pfizer shall, within [***] of its receipt of such invoice, pay to the Company by wire
transfer of immediately available funds an amount equal to the remaining [***] of such Eligible Costs, provided, however, that the amounts paid pursuant to Section 2.5.1(c) and this
Section 2.5.1(d)(ii) shall in no event exceed the First Opt-In Contingent Payment Cap. 

2.5.2 Second Opted-In Product. In connection with the confirmation of the second Opted-In Product, 
 (a) the Company shall provide Pfizer with a written invoice of Eligible Costs
incurred with respect to such Opted-In Product to date; 
 (b) within [***] of its receipt of the
Company’s invoice, Pfizer shall pay by wire transfer of immediately available funds the Second Opt-In Payment, and [***] the Second Opt-In Payment equal to [***],
become unrestricted and the Company shall thereafter be free to use the unrestricted portion of such Second Opt-In Payment as it so chooses; 

(c) within [***] days of its receipt of the Company’s invoice, Pfizer will pay to the Company by wire transfer of immediately available
funds [***] of the Eligible Costs incurred to date with respect to such Opted-In Product, up to an amount of [***] (the “Second Opt-In Contingent Payment
Cap” and, together with the First Opt-In Contingent Payment Cap, the “Aggregate Contingent Payment Cap”); 

(d) on a [***] basis thereafter, the Company shall invoice Pfizer [***] for any additional Eligible Costs incurred with respect to such Opted-In Product during such [***] and (i) to the extent any portion of the Second Opt-In Payment remains restricted, [***] shall immediately, and with no further action
required from either Party, become unrestricted and the Company shall thereafter be free to use the unrestricted portion of such Second Opt-In Payment as it so chooses and (ii) Pfizer shall, within sixty
[***] of its receipt of such invoice, pay to the Company by wire transfer of immediately available funds an amount equal to [***] of such Eligible Costs, provided, however, that the amounts paid pursuant to Section 2.5.2(c)
and this Section 2.5.2(d)(ii) shall in no event exceed the Second Opt-In Contingent Payment Cap. 

2.5.3 Future Opted-In Products. With respect to any
Opted-In Products after the second Opted-In Product, to the extent and for so long as any portion of the Upfront Payment or the Second
Opted-In Payment remains restricted or to the extent that Contingent Payments made to date pursuant to Sections 2.5.1(c), 2.5.1(d)(ii), 2.5.2(c) and 2.5.2(d)(ii) fall below the
Aggregate Contingent Payment Cap: 
 (a) the Company shall invoice Pfizer in arrears for any additional Eligible Costs incurred to date with
respect to such Opted-In Product and (i) [***] the Upfront Payment or the Second Opt-In Payment equal to [***], become unrestricted and the Company shall thereafter be
free to use the unrestricted portion of such funds as it so chooses and (ii) Pfizer shall, within [***] days of its receipt of such invoice, pay to the Company by wire transfer of immediately available funds an amount equal to the [***] of such
Eligible Costs; and 
 (b) on a [***] basis thereafter, the Company shall invoice Pfizer [***] for any additional Eligible Costs incurred
with respect to such Opted-In Product during such Calendar Quarter and (i) [***] shall immediately, and with no further action required from either Party, become unrestricted and the Company shall thereafter
be free to use the unrestricted portion of such funds as it so chooses and (ii) Pfizer shall, within [***] of its receipt of such invoice, pay to the Company by wire transfer of immediately available funds an amount equal to the remaining [***]
of such Eligible Costs. 

  
 10 

 2.5.4 Termination. This Section 2.5 shall terminate with
respect to each Opted-In Product when and if the Company consummates a Third Party Commercialization Agreement. 

2.6 Joint Steering Committees. 

2.6.1 Overview. As soon as practicable, but no later than thirty [***] after the Company’s receipt of an Opt-In Confirmation or, if applicable, a Pfizer Proposed Product Confirmation, the Parties shall form a joint steering committee for such Opted-In Product (each, a
“Joint Steering Committee” or “JSC”) to serve as a forum for communication and discussions with regards to the strategies and plans for the Development and Commercialization of such
Opted-In Product. Such JSC shall terminate at the end of the Term or, if earlier, upon the execution of a Collaboration Agreement for such Opted-In Product. For clarity,
the JSC shall be an advisory body only and shall have no decision-making authority. 
 2.6.2 Specific Responsibilities. In addition to
its overall responsibility to provide non-binding, advisory services to the Company and to facilitate information sharing between the Parties with respect to their respective activities under this Agreement,
the JSC will: 
 (a) provide support and guidance with respect to, and share relevant updates and information regarding, the Company’s
Development and Commercialization of the applicable Opted-In Product in the Territory; 
 (b) review
and discuss proposed changes to the Development plan and budget in accordance with Section 3.5.2(c); and 
 (c)
perform such other advisory functions as are assigned to it in this Agreement or as mutually agreed between the Parties. 
 2.6.3
Composition. 
 (a) Each JSC will be comprised [***]. Each representative shall be an employee of the Party that appointed him or her
(or an employee of an Affiliate of such Party), shall have sufficient seniority within the applicable Party to provide meaningful input and make decisions arising within the scope of the JSC’s responsibilities, and shall have knowledge and
expertise that are relevant to the applicable Opted-In Product. The JSC may change its size from time to time by consent of its members, provided that [***] otherwise mutually agreed by the
Parties in writing. Each Party may replace any of its JSC representatives at any time upon written notice to the other Party, which written notice may be provided by email to the other Party’s Alliance Manager. Each JSC representative will be
subject to confidentiality obligations no less stringent than those set forth in Article 10. 
 (b) [***]. The chairperson will be
responsible for (a) calling meetings, (b) preparing and circulating an agenda in advance of each meeting; provided, however, that the chairperson will include any agenda items proposed by either Party on such agenda,
(c) preparing and issuing minutes of each meeting that reflect the material discussions had and action items identified at such meetings promptly thereafter, and (d) sending draft meeting minutes to each member of the JSC for review and
approval within thirty (30) days after each JSC meeting. 
 (c) Either Party may, [***], invite other representatives of the Company or
Pfizer, or their respective Affiliates, or relevant Third Parties to attend meetings as non-voting observers; provided, however, that such representatives are subject to confidentiality
obligations no less stringent than those set forth in Article 10 of this Agreement. 

  
 11 

 2.6.4 Meeting; Reports. 

(a) Each JSC will hold meetings at least [***] during the Term for so long as such JSC exists, unless the Parties mutually agree in writing to
a different frequency. Either Party may also call a special meeting of the JSC by providing at least [***] prior written notice to the other Party if such Party [***] that a significant matter must be discussed prior to the next scheduled meeting,
in which event such Party will work with the chairperson of the JSC and the Alliance Managers to provide the members of the JSC with an agenda for the meeting and materials reasonably adequate to enable an informed discussion on the matters to be
discussed no later than [***] prior to the special meeting. The JSC may meet in person or by audio or video conference as its representatives may mutually agree. 

(b) The Alliance Managers will work with the chairperson of the JSC to prepare and circulate agendas at least [***] prior to each JSC meeting
and to ensure the preparation and approval of minutes after each JSC meeting. Meeting minutes circulated in accordance with Section 2.6.4(b) will be deemed approved unless one or more member of the JSC objects to the
accuracy of such minutes [***]. 
 2.6.5 Decision-making. The Parties will endeavor in good faith and in accordance with this
Agreement to reach consensus with respect to all matters within the JSC’s remit. No action taken at a meeting will be effective unless at least one representative of each Party on the JSC is present or participating. Neither Party will
unreasonably withhold attendance of at least one representative of such Party at any meeting of the JSC for which reasonable advance notice was provided. For clarity, because the JSC shall be an advisory body only and shall have no decision-making
authority, any and all decisions made by the JSC shall be advisory only and shall not be binding on the Parties. 
 2.7 Pfizer
Services. The Parties will discuss at the first meeting of the JCC the potential for Pfizer to perform, at no additional cost to the Company, certain services in support of the Company’s Sourcing Activities and Development activities,
including without limitation advising the Company on regulatory strategy, commercial, pricing, payer, and market access matters related to the Products. The Parties may thereafter mutually agree to negotiate and enter into (between themselves or
their designated Affiliates)a Pfizer Services Agreement (the “Pfizer Services Agreement”) setting forth the specific terms and conditions relating to the services to be provided by Pfizer (the “Pfizer Services”),
provided that [***]. 
 ARTICLE 3 

RIGHT OF FIRST NEGOTIATION 

3.1 Overview. On an Opted-In Product-by-Opted-In Product basis and for [***], at any time after Pfizer Opts In to a Product and prior to the ROFN Exercise Deadline (the “Exercise
Period”), Pfizer shall have a right of first negotiation (a “ROFN”) with respect to (a) the exclusive rights to Develop and Commercialize such Opted-In Product in the Territory
or (b) in the event that the relevant upstream license for any Opted-In Product grants to the Company non-exclusive rights to Develop and Commercialize such Opted-In Product in the Territory, such non-exclusive rights to Develop and Commercialize such Opted-In Product in the Territory (such
transaction, a “Commercialization Transaction”), provided that, in either case, any such ROFN shall be subject in all respects to the terms and conditions of the relevant contractual arrangements between the Company
and the relevant upstream licensor of such Opted-In Product. 

  
 12 

 3.2 Exercise Mechanism. 

3.2.1 ROFN Trigger. In the event the Company desires to sell, license, sublicense or otherwise enter into a co-promotion/co-commercialization, profit share, joint venture or asset sale arrangement with respect to the Development and/or Commercialization rights in the Territory for
any Opted-In Product for which Pfizer has not exercised its ROFN, prior to [***], the Company shall provide a written notice to Pfizer (the “ROFN Deadline Notice”). Upon receipt of the ROFN
Deadline Notice, Pfizer will have [***] to provide the Company with the ROFN Exercise Notice for the Opted-In Product (the end of such [***] period, the “ROFN Exercise Deadline”). 

3.2.2 Exercise Mechanism. During the Exercise Period, Pfizer may request additional information about the Company and the Opted-In Product for Pfizer to evaluate whether it desires to exercise the ROFN Option and enter into a Commercialization Agreement, and Company will consider such requests [***], provided that the Company shall
have the sole discretion in determining what information to provide to Pfizer. Pfizer may exercise its ROFN Option with respect to any Opted-In Product by providing written notice to the Company (a
“ROFN Exercise Notice”) at any time during the Exercise Period. 
 3.2.3 Exclusive Negotiation Period. If Pfizer
exercises its ROFN Option during the Exercise Period, then following the date of Company’s receipt of the ROFN Exercise Notice, the Parties shall exclusively and diligently negotiate (a) for a period of[***] the terms of a non-binding term sheet and (b) for a further [***] following the execution of a non-binding term sheet, the terms of a definitive agreement for Pfizer to obtain the
rights to Develop and Commercialize such Opted-In Product in the Territory (such agreement, a “Commercialization Agreement”). For the avoidance of doubt, the Parties may mutually agree in
writing to waive the execution of a non-binding term sheet, in which case the [***] exclusive negotiation period for the Commercialization Agreement shall commence from such date. 

3.2.4 Cessation Event. If (a) Pfizer does not timely exercise its ROFN Option, (b) a
non-binding term sheet is not executed by the Parties prior to the expiration of the [***] negotiation period (unless the Parties have mutually agreed to waive this requirement), or (c) the Parties do not
negotiate and execute a Commercialization Agreement for the Opted-In Product prior to the expiration of the [***] negotiation period, the Company will, subject to the following provisions of this section, be
free to pursue any transaction with a Third Party with respect to the relevant Opted-In Product(s) (each of the above, a “Cessation Event” and such transaction with a Third Party, a
“Third Party Commercialization Agreement”). 
 3.3 Right of Last Refusal. 

3.3.1 ROLR. If, following a Cessation Event, the Company obtains a written, bona fide offer from a Third Party with respect to any
rights to Develop and Commercialize such Opted-In Product in the Territory whether by way of license, sub-license, co-promotion/co-commercialization agreement, profit share, joint venture or asset sale, the Company shall provide Pfizer with a written notice (the “ROLR Trigger Notice”) containing the
material terms of such bona fide offer and Pfizer shall have a right of last refusal (“ROLR”) to enter into a Commercialization Transaction for the Opted-In Product on terms no less favorable
than the terms set forth in a bona fide offer by the Third Party, taken as a whole. 
 3.3.2 ROLR Exercise. Pfizer may exercise its
ROLR by providing written notice to the Company within [***] of its receipt of the ROLR Trigger Notice. 
 3.3.3 Consummation of
Commercialization Transaction. If Pfizer exercises its ROLR within [***] of its receipt of the ROLR Exercise Notice, the Parties (or their designated Affiliates) shall negotiate exclusively in good faith to reach agreement on any other terms
necessary to execute and consummate a Commercialization Transaction on terms no less favorable than the terms set forth in a bona fide offer by the Third Party within thirty (30) days of the ROLR Exercise Notice. 

  
 13 

 3.4 Third Party Transaction. 

3.4.1 If within [***] after the Cessation Event, the Company has not entered into a transaction with a Third Party with respect to an Opted-In Product or if the Company is unable to secure a bona fide offer from a Third Party with terms more favorable than the terms set forth in the best offer from Pfizer, as determined by an independent committee
of the Board of Directors of the Company, prior to the Cessation Event for such Opted-In Product (the “Pfizer’s Best Offer”), Pfizer shall have the right to restore the ROFN
Option for the Opted-In Product or enter into a Commercialization Transaction for such Opted-In Product on terms as set forth in Pfizer’s Best Offer. In the event
Pfizer restores the ROFN Option, Section 3.2.3 shall apply. 
 3.4.2 If, following a Cessation Event, the Company
enters into a Third Party Commercialization Agreement with respect to any rights to develop and commercialize such Opted-In Product in the Territory whether by way of license,
sub-license, co-promotion/co-commercialization agreement, profit share, joint venture or asset sale, such Product shall no longer
be an Opted-In Product and the Company shall not be permitted to invoice pursuant to Section 2.5 with respect to such Opted-In Product
following the date of such Third Party Commercialization Agreement. 
 3.5 Commercialization Agreement. Each
Commercialization Agreement shall be negotiated by the Parties on a Product-by-Product basis and shall include the following terms: 

3.5.1 Financial Consideration. Unless otherwise mutually agreed by the Parties, financial consideration to be paid by Pfizer to the
Company under each Commercialization Agreement shall include (a) an upfront payment, (b) milestone payments and (c) royalty payments. 

3.5.2 Development. 
 (a)
the Company shall use Commercially Reasonable Efforts to complete all Development necessary to support regulatory approval of the relevant Opted-In Product in the Territory; 

(b) the Parties shall mutually agree on an initial Development plan and budget to be appended to each Commercialization Agreement; 

(c) the Parties may review and discuss proposed changes to the Development plan and budget via the JSC, but in the event of a disagreement
between the Parties, the Company shall have final decision-making authority, subject to certain matters that will require consensus of the parties, including any material deviations from the mutually agreed Development plan and budget and other
matters to be defined in the Commercialization Agreement; and 
 (d) Unless otherwise mutually agreed by the Parties, the Company shall be
responsible for [***] costs associated with the Development of the relevant Opted-In Product and Pfizer shall not be obligated to incur [***] costs in connection with the Development of such Opted-In Product, other than the Upfront Payment, the Second Opt-In Payment and the Contingent Payments as set forth in Section 2.5 and 4.1
hereto. 
 3.5.3 Regulatory Matters. Unless otherwise mutually agreed by the Parties, Pfizer will be responsible, at its cost, for
preparing and submitting, with the reasonable assistance of the Company, the application for regulatory approval of the relevant Opted-In Product in the Territory. 

3.5.4 Commercialization. Unless otherwise mutually agreed by the Parties, Pfizer will be responsible for Commercialization activities in
the Territory. 
 3.5.5 Others. The Parties will further discuss and mutually agree on (a) which Party will be responsible for
the manufacture and supply of the Opted-In Product, (b) the Parties’ respective responsibilities with respect to preparation and submission of the application for regulatory approval of the Opted-In Product in the Territory and (c) all matters relating to ownership and control of intellectual property relating to the Opted-In Product. 

  
 14 

 3.6 Termination. This Article 3 shall irrevocably terminate on
[***]. 
 ARTICLE 4 

FINANCIAL CONSIDERATIONS 

4.1 Consideration. 

4.1.1 After January 1, 2021 but on or before January 15, 2021, Pfizer shall pay to the Company by wire transfer of freely available
funds Twenty Million U.S. Dollars ($20,000,000) (the “Upfront Payment”) to the Company Bank Account. The Company may not use the Upfront Payment until it becomes unrestricted pursuant to Section 2.5. 

4.1.2 Pfizer shall pay to the Company [***] in accordance with Section 2.5.2(b) (the “Second Opt-In Payment”) by wire transfer of freely available funds to the Company Bank Account. The Company may not use the Second Opt-In Payment until it becomes
unrestricted pursuant to Section 2.5. 
 4.1.3 Subject to the Aggregate Contingent Payment Cap, Pfizer shall make
payments to the Company in accordance with Sections 2.5.1(c), 2.5.1(d)(ii), 2.5.2(c), 2.5.2(d)(ii) and 2.5.3 (the “Contingent Payments”) by wire transfer of freely available funds to the
Company Bank Account. 
 4.2 Withholding Taxes. 

4.2.1 Withholding Amounts. Where any sum due to be paid to Company hereunder is subject to any withholding or similar tax,
the Parties shall use their Commercially Reasonable Efforts to do all such acts and things and to sign all such documents as will enable them to take advantage of any applicable double taxation agreement or treaty. If there is no applicable double
taxation agreement or treaty, or if an applicable double taxation agreement or treaty reduces but does not eliminate such withholding or similar tax, Pfizer shall [***]. 

4.2.2 Withholding Actions. Notwithstanding the foregoing, the Parties acknowledge and agree that if Pfizer (or its
assignee pursuant to Section 11.4) is required by Law to withhold taxes in respect of any amount payable under this Agreement, and if such withholding obligation arises as a result of any action taken by Pfizer or its
Affiliate or successor or assignee, including without limitation an assignment of this Agreement as permitted under Section 11.4, a change in tax residency of Pfizer, or payments arise or are deemed to arise through a
branch of Pfizer and such withholding taxes exceed the amount of withholding taxes that would have been applicable if such action had not occurred (each a “Pfizer Withholding Tax Action”), then, any such amount payable
shall be increased to take into account such increased withholding taxes as may be necessary so that, after making all required withholdings Company (or its assignee pursuant to Section 11.4) receives an amount equal to the
sum it would have received had no such Pfizer Withholding Tax Action occurred. Company shall (a) use its Commercially Reasonable Efforts to obtain an exemption of such withheld amounts to the extent practicable under Law and (b) cooperate
with Pfizer to obtain a reduction or refund of such withheld amounts. 
 4.3 VAT. Except as otherwise provided in this
Agreement, all payments due under this Agreement are exclusive of value added taxes (the “VAT”). Notwithstanding anything to the contrary in this Agreement, Pfizer shall be responsible for all VAT and shall pay the same to Company
along with the corresponding payment. 

  
 15 

 4.4 Other Taxes. Unless explicitly stated otherwise in this Agreement,
each Party shall be responsible for its own tax liabilities under Laws arising from or in relation to the execution and performance of this Agreement (including any sales taxes, consumption taxes, transfer taxes, use taxes, stamp duty, local
surcharges, documentary, registration and other similar taxes that are imposed with respect to the payments or the related transfer of rights or other property pursuant to this Agreement if applicable). 

4.5 Delay Due to SAFE Restriction. To the extent that any payment due to Company is delayed by the State Foreign Exchange
Administration of the PRC or its authorized banks in the PRC (“SAFE”) as a result of applying the PRC foreign exchange control rules, each of Company and Pfizer shall use its Commercially Reasonable Efforts to obtain approval or
clearance from SAFE for such payment as soon as practicable. 
 4.6 Additional Tax or VAT Liability. Notwithstanding
anything in this Agreement to the contrary, (i) if an action (including but not limited to any assignment or sublicense of its rights or obligations under this Agreement, or any failure to comply with applicable Laws or filing or record
retention requirements) by a Party leads to the imposition of withholding tax liability or VAT on the other Party that would not have been imposed in the absence of such action or in an increase in such liability above the liability that would have
been imposed in the absence of such action, then the sum payable by that Party (in respect of which such deduction or withholding is required to be made) shall be increased to the extent necessary to ensure that the other Party receives a sum equal
to the sum which it would have received had no such action occurred, (ii) otherwise, the sum payable by that Party (in respect of which such deduction or withholding is required to be made) shall be made to the other Party after deduction of
the amount required to be so deducted or withheld, which deducted or withheld amount shall be remitted in accordance with applicable law. 

ARTICLE 5 
 JOINT
COLLABORATION COMMITTEE; ALLIANCE MANAGER 
 5.1 Joint Collaboration Committee.  

5.1.1 Overview. As soon as practicable following the Effective Date, but in no event later than [***] after the Effective Date, the
Parties shall form a joint collaboration committee (the “Joint Collaboration Committee” or “JCC”) to provide non-binding, advisory services and to facilitate information
sharing between the Parties with respect to their respective activities under this Agreement. The JCC shall be an advisory body only and shall have no decision-making authority. 

5.1.2 Specific Responsibilities. 

(a) In support of its overall responsibilities to provide non-binding, advisory services to the
Company and to facilitate information sharing between the Parties with respect to their respective activities under this Agreement, the JCC will: 

(i) discuss and provide support and guidance with respect to areas of strategic interest to Pfizer to guide the Company’s Sourcing
Activities ; 
 (ii) provide support and guidance with respect to, and share relevant updates and information regarding, the Company’s
Sourcing Activities , including with respect to negotiations for the Company to obtain the rights thereto; 
 (iii) discuss the Pfizer
Services, including making a recommendation to the Parties on the scope, amount, duration, and output of the Pfizer Services and any amendments required to the Pfizer Services Agreement, and presenting any decisions relating thereto to the Parties
for further consideration; 

  
 16 

 (iv) discuss and attempt to resolve disputes in accordance with
Section 11.1; and 
 (v) perform such other advisory functions as are assigned to it in this Agreement or as
mutually agreed between the Parties. 
 (b) The chairperson of the JCC shall be responsible for updating Exhibit A from time to time
and circulating such updated Exhibit A to each Party for review and sign-off. Each Party agrees that it will promptly and in no event later than [***] following the receipt of an updated Exhibit A, provide any
comments thereto in writing to the chairperson of the JCC. 
 5.1.3 Composition. 

(a) The JCC will be comprised of [***]. Each representative shall be an employee of the Party that appointed him or her (or an employee of an
Affiliate of such Party), shall have sufficient seniority within the applicable Party to provide meaningful input and make decisions arising within the scope of the JCC’s responsibilities, and shall have knowledge and expertise in the
Development and Commercialization of the Products. The JCC may change its size from time to time by consent of its members, provided that the JCC will consist at all times of an equal number of representatives of each Party, unless
otherwise mutually agreed by the Parties in writing. Each Party may replace any of its JCC representatives at any time upon written notice to the other Party, which written notice may be provided by email to the other Party’s Alliance Manager.
Each JCC representative will be subject to confidentiality obligations no less stringent than those set forth in Article 10. 
 (b)
[***]. The chairperson will be responsible for (a) calling meetings, (b) preparing and circulating an agenda in advance of each meeting; provided, however, that the chairperson shall include any agenda items proposed by
either Party on such agenda, (c) preparing and issuing minutes of each meeting that reflect the material discussions had and action items identified at such meetings promptly thereafter, and (d) sending draft meeting minutes to each member
of the JCC for review and approval within thirty (30) days after each JCC meeting. 
 (c) Either Party may, [***], invite other
representatives of the Company or Pfizer, or their respective Affiliates, or relevant Third Parties to attend meetings as non-voting observers; provided, however, that such representatives are
subject to confidentiality obligations no less stringent than those set forth in Article 10 of this Agreement. 
 5.1.4 Meeting;
Reports. 
 (a) The JCC will hold meetings at least [***] during the Term for so long as the JCC exists, unless the Parties mutually
agree in writing to a different frequency. Either Party may also call a special meeting of the JCC by providing at least [***] prior written notice to the other Party if such Party [***] that a significant matter must be discussed prior to the next
scheduled meeting, in which event such Party will work with the chairperson of the JCC and the Alliance Managers to provide the members of the JCC with an agenda for the meeting and materials reasonably adequate to enable an informed discussion on
the matters to be discussed no later than [***] prior to the special meeting. The JCC may meet in person or by audio or video conference as its representatives may mutually agree. 

