Document:

CERTAIN
CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, MARKED BY [*], 

HAS BEEN OMITTED BECAUSE IT IS NOT MATERIAL AND WOULD LIKELY CAUSE

COMPETITIVE HARM TO ELEVATION ONCOLOGY, INC. IF PUBLICLY DISCLOSED.

 

Exhibit 10.5

 

ASSET
PURCHASE AGREEMENT

 

by and between

 

14NER
ONCOLOGY, INC.

 

and

 

MERRIMACK
PHARMACEUTICALS, INC.

 

Dated as of May 28, 2019

 

    

     

    

 

Table
of Contents

 

	 		Page
	 	 	 
	Article I PURCHASE AND SALE OF THE TRANSFERRED ASSETS	1
	 	 	 
	 	1.1.	Purchase and Sale of Assets	1
	 	1.2.	Excluded Assets	2
	 	1.3.	Assumption of Liabilities	3
	 	1.4.	Retained Liabilities	4
	 	1.5.	Closing Date Consideration	4
	 	1.6.	Closing; Delivery and Payment	5
	 	1.7.	Taxes and Fees	6
	 	1.8.	Wrong Pocket Assets	6
	 	1.9.	Milestone Payments	7
	 	 	 
	Article II REPRESENTATIONS AND WARRANTIES OF THE SELLER	10
	 	 	 
	 	2.1.	Organization, Standing and Power	10
	 	2.2.	Authority; No Conflict; Required Filings and Consents	11
	 	2.3.	Taxes	11
	 	2.4.	Intellectual Property	12
	 	2.5.	Contracts	13
	 	2.6.	Litigation	13
	 	2.7.	Compliance With Laws	13
	 	2.8.	Permits	14
	 	2.9.	Regulatory Matters	14
	 	2.10.	Brokers	15
	 	2.11.	Title to Transferred Assets	15
	 	2.12.	Exclusive Representations and Warranties	15
	 	 	 
	Article III REPRESENTATIONS AND WARRANTIES OF THE BUYER	15
	 	 	 
	 	3.1.	Organization, Standing and Power	15
	 	3.2.	Authority; No Conflict; Required Filings and Consents	15
	 	3.3.	Assets	16
	 	3.4.	Litigation	16
	 	3.5.	Brokers	16
	 	3.6.	Adequacy of Information	16
	 	3.7.	Exclusive Representations and Warranties	17
	 	 	 
	Article IV ADDITIONAL AGREEMENTS	17
	 	 	 
	 	4.1.	Confidentiality	17
	 	4.2.	Post-Closing Cooperation	18
	 	4.3.	Public Disclosure	18
	 	4.4.	Further Assurances	19
	 	4.5.	Seller Names and Marks	19
	 	4.6.	Tax Matters	19
	 	4.7.	Books and Records	19
	 	4.8.	Services from Affiliates	20
	 	4.9.	NIH Undertaking	20

 

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	Article V INDEMNIFICATION	20
	 	 	 
	 	5.1.	Indemnification by the Seller	20
	 	5.2.	Indemnification by the Buyer	20
	 	5.3.	Claims for Indemnification	21
	 	5.4.	Survival	22
	 	5.5.	Limitations	22
	 	5.6.	Indemnification Payments	23
	 	5.7.	Setoff	23
	 	 	 
	Article VI MISCELLANEOUS	24
	 	 	 
	 	6.1.	Notices	24
	 	6.2.	Entire Agreement	25
	 	6.3.	No Third Party Beneficiaries	25
	 	6.4.	Assignment	25
	 	6.5.	Severability	26
	 	6.6.	Counterparts and Signature	26
	 	6.7.	Interpretation	26
	 	6.8.	Governing Law	26
	 	6.9.	Remedies	27
	 	6.10.	Submission to Jurisdiction	27
	 	6.11.	Disclosure Schedule	27
	 	6.12.	Fees and Expenses	27
	 	6.13.	Amendment	27
	 	6.14.	Extension; Waiver	28
	 	 	 
	Article VII DEFINITIONS	28

 

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Disclosure Schedule

 

	Schedules:	 	 
	 	 	 
	Schedule 1.1(a)	 	Transferred Patents
	Schedule 1.1(b)	 	Transferred Permits
	Schedule 1.1(c)	 	Transferred Know-How
	Schedule 1.1(d)	 	Transferred Inventory
	Schedule 1.1(e)	 	Transferred Contracts
	Schedule 1.2(b)	 	Excluded Assets
	Schedule 1.3(d)	 	Assumed Liabilities
	Schedule A	 	Description of MM-121
	Schedule B	 	Description of MM-111
	 	 	 
	Exhibits:	 	 
	 	 	 
	Exhibit A	 	Bill of Sale
	Exhibit B	 	Patent Assignment
	Exhibit C	 	Assumption Agreement
	Exhibit D	 	Dyax Assumption and Undertaking

 

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ASSET
PURCHASE AGREEMENT

 

THIS ASSET PURCHASE AGREEMENT
(this “Agreement”) is entered into as of May 28, 2019, by and between 14ner Oncology, Inc., a Delaware corporation
(the “Buyer”), and Merrimack Pharmaceuticals, Inc., a Delaware corporation (the “Seller”).

 

Introduction

 

The Seller desires to sell,
transfer and assign to the Buyer, and the Buyer desires to purchase from the Seller, the Transferred Assets (as defined below), subject
to the assumption by the Buyer of the Assumed Liabilities (as defined below), upon the terms and subject to the conditions set forth in
this Agreement.

 

In consideration of the foregoing
and the respective representations, warranties, covenants and agreements set forth below, and for other good and valuable consideration,
the receipt and sufficiency of which are hereby acknowledged, the Buyer and the Seller agree as follows:

 

Article I

 

PURCHASE AND SALE OF THE TRANSFERRED ASSETS

 

1.1.          Purchase
and Sale of Assets. Upon the terms and subject to the conditions set forth in this Agreement, at the Closing, the Seller agrees to
sell, convey, transfer, assign and make available for transfer to the Buyer, and the Buyer agrees to purchase from the Seller, all of
the right, title and interest in and to the Transferred Assets, in each case, free and clear of all Liens other than Permitted Liens.
For purposes of this Agreement, “Transferred Assets” means the following assets as the same exist as of immediately
prior to the Closing:

 

(a)          the
Patent Rights set forth on Schedule 1.1(a) (including any continuation, divisional, continuation-in-part, substitution, reissue,
renewal, reexamination, supplemental protection certificate, extension, and foreign counterpart of such Patent Rights) (the “Transferred
Patents”), and the Seller’s and, to the extent applicable, its Subsidiaries’, right, title and interest in and to
all patent files, correspondence, opinions, studies, search results and documentation that are in the possession or control of the Seller
(or, to the extent applicable, any of its Subsidiaries) as of immediately prior to the Closing to the extent exclusively related to such
Transferred Patents (the “Transferred Patent Files”); provided that the Seller shall have the right to retain
copies of any such Transferred Patent Files for its compliance records;

 

(b)          the
permits set forth on Schedule 1.1(b) and the Seller’s and, to the extent applicable, its Subsidiaries’, right,
title and interest in and to any other regulatory filings, marketing authorizations, permits, licenses, registrations, regulatory clearances,
approvals, concessions, qualifications, registrations, certifications and similar items in each case granted by Governmental Entities
(“Permits”) to the extent exclusively used or held for use in connection with, or are exclusively related to, a Product
as of immediately prior to the Closing (the “Transferred Permits”); provided that the Seller shall have the
right to retain copies of any such Transferred Permits for its compliance records;

 

    

     

    

 

(c)          any
and all Know-How owned by Seller or its Subsidiaries that is exclusively related to any Product as of immediately prior to the Closing
(the “Transferred Know-How”), including the Know-How identified on Schedule 1.1(c);

 

(d)          all
of the inventory exclusively related to any Product as of immediately prior to the Closing, including the bulk and vialed inventory, existing
finished quantities, work in process, raw materials, constituent substances, materials, stores and supplies, as well as any trade and
sample inventories (the “Transferred Inventory”), as set forth on Schedule 1.1(d);

 

(e)          the
Seller’s and, to the extent applicable, its Subsidiaries’, right, title and interest in and to the contracts, licenses, instruments
and other agreements and legally binding arrangements set forth on Schedule 1.1(e) (the “Transferred Contracts”);
and

 

(f)          the
Seller’s and, to the extent applicable, its Subsidiaries’, right, title and interest in and to all books, documentation, ledgers,
files, reports, plans and operating records that are in the possession or control of the Seller or its Subsidiaries that are exclusively
related to any Product as of immediately prior to the Closing (and not any Excluded Asset or Retained Liability) (the “Transferred
Books and Records”); provided that the Seller shall have the right to retain copies of any such Transferred Books and
Records, including lab notebooks, for its compliance records.

 

Notwithstanding the foregoing, the Buyer acknowledges
and agrees that in respect of the items described in Sections 1.1(b) and (f), (A) with respect to any portions
of such items that do not relate solely to the Transferred Assets or the Assumed Liabilities or are also required for the operation of
the Excluded Assets or relate to the Retained Liabilities, the Seller and its Affiliates may retain the originals of such items, and make
available copies thereof to the Buyer and redact from any such items any information that is not related to the Transferred Assets or
the Assumed Liabilities and (B) to the extent the Buyer does not take possession of any of the Transferred Books and Records at the
Closing, the Seller and its Affiliates shall make such items available to the Buyer for fourteen (14) calendar days (or such earlier time
as when transferred) following the Closing to enable the Buyer to take possession and control of such items at the Buyer’s expense.

 

1.2.          Excluded
Assets. Notwithstanding anything to the contrary in this Agreement, the Buyer is only purchasing the Transferred Assets, and the Transferred
Assets shall not include any of the Excluded Assets. For purposes of this Agreement, “Excluded Assets” means all assets,
rights and properties of the Seller or any of its Affiliates other than the Transferred Assets. Without limitation of the foregoing, the
Excluded Assets shall include the following:

 

(a)          all
accounts receivable, pre-paid expenses, cash and cash equivalents or similar investments, other current assets, bank accounts, commercial
paper, certificates of deposit, Treasury bills and other marketable securities, including security deposits, reserves, prepaid rents and
prepaid expenses;

 

(b)          all
assets, properties or rights set forth on, or arising under any Contracts set forth on, Schedule 1.2(b);

 

(c)          other
than the Transferred Intellectual Property, all Intellectual Property owned by or licensed to the Seller or any of its Affiliates (including
all Seller Names and Marks);

 

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(d)          all
insurance policies, surety bonds or self-insurance of the Seller or any of its Affiliates and all claims, credits, causes of action or
rights thereunder (including rights to assert claims thereunder);

 

(e)          (i) all
books, records, files and papers, whether in hard copy or computer format, (A) prepared in connection with or relating to this Agreement
or any Ancillary Agreement or the Contemplated Transactions or the sale of any Product, (B) prepared and maintained by the Seller
or any of its Affiliates, including all regulatory files (including correspondence with Governmental Entities), market research data,
and marketing data that do not relate exclusively to the Transferred Assets, (C) relating to employees of the Seller or its Affiliates,
(D) that form part of the general ledger of the Seller or any of its Affiliates, that are working papers of the auditors of the Seller
or any of its Affiliates or that are records related to Taxes payable by the Seller or any of its Affiliates, or (E) relating primarily
to an Excluded Asset or Retained Liability and (ii) all minute books of the Seller and its Affiliates and other corporate records
of the Seller and its Affiliates;

 

(f)          all
accounting goodwill related to any Product;

 

(g)          all
privileged communications between the Seller and any of its Affiliates and its and their respective attorneys, and any other privileged
documents;

 

(h)          all
rights of the Seller or any of its Affiliates arising under this Agreement or the Ancillary Agreements or the Contemplated Transactions;

 

(i)          all
interests in the share capital and other equity interests of the Seller or any of its Affiliates or any other Person;

 

(j)          all
Tax refunds and Tax deposits and all Tax books and records;

 

(k)          all
claims, causes of action, defenses, counterclaims or other rights, if any, arising out of or relating to (i) any of the Transferred
Assets or any Product or the Assumed Liabilities arising before the Closing (other than any claims with respect to infringement of Transferred
Patents or misappropriation of Transferred Know-How, which claims shall constitute Transferred Assets) or (ii) any Excluded Asset
or Retained Liability; and

 

(l)          all
rights that accrue or will accrue to the benefit of the Seller under this Agreement or the Ancillary Agreements.

 

1.3.          Assumption
of Liabilities. Upon the terms and subject to the conditions set forth in this Agreement, at the Closing, the Buyer shall assume and
agree to perform, pay, satisfy or discharge when due the Assumed Liabilities. For purposes of this Agreement, “Assumed Liabilities”
means the following Liabilities:

 

(a)          all
Liabilities first arising out of the prosecution, ownership, operation, maintenance, sale, lease or use of any Transferred Asset or any
Product from and after the Closing;

 

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(b)          the
Liabilities arising or required to be performed under the Transferred Contracts from and after the Closing; provided, however,
that Buyer shall not assume and shall have no obligation to perform or pay any Liabilities to the extent that such Liabilities relate
to any breach of or default by the Seller or its Subsidiaries under any provision of any of such Transferred Contracts that occurred prior
to the Closing;

 

(c)          all
Liabilities for which the Buyer agrees to be liable hereunder or that are otherwise apportioned to the Buyer hereunder; and

 

(d)          the
Liabilities set forth on Schedule 1.3(d).

 

1.4.          Retained
Liabilities. Notwithstanding anything to the contrary in this Agreement, the Assumed Liabilities shall not include any of the Retained
Liabilities, and the Buyer does not hereby and shall not assume or in any way undertake to perform, pay, satisfy or discharge any Retained
Liabilities. For purposes of this Agreement, “Retained Liabilities” means all Liabilities other than the Assumed Liabilities.
Without limitation of the foregoing, the Retained Liabilities shall include the following:

 

(a)          all
Liabilities to the extent relating to any Excluded Assets (and not otherwise constituting Assumed Liabilities);

 

(b)          all
Liabilities for (i) any and all Taxes in respect of any Product or otherwise related to the Transferred Assets that are attributable
to any taxable period (or portion thereof) ending on or prior to the Closing Date, (ii) any and all Taxes of the Seller, (iii) any
and all Taxes of another person for which the Seller is liable, including Taxes for which the Seller is liable by reason of Treasury Regulations
Section 1.1502-6 (or any comparable or similar provision of federal, state, local or foreign law), being a transferee or successor,
any contractual obligation or otherwise, and (iv) subject to Section 1.7, any and all income, transfer, sales, use or
other Taxes arising in connection with the consummation of the Contemplated Transactions (including any income Taxes arising as a result
of the transfer by the Seller to the Buyer of the Transferred Assets);

 

(c)          the
Liabilities to the extent (i) arising or required to be performed under the Transferred Contracts prior to the Closing or (ii) relating
to the breach of or default by the Seller that occurred prior to the Closing; and

 

(d)          the
Liabilities with respect to any human clinical study of a Product to the extent conducted by or on behalf of the Seller prior to the Closing.

 

Except as set forth in Section 5.7
hereof, the Buyer’s obligations under this Agreement shall not be subject to offset or reduction by reason of any actual or alleged
breach by the Seller or any of its Affiliates of any representation, warranty or covenant contained in this Agreement or any Ancillary
Agreement or any right or alleged right to indemnification hereunder or thereunder.

 

1.5.          Closing
Date Consideration. At the Closing, upon the terms and subject to the conditions set forth herein, the Buyer shall purchase from the
Seller the Transferred Assets in exchange for the Aggregate Consideration as set forth in this Agreement and the assumption of the Assumed
Liabilities.

 

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1.6.          Closing;
Delivery and Payment.

 

(a)          The
Closing shall take place at 9:30 a.m.  on June 24, 2019, or such earlier date as the parties mutually agree in writing (the
 “Closing Date”), at the offices of Wilmer Cutler Pickering Hale and Dorr LLP, 60 State Street, Boston, Massachusetts
02109, unless another place is agreed to in writing by the Buyer and the Seller. All transactions at the Closing shall be deemed to take
place simultaneously, and no transaction shall be deemed to have been completed and no documents or certificates shall be deemed to have
been delivered until all other transactions are completed and all other documents and certificates are delivered. The Closing may take
place remotely, via electronic exchange of documents.

 

(b)          At
the Closing:

 

(i)          the
Buyer shall deliver the Closing Date Consideration by wire transfer of immediately available funds to an account designated in writing
by the Seller;

 

(ii)          the
Seller shall execute and deliver to the Buyer a Bill of Sale substantially in the form attached hereto as Exhibit A (the “Bill
of Sale”);

 

(iii)          the
Seller shall execute and deliver to the Buyer a Patent Assignment substantially in the form attached hereto as Exhibit B (the
 “Patent Assignment”);

 

(iv)          the
Seller shall execute and deliver to the Buyer an IND transfer letter to FDA for each of the Transferred Permits and such other instruments
of transfer, conveyance and assignment as the Buyer may reasonably request in order to effect the sale, transfer, conveyance and assignment
to the Buyer of all right, title and interest in and to the Transferred Assets in accordance with the terms and conditions of this Agreement
(the “Additional Transfer Documents”);

 

(v)          the
Buyer shall execute and deliver to the Seller an Assumption Agreement substantially in the form attached hereto as Exhibit C
(the “Assumption Agreement,” and, together with the Bill of Sale, the Patent Assignment and the Additional Transfer
Documents (if any), the “Ancillary Agreements”);

 

(vi)          the
Seller shall make available to the Buyer to enable the Buyer to take possession and control of, each to the extent existing in physical
form and in the possession of the Seller, the Transferred Books and Records and the Transferred Know-How;

 

(vii)          the
Seller shall make available to the Buyer to enable the Buyer to take possession and control of, all of the other Transferred Assets of
a tangible nature;

 

(viii)          the
Seller shall deliver to the Buyer a certificate, executed by the Seller’s corporate secretary on behalf of the Seller, certifying
as to the resolutions of the board of directors of the Seller authorizing and approving the sale of the Transferred Assets to the Buyer
pursuant to this Agreement and the other Contemplated Transactions;

 

(ix)          the
Buyer shall deliver to the Seller a certificate, executed by the Buyer’s corporate secretary on behalf of the Buyer, certifying
as to the resolutions of the board of directors of the Buyer authorizing and approving the purchase of the Transferred Assets by the Buyer
pursuant to this Agreement and the other Contemplated Transactions;

 

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(x)          the
Buyer shall deliver to the Seller evidence, in the form attached hereto as Exhibit D, that the Buyer has undertaken to Dyax
Corp., or its successor (“Dyax”), in writing to (A) assume all of the Seller’s obligations under that certain
Amended and Restated Collaboration Agreement, dated as of January 24, 2007, between the Seller and Dyax, as amended as of July 31,
2008, November 6, 2009 and January 18, 2012, and (B) be bound the terms of that certain Sublicense Agreement, dated as
of June 30, 2008, between the Seller and Dyax; and

 

(xi)          the
Seller shall deliver to the Buyer a certification that the Seller is not a foreign person in accordance with the Treasury Regulations
under Section 1445 of the Code.

 

1.7.          Taxes
and Fees.

 

(a)          Transfer
Taxes. All transfer, sales, and use taxes, deed excise stamps and similar charges (“Transfer Taxes”) related to
the Contemplated Transactions shall be borne one-half by the Seller and one-half by the Buyer. The required party shall file all necessary
Tax Returns and other documentation with respect to such Transfer Taxes required by a Governmental Entity to be filed and, if required
by applicable Law, the other party will, and will cause its Affiliates to, join in the execution of any such Tax Returns and other documentation.
The Seller and the Buyer shall cooperate in the preparation and filing of all forms and documentation necessary to provide exemption from
Transfer Tax, to the extent permitted by applicable Law.

 

(b)          Withholding
Taxes. The Buyer will be entitled to deduct and withhold from the amounts otherwise payable by it pursuant to this Agreement such
amounts as it reasonably determines that it is required to deduct and withhold with respect to the making of such payment under the Code,
or any provision of state, local or foreign Tax Law, and to collect any necessary Tax forms, including Forms W-8 or W-9, as applicable,
or any similar information, from the Seller and any other recipient of payments hereunder; provided, however, that the Buyer
will (i) promptly (and in any event no later than five (5) Business Days prior to the date on which such payment is made or,
in the case of a change in applicable Law after the date of this Agreement that would require withholding from such amounts, as soon as
practicable) notify the Seller of any intention to so deduct and withhold and provide the Seller the opportunity to provide any statement,
form, or other documentation that would reduce or eliminate any such requirement to deduct and withhold; (ii) remit and report any
such amount required to be deducted and withheld to the applicable Governmental Entity in accordance with applicable Law; (iii) promptly
provide to the Seller a certificate, receipt or other documentation of proof of such remittance reasonably acceptable to the Seller; and
(iv) cooperate with the Seller as reasonably requested with respect to the filing of any Tax Return or conduct of any claim relating
to any available refund of such amount remitted. In the event that any amount is so deducted and withheld, and properly remitted, such
amount will be treated for all purposes of this Agreement as having been paid to the person to whom the payment from which such amount
was withheld was made.

 

1.8.          Wrong
Pocket Assets. If at any time or from time to time after the Closing until the date that is three (3) months after the Closing
Date, Seller or any of its controlled Affiliates, on the one hand, or the Buyer or any of its Affiliates, on the other hand, shall receive
or otherwise possess any asset or right (including cash) that should belong to the Buyer, on the one hand, or the Seller or any of its
Affiliates, on the other, pursuant to this Agreement, the Seller or the Buyer (as the case may be) shall promptly transfer, or cause to
be transferred, such asset or right to the Person so entitled thereto. Prior to any such transfer in accordance with this Section 1.8,
the Person receiving or possessing such asset shall hold such asset in trust for such other Person. Without limitation of the foregoing,
in the event Seller or any of its controlled Affiliates receives any payment in respect of any Transferred Asset or Buyer or any of its
Affiliates receives any payment in respect of an Excluded Asset, the Seller or the Buyer (as applicable) shall promptly deliver such payment
to an account designated in writing by the Buyer or the Seller (as applicable) by wire transfer of immediately available funds.

 

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1.9.          Milestone
Payments.

 

(a)            Milestone
Events and Milestone Payments. Subject to the terms and conditions of this Agreement, Buyer shall make each applicable payment (each
a “Milestone Payment”) set forth below to the Seller promptly (and in any event no later than thirty (30) days) after
the achievement by any member of the Buyer Rights Group of the relevant event listed below (each, a “Milestone Event”).

 

(i)              A
one-time payment of Three Million Dollars ($3,000,000) upon the achievement of the primary endpoint (as set forth in the protocol for
such study) in any registrational study (i.e., a study that is intended to be used as a pivotal study for purposes of filing an NDA or
BLA if such primary endpoint is satisfied) of any Product or the determination by the applicable member of the Buyer Rights Group to
proceed with the preparation of an NDA or BLA based on the results of any such study whether or not such primary endpoint is achieved;

 

(ii)             A
one-time payment of [*] upon the acceptance for filing by the FDA or any other Governmental Entity of an NDA or BLA, with respect to any
Product;

 

(iii)            A
one-time payment of [*] upon Regulatory Approval by the FDA of any Product for any indication in the United States;

 

(iv)            A
one-time payment of [*] upon the first occurrence of Pricing and Reimbursement Approval of any Product for any indication in any one
of France, Germany, Italy, Spain or the United Kingdom;

 

(v)             A
one-time payment of [*] upon Regulatory Approval by the PMDA of any Product for any indication in Japan;

 

(vi)            A
one-time payment of [*] upon the cumulative Net Sales of all Products exceeding One Hundred Million Dollars ($100,000,000);

 

(vii)           A
one-time payment of [*] upon the cumulative Net Sales of all Products exceeding Two Hundred Million Dollars ($200,000,000); and

 

(viii)          A
one-time payment of [*] upon the cumulative Net Sales of all Products exceeding Three Hundred Million Dollars ($300,000,000).

 

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(b)           For
the avoidance of doubt, (i) no Milestone Payment shall be paid more than once, such that the aggregate maximum cumulative amount
of Milestone Payments is Fifty Four Million Five Hundred Thousand Dollars ($54,500,000), and (ii) the cumulative Net Sales of all
Products worldwide over all periods will be aggregated to determine whether the Milestone Events in Section 1.9(a)(vi), Section 1.9(a)(vii) and
Section 1.9(a)(viii) have been achieved (e.g., if cumulative Net Sales of all Products worldwide over all periods total
Three Hundred Million Dollars and One Cent ($300,000,000.01), then all three of such Milestone Events shall have occurred and all three
corresponding Milestone Payments shall have become due and payable pursuant to this Agreement). Payment in full of the Closing Date Consideration
and the Milestone Payments shall constitute payment in full to the Seller and its Affiliates with respect to the Products under this
Article I. In the event that the Seller or its Affiliates (as of the Closing Date) own or control any Patent Rights which
are not Transferred Patents and which would, absent a license, be infringed by the manufacture, use or sale of any Product, the Buyer
(together with any applicable member of the Buyer Rights Group) shall have an irrevocable, royalty-free license to practice such Patent
Rights solely with respect to the development and commercialization of such Product.

 

(c)            Diligence.

 

(i)              The
Buyer shall, itself or through the members of the Buyer Rights Group, use Commercially Reasonable Efforts to develop the Products, to
seek and obtain Regulatory Approval therefor, to market, sell and otherwise commercialize the Products and to achieve the Milestone Events.

 

(ii)             Other
than the diligence obligations specifically set forth in this Section 1.9(c), (A) neither the Buyer nor any other member
of the Buyer Rights Group shall have other diligence obligations with respect to achievement of any Milestone Event, or to develop, market
or sell any Product, and (B) the mere fact that the Buyer (1) engages in the development of a product competitive with a Product
or (2) ceases developmental activities with respect to the Products will not, in each case of clauses (1) or (2), in and of
themselves, constitute the failure to use Commercially Reasonable Efforts to develop the Products; provided that the Buyer shall
not take any action, or intentionally refrain from taking any action, for the purpose of frustrating the achievement of any Milestone
Events and/or the payment of any Milestone Payments hereunder.

 

(d)           Methods
of Payments; Foreign Currency. All Milestone Payments shall be paid in U.S. dollars by wire transfer to an account designated in writing
by the Seller. For all Net Sales and Exclusions denominated in any currency other than U.S. dollars, the amount of such sales in foreign
currencies shall be converted into U.S. dollars using the exchange rate for the relevant month (the “Monthly Rate”),
such Monthly Rate being determined as the last price rate of exchange for such currencies on the last business day of the immediately
preceding calendar month as published on Bloomberg page FXC (or such other publication as may be agreed upon in writing between the
parties from time to time).

 

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(e)            Reporting.

 

(i)              Within
twenty (20) calendar days after each calendar quarter commencing after December 31, 2019 and continuing until the earlier to occur
of (a) all Milestone Events having been achieved or (b) the Buyer has certified in writing to the Seller that it has in good
faith permanently discontinued all development and commercialization activities with respect to the Products and/or any Transferred Assets,
the Buyer shall provide the Seller with a written report (each, a “Quarterly Report”) summarizing, in reasonable detail,
the status of the development of the Products in order to achieve any Milestone Event that had not yet been achieved; provided
that if the Buyer resumes such development and/or commercialization activities after discontinuing them, then the Buyer will continue
to be subject to the obligations set forth in this Section 1.9(e); provided, further, that the parties acknowledge
and agree that the Buyer shall not be required to include the following information in any Quarterly Report (in each case to the extent
not otherwise publicly available): (A) the precise status of enrollment of patients in any preclinical studies or clinical trials
of any Product conducted by or on behalf of any member of the Buyer Rights Group, including information relating to any such patient’s
response to any Product; (B) information regarding the Buyer’s cash or financial position; or (C) the content of any
informal oral discussions with or feedback from any Regulatory Authorities.

 

(ii)             The
Buyer shall provide written notice to the Seller of (A) the achievement of each Milestone Event no later than ten (10) Business
Days after the occurrence thereof or after Buyer becomes aware of the achievement of such Milestone Event and (B) any determination
by the Buyer or any applicable member of the Buyer Rights Group to terminate or discontinue further development or commercialization
of any Product prior to the payment of all Milestone Payments. If the Buyer determines to issue a press release or similar public announcement
of a Material Event, the Buyer shall use commercially reasonable efforts to provide a copy of such release or announcement to the Seller
a reasonable period of time in advance of public release or publication.

 

(iii)            The
Buyer shall, and shall cause the other members of the Buyer Rights Group to, keep books and records sufficient to calculate Milestone
Payments and reasonable documentation regarding the Products.

 

(iv)           Commencing
upon the date of the first commercial sale of a Product anywhere in the world, the Buyer shall provide to the Seller, within thirty (30)
calendar days after each calendar quarter a report with respect to the immediately preceding three (3) month period stating: (A) the
total gross sales of each Product sold by members of the Buyer Rights Group during such three (3) month period (broken out by the
Applicable Jurisdiction(s)); and (B) the Net Sales of the each Product sold by members of the Buyer Rights Group during such three
(3) month period (broken out by the Applicable Jurisdiction(s)), including a breakdown of the sum of each of the Exclusions made,
if any, from gross sales to arrive at the calculation of Net Sales of the applicable Product for such Applicable Jurisdiction during
such period.

 

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(f)            Audits.
Upon the written request of the Seller, the Buyer shall, and shall cause the other members of the Buyer Rights Group to, permit an independent
public accountant selected by the Seller and reasonably satisfactory to the Buyer and the relevant member of the Buyer Rights Group (the
 “Accountant”) to have reasonable access upon reasonable prior notice and during normal business hours, but no more
than once during any calendar year, to review the records specified in Section 1.9(e)(iii) solely for the purpose of
determining the accuracy of the reports described in Section 1.9(e)(i) and Section 1.9(e)(iv) (an “Audit”),
at the Seller’s expense. Before conducting the Audit, the Accountant must execute a reasonable confidentiality agreement with the
Buyer and, if applicable, the relevant Buyer Rights Group member. In acting hereunder, the Accountant shall act as an expert and not
as arbitrator, and Accountant’s authority is limited to resolving disputed issues of fact (and not law). The procedures set forth
in this Section 1.9(f) concerning the determinations set forth herein by the Accountant shall be governed by the law
of expert determination and appraisal rather than the law of arbitration. If the Accountant concludes that any Milestone Payment was
not paid when due, the Seller shall be entitled to deliver a written notice of such non-payment (a “Dispute Notice”),
in which case the Seller and the Buyer shall, for a period of not less than thirty (30) calendar days after delivery of the Dispute Notice,
attempt in good faith to resolve the items in dispute. If no agreement is reached by the Seller and the Buyer as to the calculation of
the disputed amount within thirty (30) calendar days after delivery of a Dispute Notice, then either party shall have the right to pursue
applicable legal remedies in accordance with the provisions of Section 6.9. If the Seller and the Buyer agree, or any dispute
resolution mechanism determines that, any Milestone Payment was not paid as a result of an underreporting of Net Sales by more than five
percent (5%), the Buyer shall reimburse the Seller for the reasonable out-of-pocket costs of the Audit. A quarterly period can only be
subject to an Audit on one occasion and the Seller shall not be permitted to Audit a calendar quarter more than three (3) years
after the end of such quarter.

 

(g)           Overdue
Payments. Any portion of any Milestone Payment not paid when due shall bear interest from the due date until the date of payment
thereof at a per annum rate equal to five percentage points (5%) above the prime rate as published by the Wall Street Journal Online
as of the date the applicable payment was due, compounded annually; provided that interest shall not accrue at a rate that exceeds
the maximum rate permitted by applicable Law.

 

(h)           Contractual
Right Only. The rights and obligations of the Seller under this Section 1.9, including the right to receive payments,
(i) are purely contractual rights and not a security for purposes of any federal or state securities Laws, (ii) will not be
represented by any form of certificate or instrument, (iii) do not give the Seller any dividend rights, voting rights, liquidation
rights, preemptive rights or other rights common to holders of the Buyer’s equity securities and (iv) subject to Section 6.4,
are not transferrable, assignable or redeemable (other than indirect transfers or assignments, transfers by operation of law or transfers
or assignments to any Affiliate of the Seller).