(b) The Alliance Managers will work with the chairperson of the JCC to prepare and circulate agendas at least [***] prior to each JCC meeting
and to ensure the preparation and approval of minutes after each JCC meeting. Meeting minutes circulated in accordance with Section 5.1.4(b) will be deemed approved unless one or more member of the JCC objects to the
accuracy of such minutes [***]. 

  
 17 

 5.1.5 Decision-making. The Parties will endeavor in good faith and in accordance with
this Agreement to reach consensus with respect to all matters within the JCC’s remit. No action taken at a meeting will be effective unless at least one representative of each Party on the JCC is present or participating. Neither Party will
unreasonably withhold attendance of at least one representative of such Party at any meeting of the JCC for which reasonable advance notice was provided. For clarity, because the JCC shall be an advisory body only and shall have no decision-making
authority, any and all decisions made by the JCC shall be advisory only and shall not be binding on the Parties. 
 5.2 Alliance
Managers. 
 5.2.1 Appointment. Each Party will appoint one of its JCC representatives to oversee interactions between the
Parties for all matters related to the activities arising in connection with this Agreement (each, an “Alliance Manager”). The Alliance Managers will have the right to attend all meetings of the JCC and each JSC as non-voting participants and may bring to the attention of the JCC and the JSCs any matters or issues that either Alliance Manager reasonably believes should be discussed, and will have such other responsibilities as
the Parties may mutually agree in writing. Each Party may replace its Alliance Manager at any time by notice in writing to the other Party. 

5.2.2 Responsibility. The Alliance Managers, if appointed, will have the responsibility of creating and maintaining a constructive work
environment within the JCC, the JSCs and between the Parties for all matters related to this Agreement. Without limiting the generality of the foregoing, each Alliance Manager will: 

(a) provide a single point of communication within the Company’s and Pfizer’s respective organizations and between the Parties with
respect to this Agreement; 
 (b) coordinate cooperative efforts, internal communications and external communications between the Parties
with respect to this Agreement; and 
 (c) take such other steps as may be required to ensure that meetings of the JCC and the JSCs occur as
set forth in this Agreement, that procedures are followed with respect to such meetings (including working with the co-chairpersons with respect to the giving of proper notice and the preparation and approval
of minutes) and that relevant action items resulting from such meetings are appropriately carried out or otherwise addressed. 
 ARTICLE 6

 INTELLECTUAL PROPERTY 

6.1 Ownership of Inventions. 

6.1.1 Ownership of Product Inventions. Any and all Inventions invented or otherwise developed or generated jointly by both Parties
through the JSC (including jointly by their Affiliates or any of its or their employees, independent contractors or agents) during the Term to the extent relating to any Product, including the Patent Rights claiming the composition of matter, use,
formulation or manufacture of such Products will be solely owned by the Company. 
 6.1.2 Assignment Obligation. Pfizer will assign
its rights, and cause all employees of Pfizer who perform activities under this Agreement to be under an obligation to assign their rights, in any Patent Rights and Know-How, whether or not patentable,
resulting therefrom to the Company to effectuate the terms and conditions set forth in Section 6.1.1. 
 6.1.3 Non-Exclusive License to Pfizer. The Company hereby grants to Pfizer a non-exclusive, irrevocable, perpetual, royalty-free, fully
paid-up, worldwide license, with the right to sublicense to Pfizer Affiliates, to use for any purpose all Inventions invented or otherwise developed or generated jointly by both Parties under
Section 6.1.1 (including jointly by their Affiliates or any of its or their employees, independent contractors or agents) during the Term, and any Patent Rights resulting therefrom. 

  
 18 

 ARTICLE 7 

REPRESENTATIONS AND WARRANTIES 

7.1 Representations and Warranties. Each Party hereby represents to the other Party, as of the Effective Date, that: 

7.1.1 Organization. It is a corporation duly organized, validly existing, and in good standing under the Laws of the jurisdiction of its
organization, and has all requisite power and authority, corporate or otherwise, to execute, deliver, and perform this Agreement; 
 7.1.2
Authority. It has full right, power and authority to enter into this Agreement and to perform its respective obligations under this Agreement and this Agreement and the performance by such Party of this Agreement do not violate such
Party’s charter documents, bylaws or other organizational documents; 
 7.1.3 Consents. Except for any Marketing Authorizations,
Regulatory Approvals, Regulatory Filings, manufacturing approvals or similar approvals necessary for the Development, Manufacture or Commercialization of Opted-In Products, all necessary consents, approvals
and authorizations of all Governmental Authorities and other Persons required to be obtained by it in connection with the execution, delivery and performance of this Agreement have been obtained; 

7.1.4 No Conflict. It is not under any obligation, contractual or otherwise, to any Person that would materially affect the diligent and
complete fulfillment of obligations under this Agreement and the execution and delivery of this Agreement by such Party, and the performance of such Party’s obligations under this Agreement (as contemplated as of the Effective Date) pursuant to
this Agreement (i) do not conflict with or violate any requirement of Laws applicable to such Party, (ii) do not conflict with or violate any order, writ, judgment, injunction, decree, determination, or award of any court or governmental
agency presently in effect applicable to such Party, and (iii) do not conflict with, violate, breach or constitute a default under, or give rise to any right of termination, cancellation or acceleration of, any contractual obligations of such
Party or any of its Affiliates; 
 7.1.5 Enforceability. This Agreement is a legal and valid obligation binding upon it and is
enforceable against it in accordance with its terms, subject to the general principles of equity and subject to bankruptcy, insolvency, moratorium, judicial principles affecting the availability of specific performance and other similar Laws
affecting the enforcement of creditors’ rights generally; and 
 7.1.6 Compliance with Laws. The Parties will, and will use
Commercially Reasonable Efforts to ensure that their respective Affiliates shall, comply in all material respects with all applicable Laws and Anti-Corruption Laws in exercising their rights and fulfilling their obligations under this Agreement.
Without limiting the generality of the foregoing, the Parties will comply with all applicable Laws concerning bribery, money laundering, or corrupt practices or which in any manner prohibit the giving of anything of value to any official, agent, or
employee of any Government, political party, or public international organization, candidate for public office, health care professional, or to any officer, director, employee, or representative of any other organization specifically including the
U.S. Foreign Corrupt Practices Act, and the UK Bribery Act, in each case, in connection with the activities conducted pursuant to this Agreement. The Parties will maintain in all material respect books, records, and accounts which, in reasonable
detail, accurately and fairly reflect the transactions and dispositions of the Company’s assets and systems or internal controls (including, but not limited to, accounting systems, purchasing systems and billing systems) to ensure compliance
with Anti-Corruption Laws. 

  
 19 

 7.1.7 Compliance with GxP Standards. In the course of performing its obligations or
exercising its rights under this Agreement, the Company will comply with all applicable Laws, including, as applicable, GxP standards, and to the Company’s knowledge, has not employed or engaged any Person who has been Debarred/Excluded. In the
event the Company becomes aware that any Person employed or engaged by the Company is the subject of any proceedings that could result in such Person being Debarred/Excluded, the Company will place such Person on administrative leave until such
proceeding is adjudicated and take appropriate actions with respect to such Person thereupon. 
 7.2 No Other
Warranties. EXCEPT AS EXPRESSLY STATED IN SECTION 8.1, SECTION 8.2 AND SECTION 8.3, NEITHER PARTY MAKES ANY REPRESENTATIONS OR EXTENDS ANY WARRANTIES OF ANY KIND, EITHER EXPRESS OR IMPLIED, STATUTORY OR OTHERWISE, INCLUDING WARRANTIES OF
TITLE, NON-INFRINGEMENT OR NON-MISAPPROPRIATION OF THIRD PARTY INTELLECTUAL PROPERTY WITH RESPECT TO THE OPTED-IN PRODUCT,
VALIDITY, ENFORCEABILITY, MERCHANTABILITY AND FITNESS FOR A PARTICULAR PURPOSE. 
 ARTICLE 8 

INDEMNIFICATION 
 8.1
Indemnification by the Company. The Company will defend, indemnify and hold harmless Pfizer, its Affiliates and their respective directors, officers, employees and agents (each, a “Pfizer Indemnified
Party”), from, against and in respect of any and all Third Party Losses incurred or suffered by any Pfizer Indemnified Party to the extent resulting from: (a) any breach of any representation or warranty made by the Company in this
Agreement, or any material breach by the Company of any obligation, covenant or agreement in this Agreement and (b) the [***] or [***] of the Company or any of its Affiliates or contractors, or any of their respective directors, officers,
employees and agents, in performing the Company’s obligations or exercising the Company’s rights under this Agreement. 
 8.2
Indemnification by Pfizer. Pfizer will defend, indemnify and hold harmless the Company, its Affiliates and their respective directors, officers, employees and agents (each, a “Company Indemnified
Party”) from, against and in respect of any and all Third Party Losses incurred or suffered by any Company Indemnified Party to the extent resulting from: (a) any breach of any representation or warranty made by Pfizer in this
Agreement, or any material breach by Pfizer of any obligation, covenant or agreement in this Agreement and (b) the [***] of, or violation of Laws by, Pfizer, any of its Affiliates or contractors, or any of their respective directors,
officers, employees and agents, in performing Pfizer’s obligations or exercising Pfizer’s rights under this Agreement. 
 8.3
Claim for Indemnification. 
 8.3.1 Notice. An Indemnified Party entitled to indemnification under
Section 9.1 or Section 9.2 will give prompt written notification to the Indemnifying Party from whom indemnification is sought of the commencement of any Action by a Third Party for which
indemnification may be sought (a “Third Party Claim”) or, if earlier, upon the assertion of such Third Party Claim by a Third Party; provided, however, that failure by an Indemnified Party to give notice of a Third
Party Claim as provided in this Section 8.3.1 will not relieve the Indemnifying Party of its indemnification obligation under this Agreement, except and only to the extent that such Indemnifying Party is materially
prejudiced as a result of such failure to give notice. 

  
 20 

 8.3.2 Defense. [***] Third Party Claim in accordance with
Section 9.3.1, the Indemnifying Party may, upon written notice thereof to the Indemnified Party, assume control of the defense of such Third Party Claim with counsel reasonably satisfactory to the Indemnified Party. If the
Indemnifying Party does not assume control of such defense, the Indemnified Party may control such defense (with counsel reasonably selected by the Indemnified Party and approved by the Indemnifying Party, such approval not to be unreasonably
withheld). The Party not controlling such defense may participate therein at its own expense. 
 8.3.3 Cooperation. The Party
controlling the defense of any Third Party Claim will keep the other Party advised of the status and material developments of such Third Party Claim and the defense thereof and will reasonably consider recommendations made by the other Party with
respect thereto. The other Party will reasonably cooperate with the Party controlling such defense and its Affiliates and agents in defense of the Third Party Claim, with all
out-of-pocket costs of such cooperation to be borne by the Party controlling such defense. 

8.3.4 Settlement. The Indemnified Party will not agree to any settlement of such Third Party Claim without the prior written consent of
the Indemnifying Party, which consent will not be unreasonably withheld. The Indemnifying Party will not, without the prior written consent of the Indemnified Party, which will not be unreasonably withheld (unless such compromise or settlement
involves (i) any admission of legal wrongdoing by the Indemnified Party, (ii) any payment by the Indemnified Party that is not indemnified under this Agreement, or (iii) the imposition of any equitable relief against the
Indemnified Party (in which case, (i) through (iii), the Indemnified Party may withhold its consent to such settlement in its sole discretion)), agree to any settlement of such Third Party Claim or consent to any judgment in respect thereof
that does not include a complete and unconditional release of the Indemnified Party from all liability with respect thereto or that imposes any liability or obligation on the Indemnified Party (other than a monetary obligation on the Indemnifying
Party). 
 8.3.5 Mitigation of Loss. Each Indemnified Party will take and will procure that its Affiliates take all such reasonable
steps and actions as are necessary or as the Indemnifying Party may reasonably require in order to mitigate any Third Party Claims (or potential losses or damages) under this Article 8. Nothing in this Agreement will or will be deemed to
relieve any Party of any common law or other duty to mitigate any losses incurred by it. 
 8.3.6 Special, Indirect, and Other Losses.
EXCEPT (A) FOR FRAUD OR WILLFUL MISCONDUCT, (B) FOR A PARTY’S BREACH OF ITS OBLIGATIONS UNDER ARTICLE 10, AND (C) TO THE EXTENT ANY SUCH DAMAGES ARE REQUIRED TO BE PAID TO A THIRD PARTY AS PART OF A CLAIM FOR WHICH A PARTY
PROVIDES INDEMNIFICATION UNDER THIS ARTICLE 8, NEITHER PARTY NOR ANY OF ITS AFFILIATES SHALL BE LIABLE TO THE OTHER PARTY FOR INDIRECT, INCIDENTAL, SPECIAL, EXEMPLARY, PUNITIVE OR CONSEQUENTIAL DAMAGES, INCLUDING LOSS OF PROFITS OR BUSINESS
INTERRUPTION, UNEARNED CONSIDERATION UNDER SECTION 4.1, AND ANY DAMAGES THAT ARE SPECULATIVE OR NOT REASONABLY FORESEEABLE, HOWEVER CAUSED AND ON ANY THEORY OF LIABILITY, WHETHER IN CONTRACT, TORT, NEGLIGENCE, BREACH OF STATUTORY DUTY OR
OTHERWISE IN CONNECTION WITH OR ARISING IN ANY WAY OUT OF THE TERMS OF THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY, EVEN IF ADVISED OF THE POSSIBILITY OF SUCH DAMAGES. 

ARTICLE 9 
 TERM;
TERMINATION 
 9.1 Term. Unless terminated earlier in accordance with this Article 9, this Agreement shall
become effective as of the Effective Date and shall continue in full force until later [***] (the “Term”). 

  
 21 

 9.2 Early Termination of the Agreement. 

9.2.1 Termination for Material Breach. Upon (a) any material breach of this Agreement by the Company or (b) any material
breach of this Agreement by Pfizer (the Party so allegedly breaching being the “Breaching Party”), the other Party (the “Non-Breaching Party”) will have the right, but not the
obligation, to terminate this Agreement in its entirety by providing [***] written notice to the Breaching Party in the case of any other material breach, which notice will, in each case (i) expressly reference this
Section 9.2.1, (ii) reasonably describe the alleged breach which is the basis of such termination, and (iii) clearly state the Non-Breaching Party’s intent to terminate this
Agreement if the alleged breach is not cured within the applicable cure period. Notwithstanding the foregoing, (1) if such material breach, by its nature, is curable, but is not reasonably curable within the applicable cure period, then such
cure period will be extended if the Breaching Party provides a written plan for curing such breach to the Non-Breaching Party and uses Commercially Reasonable Efforts to cure such breach in accordance with
such written plan; provided, however, that no such extension will exceed [***] without the written consent of the Non-Breaching Party; and (2) if the Breaching Party disputes
(x) whether it has materially breached this Agreement, (y) whether such material breach is reasonably curable within the applicable cure period, or (z) whether it has cured such material breach within the applicable cure period, the
dispute will be resolved pursuant to Article 11, and this Agreement may not be terminated during the pendency of such dispute resolution procedure. The termination will become effective at the end of the notice period unless the Breaching
Party cures such breach during such notice period; provided, however, that the Non-Breaching Party may, by notice to the Breaching Party, designate a later date for such termination in order to
facilitate an orderly transition of activities relating to Opted-In Products. 
 9.2.2 Termination
for Convenience. Pfizer may terminate this Agreement for any or no reason upon [***] prior written notice to Company. 
 9.3
Effects of Termination. 
 9.3.1 Effects of Termination by Pfizer. 

(a) In the event that Pfizer terminates this Agreement pursuant to Section 9.2.1, if there are one or more Opted-In Products under this Agreement, Pfizer shall have the right to, in its sole discretion, by a written confirmation to the Company: 

(i) maintain the ROFN Option with respect to an Opted-In Product, in which case the terms of
Sections 2.4 (Development of Opt-In Product), 2.5 (Use of Cash; Reimbursement Obligations), 2.6 (Joint Steering Committees), Article 3 (Right of First Negotiation) and Article
4 (Financial Considerations) shall survive termination; or 
 (ii) terminate the ROFN Option with respect to an Opted-In Product. 
 (b) In the event that Pfizer terminates this Agreement pursuant to
Section 9.2.2, if there are one or more Opted-In Products under this Agreement, Pfizer shall have the right to, in its sole discretion, by a written confirmation to the Company: 

(i) maintain the ROFN Option with respect to an Opted-In Product, in which case the terms of
Sections 2.4 (Development of Opt-In Product), 2.5 (Use of Cash; Reimbursement Obligations) , 2.6 (Joint Steering Committees), Article 3 (Right of First Negotiation) and Article 4
(Financial Considerations) shall survive termination; or 
 (ii) terminate the ROFN Option with respect to an
Opted-In Product, in which case Pfizer’s obligation, if any, to pay Contingent Payments with respect to such Opted-In Product pursuant to
Section 2.5, and the terms of Sections 4.2 through 4.6, shall survive with respect to Development Costs actually incurred within [***] after the effective date of termination, provided that such Development Costs are
related to Registration Trials that commenced prior to the effective date of termination. 

  
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 (c) Pfizer’s determination whether to retain or terminate its ROFN Option with respect
to an Opted-In Product shall be final and binding, except that, following such determination, Pfizer may, in its sole discretion, terminate its ROFN Option with respect to an
Opted-In Product by written notice to the Company in the event that Pfizer has completed its obligation to pay Contingent Payments with respect to such Opted-In Product.

 9.3.2 Effects of Termination by Company. In the event that the Company terminates this Agreement pursuant to
Section 9.2.1, (i) Pfizer’s ROFN Option with respect to any Opted-In Product shall terminate, and (ii) Pfizer’s obligation, if any, to pay Contingent Payments with
respect to such Opted-In Product pursuant to Section 2.5, and the terms of Sections 4.2 through 4.6, shall survive with respect to Development Costs actually incurred within [***]
after the effective date of termination, provided that such Development Costs are related to Registration Trials that commenced prior to the effective date of termination. 

9.3.3 Survival. In addition to any provisions specified in Section 9.3.1 or 9.3.2, as applicable, the following provisions shall
survive the termination or expiration of this Agreement: Article 6 (Intellectual Property), Article 8 (Indemnification), this Section 9.3, Article 10 (Confidentiality;
Non-Use) and Article 11 (Miscellaneous). 
 9.3.4 Accrued Obligations. Expiration or
termination of this Agreement for any reason will not release either Party from any obligation or liability which, on the effective date of such expiration or termination, has already accrued to the other Party or which is attributable to a period
prior to such expiration or termination. 
 9.3.5 Return of Confidential Information. Within [***] after the effective date of
termination (but not expiration) of this Agreement in its entirety, each Party will, and cause its Affiliates to (a) destroy, all tangible items solely comprising, bearing or containing any Confidential Information of the other Party that are
in such first Party’s or its Affiliates’ possession or Control, and provide written certification of such destruction, or (b) prepare such tangible items of the other Party’s Confidential Information for shipment to such other
Party, as such other Party may direct, at the first Party’s expense; provided, however, that, in any event, (i) each Party may retain copies of the Confidential Information of the other Party to the extent necessary to
perform its obligations or exercise its rights that survive expiration or termination of this Agreement; and (ii) each Party may retain one copy of the Confidential Information of the other Party for its legal archives. 

9.3.6 Cooperation. Each Party will cause its Affiliates and contractors to comply with the obligations in this
Section 9.3. 
 ARTICLE 10 

CONFIDENTIALITY; NON-USE 

10.1 Confidential Information. 

10.1.1 Confidentiality Obligation. During the Term and for a period of [***], each Party agrees to, and will cause its Affiliates and
contractors to, keep in confidence and not to disclose to any Third Party, or use for any purpose, except to exercise its rights or perform its obligations under this Agreement, any Confidential Information of the other Parties. 

10.1.2 Permitted Disclosures. Each Party agrees that it and its Affiliates will provide or permit access to the other Parties’
Confidential Information only to the receiving Party’s officers, directors, employees, [***] (“Representatives”), and to the Representatives of the receiving Party’s Affiliates, in each case, on a need to know basis who
are subject to obligations of 

  
 23 

 
confidentiality and non-use with respect to such Confidential Information no less stringent than the obligations of confidentiality and non-use of the receiving Party pursuant to this Section 10.1; provided, however, that each Party will remain responsible for any failure by its Affiliates or its or their
officers, directors, employees, [***] to treat such Confidential Information as required under this Section 10.1 as if such Affiliates, officers, directors, employees, [***] were parties directly bound to the requirements
of this Section 10.1. 
 10.1.3 Confidentiality Limitation. Notwithstanding anything to the contrary herein,
each Party may use and disclose the other Party’s Confidential Information as required by any court or other governmental body or as otherwise required by applicable Laws; provided that, notice is promptly given to the other Party
and the disclosing Party cooperates with reasonable requests from the other Party to seek a protective order or other appropriate remedy to protect the Confidential Information. Confidential Information that is permitted or required to be disclosed
will remain otherwise subject to the provisions of this Section 10.1. If any Party concludes that a copy of this Agreement must be filed with the United States Securities and Exchange Commission or similar Regulatory
Authority in a country other than the United States, then such Party will, within a reasonable time prior to any such filing, provide the other Parties with a copy of such agreement showing any provisions hereof as to which the Party proposes to
request confidential treatment, will provide the other Parties with an opportunity to comment on any such proposed redactions and to suggest additional redactions, and will take such Party’s reasonable comments into consideration before filing
such agreement and use Commercially Reasonable Efforts to have terms identified by such other Parties afforded confidential treatment by the applicable Regulatory Authority. 

10.2 Excluded Information. Neither Party shall share any Excluded Information with respect to any Product unless
and until such receiving Party requests such Excluded Information in writing. 
 10.3 Terms of the Agreement. The terms
of this Agreement will be the Confidential Information of both Parties. Except as provided in Section 10.1, neither Party nor its Affiliates may disclose the existence or the terms of this Agreement. 

10.4 Publicity; Use of Names. 

10.4.1 Press Release. The Parties have mutually agreed on a joint press release announcing this Agreement, set forth on Exhibit
B, to be issued by the Parties on such date and time as may be mutually agreed by the Parties. Other than the press release set forth on Exhibit B, the Parties agree that the portions of any other news release or other public announcement
relating to this Agreement or the performance hereunder that would disclose information other than that already in the public domain will first be reviewed and approved by both Parties (with such approval not to be unreasonably withheld,
conditioned, or delayed). 
 10.4.2 Use of Names. Each Party and its Affiliates will retain all right, title and interest in and to
its and their respective house marks, corporate names and corporate logos. Except with the prior express written permission of the other Party, neither Party will use the name, trademark, trade name, or logo of the other Party or its Affiliates or
their respective employees in any publicity, promotion, news release, or disclosure relating to this Agreement or its subject matter except as may be required by Law. 

ARTICLE 11 

MISCELLANEOUS 
 11.1
Dispute Resolution; Escalation. The Parties recognize that disputes as to certain matters arising out of or in connection with this Agreement may arise from time to time. It is the objective of the Parties to establish procedures
to facilitate the resolution of disputes arising out of or in connection with this Agreement in an expedited manner by mutual cooperation. To accomplish this 

  
 24 

 
objective, any and all disputes between the Parties arising out of or in connection with this Agreement will first be referred to the JCC for resolution. Should the JCC not be able to reach
agreement at a duly called meeting of the JCC within [***] after the date on which the matter is referred to the JCC, then either Party may refer such matter to the Senior Officers for resolution and the Senior Officers will attempt to resolve the
matter in good faith. If the Senior Officers fail to resolve such matter within [***] after the date on which the matter is referred to the Senior Officers (unless a longer period is mutually agreed to by the Parties), then either Party may submit
the dispute for final resolution by binding arbitration in accordance with Section 11.2. 
 11.2
Arbitration. Except as set forth in Section 9.3 and this Section 11.2, each dispute, difference, controversy or claim arising in connection with or related or incidental to, or question occurring under, this Agreement or
the subject matter hereof (each, a “Dispute”) that cannot be resolved pursuant to Section 11.1 will be referred to and finally resolved exclusively by arbitration administered by Hong Kong International Arbitration Centre
(“HKIAC”) in Hong Kong, which will be conducted in accordance with the then effective HKIAC Administered Arbitration Rules. The Dispute shall be resolved by an arbitral tribunal composed of three (3) arbitrators, all of whom will have
previous judicial experience and significant experience in the biopharmaceutical industry, with each Party appointing one (1) arbitrator and the third arbitrator to be selected by mutual agreement of the two (2) arbitrators appointed by
the Parties. If the two initial arbitrators are unable to select a third arbitrator within thirty (30) days, the third arbitrator will be appointed in accordance with HKIAC rules. The foregoing arbitration proceedings may be commenced by either
Party by notice to the other Party. All arbitration proceedings will be conducted in the English language. The arbitrators will consider grants of equitable relief and orders for specific performance as
co-equal remedies along with awards of monetary damages. The arbitrators will have no authority to award punitive damages. The allocation of expenses of the arbitration, including reasonable attorney’s
fees, will be determined by the arbitrators, or, in the absence of such determination, each Party will pay its own expenses. The Parties hereby agree that the arbitrators have authority to issue rulings and orders regarding all procedural and
evidentiary matters that the arbitrators deem reasonable and necessary with or without petition therefore by the Parties as well as the final ruling and judgment. All rulings by the arbitrators will be final. Notwithstanding any contrary provision
of this Agreement, any Party may seek equitable measures of protection in the form of attachment of assets or injunctive relief (including specific performance and injunctive relief) in any matter relating to the proprietary rights and interests of
either Party from any court of competent jurisdiction, pending a decision by the arbitral tribunal in accordance with this Section 11.2). The Parties hereby exclude any right of appeal to any court on the merits of such matter. The provisions
of this Section 11.2 may be enforced and judgment on the award (including equitable remedies) granted in any arbitration hereunder may be entered in any court having jurisdiction over the award or any of the Parties or any of their respective
assets. Except to the extent necessary to confirm an award or as may be required by Laws, neither a Party nor an arbitrator may disclose the existence, content, or results of an arbitration without the prior written consent of both Parties. 

11.3 Governing Law; Jurisdiction and Venue. This Agreement and any Dispute will be governed by and construed
and enforced in accordance with the laws of State of New York, United States, without reference to conflicts of laws principles. 
 11.4
Assignment and Successors. Neither this Agreement nor any obligation of a Party hereunder may be assigned by either Party without the prior written consent of the other, which will not be unreasonably withheld, delayed or
conditioned, provided that either Party may make such an assignment without the other Party’s consent to its Affiliate or to a successor, whether in a merger, sale of stock, sale of assets or any other transaction, of the business to which this
Agreement relates. With respect to an assignment to an Affiliate, the assigning Party shall remain responsible for performance by such Affiliate of the rights and obligations hereunder. Each Party shall promptly notify the other Party of any
assignment or transfer under the provisions of this Section 11.4. The terms of this Agreement shall inure to the benefit of, and be binding upon, the Parties and their respective successors and permitted assigns. Any assignment not in
accordance with this Section 11.4 shall be void. 

  
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 11.5 Force Majeure. No Party will be held responsible to the other
Party nor be deemed to be in default under, or in breach of any provision of, this Agreement for failure or delay in performing any obligation of this Agreement when such failure or delay is due to force majeure, and without the fault or negligence
of the Party so failing or delaying. For purposes of this Agreement, force majeure means [***]. In such event the Party so failing or delaying will immediately notify the other Party of such inability and of the period for which such inability is
expected to continue. The Party giving such notice will be excused from such of its obligations under this Agreement as it is thereby disabled from performing for so long as it is so disabled for up to a maximum of [***], after which time the
Parties will negotiate in good faith any modifications of the terms of this Agreement that may be necessary to arrive at an equitable solution, unless the Party giving such notice has set out a reasonable timeframe and plan to resolve the effects of
such force majeure and executes such plan within such timeframe. To the extent possible, each Party will use reasonable efforts to minimize the duration of any force majeure. 

11.6 Notices. Any notice or request required or permitted to be given under or in connection with this Agreement will be
deemed to have been sufficiently given if in writing and personally delivered or sent by certified mail (return receipt requested), facsimile transmission (receipt verified), or overnight express courier service (signature required), prepaid, to the
Party for which such notice is intended, at the address set forth for such Party below: 
  

			
	If to the Company:	  	 LianBio
 c/o Ogier Global (Cayman) Limited

89 Nexus Way
 Camana Bay

Grand Cayman
 Cayman Islands
KY1-9009
 [***]

		
	With copies to:	  	 Ropes & Gray LLP
 36F Park Place

1601 Nanjing Road West
 Shanghai, China 200040

[***]
 [***]

[***]

		
	If to Pfizer:	  	 Pfizer Inc.
 235 East 42nd Street

New York, NY 10017
 USA

[***]
 [***]

 
 and
  

Pfizer Investment Co., Ltd.
 41/F, CITIC Square

1168 Nan Jing Road (W)
 Shanghai, P.R. China 200041

[***]
 [***]

  
 26 

 or to such other address for such Party as it will have specified by like notice to the
other Party; provided that notices of a change of address will be effective only upon receipt thereof. If delivered personally or by facsimile transmission, the date of delivery will be deemed to be the date on which such notice or request was
given. If sent by overnight express courier service, the date of delivery will be deemed to be the next Business Day after such notice or request was deposited with such service. If sent by certified mail, the date of delivery will be deemed to be
the third (3rd) Business Day after such notice or request was deposited with the U.S. Postal Service. 

11.7 Waiver. Neither Party may waive or release any of its rights or interests in this Agreement except in writing. The
failure of either Party to assert a right hereunder or to insist upon compliance with any term or condition of this Agreement will not constitute a waiver of that right or excuse a similar subsequent failure to perform any such term or condition. No
waiver by either Party of any condition or term in any one or more instances will be construed as a continuing waiver or subsequent waiver of such condition or term or of another condition or term. 

11.8 Severability. If any provision hereof should be held invalid, illegal or unenforceable in any jurisdiction, the
Parties will negotiate in good faith a valid, legal and enforceable substitute provision that most nearly reflects the original intent of the Parties and all other provisions hereof will remain in full force and effect in such jurisdiction and will
be liberally construed in order to carry out the intentions of the Parties hereto as nearly as may be possible. Such invalidity, illegality or unenforceability will not affect the validity, legality or enforceability of such provision in any other
jurisdiction. 
 11.9 Entire Agreement. This Agreement, together with the Appendices and Exhibits hereto, sets forth all
the covenants, promises, agreements, warranties, representations, conditions and understandings between the Parties and supersedes and terminates all prior agreements and understanding between the Parties. There are no covenants, promises,
agreements, warranties, representations, conditions or understandings, either oral or written, between the Parties other than as set forth herein and therein. No subsequent alteration, amendment, change or addition to this Agreement will be binding
upon the Parties hereto unless reduced to writing and signed by the respective authorized officers of the Parties. 
 11.10
Independent Contractors. Nothing herein will be construed to create any relationship of employer and employee, agent and principal, partnership or joint venture between the Parties. Each Party is an independent contractor. Neither
Party will assume, either directly or indirectly, any liability of or for the other Party. Neither Party will have the authority to bind or obligate the other Party, and neither Party will represent that it has such authority. 

11.11 Interpretation. Except as otherwise explicitly specified to the contrary, (a) references to a clause, section,
appendix, or exhibit means a clause of, section of, appendix to, or exhibit to this Agreement, unless another agreement is specified, (b) the word “including” (in its various forms) means “including without limitation,”
(c) the words “shall” and “will” have the same meaning, (d) references to a particular statute or regulation include all rules and regulations thereunder and any predecessor or successor statute, rules or regulation, in
each case as amended or otherwise modified from time to time, (e) words in the singular or plural form include the plural and singular form, respectively, (f) references to a particular Person include such Person’s successors and
assigns to the extent not prohibited by this Agreement, (g) unless otherwise specified, “$,” “USD,” “US Dollars” and “dollars” are in reference to United States dollars, (h) the headings contained in
this Agreement, in any appendix or exhibit to this Agreement and in the table of contents to this Agreement are for convenience only and will not in any way affect the construction of or be taken into consideration in interpreting this Agreement,
(i) the word “notice” means notice in writing (whether or not specifically stated) and shall include notices, consents, approvals and other written 

  
 27 

 
communications contemplated under this Agreement, and (j) provisions that require that a Party, the Parties or any Committee hereunder “agree,” “consent,” or
“approve” or the like shall require that such agreement, consent or approval be specific and in writing, whether by written agreement, letter, approved minutes or otherwise (but excluding e-mail and
instant messaging). 
 11.12 Further Actions. Each Party will execute, acknowledge and deliver such further instruments,
and do all such other acts, as may be necessary or appropriate in order to carry out the expressly stated purposes and the clear intent of this Agreement. 

11.13 Construction of Agreement. The terms and provisions of this Agreement represent the results of negotiations between
the Parties and their representatives, each of which has been represented by counsel of its own choosing, and neither of which has acted under duress or compulsion, whether legal, economic or otherwise. Accordingly, the terms and provisions of this
Agreement will be interpreted and construed in accordance with their usual and customary meanings, and each of the Parties hereto hereby waives the application in connection with the interpretation and construction of this Agreement of any rule of
law to the effect that ambiguous or conflicting terms or provisions contained in this Agreement will be interpreted or construed against the Party whose attorney prepared the executed draft or any earlier draft of this Agreement. 

11.14 Counterparts. This Agreement may be executed in any number of counterparts, each of which shall be deemed an
original and all of which taken together shall be deemed to constitute one and the same agreement. The Parties agree that execution of this Agreement by industry standard electronic signature software and/or by exchanging executed signature pages in
..pdf format via e-mail shall have the same legal force and effect as the exchange of original signatures, and that in any proceeding arising under or related to this Agreement, each Party hereby waives any
right to raise any defense or waiver based upon execution of this Agreement by means of such electronic signatures or maintenance of the executed agreement electronically. 

11.15 Compliance with Laws. Each Party will, and will ensure that its Affiliates will, comply with all relevant laws and
regulations in exercising its rights and fulfilling its obligations under this Agreement. 
 11.16 Performance by
Affiliates. Pfizer may use one (1) or more of its Affiliates to perform its obligations and duties hereunder and such Pfizer Affiliates are expressly granted certain rights herein; provided that each such Affiliate shall be bound by the
corresponding obligations of Pfizer and, subject to an assignment to such Affiliate pursuant to Section 11.4, Pfizer shall remain liable hereunder for the prompt payment and performance of all their respective obligations
hereunder. 
 [Remainder of this page intentionally blank.] 

  
 28 

 IN WITNESS WHEREOF, the Parties have caused this Agreement to be executed by their
representatives thereunto duly authorized as of the Effective Date. 
  

			
	LIANBIO
		
	By:	 	 /s/ Debra Yu

	Name: Debra Yu
	Title: President and Chief Business Officer

 IN WITNESS WHEREOF, the Parties have caused this Agreement to be executed by their
representatives thereunto duly authorized as of the Effective Date. 
  

			
	PFIZER INC.
		
	By:	 	 /s/ Monika Vnuk

			
	Name: Monika Vnuk
	Title: Vice President, Worldwide Business Development, Pfizer

 EXHIBIT A 

Opt-In 
  

									
	 Name

of Product
	  	Date of Opt-In
Notice (if
applicable)	  	Date of Opt-In
Confirmation (if
applicable)	  	Date of Pfizer Proposal
Notice (if applicable)	  	Status of Product1

Last updated XX/XX/2020 

 

	1 	 This column will be used for notes relating to whether discussions are still ongoing for Company to obtain
rights to such Product, whether any Opt-In has expired, whether any ROFN has expired, etc. 

 EXHIBIT B 

Press ReleaseEX-10.13

 Exhibit 10.13 

CERTAIN CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, MARKED BY [***], HAS BEEN OMITTED BECAUSE IT IS NOT MATERIAL AND WOULD LIKELY
CAUSE COMPETITIVE HARM TO THE COMPANY IF PUBLICLY DISCLOSED 
 DEVELOPMENT AND LICENSE AGREEMENT 

This DEVELOPMENT AND LICENSE AGREEMENT (“Agreement”) effective as of March 26, 2021 (“Effective Date”),
is entered into by and between Tarsus Pharmaceuticals, Inc. (“Tarsus”), a Delaware Corporation, with offices at 15440 Laguna Canyon Rd., Suite 160, Irvine, CA 92618, and LianBio Ophthalmology Limited, a Hong Kong entity
(“Lian”), with offices at Room 1902, 19/F, Lee Garden One, 33 Hysan Avenue, Causeway Bay, Hong Kong. Tarsus and Lian may each be referred to as a “Party” or together as the
“Parties.” 
 RECITALS 

WHEREAS, Tarsus owns or controls certain intellectual property assets, including, but not limited to, Patents, proprietary
know-how, and scientific and technical information relating to the Compound (defined below); 
 WHEREAS, Lian
possesses expertise and resources relating to the development, manufacture and commercialization of pharmaceutical products and wishes to obtain a license under Tarsus’s Patents, proprietary know-how and
scientific and technical information relating to the Compound to develop, manufacture and commercialize certain products for certain countries; 
 WHEREAS,
Tarsus and Lian desire to enter into a collaboration for the development and commercialization of such products as set forth in this Agreement; and 

WHEREAS, contemporaneously with the execution of this Agreement, the Parties have executed a separate Warrant Agreement of even date herewith
(“Warrant”) pursuant to which Lian shall issue the Warrant to Tarsus. 
 NOW, THEREFORE, in consideration of the foregoing premises
and the representations, warranties and covenants contained herein, Tarsus and Lian, intending to be legally bound, hereby agree as follows: 

AGREEMENT 
 1. CERTAIN
DEFINITIONS. For purposes of this Agreement, the following capitalized terms, whether used in the singular or plural, shall have the following meanings: 

1.1 “Acquirer IP” means all Know-How and Patents Controlled by an Acquiring
Organization of Tarsus, except for: (a) Know-How and Patents that are included in the definitions of Licensed Know-How and Licensed Patents, respectively,
immediately prior to the closing of the Acquisition of Tarsus; and (b) [***]. 
 1.2 “Acquiring Organization” means
the Acquiror (defined in Section 1.4) in an Acquisition (defined in Section 1.4), together with its Affiliates (other than the Target Entity and the Target Entity’s Affiliates immediately prior to the closing of the Acquisition). 

 1.3 “Acquiring Organization Competing Product Reduction” has the
meaning assigned thereto in Section 3.3. 
 1.4 “Acquisition” of an entity (a “Target
Entity”) means a transaction or series of related transactions pursuant to which an entity (an “Acquiror”) directly or indirectly (a) obtains ownership of more than fifty percent (50%) of the voting
securities of such Target Entity, or (b) succeeds to substantially all the assets and business of such Target Entity (whether via merger, sale of assets, or otherwise). Notwithstanding the foregoing, any transaction or series of related
transactions effected for the primary purpose of financing the operations of the applicable entity (including the issuance or sale of securities for financing purposes, whether through a private placement or a registered offering), or changing the
form or jurisdiction of organization of such entity will not be deemed an Acquisition. 
 1.5 “Action” means any
claim, action, cause of action or suit (whether in contract or tort or otherwise), litigation (whether at law or in equity, whether civil or criminal), assessment, arbitration, investigation, hearing, charge, complaint, demand, notice or proceeding
of, to, from, by or before any Governmental Authority. 
 1.6 “Adverse Event” means any untoward medical occurrence
associated with the use of a drug in humans, whether or not considered drug related. 
 1.7 “Affiliate” means, with
respect to a Party, any Person that controls, is controlled by, or is under common control with that Party, but only for so long as such control exists. For the purpose of this definition, “control” means, direct or indirect, ownership of
more than fifty percent (50%) of the shares of stock entitled to vote for the election of directors, in the case of a corporation, or more than fifty percent (50%) of the equity interest in the case of any other type of legal entity, status as a
general partner in any partnership, or any other arrangement whereby the entity or person controls or has the right to control the board of directors or equivalent governing body of a corporation or other entity, or the ability to cause the
direction of the management or policies of a corporation or other entity. In the case of entities organized under the laws of certain countries, the maximum percentage ownership permitted by law for a foreign investor may be less than fifty percent
(50%), and in such case such lower percentage shall be substituted in the preceding sentence, provided that such foreign investor has the power to direct the management and policies of such entity. 

1.8 “Aggregate Annual Net Sales” for a Calendar Year means the aggregate Net Sales of all of Lian, Lian Affiliates, and
Sublicensees for all Licensed Products in all Regions within the Territory in such Calendar Year. 
 1.9 “Anti-Corruption
Laws” means the United States Foreign Corrupt Practices Act and any other applicable anti-corruption or anti-bribery Laws, in each case as amended. 

1.10 [***] 
 1.11
“Business Day” means any day other than (a) Saturday or Sunday or (b) any other day on which banks in New York, New York, United States are permitted or required to be closed. 

1.12 “Calendar Quarter” means the respective periods of three (3) consecutive calendar months ending on
March 31, June 30, September 30 and December 31. 
 1.13 “Calendar Year” means a period of twelve
(12) consecutive calendar months ending on December 31. 

  
 2 

 1.14 “Claim” means any charge, complaint, action, suit, proceeding,
hearing, investigation, claim or demand. 
 1.15 “Clinical Supply Agreement” has the meaning assigned thereto in
Section 7.1. 
 1.16 “Clinical Trial” means a Phase I Clinical Trial, Phase II Clinical Trial or Phase III
Clinical Trial, or any post-approval or other human clinical trial, as applicable. 
 1.17 “CMO” or “Contract
Manufacturing Organization” means a Third Party with which a Party has contracted to conduct manufacturing (including process development and scale-up) of the Licensed Products on behalf of such Party.

 1.18 “Combination Product” means a Licensed Product(s) and Other Product(s) sold in combination for a single
price, in the same package, including as a co-formulation, or under the same label. 
 1.19
“Commercial Milestone Event” has the meaning assigned thereto in Section 9.4.1. 
 1.20 “Commercial
Milestone Payment” has the meaning assigned thereto in Section 9.4.1. 
 1.21 “Commercial Supply
Agreement” has the meaning assigned thereto in Section 7.1. 
 1.22 “Commercialization,”
“Commercialize” or “Commercializing” means engaging in any and all activities directed to pre-marketing, launching, marketing, promoting (including advertising
and detailing), labeling, bidding and listing, distributing, offering for sale, selling, importing, having imported, exporting, having exported, providing customer service and support, post-marketing safety surveillance and reporting of a product,
or other commercialization of a product, but not including Development or manufacturing activities. 
 1.23 “Commercialization
Plan” has the meaning assigned thereto in Section 6.1. 
 1.24 “Commercially Reasonable Efforts”
means [***]. 
 1.25 “Commercially Selling” and its derivatives (e.g., “Commercially Sells”),
in a Region means that a Party is selling a Licensed Product in such Region after receipt of Regulatory Approval for such Licensed Product in such Region. 

1.26 “Competing Product” means any compound or product directed to the Field. 

1.27 “Completion Date” has the meaning assigned thereto in Section 5.2. 

1.28 “Compound” means Lotilaner. 

1.29 “Confidential Information” has the meaning assigned thereto in Section 10.1. 

1.30 “Control” or “Controlled” means, when used in reference to
Know-How, Patents, or other Intellectual Property Rights, the legal authority or right (whether by ownership or license, other than a license granted pursuant to this Agreement) or the ability of a Person (or
any of its Affiliates) to grant a license or sublicense of such Know-How, Patents, or other Intellectual Property Rights to the other Party as provided for herein without violating or breaching the terms of
any agreement with any Third Party. Notwithstanding the foregoing, if, after the Effective Date, a Party or its Affiliates obtains the right to grant a license or sublicense with respect to any Patents,
Know-How or other Intellectual Property Rights to the other Party as provided for herein only upon payment of compensation (including, milestones or royalties)

  
 3 

 
to a Third Party that would not have been payable had a license or sublicense not been granted or exercised under this Agreement (“Third Party Compensation”), then the first Party or
its Affiliates will be deemed to have “Control” of the relevant Patents, Know-How or other Intellectual Property Rights, only if the other Party agrees to bear the cost of such Third Party
Compensation (subject to any permitted reductions under Section 9.6.3.) The granting Party will promptly notify the other Party after becoming aware that any such license or sublicense could require the payment of any Third Party Compensation.

 1.31 “Cover” or “Covering” means, as to a particular subject matter at issue and relevant
Patent or individual claim in such Patent, that, in the absence of a license granted under, or ownership of, such Patent, the making (including methods of making), using (including methods of use, such as methods of treatment), selling, offering for
sale or importation of such subject matter would infringe such Patent or the individual claim of such Patent or, as to a pending claim included in such Patent, the making, using, selling, offering for sale or importation of such subject matter would
infringe such Patent if such pending claim were to issue in an issued Patent without modification. 
 1.32
“Development”, “Develop” or “Developing” means engaging in non-clinical, preclinical or clinical drug development activities, including
test method development, stability testing, toxicology, formulation, process development, manufacturing scale-up, development-stage manufacturing, analytical method validation, manufacturing process
validation, cleaning validation, post-approval changes, life cycle management, quality assurance/quality control, statistical analysis, report writing, preclinical and clinical studies, regulatory filing submission and approval and regulatory
affairs. 
 1.33 “Development Activities” means activities for the Development of Licensed Products in the Field and
in the Territory. 
 1.34 “Development Milestone Event” has the meaning assigned thereto in
Section 9.4.1. 
 1.35 “Development Milestone Payment” has the meaning assigned thereto in Section 9.4.1.

 1.36 “Development Plan” means the comprehensive plan for the Development of Licensed Products for
the purpose of obtaining Regulatory Approval for the Licensed Products in the Field in the Territory. 
 1.37 “Diligence
Negotiation Failure Date” has the meaning assigned thereto in Section 3.2. 
 1.38 “Disclosing
Party” has the meaning assigned thereto in Section 10.1. 
 1.39 “Elanco” means Elanco
Tiergesundheit AG, a Swiss corporation. 
 1.40 “Elanco Agreement” means the License Agreement by and between Elanco
and Tarsus, dated as of January 31, 2019 and amended as of September 3, 2020 and as further amended from time to time. 
 1.41
“Elanco Patents” means the Patents licensed to Tarsus under the Elanco Agreement. 
 1.42 “Eligible Global
Study” means a Clinical Trial of a Licensed Product in the Field that is primarily intended to support the Development or Regulatory Approval of any Compound or Licensed Product inside and outside the Territory. For clarity, neither Saturn-1 nor Saturn-2 are an Eligible Global Study. 