 

Article II

 

REPRESENTATIONS AND WARRANTIES OF THE SELLER

 

The Seller represents and
warrants to the Buyer as of the date hereof as follows, except as set forth herein or, subject to Section 6.11, in the Disclosure
Schedule.

 

2.1.          Organization,
Standing and Power. The Seller is duly organized, validly existing and in good standing under the Laws of the State of Delaware,
has all requisite corporate power and authority to own the Transferred Assets.

 

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2.2.          Authority;
No Conflict; Required Filings and Consents.

 

(a)            The
Seller has all requisite corporate power and authority to enter into this Agreement and each of the Ancillary Agreements to which it
is a party and to consummate the Contemplated Transactions. The execution, delivery and performance by the Seller of this Agreement and
each of the Ancillary Agreements to which it will be a party and the consummation by the Seller of the Contemplated Transactions have
been duly authorized by all necessary corporate or similar action on the part of the Seller. This Agreement and each such Ancillary Agreement
has been duly executed and delivered by the Seller and this Agreement and each such Ancillary Agreement is the legal, valid and binding
obligation of the Seller enforceable against the Seller in accordance with its terms, except as enforceability may be limited by bankruptcy,
insolvency, fraudulent transfer, reorganization, moratorium or other similar Laws relating to or affecting the rights of creditors generally
and by equitable principles, including those limiting the availability of specific performance, injunctive relief and other equitable
remedies and those providing for equitable defenses (the “Bankruptcy Exception”).

 

(b)           The
execution, delivery and performance by the Seller of this Agreement and each of the Ancillary Agreements to which it is a party, and
the consummation by the Seller of the Contemplated Transactions, do not and will not (i) conflict with, or result in any violation
or breach of, any provision of the Certificate of Incorporation or Bylaws or similar organizational documents of the Seller, (ii) conflict
with, or result in any violation or breach of, or constitute (with or without notice or lapse of time, or both) a default (or give rise
to a right of termination, cancellation or acceleration of any obligation or loss of any material benefit) under, require a consent or
waiver under, require the payment of a penalty under or result in the imposition of any Liens, other than Permitted Liens, on or with
respect to any of the Transferred Assets, or (iii) subject to compliance with the requirements specified in Section 2.2(c),
conflict with or violate any Permit, concession, franchise, license or Law applicable to the Seller or any of its properties or assets,
with only such exceptions, in the case of each of clauses (ii) and (iii), as would not reasonably be expected to have, individually
or in the aggregate, a Seller Material Adverse Effect.

 

(c)            No
consent, approval, license, Permit, order or authorization of, or registration, declaration, notice or filing with, any Governmental
Entity is required by or with respect to the Seller in connection with the execution, delivery and performance by the Seller of this
Agreement and each of the Ancillary Agreements to which it is a party or the consummation of the Contemplated Transactions, except as
would not reasonably be expected to have, individually or in the aggregate, a Seller Material Adverse Effect.

 

2.3.          Taxes.

 

(a)            The
Seller has timely paid all Taxes which will have been required to be paid on or prior to the date hereof, the non-payment of which would
result in a Lien on any Transferred Asset or would result in the Buyer becoming liable or responsible therefor.

 

(b)           The
Seller has established, in accordance with GAAP applied on a basis consistent with that of preceding periods, adequate reserves for the
payment of, and will timely pay, all Taxes that arise from or with respect to the Transferred Assets and are incurred in or attributable
to the Pre-Closing Tax Period, the non-payment of which would result in a Lien on any Transferred Asset.

 

(c)            There
are no Liens with respect to Taxes upon any of the Transferred Assets, other than Permitted Liens.

 

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(d)           The
Seller has incurred no liability in respect of real property, personal property or similar Taxes applicable to the Transferred Assets
for any Pre-Closing Tax Period after 2016; provided that, it is agreed and understood that this representation refers only to liabilities
incurred prior to the Closing and shall not serve as a representation or warranty regarding, or a guarantee of, nor can it be relied upon
with respect to, Taxes attributable to any Tax period (or portion thereof) beginning, or Tax positions taken, after the Closing Date.

 

2.4.          Intellectual
Property.

 

(a)            The
Seller is the sole and exclusive owner of, and has good title to, the MM-121 Patents, free and clear of all Liens, other than Permitted
Liens. The Seller and its Affiliates do not own any material Patent Rights with respect to the manufacture, composition or use of a MM-121
Product other than the MM-121 Patents included in the Transferred Assets and Patent Rights that the Seller has abandoned or which have
expired.

 

(b)           To
the Seller’s Knowledge, all material MM-121 Patents have been duly filed or registered (as applicable) with the applicable Governmental
Entity and maintained in all material respects, including the timely submission of all necessary filings and payment of fees in accordance
with the legal and administrative requirements in the appropriate jurisdictions, and have not lapsed or expired.

 

(c)            Except
as would not reasonably be expected to, individually or in the aggregate, result in a material Assumed Liability, to the Seller’s
Knowledge, (i) the research, development, manufacture, commercialization, use or importation of the MM-121 Products, in each case
as currently conducted or as conducted since January 1, 2017, do not infringe or violate, or constitute a misappropriation of, any
Intellectual Property of any third party, (ii) no third party, including any Affiliate of the Seller, is infringing or violating
or misappropriating any of the MM-121 Intellectual Property, and (iii) the Seller has not sent any written notice of infringement
or misappropriation to, or asserted or threatened any action or claim of infringement or misappropriation against, any Person involving
or relating to any MM-121 Intellectual Property, (iv) the Seller and each of its Affiliates has taken reasonable measures, to maintain
in confidence all material trade secrets and confidential information comprising a part of the MM-121 Intellectual Property, (v) there
is no pending or threatened claim, interference, opposition or demand of any third party, including any Affiliate of the Seller, challenging
the ownership, validity or scope of any MM-121 Intellectual Property, (vi) all MM-121 Patents are valid and enforceable, (vii) neither
the Seller nor any of its Affiliates has been served with or provided written notice or other notice that any MM-121 Intellectual Property
is the subject of any Order barring or limiting the Seller’s use of any such MM-121 Intellectual Property, and (viii) no MM-121
Intellectual Property was developed, in whole or in part, under contract with or using the facilities, funding or personnel of any Governmental
Entity or university or other educational institution that would give any such Governmental Entity, university or institution any rights
to such MM-121 Intellectual Property or entitle any such Governmental Entity, university or institution to royalties or other payments
with respect to the exploitation of such MM-121 Intellectual Property.

 

(d)           Schedule
1.1(c) includes a complete and accurate list of the clinical studies conducted in humans by the Seller since January 1,
2017 involving the use of MM-121 Product as a single agent therapy.

 

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(e)            Notwithstanding
anything herein to the contrary, the representations and warranties set forth in this Section 2.4 are the only representations
and warranties of the Seller with respect to Intellectual Property matters.

 

2.5.          Contracts.

 

(a)            Section 2.5(a) of
the Disclosure Schedule sets forth a complete and accurate list of each Transferred Contract. Other than the foregoing Transferred Contracts,
neither the Seller nor any of its Subsidiaries is a party to any Contract which grants a third party any right to manufacture, market
or sell any Product or engage in human clinical studies with respect to any Product after the Closing.

 

(b)           (i) The
Seller has furnished to the Buyer a complete and accurate copy of each Transferred Contract, (ii) each Transferred Contract is a
legal, valid and binding obligation of the Seller (or its applicable Affiliate) and, to the Seller’s Knowledge, of each other party
thereto, and is enforceable (subject to the Bankruptcy Exception) and in full force and effect with respect to the Seller (or its applicable
Affiliate), and, to the Seller’s Knowledge, with respect to each other party thereto, except to the extent it has previously expired
in accordance with its terms and (iii) neither the Seller (or its applicable Affiliate) nor, to the Seller’s Knowledge, any
other party to any Transferred Contract is in violation in any material respect of or in default in any material respect under, nor,
to the Seller’s Knowledge, does there exist any condition which, upon the passage of time or the giving of notice or both, would
reasonably be expected to cause such a violation of or default under or permit termination of or modification or acceleration of any
material obligations of the Seller (or its applicable Affiliate) pursuant to any Transferred Contract.

 

2.6.          Litigation.
There is no action, suit, proceeding, claim, arbitration or, to the Seller’s Knowledge, investigation pending against the Seller
or any of its Affiliates with respect to, or affecting, any Product of which the Seller or any of its Affiliates has received written
notice and, to the Seller’s Knowledge, no such action, suit, proceeding, claim, arbitration or investigation has been threatened
in writing against the Seller or any of its Affiliates which, in each case, if determined or resolved adversely in accordance with the
plaintiff’s demands, would reasonably be expected to result in, individually or in the aggregate, a material liability which would
constitute an Assumed Liability. There are no unsatisfied material judgments or outstanding material orders, injunctions, decrees, stipulations
or awards rendered by a court, an administrative agency or by an arbitrator against any of the Transferred Assets or against the Seller
or any of its Affiliates with respect to, or affecting, any Product.

 

2.7.          Compliance
With Laws. Except as would not reasonably be expected to, individually or in the aggregate, result in a material Liability, the Seller
is and since January 1, 2017 has been, in compliance in all material respects with, is not in material violation of, and, since
January 1, 2017, has not received any written notice alleging any material violation with respect to, any applicable Law with respect
to any Product or the ownership or operation of the Transferred Assets.

 

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2.8.          Permits.
(a) The Seller has all material Permits necessary for the Seller to own, lease or operate the Transferred Assets and conduct its
business as it relates to any Product in the manner currently conducted (the “Seller Permits”), (b) the Seller
is in compliance in all material respects with the terms of the Seller Permits and has not received any written notices that it is in
material violation of any of the terms or conditions of such the Seller Permits, (c) all Seller Permits are in full force and effect
and no action or claim is pending or, to the Seller’s Knowledge, threatened in writing to revoke, suspend, adversely modify or
terminate any Seller Permit or declare any Seller Permit invalid in any material respect and (d) neither the Seller nor any of its
Affiliates has received any written notice with respect to any material failure by the Seller or any of its Affiliates to have any Seller
Permit.

 

2.9.          Regulatory
Matters. At all times since January 1, 2017, except as would not reasonably be expected to, individually or in the aggregate,
result in a material Liability, and in each case solely with respect to any MM-121 Product:

 

(a)            The
Seller and each of its Affiliates has developed, tested, labeled, packaged, manufactured and stored the MM-121 Products in compliance
in all material respects with (i) the FDA Act, and (ii) any other applicable Governmental Entities in any other country where
the Seller or any of its Affiliates has developed, tested, labeled, packaged, manufactured or stored any such Product.

 

(b)           All
preclinical studies and other studies and tests of any MM-121 Product conducted by or on behalf of the Seller have been, and if still
pending are being, conducted in material compliance, to the extent applicable, with good laboratory practices, good clinical practices
and all applicable Laws, including the FDA Act and the respective counterparts thereof outside the United States.

 

(c)            With
respect to any MM-121 Product, the Seller has not received any written notice of FDA regulatory actions against the Seller or any of
its Affiliates, including notice of adverse findings, regulatory, untitled or warning letters or mandatory recalls, or any other notice
from any governmental entity alleging or asserting material noncompliance with any Law.

 

(d)           Neither
the Seller nor any of its Affiliates have received written notice of any pending or threatened claim, suit, proceeding, hearing, enforcement,
audit or, to the Seller’s Knowledge, investigation from the FDA or any other Governmental Entity alleging that any operation or
activity of the Seller or any of its Affiliates in connection with any MM-121 Product is in material violation of the FDA Act or the
respective counterparts thereof promulgated by applicable state Governmental Entities or Governmental Entities outside the United States,
including, as applicable, the medicinal products and medical device Laws of the European Union. No civil, criminal or administrative
action, suit, demand, claim, complaint, hearing, proceeding or, to the Seller’s Knowledge, investigation for which the Seller has
received written notice is pending or, to the Seller’s Knowledge, threatened against the Seller or any of its Affiliates in connection
with any MM-121 Product. To the Seller’s Knowledge, there has not been any material violation of any laws by the Seller or any
of its Affiliates in its product development efforts, submissions or reports to any Governmental Entity in connection with any MM-121
Product that could reasonably be expected to require investigation, corrective action or enforcement action.

 

(e)            Notwithstanding
anything herein to the contrary, the representations and warranties set forth in this Section 2.9 are the only representations
and warranties of the Seller with respect to regulatory matters.

 

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(f)            There
are no Liabilities attributable to any human exposure to a Product to the extent arising prior to the Closing.

 

2.10.        Brokers.
No agent, broker, investment banker, financial advisor or other firm or Person is or shall be entitled, as a result of any action, agreement
or commitment of the Seller or any of its Affiliates, to any broker’s, finder’s, financial advisor’s or other similar
fee or commission (or reimbursement of expenses) in connection with any of the Contemplated Transactions.

 

2.11.        Title
to Transferred Assets. The Seller is the sole and exclusive owner of, and has good and valid title to each of the Transferred Assets,
and all Transferred Assets are free of all Liens, other than Permitted Liens. At the Closing, the Seller shall transfer and deliver to
the Buyer good and valid title to each of the Transferred Assets free and clear of all Liens other than Permitted Liens.

 

2.12.        Exclusive
Representations and Warranties. Other than the representations and warranties set forth in this Article II, the Seller
is not making any other representations or warranties, express or implied, with respect to any Product or the Transferred Assets. The
Seller hereby disclaims any other express or implied representations or warranties, including regarding any financial projections, suitability
for clinical development or other forward-looking statements provided by or on behalf of the Seller or its Affiliates, and the Buyer
acknowledges and agrees that, other than the representations set forth in this Article II, the Transferred Assets are being
sold, and the Assumed Liabilities are being assumed, on an “as is” basis.

 

Article III

 

REPRESENTATIONS AND WARRANTIES OF THE BUYER

 

The Buyer represents and warrants
to the Seller as of the date hereof as follows, except as set forth herein.

 

3.1.          Organization,
Standing and Power. The Buyer is a corporation duly organized, validly existing and in good standing under the Laws of the State
of Delaware, has all requisite corporate power and authority to carry on its business as now being conducted.

 

3.2.          Authority;
No Conflict; Required Filings and Consents.

 

(a)            The
Buyer has all requisite corporate power and authority to enter into this Agreement and each of the Ancillary Agreements to which it will
be a party and to consummate the Contemplated Transactions. The execution, delivery and performance by the Buyer of this Agreement and
each of the Ancillary Agreements to which it will be a party and the consummation by the Buyer of the Contemplated Transactions have
been duly authorized by all necessary corporate action on the part of the Buyer. This Agreement and each such Ancillary Agreement has
been duly executed and delivered by the Buyer and this Agreement and each such Ancillary Agreement is the valid and binding obligation
of the Buyer, enforceable against the Buyer in accordance with its terms, subject to the Bankruptcy Exception.

 

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(b)           The
execution, delivery and performance by the Buyer of this Agreement and each of the Ancillary Agreements to which it is a party, and the
consummation by the Buyer of the Contemplated Transactions, shall not, (i) conflict with, or result in any violation or breach of,
any provision of the organizational documents of the Buyer, (ii) conflict with, or result in any violation or breach of, or constitute
(with or without notice or lapse of time, or both) a default (or give rise to a right of termination, cancellation or acceleration of
any obligation or loss of any material benefit) under, require a consent or waiver under, require the payment of a penalty under or result
in the imposition of any Lien, other than Permitted Liens, on or with respect to the Buyer’s assets under, any of the terms, conditions
or provisions of any lease, license, contract or other agreement, instrument or obligation to which the Buyer is a party or by which the
Buyer or any of its properties or assets may be bound, or (iii) subject to compliance with the requirements specified in Section 3.2(c),
conflict with or violate any permit, concession, franchise, license or Law applicable to the Buyer or any of its properties or assets.

 

(c)            No
consent, approval, license, permit, order or authorization of, or registration, declaration, notice or filing with, any Governmental
Entity is required by or with respect to the Buyer in connection with the execution, delivery and performance by the Buyer of this Agreement
and each of the Ancillary Agreements to which it is a party or the consummation by the Buyer of the Contemplated Transactions.

 

3.3.          Assets.
Assuming the completion of an equity financing of at least $20 million on or before the Closing Date, the Buyer will have assets on the
Closing Date sufficient for the conduct of the Buyer’s businesses as presently conducted and as presently proposed to be conducted
and sufficient to consummate the Contemplated Transactions.

 

3.4.          Litigation.
There is no action, suit, proceeding, claim, arbitration or investigation pending or threatened, against the Buyer or any of its Affiliates,
and the Buyer is not subject to any outstanding order, writ, judgment, injunction or decree of any Governmental Entity that, in either
case, would, individually or in the aggregate, (a) prevent or materially delay the consummation by the Buyer of the Contemplated
Transactions or (b) otherwise prevent or materially delay performance by the Buyer of any of its material obligations under this
Agreement.

 

3.5.          Brokers.
No agent, broker, investment banker, financial advisor or other firm or Person is or shall be entitled, as a result of any action, agreement
or commitment of the Buyer, to any broker’s, finder’s, financial advisor’s or other similar fee or commission (or reimbursement
of expenses) in connection with any of the Contemplated Transactions.

 

3.6.          Adequacy
of Information. The Buyer acknowledges and agrees that:

 

(a)            it
has been furnished with or given adequate access to all information regarding the Products and the Transferred Assets that it has desired
or requested for review to enable it to make an informed and intelligent decision with respect to the execution, delivery and performance
of this Agreement and each Ancillary Agreement;

 

(b)           it
has carried out an appropriate due diligence investigation concerning the information given by the Seller about the Products and the
Transferred Assets and is taking full responsibility for making its own and independent investigation and evaluation of the Products
and the Transferred Assets;

 

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(c)            it
is not relying on, and will not assert any claim against, Seller, its Affiliates or any of their respective employees, directors, agents,
stockholders or representatives or hold Seller or any such Persons liable for any inaccuracies, misstatements or omissions with respect
to information furnished by Seller, its Affiliates or representatives, including any information in any information memorandum, “on-line”
or physical data rooms or in any management presentations (except for the representations and warranties expressly contained in Article II
or contained in the Ancillary Agreements); and

 

(d)            the
Seller has discontinued development of the Products, and accordingly the Transferred Assets are sold “as is” and the Buyer
agrees to accept the Transferred Assets and the Assumed Liabilities in the condition they are in on the Closing Date based on its own
inspection, examination and determination with respect to all matters, and without reliance upon any express or implied representations
or warranties whatsoever, whether at law or in equity, of any nature made or provided by or on behalf of or imputed to the Seller, any
of its Subsidiaries or any other Person, except for the representations and warranties expressly contained in Article II.

 

3.7.           Exclusive
Representations and Warranties. Other than the representations and warranties set forth in this Article III, the Buyer
is not making any other representations or warranties, express or implied, with respect to the Contemplated Transactions. The Buyer hereby
disclaims any other express or implied representations or warranties, including regarding any financial projections or other forward-looking
statements provided by or on behalf of the Buyer or its Affiliates.

 

Article IV

 

ADDITIONAL AGREEMENTS

 

4.1.           Confidentiality.
After the Closing Date until expiration of the Buyer’s obligation to provide Quarterly Reports, the Seller will, and will cause
its controlled Affiliates and their respective Representatives to, treat and hold as confidential, and not disclose to any Person (including
any Affiliates) any of the Confidential Information, except (i) to the extent necessary to perform its obligations or enforce its
rights under this Agreement or the Ancillary Agreements, (ii) to its Affiliates and its or their respective Representatives on a
need-to-know basis (provided that the Seller shall be responsible for any breach of this Section 4.1 by any of its
Affiliates or Representatives to which such information is disclosed in accordance with clause (ii)) or (iii) notwithstanding anything
else herein, the Seller may make any public disclosure it believes in good faith is required by any applicable Law or stock market or
stock exchange rule. In the event that the Seller or any of its Affiliates or its or their respective Representatives are requested or
required (by oral question or request for information or documents in any legal proceeding, interrogatory, subpoena, civil investigative
demand or similar process or as otherwise required by Law or pursuant to any listing agreement with any securities exchange) to disclose
any Confidential Information, to the extent practicable and permitted by applicable Law, the Seller will notify the Buyer promptly of
the request or requirement so that the Buyer may seek, at its expense, an appropriate protective order or waive compliance with the provisions
of this Section 4.1, and, in the absence of a protective order or the receipt of a waiver hereunder, the Seller or any of
its Affiliates may disclose any such Confidential Information; provided, however, that the Seller shall use commercially
reasonable efforts to obtain, at the request, and at the expense, of the Buyer, a reasonably available assurance that confidential treatment
will be accorded to such portion of the Confidential Information to be disclosed as the Buyer shall designate. For the avoidance of doubt,
nothing in this Agreement shall in any way limit or restrict the Seller’s or any of its Affiliates’ right or ability to engage
in any activity or business, whether or not competitive with the business of the Buyer or any of its Affiliates.

 

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4.2.           Post-Closing
Cooperation. Subject to compliance with contractual obligations and applicable Law, for three (3) months immediately following
the Closing Date, each party shall afford to the other party and the other party’s Representatives during normal business hours
in a manner so as to not unreasonably disrupt or interfere with the conduct of business reasonable access to the personnel of such party
with relevant knowledge regarding any Product, if any. Requests may be made under this Section 4.2 for access to information
requested by the requesting party in connection with its financial reporting and accounting matters, preparing financial statements, preparing
and filing any Tax Returns, prosecuting any claims for refund, defending any Tax claims or assessment, preparing securities Law or securities
exchange filings, prosecuting, defending or settling any litigation or insurance claim, prosecuting patent applications and pursuing other
patent matters, performing obligations under this Agreement and the Ancillary Agreements and all other proper business purposes (including
determining any matter relating to its rights and obligations hereunder). A party making information or personnel available to another
party under this Section 4.2 shall be entitled to receive from such other party, upon the presentation of invoices therefor,
payments for such amounts relating to supplies, disbursements and other out-of-pocket expenses, as may reasonably be incurred in making
such information or personnel available. Notwithstanding anything to the contrary contained herein, nothing in this Section 4.2
shall require (i) the Seller or any of its Affiliates or the Buyer or any of its Affiliates (x) to waive the protection of an
attorney-client privilege or (y) to take any action that would result in the disclosure of any trade secrets (provided that,
in the case of clause (i)(x), the disclosing party shall use commercially reasonable efforts to provide the other party, to the extent
possible, with access to the relevant information in a manner that would not reasonably be expected to result in any such waiver) or (ii) the
auditors and independent accountants of the Seller or any of its Affiliates or of the Buyer or any of its Affiliates to make any work
papers available to any Person unless and until such Person has signed a customary confidentiality and hold harmless agreement relating
to such access to work papers in form and substance reasonably acceptable to such auditors or independent accountants.

 

4.3.           Public
Disclosure. The press release announcing the execution of this Agreement shall be issued in such form as shall be mutually agreed
upon by the Seller and the Buyer. Subject to Section 4.1, unless otherwise required by applicable Law, by any listing agreement
with any securities exchange, the Seller and the Buyer shall not, and cause their respective Affiliates not to, make any public announcement
or disseminate any written communication with respect to this Agreement or the Contemplated Transactions, or otherwise communicate with
any news media regarding this Agreement or the Contemplated Transactions, without the prior written consent of the Buyer and the Seller;
provided that after the Contemplated Transactions have been announced, the Seller and its Affiliates and the Buyer and its Affiliates
shall be entitled to respond to questions in the ordinary course or issue any press release or make any other public statement that, in
each case, is not inconsistent with any public statement previously issued or made by it in accordance with the provisions of this Section 4.3.

 

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4.4.           Further
Assurances. Each of the parties will execute and deliver any further instruments and documents as any other party reasonably may request
in order to carry out the purposes of this Agreement. The Buyer shall use its reasonable best efforts to complete an equity financing
of at least $20 million prior to the Closing Date.

 

4.5.           Seller
Names and Marks. Following the Closing, Buyer shall, and shall cause its Affiliates to, cease and discontinue any and all uses of
the Seller Names and Marks and remove (or obscure) all Seller Names and Marks from the Transferred Assets and any other materials of Buyer
or any of its Affiliates, unless otherwise required by Law.

 

4.6.           Tax
Matters.

 

(a)            Subject
to the terms of Section 4.2 hereof, the Buyer and the Seller agree to furnish or cause to be furnished to each other, upon
request, as promptly as practicable, such information and assistance relating to the Transferred Assets (including access to books and
records) as is reasonably necessary for the filing of all Tax Returns, the making of any election relating to Taxes, the preparation for
any audit by any Governmental Entity, and the prosecution or defense of any claim, suit or proceeding relating to any Tax. The Buyer and
the Seller (and their respective Subsidiaries) shall retain all books and records with respect to Taxes pertaining to the Transferred
Assets for a period of at least six years following the Closing Date. The Seller and the Buyer shall cooperate with each other in the
conduct of any audit or other proceeding relating to Taxes involving the Transferred Assets.

 

(b)            Any
real property, personal property or similar Taxes applicable to the Transferred Assets for a taxable period that includes but does not
end on the Closing Date (collectively, the “Apportioned Obligations”) shall be paid by the Buyer or the Seller, as
applicable, and such Taxes shall be apportioned between the Buyer and the Seller based on the number of days in such taxable period included
in the Pre-Closing Tax Period and the number of days in the entire taxable period. The Seller shall pay the Buyer an amount equal to any
such Taxes payable by the Buyer which are attributable to the Pre-Closing Tax Period, and the Buyer shall pay the Seller an amount equal
to any such Taxes payable by the Seller which are not attributable to the Pre-Closing Tax Period. Such payments shall be made on or prior
to the Closing Date or, if later, on the date such Taxes are due (or thereafter, promptly after request by the Buyer or the Seller if
such Taxes are not identified by the Buyer or the Seller on or prior to the Closing Date). Apportioned Obligations shall be timely paid,
and all applicable filings, reports and returns shall be filed, as provided by applicable Law.

 

4.7.           Books
and Records. From and after the Closing, subject to Section 4.1, the Seller and its Affiliates and its and their respective
Representatives may retain a copy of any or all of the data room materials and other books, data, files, information and records relating
to any Product on or before the Closing Date. Each party agrees that, with respect to all original data room materials and other books,
data, files, information and records relating to any Product and existing as of the Closing, it will (and will cause each of its Affiliates
and Representatives to) (i) comply in all material respects with all applicable Law relating to the preservation and retention of
records and (ii) apply preservation and retention policies that are no less stringent than those generally applied by such party
or its Affiliates or Representatives. In addition, for at least three years after the Closing Date, the Buyer shall, and shall cause each
of its Affiliates to, preserve all original data room materials and other books, data, files, information and records relating to any
Product and existing as of the Closing Date and, thereafter, until the seventh (7th) anniversary of the Closing Date, dispose
of such original data room materials and other books, data, files, information and records only after it shall have given the Seller ninety
(90) days’ prior written notice of such disposition and the opportunity (at the Seller’s expense) to remove and retain such
information.

 

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4.8.           Services
from Affiliates. The Buyer acknowledges that the Seller and its Affiliates currently provide certain services and benefits in connection
with the Products. The Buyer further acknowledges and agrees that all such services and benefits shall cease, and any agreement in respect
thereof shall terminate with respect to any Product as of the Closing.

 

4.9.           NIH
Undertaking. Notwithstanding anything else contained herein and in furtherance of the Buyer’s obligations under Section 1.3,
the Buyer hereby assumes and agrees, effective at Closing, to perform, pay, satisfy or discharge when due all obligations with respect
to payment or otherwise in respect of the developmental milestone obligations contained in Section IV of Appendix C to that certain
Patent License Agreement between the Seller and National Institutes of Health within the Department of Health and Human Services, dated
as of February 20, 2008, as amended March 13, 2019.

 

Article V

 

INDEMNIFICATION

 

5.1.           Indemnification
by the Seller. Subject to the terms and conditions of this Article V, from and after the Closing, the Seller shall defend
and indemnify the Buyer in respect of, and hold it harmless against, any and all Damages suffered or incurred by the Buyer to the extent
resulting from or constituting:

 

(a)            any
inaccuracy in or breach of any of the representations or warranties of the Seller contained in Article II of this Agreement;

 

(b)            any
breach or failure to perform by the Seller of any covenant or agreement contained in this Agreement; or

 

(c)            any
Retained Liabilities or Excluded Assets.

 

5.2.           Indemnification
by the Buyer. Subject to the terms and conditions of this Article V, from and after the Closing, the Buyer shall defend
and indemnify the Seller in respect of, and hold it harmless against any and all Damages suffered or incurred by the Seller to the extent
resulting from or constituting:

 

(a)            any
inaccuracy in or breach of any of the representations or warranties of the Buyer contained in Article III of this Agreement;

 

(b)            any
breach or failure to perform by the Buyer of any covenant or agreement contained in this Agreement; or

 

(c)            any
Assumed Liabilities or Transferred Assets.

 

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5.3.           Claims
for Indemnification.

 

(a)            Third
Party Claims. All claims for indemnification made under this Agreement resulting from, related to or arising out of a third party
claim against an Indemnified Party (a “Third Party Claim”) shall be made in accordance with the following procedures.
A Person entitled to indemnification under this Article V (an “Indemnified Party”) shall give prompt written
notification to the Indemnifying Party (a “Third Party Claim Notice”) of the commencement of any action, suit or proceeding
relating to a third party claim for which indemnification may be sought or, if earlier, upon becoming aware of the assertion of any such
claim by a third party. For purposes of this Agreement, “Indemnifying Party” means (i) in the case of a claim
for indemnification by the Buyer, the Seller and (ii) in the case of a claim for indemnification by the Seller, the Buyer. Such Third
Party Claim Notice shall include a description in reasonable detail (to the extent then known by the Indemnified Party) of (A) the
facts constituting the basis for such third party claim and (B) the amount of the Damages claimed (the “Third Party Claim
Amount”). No delay or failure on the part of the Indemnified Party in so notifying the Indemnifying Party shall relieve the
Indemnifying Party of any liability or obligation hereunder except to the extent the Indemnifying Party is actually prejudiced thereby.
Within thirty (30) Business Days after delivery of such Third Party Claim Notice, the Indemnifying Party may, upon written notice thereof
to the Indemnified Party, assume control of the defense with counsel reasonably satisfactory to the Indemnified Party of any such Third
Party Claim seeking (i) solely monetary damages or (ii) injunctive relief that would be reasonably expected to be immaterial
to the operations or business of the Indemnified Party and monetary damages. If the Indemnifying Party does not assume control of such
defense, the Indemnified Party shall control such defense. The party not controlling such defense may participate therein at its own expense;
provided that if the Indemnifying Party assumes control of such defense and the Indemnified Party reasonably concludes, based on
advice from counsel, that the Indemnifying Party and the Indemnified Party have conflicting interests with respect to such action, suit,
proceeding or claim, the reasonable fees and expenses of counsel to the Indemnified Party solely in connection therewith shall be considered
 “Damages” for purposes of this Agreement; provided, however, that in no event shall the Indemnifying Party be
responsible for the fees and expenses of more than one (1) counsel for the Indemnified Party. The party controlling such defense
shall keep the other party advised of the status of such action, suit, proceeding or claim and the defense thereof and shall consider
recommendations made by the other party with respect thereto. The Indemnified Party shall not agree to any settlement of such action,
suit, proceeding or claim without the prior written consent of the Indemnifying Party. The Indemnifying Party shall not agree to any settlement
of such action, suit, proceeding or claim that (x) does not include a complete release of the Indemnified Party from all liability
with respect thereto, (y) includes any admission by, or finding adverse to, the Indemnified Party or (z) imposes any liability
or obligation on the Indemnified Party, in each case, without the prior written consent of the Indemnified Party.