  
 4 

 1.43 “Estimated Quarterly Net Sales” has the meaning assigned
thereto in Section 9.7. 
 1.44 “Export Control Laws” means all applicable Laws relating to (a) sanctions
and embargoes imposed by the Office of Foreign Assets Control of the U.S. Department of Treasury or (b) the export or re-export of commodities, technologies or services, including the Export
Administration Act of 1979, 24 U.S.C. §§ 2401-2420, the International Emergency Economic Powers Act, 50 U.S.C. §§ 1701-1706, the Trading with the Enemy Act, 50 U.S.C. §§ 1 et. seq., the Arms Export Control Act, 22
U.S.C. §§ 2778 and 2779, and the International Boycott Provisions of Section 999 of the U.S. Internal Revenue Code of 1986, in each case, as amended. 

1.45 “FDA” means the United States Food and Drug Administration and any successor agency thereto. 

1.46 “FDCA” means the Federal Food, Drug and Cosmetics Act, as amended from time to time, and the rules, regulations
and guidelines promulgated thereunder. 
 1.47 “Field” means the treatment of Demodex Blepharitis and, unless
excluded in accordance with Section 2.2, Meibomian Gland Disease, in each case, in humans. 
 1.48 “First Commercial
Sale” means the first transfer of commercial quantities of any Licensed Product for value to a Third Party by Lian or any of its Affiliates or any Sublicensees after receipt of Regulatory Approval. 

1.49 “Force Majeure Event” has the meaning assigned thereto in Section 17.6. 

1.50 “Fully Burdened Manufacturing Cost” means, with respect to any Licensed Product (or the Compound contained
therein) supplied by or on behalf of Tarsus to Lian: 
  

	 	(a)	 to the extent such Licensed Product (or the Compound contained therein) (or any precursor or intermediate
thereof) is manufactured by a CMO, the actual price charged to Tarsus for such CMO manufacturing and, to the extent applicable (and not the financial responsibility of Lian pursuant to the applicable delivery terms), delivering such Licensed
Product, including the costs of raw materials, intermediates and components, reference materials or standards required for release testing, materials necessary to support stability studies (including methods, reference materials and consumables),
drug substance and drug product manufacturing, quality assurance and stability testing, characterization testing, quality control, release testing of drug substance and drug product, quality assurance, batch record review and release of product, and
storage; or 

  

	 	(b)	 to the extent such Licensed Product (or the Compound contained therein) (or any precursor or intermediate
thereof) is manufactured by Tarsus or its Affiliate, the actual, fully burdened cost of such manufacturing, including the cost of raw materials, direct labor and benefits, and all other reasonable and customary manufacturing-related costs
specifically identifiable to the manufacture of such Licensed Product (or the Compound contained therein), but excluding the costs of idle plant capacity reserved specifically for such Licensed Product (or the Compound contained therein) based on
anticipated product volumes, failed lots, actual product inventory write-offs, factory, plant or equipment start-up or start-up amortization costs, scale-up expenses, and freight in/out and sales and excise taxes imposed thereon, customs and duty and charges levied by government authorities, and all costs of packaging. Such fully burdened costs will be
calculated in accordance with the Accounting Standards. 

  
 5 

 1.51 “Generic Product” means a product containing the Compound. 

1.52 “Good Manufacturing Practices” means, with respect to the United States, the minimum then-current good
manufacturing practices for methods, facilities and controls to be used for the manufacture, processing, packing or holding of a drug to assure that it meets the requirements of the FDCA for safety and has the identity and strength and meets the
quality and purity characteristics, specified in 21 C.F.R. Parts 210 and 211, as may be amended, and, with respect to any other country or jurisdiction, the equivalent regulations in such other country or jurisdiction. 

1.53 “Governmental Authority” means any court, tribunal, arbitrator, agency, legislative body, commission, official or
other instrumentality of (a) any government of any country or jurisdiction, (b) a federal, state, province, county, city or other political subdivision thereof or (c) any supranational body, including the FDA and the NMPA. 

1.54 [***] 
 1.55
“Indication Decision Date” means the date that is [***] days after the date Tarsus first provides Lian with the final clinical study report from a Phase II Clinical Trial for a Licensed Product for Meibomian Gland Disease.

 1.56 “Infringement Claim” has the meaning assigned thereto in Section 14.2.3. 

1.57 “Intellectual Property Rights” means any and all Patents, copyrights, trade secrets, sui generis database rights, Know-How, and all other intellectual and industrial property rights of any sort throughout the world (including any application therefor) whether now known or hereafter existing. 

1.58 “Inventions” has the meaning assigned thereto in Section 2.7. 

1.59 “Joint Steering Committee” or “JSC” has the meaning assigned thereto in Section 4.1.

 1.60 “Know-How” means any proprietary
know-how, data, and information, including inventions (whether patentable or not), technology, discoveries, methods, techniques, and scientific information, medical information, all manufacturing, preclinical
and clinical data, materials, samples, protocols, specifications, processes, structures, trade secrets, analytical and quality control information and procedures, pharmacological, toxicological and clinical test data and results, stability data and
studies and procedures. 
 1.61 “knowledge” of a Party means the actual knowledge of the executive officers of such
Party following due inquiry of the direct reports of such executive officers, but without requiring any other investigation (including any freedom to operate search). 

1.62 “Laws” means all laws, statutes, rules, regulations, ordinances and other pronouncements having the binding effect
of law of any Governmental Authority. 
 1.63 “Lian” has the meaning assigned thereto in the Preamble. 

  
 6 

 1.64 “Lian Affiliate” means an Affiliate of Lian. For clarity and
example, “Lian and Lian Affiliates” has the same meaning as “Lian and its Affiliates” and “Lian or Lian Affiliates” has the same meaning as “Lian or its Affiliates.” 

1.65 “Lian Obligation” has the meaning set forth in Section 17.1. 

1.66 “LianBio” means LianBio, an exempted company organized and existing under the laws of Cayman Islands. 

1.67 “Lian Ophthalmology” means LianBio Ophthalmology, an exempted company organized under the laws of the Cayman
Islands. 
 1.68 “License” shall have the meaning assigned thereto in Section 2.1.1. 

1.69 “Licensed IP” means the Licensed Patents and Licensed Know-How. 

1.70 “Licensed Know-How” means all
Know-How Controlled by Tarsus or any of its Affiliates as of the Effective Date or during the Term that is necessary or reasonably useful for the Development, Manufacture, or Commercialization of the Licensed
Product. Notwithstanding the foregoing, Licensed Know-How excludes: (a) all Know-How that relates to any active therapeutic ingredient (or product containing such
active therapeutic ingredient) other than the Compound and does not relate to the Compound; and (b) [***]. 
 1.71 “Licensed
Patents” means all Patents that: (a) Cover any Licensed Know-How, or (b) are otherwise necessary to make, use, sell, offer to sell, or import any Licensed Product, in each case of
(a) or (b), that are Controlled by Tarsus or any of its Affiliates as of the Effective Date or during the Term. Notwithstanding the foregoing, Licensed Patents exclude: (i) all Patents that both: (A) Cover any active therapeutic
ingredient (or product containing such active therapeutic ingredient) other than the Compound or any use thereof; and (B) do not Cover the Compound or any use thereof; and (ii) [***]. The Licensed Patents existing as of the Effective Date are
set forth on Schedule 1.71 attached hereto. 
 1.72 “Licensed Products” means any eyedrop product containing the
Compound, including as part of any combination. 
 1.73 “Manufacturing Technology” means, with respect to a Licensed
Product, all Licensed Know-How necessary to manufacture such Licensed Product. 
 1.74
“Manufacturing Transfer Commencement” has the meaning assigned thereto in Section 7.3.1. 
 1.75
“Materially Failed to Supply Licensed Products” means, on at least two separate occasions in a given Calendar Year, Tarsus has failed to supply or cause to be supplied to Lian (other than as caused by a Force Majeure Event)
those quantities of Licensed Product forecasted and ordered in accordance with the terms of the applicable Supply Agreement, and the cumulative shortfall of Licensed Product for such Calendar Year attributable to such failures is at least [***] of
the aggregate amount so forecast to (or, if greater, ordered from) Tarsus for delivery in such Calendar Year. For all purposes of this definition, Licensed Product delivered within [***] days of the applicable delivery date shall not be deemed
Licensed Product that Tarsus has failed to supply or cause to be supplied. 

  
 7 

 1.76 “NDA” means a new drug application submitted to the FDA for
purposes of obtaining Regulatory Approval for a new drug in the United States or any foreign equivalent filed with the applicable Regulatory Authority in other countries or regulatory jurisdictions in the Territory, as applicable. 

1.77 “Net Sales” means, with respect to a Licensed Product and a Region, the gross amount invoiced by Lian or its
Affiliates or any Sublicensee to unrelated Third Parties, for the sale of such Licensed Product in the Territory during the Royalty Term in the Region of sale, less the following items applied consistent with U.S. Generally Accepted Accounting
Principles (collectively, “Permitted Deductions”): 
  

	 	(i)	 Trade, quantity and cash discounts allowed; 

 

	 	(ii)	 Discounts, refunds, rebates, chargebacks, retroactive price adjustments, and any other allowances which
effectively reduce the net selling price; 

  

	 	(iii)	 Licensed Product returns and allowances; 

 

	 	(iv)	 That portion of the sales value associated with drug delivery systems, where applicable; 

 

	 	(v)	 Any tax imposed on the production, sale, delivery or use of the Licensed Product, including sales, use, excise
or value added taxes; 

  

	 	(vi)	 Wholesaler inventory management fees; 

 

	 	(vii)	 Allowance for distribution expenses; and 

 

	 	(viii)	 Any other similar and customary deductions which are in accordance with GAAP. 

With respect to Combination Products, if Licensed Products are sold in the form of Combination Products containing one or more Other Products, then Net Sales
for the Combination Product will be calculated by multiplying actual Net Sales of such Combination Product by the fraction A/(A+B) where A is the invoice price of a Licensed Product as the only active therapeutic ingredient if sold separately, and B
is the total invoice price of any Other Products in such Combination Product, as the only active therapeutic ingredient if sold separately. If the Other Products in the Combination Product are not sold separately, Net Sales for the purpose of
determining royalties of the Combination Product shall be calculated by multiplying actual Net Sales of such Combination Product by the fraction A/C where A is the invoice price of the Licensed Product as the only active therapeutic ingredient, if
sold separately, and C is the invoice price of the Combination Product. If neither such Licensed Product nor the other active therapeutic ingredient(s) of the Combination Product is sold separately, Net Sales for the purposes of determining
royalties of the Combination Product shall be determined by the Parties in good faith based on the relative value of the Licensed Product and the additional active therapeutic ingredients that are included in the Combination Product (an
“Unprecedented Combination Product”). Neither Lian, its Affiliates nor any Sublicensees shall sell any Unprecedented Combination Product until the Parties have made the determination required by the previous sentence. 

The amounts of Net Sales shall be determined from the books and records of Lian or its Affiliates or any Sublicensee maintained in accordance with U.S.
Generally Accepted Accounting Principles consistently applied. Lian further agrees in determining such amounts, it will use Lian’s then current standard procedures and methodology, including Lian’s then current standard exchange rate
methodology, utilizing a reputable source such as the Wall Street Journal or Reuters, for the translation of foreign currency sales into U.S. Dollars. For purposes of determining Net Sales, (i) sales of a Licensed Product shall not include
transfers, uses or dispositions for charitable, promotional, pre-clinical, clinical, regulatory or governmental purposes, and (ii) sales between or among Lian, its Affiliates and any Sublicensees for re-sale shall be excluded from the computation of Net Sales, but subsequent sales by Lian or its Affiliates or any Sublicensee to Third Parties shall be included in the computation of Net Sales. 

  
 8 

 1.78 “NMPA” means the National Medical Product Administration,
formerly known as the China Food and Drug Administration, and any successor agency thereto. 
 1.79 “Other Product”
means a product containing or comprising an active therapeutic ingredient other than the Compound, consisting of a separate and distinct molecular entity having a clearly defined therapeutic activity other than as an adjuvant, bio-availability enhancer, formulation excipient, stabilizer, antioxidant, device, carrier or the like. 

1.80 “Party” or “Parties” has the meaning assigned thereto in the first paragraph of this
Agreement. 
 1.81 “Patents” means: (a) all original (priority establishing) patent applications claiming one or
more inventions filed anywhere in the world, including provisionals and nonprovisionals; and (b) any patent or patent application that claims, or is entitled to claim, direct or indirect priority to the patent applications described in clause
(a), including any continuations, continuations-in-part, divisions, or substitute applications, any patents issued or granted from any such patent applications, and any
reissues, reexaminations, renewals or extensions (including by virtue of any supplementary protection certificates) of any such patents, and any confirmation patents or registration patents or patents of addition based on any such patents, and all
foreign counterparts or equivalents of any of the foregoing. 
 1.82 “Person” means any natural person, corporation,
general partnership, limited partnership, limited liability company, joint venture, proprietorship or other de jure entity organized under the Laws of any jurisdiction. 

1.83 “Phase I Clinical Trial” means a human clinical trial, the principal purpose of which is preliminary determination
of safety of a Licensed Product in healthy individuals or patients or that otherwise meets the requirements described in 21 C.F.R. §312.21(a), or similar clinical study in a country other than the United States. 

1.84 “Phase II Clinical Trial” means a human clinical trial, for which the primary endpoints include a determination of
dose ranges or a preliminary determination of efficacy of a Licensed Product in patients being studied or that otherwise meets the requirements described in 21 C.F.R. §312.21(b), or similar clinical study in a country other than the United
States. 
 1.85 “Phase III Clinical Trial” means a human clinical trial, the principal purpose of which is to
demonstrate clinically and statistically the efficacy and safety of a Licensed Product for one or more indications in order to obtain Regulatory Approval of such Licensed Product for such indication(s) or that otherwise meets the requirements
described in 21 C.F.R. §312.21(c) or a similar clinical study in a country other than the United States. 
 1.86
“Post-Acquisition Clinical Product” means a Licensed Product that is the focus of a Phase II Clinical Trial or Phase III Clinical Trial in the Field after the closing of an Acquisition of Tarsus, and conducted by Tarsus, its
Affiliates, or their licensee. 
 1.87 “Product Materials” has the meaning assigned thereto in Section 16.7.2.

  
 9 

 1.88 “Prosecution” or “Prosecute” means,
with respect to a particular Patent, all activities associated with the preparation, filing, defense, prosecution and maintenance of such Patent, as well as supplemental examinations, re-examinations,
reissues, applications for patent term adjustments and extensions, supplementary protection certificates and the like with respect to that Patent, together with the conduct of interferences, derivation proceedings, inter partes review, post-grant
review, the defense of oppositions and other similar proceedings with respect to that Patent. 
 1.89 “Public Official or
Entity” means (a) any officer, employee (including physicians, hospital administrators, or other healthcare professionals), agent, representative, department, agency, de facto official, representative, corporate entity,
instrumentality, or subdivision of any government, military, or international organization, including any ministry or department of health or any state-owned or affiliated company or hospital, or (b) any candidate for political office, any
political party, or any official of a political party. 
 1.90 “Regulatory Approval” means in a particular country or
jurisdiction means all approvals (including any applicable governmental price and reimbursement approvals), licenses, registrations, and authorizations of any federal, national, multinational, state, provincial or local Regulatory Authority,
department, bureau and other governmental entity that are necessary for the marketing and sale of a Licensed Product in a country or jurisdiction. 

1.91 “Regulatory Authority” means a federal, national, multinational or other regulatory agency or governmental entity
involved in the granting of Regulatory Approval for a pharmaceutical product in a country or jurisdiction (e.g., the FDA and the NMPA). 

1.92 “Regulatory Exclusivity” means, with respect to a Licensed Product, any exclusive marketing rights or data
exclusivity rights conferred by any Regulatory Authority with respect to such Licensed Product, other than Patent Rights, that prohibits a Third Party from (a) relying on data generated by or on behalf of the Parties with respect to such
Licensed Product in an application for Regulatory Approval, or (b) commercializing a Generic Product of such Licensed Product (for example, any Data Exclusivity rules released by the NMPA). 

1.93 “Regulatory Filings” means any written application, submission, notice or other filing made to an applicable
Regulatory Authority in the Territory: (a) seeking approval for the commercial manufacture, use, storage, import, export, transport, distribution, marketing or sale of a Licensed Product, including any Regulatory Approval; or (b) that is
required to be filed with the applicable Regulatory Authority before beginning clinical testing of a Licensed Product in human subjects, including any successor application or procedure, non-U.S. equivalents
to any of the foregoing and all supplements and amendments that may be filed with respect to any of the foregoing; such as NDA, sNDA and any equivalent thereof in the United States or any other country or jurisdiction in the world. 

1.94 “Region” has the meaning assigned thereto in Section 1.108. 

1.95 “Residual Knowledge” has the meaning assigned thereto in Section 10.5. 

1.96 “Royalty Term” has the meaning assigned thereto in Section 9.6.2. 

1.97 “Saturn-1” means a Tarsus United States randomized, controlled,
multicenter, double-masked, parallel pivotal Clinical Trial, currently in progress, to compare the safety and efficacy of a Licensed Product to vehicle control for the treatment of Demodex Blepharitis, registered at clinicaltrials.gov as
“Safety and Efficacy of TP-03 for the Treatment of Demodex Blepharitis (Saturn-1)” (https://clinicaltrials.gov/ct2/show/NCT04475432). 

  
 10 

 1.98 “Saturn-2” means a
Tarsus United States randomized, controlled, multicenter, double-masked, parallel pivotal Clinical Trial, other than Saturn-1, to compare the safety and efficacy of a Licensed Product to vehicle control for
the treatment of Demodex Blepharitis. 
 1.99 “Second Payment” has the meaning assigned thereto in Section 9.2.

 1.100 “Senior Officers” means the CEO of Tarsus and the CEO of Lian. 

1.101 “Sublicensee” means a Third Party sublicensee to whom Lian or its Affiliates grants rights under this Agreement
or any subsequent sublicensee through multiple-tiers. 
 1.102 “Supply Agreement” means either a Clinical Supply
Agreement or a Commercial Supply Agreement, each shall have the meaning assigned thereto in Section 7.1. 
 1.103
“Tarsus” has the meaning assigned thereto in the Preamble. 
 1.104 “Tarsus Development Plan”
has the meaning assigned thereto in Section 5.4. 
 1.105 “Tarsus Global Licensed Product Trademark” has the
meaning assigned thereto in Section 2.8. 
 1.106 “Taxes” has the meaning assigned thereto in
Section 9.9.1. 
 1.107 “Term” has the meaning assigned thereto in Section 16.1. 

1.108 “Territory” means the People’s Republic of China (“PRC”), Hong Kong, Macau, and
Taiwan (each a “Region” within the Territory). 
 1.109 “Third Party” means a Person who is
not a Party or an Affiliate of a Party. 
 1.110 “Third Party Compensation” has the meaning assigned thereto in
Section 1.30. 
 1.111 “Transition Period” has the meaning assigned thereto in Section 7.3.1. 

1.112 “Two-Invoice Policy” means the policy described in “the Opinion on
the Implementation of the ‘Two-Invoices’ System in the Procurement of Pharmaceutical Products by Public Medical Institutions (trial)” (Guoyigaibanfa [2016] No. 4), officially released on
9 January 2017 and in any other applicable Laws that mandates public hospitals or any other purchaser of drugs in mainland China to purchase drugs from the distributor that purchases the drugs directly from the drug manufacturer, limiting the
total number of invoices to two. 
 1.113 “United States” means the United States of America and its territories and
possessions. 
 1.114 “Upfront Payment” has the meaning assigned thereto in Section 9.1. 

1.115 “Valid Claim” means a claim of: (a) of any issued, unexpired patent within the Licensed Patents that has not
been revoked or held unenforceable or invalid by a decision of a court or Governmental Authority of competent jurisdiction from which no appeal can be taken, or with respect to which an appeal is not taken within the time allowed for appeal, and
that has not been disclaimed or admitted to be invalid or unenforceable through reissue, disclaimer or otherwise; or (b) of any patent application within the Licensed Patents that has not been cancelled, withdrawn or abandoned, without being re-filed in another application in the applicable jurisdiction or has not been pending or filed more than [***] years from the earliest possible priority date for said application, provided that if such claim is
later issued, it will from the issuance date forward, be deemed to be a Valid Claim, subject to clause (a) of this Section 1.115. 

  
 11 

 2. LICENSE GRANTS, OWNERSHIP. 

2.1 License Grant. 
 2.1.1
Subject to the terms and conditions of this Agreement, Tarsus grants to Lian (a) an exclusive license under the Licensed Know-How and, and to the extent held in the Territory, the Licensed Patents, to
Develop, Commercialize, make (in accordance with Article 7), have made (in accordance with Article 7), use, offer for sale, sell and import Licensed Products in the Field and in the Territory only for sale and use in the Field and in the Territory;
and (b) a non-exclusive license, under the Licensed IP, to make (in accordance with Article 7) and have made (in accordance with Article 7), but not to Commercialize, the Licensed Products outside the
Territory for exploitation in the Field and in the Territory ((a) and (b), collectively, the “License”). The License shall be non-transferable (except as expressly set forth in
Section 17.10). Lian shall not (and shall not permit its Affiliates or any Sublicensees to) Develop or Commercialize Licensed Products outside the Field or outside the Territory. 

2.1.2 The exclusivity granted under the License under Licensed Know-How in Section 2.1.1(a) means
only that: [***]. 
 2.1.3 For clarity: (a) if Licensed Know-How relates to both the Compound
and any other active therapeutic ingredient, then the License granted to Lian with respect to the Licensed Know-How excludes any right with respect to any other active therapeutic ingredient; and (b) if
any Licensed Patent Covers both the Compound (or any use thereof) and any other active therapeutic ingredient (or any use thereof), then the License granted to Lian with respect to such Licensed Patent excludes any right with respect to such other
active therapeutic ingredient (or any use thereof). 
 2.2 Field. Lian may, in its sole discretion, exclude Meibomian Gland Disease
from the Field by notifying Tarsus of such exclusion prior to the Indication Decision Date (“Exclusion Indication Notice”). For clarity, Lian cannot exclude Meibomian Gland Disease from the Field after the Indication Decision
Date. If Lian provides the Exclusion Indication Notice prior to the Indication Decision Date, then for all purposes of this Agreement, (including the License and the definition of Competing Product), the Field shall exclude the treatment of
Meibomian Gland Disease. This exclusion shall be permanent and apply on a prospective basis after Tarsus’s receipt of the corresponding Exclusion Indication Notice. 

2.3 Sublicenses. Lian shall have the right to grant sublicenses of the rights granted to Lian under the License to its Affiliates or
Third Parties without consent of Tarsus; provided that (a) each such sublicense is subordinate to and consistent with the terms and conditions of this Agreement, and (b) each Sublicensee agrees to be bound by all terms of this Agreement
applicable to such Sublicensee in the same manner as Lian is bound (including, to the extent applicable, Sections 2.3, 2.5, 2.6, 2.7, 3.1, 4.3, 5.2, 5.6, 7.1 (the last sentence), 9.10, 13.1, 14.2.1, and 14.2.5, and Articles 6, 8, 10, and 15). Lian
shall remain responsible for its Affiliates’ and each Sublicensee’s compliance with all obligations under this Agreement applicable to such Affiliates or Sublicensees. Upon the termination of this Agreement, at the written request of any
Sublicensee who is not then in breach of its sublicense agreement, Tarsus will discuss in good faith with such Sublicensee whether to enter into a direct license agreement with such Sublicensee. No grant of any sublicense to a Third Party or any
Lian Affiliate shall relieve Lian of its obligations hereunder. 

  
 12 

 2.4 Transfer of Licensed Know-How. Promptly
following the Effective Date, Tarsus shall provide to Lian copies of all material Licensed Know-How (other than Manufacturing Technology), including documentation and reports within the Licensed Know-How from Clinical Trials and preclinical studies for the Licensed Product that have been obtained by Tarsus, and any other Licensed Know-How reasonably requested by Lian.
Upon Lian’s request (no more than once in any [***] period), Tarsus shall provide to Lian the Licensed Know-How (other than Manufacturing Technology) reasonably requested by Lian that has not previously
been provided to Lian hereunder. 
 2.5 Approval of Licensed Product. Lian shall not Develop, Commercialize, make, have made, use,
offer for sale, sell, market, promote or import any Licensed Product (including, any combination thereof) other than those Licensed Products (including, any combination thereof) approved by Tarsus in writing, such approval not to be unreasonably
withheld. For clarity, the foregoing restriction on Lian and approval rights of Tarsus apply to the Develop, Commercialize, making, having made, use, offering to sell, selling, marketing, promoting and importing of any combination of a Licensed
Product and any other product. Without limiting the reasons that Tarsus may withhold approval, if Lian proposes to Develop, Commercialize, make, have made, use, offer to sell, sell, market, promote, or import a Licensed Product as (or as part of)
such combination, then it will be deemed reasonable for Tarsus to withhold its approval of such Licensed Product or combination thereof if: (a) Tarsus uses reasonable efforts to negotiate with Elanco to add customary allocations for combination
products in the definition of net sales in the Elanco Agreement with respect to such Licensed Product or combination thereof; (b) Elanco does not agreed to such additions; and (c) Lian does not agree to waive the application of the
customary allocations for Combination Products in the definition of Net Sales for such Licensed Product or combination thereof. 
 2.6
Elanco Agreement. The License shall be subject to the terms under the Elanco Agreement set forth on Schedule 2.6; provided that Tarsus shall be responsible for any and all amounts payable to Elanco under the Elanco Agreement resulting from
the execution of, and activities of Lian in the Field and in the Territory under, this Agreement or any Supply Agreement. 
 2.7
Inventions. Ownership of intellectual property first discovered, or invented through the activities of one or more Parties in the performance of activities (including, all Development and manufacturing of the Licensed Product conducted by or
for Lian, its Affiliates or any Sublicensees) under this Agreement (“Inventions”) will follow inventorship as determined in accordance with United States patent laws for determining inventorship, irrespective of whether such
intellectual property is patentable or incorporated into a patent application. Lian and its Affiliates hereby grants to Tarsus a non-exclusive, sublicenseable (through multiple tiers), royalty-free, fully paid-up, transferable, perpetual license, under any Inventions (and all Intellectual Property Rights therein) created by or on behalf of Lian, its Affiliates, or any Sublicensees, to Develop, manufacture, or
Commercialize the Compound or any product containing the Compound; provided, however, that such license does not include the right to, sell and have sold Licensed Products in the Territory until after the effective date of termination or expiration
of this Agreement. Lian shall not (and shall ensure that neither its Affiliates nor any Sublicensees) license any Invention to any Third Party with respect to any Competing Product. 

2.8 Trademark. Lian may brand the Licensed Products in the Territory using a trade name that Tarsus selects to brand the Licensed
Products outside of the Territory (the “Tarsus Global Licensed Product Trademark”). If Lian elects to market the Licensed Products within the Territory under a separate brand name than the Tarsus Global Licensed Product
Trademark (including a localized version of the Tarsus Global Licensed Product Trademark), then Lian shall provide such alternative brand name for the Licensed Products within the Territory to the JSC for review and approval. 

2.9 No Implied Rights; Retained Rights. Nothing contained in this Agreement confers or will be construed to confer any rights by
implication, estoppel or otherwise under any Intellectual Property Rights, other than the rights expressly granted in this Agreement. All rights not expressly granted by a Party under this Agreement are reserved to such Party. Notwithstanding
anything to the contrary set forth in this 

  
 13 

 
Agreement, Lian’s License under (and any exclusivity with respect to) Licensed Know-How shall not in any way restrict Tarsus and its Affiliates from
(a) using, disclosing to any Third Party, or granting any Third Party the right to use Licensed Know-How for any purpose other than to Develop, Commercialize, make, have made, use, offer for sale, sell
and import the Licensed Products in the Field and in the Territory for sale and use in the Field and in the Territory, or (b) performing Tarsus’s obligations or exercising Tarsus’s rights under this Agreement. 

3. EXCLUSIVITY. 
 3.1
Exclusivity. During the Term, except for the Compound and Licensed Products being Developed, manufactured, or Commercialized by Lian, Lian Affiliates, and Sublicensees, neither Tarsus or its Affiliates, nor Lian or its Affiliates will (by
itself or with or through an Affiliate or a Third Party, directly or indirectly) Develop, make, have made, use, sell, offer for sale, import, or Commercialize in the Territory any Competing Product. For all purposes of this Section 3.1,
Affiliates of a Party shall not be deemed to include (and the foregoing shall not restrict) an Acquiring Organization after an Acquisition of such Party. The foregoing does not restrict Tarsus, or any of its Affiliates, or any of its or their
sublicensees from making (or having made) a Licensed Product in the Territory solely for use outside the Territory. 
 3.2 Acquisition of
Lian. Tarsus may terminate this Agreement immediately upon notice to Lian at any time after (i) an Acquisition of Lian Ophthalmology or Lian that includes the assets relating to this Agreement (including an Acquisition of LianBio), or
(ii) the sale of all or substantially all the assets relating to this Agreement in a transaction or series of related transactions, if both: 

[***]. 
 3.3 Acquisition of
Tarsus. After (a) an Acquisition of Tarsus, or (b) the sale of all or substantially all the assets of Tarsus relating to this Agreement in a transaction or series of related transactions, in either case ((a) or (b)), Lian may reduce
its obligation to pay Tarsus future royalties on Net Sales of Licensed Products in the Territory to the amount of the royalty Tarsus must pay Elanco under the Elanco Agreement for such Net Sales (if any) if the Acquiring Organization of Tarsus under
sub-clause (a), or the purchaser of the applicable assets under sub-clause (b), at any time after [***] days following the closing of such transaction Commercially Sells
a Competing Product for the treatment of Demodex Blepharitis in the Territory (an “Acquiring Organization Competing Product Reduction” for the Territory). The foregoing Acquiring Organization Competing Product Reduction shall
only apply with respect to Calendar Quarters in which the Acquiring Organization of Tarsus under sub-clause (a) or the purchaser of the applicable assets under
sub-clause (b) Commercially Sells a Competing Product in the Territory. For clarity, Lian may not reduce any royalties in any Calendar Quarter in which the Acquiring Organization does not Commercially
Sell a Competing Product in the Territory. Additionally, Net Sales in each Calendar Quarter for which an Acquiring Organization Competing Product Reduction applies shall not be counted for the purposes of determining whether Lian must pay Tarsus
further Commercial Milestone Payments (defined in Section 9.4.1). However, if Lian makes an Acquiring Organization Competing Product Reduction in the Territory, then, for each Calendar Year in which (i) Lian does not pay Tarsus a
Commercial Milestone Payment, (ii) Tarsus is required under the Elanco Agreement to pay Elanco a milestone payment based on Net Sales of products in a Calendar Year, and (iii) Tarsus would not have been required to pay such milestone
payment in such Calendar Year if not for the sales of Licensed Products by Lian, Lian Affiliates, and Sublicensees in the Territory in such Calendar Year, Lian shall pay Tarsus an amount equal to the product of such milestone payment to Elanco
multiplied by the fraction A/B, where “A” is the Net Sales of Lian, Lian Affiliates, and Sublicensees of Licensed Products in the Territory in such Calendar Year, and “B” is the total worldwide net sales of products counted
towards such milestone payment to Elanco in such Calendar Year. 

  
 14 

 4. JOINT STEERING COMMITTEE. 

4.1 General. Within [***] days after the Effective Date, the Parties shall establish a joint steering committee (the “Joint
Steering Committee” or “JSC”) consisting of two (2) representatives from each Party. Each Party’s representatives on the JSC shall be of the seniority, experience, and decision-making authority
appropriate in light of the functions, responsibilities and authority of the JSC. Each Party may replace its representatives on the JSC at any time by providing notice in writing to the other Party. If agreed by the Parties, the JSC may form
subcommittees or working groups as may be necessary or desirable to facilitate the activities under this Agreement. The JSC shall serve as a forum for communication with regards to (a) the overall state of the alliance, (b) progress of
Lian’s and Tarsus’s Development and Commercialization activities for the Licensed Products in their respective territories; (c) overseeing, guiding, and monitoring the Development (including the conducting of Clinical Trials) and
Regulatory Approval efforts by Lian for the Licensed Products in the Field in the Territory by (i) reviewing and discussing the progress of the Development Activities, including any significant difficulties encountered or anticipated to be
encountered in connection therewith, and (ii) reviewing and approving any amendments to the then-current Development Plan; (d) reviewing the Commercialization Plan and updates thereto; and (e) Eligible Global Studies. 

4.2 JSC Decision-Making. The Parties acknowledge that one goal of the JSC’s efforts will be to harmonize Development and
Commercialization of the Licensed Products in the Territory with the Development and Commercialization of the same or other Licensed Products outside the Territory in the Field. The JSC shall meet on a [***] basis. JSC decisions shall be made by
consensus, with each Party having a single vote regardless of the number of the representatives of such Party. Any disputes among representatives at the JSC will be resolved by escalation to appropriate Senior Officers of Lian and Tarsus. To the
extent the Senior Officers cannot reach agreement on the matter at hand within [***] days after the dispute matter is brought to them, then the following will apply: 

4.2.1 Subject to Section 2.5 and except with respect to Tarsus’s exercise of its retained rights to make and have made Licensed
Products inside the Territory for exploitation outside the Territory or Field, Lian shall have final decision-making authority with respect to: (a) [***], and (b) [***], except (in each case of sub-clause
(a) and (b)) for any matter covered under Section 4.2.2 or Section 4.2.3 below. 
 4.2.2 Tarsus shall have final
decision-making authority with respect to: (a) [***], and (b) [***]. 
 4.2.3 Notwithstanding anything to the contrary, and except with
respect to Lian’s exercise of its rights under sub-clause (b) of Section 2.1.1, Tarsus shall have final decision-making authority over all (and neither the JSC nor Lian shall have any authority
regarding any) matters relating to the Development, Commercialization or other exploitation of the Compound, Licensed Products, or other products containing a Compound outside the Territory. 

4.3 Licensed Product Development. 

4.3.1 Lian shall: (a) notify Tarsus prior to preparing the first draft of any protocol for a Clinical Trial involving a Licensed Product;
(b) provide Tarsus with copies of each proposed protocol for such Clinical Trial; and (c) consider Tarsus’s comments with respect to such Clinical Trial. 

4.3.2 Without the approval of the JSC, Lian shall not undertake any Development efforts (including conducting any preclinical studies or
Clinical Trials) that are inconsistent with the then-current Development Plan, as approved by the JSC, for any Licensed Product. 

  
 15 

 5. DEVELOPMENT OF PRODUCTS. 

5.1 Approval of Development Plan; Annual Updates. The initial Development Plan is set forth in Exhibit A hereto. Lian shall provide the
JSC with updates to the Development Plan prior to January 1 of each Calendar Year in which Lian anticipates conducting Development Activities. 

5.2 Lian Responsibilities. Lian shall use Commercially Reasonable Efforts to Develop Licensed Products in the Field in the Territory
(and, in particular, in the PRC), including by performing Development Activities assigned to Lian in accordance with the Development Plan and strategy for Regulatory Approval of the Licensed Products solely in the Territory. Lian will be responsible
for its costs and expenses incurred in performing Development Activities in the Territory. Without limiting the foregoing, [***]. 
  

					
	 Milestone
	  	 	[***]	 
	 [***]
	  	 	[***]	 
	 [***]
	  	 	[***]	 
	 [***]
	  	 	[***]	 

 5.3 Extension of Development Milestones. 

5.3.1 Lian may extend the [***] Milestone by an additional [***] months by paying Tarsus USD $[***] . Such payment shall
be credited against the amount payable for Development Milestone Payment (iv) set forth in Section 9.4.1 if such Development Milestone Payment becomes due. 

5.3.2 Lian may extend the [***] Milestone by an additional [***] months by paying Tarsus USD $[***] . Such payment shall
be credited against the amount payable for Development Milestone Payment (v) set forth in Section 9.4.1 if such Development Milestone payment becomes due. 

5.4 Tarsus Development. Tarsus will use Commercially Reasonable Efforts to complete the Saturn-1
Clinical Trial and Saturn-2 Clinical Trial. An initial plan for Tarsus’s Development activities to be conducted outside of the Territory, including the Saturn-1
Clinical Trial and Saturn-2 Clinical Trial, is attached hereto as Exhibit B (the “Tarsus Development Plan”). 

5.5 Global Study Notice. At each quarterly meeting of the JSC prior to receipt of the first Regulatory Approval of a Licensed Product in
the Field in the Territory, Tarsus will communicate to Lian any Eligible Global Study that Tarsus is then planning to conduct or has conducted in the past quarter. If it is reasonably possible for Lian to participate in such Eligible Global Study,
then Lian may, in its sole discretion, provide Tarsus with a plan for its potential participation in such Eligible Global Study, including its share of all costs and expenses of such Eligible Global Study that directly relate to the Territory and
the proposed Regions (and sub-regions) in the Territory where the clinical sites for such Eligible Global Study will be located (the “Eligible Global Study Proposal”). Tarsus will
consider the Eligible Global Study Proposal in good faith. Notwithstanding the foregoing, Tarsus has no obligation to involve Lian in any Eligible Global Study in any way, and may (a) commence any Eligible Global Study at any time in its sole
discretion, or (b) include or exclude Lian from such Eligible Global Study in its sole discretion. 
 5.6 Reports and Records.

 5.6.1 Lian shall keep Tarsus informed of its activities under the Development Plan through summary updates to be provided to the JSC at
each regularly-scheduled meeting of the JSC. Tarsus shall keep Lian informed of its ongoing material Development activities under the Tarsus Development Plan through summary updates to be provided to the JSC at each regularly-scheduled JSC meeting.

  
 16 

 5.6.2 During the Term and for [***] years thereafter, Lian shall maintain records of
all Development Activities (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 by or on behalf of Lian in the performance of the Development Plan or
otherwise in connection with Development Activities. Tarsus and Lian will provide each other with all reports, records, data and other information that result from Development Activities conducted by it, its respective Affiliates or any Sublicensees
in its respective territory. 
 6. COMMERCIALIZATION. 

6.1 Commercialization Plan. No later than [***] months prior to Lian’s estimated date of Regulatory Approval in the
Territory, Lian shall provide Tarsus with a written plan for the Commercialization of Licensed Products in the Field in the Territory (the “Commercialization Plan”), including a corresponding budget, which shall include
reasonable detail regarding the activities Lian expects to undertake, and the amounts it expects to expend in connection with such activities, in each case, over the [***] year period immediately following receipt of the first Regulatory Approval in
the Territory. The Commercialization Plan shall be updated annually. Lian shall provide the JSC with a reasonable opportunity to review and comments on the initial Commercialization Plan and each update thereto, and Lian shall consider all such
comments in good faith. Lian shall have the sole control over and decision-making authority with respect to the Commercialization of the Licensed Products in the Field in the Territory in accordance with the Commercialization Plan and otherwise as
expressly provided under this Agreement. 
 6.2 Diligence. Lian shall use Commercially Reasonable Efforts to Commercialize Licensed
Products in the Territory (and in particular, in the PRC) after achieving Regulatory Approval therefor. 
 6.3 Progress Report. On a
Licensed Product-by-Licensed Product basis for each of Meibomian Gland Disease and Demodex Blepharitis, following the receipt of Regulatory Approval in a Region in the
Territory, Lian shall provide to the JSC at each of its regularly-scheduled meetings during such period a written report summarizing Lian’s progress in the Commercialization of such Licensed Product in such Region for the relevant indication or
otherwise in the Field. 
 6.4 Samples and Labeling. 

6.4.1 Markings. Lian shall, and shall require its Affiliates and any Sublicensees to, mark all Licensed Products and all associated
packaging and documentation with the appropriate marking and notices associated with the applicable Licensed Patents in accordance with the applicable Laws of each country or jurisdiction in which such Licensed Products are manufactured, used or
sold. 
 6.4.2 Statements Consistent with Labeling. Lian shall ensure that its employees, independent contractors and other agents
market and sell Licensed Products consistent with the requirements of all applicable Laws in the applicable Region in the Territory. Lian shall ensure that all Licensed Products are labeled and distributed in accordance with applicable Law in the
applicable Region in the Territory. 

  
 17 

 6.5 Two-Invoice Policy. The Parties agree
that in the event that Tarsus is the holder of the Regulatory Approval for a Licensed Product in the PRC and, under the Two-Invoice Policy and tendering policies and applicable Laws in a given province in the
PRC, neither Lian nor any of its Affiliates can, based on their existing qualifications, distribute the Licensed Products for such province directly or indirectly to its distributors for the PRC, then Tarsus and Lian will use reasonable efforts to
discuss in good faith and agree to alternative arrangements for the distribution of the Licensed Product in such province that complies with the Two-Invoice Policy as implemented in such province and that
maintains the economic interests of Tarsus and Lian as agreed under this Agreement. 
 7. MANUFACTURING; TECHNOLOGY TRANSFER. 

7.1 Generally. Tarsus (itself or through designees) will supply Licensed Products to Lian for Development and Commercialization purposes
in the Field in the Territory, in each case, in accordance with separate written agreements, one for supply in Clinical Trials (“Clinical Supply Agreement”), and another for supply for Commercialization (the
“Commercial Supply Agreement”), each to be negotiated in good faith between the Parties pursuant to Section 7.2. For clarity, Lian shall not (and has no right under the License to) manufacture the Licensed Product,
except in accordance with Section 7.3. 
 7.2 Supply by Tarsus. The Parties shall negotiate in good faith to execute a Clinical
Supply Agreement and a Commercial Supply Agreement (and, in each case, related quality agreements), pursuant to which Lian will source the Licensed Product from Tarsus and Tarsus will supply (or cause a CMO designated by Tarsus supply) to Lian
Licensed Products for Lian’s exercise of the rights and licenses in accordance herewith including the conduct of Clinical Trials and Commercialize the Licensed Products in the Field and in the Territory. The Parties will commence negotiations
for a Clinical Supply Agreement after Tarsus enters into all agreements with Elanco and other suppliers necessary for the supply of filled, finished and unlabeled Licensed Product to Tarsus. The Parties expect to execute such Clinical Supply
Agreement within [***] days after Tarsus enters all of such necessary agreements but neither Party shall be deemed in breach of this Agreement for failing to do so. If, after negotiating in good faith, the Parties fail to execute such
Clinical Supply Agreement prior to the expiration of such [***] day period and an Acquisition of Tarsus has occurred during the Term prior to the expiration of such [***] day period or, after such period, an Acquisition of Tarsus
occurs prior to the execution of a Clinical Supply Agreement, then Lian may initiate a manufacturing technology transfer pursuant to Section 7.3.1 (a “Supply Agreement Negotiation Failure”). If, as a result of a Supply
Agreement Negotiation Failure, Tarsus fails to supply, or cause to be supplied, Licensed Products to Lian for Development purposes and as a direct result of such failure to supply Lian is not able to achieve the Phase III Milestone by the applicable
Completion Date, then such Completion Date will be extended by the number of days from the expiration of such [***] day period until such time as Tarsus is able to supply, or cause to be supplied, Licensed Products to Lian. The Clinical Supply
Agreement shall include (i) payment by Lian to Tarsus of an amount equal to Tarsus’s fully burdened cost in supplying the Licensed Product for clinical use plus [***] thereof, (ii) supply of sufficient quantities of the
Licensed Products to enable the conduct of Clinical Trials of the Licensed Product in the Field and in each Region of the Territory, as provided by the Development Plan; and (iii) other terms customary in the pharmaceutical industry to
agreements of this nature. The Commercial Supply Agreement shall include: (A) payment by Lian to Tarsus of an amount equal to Tarsus’s (either directly or through its CMO) fully burdened cost in supplying the Licensed Product for
commercial use plus [***] thereof, and (B) other terms customary in the pharmaceutical industry to agreements of this nature between collaboration partners. Notwithstanding the foregoing, Tarsus shall have no obligation to supply (or
cause supply of) Licensed Products for commercial use if both: (1) such supply could conflict with Tarsus’s own Development or Commercialization requirements for Licensed Products in any Calendar Year; and (2) Tarsus provides Lian
with at least [***] of the volume of Licensed Product that Tarsus procures for itself in such Calendar Year, and in such circumstance, Tarsus’s obligation to supply Licensed Product to Lian for such Calendar Year will be capped at
such [***] of the total volume of Licensed Product procured by Tarsus in such Calendar Year. 