 

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(b)            Procedure
for Claims Not Involving Third Parties. An Indemnified Party wishing to assert a claim for indemnification under this Article V
that does not involve a third-party claim shall deliver to the Indemnifying Party a written notice (a “Claim Notice”)
which contains (i) a description and the amount (the “Claim Amount”) of any Damages, (ii) a statement that
the Indemnified Party is entitled to indemnification under this Article V and a reasonable explanation of the basis therefor
and (iii) a demand for payment in the amount of such Damages. The Indemnifying Party shall deliver to the Indemnified Party a written
response in which the Indemnifying Party shall (A) agree that the Indemnified Party is entitled to receive all of the Claim Amount
(in which case such response shall be accompanied by a payment to the Indemnified Party of the Claim Amount by the Indemnifying Party
by wire transfer of immediately available funds (or, if the Indemnifying Party is the Seller, an acknowledgement of the Buyer’s
right to set off such amount in accordance with Section 5.7)), (B) agree that the Indemnified Party is entitled to receive
part, but not all, of the Claim Amount (the “Agreed Amount”) (in which case such response shall be accompanied by a
payment to the Indemnified Party of the Agreed Amount by the Indemnifying Party by wire transfer of immediately available funds (or, if
the Indemnifying Party is the Seller, an acknowledgement of the Buyer’s right to set off such amount in accordance with Section 5.7))
or (C) contest that the Indemnified Party is entitled to receive any of the Claim Amount. If such dispute is not resolved within
30 days following the delivery by the Indemnifying Party of such response, the Indemnifying Party and the Indemnified Party shall each
have the right to submit such dispute to a court of competent jurisdiction in accordance with the provisions of Section 6.10.

 

5.4.           Survival.

 

(a)            The
representations and warranties of the Seller and the Buyer set forth in this Agreement shall survive the Closing and the consummation
of the Contemplated Transactions and remain in full force and effect until three (3) months after the Closing Date, at which time
they shall expire, provided, however that (i) the representations and warranties set forth in Section 2.4 (Intellectual
Property) and Section 2.9 (Regulatory Matters) (collectively, the “Specified Reps”), shall survive
until twelve (12) months after the Closing Date, and (ii) the representations and warranties set forth in Section 2.1
(Organization, Standing and Power), Section 2.2(a) (Authority), Section 2.10 (Brokers), Section 2.11
(Title to Transferred Assets), Section 3.1 (Organization, Standing and Power), Section 3.2(a) (Authority)
and Section 3.5 (Brokers) (collectively, the “Fundamental Reps”), shall survive until the two (2) year
anniversary of the Closing Date. The covenants and agreements of the Seller and the Buyer set forth in this Agreement shall survive the
Closing and the consummation of the Contemplated Transactions in accordance with their terms or, if no time limit is stated therein, indefinitely.

 

(b)            If
an indemnification claim is asserted in writing pursuant to Section 5.3 prior to the expiration as provided in Section 5.4(a) of
the representation or warranty that is the basis for such claim, then such representation or warranty shall survive until, but only for
the purpose of, the resolution of such claim.

 

5.5.           Limitations.

 

(a)            Notwithstanding
anything to the contrary contained in this Agreement, except in the case of actual and intentional fraud (as defined under Delaware common
law), (i) the amount of Damages that may be recovered by an Indemnified Party under Section 5.1(a) or Section 5.2(a) shall
not exceed $350,000 (provided that (A) such limitation shall not apply to the Specified Reps and the Fundamental Reps and
(B) the amount of Damages that may be recovered by an Indemnified Party under Section 5.1(a) or Section 5.2(a) with
respect to the Specified Reps shall not exceed $1,000,000), and (ii) an Indemnified Party shall not be permitted to recover any Damages
under Section 5.1(a) or Section 5.2(a), as the case may be, until the aggregate amount of all such Damages
exceed an amount equal to $100,000 (the “Deductible”) (other than with respect to the Fundamental Reps) and then only
to the extent of such excess. With respect to any Damages that may be recoverable by an Indemnified Party under Section 5.1(a) or
Section 5.2(a), the Indemnifying Party shall not be liable for any individual or series of related Damages which do not exceed
$10,000 (which Damages shall not be counted toward the Deductible).

 

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(b)            The
amount of Damages recoverable by an Indemnified Party under this Article V with respect to an indemnity claim shall be reduced
by the amount of any insurance payment or other third-party recovery actually received by such Indemnified Party with respect to such
indemnity claim minus the amount of any increase in insurance premiums and reasonable costs of collection directly attributable to such
recovery (the “Recovery”). If an Indemnified Party receives any insurance payment or third-party payment in connection
with any claim for Damages for which it has already been indemnified by the Indemnifying Party, it shall pay to the Indemnifying Party,
within 30 calendar days of receiving such insurance payment, an amount equal to the Recovery (up to the amount paid by the Indemnifying
Party).

 

(c)            In
no event shall any Indemnifying Party be responsible or liable for any Damages or other amounts under this Article V that
are (i) consequential damages or Damages for lost profits or diminution in value, in each case except for those that are reasonably
foreseeable and proximately caused by the asserted breach, or (ii) punitive, special, trebled or exemplary damages, in each case
other than any amounts paid to an unaffiliated third party with respect to Third Party Claims based on a final judgment.

 

(d)            Except
with respect to claims related to actual and intentional common law fraud or for specific performance as provided in Section 6.9,
from and after the Closing the rights of the Indemnified Parties under this Article V shall be the sole and exclusive remedies
of the Indemnified Parties with respect to claims under, or otherwise relating to the transactions that are the subject of, this Agreement.
Without limitation of the foregoing, in no event shall any party, its successors or permitted assigns be entitled to claim or seek rescission
of the Contemplated Transactions.

 

5.6.           Indemnification
Payments. All indemnification payments made hereunder shall be treated by all parties as adjustments to the Aggregate Consideration
for Tax purposes unless otherwise required by Law.

 

5.7.           Setoff.
Except in the case of actual and intentional fraud (as defined under Delaware common law), the Buyer, as its sole source of recovery for
any amounts payable by Seller under this Article V, shall have the right to set off any indemnification payment to which it
becomes entitled to pursuant to this Article V against payment of any Milestone Payment that is owed or thereafter becomes
payable and has not yet been paid to the Seller. In the event Buyer exercises its set off rights pursuant to this Section 5.7
and withholds from any Milestone Payment the amount of any claimed Damages, upon the final resolution of the claim for indemnification
with respect to which such offset has been made, Buyer shall pay Seller the amount, if any, by which the amount offset exceeds the amount
of Damages to which the Buyer has been finally determined to be entitled in connection with such resolution, together with interest thereon
at the prime rate as published by the Wall Street Journal Online as of the date the applicable payment was due, plus one percent (1%).

 

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Article VI

 

MISCELLANEOUS

 

6.1.            Notices.
All notices and other communications hereunder shall be in writing and shall be deemed duly delivered (i) three (3) Business
Days after being sent by registered or certified mail, return receipt requested, postage prepaid, (ii) one (1) Business Day
after being sent for next Business Day delivery, fees prepaid, via a reputable nationwide overnight courier service or (iii) on the
date of confirmation of receipt (or, the first Business Day following such receipt if the date of such receipt is not a Business Day)
of transmission by facsimile, in each case to the intended recipient as set forth below:

 

(a)            if
to the Buyer, to

 

14ner Oncology, Inc.

888 Seventh Avenue

12th Floor

New York, NY 10106

Attention: Steven Elms

 

with a copy (which shall not constitute notice) to:

 

Hutchison PLLC

3110 Edwards Mill Road, Suite 300

Raleigh, NC 27612

Attention:               William
N. Wofford, Esq.

Daniel S. Fuchs, Esq.

 

(b)            if
to the Seller, to

 

Merrimack Pharmaceuticals, Inc.

One Kendall Square, Suite B7201

Cambridge, Massachusetts 02139

 

with a copy (which shall not constitute notice) to:

 

Wilmer Cutler Pickering Hale and Dorr LLP

60 State Street

Boston, MA 02109

Attention:                Hal
J. Leibowitz, Esq.

Christopher D. Barnstable-Brown, Esq.

Telecopy:                (617)
526-5000

 

Any party may give any notice
or other communication hereunder using any other means (including personal delivery, messenger service, ordinary mail or electronic mail),
but no such notice or other communication shall be deemed to have been duly given unless and until it actually is received by the party
for whom it is intended. Any party may change the address to which notices and other communications hereunder are to be delivered by giving
the other party notice in the manner herein set forth.

 

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6.2.           Entire
Agreement. This Agreement (including the Disclosure Schedule and the Schedules and Exhibits hereto and the documents and instruments
referred to herein that are to be delivered at the Closing, including the Ancillary Agreements) constitutes the entire agreement between
the parties hereto and supersedes any prior understandings, agreements or representations by or between the parties, written or oral,
with respect to the subject matter hereof, including the non-disclosure agreement, dated March 14, 2019, as amended on May 22,
2019, by and between the Buyer and the Seller.

 

6.3.           No
Third Party Beneficiaries. This Agreement is not intended, and shall not be deemed, to confer any rights or remedies upon any Person
other than the parties and their respective successors and permitted assigns, to create any agreement of employment with any Person or
to otherwise create any third party beneficiary hereto.

 

6.4.           Assignment.

 

(a)            Neither
this Agreement nor any of the rights, interests or obligations under this Agreement may be assigned or delegated, in whole or in part,
by operation of Law or otherwise by either of the parties without the prior written consent of the other party, and any such assignment
without such prior written consent shall be null and void, except that, subject to Section 6.4(b), (i) a party may assign
any of its rights, interests and obligations under this Agreement, in whole or from time to time in part, to one (1) or more of its
Affiliates and (ii) a party may assign this Agreement in its entirety to its successor in interest in connection with a merger, reorganization,
sale of all or substantially all of such party’s assets or equity, dissolution, wind-down, receivership, liquidation, bankruptcy
or similar proceeding; provided that in each case no such assignment shall limit, relieve or offset the assigning party’s
obligation hereunder. Notwithstanding anything else herein to the contrary, the Seller may, without the Buyer's consent, assign, distribute,
dividend or otherwise transfer its right to receive payment(s) from the Buyer under all or part of Section 1.9 of this
Agreement, and the Buyer agrees that it shall make any such payment(s) to any such assignee or transferee or to any other beneficiary
of such distribution or dividend designated in writing by the Seller, and the Buyer shall not raise any defense to making any such payment
that arises or would arise solely from such assignment, transfer, distribution, or dividend. This Agreement shall be binding upon, inure
to the benefit of, and be enforceable by, the parties and their successors and permitted assigns.

 

(b)            In
no event shall the Buyer or any of its Affiliates effect any Product Sale to any Person, unless such Product Sale is to a Qualified Transferee
and all of the following requirements are satisfied: (a) such Qualified Transferee in such Product Sale agrees in writing to be bound
by, and assumes and succeeds to, all of the applicable obligations of the Buyer under this Agreement with respect to each Product that
is the subject of such Product Sale, and (b) prior to or simultaneously with the consummation of such Product Sale, (i) such
Qualified Transferee delivers to the Seller an instrument of assumption, reasonably acceptable to the Seller, effecting the agreement,
assumption and succession described in the foregoing clause (a), and (ii) the Buyer pays or causes to be paid to the Seller all Milestone
Payments that have become due and payable under this Agreement prior to such consummation of such Product Sale. Following the consummation
of any such Product Sale effected in accordance with this Section 6.4(b), the Buyer shall be liable for any obligations under
this Agreement with respect to the Product that is the subject of such Product Sale. Notwithstanding anything in this Agreement to the
contrary, (x) any purported Product Sale in contravention of this Section 6.4(b) shall be null and void and the
Buyer shall remain solely liable for all obligations under this Agreement with respect to any Product that is the subject of such Product
Sale, and (y) except to the extent expressly set forth herein, nothing in this Section 6.4(b) shall be construed
to reduce, limit or otherwise modify any liability of the Buyer under this Agreement with respect to any conduct of any member of the
Buyer Rights Group.

 

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6.5.           Severability.
Any term or provision of this Agreement that is invalid or unenforceable in any situation in any jurisdiction shall not affect the validity
or enforceability of the remaining terms and provisions hereof or the validity or enforceability of the offending term or provision in
any other situation or in any other jurisdiction. If the final judgment of a court of competent jurisdiction declares that any term or
provision hereof is invalid or unenforceable, the parties agree that the court making such determination shall have the power to limit
the term or provision, to delete specific words or phrases, or to replace any invalid or unenforceable term or provision with a term or
provision that is valid and enforceable and that comes closest to expressing the intention of the invalid or unenforceable term or provision,
and this Agreement shall be enforceable as so modified. In the event such court does not exercise the power granted to it in the prior
sentence, the parties agree to replace such invalid or unenforceable term or provision with a valid and enforceable term or provision
that will achieve, to the extent possible, the economic, business and other purposes of such invalid or unenforceable term.

 

6.6.           Counterparts
and Signature. This Agreement may be executed in two (2) counterparts, each of which shall be deemed an original but both of
which together shall be considered one and the same agreement and shall become effective when counterparts have been signed by each of
the parties and delivered to the other party, it being understood that both parties need not sign the same counterpart. This Agreement
may be executed and delivered by facsimile or .pdf transmission.

 

6.7.           Interpretation.
When reference is made in this Agreement to an Article or a Section, such reference shall be to an Article or Section of
this Agreement, unless otherwise indicated. The table of contents and headings contained in this Agreement are for convenience of reference
only and shall not affect in any way the meaning or interpretation of this Agreement. The language used in this Agreement shall be deemed
to be the language chosen by the parties to express their mutual intent, and no rule of strict construction shall be applied against
any party. Whenever the context may require, any pronouns used in this Agreement shall include the corresponding masculine, feminine or
neuter forms, and the singular form of nouns and pronouns shall include the plural, and vice versa. Any reference to any federal, state
or local Law shall be deemed also to refer to all rules and regulations promulgated thereunder, unless the context requires otherwise.
Whenever the words “include,” “includes” or “including” are used in this Agreement, they shall be
deemed to be followed by the words “without limitation.” Any reference to a “party” or “parties” shall
mean a party or parties to this Agreement (and their respective successors and permitted assigns). For the purposes of this Agreement,
 “furnished to the Buyer” shall mean “furnished or made available to the Buyer or its Representatives, including in the
Seller’s electronic data room prior to the Closing Date.”

 

6.8.           Governing
Law. This Agreement and any claims arising therefrom shall be governed by and construed in accordance with the Laws of the State of
Delaware, without giving effect to any choice or conflict of Law provision or rule that would cause the application of Laws of any
jurisdiction other than those of the State of Delaware.

 

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6.9.            Remedies.
Except as otherwise provided herein, any and all remedies herein expressly conferred upon a party will be deemed cumulative with and
not exclusive of any other remedy conferred hereby, or by law or equity upon such party, and the exercise by a party of any one (1) remedy
will not preclude the exercise of any other remedy. The parties agree that irreparable damage would occur in the event that any of the
provisions of this Agreement were not performed in accordance with their specific terms or were otherwise breached. It is accordingly
agreed that the parties shall be entitled to an injunction or injunctions to prevent breaches of this Agreement and to enforce specifically
the terms and provisions of this Agreement, this being in addition to any other remedy to which they are entitled at law or in equity
without the necessity of demonstrating the inadequacy of monetary damages and without the posting of a bond.

 

6.10.           Submission
to Jurisdiction. Each of the parties (a) consents to submit itself to the exclusive personal jurisdiction of any state or federal
court sitting in the State of Delaware, County of New Castle, in any action or proceeding arising out of or relating to this Agreement
or any of the Contemplated Transactions, (b) agrees that all claims in respect of such action or proceeding may be heard and determined
in any such court, (c) agrees that it shall not attempt to deny or defeat such personal jurisdiction by motion or other request
for leave from any such court and (d) agrees not to bring any action or proceeding arising out of or relating to this Agreement
or any of the Contemplated Transactions in any other court. Each of the parties waives any defense of inconvenient forum to the maintenance
of any action or proceeding so brought and waives any bond, surety or other security that might be required of any other party with respect
thereto. Any party may make service on another party by sending or delivering a copy of the process to the party to be served at the
address and in the manner provided for the giving of notices in Section 6.1. Nothing in this Section 6.10, however,
shall affect the right of any party to serve legal process in any other manner permitted by law.

 

6.11.           Disclosure
Schedule. The Disclosure Schedule shall be arranged in sections corresponding to the numbered sections contained in Article II
and the disclosure with respect to a representation and warranty contained in Article II shall also qualify any other
representations and warranties in Article II to the extent that it is reasonably apparent on the face of such disclosure
that such disclosure also qualifies or applies to such other representations and warranties. The mere inclusion of an item in the Disclosure
Schedule as an exception to a representation or warranty (or covenant, as applicable) shall not be deemed an admission that such item
represents a material exception or material fact, event or circumstance or that such item has had or would reasonably be expected to
have a Seller Material Adverse Effect or a Buyer Material Adverse Effect, as applicable.

 

6.12.           Fees
and Expenses. Except as otherwise expressly provided herein, all fees and expenses incurred in connection with this Agreement and
the Contemplated Transactions shall be paid by the party incurring such fees and expenses.

 

6.13.            Amendment.
This Agreement may not be amended except by an instrument in writing signed on behalf of each of the parties.

 

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6.14.        Extension;
Waiver. The parties may, to the extent legally allowed, (a) extend the time for the performance of any of the obligations or
other acts of the other parties, (b) waive any inaccuracies in the representations and warranties contained herein or in any document
delivered pursuant hereto and (c) waive compliance with any of the agreements or conditions contained herein. Any agreement on the
part of a party to any such extension or waiver shall be valid only if set forth in a written instrument signed on behalf of such party.
Such extension or waiver shall not be deemed to apply to any time for performance, inaccuracy in any representation or warranty, or noncompliance
with any agreement or condition, as the case may be, other than that which is specified in the extension or waiver. The failure of any
party to assert any of its rights under this Agreement or otherwise shall not constitute a waiver of such rights.

  

Article VII

 

DEFINITIONS

 

For purposes of this Agreement,
each of the following terms has the meaning set forth below.

 

“Accountant”
has the meaning set forth in Section 1.9(f).

 

“Additional Transfer
Documents” has the meaning set forth in Section 1.6(b)(iv).

 

“Affiliate”
means, with respect to any Person, any other Person that, directly or indirectly through one or more intermediaries, controls, or is
controlled by, or is under common control with, such Person, and, with respect to the foregoing, the term “control” (including
the terms “controlled by” and “under common control with”) means the possession, directly or indirectly, of the
power to direct or cause the direction of the management and policies of such Person, whether through ownership of voting securities,
by contract or otherwise.

 

“Aggregate Consideration”
means (a) the Closing Date Consideration plus (b) any Milestone Payments that become due and payable pursuant to this
Agreement.

 

“Agreed Amount”
has the meaning set forth in Section 5.3(b).

 

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

 

“Ancillary Agreements”
has the meaning set forth in Section 1.6(b)(v).

 

“Applicable Jurisdiction”
means each of (a) the United States, (b) Japan, (c) collectively, France, Germany, Italy, Spain and the United Kingdom
and (d) collectively, all other countries or territories.

 

“Apportioned Obligations”
has the meaning set forth in Section 4.6(b).

 

“Assumed Liabilities”
has the meaning set forth in Section 1.3.

 

“Assumption Agreement”
has the meaning set forth in Section 1.6(b)(v).

 

    28

     

    

 

“Audit”
has the meaning set forth in Section 1.9(f).

  

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

 

“Bill of Sale”
has the meaning set forth in Section 1.6(b)(ii).

 

“BLA”
means a Biologics License Application as described in 21 C.F.R. § 601.2 and submitted to the FDA or a comparable application submitted
to an applicable Regulatory Authority outside the United States.

 

“Business Day”
means any day other than (a) a Saturday or Sunday or (b) a day on which banking institutions located in Boston, Massachusetts
are permitted or required by Law, executive order or governmental decree to remain closed.

 

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

 

“Buyer Material
Adverse Effect” means any material adverse effect on the ability of the Buyer to consummate any of the Contemplated Transactions
on a timely basis.

 

“Buyer Rights Group”
means (a) the Buyer; (b) with respect to any Product, any Person to which any right to sell such Product is licensed, sublicensed,
assigned or transferred by the Buyer; (c) with respect to any Product, any Person to which the right to sell such Product is licensed,
sublicensed, assigned or transferred by any Person described in clause (b) above; (d) with respect to any Product, any successor
or assign of any Person described in clauses (a), (b) or (c) above with respect to such Person’s interest in such Product;
and (e) with respect to any Product, any Affiliate of any Person described in clauses (a), (b), (c), or (d) involved in the
development or commercialization of such Product with or on behalf of such Person. For the avoidance of doubt, Buyer Rights Group shall
not include a reseller or distributer of a Product that (i) purchases such Product for resale and (ii) does not need a license
from a Buyer Rights Group member to a Transferred Patent in order to resell such Product.

 

“Claim Amount”
has the meaning set forth in Section 5.3(b).

 

“Claim Notice”
has the meaning set forth in Section 5.3(b).

 

“Closing”
means the closing of the transactions contemplated by this Agreement.

 

“Closing Date”
has the meaning set forth in Section 1.6(a).

 

“Closing Date Consideration”
means a non-refundable payment of Three Million Five Hundred Thousand U.S. Dollars ($3,500,000).

 

“Code”
means the Internal Revenue Code of 1986, as amended.

 

    29

     

    

 

“Commercially Reasonable
Efforts” means, for purposes of Section 1.9(c) of this Agreement, the use of such efforts and resources as
are used by a biopharmaceutical company of similar size and market capitalization as Buyer (or that of the applicable member of the Buyer
Rights Group if it is of a larger size and market capitalization than Buyer) in the exercise of its commercially reasonable business
practices relating to the development and commercialization of pharmaceutical or biological products with similar commercial potential
as the relevant Product at a similar stage in product lifecycle, taking into consideration the safety and efficacy of the product, the
risks inherent in the development and commercialization of the product, its competitiveness compared to alternative products, the proprietary
position of the product (including scope and duration of relevant Patent Rights), the scope of marketing approval, the regulatory status
of the product, whether the product is subject to a clinical hold, recall or market withdrawal and the anticipated profitability of the
product.

  

“Confidential Information”
means (a) any nonpublic or confidential information relating to any Product or the Transferred Assets, except to the extent that
such information (i) shall have become public knowledge other than through improper disclosure by the Seller, any of its Affiliates
or any of their respective Representatives or (ii) shall have become known to the Seller or any of its Affiliates after the Closing
from a source (other than the Buyer and its Affiliates) not known by it to be bound by a confidentiality obligation to any Person with
respect to such information and (b) any Transferred Know-How; provided that any information contained in a Quarterly Report
or in a statement delivered to the Seller pursuant to Section 1.9(e)(iv) shall be deemed not to constitute “Confidential
Information” for all purposes hereunder.

 

“Contemplated Transactions”
means the transactions contemplated by this Agreement and the Ancillary Agreements.

 

“Contracts”
means all contracts, leases (other than real property leases), deeds, mortgages, licenses, instruments, notes, commitments, undertakings,
indentures, engagement letters and all other agreements, commitments and legally binding arrangements, whether written or oral.

 

“Damages”
means losses, damages, fines, fees, penalties, interest, awards and judgments of any kind, including reasonable attorneys’ and
consultants’ fees and expenses and other reasonable legal costs and expenses incurred in prosecution, investigation, remediation,
defense or settlement.

 

“Deductible”
has the meaning set forth in Section 5.5(a).

 

“Disclosure Schedule”
means the disclosure schedule delivered by the Seller to the Buyer and dated as of the date of this Agreement.

 

“Dispute Notice”
has the meaning set forth in Section 1.9(f).

 

“Domain Names”
means all domain names, including all applications and registrations thereof, as may exist anywhere in the world.

 

“Dyax”
has the meaning set forth in Section 1.6(b)(x).

 

“EMA”
means the European Medicines Agency and any successor agency thereto or any equivalent agency in the United Kingdom or any other member
state of the E.U.

 

“European Union”
or “E.U.” means (i) all countries that are member states of the European Union as of the date hereof or at any
time thereafter and (ii) the United Kingdom.

 

    30

     

    

 

“Excluded Assets”
has the meaning set forth in Section 1.2.

  

“Exclusions”
means, with respect to Net Sales of any Product, the sum of the following, to the extent actually borne or incurred or accrued by the
Buyer Rights Group and not reimbursed:

 

(a)            reasonable
and customary freight, postage, shipping and insurance, handling and other transportation costs;

 

(b)            sales,
use, value added and other similar Taxes (excluding, for the avoidance of doubt, income Taxes);

 

(c)            tariffs,
customs duties, surcharges and other compulsory governmental charges;

 

(d)            government
mandated rebates and discounts;

 

(e)           bona
fide billing corrections and actual bad debt expense (not to exceed 5% of Net Sales and if any such amount is subsequently collected,
such amount shall be re-included in Net Sales);

 

(f)            normal
and customary trade discounts, credits or allowances (including volume) actually given; and

 

(g)          rebates,
fees, credits, allowances and charge backs actually given, granted to any managed care organization, wholesaler, distributor, buying
group, health care insurance carrier, chain pharmaceutical, mass merchandiser, staff model HMO, pharmacy benefit manager and hospital
buying group/group purchasing organization and credits or allowances for returns, rejections or recalls (due to spoilage, damage, expiration
of useful life or otherwise).

 

There shall be no double counting in determining
the foregoing deductions from gross amounts invoiced to calculate Net Sales. The Exclusions shall be determined in accordance with GAAP
or IFRS, as the case may be, as consistently applied by the applicable Buyer Rights Group member and its Affiliates across all of their
products.

 

“FDA”
means the U.S. Food and Drug Administration and any successor agency thereto.

 

“FDA Act”
means the Federal Food, Drug and Cosmetic Act and applicable implementing regulations issued by the FDA, including, as applicable, those
requirements relating to the FDA’s current good manufacturing and quality system practices, good laboratory practices and good
clinical practices and investigational use.

 

“Fundamental Reps”
has the meaning set forth in Section 5.4(a).

 

“GAAP”
means United States generally accepted accounting principles consistently applied.

 

    31

     

    

 

“Governmental Entity”
means any national, multinational, state, provincial, local, foreign or other court, arbitrational tribunal, administrative agency or
commission or other governmental or regulatory authority, agency or instrumentality.

  

“Health Authorities”
means the Governmental Entities which administer Health Laws, including the FDA.

 

“Health Law”
means any Law the purpose of which is to ensure the safety, efficacy and quality of medicines by regulating the research, development,
manufacturing and distribution of such products, including any Law relating to good laboratory practices, good clinical practices, investigational
use, product marketing authorization, manufacturing compliance and approval, good manufacturing practices, labeling, advertising, promotional
practices, safety surveillance, record keeping and filing of required reports such as the FDA Act, the Public Health Service Act, as
amended, their associated rules and regulations promulgated thereunder.

 

“IFRS”
means the International Financial Reporting Standards, consistently applied.

 

“IND”
means Investigational New Drug application.

 

“Indemnified Party”
has the meaning set forth in Section 5.3(a).

 

“Indemnifying Party”
has the meaning set forth in Section 5.3(a).

 

“Intellectual Property”
means any and all intellectual property rights and other similar proprietary rights in any jurisdiction, whether registered or unregistered,
whether owned or held for use under license, including all rights and interests pertaining to or deriving from (a) Domain Names,
copyrights and designs, (b) Patent Rights, (c) Trademarks, (d) Know-How and computer software programs and applications,
including data files, source code, object code and software- related specifications and documentation, and (e) other tangible or
intangible proprietary or confidential information and materials, including proprietary databases and data compilations, in each case,
including any registrations of, applications to register, and renewals and extensions of, any of the foregoing with or by any Governmental
Entity in any jurisdiction.

 

“Know-How”
means any and all information, know-how, trade secrets, ideas, inventions, invention disclosures, discoveries and improvements, data,
files, plans, operating records, instructions, proprietary or other processes, formulas, formulation information, manufacturing or other
technology, validations, package specifications, chemical specifications, chemical and finished goods analytical test or other methods,
stability data, clinical data, nonclinical data, safety data, adverse event report data, databases, manufacturing know-how, product specifications,
information with respect to expert opinions, drawings, schematics, reports and information (whether or not patented or patentable), technology
and techniques. For the avoidance of doubt, Know-How excludes Patent Rights, Trademarks and Domain Names.

 

“Knowledge”
means with respect to the Seller, the actual knowledge of the following employees of the Seller: Richard Peters, M.D., Ph.D. and Daryl
Drummond, Ph.D.

 

    32

     

    

 

“Law”
or “Laws” means any law, statute or ordinance, common law or any rule, regulation, standard, judgment, order, writ,
injunction, decree or agency requirement of any Governmental Entity.

  

“Liability”
means any debt, liability or obligation (whether direct or indirect, absolute or contingent, accrued or unaccrued, liquidated or unliquidated,
known or unknown, determined or determinable or due or to become due), including all costs and expenses relating thereto.

 

“Lien”
means any mortgage, security interest, pledge, conditional sale or other title retention agreement, lien, charge or encumbrance.

 

“Material Event”
means any material development, regulatory, marketing, clinical or other similar event, in each case with respect to any Product, including
without limitation, (a) becoming aware of the results of any preclinical study or clinical trial results, (b) receipt of material
correspondence with or from any Governmental Entity, including regarding clinical trial or study design and/or approvability or a product
candidate for any indication, or (c) material safety data and/or results.

 

”Milestone Event”
has the meaning set forth in Section 1.9(a).

 

“Milestone Payment”
has the meaning set forth in Section 1.9(a).

 

“MM-121 Intellectual
Property” means the MM-121 Patents and the MM-121 Know-How.

 

“MM-121 Know-How”
means any and all Know-How owned by Seller that is exclusively related to the monoclonal antibody referred to in clause (a) of the
definition of “Product” herein.

 

“MM-121 Patents”
means the Patent Rights claiming or covering the monoclonal antibody referred to in clause (a) of the definition of “Product”
herein and set forth in Section 7.01 of the Disclosure Schedule (including any continuation, divisional, continuation-in-part,
substitution, reissue, renewal, reexamination, supplemental protection certificate, extension, and foreign counterpart of such Patent
Rights).

 

“MM-121 Product”
means the Seller’s proprietary HER3 monoclonal antibody designated as MM-121, also known as Seribantumab, in any form or formulation,
as further described on Schedule A.

 

“Monthly Rate”
has the meaning set forth in Section 1.9(d).

 

“NDA”
means a New Drug Application as described in 21 C.F.R. § 314.50 and submitted to the FDA or a comparable application submitted to
an applicable Governmental Authority outside the United States.

 

“Net Sales”
means, with respect to any Product, the aggregate gross amount invoiced (or, if no invoice is issued, the price otherwise charged) for
sales of such Product worldwide, regardless of indication, by the members of the Buyer Rights Group collectively, minus the Exclusions;
provided that sales or other commercial dispositions of such Product among members of the Buyer Rights Group specifically for
purposes of resale shall be excluded from the computation of Net Sales (but the subsequent resale shall be included).

 

    33

     

    

 

(a)         Product
provided by a member of the Buyer Rights Group for clinical trial or other developmental purposes, sampling or promotional purposes (in
customary amounts), test marketing, early access programs (including treatment INDs or protocols, named patient programs or compassionate
use programs), humanitarian or charitable donations, or patient assistance programs, in each case where the Product is delivered without
charge, will not be included in Net Sales.

 

(b)            If
any Product is sold or transferred for consideration other than cash, or in a transaction that is not arm’s length, Net Sales from
such sale or transfer shall be deemed to be Net Sales at which substantially similar quantities of such Product are sold for cash in
an arm’s length transaction at such time in the relevant country or, if no such sales are made at such time, were most recently
sold for cash in an arm’s length transaction in the relevant country or, if no such sales were ever made in the relevant country,
for the fair market value of such quantity of such Product in such country.

 

“Order”
means any order, award, decree or injunction, ruling or writ issued, made or rendered by a Governmental Entity.

 

“Ordinary Course
of Business” means the ordinary course of business consistent in all material respects with past custom and practice.

 

“Patent Assignment”
has the meaning set forth in Section 1.6(b)(iii).

 

“Patent Rights”
means all issued patents and pending patent applications, including any provisional, continuation, divisional, continuation-in-part application,
substitution, reissue, renewal, reexamination, supplemental protection certificate, extension, counterpart, registration or confirmation
of or related to any such patent or patent application, as each of the foregoing may exist anywhere in the world.

 

“Permits”
has the meaning set forth in Section 1.1(b).