  
 18 

 7.3 Manufacturing by Lian; Technology Transfer. 

7.3.1 After Tarsus receives Regulatory Approval from the FDA to market a Licensed Product in the Field, if (a) (i) a Supply Agreement
Negotiation Failure occurs, (ii) Tarsus has Materially Failed to Supply Licensed Products, or (iii) Lian has provided firm written purchase orders, or has provided a forecast that would be reasonably anticipated to, reach or exceed the cap
on supply of Licensed Products in a given Calendar Year set forth in sub-clauses (1) and (2) of Section 7.2), (b) Lian otherwise requests and Tarsus approves, not to be unreasonably withheld, or
(c) Tarsus so requests, then in each case ((a) - (c)), Lian will have the right and the obligation to manufacture or have manufactured the Licensed Product (but not the Compound) for the Territory for the supply needs of Lian, its Affiliates,
and its Sublicensees and distributors in the Field and in the Territory (the commencement of the manufacturing transfer process following the occurrence of either (a), (b), or (c), as applicable, the “Manufacturing Transfer
Commencement”). Notwithstanding anything to the contrary, Tarsus will have no obligation to continue supplying Lian with Licensed Product after a reasonable transition period (not to exceed [***] months, the
“Transition Period”) after Manufacturing Transfer Commencement. 
 7.3.2 During the Transition Period, at
Lian’s request and sole cost and expense, Tarsus will provide (or cause its designee to provide) to Lian the Manufacturing Technology and transition services necessary to enable Lian (or a CMO designated by Lian) to Manufacture clinical and
commercial supplies of the Licensed Product. 
 7.3.3 In each agreement with a CMO, Lian shall use reasonable efforts to obtain the
following: (a) a right for Tarsus to inspect and audit the CMO directly for quality control/assurance; and (b) a right for Tarsus to observe the CMO during the manufacturing of the Licensed Product, in each of (a) and (b), at
Tarsus’s cost and expense. At Tarsus’s request, Lian shall use reasonable efforts, at Tarsus’s cost and expense, to facilitate any inspection or audit of a CMO and permit Tarsus to observe the CMO during the manufacturing of the
Licensed Product. 
 7.3.4 Lian acknowledges that Tarsus’s obligations in Sections 7.3.1 and 7.3.2 are conditioned on Lian providing
certain documentation reasonably necessary to enable Tarsus to perform its obligations and Lian agrees to provide Tarsus with such documentation and otherwise reasonably cooperate with Tarsus in the performance of its obligations under this
Section 7.3. 
 7.4 Interim Supply. Until Tarsus and Lian execute a Clinical Supply Agreement, as reasonably requested by Lian
(and subject to Section 7.2), Tarsus shall place orders with its suppliers for the same Licensed Products for Development purposes on the same terms that Tarsus procures from such suppliers for its own account. Lian shall pay Tarsus an amount
equal to the Fully Burdened Manufacturing Cost of such Licensed Products ordered for Lian plus an additional [***] thereof. After delivery, Tarsus shall invoice Lian for the Fully Burdened Manufacturing Costs of such Licensed Product plus
[***] for the applicable order and Lian shall pay Tarsus within [***] days after receipt of such invoice. [***]. 
 8.
REGULATORY MATTERS. 
 8.1 Responsibility. Lian or its relevant Affiliates or Sublicensees shall be the exclusive holder and
owner of all Regulatory Approvals in the Territory for Licensed Products in the Field during the Term, and shall have the sole and exclusive right to make all Regulatory Filings with respect to all of the foregoing; provided, however, that if
applicable Laws or Regulatory Authorities in a Region in the Territory require any Regulatory Filings or Regulatory Approvals for Licensed Products in the Field to be filed in the name of and owned by Tarsus, then Tarsus will and hereby does
designate Lian (or a Lian Affiliate, Sublicensee, or a regulatory services contractor agent of Lian that agrees, for Tarsus’s benefit, to be bound by all obligations of this Agreement to which Lian is bound with respect to obtaining and
maintaining Regulatory Approvals, including, without limitation, all obligations of Lian pursuant to this Article 8 (a “Qualified Regulatory Agent”)) to be its sole authorized agent in such Region in the Territory for
obtaining 

  
 19 

 
Regulatory Approval with respect to the Licensed Products for the Field, and Lian will file such Regulatory Filings or Regulatory Approvals in Tarsus’s name in such Region. In such case, if
applicable Laws or Regulatory Authorities in such Region in the Territory later permit Lian to file and own such Regulatory Filings or Regulatory Approvals in Lian’s name, then Tarsus will permit such Regulatory Filings and Regulatory Approvals
to be filed in the name of and exclusively owned by Lian, and Tarsus will cooperate with Lian to assign and transfer such Regulatory Filings and Regulatory Approvals to Lian. Lian shall not assign or transfer any Regulatory Filings or Regulatory
Approvals in the Territory to any Third Party without the prior written consent of Tarsus, except to a Sublicensee or in connection with a permitted assignment of this Agreement in its entirety pursuant to Section 17.10. Lian shall be liable
for any Qualified Regulatory Agent’s breach of its obligations to Tarsus in connection with such Regulatory Approval activities. 
 8.2
Communication. To the extent permissible under applicable Law and practicable, Lian shall keep Tarsus informed of all significant matters arising from such Lian’s regulatory-related activities with respect to Licensed Products and shall
notify Tarsus of any material correspondence that it receives from a Regulatory Authority regarding any Licensed Product or that it submits to any Regulatory Authority regarding any Licensed Product, and will provide to Tarsus a copy of such
correspondence in Chinese or, to the extent available, a summary thereof in English, no later than [***] days after receipt of the correspondence to which it relates. Until such time as Lian obtains Regulatory Approval for a Licensed Product in the
Field in the Territory, to the extent permissible under applicable Law and practicable, Lian shall provide Tarsus reasonable advance notice of any material meetings, conferences or calls with Regulatory Authority(ies) in the Territory concerning
Licensed Products. Tarsus will have the right to request to be present at (but not to participate in, unless requested by Lian or the applicable Regulatory Authority) any such meetings, at Tarsus’s sole cost and expense, and Lian will consider
any such request in good faith. 
 8.3 Right of Reference. 

8.3.1 Lian hereby grants Tarsus a right of reference to all clinical data and information Controlled by Lian and contained or referenced in
any submissions to Regulatory Authorities for the Compound and Licensed Products in the Territory to the extent necessary or reasonably useful for Tarsus to Develop, manufacture, or Commercialize any product containing the Compound outside of the
Territory or Field. Lian shall provide the applicable Regulatory Authority(ies) a letter confirming this right of reference at any time within [***] days after Tarsus’s request and shall take such other actions and execute such other
documents as Tarsus may reasonably request to further confirm and give effect to this right of reference. 
 8.3.2 Tarsus hereby grants Lian
a right of reference to all clinical data and information Controlled by Tarsus and contained or referenced in any submissions to Regulatory Authorities for the Compound and Licensed Products outside the Territory to the extent necessary or
reasonably useful for Lian to Develop, manufacture, or Commercialize Licensed Products in the Territory in the Field. Tarsus shall provide the applicable Regulatory Authority(ies) a letter confirming this right of reference at any time within
[***] days after Lian’s request and shall take such other actions and execute such other documents as Lian may reasonably request to further confirm and give effect to this right of reference. 

8.4 Drug Safety Information. Lian, as the owner of Regulatory Approvals for the Licensed Products in the Field throughout the Territory,
shall be responsible for investigating Adverse Events and other required safety information associated with the use of the Licensed Product in the Field in the Territory and shall be responsible for the collection, review, assessment, tracking and
filing of information related to Adverse Events in accordance with applicable Laws, provided that, if Tarsus is required by any 

  
 20 

 
Regulatory Authority to file in its name and own any Regulatory Approval for a Licensed Product in the Field in a Region in the Territory, then in such Region Tarsus shall be responsible for
investigating Adverse Events and other required safety information associated with the use of the Licensed Product in the applicable Region and shall, at Lian’s expense, be responsible for the collection, review, assessment, tracking and filing
of information related to Adverse Events in accordance with applicable Laws. Lian shall comply fully with all applicable Adverse Event reporting recommendations and requirements in all Regions in the Territory where Lian intends to Commercialize the
Licensed Product. Each Party agrees to exchange with the other Party such information as may be necessary for compliance with applicable Adverse Event reporting requirements and to ensure that such Party is completely informed regarding Adverse
Events with respect to the Licensed Product. This includes single case reports, together with an appropriate medical evaluation, as well as aggregate data, such as Periodic Safety Update Reports (PSURs) required by authorities. Within [***]
days after the Effective Date, the Parties shall enter into a pharmacovigilance agreement that defines the Parties’ responsibilities and obligations with respect to the procedures and timeframes for compliance with applicable Law pertaining
to safety reporting for the Licensed Product. 
 9. UPFRONT PAYMENTS; MILESTONE PAYMENTS; ROYALTY PAYMENTS. 

9.1 Upfront Payment. Lian shall pay Tarsus a non-refundable,
non-creditable fee in the amount of fifteen million United States Dollars (USD $15,000,000) (the “Upfront Payment”) within [***] days after the Effective Date. 

9.2 Second Payment. Lian shall pay Tarsus a non-refundable,
non-creditable fee in the amount of ten million United States Dollars (USD $10,000,000) (the “Second Payment”) within [***] days after the Effective Date. 

9.3 Warrant. Upon the Effective Date, Lian will issue a warrant (the “Warrant”) to Tarsus exercisable for such
number of ordinary shares of Lian Ophthalmology as is equal to [***] of the then-fully diluted equity of Lian Ophthalmology at the time of issuance of the Warrant, at a price per share equal to the fair market value of such shares at the time
of issuance. No later than [***] days following the Effective Date, Lian will provide for Tarsus’s review the then-current fair market valuation of Lian Ophthalmology, along with reasonable supporting documentation, and will consider in
good faith any reasonable comments with respect thereto. The Warrant shall be exercisable upon the terms set forth therein. 
 9.4
Milestone Payments. 
 9.4.1 If a development or commercial milestone event specified below (each a “Development Milestone
Event” or “Commercial Milestone Event”, as applicable) is achieved with respect to any Licensed Product (including achievement of any milestone event by any Lian Affiliate or any Sublicensee), then Tarsus or
Lian, as applicable, shall promptly (and in any event within [***] days) notify the other Party in writing of such achievement. Within [***] days after such achievement (or, in the case of milestones achieved by Tarsus, within [***]
days the date Tarsus notifies Lian), Lian shall pay to Tarsus the corresponding non-refundable, non-creditable development milestone payment (each a
“Development Milestone Payment”) or commercial milestone payment (each a “Commercial Milestone Payment”), as applicable, specified in the respective table below: 

  
 21 

					
	 Development Milestone Event for a Licensed Product
	  	Development
Milestone Payment	 
	 [***]
	  	USD $	[***]	 
	 [***]
	  	USD $	[***]	 
	 [***]
	  	USD $	[***]	 
	 [***]
	  	USD $	[***]	 
	 [***]
	  	USD $	[***]	 
	 [***]
	  	USD $	[***]	 
	 Total Development Milestone Payments USD $[***]
	  			

  

					
	 Commercial Milestone Event
	  	Commercial
Milestone Payment	 
	 (i) First achievement of greater than USD $[***] Aggregate Annual Net Sales
	  	USD $
 	[***]
	 
 
	 (ii) First achievement of greater than USD$[***] Aggregate Annual Net Sales
	  	USD $
 	[***]
	 
 
	 (iii) First achievement of greater than USD $[***] Aggregate Annual Net Sales
	  	USD $
 	[***]
	 
 
	 (iv) First achievement of greater than USD $[***] Aggregate Annual Net Sales
	  	USD $
 	[***]
	 
 
	 (v) First achievement of greater than USD$[***] Aggregate Annual Net Sales
	  	USD $
 	[***]
	 
 
	 (vi) First achievement of greater than USD $[***] Aggregate Annual Net Sales
	  	USD $
 	[***]
	 
 
	 Total Commercial Milestone Payments USD $[***]
	  			

 9.4.2 Certain Milestone Rules. 

(a) For clarity, Development Milestone Payments for each of Development Milestone Events (iv) - (vi) will be payable only once per Development
Milestone Event, upon the achievement of such event by Lian, its Affiliates, or any Sublicensees. 
 (b) Each Development Milestone Payment
shall be payable only on the first occurrence of the corresponding Development Milestone Event and the total amount of Development Milestone Payments shall not exceed USD $[***] . 

(c) Each Commercial Milestone Payment shall be payable only on the first occurrence of the corresponding Commercial Milestone Event and the
total amount of Commercial Milestone Payments shall not exceed USD $[***] . 
 (d) Each of Development Milestones Events (i) - (iii)
shall be deemed achieved upon [***], if not achieved earlier. 
 (e) Development Milestone Event (iv) shall be deemed achieved
upon the achievement of Development Milestone Event (v) or (vi) (whichever is first), if not achieved earlier. 

  
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 (f) Lian shall pay Tarsus Commercial Milestone Payments corresponding to each Commercial
Milestone Event first achieved in each Calendar Year, regardless of how many Commercial Milestone Events are achieved in such Calendar Year. 

9.5 Consideration. Tarsus acknowledges that the Upfront Payment, Second Payment and payments for achievement of certain Development
Milestone Events are made in consideration of the contributions and activities of Tarsus under this Agreement (including, the corresponding Development that Tarsus agrees to undertake in connection with the Licensed Products outside the Territory)
in addition the rights granted by Tarsus to Lian hereunder. 
 9.6 Royalties. 

9.6.1 Net Sales Royalties. In each Calendar Year, Lian shall pay Tarsus royalties equal to the percentage of Aggregate Annual Net Sales
in such Calendar Year according to the table below. After each Calendar Quarter, royalty payments for such Calendar Quarter shall be payable based on Estimated Quarterly Net Sales (defined in Section 9.7) for such Calendar Quarter and then
trued up in the subsequent Calendar Quarter, as further set forth in Section 9.7. 
  

					
	 Aggregate Annual Net Sales
	  	Royalty Rate	 
	For that portion of Aggregate Annual Net Sales in such Calendar Year less than or equal to USD $[***]	  	 	[***]	 
	For that portion of Aggregate Annual Net Sales in such Calendar Year greater than USD $ [***] and less than or equal to USD $[***]	  	 	[***]	 
	For that portion of Aggregate Annual Net Sales in such Calendar Year greater than USD $[***]	  	 	[***]	 

 9.6.2 Royalty Term. On a Licensed
Product-by-Licensed Product and Region-by-Region basis, Lian’s obligation to pay
royalties set forth in Section 9.6.1 with respect to sales of a Licensed Product in a Region will commence upon the date of First Commercial Sale of such Licensed Product in such Region by or under the authority of Lian, its Affiliates, or any
Sublicensees, and expire upon the later to occur of (i) the expiration of the last-to-expire Valid Claim Covering such Licensed Product or use thereof that would be
infringed by the sale of such Licensed Product in such Region, (ii) the expiry of Regulatory Exclusivity for such Licensed Product in such Region; and (iii) the [***] anniversary of the date of First Commercial Sale of such Licensed
Product in such Region (the “Royalty Term” for such Licensed Product in such Region). 
 9.6.3 Royalty Reduction;
Royalty Floor. On a Licensed Product-by-Licensed Product and Region-by-Region basis,
Lian’s obligation to pay royalties set forth in Section 9.6.1 with respect to Net Sales of a Licensed Product in a Region will be subject to royalty reduction for (i) [***] of amounts paid by Lian as royalties on Net Sales in
respect of any Third Party licenses to Patents (or Patents together with Know-How) that are necessary to manufacture or sell such Licensed Product in such Region, (ii) (A) lack of any, or expiration of
all, Valid Claims of the Licensed Patents in such Region Covering the Compound or such Licensed Product or (B) [***], in either case of (A) or (B), royalty payments for such Licensed Product in such Region shall be reduced by
[***], and further, with respect to (B) only, [***]. [***]. Notwithstanding the foregoing, no royalty payment for any Licensed Product in a Calendar Quarter in a Region shall be reduced below [***]. [***]. 

  
 23 

 9.7 Net Sales Reports; Royalty Estimates and
True-up. Within [***] days following the end of each Calendar Quarter, Lian shall submit to Tarsus a written statement reporting a good faith estimate of Aggregate Annual Net Sales attributable to
such Calendar Quarter (“Estimated Quarterly Net Sales”) as broken down on a Licensed Product-by-Licensed Product and Region-by-Region basis, together with the amount of the total royalty payments due Tarsus in respect of such Net Sales [***] (“Net Sales Details”).
Tarsus will issue an invoice within [***] days following its receipt of such Estimated Quarterly Net Sales. Lian shall pay royalties based on Estimated Quarterly Net Sales within [***] days after its receipt of such invoice. Lian shall
provide Tarsus with the true Net Sales for such Calendar Quarter and related Net Sales Details at the time it provides the Estimated Quarterly Net Sales for the following Calendar Quarter and shall reconcile and
true-up the payments of royalties for each Calendar Quarter at the time it makes payments on the Estimated Quarterly Net Sales for the next Calendar Quarter. 

For example only: If the Estimated Quarterly Net Sales for the first Calendar Quarter of a Calendar Year (“Q1”) are
$[***], then Lian would pay Tarsus a royalty payment of $[***] for Q1. If after the second Calendar Quarter of such Calendar Year (“Q2”), the true amount of Aggregate Annual
Net Sales attributable to Q1 are $[***] and the Estimated Quarterly Net Sales attributable to Q2 are $[***], then Lian would pay Tarsus a royalty payment of $[***] after Q2 (i.e., [***] of the first $[***]
of the estimate for Q2 plus [***] of the next $[***] of the estimate for Q2 plus [***] of the $[***] increase from the estimated Aggregate Annual Net
Sales attributable to Q1 to the actual Aggregate Annual Net Sales attributable to Q1). 
 9.8 Payment Terms. 

9.8.1 All sums due to Tarsus shall be payable in United States dollars by bank wire transfer in immediately available funds to such bank
account(s) as Tarsus shall designate. 
 9.8.2 When Licensed Products are sold for monies other than United States dollars, the Net Sales of
such Licensed Products will first be determined in the foreign currency of the Region in which such Licensed Products were sold and then converted into equivalent United States funds. The exchange rate will be the applicable rate published by the
Wall Street Journal on the last Business Day of the Calendar Quarter in which such royalties accrued. 
 9.8.3 Interest on any the overdue
payment shall accrue at an annual interest rate, compounded monthly, equal to [***] , or if lower, the maximum rate allowed by applicable Laws, assessed from the day payment was initially due. Each day that Lian fails to deliver information
necessary to allow Tarsus to provide an invoice under this Agreement shall be deemed a day of late payment for the corresponding payment. 

9.9 Tax Withholding. 

9.9.1 Lian shall pay the Upfront Payment, Second Payment, and Development Milestone Payments (including, any
pre-payment pursuant to Section 5.3) to Tarsus from a legal entity based in the United States in good standing and from a bank in the United States; provided that if Lian pays the Upfront Payment, Second
Payment, and Development Milestone Payments from a legal entity based outside the United States and if any taxes, levies, duties, or other governmental assessments (“Taxes”) are paid or required to be withheld under any applicable Laws,
then Lian shall pay to Tarsus an additional amount equal to the amount that is required to be paid or withheld to the relevant Government Authority such that Tarsus receives the full amount of the Upfront Payment, Second Payment, and Development
Milestone Payments (i.e. all Upfront Payment, Second Payment, and Development Milestone Payments to Tarsus under this Agreement are net of any Taxes and withholding required). 

  
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 9.9.2 Subject to Section 9.9.1, each Party shall be solely responsible for the payment
of the Taxes imposed on its share of income arising from its activities or receipt of payments under this Agreement. Subject to Section 9.9.1, in the event any Tax based on income to Tarsus is required to be withheld and deducted from payments
by Lian pursuant to this Agreement under applicable Laws, Lian will make such deduction and withholding and will pay the remainder to Tarsus, any amounts so withheld and deducted will be remitted by Lian on a timely basis to the appropriate
Governmental Authority, and Lian will be deemed to have fulfilled all of its payment obligations to Tarsus with respect to such payments. Official receipts of payment of any withholding tax shall be secured and sent to Tarsus as evidence of such
payment. 
 9.9.3 Tarsus and Lian agree to reasonably assist the other Party in claiming exemption from Tax deductions or withholdings under
double taxation or similar agreements or treaties from time to time in force and in minimizing the amount required to be so withheld or deducted. 

9.10 Financial Audits. Lian shall keep or cause to be kept books of account containing all information that may be necessary for the
purpose of calculating amounts payable by Lian in connection with this Agreement for a period of [***] Calendar Years following the end of the Calendar Year during which such amounts were payable. Tarsus may appoint an independent public
accountant (on a non-contingency basis and reasonably acceptable to Lian; any “Big 4” accountant shall be deemed acceptable to Lian), at Tarsus’s expense and subject to such accountant entering
into a confidentiality agreement with Lian, to inspect such books of account in order to verify the calculation of any amounts payable to Tarsus hereunder. Such inspections shall be performed not more frequently than once in any [***] month
period and upon reasonable prior notice, and shall be conducted during regular business hours in such a manner as to not unreasonably interfere with Lian’s normal business activities. Tarsus’s accountant may only share with Tarsus the
report containing the summary results of its inspection, but not the books of account reviewed by the accountant during the audit, and such report shall constitute Lian’s Confidential Information. If any such inspection reveals that any payment
(a) that should have been paid by Lian is greater than those that were actually paid by Lian, then Lian shall promptly pay the underpaid amount to Tarsus or (b) that was actually paid by Lian is greater than those that should have paid by
Lian, then Lian shall credit the overpaid amount against future royalty payments to Tarsus. If the payments that should have been paid by Lian are at least [***] greater than those that were actually paid by Lian, then Lian shall also
reimburse Tarsus for the reasonable out-of-pocket costs of such inspection. 

10. CONFIDENTIAL INFORMATION. 

10.1 Definition. “Confidential Information” means confidential or proprietary information, data or Know-How, whether provided in written, oral, visual or other form, provided by one Party (the “Disclosing Party”) to the other Party (the “Receiving Party”) in
connection with this Agreement, including the Licensed Know-How and other information relating to the Disclosing Party’s existing or proposed research, development efforts, patent applications, business
or products. Confidential Information shall not include any such information that: (a) is already rightfully known to the Receiving Party or its Affiliates (other than under an obligation of confidentiality at least as stringent as required in
this Agreement) at the time of disclosure (as evidenced by written records of the Receiving Party); (b) is or becomes generally available to the public other than through any act or omission of the Receiving Party or its Affiliates in breach of this
Agreement; (c) is disclosed to the Receiving Party or its Affiliates without an obligation of confidentiality by a Third Party who had no separate nondisclosure obligation in respect of such information; or (d) is independently discovered
or developed by or on behalf of the Receiving Party or its Affiliates without the use of or reference to the Confidential Information of the Disclosing Party (as evidenced by written records of the Receiving Party). The Parties agree that with
respect to Licensed Know-How, Tarsus shall be deemed the Disclosing Party. 

  
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 10.2 Confidentiality. The Receiving Party shall, during the Term and for a period of
[***] years thereafter (except that with respect to any Confidential Information that could qualify as a trade secret, until such Confidential Information otherwise ceases to be deemed Confidential Information in accordance with any of
clauses (a)-(d) of Section 10.1), keep in confidence all Confidential Information of the Disclosing Party with the same degree of care it employs to maintain the confidentiality of its own Confidential Information, but no less than a reasonable
degree of care. The Receiving Party shall not use such Confidential Information for any purpose other than for the purposes contemplated by this Agreement or disclose the same to any other Person other than to such of its Affiliates, its
sublicensees, and its and their employees, agents and subcontractors who have a need to know such Confidential Information for the purposes of exercising the rights or performing the obligations of the Receiving Party under this Agreement. A
Receiving Party shall advise any such Affiliate, employee, agent, and subcontractor who receives Confidential Information of such obligations, and the Receiving Party shall ensure (through enforcement of written agreements or otherwise) that all
such Affiliates, employees, agents, and subcontractors comply with such obligations as if they had been a Party hereto. The Receiving Party will be liable for breach of confidentiality by any of its Affiliates and its and their employees, agents, or
subcontractors. 
 10.3 Permitted Disclosure and Use. The Receiving Party shall have the right to disclose Confidential Information
if, (a) in the reasonable opinion of the Receiving Party’s legal counsel, such disclosure is required by any applicable Laws (including, but not limited to, the rules of any stock exchange), provided that, to the extent practicable, the
Receiving Party gives adequate prior notice of such disclosure to the Disclosing Party and the Receiving Party seeks confidential treatment of such Confidential Information to the maximum extent permitted by the relevant Governmental Authority; or
(b) a court, tribunal, administrative agency or other Governmental Authority orders such disclosure, provided that the Receiving Party gives adequate prior notice of such disclosure to the Disclosing Party to permit the Disclosing Party to
intervene and to request protective orders or other confidential treatment. The Receiving Party will cooperate reasonably with any such efforts by the Disclosing Party. In addition to the exceptions contained in Section 10.2, each Party may use
such Confidential Information and disclose Confidential Information of the other Party to Third Parties under appropriate terms and conditions (including confidentiality provisions substantially similar to these in this Agreement) to the extent (and
solely to the extent) that such use and disclosure is reasonably necessary in the following instances: [***]. The disclosing Party shall be responsible for any breaches of confidentiality by such Third Parties to whom it has disclosed the other
Party’s Confidential Information. The Parties shall also be permitted to make disclosures consistent with, and pursuant to, Sections 17.1 and 17.4. 