 

“Permitted Liens”
means (i) Liens disclosed on Section 7.02 of the Disclosure Schedule, (ii) Liens for Taxes, assessments or governmental
charges or levies that are not yet due and payable or are being contested in good faith, (iii) statutory Liens (including mechanic’s,
materialman’s, carrier’s, repairer’s and other similar Liens) arising or incurred in the Ordinary Course of Business,
(iv) any restrictions, limitations or conditions contained in the Transferred Contracts or (v) any other Liens affecting the
Transferred Assets that were not incurred in connection with the borrowing of money or the advance of credit and that do not materially
impede the ownership or operation of, or materially impair the value of, the Transferred Assets, taken as a whole.

 

“Person”
means any individual, corporation, partnership, limited liability company, firm, joint venture, association, joint-stock company, trust,
unincorporated organization, Governmental Entity or other entity.

 

    34

     

    

 

“PMDA”
means the Japanese Pharmaceuticals and Medical Devices Agency and any successor agency thereto.

  

“Pre-Closing Tax
Period” means (i) any Tax period ending on or before the Closing Date and (ii) with respect to a Tax period that
commences on or before but ends after the Closing Date, the portion of such period up to and including the Closing Date.

 

“Pricing and Reimbursement
Approval” means, with respect to a Product in a country, the approval, license, registration or authorization of a Governmental
Entity or relevant health authority to determine or set the price or reimbursement level of such Product in such country or, if earlier,
the first commercial sale of a Product in such country for consideration above the cost of goods sold of such Product.

 

“Product”
means (a) any MM-121 Product or (b) the Seller’s proprietary HER2/3 bispecific antibody fusion protein designated as
MM-111, in any form or formulation, as further described on Schedule B.

 

“Product Sale”
means any sale, conveyance, transfer, license or other disposition of all or substantially all of the Buyer’s and its Affiliates’
right, title and interest in and to any Product, to a third party, through one or more transactions or series of transactions (including
any exclusive license, asset sale, sale of equity interests, merger or otherwise).

 

“Qualified Transferee”
means any entity that is engaged in the pharmaceutical or biotechnology business and at least as capable as the Buyer of, and has resources
and assets comparable to or greater than the Buyer (determined as of immediately after the Closing) for, researching, developing and
commercializing the Products.

 

“Quarterly Report”
has the meaning set forth in Section 1.9(e)(i).

 

“Recovery”
has the meaning set forth in Section 5.5(b).

 

“Regulatory Approval”
means the approval of the applicable Regulatory Authority necessary for the marketing and sale of a product in a country (or countries),
and including the expansion or modification of the label for additional indications or uses.

 

“Regulatory Authority”
means the FDA, EMA or any other Governmental Entity in another country or jurisdiction that is a counterpart to the FDA and holds responsibility
for granting Regulatory Approval for a product, or otherwise regulating the research, development or commercialization of a product,
in such country, including the EMA, and any successor(s) thereto.

 

“Representatives”
means, with respect to any Person, such Person’s officers, directors, employees, consultants, independent contractors, accountants,
legal and other representatives and agents.

 

“Retained Liabilities”
has the meaning set forth in Section 1.4.

 

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

 

    35

     

    

 

“Seller Material
Adverse Effect” means any material adverse effect on the ability of the to consummate any of the Contemplated Transactions
on a timely basis.

  

“Seller Names and
Marks” means any and all (a) Trademarks of Seller or any of its Affiliates, including the names, marks and logos set forth
on Section 7.03 of the Disclosure Schedule, and (b) Trademarks derived from, confusingly similar to or including any
of the foregoing.

 

“Seller Permits”
has the meaning set forth in Section 2.8.

 

“Specified Reps”
has the meaning set forth in Section 5.4(a).

 

“Subsidiary”
means, with respect to any Person, any entity of which (i) securities or other ownership interests having ordinary voting power
to elect a majority of the board of directors or other persons performing similar functions are at the time directly or indirectly owned
by such Person or (ii) 50% or more of such entity’s equity interests are at the time directly or indirectly owned by such
Person.

 

“Taxes”
means (a) all taxes, charges, fees, levies or other similar assessments or Liabilities in the nature of a tax, including income,
gross receipts, ad valorem, premium, value- added, excise, real property, personal property, sales, use, service, transfer, withholding,
employment, payroll and franchise taxes imposed by any Governmental Entity and (b) any interest, fines, penalties, assessments or
additions to tax resulting from, attributable to or incurred in connection with any tax described in clause (a) or any contest or
dispute thereof.

 

“Tax Returns”
means all reports, returns, declarations, statements or other information required to be supplied to any Governmental Entity in connection
with Taxes (including any attachments thereto or amendments thereof).

 

“Third Party Claim”
has the meaning set forth in Section 5.3(a).

 

“Third Party Claim
Notice” has the meaning set forth in Section 5.3(a).

 

“Third Party Claim
Amount” has the meaning set forth in Section 5.3(a).

 

“Trademarks”
means all trademarks, service marks, trade names, logos, brands and other source identifiers, including all applications and registrations
of the foregoing, as each of the foregoing may exist anywhere in the world.

 

“Transfer Taxes”
has the meaning set forth in Section 1.7(a).

 

“Transferred Assets”
has the meaning set forth in Section 1.1.

 

“Transferred Books
and Records” has the meaning set forth in Section 1.1(f).

 

“Transferred Contracts”
has the meaning set forth in Section 1.1(e).

 

    36

     

    

 

 

“Transferred Intellectual
Property” means the Transferred Patents and Transferred Know-How.

 

“Transferred Inventory”
has the meaning set forth in Section 1.1(d).

 

“Transferred Know-How”
has the meaning set forth in Section 1.1(c).

 

“Transferred Patent
Files” has the meaning set forth in Section 1.1(a).

 

“Transferred Patents”
has the meaning set forth in Section 1.1(a).

 

“Transferred Permits”
has the meaning set forth in Section 1.1(b).

 

“United States”
or “U.S.” means the United States of America and all of its territories and possessions.

 

[Remainder of Page Intentionally Left Blank.]

 

     

     

    

 

IN WITNESS WHEREOF, the Buyer
and the Seller have caused this Agreement to be signed by their respective officers thereunto duly authorized as of the date first written
above.

 

	 	MERRIMACK PHARMACEUTICALS, INC.
	 	 	 
	 	 	 
	 	By: 	/s/ Richard Peters, M.D., Ph.D.
	 	Name:	Richard Peters, M.D., Ph.D.
	 	Title:	President and Chief Executive Officer
	 	 	 
	 	 	 
	 	14NER ONCOLOGY, INC.
	 	 	 
	 	 	 
	 	By:	 /s/ Steven Elms
	 	Name:	 Steven Elms
	 	Title: 	President & CEO

 

[Signature Page to Asset
Purchase Agreement]

 

     

     

    

 

Exhibit A

 

FORM OF
BILL OF SALE

 

This Bill of Sale (this “Bill
of Sale”) dated ______________, 2019 is executed and delivered by Merrimack Pharmaceuticals, Inc., a Delaware corporation
(the “Seller”), for the benefit of 14ner Oncology, Inc., a Delaware corporation (the “Buyer”).
All capitalized words and terms used in this Bill of Sale and not defined herein shall have the respective meanings ascribed to them in
the Asset Purchase Agreement dated May 28, 2019 between the Seller and the Buyer (the “Purchase Agreement”).

 

WHEREAS,
pursuant to the Purchase Agreement, the Seller has agreed to sell, convey, transfer, assign and deliver to the Buyer the Transferred Assets,
and the Buyer has agreed to assume the Assumed Liabilities.

 

NOW,
THEREFORE, in consideration of the mutual promises set forth in the Purchase Agreement and other good and valuable consideration,
the receipt and sufficiency of which are hereby acknowledged, the Seller hereby agrees as follows:

 

1.       The
Seller hereby sells, conveys, transfers, assigns and delivers (or causes to be sold, conveyed, transferred, assigned or delivered) to
the Buyer all of the right, title and interest in and to the Transferred Assets, free and clear of all Liens other than Permitted Liens.

 

2.       The
Seller, by its execution of this Bill of Sale, and the Buyer, by its acceptance of this Bill of Sale, each hereby acknowledges and agrees
that neither the representations and warranties nor the rights, remedies or obligations of any party under the Purchase Agreement shall
be deemed to be enlarged, modified or altered in any way by this instrument. In the event of any conflict or inconsistency between the
terms of the Purchase Agreement and the terms hereof, the terms of the Purchase Agreement shall govern and control.

 

3.       This
Bill of Sale and any claims arising therefrom shall be governed by and construed in accordance with the Laws of the State of Delaware,
without giving effect to any choice or conflict of Law provision or rule that would cause the application of Laws of any jurisdiction
other than those of the State of Delaware.

 

[Signature
Page Follows.]

 

     

     

    

 

IN WITNESS WHEREOF, the Seller
and the Buyer have caused this instrument to be duly executed under seal as of and on the date first above written.

 

	 	SELLER
	 	 	 
	 	MERRIMACK PHARMACEUTICALS, INC.
	 	 	 
	 	 	 
	 	By:	 
	 	 	 
	 	Title:	 

 

	ACCEPTED:	 
	 	 	 
	BUYER	 
	 	 	 
	14NER ONCOLOGY, INC.	 
	 	 	 
	 	 	 
	By:	 	 
	 	 	 
	Title:	 	 

 

[Signature page to Bill
of Sale]

 

     

     

    

 

Exhibit B

 

FORM OF
PATENT ASSIGNMENT

 

This Patent Assignment, dated
as of May ______________, 2019 (this “Assignment”), is made by Merrimack Pharmaceuticals, Inc., a Delaware
corporation (the “Assignor”), in favor of 14ner Oncology, Inc., a Delaware corporation (“Assignee”).

 

WHEREAS,
Assignor and Assignee are parties to a Purchase Agreement dated as of May 28, 2019 (the “Purchase Agreement”),
pursuant to which, among other things, Assignor has agreed to sell, convey, transfer, assign and deliver to Assignee, and Assignee has
agreed to purchase from Assignor all of Assignor’s right, title, and interest in and to the patents and patent applications set
forth on Schedule A attached hereto and in and to the inventions disclosed therein (collectively, the “Assigned Patent
Rights”); and

 

WHEREAS,
this Assignment is entered into pursuant to, and as a condition of the closing of the transactions contemplated under, the
Purchase Agreement.

 

NOW,
THEREFORE, for good and valuable consideration and pursuant to the terms of the Purchase Agreement, Assignor hereby agrees
as follows:

 

1.       Assignor
hereby sells, conveys, transfers, assigns and delivers to Assignee, and Assignee hereby accepts, purchases and assumes, all of Assignor’s
right, title, and interest in and to the Assigned Patent Rights, together with all patents issuing on the Assigned Patent Rights, and
any continuations, divisionals, continuations-in-part, substitutions, reissues, renewals, reexaminations, supplemental protection certificates,
extensions of such patents and Assigned Patent Rights, and foreign counterparts of any of the foregoing, and together with all rights
to sue for past, present, and future infringement or misappropriation thereof, for any relief in law or in equity, and to recover any
and all damages for such infringement in whatever form, including but not limited to lost profits or royalties (including the right to
sue for pre-issuance royalties).

 

2.       Assignor
hereby agrees to execute and deliver any further instruments and documents as Assignee may request in order to carry out the purposes
of this Agreement.

 

3.       Notwithstanding
any other provisions of this Assignment to the contrary, nothing contained in this Assignment shall in any way supersede, modify, replace,
amend, change, rescind, waive, exceed, expand, enlarge, or in any way affect the provisions, including warranties, covenants, agreements,
conditions, representations, or in general any of the rights and remedies, or any of the obligations and indemnifications of Assignor
or Assignee set forth in the Purchase Agreement. This Assignment is intended only to effect the transfer of certain property transferred
pursuant to the Purchase Agreement and shall be governed entirely in accordance with the terms and conditions of the Purchase Agreement.

 

4.       This
Assignment shall be binding on, and shall inure to the benefit of, Assignor, Assignee, and their respective successors and/or assigns,
and all others acting by, through, with, or under their direction, and all those in privity therewith.

 

[Signature
Page Follows.]

 

     

     

    

 

IN
WITNESS WHEREOF, Assignor has caused this Assignment to be executed by its duly authorized representatives
effective this     day ____ of ______________, 2019.

 

	 	ASSIGNOR:
	 	 	 
	 	Merrimack Pharmaceuticals, Inc.
	 	 	 
	 	 	 
	 	By:	 
	 	[Name:]	 
	 	[Title:]	 
	 	 	 

 

 

	ATTEST:	 
	 	 
	 	 

 

CERTIFICATE OF ACKNOWLEDGEMENT

 

I, ______________, a Notary
Public in and for __________________________ do hereby certify that _________________________, personally known to me to be the same person(s) whose
name(s) is (are) subscribed to the foregoing instrument, appeared before me this day in person and acknowledged that they signed,
sealed and delivered the said instrument as a free act and deed on behalf of the identified corporation, Merrimack Pharmaceuticals, Inc.,
with authority to do so.

 

IN WITNESS WHEREOF, I have hereunto set my hand and Notarial Seal,
this ____ day of _____________ 2019.

 

	 	Notary Public
	 	Commission Expires:

 

[Signature page to Patent
Assignment]

 

     

     

    

 

SCHEDULE
A

 

ASSIGNED
PATENT RIGHTS

 

	APPL’N NO.	 	
    PATENT/

    PUBL’N. NO.
	 	FILING DATE	 	
    ISSUE DATE/

    PUBL’N DATE
	 	TITLE	 	COUNTRY

 

     

     

    

 

Exhibit C

 

FORM OF
ASSUMPTION AGREEMENT

 

This Assumption Agreement
(this “Assumption Agreement”) dated ______________, 2019, is made by and between 14ner Oncology, Inc., a Delaware
corporation (“Buyer”), and Merrimack Pharmaceuticals, Inc., a Delaware corporation (the “Seller”).
All capitalized words and terms used in this Assumption Agreement and not defined herein shall have the respective meanings ascribed to
them in the Asset Purchase Agreement dated May 28, 2019 between the Seller and the Buyer (the “Purchase Agreement”).

 

WHEREAS,
pursuant to the Purchase Agreement, the Seller has agreed to sell, convey, transfer, assign and deliver to the Buyer the Transferred Assets;
and

 

WHEREAS,
in partial consideration therefor, the Purchase Agreement requires the Buyer to assume the Assumed Liabilities;

 

NOW,
THEREFORE, in consideration of the mutual promises set forth in the Purchase Agreement and other good and valuable consideration,
the receipt and sufficiency of which are hereby acknowledged, the Buyer hereby agrees as follows:

 

1.       The
Buyer hereby assumes and agrees to perform, pay, satisfy or discharge the Assumed Liabilities, on the terms and subject to the conditions
set forth in the Purchase Agreement.

 

2.       The
Buyer does not hereby assume or agree to perform, pay, satisfy or discharge when due, and the Seller shall remain liable for, the Retained
Liabilities.

 

3.       Each
of the Buyer and Seller, by their execution of this Assumption Agreement, each hereby acknowledge and agree that neither the representations
and warranties nor the rights, remedies or obligations of either party under the Purchase Agreement shall be deemed to be enlarged, modified
or altered in any way by this instrument. In the event of any conflict or inconsistency between the terms of the Purchase Agreement and
the terms hereof, the terms of the Purchase Agreement shall govern and control.

 

4.       This
Assumption Agreement and any claims arising therefrom shall be governed by and construed in accordance with the Laws of the State of Delaware,
without giving effect to any choice or conflict of Law provision or rule that would cause the application of Laws of any jurisdiction
other than those of the State of Delaware.

 

[Signature
Page Follows.]

 

     

     

    

 

IN WITNESS WHEREOF, the Buyer
and the Seller have caused this instrument to be duly executed under seal as of and on the date first above written.

 

	 	14NER ONCOLOGY, INC.
	 	 	 
	 	 	 
	 	By:	 
	 	 	 
	 	Title:	 

 

	ACCEPTED:	 
	 	 	 
	MERRIMACK PHARMACEUTICALS, INC.	 
	 	 	 
	 	 	 
	By:	 	 
	 	 	 
	Title:	 	 

 

[Signature page to Assumption
Agreement]

 

     

     

    

 

 

Exhibit D

 

FORM OF
DYAX ASSUMPTION AND UNDERTAKING

 

This Assumption and Undertaking,
dated as of [ ], 2019 (the “Assumption Date”), is made by 14ner Oncology, Inc., a Delaware corporation
(“Assignee”), to Dyax Corp., a Delaware corporation (“Dyax”), and Merrimack Pharmaceuticals, Inc.,
a Delaware corporation (the “Assignor”).

 

WHEREAS,
pursuant to the terms of the Asset Purchase Agreement dated as of May 28, 2019 (the “Asset Purchase Agreement”),
by and between the Assignor and the Assignee, the Assignor is selling to the Assignee assets related to Seribantumab, a human immunoglobulin
G2 monoclonal antibody against HER3 also known as MM-121;

 

WHEREAS,
the Assignor and Dyax are party to (i) that certain Amended and Restated Collaboration Agreement dated January 24, 2007 between
the Assignor and Dyax, as amended by that certain Amendment, dated July 31, 2008, by that certain Amendment, dated November 6,
2009, and by that certain Amendment, dated January 18, 2012 (the “Collaboration Agreement”), full and complete
copies of which are attached as Annex 1 hereto, and (ii) that certain Sublicense Agreement dated June 30, 2008 between
the Assignor and Dyax (the “Sublicense Agreement” and, together with the Collaboration Agreement, the “Agreements”),
a full and complete copy of which is attached as Annex 2 hereto;

 

WHEREAS,
pursuant to the Asset Purchase Agreement, the Assignor has agreed to assign to Assignee the rights and obligations arising under the Agreements
from and after the Assumption Date;

 

WHEREAS,
in order to assign such rights and obligations, pursuant to Section 10.3 of the Collaboration Agreement, Assignee is required to
assume in writing all of the obligations of the Assignor under the Collaboration Agreement, and pursuant to Section 5 of the Sublicense
Agreement, Assignee is required to undertake to Dyax to be bound by the terms of the Sublicense Agreement; and

 

WHEREAS,
Assignee has agreed to assume all of the rights and obligations of the Assignor arising under the Agreements from and after the Assumption
Date and to be bound by the terms of the Agreements.

 

NOW,
THEREFORE, Assignee hereby undertakes to Dyax to be bound by the terms and conditions of the Agreements, and to assume all
of the rights and obligations of the Assignor arising under the Agreements from and after the Assumption Date.

 

[Signature
Page Follows.]

 

     

     

    

 

EXECUTED
THIS     day of     2019.

 

	 	14NER ONCOLOGY, INC.
	 	 
	 	 
	 	By:	                    

 

	 	Name:	 

 

	  	Title:	 

 

	Acknowledged and agreed:	 
	 	 
	MERRIMACK PHARMACEUTICALS, INC.	 
	 	 
	By:	                                    	 

	 	 
	Name:	 	 

	 	 
	Title:	 	 

 

     

     

    

 

AMENDMENT 

NO. 1 TO

ASSET PURCHASE AGREEMENT

 

This AMENDMENT NO. 1 TO ASSET
PURCHASE AGREEMENT (this “Amendment”) is entered into as of June 24, 2019, by and between 14ner Oncology, Inc.,
a Delaware corporation (the “Buyer”), and Merrimack Pharmaceuticals, Inc., a Delaware corporation (the “Seller”).
The Buyer and Seller are referred to collectively herein as the “Parties.” Capitalized terms used herein but not defined
shall have the meanings ascribed to such terms in the Agreement (as defined below).

 

Recitals

 

WHEREAS,
the Parties entered into that certain Asset Purchase Agreement, dated as of May 28, 2019 (the “Agreement”); and

 

WHEREAS,
the Parties desire to amend the Agreement as set forth in this Amendment.

 

NOW,
THEREFORE, in consideration of the foregoing and the respective representations, warranties, covenants and agreements set forth
below, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Parties agree
as follows:

 

1.            Amendment
to Agreement. Effective as the date of this Amendment, the Agreement is hereby amended as follows:

 

(a)            The
first sentence of Section 1.6(a) of the Agreement is hereby amended and restated in its entirety as follows:

 

“(a) The Closing shall take
place at 9:30 a.m. on June 28, 2019, or such earlier date as the parties mutually agree in writing (the “Closing Date”),
at the offices of Wilmer Cutler Pickering Hale and Dorr LLP, 60 State Street, Boston, Massachusetts 02109, unless another place is agreed
to in writing by the Buyer and the Seller.”

 

2.            Agreement.
Except to the extent expressed amended herein, the Agreement is hereby ratified and confirmed in all respects and will remain unmodified
and in full force and effect in accordance with its terms.

 

3.            Governing
Law. This Amendment and any claims arising therefrom shall be governed by and construed in accordance with the Laws of the State of
Delaware, without giving effect to any choice or conflict of Law provision or rule that would cause the application of Laws of any
jurisdiction other than those of the State of Delaware.

 

4.            Counterparts.
This Amendment may be executed in two (2) counterparts, each of which shall be deemed an original but both of which together shall
be considered one and the same agreement and shall become effective when counterparts have been signed by each of the parties and delivered
to the other party, it being understood that both parties need not sign the same counterpart. This Amendment may be executed and delivered
by facsimile or .pdf transmission.

 

[Remainder of Page Intentionally Left Blank.]

 

     

     

    

 

IN WITNESS WHEREOF, the Parties
have caused this Amendment to be signed by their respective officers thereunto duly authorized as of the date first written above.

 

	 	MERRIMACK PHARMACEUTICALS, INC.
	 	 
	 	By:	/s/ Richard Peters, M.D., Ph.D.
	 	Name: Richard Peters, M.D., Ph.D.
	 	Title: President and Chief Executive Officer
	 	 
	 	 
	 	14NER ONCOLOGY, INC.
	 	 
	 	By:	/s/ Steven Elms
	 	Name: Steven Elms
	 	Title: President & CEO

 

     

     

    

 

AMENDMENT
NO. 2

TO

ASSET
PURCHASE AGREEMENT

 

This AMENDMENT NO. 2 TO ASSET
PURCHASE AGREEMENT (this “Amendment”) is entered into as of June 28, 2019, by and between 14ner Oncology, Inc.,
a Delaware corporation (the “Buyer”), and Merrimack Pharmaceuticals, Inc., a Delaware corporation (the “Seller”).
The Buyer and Seller are referred to collectively herein as the “Parties.” Capitalized terms used herein but not defined
shall have the meanings ascribed to such terms in the Agreement (as defined below).

 

Recitals

 

WHEREAS,
the Parties entered into that certain Asset Purchase Agreement, dated as of May 28, 2019, as amended by Amendment No. 1 to the
Asset Purchase Agreement, dated as of June 24, 2019 (as so amended, the “Agreement”); and

 

WHEREAS,
the Parties desire to amend the Agreement as set forth in this Amendment.

 

NOW,
THEREFORE, in consideration of the foregoing and the respective representations, warranties, covenants and agreements set forth
below, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Parties agree
as follows:

 

1.            Amendment
to Agreement. Effective as the date of this Amendment, the Agreement is hereby amended as follows:

 

(a)            The
first sentence of Section 1.6(a) of the Agreement is hereby amended and restated in its entirety as follows:

 

“(a) The Closing shall take
place at 9:30 a.m. on July 12, 2019, or such earlier date as the parties mutually agree in writing (the “Closing Date”),
at the offices of Wilmer Cutler Pickering Hale and Dorr LLP, 60 State Street, Boston, Massachusetts 02109, unless another place is agreed
to in writing by the Buyer and the Seller.”

 

2.            Agreement.
Except to the extent expressed amended herein, the Agreement is hereby ratified and confirmed in all respects and will remain unmodified
and in full force and effect in accordance with its terms.

 

3.            Governing
Law. This Amendment and any claims arising therefrom shall be governed by and construed in accordance with the Laws of the State of
Delaware, without giving effect to any choice or conflict of Law provision or rule that would cause the application of Laws of any
jurisdiction other than those of the State of Delaware.

 

4.            Counterparts.
This Amendment may be executed in two (2) counterparts, each of which shall be deemed an original but both of which together shall
be considered one and the same agreement and shall become effective when counterparts have been signed by each of the parties and delivered
to the other party, it being understood that both parties need not sign the same counterpart. This Amendment may be executed and delivered
by facsimile or .pdf transmission.

 

[Remainder of Page Intentionally Left Blank.]

 

     

     

    

 

IN WITNESS WHEREOF, the Parties
have caused this Amendment to be signed by their respective officers thereunto duly authorized as of the date first written above.

 

		MERRIMACK PHARMACEUTICALS, INC.
	 	 
		By: 	/s/ Jeffrey A. Munsie
	 	Name: Jeffrey A. Munsie
		Title: General Counsel

 

		14NER ONCOLOGY, INC.
	 	 
		By:	/s/ Steven Elms
		Name:  Steven Elms
		Title: President & CEOExhibit 10.6

 

CERTAIN CONFIDENTIAL INFORMATION CONTAINED
IN THIS DOCUMENT, MARKED BY [*], HAS BEEN OMITTED BECAUSE IT IS NOT MATERIAL AND WOULD LIKELY CAUSE COMPETITIVE HARM TO ELEVATION ONCOLOGY, INC.
IF PUBLICLY DISCLOSED.

 

AMENDED AND RESTATED

COLLABORATION AGREEMENT

 

This AMENDED AND RESTATED
COLLABORATION AGREEMENT (“Agreement”), effective as of January 24, 2007 (the “Effective Date”), is between
DYAX CORP., a Delaware corporation, with offices at 300 Technology Square, Cambridge, Massachusetts 02139, U.S.A. (“Dyax”),
and MERRIMACK PHARMACEUTICALS, INC., a Massachusetts corporation with its principal place of business located at One Kendall
Square, Building 700, 2nd Floor, Cambridge, MA 02139, U.S.A. (“Merrimack”).

 

WHEREAS, Dyax possesses intellectual
property and know-how related to, among other things, the discovery of antibodies having novel binding properties using phage display;

 

WHEREAS, Merrimack is a biotechnology
company focused on developing therapeutics in the fields of autoimmune disease and cancer;

 

WHEREAS, Dyax and Merrimack
previously entered into a Collaboration Agreement, dated effective as of December 6, 2005 (the “Original Agreement”),
under which Dyax agreed to perform research using Dyax Libraries (as hereinafter defined) to identify Dyax Antibodies (as hereinafter
defined) to targets to be provided by Merrimack so that Merrimack may evaluate the utility of using and use such antibodies as therapeutics
and/or diagnostics; and

 

WHEREAS, Dyax and Merrimack
wish to expand the scope of the research activities to be performed by Dyax and amend certain other terms under the Original Agreement;
and

 

WHEREAS, to accomplish the
foregoing, the Parties have agreed to amend and restate the Original Agreement as set forth herein.

 

NOW, THEREFORE, in consideration
of the mutual covenants set forth in this Agreement, the Parties hereby agree that, from and after the Effective Date hereof, the Original
Agreement is hereby amended and restated as follows:

 

Article I

DEFINITIONS

 

1.1            “Affiliate”
means, with respect to either Party, a corporation or other legal entity that controls, is controlled by, or is under common control with
such Party. For purposes of this definition, “control” means the ownership, directly or indirectly, of more than fifty percent
(50%) of the outstanding equity securities of a corporation which are entitled to vote in the election of directors or a more than fifty
percent (50%) interest in the net assets or profits of an entity which is not a corporation.

 

    -1-

     

    

 

1.2            “Antibody”
means a molecule or a gene encoding such a molecule comprising or containing one or more immunoglobulin variable domains or parts of such
domains or any existing or future fragments, variants, modifications or derivatives thereof.

 

1.3           “CAT
Agreement” means that certain Amendment Agreement dated January 3, 2003 by and between Cambridge Antibody Technology Limited
(“CAT”) and Dyax, as amended by the Second Amendment Agreement between Dyax and CAT dated September 18, 2003. Redacted
copies of these agreements were provided to Merrimack prior to the Effective Date.

 

1.4           “CAT
Gatekeeping Procedure” means the procedure set out in Appendix B hereto which CAT shall carry out in respect of a Nominated
Target prior to the grant of the CAT Product License.

 

1.5            “CAT
Patent Rights” means the patents and patent applications listed in Appendix C hereto and any patents issuing from such
patent applications, together with any divisionals, registrations, confirmations, reissues, extensions, renewals, continuations, continuations-in-part,
revalidations, additions, substitutions, renewals or supplementary protection certificates thereof throughout the world and any other
patent applications or patents licensed to Dyax under the CAT Agreement or the CAT Product License.

 

1.6            “CAT
Product License” means a license from CAT which is required, under the terms of the CAT Agreement, to be granted ([*] of a Therapeutic
Antibody Product or [*] for any Diagnostic Antibody Product) in order to commercialize Dyax Antibodies to any Target, as described in
more detail in Section 3.2. The form of CAT Product License is attached hereto as Appendix D.

 

1.7            “CAT
Valid Claim” means a claim of an issued and unexpired patent included within the CAT Patent Rights which has been licensed to
CAT by the Medical Research Council which has not been held permanently revoked, unenforceable or invalid by a decision of a court or
other governmental agency of competent jurisdiction unappealed within the time allowed for appeal, and which has not been admitted to
be invalid or unenforceable through reissue or disclaimer or otherwise.

 

1.8            “Commercial
Field” means all human therapeutic and diagnostic uses, excluding (i) Research Products, (ii) Separations Applications,
(iii) therapeutic products designed to localize an additional non-antibody, active molecule to a Target for therapeutic purposes
(e.g. radio-labeled therapeutics, antibody-toxin conjugates), and (iv) with respect to Antibodies directed against any Third Party
In Vivo Target, in vivo diagnostic uses. For the avoidance of doubt, item (iii) in the foregoing sentence is not intended
to exclude Products as a result of the incorporation of Poly-Specific Antibodies within such Products.

 

1.9            “Commercial
License” has the meaning set forth in Section 3.1(b) hereof.

 

1.10          “Confidential
Information” means all information, inventions, data and know-how disclosed to either party by the other party relating to
any technology, use, process, method, trade secret, document, technical report, specification, diagram, research project, development
program, clinical data, test result, or non-publicly available agreement or document, whether in written, oral, graphic, electronic or
any other media or form.

 

    -2-

     

    

 

1.11          “Diagnostic
Antibody Product” means any preparation in the form of a device, composition, compound, kit or service with utility in the
diagnosis, prognosis, prediction or management or susceptibility to treatment of a disease or disorder which contains, comprises or the
process of development or manufacture of which utilizes a Dyax Antibody. For the avoidance of doubt, the parties acknowledge and agree
that [*].

 

1.12          “Display
Library” means a collection of at least 1,000 genetically different organisms that each contain genetic information encoding
a different fusion protein, wherein such collection was created for the purpose of displaying such fusion protein on the outer surface
of such organisms.

 

1.13          “Dispose”
means to transfer, assign, lease or in any other fashion dispose of control, ownership or possession, but shall not mean to license or
sell. “Disposition” shall have the correlative meaning.

 

1.14          “Dyax
Antibody” means any Antibody that is delivered by Dyax to Merrimack in connection with the Research Program and which was identified,
generated, developed, produced, optimized, or obtained by Dyax from a Dyax Library, and any variant, modification or derivative of such
Antibody, including a Poly-Specific Antibody, whether synthesized by Merrimack or Dyax.

 

1.15          “Dyax
Antibody Information” means any data, know-how or other information relating, concerning or pertaining to a specific Dyax Antibody,
including, [*] or [*] or [*] or [*], or [*] or [*].

 

1.16          “Dyax
Antibody IP” means any patent(s) and/or patent application(s) relating to one or more Dyax Antibodies.

 

1.17          “Dyax
Libraries” means Dyax’s proprietary phagemid-based Fab Display Libraries and phage-based Fab Display Libraries.

 

1.18          “Dyax
Patent Rights” means the patents and patent applications set forth in Appendix E [*] of the [*] and [*], together with
any reissues, re-examinations, renewals, and extensions thereof, and all continuations, continuations-in-part and divisionals of the
applications throughout the world.

 

1.19          “Dyax
Research Know-How” means any unpatented know-how, technical or other information generated or utilized by Dyax during the conduct
of the Research Program that [*] to the [*] in the [*] of the [*], and/or [*] of the [*] that is [*] by the [*].

 

1.20          “Dyax
Research Materials” means any materials, including but not limited to Antibody coding expression vectors (but excluding the
Dyax Antibodies) provided to Merrimack by Dyax in connection with the Research Program.

 

1.21          “First
Commercial Sale” means the first commercial sale of any Product by Merrimack, its Affiliates or sublicensees in any country
after grant of a Marketing Authorization.

 

    -3-

     

    

 

1.22           “FTE”
means the equivalent of the work time of a full-time scientist or a full-time project team leader over a twelve-month period (including
normal vacations, sick days and holidays). In the case of less than a full-time person, the portion of an FTE year devoted by such person
to the Research Program shall be determined by dividing the number of days during any twelve-month period devoted by such person to the
Research Program by the total number of working days of such person’s full-time scientist during such twelve-month period. One
person cannot be counted as more than one FTE for a given year.

 

1.23           “FTE
Rate” means $[*] per annum per FTE (or $[*] per hour based on an FTE year of [*] hours). The FTE Rate includes all salary,
employee benefits, materials and all other expenses including support staff and overhead for or associated with Dyax scientists performing
activities in connection with the Research Program.

 

1.24           “Indication”
means a new and distinct disease category (for example, cancer versus inflammation) and does not mean a different type or subpopulation
within the same primary disease (for example, colon cancer versus breast cancer).

 

1.25           “Major
Market” any one of the following: (i) the United States of America, (ii) any country in Europe which is subject to
the Marketing Authorization procedure of the European Medicines Evaluation Agency, or (iii) Japan.

 

1.26           “Marketing
Authorization” means any approval (including all applicable pricing and governmental reimbursement approvals) required from
the relevant Regulatory Authority to market and sell a Product in a particular country.

 

1.27           “Merrimack
Materials” means the Merrimack Targets and other materials that are delivered to Dyax by Merrimack pursuant to the Research
Program.

 

1.28           “Merrimack
Targets” means Targets that are delivered to Dyax by Merrimack and accepted by Dyax for inclusion in the Research Program as
provided under Section 2.4(a). For the avoidance of doubt, the identity of Merrimack Targets shall constitute Confidential Information
of Merrimack.

 

1.29           “NDA”
means New Drug Application as defined in 21 CFR 314 or other comparable regulation imposed by the U.S. Food and Drug Administration,
or its foreign counterpart.

 

1.30           “Net
Sales” means, with respect to any Product sold by Merrimack, its Affiliates or sublicensees, the price invoiced by that party
to the relevant purchaser (or in the case of a sale or other disposal otherwise than at arm’s length, the price which would have
been invoiced in a bona fide arm’s length contract or sale) but [*] and [*] or [*], and [*] or [*] and [*] in the [*] to the [*].
In the event the Product is sold as part of a Combination Product (as defined below), the Net Sales from the Combination Product, for
the purposes of determining royalty payments, shall be determined by [*] of the [*] the [*], by [*] is the [*] of the [*] and [*] in the
[*] the [*] and the [*] in the [*] in which [*]. In the [*] the [*] and [*] in the [*] for the [*] shall be [*] of the [*] is the [*]
of the [*] is the [*] of [*] in the [*]. As used above, the term “Combination Product” means any pharmaceutical or biologic
product which contains a Product and other active compounds and/or active ingredients.

 

    -4-

     

    

 

1.31            “Nominated
Target” has the meaning set forth in Section 3.2(a)(iii) hereof.

 

1.32            “Party”
means Dyax or Merrimack, and “Parties” means Dyax and Merrimack.

 

1.33            “Patent
Rights” means patent applications or patents, author certificates, inventor certificates, utility certificates, improvement
patents, and models and certificates of addition, and all foreign counterparts of them and includes divisionals, renewals, continuations,
continuations-in-part, extensions, reissues, substitutions, confirmations, registrations, revalidations, or additions of or to them as
well as any supplementary protection certificate or any other post patent expiration extension of patent protection in respect to them.

 

1.34            “Phase
I Clinical Trial” means a human clinical trial in any country that is intended to initially evaluate the safety of an investigational
Product in volunteer subjects or patients that would satisfy the requirements of 21 CFR 312.21(a), or other comparable regulation imposed
by the U.S. Food and Drug Administration, or its foreign counterpart.

 

1.35            “Phase
III Clinical Trial” means a pivotal human clinical trial in any country the results of which could be used to establish safety
and efficacy of a Product as a basis for a marketing application that would satisfy the requirements of 21 CFR 312.21(c) or other
comparable regulation imposed by the U.S. Food and Drug Administration, or its foreign counterpart.

 

1.36            “Poly-Specific
Antibody” means a Dyax Antibody that is directed to more than one Nominated Target as described in Section 3.2 (e).

 

1.37            “Product”
means any Diagnostic Antibody Product and/or Therapeutic Antibody Product.

 

1.38            “Quarter”
means each period of three (3) months ending on March 31, June 30, September 30, or December 31 and “Quarterly”
shall be construed accordingly.

 

1.39            “Regulatory
Authority” means the United States Food and Drug Administration, or any national or local agency, authority, department, inspectorate,
minister, ministry official, parliament or public or statutory person (whether autonomous or not) of any government of any country having
jurisdiction over any of the activities contemplated by this Agreement or the Parties, or any successor bodies thereto.

 

1.40            “Research
Campaign” means one of [*] separate funded research campaigns (referred to herein as “Campaign I”, [*]), each with
its own Research Plan, designed to result in the identification of antibodies against each Merrimack Target. Each Research Campaign will
include [*] Merrimack Targets.

 

1.41            “Research
Field” means use in in vitro and in vivo studies (excluding any studies in humans) in connection with Merrimack’s
internal discovery and development programs, and not for any other purpose.

 

    -5-

     

    

 

1.42            “Research
Plan” means the written description of work to be performed by Dyax for each Research Campaign describing the activities to
be conducted by Dyax and Merrimack in connection with the discovery, development and validation of Antibodies against Merrimack Targets.
The Research Plan for Campaign I is attached hereto as Appendix A. The Research Plan for Campaigns [*] will be drafted, reviewed
and approved prior to the commencement of each such Research Campaign.

 

1.43            “Research
Products” means (i) any kit, vial or array (protein chip) containing one or more Antibodies intended for sale to an end
user solely for research purposes and (ii) any Antibodies sold to a Third Party for incorporation into any kit, vial or array (protein
chip) that are intended for sale to an end user for research purposes. Research Products shall exclude Therapeutic Antibody Products and
Diagnostic Products.

 

1.44            “Research
Program” means the research activities undertaken by Dyax and Merrimack in accordance with the Research Plan for each Research
Campaign and the terms of this Agreement.

 

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

 

1.46            “Research
Steering Committee” has the meaning set forth in Section 2.3(a) hereof.

 

1.47            “Research
and Development” means, for the purposes of the XOMA Covenant and the restrictions applicable thereto, the identification, selection,
isolation, purification, characterization, study and/or testing of an Antibody for any purpose, including, without limitation, the discovery
and development of human therapeutics. Included within the definition of “Research and Development” shall be all [*]. “Research
and Development” shall not include [*].

 

1.48            [*]

 

1.49            [*]

 

1.50            [*]

 

1.51            “Selected
Target” has the meaning set forth in Section 3.2(d) hereof.

 

1.52            “Separations
Applications” means the use of Antibodies for the development and manufacture of affinity chromatography purification media
for use in the separation and purification of pharmaceuticals.

 

1.53            “Target”
means an antigen and/or DNA as identified by a full length protein sequence that it encodes.

 

1.54            “Target
Acceptance Notification” has the meaning set forth in Section 3.2(b)(iii) hereof.

 

1.55            “Therapeutic
Antibody Product” means any preparation which is intended for use in the Commercial Field which contains, comprises, or the
process of development or manufacture of which utilizes a Dyax Antibody. For the avoidance of doubt, the parties acknowledge and agree
that term “Therapeutic Antibody Product” shall not include [*].

 

    -6-

     

    

 

1.56            “Third
Party” means any entity other than Dyax or Merrimack or their respective Affiliates.

 

1.57            “Third
Party Phage Display Agreements” means the CAT Agreement and the XOMA Agreement.

 

1.58            “Third
Party In Vivo Target” means any Target to which Dyax has granted an undisclosed Third Party exclusive rights in the field of
in vivo diagnostics pursuant to an agreement with such Third Party that was entered into prior to the date hereof. To the extent
that the agreement with such undisclosed Third Party terminates or is amended or modified in any way that would allow Dyax to expand the
Commercial Field to include rights to [*] in the field of in vivo diagnostics, Dyax will promptly notify Merrimack and grant such
rights to Merrimack.

 

1.59            “Transferred
Materials” means, for the purposes of the XOMA Covenant and the restrictions applicable thereto, the Dyax Libraries, any Dyax
Antibodies, Dyax Antibody Information or the product of the practice of any method that in each of the foregoing cases is within the scope
of the XOMA Patent Rights.

 

1.60            “Valid
Claim” means (a) a claim of an issued and unexpired patent included in the Dyax Patent Rights, CAT Patent Rights or XOMA
Patent Rights, as the case may be, which has not been held invalid in a final decision of a court of competent jurisdiction from which
no appeal may be taken, and which has not been disclaimed or admitted to be invalid or unenforceable through reissue or otherwise, or
(b) a claim of a pending patent application within the XOMA Patent Rights.

 

1.61            “XOMA
Agreement” means that certain License Agreement dated October 16, 2002 by and between XOMA Ireland Limited (“XOMA”)
and Dyax, a redacted copy of which has been provided by Dyax to Merrimack on or prior to the Effective Date.

 

1.62            “XOMA
Covenant” has the meaning set forth in Section 3.1(c) hereof.

 

1.63            “XOMA
Know-How” means unpatented or unpatentable technical information, including ideas, concepts, inventions, discoveries, data,
designs, formulas, specifications, procedures for experiments and tests and other protocols, results of experimentation and testing, fermentation
and purification techniques, and assay protocols, whether now existing or obtained in the future, owned by XOMA which XOMA has the right
to license or sublicense and which may be necessary for the practice of the XOMA Patent Rights or which would be misappropriated by the
activities of Merrimack contemplated hereunder but for this Agreement. All XOMA Know-How shall be confidential information of XOMA.

 

1.64            “XOMA
Patent Rights” means the patent applications and patents set forth in Appendix F attached hereto and incorporated
herein, and, solely to the extent any Valid Claim would cover or be included in the license grants provided for herein, all divisionals,
continuations, continuations-in-part, applications claiming priority thereto, and substitutions thereof; all foreign patent applications
corresponding to the preceding applications; all U.S. and foreign patents issuing on any of the preceding applications, including extensions,
reissues and re-examinations; and any other patent rights owned by XOMA which XOMA has the right to license or sublicense and which would
be infringed by the activities contemplated hereunder but for this Agreement. XOMA Patent Rights shall also include (i) any improvements
of the foregoing that are owned or controlled by XOMA and (ii) any patents or patent applications, whether now existing or obtained
in the future, owned or controlled by XOMA containing a claim that is dominating over the foregoing patent rights (i.e., is necessarily
infringed by the practicing of a claim in one of the foregoing applications).

 

    -7-

     

    

 

The above definitions are intended to encompass
the defined terms in both the singular and plural forms.

 

Article II

RESEARCH PROGRAM

 

2.1            Goal
of Research Program. The initial goal of the Research Program is to identify Dyax Antibodies that bind to the Merrimack Targets provided
to Dyax under the terms of the Research Plan for each Research Campaign. Each Party acknowledges that the outcome of the Research Program
cannot be predicted and each Party agrees to cooperate in good faith with the other to modify the Research Plan for each Research Campaign
as may be reasonably required to accomplish the goal of the Research Program.

 

2.2            Research
Campaigns; Research Plans. The Research Program will be divided into [*] separate Research Campaigns (referred to herein as “Campaign
I”, [*]). The Research Plan for each Research Campaign will be designed to result in the identification of antibodies against [*]
Merrimack Targets. Unless otherwise agreed in writing, each of Research Campaigns [*] shall be initiated within [*] years after the Effective
Date ([*] was initiated and completed prior to the Effective Date). The Research Plan for Campaign I is attached hereto as Appendix
A. The parties acknowledge and agree that, as of the date of this Amended and Restated Collaboration Agreement, the research activities
contemplated under the Research Plan for [*] have been completed. The Research Plan for Campaigns [*] will be drafted, reviewed and approved
prior to the commencement of each such Research Campaign. During the Research Term, the Research Plan for each Research Campaign may be
amended or revised, as appropriate, by the Research Steering Committee.

 

2.3            Research
Steering Committee.

 

(a)            Structure
and Function. A committee shall be established to manage the Research Program (the “Research Steering Committee”). The
Research Steering Committee shall be composed of three (3) representatives appointed by Dyax and three (3) representatives appointed
by Merrimack. The Research Steering Committee shall direct and administer the Research Program and shall perform the following functions:
(a) oversee and monitor the activities contemplated by the Research Plan for each Research Campaign (provided that either Party may
enforce the provisions of this Agreement irrespective of such oversight); (b) review and pre-approve external expenditures; (c) review
the written progress reports of the parties and maintain frequent communication with the parties regarding the status of the Research
Program; (d) amend or revise any Research Plan as necessitated by the outcome of the work conducted under such Research Plan; and
(e) identify and select Dyax Antibodies that bind to the Merrimack Targets provided to Dyax under the terms of any Research Plan
([*]).

 

    -8-

     

    

 

(b)            Formation
and Meetings. As soon as practical after the Effective Date, each Party shall identify to the other, its representatives on the Research
Steering Committee. The Research Steering Committee shall meet as needed during each Research Campaign. Such meetings shall be at times
and places or in such form (e.g., telephone or videoconference) as the members of the Research Steering Committee shall agree. A Party
may change one or more of its representatives to the Research Steering Committee at any time upon notification to the other Party. A quorum
for a meeting requires at least two representatives from each Party.

 

(c)            Attendance
and Voting. A member of the Research Steering Committee may be represented at any meeting by another member of the Research Steering
Committee from the same Party or by a deputy that will be entitled to vote for the absent member. All approvals, determinations and other
actions must be made by unanimous consent of the members of the Research Steering Committee or their deputies present at the relevant
Research Steering Committee meeting. In the event that the Research Steering Committee is unable to reach consensus with respect to any
material matter and becomes deadlocked, the parties will seek to resolve the matter through their chief executive officers. Representatives
of either Party who are not members of the Research Steering Committee or their deputies may attend meetings of the Research Steering
Committee as agreed to by the representative members of the other Party.

 

(d)            Record
Keeping and Communications. At or before the commencement of each meeting, the Research Steering Committee shall appoint one of its
members to act as secretary for such meeting or shall arrange for a person to be present in such capacity. The Research Steering Committee
shall keep accurate minutes of its meetings and shall record all proposed decisions and all actions recommended or taken. Copies of the
minutes shall be provided to each member of the Research Steering Committee after each meeting and shall be approved, if appropriate,
at the next meeting. In addition, the Research Steering Committee will arrange with the appropriate representatives of each Party for
the preparation of written progress reports on the status of the Research Program at least [*] and the members of the Research Steering
Committee will generally maintain close and frequent communication among themselves and with the parties. All records of the Research
Steering Committee shall at all times be available to both parties.

 

2.4           Obligations
of Parties During the Research Term.

 

(a)            Target
Identification and Approval. Prior to commencing activities under any Research Campaign, Merrimack will first provide Dyax with a
written notice identifying each Target that Merrimack wishes to include in such Research Campaign as a Target against which Dyax Antibodies
would be directed (which must be accompanied by a GenBank® accession number, if available, or similar information which uniquely identifies
each such Target). Dyax shall then have [*] business days to notify Merrimack (i) whether or not it will be able to perform research
to identify Dyax Antibodies to such Target on a nonexclusive basis in accordance with the terms set forth in Section 2.4(d) below,
and (ii) if any such Target is a Third Party In Vivo Target. If Dyax rejects any Target submitted by Merrimack, Merrimack shall have
the option to identify a new Target for inclusion in such Research Campaign.

 

(b)            Merrimack
Responsibilities. For each Merrimack Target for which Dyax has agreed to perform research under Section 2.4(a), Merrimack agrees
to provide to Dyax a reasonable quantity of such Merrimack Targets and other Merrimack Materials as set forth in each Research Plan prior
to the commencement of each Research Campaign. Dyax shall use such Merrimack Targets and other Merrimack Materials solely in accordance
with the applicable Research Plan and nothing in this Agreement shall be construed as a grant by Merrimack to Dyax of any rights to any
Merrimack Target after the term of this Agreement.

 

    -9-

     

    

 

 

(c)            Dyax
Responsibilities. For each Merrimack Target for which Dyax has agreed to perform research under Section 2.4(a), Dyax agrees to
[*] for each Research Campaign, and to [*]. Dyax shall deliver the Dyax Antibodies, Dyax Antibody Information, Dyax Research Materials
[*]. Dyax’s activities under each Research Plan will be deemed complete [*]. Notwithstanding the foregoing, Merrimack acknowledges
and agrees that the results of each Research Plan cannot be predicted and that Dyax’s sole obligation is to perform the work set
forth in such Research Plan and to deliver the Deliverables to Merrimack that are contemplated by such Research Plan based on the outcome
of Dyax’s activities thereunder. During the course of the work under any Research Plan, Dyax’s representatives primarily responsible
for oversight of Dyax’s activities under such Research Plan shall consult with representatives of Merrimack [*], to respond to questions,
facilitate the exchange of appropriate information and review the progress of such Research Plan.

 

(d)            Other
Research and Licensing Activities. Without limiting Dyax’ confidentiality obligations hereunder, Merrimack acknowledges and
agrees that:

 

		(i)	Dyax has previously licensed Dyax Libraries to Third Parties and may continue to do so in the future,
and that such Third Parties may be using one or more Dyax Libraries to identify Antibodies to Merrimack Targets;

 

		(ii)	Dyax may have previously conducted research on behalf of Third Parties to identify and/or develop, or
cooperate or participate to identify and/or develop, Antibodies to Merrimack Targets and may continue to do so during the Research Term
and in the future; and

 

		(iii)	Dyax will not deliver to Merrimack any Antibodies that are identified by Dyax as a result of the Research
Program if such Antibodies were previously delivered to Third Parties in connection with research activities conducted on behalf of Third
Parties.

 

Article III

GRANT OF RIGHTS TO MERRIMACK

 

3.1            Dyax
Grants.

 

(a)            Research
License. Subject to the terms and conditions of this Agreement, including without limitation, the restrictions set forth in Section 3.2
and the payment obligations set forth in Article 4, Dyax hereby grants to Merrimack and its Affiliates a world-wide, non-exclusive,
royalty-free, non-transferable license, without the right to sublicense, under the Dyax Patent Rights, Dyax Research Know-How, Dyax Antibody
Information, Dyax Antibody IP, and CAT Patent Rights to use Dyax Research Materials and to research, develop and make Dyax Antibodies,
solely in the Research Field.

 

    -10-

     

    

(b)            Commercial
License. During the term of this Agreement and prior to the commencement of the first Phase I Clinical Trial of a Therapeutic Antibody
Product or prior to the first filing for Marketing Authorization for any Diagnostic Antibody Product, provided that Merrimack is not then
in breach of any material terms or conditions hereof, Merrimack shall have the option to obtain a worldwide, non-exclusive license, to
use Dyax Antibodies to develop, make, have made, use, sell, offer for sale, import and export Therapeutic Antibody Products and Diagnostic
Antibody Products to the applicable Merrimack Target in the Commercial Field (the “Commercial License”) on the following terms:

 

		(i)	Merrimack shall have no rights to obtain a Commercial License unless, prior to the commencement of the
first Phase I Clinical Trial of a Therapeutic Antibody Product or prior to the first filing for Marketing Authorization for any Diagnostic
Antibody Product, Merrimack obtains a sublicense to a CAT Product License with respect to the applicable Merrimack Target(s) as contemplated
in Section 3.2(a) hereof;

 

		(ii)	Once Merrimack has obtained a sublicense to a CAT Product License to the applicable Merrimack Target(s),
Dyax shall and hereby does grant to Merrimack a Commercial License to Dyax Antibodies and Products directed to the applicable Merrimack
Target(s), including a license to the applicable Dyax Antibody Information and Dyax Antibody IP;

 

		(iii)	the Commercial License granted to Merrimack under Section 3.1(b) shall be subject to the terms
and conditions of this Agreement, including without limitation, the restrictions set forth in Sections 3.2, and 3.3 and the payment obligations
set forth in Article 4; and

 

		(iv)	subject to the terms and conditions of any applicable CAT Product License, Merrimack shall have the right
to sublicense the Commercial License granted to Merrimack under this Section 3.1(b) to allow Third Parties to develop, make,
have made, use, sell, offer for sale, import and export Therapeutic Antibody Products and Diagnostic Antibody Products directed to the
applicable Merrimack Target(s) in the Commercial Field.

 

(c)            XOMA
Covenant. Subject to the terms and conditions of this Agreement, including the provisions of Section 3.3 below, Dyax represents
to Merrimack that, pursuant to a covenant running from XOMA to Dyax (the “XOMA Covenant”), XOMA has agreed that it shall not
initiate or permit any Third Party over whom it has control to initiate or assist in any way in the initiation or prosecution of any action
asserting a claim of infringement under the XOMA Patent Rights or misappropriation of the XOMA Know-How to the extent reasonably necessary
to allow the parties to use the Dyax Libraries and Dyax Library Materials to conduct Research and Development activities under the terms
of this Agreement. The XOMA Covenant extends to [*]. The XOMA Covenant expressly does not extend to use of the XOMA Patent Rights to make
or the means or methods to make any amount of Dyax Antibodies other than quantities reasonably required for Research and Development purposes.

 

    -11-

     

    

3.2            Restrictions
on the CAT Patent Rights. [*], the parties acknowledge and agree that the licenses granted to Merrimack under the CAT Patent Rights
pursuant to Sections 3.1(a) and 3.1(b) above are subject to the following provisions:

 

(a)            CAT
Product License.

 

		(i)	[*], in the event that Merrimack wishes to develop and commercialize any Product with respect to [*],
then [*] in relation to any Therapeutic Antibody Product or [*] for any Diagnostic Antibody Product, Merrimack must first obtain a sublicense
under a CAT Product License with respect to such Targets.

 

		(ii)	[*] of this Section 3.2. [*] and [*] or [*] with this Section 3.2.

 

		(iii)	In order [*] a CAT Product License [*] with respect to a Target, Merrimack must [*] that Dyax [*] through
the CAT Gatekeeping Procedure described in Section 3.2(b).

 

(b)            CAT
Gatekeeping.

 

		(i)	Any request by Merrimack that Dyax submit a Nominated Target through the CAT Gatekeeping Procedure shall
be in writing and must identify the Nominated Target against which Dyax Antibodies are directed (which must be accompanied by a GenBank®
accession number, if available, or similar information which uniquely identifies such Nominated Target).

 

		(ii)	If CAT notifies Dyax under the CAT Agreement that the Nominated Target has not passed the CAT Gatekeeping
Procedure, then Dyax shall promptly notify Merrimack in writing that Dyax will not be granted a CAT Product License, and Merrimack shall
have no rights pursuant to Section 3.1(b) with respect to such Nominated Target; provided, however, [*].

 

		(iii)	Upon receipt of a request by Merrimack under Section 3.2(b)(i), Dyax shall promptly [*] request that
CAT subject the Nominated Target to CAT’s Gatekeeping Procedure (as described in Appendix B hereto) in accordance with the
CAT Agreement. If CAT determines that the Nominated Target has passed the CAT Gatekeeping Procedure, then pursuant to the terms of the
CAT Agreement, CAT is obligated to notify Dyax (the “Target Acceptance Notification”) that a CAT Product License is available
for such Target [*].

 

    -12-

     

    

(c)            [*].
In certain circumstances described below, Dyax may allow Merrimack [*]. Pursuant to the terms of the CAT Agreement, Dyax [*] the CAT Gatekeeping
Procedure [*]. For the purposes of this Section 3.2(c), [*] provided that, if, at any time [*], Dyax will then so notify Merrimack.
Merrimack will then have [*] from the date of such notice to decide whether or not it wishes to take a CAT Product License for that Nominated
Target. If Merrimack notifies Dyax within that period that it does not wish to take such a CAT Product License or fails to notify Dyax
that it does wish to take such a CAT Product License, then [*] CAT may grant an exclusive license to a Third Party in respect of such
Nominated Target.

 

Prior
to [*] Merrimack shall have the [*]. In addition [*], both [*] Merrimack may [*] to [*] of a [*] will be [*] and [*] to [*] of
[*] will be [*] at the [*].

 

[*]
to the [*] of the [*] that [*] will be [*] of the [*] for the [*] be so [*].

 

(d)            Sublicense
of CAT Product License. Upon receipt of a Target Acceptance Notification, [*], Merrimack may, by written notice, request that Dyax
secure a CAT Product License for the Nominated Target (which shall thereafter be referred to as a “Selected Target”). In such
event, Dyax [*] a CAT Product License with respect to such Selected Target, and to deliver to Merrimack a fully executed redacted copy
thereof. [*], and subject to the prior payment by Merrimack to Dyax of the Product License Fee referred to in Section 4.3, Dyax and
Merrimack shall enter into a written sublicense agreement, the form of which is attached hereto as Appendix H, under which Dyax
shall grant to Merrimack a worldwide, non-exclusive sublicense under the rights granted to Dyax under Clause 2 of the CAT Product License
to develop, make, have made, use, sell, offer for sale, import and export Products against such Selected Target in the Commercial Field.
[*] after the [*] to the [*] with the [*] the [*] is [*] to [*] under [*].

 

(e)            Poly-Specific
Antibodies. Notwithstanding anything to the contrary contained in this Section 3.2 or in the form of CAT Product License attached
hereto as Appendix D, in the case where a Dyax Antibody is directed to multiple Targets, then each such Target shall be considered
a Nominated Target and [*]. If CAT notifies Dyax that each [*] to which such Poly-Specific Antibody is directed has [*] then, pursuant
to an amendment to the CAT Agreement, Dyax shall have the right to obtain a single CAT Product License that will [*] to which Poly-Specific
Antibodies bind; provided however, that such CAT Product License shall be limited so as to allow Merrimack to exploit only Products that
comprise or contain Poly-Specific Antibodies directed against all such [*]. For the avoidance of doubt, Dyax agrees that the [*] applicable
to the development and commercialization of a Poly-Specific Antibody under such a CAT Product License [*], as described in Sections 4.2
through 4.8. Except as expressly provided for herein, the form of the CAT Product License that would be applicable to any such Poly-Specific
Antibody would be negotiated between Dyax and CAT.

 

(f)            Effect
of Termination of CAT Agreement. Pursuant to the terms of the CAT Agreement, upon termination of the CAT Agreement, Dyax represents
and warrants that (i) [*] and the [*], and (ii) any sublicense granted by Dyax to Merrimack under a CAT Product License pursuant
to this Agreement will continue in force provided [*]. The Parties acknowledge that Merrimack derives independent and significant value
from the agreements set forth in the CAT Agreement and may rely thereon and to that extent only shall have the right to enforce the provisions
of Section 3.2(f)(ii) above and be a Third Party beneficiary for that purpose only.

 

    -13-

     

    

(g)            Merrimack
Acknowledgement. As required by the CAT Agreement, Merrimack hereby acknowledges and agrees that Dyax must request, and be granted
a CAT Product License, in relation to a Therapeutic Antibody Product prior to Dyax or Merrimack’s commencement of the [*] in relation
to a Therapeutic Antibody Products, or in relation to a Diagnostic Antibody Product prior to Dyax or Merrimack’s [*] on the relevant
Dyax Antibody.

 

(h)            Third
Party Beneficiary Right. As required by the CAT Agreement, Merrimack agrees that CAT shall be a Third Party beneficiary of the sublicense
under the CAT Product License and CAT shall have the right to enforce (including claim damages as a result of any breach) of such sublicense.
If at any time CAT does have to enforce its rights under such sublicense Dyax will, if requested by CAT, supply to CAT a copy of this
Agreement as soon as possible.

 

3.3            XOMA
Covenant. As required by the XOMA Agreement, the Parties acknowledge and agree that the XOMA Covenant is subject to the following
provisions:

 

(a)            Merrimack
will abide by each of the limitations, restrictions and other obligations applicable to Merrimack provided for in the XOMA Agreement including,
without limitation, the restrictions on use of Transferred Materials for purposes other than Research and Development;

 

(b)            Merrimack
covenants not to use the Transferred Materials for any purpose other than for Research and Development purposes;

 

(c)            Merrimack
agrees that the “first sale” doctrine does not apply to any Disposition of Transferred Materials;

 

(d)            Merrimack
shall Dispose of Transferred Materials only to a Third Party who otherwise meets the definition of a Dyax Collaborator under the XOMA
Agreement and who executes a written agreement in which its undertakes all of the obligations set forth herein;

 

(e)            XOMA
shall be an intended Third Party beneficiary with respect to the foregoing provisions of Section 3.3(a) through (d);

 

(f)             If
Merrimack or any person or entity controlled by Merrimack contests the validity or enforceability of any of the XOMA Patent Rights hereunder,
XOMA shall have the right to terminate (or cause Dyax to terminate) all of the rights hereby granted to Merrimack under the XOMA Patent
Rights;

 

(g)             Merrimack
acknowledges and agrees that it has received from Dyax, and is subject to the relevant provisions of, the following documents: (i) a
redacted copy of the XOMA Agreement containing all of the limitation, restrictions and other obligations provided therein with respect
to the XOMA Patent Rights; and (ii) the Form of Notice attached hereto as Appendix G and incorporated herein;

 

(h)             Merrimack
acknowledges and agrees that nothing in this Agreement shall be construed as a release or waiver of past, present or future infringement
of the XOMA Patent Rights by Merrimack acting outside the scope of this Agreement nor as a release from Dyax from any claim of infringement
of the XOMA Patent Rights nor as any right to release any Third Party from any claim of infringement under the XOMA Patent Rights;

 

    -14-

     

    

(i)            Merrimack
acknowledges and agrees that the XOMA Covenant shall not extend to infringement of the XOMA Patent Rights arising out of making or the
means or methods used to make any amount of a Dyax Antibody or Product other than those quantities of Antibody reasonably required for
Research and Development purposes; provided, however, that Dyax or Merrimack shall be permitted to make or have made any Dyax Antibody
by any means of its selection other than those which otherwise infringe a Valid Claim of the XOMA Patent Rights;

 

(j)            Merrimack
acknowledges and agrees that the XOMA Covenant shall become void and without effect as to Merrimack if Merrimack fails to materially discharge
or comply with any terms of this Agreement with respect to the XOMA Patent Rights;

 

(k)            Merrimack
acknowledges and agrees that the XOMA Covenant is personal to Dyax and Merrimack and Merrimack’s Affiliates and cannot be assigned
or transferred;

 

(l)             Merrimack
agrees that Dyax shall have the right to deliver to XOMA a written report which shall specify the name, address and contact person for
Merrimack; and

 

(m)            In
the event of the termination of the XOMA Agreement by Dyax, the covenants, licenses and rights granted to Dyax and Merrimack under the
XOMA Agreement shall survive. In the event of the termination of the XOMA Agreement by XOMA, the licenses and rights granted to Dyax and
Merrimack under the XOMA Agreement shall terminate.

 

Notwithstanding anything to the contrary in this
Agreement, Merrimack’s sole and exclusive liability for any failure to comply with the foregoing provisions of this Section 3.3
shall be that the XOMA Covenant may not apply.