10.4 [***]. 
 10.5
Remedies. Money damages may not be an adequate remedy if this Article 10 is breached and, therefore, either Party may, in addition to any other legal or equitable remedies, seek an injunction or other equitable relief in any court of
competent jurisdiction against such breach or threatened breach without the necessity of posting any bond or surety. 
 11. NON-AMENDMENT OF ELANCO AGREEMENT. Tarsus shall not modify or amend the Elanco Agreement in any way that would materially and adversely affect Lian’s rights under this Agreement. Tarsus shall not
prematurely terminate the Elanco Agreement. Tarsus shall promptly notify Lian of any material breach by Tarsus of which Elanco notifies Tarsus or any material breach by Elanco of the Elanco Agreement, and in the event of a breach by Tarsus and
failure by Tarsus to cure such breach in a timely manner, will permit Lian to cure such breach on Tarsus’s behalf upon Lian’s reasonable written request. 

12. REPRESENTATIONS AND WARRANTIES. 

12.1 Mutual Representations and Warranties. Tarsus and Lian each represents and warrants to the other as of the Effective Date: 

  
 26 

 12.1.1 Such Party: (a) is a company duly organized, validly existing and in good
standing under the Laws of the jurisdiction of its organization; and (b) has the requisite corporate power and authority and the legal right to conduct its business as now conducted and hereafter contemplated to be conducted; 

12.1.2 The execution, delivery and performance of this Agreement by such Party: (a) are within the corporate power of such Party;
(b) have been duly authorized by all necessary or proper corporate action; (c) do not conflict with any provision of the organizational documents of such Party; (d) will not, to the Party’s knowledge, violate any Laws or any
order or decree of any court or Governmental Authority; and (e) will not violate or conflict with any terms of any indenture, mortgage, deed of trust, lease, agreement or other instrument to which such Party is a party, or by which such Party
is bound; 
 12.1.3 This Agreement has been duly executed and delivered by such Party and constitutes a legal, valid and binding obligation
of such Party, enforceable against such Party in accordance with its terms; 
 12.1.4 No governmental authorization, consent, approval
(except Regulatory Approvals), license, registration, filing or exemption therefrom with any court or other Governmental Authority is or will be necessary for, or in connection with, the performance of the transaction contemplated by this Agreement
or any other agreement or instrument executed in connection therewith; 
 12.1.5 Neither such Party nor, to either Party’s knowledge,
any of its employees has been debarred by the FDA (or similar action by any other Regulatory Authority), or subject to an FDA debarment investigation or proceeding (or similar investigation or proceeding by any other Regulatory Authority) for any
reason. 
 12.2 Tarsus Representations and Warranties. Tarsus represents and warrants to Lian as of the Effective Date: 

12.2.1 Tarsus is the sole and exclusive owner of the entire right, title and interest in and to the Licensed Patents (excluding the Elanco
Patents, which Tarsus Controls). 
 12.2.2 Tarsus has not previously entered into any agreement with respect to, or otherwise assigned,
licensed, transferred, conveyed, or otherwise encumbered its rights, title, and interest in or to the Licensed IP in the Field in the Territory in any manner that would conflict with the License granted to Lian herein. 

12.2.3 Schedule 1.71 sets forth a complete and accurate list of all Patents existing as of the Effective Date that are owned, Controlled, or
held for use by Tarsus relating to the Compound or Licensed Product in the Territory that, as of the Effective Date, (a) Cover any Licensed Know-How, or (b) are otherwise necessary for Lian to make,
use, sell, offer to sell, or import any Licensed Product in the Field and in the Territory, excluding all Patents that both: (i) Cover any active therapeutic ingredient (or product containing such active therapeutic ingredient) other than the
Compound or any use thereof; and (ii) do not Cover the Compound or any use thereof. 
 12.2.4 (a) the inventorship of the Licensed
Patents in the Territory that are not Elanco Patents is properly identified on each issued patent or patent application in such Licensed Patents; (b) to Tarsus’s knowledge, the inventorship of all Elanco Patents in the Territory is
properly identified on each issued patent or patent application in such Licensed Patents; and (c) all fees required to be paid by Tarsus in any jurisdiction in the Territory in order to maintain the Licensed Patents have been timely paid. 

  
 27 

 12.2.5 Except for office actions or other communications from the USPTO or similar patent
offices in foreign jurisdictions (and with respect to the USPTO, only to the extent disclosed in writing to Lian (including in a data room) prior to the Effective Date), Tarsus has not been notified of any action, lawsuit, claim or arbitration
proceeding contesting the validity, ownership or enforceability of the Licensed Patents, and no such action, lawsuit, claim, or arbitration proceeding has been brought or threatened in writing, or, to Tarsus’s knowledge otherwise threatened.

 12.2.6 There is no pending litigation, or litigation that has been threatened in a writing received by Tarsus, that alleges, or any
written communication received by Tarsus alleging, that Tarsus’s practice of the Licensed IP prior to the Effective Date has infringed, misappropriated, or otherwise violated the Intellectual Property Rights of any Third Party. 

12.2.7 To Tarsus’s knowledge, the practice by Lian under the Licensed IP or the exploitation by Lian (or its Affiliates or any
Sublicensees) of any Licensed Product, in each case, as contemplated under this Agreement in the Field and in the Territory, will not infringe, misappropriate, or otherwise violate any intellectual property of any Third Party. 

12.2.8 Tarsus has taken reasonable efforts consistent with industry practices to protect the secrecy and confidentiality of all Licensed Know
How that both: (a) constitutes trade secrets of Tarsus under applicable Law; and (b) Tarsus intends to maintain as confidential. To its knowledge, such Licensed Know How existing at the Effective Date has been kept confidential or has been
disclosed to Third Parties only under terms of confidentiality. 
 12.2.9 Tarsus and its Affiliates have conducted all Development of
Compounds and Licensed Products in accordance with all applicable Law in all material respects. 
 12.2.10 Tarsus has furnished or made
available to Lian or its agents or representatives (a) all material (as determined by Tarsus in its reasonable discretion) safety and efficacy data existing as of the Effective Date in Tarsus’s Control, and (b) all material (as
determined by Tarsus in its reasonable discretion) Regulatory Filings and other material correspondence with Regulatory Authorities in Tarsus’s control, in each case ((a) and (b)), concerning the Licensed Product (in each case in the form being
Developed by Tarsus or any of its Affiliates as of the Effective Date) for use in the Field. 
 12.2.11 To Tarsus’s knowledge, there is
no material information, including regarding any safety, efficacy, or regulatory issues, within Tarsus’s Control that has not been disclosed to Lian and that would materially adversely affect the acceptance, or the subsequent approval, by any
Regulatory Authority of any Regulatory Filing for the Licensed Product in the Field and in the Territory. 
 12.3 Mutual Covenants.
Each Party hereby covenants and agrees that: 
 12.3.1 it will not utilize in connection with the Development or Commercialization of the
Compound or Licensed Product any person or entities that are debarred by the FDA pursuant to the provisions of the Generic Drug Enforcement Act of 1992 (21 U.S.C. § 335) or any similar legislation in the Territory; and 

12.3.2 if, during the Term of this Agreement, it becomes aware that it or any of its or its Affiliates’ employees or agents performing
under this Agreement is the subject of any investigation or proceeding that could lead to that Party becoming an entity or individual debarred by the FDA pursuant to the provisions of the Generic Drug Enforcement Act of 1992 (21 U.S.C. § 335)
or any similar legislation in the Territory, or an excluded entity or individual or a convicted entity or individual with respect to such legislation, such Party will promptly notify the other Party. 

  
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 12.3.3 to the extent permissible under applicable Law, (a) all employees, agents,
advisors, consultants, contractors or other representatives of each Party or its Affiliates performing activities under this Agreement are and will be under an obligation to assign all rights, title, and interests in and to their Inventions, whether
or not patentable, and Intellectual Property Rights therein, to such Party or its Affiliate as the sole owner thereof; (b) a Party will have no obligation to contribute to any remuneration of any inventor employed or previously employed by the
other Party or any of its Affiliates in respect of any such Inventions and other Know-How and Intellectual Property Rights therein that are so assigned to a Party or its Affiliate(s); and (c) the Party
employing such inventor will pay all such remuneration due for such Inventions and other Know-How and Intellectual Property Rights therein. 

12.4 Disclaimer of Warranty. EXCEPT AS OTHERWISE EXPRESSLY SET FORTH IN ARTICLE 12, NEITHER PARTY MAKES ANY REPRESENTATION OR EXTENDS
ANY WARRANTIES OF ANY KIND, EITHER EXPRESS OR IMPLIED, TO THE OTHER PARTY, AND EACH PARTY HEREBY DISCLAIMS ALL IMPLIED WARRANTIES OF MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE AND NON-INFRINGEMENT. EACH
PARTY HEREBY DISCLAIMS ANY REPRESENTATION OR WARRANTY THAT THE DEVELOPMENT, MANUFACTURE AND COMMERCIALIZATION OF THE PRODUCTS PURSUANT TO THIS AGREEMENT WILL BE SUCCESSFUL. 

12.5 LIMITATION OF LIABILITY. EXCEPT FOR DAMAGES RESULTING FROM BREACHES OF ARTICLE 3, ARTICLE 10, SECTION 2.5, SECTION 2.6 [***], OR
THE PRACTICE OF THE LICENSED IP BY OR ON BEHALF OF LIAN OR ITS AFFILIATES OUTSIDE OF THE SCOPE OF THE LICENSES GRANTED UNDER THIS AGREEMENT, AND WITHOUT LIMITING EITHER PARTY’S OBLIGATIONS IN RESPECT OF INDEMNIFIABLE THIRD PARTY CLAIMS UNDER
ARTICLE 13, IN NO EVENT WILL EITHER PARTY HAVE ANY CLAIMS AGAINST OR LIABILITY TO THE OTHER PARTY WITH RESPECT TO ANY INDIRECT, PUNITIVE, SPECIAL, INCIDENTAL, OR CONSEQUENTIAL DAMAGES (INCLUDING ANY CLAIMS FOR LOST PROFITS OR REVENUES) ARISING UNDER
OR IN CONNECTION WITH THIS AGREEMENT UNDER ANY THEORY OF LIABILITY, EVEN IF SUCH PARTY HAS BEEN INFORMED OR SHOULD HAVE KNOWN OF THE POSSIBILITY OF SUCH DAMAGES. 

13. INDEMNIFICATION. 
 13.1
Indemnification by Lian. Subject to Section 13.3, Lian shall indemnify and defend Tarsus and its Affiliates and each of their officers, directors, employees, successors and assigns from and against any and all liabilities, damages,
settlements, penalties, fines, costs or expenses (including reasonable attorneys’ fees and other expenses of litigation) (collectively, “Loss” or “Losses”) resulting from any Claims of Third
Parties to the extent arising out of (a) Lian’s gross negligence or willful misconduct in performing any of its obligations or exercising its rights under this Agreement, (b) breach by Lian of any of its representations or warranties
under this Agreement or any obligation, covenant, or agreement in this Agreement, or (c) solely relating to activities directed to the Development or Commercialization of the Compound or Licensed Products within the Territory by Lian, Lian
Affiliates, Sublicensees, agents or subcontractors (including any use, handling, storage, marketing, sale, distribution or other disposition of the Compound or Licensed Products by such persons in performance of such Development or
Commercialization), except to the extent any such Losses are Losses for which Tarsus is obligated to indemnify Lian pursuant to Section 13.2. 

13.2 Indemnification by Tarsus. Subject to Section 13.3, Tarsus shall indemnify and defend Lian and its Affiliates and each of
their officers, directors, employees, successors and assigns from and against any and all Losses resulting from all Claims of Third Parties to the extent arising out of (a) [***]. 

  
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 13.3 Procedure for Indemnification. 

13.3.1 Notice. Each Party (the “Indemnified Party”) will notify promptly the other Party (the
“Indemnifying Party”) in writing if it becomes aware of a Claim (actual or potential) by any Third Party or any proceeding (including, but not limited to, any investigation by a Governmental Authority) for which
indemnification may be sought and will give such related information as the Indemnifying Party shall reasonably request; provided, however, that failure by an Indemnified Party to give notice of a Claim as provided in this Section 13.3.1
will not relieve the Indemnifying Party of its indemnification obligation under this Agreement, except and only to the extent that such Indemnifying Party is materially prejudiced as a result of such failure to give notice. 

13.3.2 Defense of Claim. The Indemnifying Party shall have sole control over the defense and settlement of any such Claims and shall be
responsible for satisfying and discharging any award made to or settlement reached with the Third Party pursuant to the terms of this Agreement. The Indemnifying Party shall use counsel reasonably acceptable to the Indemnified Party and shall be
responsible for the fees and expenses of such counsel related to such proceeding. In any such proceeding, the Indemnified Party, at its sole expense, shall have the right to retain its own counsel at its own expense. If the Indemnifying Party fails
to assume control over the defense of any such Claims, then the Indemnified Party may control such defense using counsel of its choosing, and the Indemnifying Party will be responsible or the reasonable fees and expenses of such counsel related to
such proceeding. The Party controlling the defense of any Claim will keep the other Party advised of the status and material developments of such Claim and the defense thereof and will reasonably consider recommendations made by the other Party with
respect thereto. The other Party will reasonably cooperate with the Party controlling such defense and its Affiliates and agents in defense of the Claim, with all
out-of-pocket costs of such cooperation to be borne by the Indemnifying Party. 

13.3.3 Settlement. The Indemnifying Party shall not, without the written consent of the Indemnified Party (which consent shall not be
unreasonably withheld, refused, conditioned or delayed), effect any settlement of any such Third Party Claim, unless such settlement includes an unconditional release of the Indemnified Party from all liability on such Claims or that imposes any
liability or obligation on the Indemnified Party. The Indemnifying Party shall not, without the prior written consent of the Indemnified Party, agree to any settlement of such Third Party Claim or consent to any judgment in respect thereof unless
such settlement or judgment includes a full and unconditional release of the Indemnified Party from all liability with respect thereto, that imposes any liability or obligation on the Indemnified Party, or that adversely affects the rights of the
Indemnified Party. 
 14. PROSECUTION; LITIGATION. 

14.1 Prosecution and Maintenance of Patents. 

14.1.1 Tarsus shall have the first right (but not the obligation) to Prosecute the Licensed Patents at its own expense. Tarsus shall keep Lian
reasonably updated with regard to the Prosecution of the Licensed Patents in the Territory and shall provide Lian with copies of all applications, filings, and official correspondence (including, applications, office actions and responses) relating
thereto. Tarsus will provide Lian a reasonable opportunity to provide comments on drafts of all material filings and correspondence related to Prosecution of the Licensed Patents in the Territory (which comments Tarsus shall consider in good faith
but may accept or reject in its sole discretion). Notwithstanding the foregoing, with respect to any Licensed Patent that is licensed to Tarsus from a Third Party, the foregoing review and comment rights will only apply to the extent that Tarsus has
such rights. 

  
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 14.1.2 Tarsus may abandon the Prosecution of any Licensed Patents in its sole discretion.
Tarsus will provide Lian at least [***] days’ notice of its intention to abandon such Prosecution and provide Lian with reasonable opportunity, but not the obligation, to assume responsibility for the Prosecution of such Licensed Patents
as set forth below. In the event that Tarsus abandons the Prosecution of Licensed Patents in the Territory at any time during the Term, Lian may assume the Prosecution responsibility therefor in the name of Tarsus, and the costs associated with such
prosecution shall be paid by Lian at its sole discretion. No such action by Lian will change the ownership or license provisions with respect to the applicable Licensed Patent unless agreed by the Parties in writing. Tarsus will execute all
documents that Lian may reasonably request for such purposes. Lian shall have no further obligations to Tarsus with respect to any such Licensed Patents and such Licensed Patent shall be deemed expired for all purposes of Section 9.6.3.
Notwithstanding the foregoing, with respect to any Licensed Patent that is licensed to Tarsus from a Third Party, the foregoing will only apply to the extent that Tarsus has such rights. 

14.2 Enforcement and Defense. 

14.2.1 Notice of Infringement. Each Party shall promptly notify the other in writing (a) of any actual or suspected infringement
or misappropriation by a Third Party of any Licensed IP in the Territory (including unauthorized importation into the Territory for sale in the Territory), of which it becomes aware, or (b) upon receiving notification that a Licensed Patent is
subject to a declaratory judgment action, opposition, nullity action, interference, ex parte and inter partes reexaminations, ex parte and inter partes review, post-grant review, derivation proceeding, or similar action alleging non-infringement, invalidity or unenforceability in the Territory, which notification shall specify in reasonable detail the nature of such actual or suspected infringement or judicial action. 

14.2.2 Right to Enforce. As between the Parties (and, with respect to the Elanco Patents, subject to Elanco’s approval), Lian
shall have the first right, using counsel of its choice, to enforce the applicable Licensed Patent(s) in the Territory with respect to infringement in the Field (a “Third Party Infringement Action”), at its expense, and
Tarsus shall reasonably cooperate, in good faith, with Lian in such Action, at Lian’s expense. Lian shall provide Tarsus with an opportunity to make suggestions and comments regarding such enforcement, and Lian shall consider all such
suggestions and comments in good faith. Lian shall keep Tarsus reasonably informed of the status and progress of the litigation. Without limiting the foregoing, if Lian is authorized hereunder to initiate an Action against a Third Party under this
Section 14.2.2, but Lian is not recognized by the applicable court or other relevant body as having the requisite standing to pursue such action, then at Lian’s request, Tarsus shall join in as party-plaintiff or commence such Action in
its own name and, in either event, cooperate with Lian, at Lian’s expense. If Lian does not elect to enforce the Licensed Patents against a Third Party Infringement Action within [***] days after one Party informs the other of such Third
Party Infringement Action, then Tarsus may enforce the Licensed Patents against such Third Party. 
 14.2.3 Defense. Each Party will
promptly notify the other Party if a Third Party brings any Action alleging patent infringement by Lian or Tarsus or any of their respective Affiliates or Sublicensees with respect to the Development, manufacture or Commercialization of any Licensed
Product in the Field in the Territory (any such Action, an “Infringement Claim”). Lian will have the right, but not the obligation, to control the defense and response to any such Infringement Claim in the Field in the
Territory with respect to Lian’s activities, at Lian’s sole cost and expense, and Tarsus will have the right, at its own expense, to be represented in any such Infringement Claim in the Field in the Territory by counsel of its own choice.
Tarsus will have the sole right, but not the obligation, to control the defense and response to any such Infringement Claim with respect to Tarsus’s activities, including any such Infringement Claim outside of the Field or outside of the
Territory. Upon the request of the Party controlling the response to the Infringement Claim, the other Party will reasonably cooperate with the controlling Party in the reasonable defense of such Infringement Claim. The other Party will have the
right to consult with the controlling Party 

  
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concerning any Infringement Claim and to participate in and be represented by independent counsel in any associated litigation. If the Infringement Claim is brought against both Parties, then
each Party will have the right to defend against the Infringement Claim. The Party defending an Infringement Claim under this Section 14.2.3 will (a) consult with the other Party as to the strategy for the prosecution of such defense,
(b) consider in good faith any comments from the other Party with respect thereto, and (c) keep the other Party reasonably informed of any material steps taken and provide copies of all material documents filed, in connection with such
defense. The Party controlling the defense against an Infringement Claim will have the right to settle such Infringement Claim on terms deemed reasonably appropriate by such Party, provided that, unless any such settlement includes a full and
unconditional release from all liability of the other Party and does not adversely affect the rights of the other Party, any such settlement will be subject to the other Party’s prior written consent. 

14.2.4 Distribution of Recoveries. Any damages obtained (whether in judgment or settlement) in a Third Party Infringement Action to the
extent attributable to infringement of Licensed Patents in the Field in the Territory shall be distributed as follows: (a) first, each Party and Elanco shall be reimbursed for its reasonable out-of-pocket costs (if any) paid in connection with the proceeding, and Tarsus shall be reimbursed for such amounts as necessary to reimburse Elanco in connection with the proceeding as required under the
Elanco Agreement; (b) second, Lian shall retain [***] of such amounts if it was the Party to enforce such Third Party Infringement Action, provided that such recoveries shall be [***]; and (c) finally, if Tarsus
was the Party to enforce such Third Party Infringement Action, then Tarsus shall retain [***] of the remaining amount and pay the remaining [***] to Lian. 

14.2.5 Settlement. In no case may Lian enter into any settlement or consent judgment or other voluntary final disposition with respect
to any infringement Action referenced in this Section 14.2 that: (a) extends, or purports to exercise, Lian’s rights under the Licensed IP beyond the rights granted pursuant to this Agreement; (b) makes any admission regarding
wrongdoing by Tarsus or the invalidity, unenforceability or absence of infringement of any Licensed Patents; (c) subjects Tarsus to an injunction or other equitable relief; or (d) obligates Tarsus to make a monetary payment; in all cases
without the prior written consent of Tarsus, which consent will not be unreasonably withheld or delayed. Similarly, in no case may Tarsus enter into any settlement or consent judgment or other voluntary final disposition with respect to any
infringement Action referenced in this Section 14.2 that: (i) limits Lian’s rights or interests under the Licensed IP under this Agreement; (ii) makes any admission regarding wrongdoing by Lian; (iii) subjects Lian to an
injunction or other equitable relief; or (iv) obligates Lian to make a monetary payment; in all cases without the prior written consent of Lian, which consent shall not be unreasonably withheld or delayed. 

14.2.6 In-Licensed Patents. With respect to any Licensed Patent that is licensed to Tarsus from
a Third Party, to the extent Tarsus has the right to do so, Tarsus will cooperate with Lian to enforce, such Licensed Patents in the Field and in the Territory in the same manner as set forth in this Section 14.2. As between Tarsus and Lian,
any recoveries from enforcement of such Licensed Patents owned by a Third Party shall be shared in accordance with Section 14.2.4, after deducting from such recoveries any amounts owed to the Third Party licensor for such enforcement. 

15. ANTI-CORRUPTION.  

15.1 In the performance of its obligations under this Agreement, each Party shall comply and shall cause its and its Affiliates’
employees, licensees, sublicensees, and contractors (collectively with respect to Lian, “Lian Personnel”) to comply with all applicable Laws. 

  
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 15.2 Lian and Lian Personnel shall not, in connection with the performance of their
respective obligations under this Agreement, directly or indirectly through Third Parties, pay, promise, or offer to pay, or authorize the payment of, any money or give any promise or offer to give, or authorize the giving of anything of value to a
Public Official or Entity or other person for purpose of obtaining or retaining business for or with, or directing business to, any person, including, Lian (and Lian represents and warrants that as of the Effective Date, Lian and Lian Personnel have
not directly or indirectly promised, offered, or provided any corrupt payment, gratuity, emolument, bribe, kickback, illicit gift, or hospitality or other illegal or unethical benefit to a Public Official or Entity or any other person in connection
with the performance of such Party’s obligations under this Agreement, and Lian covenants that Lian and Lian Personnel shall not, directly or indirectly, engage in any of the foregoing). 

15.3 Lian and Lian Personnel, in connection with the performance of its obligations under this Agreement, shall not violate or cause the
violation of the Anti-Corruption Laws, Export Control Laws, or any other applicable Laws, or otherwise cause any reputational harm to Tarsus. 

15.4 Lian shall promptly notify Tarsus if it has any knowledge of or reasonably believes that there may be a violation of the Anti-Corruption
Laws, Export Control Laws, or any other applicable Laws in connection with the performance of this Agreement or the Development or Commercialization of any Licensed Product. 

15.5 In the event that Lian has violated or been suspected of violating any of the representations, warranties, or covenants in this Article
15, Lian will cause Lian Personnel or others working under its direction or control to submit to periodic training that it will provide on Anti-Corruption Law compliance or other relevant compliance. 

15.6 Lian will, at Tarsus’s request (not more than once per Calendar Year), provide reasonable documentation evidencing its compliance, in
connection with the performance of its obligations under this Agreement, with the representations, warranties, or covenants in Article 15. 