 

3.4            Limitation
of Rights. Merrimack acknowledges that its rights with respect to the Dyax Libraries, Dyax Library Materials, Dyax Library Technology,
CAT Patent Rights and XOMA Patent Rights are limited to those expressly granted in this Article 3. Each Party agrees that, except
as expressly set forth in this Agreement, no other rights or licenses, express or implied, are granted to any patents, patent applications,
inventions, trademarks, trade secrets or other intellectual property, or to any materials, information, data or know-how, of the other
Party. Merrimack also agrees that no rights are granted to Merrimack by Dyax outside of the Research Field and, upon exercise of its option
to obtain a Commercial License, the Commercial Field. Merrimack acknowledges that Dyax has previously licensed and will continue to license
use of its phage display libraries and phage display patent rights to Third Parties for use in the Research Field and the Commercial Field
and that these Third Party licensees of Dyax may discover antibodies or products that are the same or similar to the Dyax Antibodies or
Products. Merrimack also acknowledges that, in connection with Dyax’s own internal research and development activities, Dyax has
used and will continue to use its phage display libraries and phage display patent rights to discover antibodies or products that are
the same or similar to the Dyax Antibodies or Products. Merrimack agrees that any expression vectors provided by Dyax to Merrimack are
to be used for research purposes only.

 

    -15-

     

    

3.5            Diligence
Requirement. Merrimack agrees to use commercially reasonable efforts to research and develop the Dyax Antibodies into commercial Products.
Specifically, upon exercise of its option to obtain a Commercial License, Merrimack agrees to use commercially reasonable efforts to develop,
pre-clinically and clinically test, market and sell Products in the Commercial Field. Until the first filing for Marketing Authorization
for any Product, Merrimack shall provide Dyax with annual written reports summarizing its development and commercialization efforts for
all Products during the period since the previous such report; provided that such reports shall not be required to include any non-public
technical or scientific information.

 

Article IV

PAYMENTS AND REPORTS

 

4.1            Research
Payments; FTEs.

 

(a)            In
consideration for the obligations undertaken by Dyax under the Research Plan for each Research Campaign and the other terms and conditions
of this Agreement, Merrimack shall compensate Dyax for the work performed by Dyax in accordance with each Research Plan in accordance
with the budget established for such Research Campaign. For work performed by Dyax at Merrimack’s request in addition to the work
set forth in the applicable Research Plan, Merrimack shall compensate Dyax at the FTE Rate; provided that the Parties shall agree on the
scope of such work prior to Dyax’ commencement thereof. The FTE rate includes all salary, employee benefits, materials and all other
expenses including support staff and overhead for or associated with Dyax scientists performing activities under each Research Plan. FTE
payments shall be made as follows:

 

(i)            Campaign
[*]. The parties acknowledge and agree that, as of the date of this Amended and Restated Collaboration Agreement, the research activities
contemplated under the Research Plan for Campaign [*] have been completed and all FTE payments due in connection with such research activities
have been paid. Additionally, the parties acknowledge and agree that as of the Effective Date, Campaign [*] Technical Milestones associated
with 4.2(a)(i) in the amount of $[*] and Campaign [*] Technical Milestones associated with 4.2(a)(ii) in the amount of $[*]
have been paid.

 

(ii)            Campaigns
[*]. Prior to the commencement of each of Campaigns [*], Merrimack shall deliver to Dyax a payment equal to [*] percent ([*] %) of
the total estimated FTEs that will be due under the Research Plan for each such Research Campaign. The remaining balance of the estimated
FTEs for each such Research Campaign, plus any additional FTE expenses reasonably incurred by Dyax in connection with the conduct of such
Research Plan, shall be delivered to Dyax within [*] days following the receipt of the report by Merrimack at the conclusion of each such
Research Campaign.

 

(b)            Merrimack
shall reimburse Dyax for any mutually agreed upon external costs and expenses incurred in connection with the Research Program.

 

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4.2            Technical
Milestones

 

(a)            Campaigns
[*].

 

		(i)	Upon completion of each Research Campaign, Merrimack shall pay to Dyax [*] US Dollars ($[*]) for each
Merrimack Target against which Dyax was able to identify Antibodies.

 

		(ii)	Within [*] days of the commencement of the first [*] with respect to any Dyax Antibody directed against
[*] Merrimack Targets, Merrimack shall pay to Dyax [*] US Dollars ($[*]) for each Merrimack Target against which Dyax was able to identify
Antibodies.

 

(b)            Campaigns
[*]. Merrimack shall pay to Dyax a technical milestone of [*] US Dollars ($[*]) upon delivery of Antibodies to Merrimack under each
Research Campaign; provided however, that such fee shall not be due unless Dyax is able to identify Antibodies that bind to each Merrimack
Target included in such Research Campaign. For the avoidance of doubt, Technical Milestones will be paid no more than once per Research
Campaign.

 

4.3            Product
License Fee. Prior to entering into a sublicense under a CAT Product License with respect to any Selected Target in accordance with
Section 3.2(d), Merrimack shall pay to Dyax a Product License Fee of [*] US Dollars (US $[*]) by wire transfer. If, for any reason,
Dyax has not executed the applicable sublicense within [*] business days after the receipt of such fee, Dyax shall, at Merrimack’s
request, immediately return such fee.

 

4.4            Development
Milestones. Within [*] days of the occurrence of each of the following events by Merrimack, its Affiliates or sublicensees with respect
to Therapeutic Antibody Products against a particular Selected Target (or as described in Section 3.2(e), against more than one Selected
Target), Merrimack shall make the following payments to Dyax:

 

(a)            Upon
the first achievement of any of the foregoing milestones by a Therapeutic Antibody Product in any Indication:

 

	Milestone Event	 	Payment	 
	Upon dosing of first patient in a Phase I Clinical Trial	 	US $[*]	 
	Upon dosing of first patient in a Phase III (or equivalent) Clinical Trial	 	US $[*]	 
	Upon first BLA/MAA filing in any Major Market Country	 	US $[*]	 
	Upon first BLA/MAA approval in any Major Market Country	 	US $[*]	 
	Upon second BLA/MAA approval in any Major Market Country	 	US $[*]	 

 

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(b)            Upon
the first achievement of any of the foregoing milestones by a Therapeutic Antibody Product in a second Indication:

 

	Milestone Event	 	Payment	 
	Upon dosing of first patient in a Phase III (or equivalent) Clinical Trial	 	US $[*]	 
	Upon first BLA/MAA filing in any Major Market Country	 	US $[*]	 
	Upon first BLA/MAA approval in any Major Market Country	 	US $[*]	 
	Upon second BLA/MAA approval in any Major Market Country	 	US $[*]	 

 

(c)            Upon
the first achievement of any of the foregoing milestones by a Therapeutic Antibody Product in a third Indication:

 

	Milestone Event	 	Payment	 
	Upon dosing of first patient in a Phase III (or equivalent) Clinical Trial	 	US $[*]	 
	Upon first BLA/MAA filing in any Major Market Country	 	US $[*]	 
	Upon first BLA/MAA approval in any Major Market Country	 	US $[*]	 
	Upon second BLA/MAA approval in any Major Market Country	 	US $[*]	 

 

4.5            Diagnostic
Antibody Product Milestones. Within US $[*] days of the occurrence of each of the following events by Merrimack, its Affiliates or
sublicensees with respect to Diagnostic Antibody Products against a particular Selected Target (or as described in Section 3.2(e),
against more than one Selected Target), Merrimack shall make the following payments to Dyax:

 

	Milestone Event	 	Payment	 
	Upon first BLA/MAA approval in any Major Market Country	 	US $[*]	 
	Upon first BLA/MAA approval in any Major Market Country	 	US $[*]	 

 

4.6            Therapeutic
Antibody Product Royalties. Merrimack shall pay to Dyax the following royalties on Net Sales for Therapeutic Antibody Products commercialized
by Merrimack, its Affiliates or sublicensees, calculated separately for each Therapeutic Antibody Product:

 

	Annual Net Sales Worldwide	 	Royalty Rate	 
	Portion ≤ US$[*] in a calendar year	 	[*] %	 
	Portion > US$[*] but ≤ US$[*] in a calendar year	 	[*] %	 
	Portion > US$[*] in a calendar year	 	[*] %	 

 

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4.7            Diagnostic
Antibody Product Royalties. Merrimack shall pay a [*] % royalty on Net Sales for Diagnostic Antibody Products commercialized by Merrimack,
its Affiliates or sublicensees, calculated separately for each Diagnostic Antibody Product.

 

4.8            Duration
of Royalty Payments. The royalties payable by Merrimack to Dyax pursuant to Sections 4.6 and 4.7 shall be payable on a country-by-country
and Product-by-Product basis for a period commencing with the First Commercial Sale and ending ten (10) years after First Commercial
Sale; provided, however, in the event that such ten (10) years period for a Product in a particular country ends prior to
the expiration of the last CAT Valid Claim in such country, then royalties shall be payable until the expiration of last CAT Valid Claim.

 

4.9            [*].
In the event that Merrimack, its Affiliates or sublicensees [*] to [*] or [*] to [*], then Merrimack, its Affiliates and sublicensees
[*] to [*] to Dyax [*] to [*] the [*] Sections [*] above.

 

4.10            Reports,
Payments, Records and Audits.

 

(a)            Merrimack
shall make the payments due to Dyax under this Article 4 in United States Dollars. Where the payments due to Dyax under this Article 4
are being converted from a currency other than United States Dollars, Merrimack will use the conversion rate reported in The Wall
Street Journal two (2) Business Days before the day on which Merrimack pays Dyax. Such payment will be made without deduction
of exchange, collection or other charges.

 

(b)            All
royalty payments will be made at Quarterly intervals. Within [*] days of the end of each Quarter after the First Commercial Sale of each
Product in any country, Merrimack shall prepare a statement which shall show on a country-by-country basis for the previous Quarter Net
Sales of each Product by Merrimack or its Affiliates or sublicensees and all monies due to Dyax based on such Net Sales and shall submit
such statement to Dyax within such [*] day period together with remittance of the monies due.

 

(c)            All
payments shall be made free and clear of and without deduction or deferment in respect of any disputes or claims whatsoever and/or as
far as is legally possible in respect of any taxes imposed by or under the authority of any government or public authority. Any tax (other
than VAT) which Merrimack is required to pay or withhold with respect of the payments to be made to Dyax hereunder shall be deducted from
the amount otherwise due provided that, in regard to any such deduction, Merrimack shall give Dyax such assistance, which shall include
the provision of such documentation as may be required by any revenue authority and other revenue services, as may reasonably be necessary
to enable Dyax to claim exemption therefrom or obtain a repayment thereof or a reduction thereof and shall upon request provide such additional
documentation from time to time as is needed to confirm the payment of tax. If by law, regulation or fiscal policy of a particular country,
a remittance of royalties in the currency stipulated in Section 4.9(a) above is restricted or forbidden, notice thereof will
be promptly given to Dyax, and payment of the royalty shall be made by the deposit thereof in local currency to the credit of Dyax in
a recognized banking institution designated by Dyax or its Affiliates. When in any country a law or regulation that prohibits both the
transmittal and deposit of such payments ceases to be in effect, all royalties or other sums that Merrimack would have been under obligation
to transmit or deposit but for the prohibition, shall forthwith be deposited or transmitted promptly to the extent allowable.

 

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(d)            Merrimack
shall keep and shall procure that its Affiliates and sublicensees keep true and accurate records and books of account containing all data
necessary for the calculation of the amounts payable by it to Dyax pursuant to this Agreement. Those records and books of account shall
be kept for [*] years following the end of the calendar year to which they relate. Upon Dyax’s written request, a firm of accountants
appointed by agreement between the Parties or, failing such agreement within [*] business days of the initiation of discussions between
them on this point Dyax shall have the right to cause an international firm of independent certified public accountants that has not performed
auditing or other services for either Party or their Affiliates and is acceptable to Merrimack, such acceptance not to be unreasonably
withheld, to inspect such records and books of account. In particular such firm:

 

		(i)	shall be given access to and shall be permitted to examine and copy such books and records of Merrimack
and its Affiliates and sublicensees upon [*] business days notice having been given by Dyax and at all reasonable times on business days
for the purpose of certifying that the Net Sales or other relevant sums calculated by Merrimack and its Affiliates and sublicensees during
any calendar year were reasonably calculated, true and accurate or, if this is not their opinion, certify the Net Sales figure or other
relevant sums for such period which in their judgment is true and correct;

 

		(ii)	prior to any such examination taking place, such firm of accountants shall undertake to Merrimack and
its Affiliates and sublicensees, as applicable, that they shall keep all information and data contained in such books and records, strictly
confidential and shall not disclose such information or copies of such books and records to any third person including Dyax, but shall
only use the same for the purpose of calculations which they need to perform in order to issue the certificate to which this Section envisages;

 

		(iii)	any such access examination and certification shall occur no more than [*] per calendar year and will
not go back over records more than [*] years old;

 

		(iv)	Merrimack and its Affiliates and sublicensees shall make available personnel to answer queries on all
books and records required for the purpose of that certification; and

 

		(v)	the cost of the accountant shall be the responsibility of Merrimack if the certification shows it to have
underpaid monies to Dyax by more than five percent (5%) and the responsibility of Dyax otherwise.

 

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(e)            All
payments due to Dyax under the terms of this Agreement are expressed to be exclusive of value added tax (VAT) howsoever arising. If Dyax
is required to charge VAT on any such payment, Dyax will notify Merrimack. Merrimack will then use all commercially reasonable endeavours
to obtain a VAT registration as soon as reasonably possible in order to allow it to reclaim any VAT so chargeable. If Merrimack does obtain
a VAT registration then VAT will be added to any relevant payment at the applicable rate. If having used all commercially reasonable endeavours
Merrimack is not able to reclaim the VAT (in whole or in part) the parties agree that the amount of any VAT payable will be shared between
them equally.

 

(f)            All
payments made to Dyax under this Agreement shall be made by wire transfer to the following bank account of Dyax, or such other bank account
as notified by Dyax to Merrimack from time to time:

 

	To:	[*]
	Routing/Transit:	[*]
	For Credit to:	Dyax Corp.
	Account No.:	[*]
	By Order of:	Name of Sender

 

4.11            Late
Payments. If Merrimack fails to make any payment to Dyax hereunder on the due date for payment, without prejudice to any other right
or remedy available to Dyax it shall be entitled to charge Merrimack interest (both before and after judgment) of the amount unpaid at
the [*] rate plus [*] percent ([*] %) calculated on a daily basis until payment in full is made without prejudice to Dyax’s right
to receive payment on the due date.

 

4.12            Merrimack
Acknowledgement. Merrimack acknowledges and agrees that the amount of milestones and royalties due under this Article 4 and the
duration of the royalty payments (set forth in Section 4.8) have been chosen for the convenience of the Parties as payment for Dyax’s
services and use of the Dyax Libraries, Dyax Patent Rights, Dyax Research Know-How and Dyax Research Materials to discover Antibodies
to Merrrimack Targets, and not as patent royalties.

 

Article V

INTELLECTUAL PROPERTY

 

5.1            Ownership.

 

(a)            Dyax
Antibodies and Dyax Antibody Information. Subject to the licenses granted to Merrimack in Section 3.1, Dyax is and shall remain
the owner of all Dyax Antibodies that are identified, generated, developed, produced, optimized, or obtained by Dyax from a Dyax Library
that is delivered by Dyax to Merrimack in connection with the Research Program, together with the Dyax Antibody Information applicable
thereto.

 

(b)            Dyax
Libraries. Dyax is and shall remain the owner of the Dyax Libraries and all improvements thereon developed during the term of this
Agreement.

 

(c)            Dyax
Research Materials and Dyax Research Know-How. Subject to the licenses granted to Merrimack in this Agreement, Dyax is and shall remain
the owner of the Dyax Research Materials and Dyax Research Know-How generated or utilized during the conduct of the Research Program.

 

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(d)            Merrimack
Targets and Merrimack Materials. Merrimack is and shall remain the owner of the Merrimack Targets and Merrimack Materials.

 

5.2            Inventions.
Title to all inventions and other subject matter not accounted for in Section 5.1, (including all intellectual property rights therein)
conceived, reduced to practice or otherwise made solely by Dyax personnel in connection with this Agreement shall be owned by Dyax; title
to all inventions and other subject matter (including all intellectual property rights therein) conceived, reduced to practice or otherwise
made solely by Merrimack personnel in connection with this Agreement shall be owned by Merrimack or any of its Affiliates; and title to
all inventions and other subject matter (including all intellectual property rights therein) conceived, reduced to practice or otherwise
made jointly by personnel of Dyax and Merrimack in connection with this Agreement shall be jointly owned by Dyax and Merrimack or any
of its Affiliates. Except as expressly provided in this Agreement, it is understood that neither Party shall have any obligation to account
to the other for profits, or to obtain any approval of the other Party to license or exploit a joint invention, by reason of joint ownership
of any invention or other intellectual property and each Party hereby waives any right it may have under the laws of any country to require
such accounting or approval. Dyax shall promptly notify Merrimack of all Dyax Antibodies identified against Merrimack Targets in accordance
with the applicable Research Plan, together with all Dyax Antibody Information applicable thereto.

 

5.3            Patenting
Antibody Inventions under the Research Program.

 

(a)            Filing
and Prosecution. Prior to the exercise of its option to obtain a Commercial License as set forth in Section 3.1(b), Dyax will
at Merrimack’s request and expense file and prosecute any Patent Rights in any country for any invention solely owned by Dyax which
is directed or relating to any Antibody that are identified, generated, developed, produced, optimized, or obtained by Dyax from a Dyax
Library that is delivered by Dyax to Merrimack in connection with the Research Program. Thereafter, such Patent Rights shall be deemed
to be included in the rights licensed to Merrimack under Section 3.1. Dyax shall (i) keep Merrimack fully informed as to the
filing, prosecution and maintenance of such Patent Rights, (ii) furnish to Merrimack copies of all documents relevant to any such
filing, prosecution and maintenance, and (iii) allow Merrimack [*] days to review and comment upon, and to incorporate Merrimack’s
reasonable comments into, any such document filed with any patent office with respect to such Patent Rights prior to filing such documents.

 

Upon
exercise of its option to obtain a Commercial License with respect to a Dyax Antibody, as set forth in Section 3.1(b), Merrimack
may, at Merrimack’s expense (i) in Dyax’s name, file, maintain, defend and enforce Patent Rights for any invention solely
owned by Dyax which is directed or relating to such Dyax Antibody and assume the prosecution of any such Patent Rights filed by Dyax pursuant
to this Section 5.3, or (ii) require Dyax to assign to Merrimack any Patent Rights for any invention solely owned by Dyax which
is directed or relating to such Dyax Antibody. Dyax will use reasonable efforts to cooperate with Merrimack in such activities. Dyax shall
have [*] days to review and comment upon any patent application before it is filed by Merrimack pursuant to this Section 5.3,
and Merrimack shall incorporate Dyax’s reasonable comments. For the avoidance of doubt, Dyax acknowledges and agrees that if, upon
Merrimack’s election to obtain a Commercial License with respect to a Dyax Antibody, Dyax is unable to obtain a CAT Product License
with respect to the Target against which such Dyax Antibody is directed because Dyax no longer has any CAT Product License options available
to it under the terms of the CAT Agreement, Merrimack’s rights under clauses (i) and (ii) of this paragraph above shall
apply notwithstanding such inability by Dyax to obtain a CAT Product License and Merrimack may, at Merrimack’s expense, require
Dyax to assign to Merrimack any Patent Rights for any invention solely owned by Dyax which is directed or relating to such Dyax Antibody.

 

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(b)            Enforcement.
Merrimack shall have the right but not the obligation, at its expense, to enforce any Patent Rights which relate to any Antibody that
are identified, generated, developed, produced, optimized, or obtained by Dyax from a Dyax Library that is delivered by Dyax to Merrimack
in connection with the Research Program. Dyax shall cooperate with Merrimack, at Merrimack’s expense, in pursuing any litigation
or other enforcement action to enforce such Patent Rights, including allowing Merrimack to file suit in Dyax’s name, making Dyax
employees available to Merrimack, and promptly executing any documents which may be required to pursue such action. Merrimack shall control
any such litigation or other enforcement action and shall enter into, or permit, the settlement of any such litigation or other enforcement
action. All monies recovered upon the final judgment or settlement of any suit to enforce such Patent Rights shall first be paid to recover
the respective actual out-of-pocket expenses of Merrimack and Dyax, or equitable portion thereof, associated with the enforcement. The
remainder of any such monies shall be deemed to be Net Sales for purposes of determining the royalties owed by Merrimack to Dyax under
Sections 4.5. and 4.6.

 

5.4            Further
Assurances. Each Party has and will have appropriate agreements with its employees and contractors necessary to fully effect the provisions
of Sections 5.1, 5.2 and 5.3. Each Party agrees to execute such assignments and other documents, to cause its employees and agents to
execute such assignments and other documents, and to take such other actions, as may reasonably be requested by the other Party from time
to time to give effect to the provisions of Sections 5.1, 5.2 and 5.3.

 

Article VI

CONFIDENTIALITY, PUBLICITY AND PUBLICATIONS

 

6.1            Confidentiality.
With respect to any Confidential Information received by one Party from the other Party, the receiving Party undertakes and agrees, during
the term of this Agreement and for an additional period of [*] years thereafter, to:

 

(a)            only
use the Confidential Information for the purposes envisioned under this Agreement and not to use the same for any other purpose whatsoever;

 

(b)            ensure
that only those of its officers, directors, employees, consultants and permitted sublicensees who are directly concerned with the carrying
out of this Agreement have access to the Confidential Information on a strictly “need to know” basis and are informed of the
secret and confidential nature of it;

 

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(c)            keep
the Confidential Information secret, confidential, safe and secure and shall not directly or indirectly disclose or permit to be disclosed
the same to any Third Party, including any consultants or other advisors, without the prior written consent of the disclosing Party, except
to the extent disclosure is in connection with its use as envisioned under this Agreement;

 

(d)            ensure
that the Confidential Information will not be covered by any lien or other encumbrance in any way; and

 

(e)            not
copy, reproduce or otherwise replicate for any purpose or in any manner whatsoever any documents containing the Confidential Information
except in connection with its use as envisioned under this Agreement.

 

Merrimack acknowledges and
agrees that Dyax shall be permitted to disclose this Agreement in confidence to CAT and XOMA to the extent reasonably necessary to comply
with Dyax’s obligations pursuant to the CAT Agreement and XOMA Agreement.

 

Dyax agrees, at Merrimack’s
request, to enforce the confidentiality and non-use provisions of the CAT Agreement and any CAT Product License against CAT if Merrimack
reasonably believes that CAT has failed to adhere to such obligations with respect to any Merrimack Confidential Information that CAT
learns through the CAT Gatekeeping Procedure set forth in Appendix B.

 

6.2            Exclusions.
The obligations referred to in Section 6.1 above shall not extend to any Confidential Information which:

 

(a)            was
in the public domain prior to this Agreement or becomes part of the public domain through no fault of the receiving Party, or

 

(b)            is
known or becomes known to the receiving Party (having been generated independently by the receiving Party or by a Third Party in circumstances
where it has not been derived directly or indirectly from any improper use of Confidential Information of the disclosing Party), or

 

(c)            is
or was disclosed to the receiving Party at any time by a Third Party having no obligation of confidentiality with respect to such Confidential
Information, or

 

(d)            is
required to be disclosed by applicable law, rule, regulation or administrative or court proceeding (including as part of any regulatory
submission or approval process) and then only when prompt written notice of this requirement has been given to the disclosing party so
that it may, if so advised, seek appropriate relief to prevent such disclosure, provided always that in such circumstances such disclosure
shall be only to the extent so required and shall be subject to prior consultation with the disclosing party with a view to agreeing on
the timing and content of such disclosure (i.e., obligations under Section 6.1 shall not apply to such required disclosure), or

 

(e)            is
information concerning Product which Merrimack is reasonably required to disclose to consultants (such as advertising agencies, reimbursement
experts and marketing research companies), customers, healthcare professionals, consumers or regulatory agencies, or which is disclosed
by Merrimack to Affiliates and distributors and sublicensees in order to allow them to market and sell Product (i.e., Merrimack’s
obligations under Section 6.1 shall not extend to such disclosure by Merrimack, but nothing in this clause (e) shall relieve
Dyax of obligations under Section 6.1); or

 

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(f)            is
disclosed by Merrimack to a Third Party in exercising the rights and licenses granted under this Agreement, provided that such Third Party
has confidentiality obligations similar to those of this Agreement (i.e., Merrimack’s obligations under Section 6.1 shall not
extend to such disclosure by Merrimack, but nothing in this clause (f) shall relieve Dyax of obligations under Section 6.1).

 

6.3            Dyax
Antibodies. Notwithstanding anything to the contrary contained herein, the fact that any given Dyax Antibody is identified in a Research
Campaign against a Merrimack Target shall constitute Confidential Information of Merrimack.

 

6.4            Publicity.
No public announcement or other disclosures concerning the terms of this Agreement shall be made to a Third Party, whether directly or
indirectly, by either Party (except confidential disclosures to professional advisors) without first obtaining the approval of the other
Party and agreement upon the nature and text of such announcement or disclosure except that: (i) a Party may disclose those terms
which it is required by regulation or law to disclose, provided that it takes advantage of all provisions to keep confidential as many
terms as possible; and (ii) a Party desiring to make such public announcement or other public disclosure shall obtain the consent
of the other Party to the proposed announcement or public disclosure prior to public release. Each Party agrees that it shall cooperate
fully with the other with respect to all disclosures regarding this Agreement as required under the regulations of the U.S. Securities
and Exchange Commission, applicable stock exchanges, NASDAQ and any other comparable foreign body including requests for confidential
information or proprietary information of either Party included in any such disclosure. Merrimack agrees that Dyax may include Merrimack
on a list of Dyax licensees. In addition, a Party may disclose the terms and conditions of this Agreement to a Third Party in connection
with an equity investment in such Party, a loan or other financing, a merger, consolidation, change in control or similar transaction
by such Party, the transfer or sale of the assets of such Party relating to this Agreement, or in connection with the granting of a sublicense
under this Agreement.

 

6.5            Publication.
In the event that either Party (the “Publishing Party”) wishes to publish, in oral or written form, any Confidential Information
of the other Party (the “Non-Publishing Party”), such Party will promptly notify the Non-Publishing Party and provide the
Non-Publishing Party with a written copy of the proposed publication prior to its submission for publication. At the Non-Publishing Party’s
request, such the Publishing Party will delay publication in order to permit the Non-Publishing Party to take the steps necessary to secure
rights to any intellectual property arising from the Publishing Party’s use of Confidential Information, including the filing of
one or more patent applications. In no event will such delay exceed [*] days from the date the Non-Publishing Party receives a written
copy of the proposed publication. If the Non-Publishing Party makes such a request, the Publishing Party agrees to cooperate with the
Non-Publishing Party in securing such intellectual property rights using the Non-Publishing Party’s choice of counsel and the Non-Publishing
Party will bear all costs of such filing. No patent application describing an invention resulting from the Publishing Party’s use
of Confidential Information will be filed or caused to be filed by the Publishing Party without first notifying the Non-Publishing Party
as described above for proposed publications. Any publication or patent application will acknowledge the Non-Publishing Party’s
contribution. No publication or patent application will disclose any Confidential Information of a Party without the prior written permission
of that Party.

 

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Article VII

REPRESENTATIONS, WARRANTIES AND COVENANTS.

 

7.1            Authorization.
Each Party represents and warrants to the other Party that it has the legal right and power to enter into this Agreement, to extend the
rights and licenses granted to the other in this Agreement, and to fully perform its obligations hereunder, and that the performance of
such obligations will not conflict with its charter documents or any agreements, contracts, or other arrangements to which it is a party.

 

7.2            Dyax
Representations and Warranties. Dyax represents and warrants to Merrimack that:

 

[*]

 

7.3            Dyax
Covenants. Dyax hereby covenants and agrees that [*] or [*] of the [*] of [*] to be [*] the [*] during the [*] of the [*] not be [*]
with the [*] in the [*] the [*] or [*]; and [*], and to the [*] have the [*] to [*]. Merrimack agrees that Dyax shall not be deemed to
have breached its obligations under this Section 7.3 unless Merrimack’s rights to research, develop and/or commercialize Products
under this Agreement are adversely affected.

 

7.4            Disclaimer.
Except as otherwise set forth in Section 5.3, nothing in this Agreement is or shall be construed as obligating Dyax to (a) bring
or prosecute actions or suits against Third Parties for infringement of any of the patent rights licensed or sublicensed by Dyax to Merrimack
hereunder, (b) maintain any patent or to continue to prosecute any patent application licensed or sublicensed by Dyax to Merrimack
hereunder, or (c) granting by implication, estoppel, or otherwise (excluding explicit license and sublicense grants) any licenses
or rights under patents or other rights of Dyax or Third Parties, regardless of whether such patents or other rights are dominant or subordinate
to any patent rights licensed or sublicensed by one Party to the other Party hereunder.

 

7.5            No
Other Warranties. Except as otherwise set forth in Section 7.1 and 7.2, nothing in this Agreement shall be construed as a warranty
or representation by Dyax that the use of the Dyax Libraries or Dyax Library Materials and the practice of the patent rights and know-how
licensed or sublicensed to Merrimack hereunder will result in any Dyax Antibodies or Products, or as a warranty or representation by Dyax
that the exploitation of any of the foregoing will be free from infringement of patents of Third Parties. EXCEPT AS OTHERWISE SET FORTH
IN SECTION 7.1 and 7.2 ABOVE, NEITHER PARTY HERETO MAKES ANY REPRESENTATIONS OR WARRANTIES WITH RESPECT TO ANY OF THE PATENT RIGHTS,
MATERIALS (INCLUDING WITHOUT LIMITATION THE DYAX LIBRARIES AND DYAX MATERIALS) OR KNOW-HOW LICENSED HEREUNDER, EXPRESS OR IMPLIED, EITHER
IN FACT OR BY OPERATION OF LAW, BY STATUTE OR OTHERWISE, OR THAT ANY PRODUCT OR SERVICE MADE, USED, SOLD, OR OTHERWISE DISPOSED OF UNDER
ANY LICENSE OR SUBLICENSE GRANTED IN THIS AGREEMENT IS OR WILL BE FREE FROM INFRINGEMENT OF ANY PATENT RIGHTS OR OTHER INTELLECTUAL PROPERTY
RIGHT OF ANY THIRD PARTY. EACH PARTY SPECIFICALLY DISCLAIMS ANY EXPRESS OR IMPLIED WARRANTY OF MERCHANTABILITY, OF FITNESS FOR A PARTICULAR
PURPOSE, OF VALIDITY OR SCOPE OF SUCH PATENT RIGHTS, MATERIALS OR KNOW-HOW, ARISING FROM COURSE OF DEALING OR OF NON-INFRINGEMENT OF THE
INTELLECTUAL PROPERTY RIGHTS OF ANY THIRD PARTY.

 

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7.6            Limitation
of Liability. Neither Party shall be liable to the other for consequential, incidental, indirect or punitive damages arising from
the performance or nonperformance of such Party under this Agreement whether such claim is based on contract, tort (including negligence)
or otherwise, even if an authorized representative of such Party is advised of the possibility or likelihood of same.

 

Article VIII

INDEMNIFICATION

 

8.1            Indemnification
by Merrimack. Merrimack shall indemnify, defend, and hold harmless Dyax and its Affiliates, directors, officers, employees, and agents
and their respective successors, heirs and assigns (the “Dyax Indemnitees”) against any liability, damage, loss, or expense
(including reasonable attorneys fees and expenses of litigation) incurred by or imposed upon the Dyax Indemnitees or any one of them in
connection with any claims, suits, actions, demands, or judgments in each case initiated by a Third Party which arise out of: (a) any
Product developed or commercialized by or on behalf of Merrimack; (b) the gross negligence or willful misconduct of Merrimack in
connection with this Agreement; or (c) any breach of any obligation of Merrimack under this Agreement, including without limitation,
the failure of Merrimack to comply with the provisions of Sections 3.3 through 4.6 of this Agreement. Notwithstanding the foregoing, Merrimack
shall have no obligation under this Section 8.1 with respect to claims, suits, actions, demands or judgments to the extent the same
is caused by the gross negligence or willful misconduct of a Dyax Indemnitee.

 

8.2            Indemnification
by Dyax. Dyax shall indemnify, defend, and hold harmless Merrimack and its Affiliates, directors, officers, employees, and agents
and their respective successors, heirs and assigns (the “Merrimack Indemnitees”) against any liability, damage, loss, or expense
(including reasonable attorneys fees and expenses of litigation) incurred by or imposed upon the Merrimack Indemnitees or any one of them
in connection with any claims, suits, actions, demands, or judgments in each case initiated by a Third Party which arise out of: (a) the
gross negligence or willful misconduct of Dyax in connection with this Agreement; or (b) any breach of any obligation of Dyax under
this Agreement. Notwithstanding the foregoing, Dyax shall have no obligation under this Section 8.2 with respect to claims, suits,
actions, demands or judgments to the extent the same is caused by the gross negligence or willful misconduct of a Merrimack Indemnitee.

 

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8.3            Procedure.
A Party (for purposes of this Section 8.3, the “Indemnitee”) that intends to claim indemnification under this Article 8
shall: (i) promptly notify the indemnifying party (the “Indemnitor”) in writing of any claim, action, suit, or other
proceeding brought by Third Parties in respect of which the Indemnitee or any of its Affiliates, directors, officers, employees, successors
or assigns intend to claim such indemnification hereunder; (ii) provide the Indemnitor sole control of the defense and/or settlement
thereof, and (iii) provide the Indemnitor, at the Indemnitor’s request and expense, with reasonable assistance and full information
with respect thereto. Notwithstanding the foregoing, the indemnity obligation in this Article 8 shall not apply to amounts paid in
settlement of any loss, claim, damage, liability or action if such settlement is effected without the consent of the Indemnitor, to the
extent such consent is not withheld unreasonably or delayed. Without limiting the foregoing provisions of this Section 8.3, the Indemnitor
shall keep the Indemnitee reasonably informed of the progress of any claim, suit or action under this Section 8.3 and the Indemnitee
shall have the right to participate in any such claim, suit or proceeding with counsel of its choosing at its own expense, but the Indemnitor
shall have the sole right to control the defense or settlement thereof.

 

Article IX

TERM AND TERMINATION

 

9.1            Research
Term. The term of the Research Program (the “Research Term”) commenced on the effective date of the Original Agreement,
has continued in effect through the Effective Date hereof, and shall remain in effect until all activities required to be taken by Dyax
and Merrimack under all Research Campaigns of the Research Program have been completed.

 

9.2            Term
of Agreement. This Agreement commenced on the effective date of the Original Agreement, has continued in effect through the Effective
Date hereof, and shall remain in effect, unless earlier terminated as provided in this Article 9, for so long as Merrimack or any
of its Affiliates or sublicensees continues to develop and/or commercialize Products that are or may be royalty-bearing hereunder or under
any CAT Product License and thereafter shall terminate, on a country-by-country and Product-by-Product basis on the earliest the date
after which no payments are due to Dyax under Article 4 of this Agreement.

 

9.3            Termination
by Merrimack. After the expiration of the term of the Research Program, Merrimack shall have the right to terminate this Agreement
in its entirety or on a Product-by-Product basis at any time by providing ninety (90) days prior written notice to Dyax.

 

9.4            Termination
by Dyax. In the event that Merrimack fails to make timely payment of any amounts due to Dyax under Article 5 of this Agreement,
Dyax may terminate this Agreement upon thirty (30) days prior written notice to Merrimack, unless Merrimack pays all undisputed past-due
amounts prior to the expiration of such thirty (30) day notice period.

 

9.5            Termination
for Other Material Breach. In the event that either Party commits a material breach of any of its obligations under this Agreement,
and such Party fails to remedy that breach within [*] days after receiving written notice thereof from the other Party, then the other
Party may immediately terminate this Agreement upon written notice to the breaching Party.

 

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9.6            Effect
of Termination.

 

(a)            Upon
termination of this Agreement in its entirety or with respect to any particular Product pursuant to Section 9.3, 9.4 or 9.5 hereof,
all of Merrimack’s rights and obligations under this Agreement (including any license rights) with respect to all Products or such
particular Product, as applicable, shall terminate immediately and, except as set forth in Section 9.6(c), Merrimack shall cease
the development and commercialization of all Products or such particular Product, as applicable; provided however that, subject
to the terms of any Third Party Phage Display Agreement, [*].

 

(b)            The
following provisions shall survive the expiration or termination of this Agreement: Articles 5, 6, 8 and 10 and Sections , 4.10, 4.11,
7.4, 7.5, 7.6, and this Section 9.6; as well as Merrimack’s obligation to make payments with respect to Products sold prior
to the effective date of termination. In the event of the termination of this Agreement with respect to a Product in a country under Section 9.2,
upon satisfaction of Merrimack’s payment obligations pursuant to Article 4, any license granted under Article 3 with respect
thereto shall be fully paid up and royalty free.

 

(c)            Upon
any termination of this Agreement in its entirety or with respect to a Product, at its option, Merrimack shall be entitled to complete
production of and/or sell any in-process and/or completed inventory of Product under the licenses granted under this Agreement which remains
on hand as of the date of termination, so long as Merrimack pays to Dyax the payments applicable to said subsequent sales in accordance
with the same terms and conditions set forth in this Agreement.

 

(d)            Upon
expiration or termination of this Agreement for any reason, nothing herein shall be construed to release either Party from any obligation
that matured prior to the effective date of such expiration or termination.

 

(e)            In
the event that Merrimack disputes a payment obligation and Merrimack notifies Dyax of such dispute and makes the payment under protest,
then notwithstanding such payment, Merrimack shall have the right to bring an action as to whether or not Merrimack is obligated to make
such payment and to the extent Merrimack prevails in such action, Dyax shall return such disputed payment to Merrimack.

 

(f)            This
Agreement may be terminated only as expressly provided in this Article 9.

 

Article X

MISCELLANEOUS

 

10.1            Relationship
of Parties. Nothing in this Agreement or in the course of business between Dyax and Merrimack shall make or constitute either Party
a partner, employee or agent of the other. Neither Party shall have any right or authority to commit or legally bind the other in any
way whatsoever including, without limitation, the making of any agreement, representation or warranty.

 

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10.2            Notices.
All notices, requests, demands and other communications required or permitted to be given pursuant to this Agreement shall be in writing
and shall be deemed to have been duly given upon the date of receipt if delivered by hand, recognized international overnight courier,
confirmed facsimile transmission, or registered or certified mail, return receipt requested, postage prepaid to the following addresses
or facsimile numbers:

 

	If to Dyax:	
    Dyax Corp.

    300 Technology Square

    Cambridge, MA 02139

    Attention: Vice President, Business Development

    Attention: Corporate Counsel, Legal Department

    Facsimile: (617) 225-2501

     

	If to Merrimack:	
    Merrimack Pharmaceuticals, Inc.

One Kendall Square

Building 700, 2nd Floor

Cambridge, MA 02139

Attention: Senior Director, Business Development

Facsimile: (617) 491-1386

 

Either Party may change its designated address
and facsimile number by notice to the other Party in the manner provided in this Section.

 

10.3            Assignment.
This Agreement may not be assigned by either Party without the prior written consent of the other Party, except that either Party may
assign this Agreement (i) to any of its Affiliates, (ii) in connection with the grant of a security interest, or (iii) or
to a successor in connection with the merger, consolidation, or sale of all or substantially all of its assets or that portion of its
business pertaining to the subject matter of this Agreement, with prompt written notice to the other Party of any such assignment and
provided that the assignee assumes in writing all of the obligations of the assignor. This Agreement shall inure to the benefit of and
be binding upon the Parties and their respective lawful successors and assigns

 

10.4            Governing
Law. This Agreement shall be governed by and construed in accordance with the laws of the Commonwealth of Massachusetts, without regard
to any choice of law principles that would dictate the application of the laws of another jurisdiction.

 

10.5            Compliance
With Law. Nothing in this Agreement shall be construed so as to require the commission of any act contrary to law, and wherever there
is any conflict between any provision of this Agreement and any statute, law, ordinance or treaty, the latter shall prevail, but in such
event the affected provisions of the Agreement shall be conformed and limited only to the extent necessary to bring it within the applicable
legal requirements.

 

10.6            Force
Majeure. Neither Party shall be liable for failure or delay in performance of any obligation under this Agreement, other than payment
of any amount due and payable, if such failure or delay is caused by circumstances beyond the control of the Party concerned, including,
without limitation, failures resulting from fires, earthquakes, power surges or failures, accidents, labor stoppages, war, revolution,
civil commotion, acts of public enemies, blockade, embargo, inability to secure materials or labor, any law, order, proclamation, regulation,
ordinance, demand, or requirement having a legal effect of any government or any judicial authority or representative of any such government,
acts of God, or acts or omissions of communications carriers, or other causes beyond the reasonable control of the Party affected, whether
or not similar to the forgoing. Any such cause shall delay the performance of the affected obligation until such cause is removed.

 

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10.7            Amendment
and Waiver. This Agreement may be amended, supplemented, or otherwise modified only by means of a written instrument signed by both
Parties. Any waiver of any rights or failure to act in a specific instance shall relate only to such instance and shall not be construed
as an agreement to waive any rights or fail to act in any other instance, whether or not similar.

 

10.8            Headings.
All headings used in this Agreement are inserted for convenience only and are not intended to affect the meaning or interpretation of
this Agreement or any Article or Section hereof.

 

10.9            Severability.
In the event any provision of this Agreement should be held invalid, illegal or unenforceable, the remaining provisions shall not be affected
or impaired and the Parties will use all reasonable efforts to replace the applicable provision with a valid, legal and enforceable provision
which insofar as practical implements the purposes hereof, provided, however, that if the Parties fail to reach such agreement within
[*] days, a Party whose rights or obligations are materially affected as a result of a provision being held invalid, illegal or unenforceable
may terminate this Agreement.

 

10.10            Entire
Agreement. This Agreement constitutes the entire agreement between the Parties with respect to the subject matter hereof and supersedes
any term sheets and all prior agreements or understandings between the Parties relating to the subject matter hereof.

 

10.11            Bankruptcy.
All rights and licenses granted under or pursuant to this Agreement by Dyax to Merrimack are, and shall irrevocably be deemed to be, “intellectual
property” as defined in Section 101(56) of the Bankruptcy Code. In the event of the commencement of a case by or against either
Party under any Chapter of the Bankruptcy Code, this Agreement shall be deemed an executory contract and all rights and obligations hereunder
shall be determined in accordance with Section 365(n) thereof. Unless a Party rejects this Agreement and the other Party decides
not to retain its rights hereunder, the other Party shall be entitled to a complete duplicate of (or complete access to, as appropriate)
all intellectual property and all embodiments of such intellectual property held by the Party and the Party shall not interfere with the
rights of the other Party, which are expressly granted hereunder, to such intellectual property and all embodiments of such intellectual
property from another entity.

 

10.12            Counterparts.
This Agreement may be executed in two or more counterparts, each of which shall be deemed an original agreement.

 

10.13            Amends
and Restates. This Agreement amends, restates and replaces in its entirety the Original Agreement.

 

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IN WITNESS WHEREOF, the undersigned
have duly executed and delivered this Agreement as a sealed instrument effective as of the date first above written.

 

	DYAX CORP.	 	MERRIMACK PHARMACEUTICALS, INC.
	 	 	 
	 	 	 
	By:	 /s/ Henry E. Blair	 	By:	 /s/ Robert J. Mulroy
	 	 	 
	Title: 	Chief Executive Officer	 	Title: 	President and Chief Executive Officer
	 	 	 
	Date:	 January 24, 2007	 	Date: 	January 25, 2007

 

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APPENDIX A

 

RESEARCH PLAN

FOR

CAMPAIGN I

 

Workplan Overview

 

The
aim of the project is to identify [*] from Dyax’s antibody library against [*] targets provided by Merrimack Pharmaceuticals, Inc.
(Merrimack). For [*] of the targets, [*] are available and will be used in the selection plan. A schematic showing the overall workplan
is presented in Scheme 1. Dyax will perform [*] using the Dyax [*]. Selection output [*] will be tested using a [*] against the
[*], and at [*] selection [*] per target showing a [*]. The [*] will be subjected to [*] target to screen approximately [*] per target.
Confirmed [*] will be [*], and the [*] data will be used to identify up to [*] per target that will be [*]. The resulting [*] will be
used to [*] based either on [*]. Based on the results from the [*] will be selected for [*]) to Merrimack for more extensive evaluation.

 

Deliverables
to Merrimack for each of [*] targets

 

 [*]

 

Reagent And Data Delivery To Dyax

 

Merrimack
will supply Dyax with the following materials with respect to [*] targets for selections and screening:

 

 [*]

 

 

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Scheme
1, Plan Overview:

 

[*]

 

    Appendix A

     

    

 

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Target Validation, Selections, Screening, And Sequencing

 

The
selection plan for soluble protein targets is dependent on the target format, and [*].

 

[*]

 

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Scheme
2, Representative Selection Strategies:

 

[*]

 

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Final Lead
Selection And [*] Production

 

[*]

 

Key Dates And Timeline

 

A project timeline with a start date of Dec 2nd,
2005 has the following key dates:

 

 [*]

 

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APPENDIX B

 

CAT GATEKEEPING PROCEDURE

 

For each Nominated Target (which must be accompanied
by a GenBank® accession number or similar information which uniquely identifies that Nominated Target) submitted by Dyax under Clause
4.1, CAT will, on a Nominated -Target-by-Nominated -Target basis, not grant a Product License to Dyax, if:

 

		1.	CAT is, at the date of submission of the Target Option Notice by Dyax, contractually obligated on an exclusive
basis in respect of the Nominated Target with a Third Party pursuant to an agreement with that Third Party which was entered into prior
to the Commencement Date of this Agreement; or

 

		2.	CAT is, at the date of submission of the Target Option Notice by Dyax, engaged in internal research and/or
development with respect to the Nominated Target (as can be measured by reliable or verifiable means).

 

NOTES

 

1. For the avoidance of doubt, CAT will not subject
any Nominated Target to the CAT Gatekeeping Procedure unless and until Dyax supplies CAT with a GenBank® accession number or similar
information which uniquely identifies that Nominated Target.

 

2. If Dyax supplies CAT with an incorrect GenBank®
accession number for a Nominated Target or otherwise incorrectly identifies a Nominated Target which is then subjected to the CAT Gatekeeping
Procedure, the result of the CAT Gatekeeping Procedure in respect of such Nominated Target shall prevail even if it is subsequently discovered
that such incorrect GenBank® accession number or identifying information had been provided by Dyax.

 

3. Within one (1) month after notice is given
to Dyax of a refusal by CAT to grant a Product License in respect of any Nominated Target, Dyax may notify CAT that it wishes to appoint
an Expert to make such enquiries of CAT as may be reasonably necessary for the Expert to be able to confirm to Dyax that the CAT Gatekeeping
Procedure had been correctly applied by CAT in respect of such Nominated Target. CAT shall provide such information to the Expert as the
Expert may reasonably determine is required in order to make such confirmation. For the avoidance of doubt the Expert shall not be entitled
(unless CAT consents) to enter CAT premises in order to carry out its enquiries, shall only provide the confirmation to Dyax on a “Yes/No”
basis and shall not give or be obliged to give to Dyax any other information obtained from CAT in respect of the CAT Gatekeeping Procedure
or the relevant Nominated Target. The Expert shall, prior to making any enquiries of CAT, enter into a confidential disclosure agreement
with CAT. Notwithstanding the foregoing, CAT shall not be obliged to respond to the enquiries of the Expert if to do so would, or would
reasonably be expected to, cause a breach in terms of any agreement CAT may have with any other Third parties; provided, however, that
such disclosure subject to the confidential disclosure agreement shall be treated by CAT in the same manner as disclosure in its normal
business operations. The Expert shall complete its investigations and provide the confirmation to Dyax (with a copy to CAT) within thirty
(30) days after appointment by Dyax, and payment of the Expert’s fee shall be conditioned on such delivery being timely made. If
such written confirmation is not made within such thirty (30) days period, then a replacement Expert shall be appointed within 10 days
thereafter, subject to same terms and conditions stated above. If an Expert provides notice that he or she cannot complete the analysis
because CAT has failed without good reason to provide any information requested as provided above, then CAT shall have no more than 30
days to provide the information and the Expert shall then have no more than 15 days after the information is provided to the Expert to
evaluate the information and make a determination. Failure of the second Expert to provide such written confirmation to Dyax on a “Yes/No”
basis within thirty (30) days after appointment shall be irrevocably deemed to be confirmation that CAT correctly applied the CAT Gatekeeping
Procedure to the Nominated Target in question, provided, however that until (i) CAT provides all information that it is required
to provide in accordance with this Schedule 2 and (ii) the expiration of any extension required for the Expert to evaluate such information,
there shall not be deemed to be any such confirmation that CAT correctly applied the CAT Gatekeeping Procedure to the Nominated Target
in question.

 

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If the Expert appointed by Dyax hereunder decides
that CAT correctly applied, or is deemed to have correctly applied, the CAT Gatekeeping Procedure, Dyax shall be responsible for the Expert’s
fees and CAT shall thereafter have no obligations to Dyax in respect of such Nominated Target. If the Expert decides that CAT did not
correctly apply the CAT Gatekeeping Procedure Dyax shall be granted a Product License in relation to the Nominated Target in question
(provided that CAT is not restricted by obligations to any Third Party in relation to the Nominated Target in question in which case the
Product License will be subject to those restrictions) and CAT shall be responsible for the Expert’s fees. The procedure described
in this paragraph 3 will not apply to any determination by CAT that the Primary Application of a Nominated Target is in the Excluded Field,
where CAT’s decision will be final if made in good faith.

 

“Expert” means a patent agent who
is independent of CAT and all of the other parties with an interest in the outcome of a determination regarding a Nominated Target, who
has suitable knowledge and experience in the reasonable opinion of Dyax to perform the above activities, subject to CAT’s consent,
which consent shall not be unreasonably withheld or delayed.

 

    Appendix B

     

    

 

 

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APPENDIX C

  

CAT PATENT RIGHTS

 

 [*]

 

Appendix C 

     

     

    

 

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EXHIBIT D 

 

CAT PRODUCT LICENSE

 

Private & Confidential

 

 

 

CAMBRIDGE ANTIBODY TECHNOLOGY LIMITED (1)

 

And

 

DYAX CORP. (2)

 

 

 

PRODUCT LICENSE FOR _____

 

 

 

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THIS
AGREEMENT is made:

 

BETWEEN:

 

		(1)	CAMBRIDGE ANTIBODY TECHNOLOGY LIMITED
                                            (Registered in England No. 2451177) whose registered office is at The Milstein Building,
                                            Granta Park, Cambridge, Cambridgeshire, CB1 6GH, UK (“CAT”).

 

		(2)	DYAX CORP. a corporation organised
                                            and existing under the laws of the State of Delaware having its principal place of business
                                            at 300 Technology Square, Cambridge, Massachusetts 02139 USA (“Dyax”).

 

 BACKGROUND:

 

		(a)	By the terms of the Amendment Agreement (as
                                            defined below), CAT granted Dyax certain options to be granted Product Licences under the
                                            Antibody Phage Display Patents and CAT Know How (all as defined below).

 

		(b)	Dyax has nominated the Target (which was identified
                                            prior to the execution of the Amendment Agreement), and this Target has passed the CAT Gatekeeping
                                            Procedure (each as defined below).

 

		(c)	By this Agreement CAT wishes to grant to Dyax
                                            a Product Licence in respect of Diagnostic Antibody Products and Therapeutic Antibody Products
                                            against the Target.

 

In consideration of the mutual covenants and
undertakings set out below, THE PARTIES AGREE as follows:

 

		1.	Definitions

 

		1.1	In
                                            this Agreement, the terms defined in this Clause shall have the meanings specified below:

 

“Acceptance
Fee” means [*] Dollars (US $[*]).

 

[*]

 

“Affiliate” means
any company, partnership or other entity which directly or indirectly Controls, is Controlled by or is under common Control with any
other entity.

 

“Agreement” means
this product licence and any and all Schedules, appendices and other addenda to it as may be amended from time to time in accordance
with the provisions of this agreement.

 

“Amendment Agreement”
means the agreement executed by Dyax and CAT on 3 January 2003, as amended.

 

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“Antibody” means
a molecule or a gene encoding such a molecule comprising or containing one or more immunoglobulin variable domains or parts of such domains
or any existing or future fragments, variants, modifications or derivatives thereof.

 

“Antibody Library”
means any Antibody library constructed using processes which are covered by a claim of an issued and unexpired patent included within
the Antibody Phage Display Patents which has not been held permanently revoked, unenforceable or invalid by a decision of a court or
other governmental agency of competent jurisdiction unappealed within the time allowed for appeal, and which has not been admitted to
be invalid or unenforceable through reissue or disclaimer or otherwise.

 

“Antibody Phage Display Patents”
means: (a) the patents and patent applications listed in Schedule 1 and any patents issuing from such patent applications,
together with any divisions, registrations, confirmations, reissues, extensions, renewals, continuations, continuations-in-part, revalidations,
additions, substitutions, renewals or supplementary protection certificates thereof throughout the world; and (b) any Patent Rights
which claim or cover any invention or discovery which is developed by CAT or its Affiliates at any time during the term of this Agreement
directly related to Antibody phage display or Antibody Services; provided, however, that Antibody Phage Display Patents shall always
exclude (i) CAT Diabodies Patent Rights, (ii) any Patent Rights owned or controlled by CAT which claim or cover Catalytic Antibodies,
(iii) any Patent Rights owned or controlled by CAT which claim ribosome display technology, (iv) any Patent Rights which claim
Single Domain Antibodies, and (v) any Patent Rights acquired by CAT after the Commencement Date from any Third Party for consideration
or as a result of CAT’s acquisition of or merger with such Third Party.

 

“Antibody Services”
means the provision of research and/or development services for the identification, generation, derivation or development of one or more
Antibody Libraries or Antibodies derived therefrom.

 

“Business Day” means
a day (other than a Saturday or Sunday) on which the banks are ordinarily open for business in the City of London and the Commonwealth
of Massachusetts.

 

“CAT Diabodies Patent Rights”
means (a) the Patent Rights entitled “Diabodies – multivalent and multispecific binding proteins, their manufacture
and use”, PCT/GB93/02492 and (b) the Patent Rights entitled “Retargeting antibodies and diabodies”, PCT/GB94/02019.

 

“CAT Gatekeeping Procedure”
means the procedure set out in Schedule 2 of the Amendment Agreement which CAT has carried out in respect of the Target prior
to the grant of this Product Licence.

 

“CAT Know-How” means
any Confidential Information of CAT which constitutes unpatented know-how, technical and other information related to the subject matter
of the Antibody Phage Display Patents as identified in Schedule 2 and as amended from time to time in accordance with Schedule
2.

 

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“CAT Licensable Antibody”
means any Antibody to the Target (a) where such Antibody has been identified, generated, developed, produced or derived by Dyax
or a Dyax Sublicensee or its sublicensees and (b) the identification, generation, development, production or derivation of such
Antibody uses any of the processes claimed or covered by a claim of an issued and unexpired patent included within the Antibody Phage
Display Patents (which has not been held permanently revoked, unenforceable or invalid by a decision of a court or other governmental
agency of competent jurisdiction unappealed within the time allowed for appeal, and which has not been admitted to be invalid or unenforceable
through reissue or disclaimer or otherwise) or uses the CAT Know-How and (c) which is potentially useful for the development of
any Diagnostic Antibody Product and/or any Therapeutic Antibody Product.

 

“Catalytic Antibodies”
means solely those Antibodies which bind to and catalyze the chemical transformation of a substrate and in which an Antibody binding
region is involved in said catalysis.

 

“Commencement Date”
means the date of this Agreement first written above.

 

“Competent Authority”
means any national or local agency, authority, department, inspectorate, minister, ministry official, parliament or public or statutory
person (whether autonomous or not) of any government of any country having jurisdiction over either any of the activities contemplated
by this Agreement or the Parties including the European Commission, the Court of First Instance and the European Court of Justice.

 

“Controls” means
the ownership, directly or indirectly, of more than fifty percent (50%) of the outstanding equity securities of a corporation which are
entitled to vote in the election of directors or a more than fifty percent (50%) interest in the net assets or profits of an entity which
is not a corporation.

 

“Diagnostic Antibody Product”
means any preparation in the form of a device, compound, kit or service with utility in the diagnosis, prognosis, prediction or disease
management of a disorder for any indication which contains, comprises or the process of development or manufacture of which utilises
a CAT Licensable Antibody. The term “Diagnostic Antibody Product” shall not include any Research Product.

 

“Dyax Therapeutic Antibody
Product” means any Therapeutic Antibody Product identified, generated or derived by Dyax for itself or its Affiliates but not
a Therapeutic Antibody Product identified, generated or derived by Dyax for, or on behalf of, a Third Party.

 

“Dyax Sublicensee”
means any sublicensee of Dyax under this Agreement.

 

“Exploit” means
to make, have made, use, sell or import.

 

“FDA” means the
United States Food and Drug Administration, the equivalent Competent Authority in any country of the Territory or any successor bodies
thereto.

 

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“First Commercial Sale”
means the first commercial sale of any Product by Dyax or a Dyax Sublicensee (or its sublicensee) in any country after grant of a Marketing
Authorisation.

 

“Force Majeure”
means any event outside the reasonable control of either Party affecting its ability to perform any of its obligations (other than payment)
under this Agreement, including Act of God, fire, flood, lightning, war, revolution, act of terrorism, riot or civil commotion, but excluding
strikes, lock-outs or other industrial action, whether of the affected Party’s own employees or others, failure of supplies of
power, fuel, transport, equipment, raw materials or other goods or services.

 

“GAAP” means United
States generally accepted accounting principles, consistently applied.

 

“IDE” means an Investigational
Device Exemption application, as defined in Title 21 of the United States Code of Federal Regulations, filed with the FDA or an equivalent
foreign filing.

 

“IND” means an Investigational
New Drug Application, as defined in Title 21 of the United States Code of Federal Regulations, that is required to be filed with the
FDA before beginning Phase I Clinical Trials of any Therapeutic Antibody Product in human subjects, or an equivalent foreign filing.

 

“Major Market” means
any one of the following: (i) the United States of America, (ii) any country in Europe which is subject to the Marketing Authorisation
procedure of the European Medicines Evaluation Agency, or (iii) Japan.

 

“Marketing Authorisation”
means any approval (including all applicable pricing and governmental reimbursement approvals) required from the FDA or relevant Competent
Authority to market and sell a Product in a particular country.

 

“Net Sales” means,
with respect to a Product sold by Dyax or a Dyax Sublicensee (or its sublicensees) sold by Dyax or its sublicensee, the price invoiced
by that party to the relevant purchaser (or in the case of a sale or other disposal otherwise than at arm’s length, the price which
would have been invoiced in a bona fide arm’s length contract or sale) but deducting the costs of packing, transport and insurance,
customs duties, any credits actually given for returned or defective Products, normal trade discounts actually given, and sales taxes,
VAT or other similar tax charged on and included in the invoice price to the purchaser.

 

“Party” means CAT
or Dyax.

 

“Patent Rights”
means any patent applications and any patents issuing from such patent applications, author certificates, inventor certificates, utility
certificates, improvement patents and models, and certificates of addition and all counterparts of them throughout the Territory, including
any divisional applications and patents, filings, renewals, continuations, continuations-in-part, patents of addition, extensions, reissues,
substitutions, confirmations, registrations, revalidation and additions of or to any of them, as well as any supplementary protection
certificates and equivalent protection rights in respect of any of them.

 

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“Pharmacia Agreement”
means the agreement between CAT and Pharmacia P-L Biochemicals Inc. dated 11 September 1991.

 

“Pharmacia P-L Biochemicals
Inc.” means Pharmacia P-L Biochemicals Inc (now known as Amersham Biosciences).

 

“Phase I Clinical Trial”
means a human clinical trial in any country that is intended to initially evaluate the safety of an investigational Product in volunteer
subjects or patients that would satisfy the requirements of 21 CFR 312.21(a), or its foreign equivalent and may evaluate the Product’s
therapeutic or antigenic effects.

 

“Phase III Clinical Trial”
means a pivotal human clinical trial in any country the results of which could be used to establish safety and efficacy of a Product
as a basis for a marketing application that would satisfy the requirements of 21 CFR 312.21(c).

 

“Primary Application”
means a major application of an Antibody against the Target as ascertained at the time of assessment using objective and reasonable scientific
and/or commercial criteria, data and/or information. Primary Application shall not mean any minor or incidental application.

 

“Product” means
a Diagnostic Antibody Product or a Therapeutic Antibody Product.

 

“Product Licence”
means the licence granted to Dyax pursuant to Clause 2 of this Agreement.

 

“Quarter” means
each period of three (3) months ending on March 31, June 30, September 30, or December 31 and “Quarterly”
shall be construed accordingly.

 

“Research Products”
means any product in relation to which Pharmacia P-L has an exclusive licence from CAT pursuant to the Pharmacia Agreement.

 

“Single Domain Antibodies”
means an Antibody containing only a single domain (heavy or light).

 

“Status Report”
has the meaning set forth in Clause 4.1.

 

“Target” means _____________,
as set out in Schedule 3.

 

“Territory” means
all countries of the world.

 

“Therapeutic Antibody Product”
means any preparation for the treatment or prevention of disease, infection or other condition in humans for any indication which contains,
comprises, or the process of development or manufacture of which utilises, a CAT Licensable Antibody. The term “Therapeutic
Antibody Product” shall not include any Research Product.

 

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“Third Party” means
any entity or person other than Dyax, CAT or their respective Affiliates.

 

“Valid Claim” means
a claim of an issued and unexpired patent included within the Antibody Phage Display Patents which have been licensed to CAT by the MRC
which has not been held permanently revoked, unenforceable or invalid by a decision of a court or other governmental agency of competent
jurisdiction unappealed within the time allowed for appeal, and which has not been admitted to be invalid or unenforceable through reissue
or disclaimer or otherwise.

 

“Year” means initially
the period from the Commencement Date to the end of that calendar year, and subsequently a calendar year.

 

		1.2	The
                                            headings to clauses are inserted for convenience only and shall not affect the interpretation
                                            or construction of this Agreement.

 

		1.3	Words
                                            imparting the singular shall include the plural and vice versa. References to persons include
                                            an individual, company, corporation, firm or partnership.

 

		1.4	The
                                            words and phrases “other”, “including” and “in particular”
                                            shall not limit the generality of any preceding words or be construed as being limited to
                                            the same class as any preceding words where a wider construction is possible.

 

		1.5	References
                                            to any statute or statutory provisions of the United Kingdom shall include (i) any subordinate
                                            legislation made under it, (ii) any provision which it has superseded or re-enacted
                                            (whether with or without modification), and (iii) any provision which subsequently supersedes
                                            it or re-enacts it (whether with or without modification. References to any statute or regulation
                                            of the United States of America means that statute or regulation as it may be amended, supplemented
                                            or otherwise modified from time to time, and any successor statute or regulation.

 

		2.	Grant
                                            of Product Licence

 

		2.1	Subject
                                            to Clause 2.4 below, CAT hereby grants to Dyax and its Affiliates a non-exclusive, royalty-bearing
                                            licence (on the terms of this Agreement) with the right to sublicense (on the terms of Clause
                                            3) under the Antibody Phage Display Patents and CAT Know-How to Exploit Products against
                                            the Target in the Territory.

 

		2.2	The
                                            Product Licence granted under this Agreement is pursuant to Dyax’s exercise of one
                                            (1) option _____________ under the Amendment Agreement.

 

		2.3	For
                                            the avoidance of doubt, no rights are granted by CAT under this Agreement to any CAT Diabodies
                                            Patent Rights, and any Patent Rights owned or controlled by CAT which claim Catalytic Antibodies,
                                            ribosome display technology, any Patent Rights which claim Single Domain Antibodies and no
                                            rights are granted by CAT in this Agreement under the Antibody Phage Display Patents to Exploit
                                            Research Products.

 

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		2.4	This
                                            Product Licence shall come into effect upon the date that the Acceptance Fee is received
                                            by CAT. The Acceptance Fee shall not be refundable or creditable against any other sums which
                                            may be payable by Dyax or a Dyax Sublicensee to CAT pursuant to this Agreement.

 

		3.	Sub-Licensing

 

		3.1	Dyax
                                            will, if requested by CAT, inform CAT of the identity of all Dyax Sublicensees (and their
                                            sublicensees) in relation to this Agreement.