16. TERM AND TERMINATION. 

16.1 Term. This Agreement shall commence on the Effective Date and shall expire upon the expiration of the Royalty Term in the Territory
for all Licensed Products, unless earlier terminated as provided in this Article 16 (the “Term”). 
 16.2
Termination of this Agreement by Lian for Convenience. Lian may terminate this Agreement for any reason upon [***] days’ prior notice to Tarsus. 

16.3 Termination for Breach. 

16.3.1 Either Party may terminate this Agreement upon notice to the other Party for any material breach of this Agreement by the other Party,
if such material breach is not cured within [***] days (or [***] days for payment breaches) after the breaching Party receives notice of such breach from the non-breaching Party, or, if such
breach can be cured but cannot be cured within [***] days and if the breaching Party prepares and uses reasonable efforts to follow a cure plan, up to [***] days. The written notice describing the alleged material breach will provide
sufficient detail to put the breaching Party on notice of such material breach. [***]. 
 16.3.2 [***] may terminate this Agreement
immediately upon notice to Lian if [***] and fails to cure such breach within [***] days. For clarity, such termination is not subject to any tolling or opportunity to cure following such then [***] day period. Additionally,
Section 17.6 shall not apply with respect to any breach of Section 9.1. 

  
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 16.4 Termination for Patent Challenge. Tarsus shall have the right to terminate this
Agreement in its entirety, immediately upon the issuance of notice to Lian, if at any time Lian or any of its Affiliates or any Sublicensee challenges, or causes to be challenged, in any way, the validity, enforceability or scope of the Licensed
Patents in any court or before any Governmental Authority with authority to determine the validity, enforceability or scope of such Licensed Patents (a “Patent Challenge”), or cause or request, without the prior written
approval of Tarsus, a review by any such court or Governmental Authority of the same. For clarity, a Patent Challenge includes Lian or any of its Affiliates or any Sublicensee, directly or indirectly: (i) initiating or requesting an
interference or opposition proceeding with respect to any Licensed Patents; (ii) making, filing or maintaining any claim, demand, lawsuit, or cause of action to challenge the validity or enforceability of any Licensed Patents; or
(iii) opposing any extension of, or the grant of a supplementary protection certificate with respect to, any Licensed Patents. Notwithstanding any provision to the contrary in this Agreement, Tarsus’s right to terminate this Agreement
under this Section 16.4 will not apply to any Patent Challenge that (a) (i) is a Patent Challenge of Licensed Patent(s) held in the Territory (and not any other Licensed Patent(s)) first made by Lian or any of its Affiliates or any
Sublicensee in defense of a claim of patent infringement brought by Tarsus under the applicable Licensed Patents held in the Territory, or (ii) is brought by any Sublicensee if Lian terminates such Sublicensee’s sublicense to all Licensed
IP within [***] days after Tarsus’s notice to Lian under this Section 16.4; and (b) is not a Patent Challenge of any Elanco Patent. 

16.5 Termination for Bankruptcy. Either Party hereto shall have the right to terminate this Agreement, to the extent permitted by
applicable Laws, forthwith upon notice to the other Party (a) if the other Party is declared insolvent or bankrupt by a court of competent jurisdiction, (b) if a voluntary or involuntary petition of bankruptcy, reorganization, liquidation,
or receivership is filed in any court of competent jurisdiction against the other Party and such petition is not dismissed or stayed within [***] days after filing or (c) if the other Party shall make or execute an assignment of substantially
all of its assets for the benefit of creditors. 
 16.6 Rights in Bankruptcy. 

16.6.1 All rights and licenses now or hereafter granted by either Party to the other Party under or pursuant to this Agreement are, for all
purposes of Section 365(n) of the U.S. Bankruptcy Code, licenses of rights to “intellectual property” as defined in the U.S. Bankruptcy Code. Upon the filing or institution of bankruptcy, reorganization, liquidation or receivership
proceedings, upon the appointment of a receiver or trustee over all or substantially all property, or upon an assignment of a substantial portion of the assets for the benefit of creditors by either Party, such Party agrees that the other Party, as
licensee of such rights under this Agreement, will retain and may fully exercise all of its rights and elections under the U.S. Bankruptcy Code. Each Party will, during the Term, create and maintain current copies or, if not amenable to copying,
detailed descriptions or other appropriate embodiments, to the extent feasible, of all Intellectual Property Rights licensed by such Party under this Agreement. Each Party acknowledges and agrees that “embodiments” of Intellectual Property
Rights within the meaning of Section 365(n) include laboratory notebooks, cell lines, product samples and inventory, research studies and data, all Regulatory Approvals (and all applications for Regulatory Approval) and rights of reference
therein, the Licensed Know-How, Licensed Patents, and all information related to the Licensed Know-How or Licensed Patents. If (A) a case under the U.S. Bankruptcy
Code is commenced by or against either Party, (B) this Agreement is rejected as provided in the U.S. Bankruptcy Code and (C) the other Party elects to retain its rights hereunder as provided in Section 365(n) of the U.S. Bankruptcy
Code, the Party subject to such case (in any capacity, including debtor-in-possession) and its successors and assigns (including a trustee) will: 

  
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 (a) provide the non-subject Party with all such
Intellectual Property Rights (including all embodiments thereof) held by the subject Party and such successors and assigns, or otherwise available to them, immediately upon the non-subject Party’s written
request. Whenever the subject Party or any of its successors or assigns provides to the non-subject Party any of the Intellectual Property Rights licensed hereunder (or any embodiment thereof) pursuant to this
Section 16.6, the non-subject Party will have the right to perform the subject Party’s obligations hereunder with respect to such Intellectual Property Rights, but neither such provision nor such
performance by the non-subject Party will release the subject Party from liability resulting from rejection of the license or the failure to perform such obligations; and 

(b) not interfere with the non-subject Party’s rights under this Agreement, or any agreement
supplemental hereto, to such Intellectual Property Rights (including such embodiments), including any right to obtain such Intellectual Property Rights (or such embodiments) from another entity, to the extent provided in Section 365(n) of the
U.S. Bankruptcy Code. 
 16.6.2 All rights, powers and remedies of the non-subject Party provided in
this Section 16.6 are in addition to and not in substitution for any other rights, powers, and remedies now or hereafter existing at law or in equity (including the U.S. Bankruptcy Code) in the event of the commencement of a case under the U.S.
Bankruptcy Code with respect to the subject Party. The Parties intend the following rights to extend to the maximum extent permitted by applicable Law, and to be enforceable under U.S. Bankruptcy Code Section 365(n): 

(a) the right of access to any Intellectual Property Rights (and all embodiments thereof) of the subject Party or any Third Party that is
licensed or sublicensed to the non-subject Party under this Agreement; and 
 (b) the right to
contract directly with any Third Party to complete the contracted work. 
 16.7 Effects of Termination. 

16.7.1 Upon expiration of the Royalty Term of each Licensed Product in each Region, the License will become
non-exclusive, perpetual, irrevocable, fully paid-up, royalty-free, fully sublicenseable, and transferable in the Field and in the Territory for such Licensed Product in
such Region. 
 16.7.2 Upon the early termination of this Agreement: (a) all rights and licenses granted to Lian herein shall terminate
and revert to Tarsus; (b) at Tarsus’s request, Lian shall either promptly transition to Tarsus any on-going Clinical Trials with respect to the applicable Licensed Product or wind down such Clinical
Trials; (c) Lian shall promptly provide Tarsus with all data and results in its possession relating to Licensed Products; (d) Lian will promptly assign or transfer, or cause to be assigned and transferred to Tarsus (or if not so
assignable, Lian shall take all reasonable actions to make available to Tarsus the benefits of), all Regulatory Filings, Manufacturing Technology, Know-How, Regulatory Approvals, and trademarks (including all
trademark applications and registration and associated goodwill) to the extent solely related to the Licensed Products (collectively, “Product Materials”); and (e) all rights granted by Lian to Tarsus under this
Agreement will survive. Lian will perform the foregoing activities ((b) through (d)) at its sole cost and expense, provided that, if this Agreement is terminated by Lian pursuant to Section 16.3 or Section 16.5, then Tarsus will reimburse
Lian’s reasonable costs and expenses for such activities. Lian shall, at Tarsus’s expense, provide to Tarsus the necessary information to permit Tarsus to effect and perfect the transfer of all the Product Materials, and shall reasonably
cooperate with Tarsus in executing appropriate documents to effectuate the transfer or assignment for the relevant Product Materials (including the Regulatory Approvals and trademarks) that are in the name of Lian or any of its Affiliates. Lian will
have the right, for a period of [***] days following termination of this Agreement, to sell or otherwise dispose of any Licensed Products on hand or in the process of being manufactured at the time of such termination. 

  
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 16.7.3 Except as otherwise provided herein, upon termination of this Agreement, all
remaining records, documents, materials, or other media in each Receiving Party’s possession or control containing the Disclosing Party’s Confidential Information and to which such Receiving Party does not retain rights hereunder, shall
promptly be returned or destroyed at the request of the Disclosing Party. Notwithstanding the foregoing, copies of such records may be retained by legal counsel for such Receiving Party solely for archival purposes. For clarity, Tarsus has no
obligation to return or destroy records, documents, materials, or other media relating to any Licensed Products. 
 16.8 Survival. The
termination or expiration of this Agreement shall not relieve the Parties of any liability accruing prior to such termination, and any such termination shall be without prejudice to the rights of either Party against the other. The provisions of
Articles 1, 10, 13, and 17 and Sections 2.7, 5.6.2 (with respect to Lian’s obligations for the period set forth therein), 8.2, 8.3.1, 9.10, 12.4, 12.5, 16.6, 16.7, and 16.8 shall survive any termination or expiration of this Agreement. 

17. MISCELLANEOUS. 
 17.1
LianBio Guarantee. LianBio hereby unconditionally and irrevocably guarantees, as a primary obligor and not merely as surety, the due and punctual payment and performance of all obligations of Lian under this Agreement (the “Lian
Obligations”). LianBio agrees that the Lian Obligations may be extended, modified, or renewed, in whole or in part, without notice or further assent from it, and that it will remain bound upon its guarantee notwithstanding any
extension, modification, or renewal of any Lian Obligation. The obligations of LianBio under this Section 17.1 will not be affected by the failure of Tarsus to assert any claim or demand or to enforce any right or remedy against Lian under the
provisions of this Agreement or otherwise. LianBio further agrees that its guarantee constitutes a guarantee of payment and performance when due and not of collection. However, prior to seeking satisfaction of any Lian Obligation by LianBio, Tarsus
will first direct any requests with respect to the satisfactions of any outstanding or overdue Lian Obligations to Lian. 
 17.2
Affiliates. Each Party may discharge any obligations and, to the extent applicable, subject to the provisions concerning sublicenses, exercise any rights hereunder through delegation of its obligations or rights to any of its Affiliates,
provided that each Party hereby guarantees the performance by its Affiliates of such Party’s obligations under this Agreement and will cause its Affiliates to comply with the provisions of this Agreement in connection with such performance.

 17.3 Publications. Lian will notify Tarsus of any planned abstracts, oral presentations and manuscripts relating to the publication
of clinical data and other scientific data generated in the course of Development of the relevant Licensed Product by Lian. Lian shall provide a draft of the planned submission or presentation at least [***] days prior to publication or
presentation (as the case may be) and will incorporate in good faith all comments of Tarsus to prevent the disclosure of any Confidential Information of Tarsus contained therein, and will allow for the filing of patent applications as necessary to
preserve proprietary rights in the information in the material being submitted for publication or presentation. The review period may be extended for an additional [***] days if Tarsus can demonstrate a reasonable need for such extension for
purposes of the preparation and filing of patent applications. The Parties will each comply with standard academic practice regarding authorship of scientific publications and recognition of contribution of other parties in any such publications or
presentations. 
 17.4 Public Announcements. Lian and Tarsus have agreed on language of a joint press release announcing this
Agreement, which, unless otherwise agreed by the Parties, will be issued by the Parties promptly after the Effective Date substantially in the form attached hereto as Schedule 17.4. Except as may be expressly permitted under this Section 17.4
or mandated by applicable Laws or the rules of any stock exchange, neither Party will make any public announcement of any information regarding this Agreement without the prior written consent of the other Party. Once any statement is approved for
disclosure by the Parties, either Party may make a subsequent public disclosure containing the same information disclosed in such prior public announcement without further approval of the other Party. 

  
 36 

 17.5 Relationship of the Parties. This Agreement is not a partnership agreement and
nothing in this Agreement shall be construed to establish a relationship of partners or joint venturers between the Parties. 
 17.6 Force
Majeure. The occurrence of an event that materially interferes with the ability of a Party to perform its obligations or duties hereunder which is not within the reasonable control of the Party affected, and which could not with the exercise of
Commercially Reasonable Efforts have been avoided (“Force Majeure Event”), including, but not limited to, war, rebellion, earthquake, fire, accident, strike, riot, civil commotion, act of God, epidemic, pandemic, quarantine,
inability to obtain raw materials, delay or errors by shipping companies or change in Law, shall not excuse such Party from the performance of its obligations or duties under this Agreement, but shall merely suspend such performance (other than
performance of payment obligations) during the Force Majeure Event. The Parties agree the effects of the COVID-19 pandemic that is ongoing as of the Effective Date may be invoked as a Force Majeure Event for
the purposes of this Agreement even though the pandemic is ongoing to the extent those effects are not reasonably foreseeable by the Parties as of the Effective Date. The Party subject to a Force Majeure Event shall promptly notify the other Party
of the occurrence and particulars of such Force Majeure Event and shall provide the other Party, from time to time, with its best estimate of the duration of such Force Majeure Event and with notice of the termination thereof. The Party so affected
shall use Commercially Reasonable Efforts to avoid or remove such causes of non-performance as soon as is reasonably practicable. Upon termination of the Force Majeure Event, the performance of any suspended
obligation or duty shall without delay recommence. The Party subject to the Force Majeure Event shall not be liable to the other Party for any damages arising out of or relating to the suspension or termination of any of its obligations or duties
under this Agreement by reason of the occurrence of a Force Majeure Event, provided that such Party complies in all material respects with its obligations under this Section 17.6. 

17.7 Dispute Resolution. Subject to the dispute escalation and decision-making provisions of Article 4, in the event of any dispute,
controversy or claim hereunder arising out of or relating to this Agreement either Party may, on [***] days notice to the other Party, initiate binding arbitration in accordance with the then-current Rules of Arbitration of the International
Chamber of Commerce (the “ICC”). The Parties shall select a mutually acceptable arbitrator within [***] days of the request of the Party invoking this dispute resolution procedure. If the Parties are unable to agree
upon an arbitrator, then the ICC shall select a qualified, independent arbitrator. Such arbitration will be held in New York City, New York and conducted in the English language. The decision of the arbitrator will be final and binding on the
Parties. The prevailing Party may enforce any arbitration decision or award, and either Party may seek injunctive, equitable or similar relief (without the requirement of arbitration), in any court having competent jurisdiction. 

17.8 Governing Law. This Agreement shall be construed, and the respective rights of the Parties determined, according to the substantive
law of the State of New York without regard to the conflict of laws principles thereof. The United Nations Convention on the International Sale of Goods shall not apply to this Agreement. 

17.9 Attorneys’ Fees and Related Costs. The prevailing Party, as determined by the arbitrators, shall be entitled to (a) its
share of fees and expenses of the arbitrators and (b) its attorneys’ fees and any and all associated costs and expenses. In determining which Party “prevailed,” the arbitrators shall consider (i) the significance, including
the financial impact, of the claims prevailed upon and (ii) the scope of claims prevailed upon, in comparison to the total scope of the claims at issue. If the arbitrators determine that, given the scope of the arbitration, neither Party
“prevailed,” the arbitrators shall order that the Parties (1) share equally the fees and expenses of the arbitrators and (2) bear their own attorneys’ fees and associated costs and expenses. 

  
 37 

 17.10 Assignment. This Agreement may not be assigned by either Party, in whole or in
part, whether voluntarily or by operation of law, without the prior written consent of the other Party; provided that, without prior written consent, either Party may assign this Agreement, in whole or in part, to any of its Affiliates if such Party
guarantees the performance of this Agreement by such Affiliate, or to a successor to all or substantially all of the assets or business of such Party to which this Agreement relates, whether by merger, sale of stock, sale of assets or other similar
transaction. Any assignment in violation of this provision is void and without effect. This Agreement shall be binding upon and inure to the benefit of the Parties hereto, their permitted successors, legal representatives and assigns. 

17.11 Notices. All demands, notices, consents, approvals, reports, requests and other communications hereunder must be in writing, in
English, and will be deemed to have been duly given only if delivered personally, by mail (first class, postage prepaid), or by overnight delivery using a globally-recognized carrier, to the Parties at the following addresses: 

 

			
	Tarsus:	  	Lian:
	 Tarsus Pharmaceuticals, Inc. 
15440 Laguna Canyon Rd. Suite 160 
Irvine, CA 92618 
Attn: Bobak Azamian, MD, PhD, Chief

Executive Officer
	  	Lian Ophthalmology 
c/o Ogier Global (Cayman) Limited 
89 Nexus Way 
Camana Bay 
Grand Cayman 
Cayman Islands KY1-9009 
Attention: Brianne Jahn
		
	With a copy to:	  	With a copy to:
		
	 Gunderson Dettmer Stough Villeneuve
 Franklin
and Hachigian LLP 
3570 Carmel Mountain Rd, Suite 200 
San Diego, CA 92130 
Attn: Brendan C. McCarthy 
Email: [***]
	  	Ropes & Gray LLP 
36F Park Place 
1601 Nanjing Road West 
Shanghai, China 200040 
Attention: Eric Wu and David R. Chen 
Fax:
86-21-6157-5299 
Email: [***] and [***]

 or to such other address as the addressee shall have last furnished in writing in accord with this provision. All notices
shall be deemed effective upon receipt by the addressee. 
 17.12 Severability. If any provision of this Agreement is held to be
invalid, illegal or unenforceable in any respect, that provision shall be limited or eliminated to the minimum extent necessary so that this Agreement shall otherwise remain in full force and effect and enforceable. 

17.13 Interpretation. The headings used in this Agreement have been inserted for convenience of reference only and do not define or
limit the provisions hereof. Except as otherwise explicitly specified to the contrary, (a) references to an Article, Section or Exhibit means an Article or Section of, or a Schedule or Exhibit to this Agreement and all subsections thereof,
unless another agreement is specified; (b) references in any Section to any clause are references to such clause of such Section; (c) references to any agreement, instrument, or other document in this Agreement refer to such agreement,
instrument, or other document as originally executed or, if subsequently amended, replaced, or 

  
 38 

 
supplemented from time to time, as so amended, replaced, or supplemented and in effect at the relevant time of reference thereto; (d) references to a particular Laws mean such Laws as in
effect as of the relevant time, including all rules and regulations thereunder and any successor Laws in effect as of the relevant time, and including the then-current amendments thereto; (e) words in the singular or plural form include the
plural and singular form, respectively; (f) unless the context requires a different interpretation, the word “or” has the inclusive meaning that is typically associated with the phrase “and/or”; (g) the terms
“including,” “include(s),” “such as,” “e.g.” and “for example” mean including the generality of any description preceding such term and will be deemed to be followed by “without
limitation”; (h) whenever this Agreement refers to a number of days, such number will refer to calendar days unless Business Days are specified, and if a period of time is specified and dates from a given day or Business Day, or the day or
Business Day of an act or event, it is to be calculated exclusive of that day or Business Day; (i) “monthly” means on a calendar month basis, (j) “quarter” or “quarterly” means on a Calendar Quarter basis; (k)
“annual” or “annually” means on a Calendar Year basis; (l) “year” means a 365-day period unless Calendar Year is specified; (m) references to a particular Person include such
Person’s successors and assigns to the extent not prohibited by this Agreement; (n) the use of any gender herein will be deemed to encompass references to either or both genders, and the use of the singular will be deemed to include the
plural (and vice versa); (o) a capitalized term not defined herein but reflecting a different part of speech than a capitalized term which is defined herein will be interpreted in a correlative manner; (p) any definition of or reference to any
agreement, instrument or other document herein will be construed as referring to such agreement, instrument or other document as from time to time amended, supplemented or otherwise modified (subject to any restrictions on such amendments,
supplements or modifications set forth herein); (q) the words “hereof,” “herein,” “hereby” and derivative or similar words refer to this Agreement (including any Exhibits or Schedules); (r) neither Party or its
Affiliates will be deemed to be acting “on behalf of” the other Party under this Agreement, except to the extent expressly otherwise provided; (s) provisions that require that a Party, or the JSC hereunder “agree”,
“consent” or “approve” or the like will be deemed to require that such agreement, consent or approval be specific and in writing in a written agreement, letter or approved minutes, but, except as expressly provided herein,
excluding e-mail and instant messaging; and (t) the word “shall” will be construed to have the same meaning and effect as the word “will”. 

17.14 Waiver. No waiver of any term or condition of this Agreement shall be effective unless set forth in a written instrument duly
executed by or on behalf of the waiving Party. No waiver by any Party of any term or condition of this Agreement, in any one or more instances, shall be deemed to be or construed as a waiver of the same or any other term or condition of this
Agreement on any prior, concurrent or future occasion. Except as expressly set forth in this Agreement, all rights and remedies available to a Party, whether under this Agreement or afforded by Law or otherwise, will be cumulative and not in the
alternative to any other rights or remedies that may be available to such Party. 
 17.15 Entire Agreement. This Agreement (including
the exhibits and schedules hereto) constitutes the entire agreement between the Parties hereto with respect to the subject matter hereof and supersedes all previous agreements and understandings between the Parties, whether written or oral,
including to all proposals, negotiations, conversations, letters of intent, memoranda of understanding or discussions, between Parties relating to the subject matter of this Agreement and all past dealing or industry custom. 

17.16 Modification. This Agreement may be altered, amended or changed only by a writing making specific reference to this Agreement and
the clause to be modified, which amendment is signed by duly authorized representatives of Tarsus and Lian. 
 17.17 No Third Party
Beneficiaries. None of the provisions of this Agreement shall be for the benefit of or enforceable by any Third Party, including any creditor of either Party hereto. 

  
 39 

 17.18 Ambiguities. This Agreement shall be deemed to have been drafted jointly by
both Parties; and ambiguities, if any, shall not be construed against either Party, irrespective of which Party may have actually drafted the ambiguous provision. 

17.19 Counterparts. This Agreement may be executed in counterparts, each of which, when executed, shall be deemed to be an original and
all of which together shall constitute one and the same document. 

  
 40 

 IN WITNESS WHEREOF, Tarsus and Lian, by their duly authorized officers, have executed this Agreement as of
the Effective Date. 
  

									
	TARSUS PHARMACEUTICALS, INC.	  	        	 	LIANBIO OPHTHALMOLOGY LIMITED
					
	By:	 	 /s/ Bobak Azamian
	  		 	By:	 	 /s/ Konstantin Poukalov

	Name:	 	Bobak Azamian	  		 	Name:	 	Konstantin Poukalov
	Title:	 	CEO	  		 	Title:	 	Director
				
		 		  		 	LIANBIO
		 		  		 	(solely for the purposes of Section 17.1)
					
		 		  		 	By:	 	 /s/ Konstantin Poukalov

		 		  		 	Name:	 	Konstantin Poukalov
		 		  		 	Title:	 	Director

 EXHIBIT A 

INITIAL DEVELOPMENT PLAN 

[***] 

 EXHIBIT B 

TARSUS DEVELOPMENT PLAN 

[***] 

 SCHEDULE 1.10 

APPLICABLE ELANCO ROYALTY RATE PROVISIONS 

[***] 

 SCHEDULE 1.71 

CERTAIN PATENTS 
 [***]

 SCHEDULE 2.6 

[***] 

 SCHEDULE 17.4 

PRESS RELEASE 
 [***]

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