 

		3.2	Dyax
                                            (and where relevant each Dyax Sublicensee) will ensure that any sublicensee (to which it
                                            sublicences its rights in accordance with the terms of this Agreement) executes a written
                                            agreement which requires the sublicensee to abide by the terms of this Agreement.

 

		3.3	Dyax
                                            (and where relevant each Dyax Sublicensee) will be liable for any breach of the sublicences
                                            granted in accordance with Clause 3.2; provided, however, that Dyax’s liability for
                                            such breach by a sublicensee shall be limited to the amount that has been received or is
                                            thereafter received by Dyax directly or indirectly from such sublicensee pursuant to the
                                            sublicense agreement; and provided, further, that any written agreement with a sublicensee
                                            shall contain a provision pursuant to which CAT shall be a third party beneficiary of such
                                            sublicence agreement and shall have the right to enforce (including claim damages as a result
                                            of any breach) such sublicence agreement. If at any time CAT does have to enforce its rights
                                            under a sublicence agreement Dyax will, if requested by CAT, supply to CAT a copy of the
                                            relevant sublicence as soon as possible. For the avoidance of doubt, sublicensing by Dyax
                                            to a Dyax Sublicensee is permitted as is sublicensing by a Dyax Sublicensee to a sublicensee.
                                            No further sublicensing of the rights and obligations under this Agreement is permitted.

 

		4.	Status
                                            Report

 

		4.1	Dyax
                                            will provide to CAT a brief summary of the status of each Product against the Target that
                                            Dyax or Dyax Sublicensees desire to Exploit under this Agreement (“Status Report”).
                                            During the Term, Dyax will submit such Status Report to CAT for a particular Product prior
                                            to the time Dyax or Dyax Sublicensees begin the first human clinical trial with respect to
                                            such Product. [*]

 

		5.	Gatekeeping

 

		5.1	The
                                            Parties acknowledge that, as of the Commencement Date, the Target has passed CAT’s
                                            Gatekeeping Procedure under the Amendment Agreement.

 

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		6.	Consideration

 

		6.1	Therapeutic
                                            Antibody Products

 

		6.1.1	With
                                            respect to Therapeutic Antibody Products, Dyax shall pay to CAT the following payments upon
                                            achievement of the specified milestones by Dyax or a Dyax Sublicensee (or its sublicensee)
                                            for the first Therapeutic Antibody Product to achieve the relevant milestone:

 

	Initiation
    of first Phase I Clinical Trial	US
    $______________
	Initiation
    of first Phase III Clinical Trial	US
    $______________
	First
    filing for Marketing Authorisation in one Major Market country	US
    $______________
	Marketing
    Authorisation granted in the United States	US
    $______________

 

		6.1.2	With
                                            respect to Therapeutic Antibody Products, Dyax shall pay CAT royalties in an amount equal
                                            to ___ percent (___%) of Net Sales of the Therapeutic Antibody Product sold by or on behalf
                                            of Dyax or the Dyax Sublicensee.

 

		6.2	Diagnostic
                                            Products

 

		6.2.1	With
                                            respect to Diagnostic Antibody Products, Dyax shall pay to CAT the following payments upon
                                            achievement by Dyax or a Dyax Sublicensee (or its sublicensee) of the milestones set out
                                            below. For the avoidance of doubt the milestone payments shall be payable in respect of the
                                            first Diagnostic Antibody Product to achieve the relevant milestone:

 

	First
    filing for Marketing Authorisation in one Major Market country	US
    $______________
	Marketing
    Authorisation granted in each Major Market Country	US
    $______________

 

		6.2.2	With
                                            respect to Diagnostic Antibody Products, Dyax shall pay CAT royalties on a country-by-country
                                            basis in an amount equal to ___ percent (___%) of Net Sales of Diagnostic Antibody Products
                                            sold by or on behalf of Dyax or any Dyax Sublicensee.

 

		6.3	All
                                            royalties due to CAT pursuant to Clauses 6.1.2 and 6.2.2 shall be payable on a country-by-country
                                            basis until the last Valid Claim expires or ten (10) years from the date of First Commercial
                                            Sale of such Product, whichever occurs later.

 

		7.	Provisions
                                            Relating to Payment of Consideration

 

		7.1	All
                                            milestone payments shall be paid by Dyax within [*] days of the applicable milestone being
                                            achieved and no milestone payments shall be refundable or creditable against any other sum
                                            payable by Dyax hereunder for any reason.

 

		7.2	Dyax
                                            shall make the payments due to CAT under Clause 6 above in United States dollars (if Dyax
                                            in turn receives payment in dollars) or in pounds sterling (if Dyax in turn receives payment
                                            in pound sterling), or Euros (if Dyax in turn receives payment in Euros). Where Dyax receives
                                            payment in a currency other than United States dollars, pounds sterling or Euros, Dyax will
                                            convert the relevant sum into pounds sterling (or Euros if Euros have replaced pounds sterling
                                            at the time of payment). Dyax will use the conversion rate reported in the Financial Times
                                            two (2) Business Days before the day on which Dyax pays CAT. Such payment will be made
                                            without deduction of exchange, collection or other charges. All payments will be made at
                                            Quarterly intervals. Within [*] days of the end of each Quarter after the First Commercial
                                            Sale of each Product in any country, Dyax shall prepare a statement which shall show on a
                                            country-by-country basis for the previous Quarter Net Sales of each Product by Dyax or its
                                            Affiliates and all monies due to CAT based on such Net Sales. That statement shall include
                                            details of Net Sales broken down to show the country of the sales and the total Net Sales
                                            by Dyax or its Affiliates in such country and shall be submitted to CAT within such [*] day
                                            period together with remittance of the monies due. With respect to Net Sales of a Product
                                            by a Dyax Sublicensee (or its sublicensee) Dyax shall prepare a statement which will include
                                            the same information and remit that statement and any monies due within the same period except
                                            with regard to any Dyax Sublicensee with which Dyax has a licence agreement relating to the
                                            technology of Antibody phage display as of the Commencement Date where the remittance will
                                            be made at Quarterly intervals within [*] days of the date royalties are due to Dyax from
                                            such existing Dyax Sublicensees.

 

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		7.3	All payments shall be made free and clear of and without deduction or deferment in respect of any disputes
or claims whatsoever and/or as far as is legally possible in respect of any taxes imposed by or under the authority of any government
or public authority. [*].

 

		7.4	Dyax shall keep and shall procure that its Affiliates and Dyax Sublicensees keep true and accurate records
and books of account containing all data necessary for the calculation of the amounts payable by it to CAT pursuant to this Agreement.
Those records and books of account shall be kept for seven (7) years following the end of the Year to which they relate. Upon CAT’s
written request, a firm of accountants appointed by agreement between the Parties or, failing such agreement within ten (10) Business
Days of the initiation of discussions between them on this point CAT shall have the right to cause an international firm of independent
certified public accountants that has not performed auditing or other services for either Party or their Affiliates (or, if applicable,
any Dyax Sublicensee with rights to the Product in question) acceptable to Dyax or the Dyax Sublicensee such acceptance not to be unreasonably
withheld to inspect such records and books of account. In particular such firm:

 

		7.4.1	shall be given access to and shall be permitted to examine and copy such books and records of Dyax and
its Affiliates and Dyax Sublicensees upon twenty (20) Business Days notice having been given by CAT and at all reasonable times on Business
Days for the purpose of certifying that the Net Sales or other relevant sums calculated by Dyax and its Affiliates and Dyax Sublicensees
during any Year were reasonably calculated, true and accurate or, if this is not their opinion, certify the Net Sales figure or other
relevant sums for such period which in their judgment is true and correct;

 

		7.4.2	prior to any such examination taking place, such firm of accountants shall undertake to Dyax that they
shall keep all information and data contained in such books and records, strictly confidential and shall not disclose such information
or copies of such books and records to any third person including CAT, but shall only use the same for the purpose of calculations which
they need to perform in order to issue the certificate to which this Clause envisages;

 

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		7.4.3	any such access examination and certification shall occur no more than once per Year and will not go back
over records more than two (2) years old;

 

		7.4.4	Dyax and its Affiliates and Dyax Sublicensees shall make available personnel to answer queries on all
books and records required for the purpose of that certification; and

 

		7.4.5	the cost of the accountant shall be the responsibility of Dyax if the certification shows it to have underpaid
monies to CAT by more than [*] and the responsibility of CAT otherwise.

 

		7.5	All payments due to CAT under the terms of this Agreement are expressed to be exclusive of value added
tax (VAT) howsoever arising. [*].

 

		7.6	All payments made to CAT under this Agreement shall be made to the bank account of CAT as notified by
CAT to Dyax from time to time.

 

		7.7	If Dyax fails to make any payment to CAT hereunder on the due date for payment, without prejudice to any
other right or remedy available to CAT it shall be entitled to charge Dyax interest (both before and after judgment) of the amount unpaid
at the annual rate of LIBOR (London Interbank Offering Rate) plus [*] calculated on a daily basis until payment in full is made without
prejudice to CAT’s right to receive payment on the due date.

 

		8.	Confidentiality

 

		8.1	With respect to any confidential information received from the other Party (“Confidential
Information”), each Party undertakes and agrees to:

 

		(a)	only use the Confidential Information for the purposes envisaged under this Agreement and not to use the
same for any other purpose whatsoever;

 

		(b)	ensure that only those of its officers and employees who are directly concerned with the carrying of this
Agreement have access to the Confidential Information on a strictly “need to know” basis and are informed of the secret and
confidential nature of it;

 

		(c)	keep the Confidential Information secret, confidential, safe and secure and shall not directly or indirectly
disclose or permit to be disclosed the same to any Third Party, including any consultants or other advisors, without the prior written
consent of the disclosing Party except to the extent disclosure is necessary in connection with its use as envisaged under this Agreement;

 

		(d)	ensure that the Confidential Information will not be covered by any lien or other encumbrance in any way,
and

 

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		(e)	not copy, reproduce or otherwise replicate for any purpose or in any manner whatsoever any documents containing
the Confidential Information except to the extent necessary in connection with its use as envisaged under this Agreement.

 

For the avoidance of doubt, the Parties
agree that the identity of the Target, any information related to the Target provided to CAT by Dyax, and the Status Report is the Confidential
Information of Dyax.

 

		8.2	The obligations referred to in Clause 8.1 above shall not extent to any Confidential Information which:

 

		(a)	is or becomes generally available to the public otherwise than be reason of breach by a recipient Party
of the provision of Clause 8.1;

 

		(b)	is known to the recipient Party and is at its free disposal (having been generated independently by the
recipient Party or a Third Party in circumstances where it has not been derived directly or indirectly from the disclosing Party’s
Confidential Information prior to its receipt from the disclosing Party), provided that evidence of such knowledge is furnished by the
recipient Party to the disclosing Party within twenty-eight (28) days of recipient of that Confidential Information;

 

		(c)	is subsequently disclosed to the recipient Party without obligations of confidence by a Third Party owing
no such obligations to the disclosing Party in respect of that Confidential Information;

 

		(d)	is required by law to be disclosed (including as part of any regulatory submission or approval process)
and then only when prompt written notice of this requirement has been given to the disclosing Party so that it may, if so advised, seek
appropriate relief to prevent such disclosure, provided always that in such circumstances such disclosure shall be only to the extent
so required and shall be subject to prior consultation with the disclosing Party with a view to agreeing on the timing and content of
such disclosure.

 

		8.3	No public announcement or other disclosures to Third Parties concerning the terms of this Agreement shall
be made, whether directly or indirectly, by either Party (except confidential disclosures to professional advisors) without first obtaining
the approval of the other Party and agreement upon the nature and text of such announcement or disclosure with the exceptions that:

 

		(a)	a Party may disclose those terms which it is required by regulation or law to disclose, provided that
it takes advantage of all provisions to keep confidential as many terms of this Agreement as possible; and

 

		(b)	the Party desiring to make any such public announcement or other disclosure shall inform the other Party
of the proposed announcement or disclosure in reasonably sufficient time prior to public release, and shall provide the other Party with
a written copy thereof in order to allow such Party to comment upon such announcement or disclosure. Each Party agrees that it shall cooperate
fully with the other with respect to all disclosures regarding this Agreement to the U.S. Securities Exchange Commission, the UK Stock
Exchange and any other comparable body including requests for confidential information or proprietary information of either Party included
in any such disclosure.

 

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		9.	Indemnification

 

		9.1	Dyax and hereby indemnifies CAT and its Affiliates and their directors, officers, employees and agents
and their respective successors, heirs and assigns (the “CAT Indemnitees”) against any liability, damage, loss or expense
(including attorneys fees and expenses of litigation) incurred by or imposed upon the CAT Indemnitees or any one of them in connection
with any claims, suits, actions, demands or judgments by or in favour of any Third Party concerning any manufacture, use or sale of any
Product by Dyax or any Dyax Sublicensee (or their sublicensee). In addition, each Dyax Sublicensee (or their sublicensee) shall indemnify
the CAT Indemnitees against any liability, damage, loss or expense (including attorneys fees and expenses of litigation) incurred by or
imposed upon the CAT Indemnitees or any one of them in connection with any claims, suits, actions, demands or judgments by or in favour
of any Third Party concerning any manufacture, use or sale of any Product by such Dyax Sublicensee (or their sublicensee).

 

		9.2	CAT shall not be liable to Dyax and Dyax Sublicensee (or its sublicensee) in respect of any liability,
loss, damage or expense (including attorneys fees and expenses of litigation) incurred or suffered by Dyax and Dyax Sublicensees (or its
sublicensee) in connection with the manufacture, use or sale of any Products by Dyax and Dyax Sublicensees (or its sublicensee).

 

		9.3	CAT gives no warranty or representation that the Antibody Phage Display Patents are, or will be, valid
or that the exercise of the rights granted under this Agreement will not result in the infringement of patents of Third Parties.

 

		10.	Infringement and Patent
Prosecution

 

		10.1	Dyax shall notify CAT promptly of any proceedings or applications for revocation of any of the Antibody
Phage Display Patents emanating from a Third Party that comes to its notice or if a Third Party takes or threatens to take any proceedings
for infringement of any patents of that Third Party by reason of Dyax’s use or operation of the Antibody Phage Display Patents or
manufacture, use or sale of the Products. Dyax shall notify CAT promptly of any infringement of the Antibody Phage Display Patents by
a Third Party which may come to its attention during the term of the Product Licence, except Dyax shall have no obligation to so notify
CAT with respect to any infringement by an academic or not-for-profit entity which occurs by reason of such entity carrying out research
activities provided such activities are, as far as Dyax is aware, not being carried out with a view to commercialising a product or otherwise
for profit.

 

		10.2	CAT shall have the sole right and responsibility, at its sole discretion and cost and with reasonable
assistance from Dyax, to file, prosecute and maintain the Antibody Phage Display Patents and for the conduct of any lawsuits, claims or
proceedings challenging the validity or enforceability thereof including, without limitation, any interference or opposition proceeding
relating thereto in all countries. For the avoidance of doubt, Dyax and Dyax Sublicensees will have the right to conduct any proceedings
relating to its Product including any proceedings relating to product liability.

 

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		11.	Termination

 

		11.1	Unless terminated under this Clause 11, this Agreement shall commence on the Commencement Date and shall
terminate, on a country-by-country and Product-by-Product basis upon the last to expire of claims of an issued and unexpired patent within
the Antibody Phage Display Patents (which has not been held permanently revoked, unenforceable or invalid by a decision of a court or
other governmental agency of competent jurisdiction unappealed within the time allowed for appeal, and which has not been admitted to
be invalid or unenforceable through reissue or disclaimer or otherwise) or (b) the date upon which no payments are due to CAT under
Clause 6 of this Agreement, whichever occurs later.

 

		11.2	CAT shall have the right to terminate this Agreement in the event that:

 

		11.2.1	Dyax or a Dyax Sublicensee (or its sublicensee) has not filed an IND for a Therapeutic Antibody Product,
or a 510(k) or IDE for a Diagnostic Antibody Product within [*] after the Commencement Date; or

 

		11.2.2	Dyax or a Dyax Sublicensee (or its sublicensee) directly or indirectly opposes or assists any Third Party
to oppose the grant of letters patent or any patent application within the Antibody Phage Display Patents, or disputes or directly or
indirectly assists any Third Party to dispute the validity of any patent within the Antibody Phage Display Patents or any of the claims
thereof.

 

		11.3	In the event that either Party commits a material breach of any of its material obligations with respect
to this Agreement, and such Party fails to remedy that breach within ninety (90) days after receiving written notice thereof from the
other Party, that other Party may immediately terminate this Agreement upon written notice to the breaching Party.

 

		11.4	Either Party may terminate this Agreement in its entirety by giving notice in writing to the other Party
if any one or more of the following events happens:

 

		(a)	the other Party has any distress or execution levied on the major portion of its assets (as determined
by its balance sheet in accordance with GAAP) which is not paid out within thirty (30) days of its being levied;

 

		(b)	the other Party calls a meeting for the purpose of passing a resolution to wind it up, or such a resolution
is passed, or the other Party presents, or has presented, a petition for a winding up order, or presents, or has presented, a petition
to appoint an administrator, or has an administrative receiver, or receiver, liquidator or other insolvency practitioner appointed over
all or any substantial part of its business, undertaking, property or assets;

 

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		(c)	the other Party stops or suspends making payments (whether of principal or interest) with respect to substantially
all of its debts or announces an intention to do so or the other Party suspends or ceases to carry on its business;

 

		(d)	a secured lender to the other Party holding a security interest over the major portion of the tangible
assets (as determined by its balance sheet in accordance with GAAP) of such other Party takes any steps to obtain possession of the property
on which it has security or otherwise to enforce its security;

 

		(e)	the other Party suffers or undergoes any procedure analogous to any of those specified in Clause 11.4(a)-(d) above
or any other procedure available in the country in which the other Party is constituted, established or domiciled against or to an insolvent
debtor or available to the creditors of such a debtor.

 

		12.	Consequences of Termination

 

		12.1	Upon termination of this Agreement for any reason whatsoever:

 

		(a)	the relationship of the Parties hereunder shall cease save as (and to the extent) expressly provided for
in this Clause 12;

 

		(b)	any sublicenses granted by Dyax in accordance with the terms of this Agreement will continue in force
provided that such sublicensees are not in breach of the relevant sublicense and that each sublicensee agrees to enter into a direct agreement
with CAT upon the terms of this Agreement;

 

		(c)	Dyax shall immediately return or procure to be returned to CAT at such place as it directs and at the
expense of Dyax (or if CAT so requires by notice to Dyax in writing, destroy) all CAT Know-How together with all copies of such CAT Know-How
in its possession or under its control;

 

		(d)	The following provisions shall survive expiration or termination of this Agreement: Clauses 7 (in relation
to any accrued payment obligations of Dyax prior to termination or expiry), 8, 9, 12, 13 and 15; and

 

		(e)	Expiry or termination of this Agreement shall not affect the rights and obligations of the Parties accrued
prior to such expiry or termination including any accrued obligation for Dyax to make any payments under Clause 6.

 

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		13.	Dispute Resolution

 

		13.1	Any dispute arising between the Parties relating to, arising out of or in any way connected with this
Agreement or any term or condition thereof, or the performance by either Party of its obligations hereunder, whether before or after termination
of this Agreement, shall be referred to the Chief Executive Officers of each of the Parties. The Chief Executive Officers shall meet to
resolve such deadlock within thirty (30) days of the date that the dispute is referred to them, at a time and place mutually acceptable
to them. Any dispute that has not been resolved following good faith negotiations of the Chief Executive Officers for a period of thirty
(30) days shall be referred to and finally settled by binding arbitration in accordance with the then current Commercial Arbitration Rules of
the American Arbitration Association. There shall be three (3) arbitrators, each Party to designate one arbitrator and the two Party-designated
arbitrators to select the third arbitrator. The Party initiating recourse to arbitration shall include in its notice of arbitration its
appointment of an arbitrator. The appointing authority, in the event a Party does not or the Parties do not appoint arbitrator(s), shall
be the American Arbitration Association in [*]. The place of arbitration shall be [*]. The language to be used in the arbitration shall
be English. Any determination by the arbitration panel shall be final and conclusively binding. Judgement on any arbitration award may
be entered in any court having jurisdiction thereof. Each Party shall bear its own costs and expenses incurred in the arbitration; provided
that the arbitration panel may assess the costs and expenses of the prevailing Party, including reasonable attorneys fees, against the
non-prevailing Party.

 

		14.	Notices

 

		14.1	All notices, requests, demands and other communications required or permitted to be given pursuant to
this Agreement shall be in writing and shall be deemed to have been duly given upon the date of receipt if delivered by hand, recognized
international overnight courier, confirmed facsimile transmission, or registered or certified mail, return receipt requested, postage
prepaid to the following addresses or facsimile numbers:

 

	If to Dyax:	If to CAT:
	Dyax Corp.	Cambridge Antibody Technology Limited
	300 Technology Square	The Milstein Building
	Cambridge, MA 02139	Granta Park, Cambridge
	Attention: Chief Executive Officer	Cambridgeshire CB1 6GH
	Facsimile: (617) 225-2501	United Kingdom
	 	Attention: Company Secretary
	 	Facsimile: 011-44-(0)1223 471472
	 	 

 

Either party may change its designated
address and facsimile number by notice to the other party in the manner provided in this Clause.

 

		15.	Governing Law

 

		15.1	This Agreement shall be governed by and construed in accordance with the laws of the [*].

 

		15.2	Save as provided in this Clause, the United Kingdom Legislation entitled the Contracts (Rights of Third
Parties) Act 1999 will not apply to this Agreement. No person, other than a CAT Indemnitee (as defined in Clause 9.1), who is not a Party
to this Agreement (including any employee, officer, agent, representative or subcontractor of either Party) will have the right (whether
under the Contracts (Rights of Third Parties) Act 1999 or otherwise) to enforce any term of this Agreement which expressly or by implication
confers a benefit on that person without the express prior agreement in writing of the Parties which agreement must refer to this Clause,
except that any Dyax Sublicensee shall have the right to enforce the provisions of Clause 12.1(b) of this Agreement and shall be
a third party beneficiary for that purpose only.

 

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		16.	Specific Performance

 

		16.1	The parties agree that irreparable damage will occur in the event that the provisions of Clause 8 are
not specifically enforced. In the event of a breach or threatened breach of any such provisions, each Party agrees that the other Party
shall, in addition to all other remedies, be entitled to temporary or permanent injunction, without showing any actual damage or that
monetary damages would not provide an adequate remedy and without the necessity of posting any bond, and/or a decree for specific performance,
in accordance with the provisions hereof.

 

		17.	Assignment

 

		17.1	This Agreement may not be assigned by either party without the prior written consent of the other party,
except that either Party may assign the benefit and/or burden of this Agreement to any Affiliate of it or any Third Party, provided that
such Affiliate or Third Party undertakes to the other Party to be bound by the terms of this Agreement. This Agreement shall inure to
the benefit of and be binding upon the parties and their respective lawful successors and assigns.

 

		18.	Compliance With Law

 

		18.1	Nothing in this Agreement shall be construed so as to require the commission of any act contrary to law,
and wherever there is any conflict between any provision of this Agreement and any statute, law, ordinance, or treaty, the latter shall
prevail, but in, such event the affected provisions of the Agreement shall be conformed and limited only to the extent necessary to bring
it within the applicable legal requirements.

 

		19.	Amendment and Waiver

 

		19.1	This Agreement may be amended, supplemented, or otherwise modified only by means of a written instrument
signed by both parties. Any waiver of any rights or failure to act in a specific instance shall relate only to such instance and shall
not be construed as an agreement to waive any rights or fail to act in any other instance, whether or not similar.

 

		20.	Severability

 

		20.1	In the event that any provision of this Agreement shall, for any reason, be held to be invalid or unenforceable
in any respect, such invalidity or unenforceability shall not affect any other provision hereof and the parties shall negotiate in good
faith to modify the Agreement to preserve (to the extent possible) their original intent.

 

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		21.	Entire Agreement

 

		21.1	This Agreement and the Amendment Agreement constitute the entire agreement between the parties with respect
to the subject matter hereof and supersede all prior agreements or understandings between the parties relating to the subject matter hereof.

 

IN
WITNESS OF THE ABOVE the Parties have signed this Agreement on the date written at the head of this Agreement.

 

	SIGNED by	)	 	 
	 	)	 	 
	 	)	 	 
	for and on behalf of	)	 	General Counsel & Authorised Signatory
	CAMBRIDGE ANTIBODY	)	 	 
	TECHNOLOGY LIMITED	)	 	 
	 	 	 	 
	 	 	 	 
	SIGNED by	)	 	 
	 	)	 	 
	 	)	 	 
	for and on behalf of	)	 	Senior Vice President &
	DYAX CORP.	)	 	Authorised Signatory
	 	)	 	 

 

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APPENDIX E

 

DYAX PATENT RIGHTS

 

Phage
Display Patent Rights — [*]

 

	Country	Application/

Publication No.	Filing Date	Patent No.	Issue Date
	[*]	[*]	[*]	[*]	[*]
	[*]	[*]	[*]	[*]	[*]
	[*]	[*]	[*]	[*]	[*]
	[*]	[*]	[*]	[*]	[*]
	[*]	[*]	[*]	 	 
	[*]	[*]	[*]	 	 
	[*]	[*]	[*]	 	 
	[*]	[*]	[*]	 	 
	[*]	[*]	[*]	 	 
	[*]	[*]	[*]	 	[*]
	[*]	[*]	[*]	 	[*]
	[*]	[*]	[*]	 	[*]
	[*]	[*]	[*]	 	[*]
	[*]	[*]	[*]	[*]	[*]
	[*]	[*]	[*]	 	 
	[*]	[*]	[*]	[*]	[*]
	[*]	[*]	[*]	 	 
	[*]	[*]	[*]	 	[*]
	[*]	[*]	[*]	 	[*]
	[*]	[*]	[*]	 	[*]
	[*]	[*]	[*]	 	[*]

 

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Novel
[*] Fragments - [*] et al.

 

	Country	Application/

Publication No.	Filing Date	Patent No.	Issue Date
	[*]	[*]	[*]	 	 
	[*]	[*]	[*]	 	 
	[*]	[*]	[*]	 	 
	[*]	 	[*]	 	 
	[*]	[*]	[*]	 	 
	[*]	[*]	[*]	 	 

 

CJ
Library — [*] et al.

 

	Country	Application/

Publication No.	Filing Date	Patent No.	Issue Date
	[*]	[*]	[*]	 	 
	[*]	[*]	[*]	 	 
	[*]	[*]	[*]	 	 
	[*]	[*]	[*]	 	 
	[*]	[*]	[*]	 	 
	[*]	[*]	[*]	 	 
	[*]	[*]	[*]	 	 
	[*]	[*]	[*]	 	 

 

Antibody Reformatting Patents

 

	Country	Application/

Publication No.	Filing Date	Patent No.	Issue Date
	[*]	[*]	[*]	 	 
	[*]	[*]	[*]	 	 

 

    Appendix E

     

    

 

 

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APPENDIX F

 

[*]
PATENT RIGHTS

 

[*]

 

A total of three pages were omitted and filed separately with
the Securities and Exchange Commission pursuant to a request for confidential treatment.

 

    Appendix F

     

    

 

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APPENDIX G

 

XOMA NOTICE

 

XOMA owns a number of patents covering various
aspects of bacterial antibody expression and phage display.

 

XOMA has licensed these patents on a non-exclusive
basis to Dyax.

 

Under the license agreement with XOMA:

 

·                Dyax
cannot provide phage display services or transfer phage display materials, products or information to you without first showing you a
redacted copy of its license from XOMA and this notice.

 

·                If
you and Dyax enter into a written agreement by which you become a “Dyax Collaborator,” then you will be permitted to use Dyax
phage display services, Dyax phage display materials, products and information to research, develop and commercialize antibody products.

 

·                Collaborators
do not, however, have the right to produce commercial quantities of such antibodies using XOMA’s patented technology. Rather, collaborators
only have the right to make research and development quantities of antibodies using the XOMA patent rights. Thereafter, unless the collaborator
obtains a commercial production license from XOMA (which may be available), the collaborator must produce commercial quantities of antibodies
using a method that does not infringe XOMA patent rights.

 

·                Therefore,
if you and Dyax enter into a written agreement, that agreement must contain certain provisions specified in the license agreement with
XOMA, including: [**]

 

Terms pursuant to which you, as the
recipient of any transferred materials, would agree to abide by each of the limitations, restrictions and other obligations provided for
by the license agreement with XOMA, including, without limitation, the restrictions on use of such transferred materials for purposes
other than research and development.

 

A covenant not to use transferred materials
for any purpose other than for research and development purposes otherwise authorized by the license agreement with XOMA.

 

A provision that the “first sale”
doctrine does not apply to any disposition of transferred materials.

 

An agreement by you to further dispose
of transferred materials only to a third party who otherwise meets the definition of a “Dyax Collaborator” set forth in the
license agreement with XOMA and who executes a written agreement in which it undertakes all of the obligations applied to the transferring
party.

 

    Appendix G

     

    

 

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APPENDIX H

 

SUBLICENSE AGREEMENT

 

This SUBLICENSE AGREEMENT
(“Sublicense”), dated effective as of ______________, 20___ (the “Effective Date”), is entered into between DYAX
CORP., a Delaware corporation, of 300 Technology Square, Cambridge, Massachusetts 02139 (“Dyax”), and ____________ of
____________ (“Sublicensee”).

 

WHEREAS, under the terms of
that certain Amendment Agreement by and between Dyax and Cambridge Antibody Technologies Limited (“CAT”), dated January 3,
2003, as amended to date (the “Amended Agreement”) Dyax has the right to obtain product licenses, on a target-by-target basis,
to develop and commercialize therapeutic and diagnostic antibody products identified using CAT’s proprietary technology and know-how;

 

WHEREAS, Dyax and CAT have
executed one such product license, under which CAT granted Dyax rights to develop and commercialize therapeutic and diagnostic antibody
products to the target described on Attachment A (the “Product License”);

 

WHEREAS, a redacted version
of the Product License is attached hereto as Attachment B;

 

WHEREAS, pursuant to a Collaboration
Agreement by and between Dyax and Sublicensee, dated effective ______________, 20___, (the “Collaboration Agreement”), Sublicensee
has the right to obtain through Dyax a sublicense of the Product License; and

 

WHEREAS, Sublicensee desires
to obtain through Dyax a sublicense of the Product License.

 

NOW THEREFORE, in consideration
of the premises and the mutual covenants contained herein, and for other good and valuable consideration, the receipt of which is hereby
acknowledged, the parties agree as follows:

 

		1.	GRANT OF SUBLICENSE.

 

Subject to the terms and conditions
set forth in Section 2 of this Sublicense, Dyax hereby grants to Sublicensee a world-wide, non-exclusive license of the rights granted
to it under Clause 2.1 of the Product License. Sublicensee is permitted to sublicense its rights under this Sublicense in accordance with
the terms and conditions set forth in Clauses 3.2 and 3.3 of the Product License.

 

		2.	SUBLICENSEE OBLIGATIONS.

 

2.1      Obligations
Under Product License. Sublicensee agrees to abide by all of the terms and conditions applicable to Dyax and/or Sublicensee (as a
Dyax Sublicensee) under the Product License and agrees that all obligations of Dyax to CAT under the Product License shall also be obligations
of Sublicensee to Dyax, except for (i) any obligations of Dyax contained in Clause 6 (Consideration) and Clause 7 (Provisions Relating
to the Payment of Consideration) of the Product License and (ii) any portion of the Product License that has been redacted by Dyax.
Notwithstanding the foregoing, Sublicensee’s obligations pursuant to this Section 2.1 are conditional upon (i) Sublicensee
receiving timely notice (in the manner provided in Section 10.2 of the Collaboration Agreement) from Dyax relating to (a) any
change in such terms and conditions, and (b) any notice, claim or demand made by CAT under the Product License; and (ii) the
parallel performance of Dyax to the extent both parties are required to perform to satisfy the obligations of Dyax or Sublicensee (as
a Dyax Sublicensee) under the Product License.

 

    Appendix H

     

    

 

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2.2       Obligations
Under Collaboration Agreement. Sublicensee acknowledges and agrees that all of the terms and conditions contained in the Collaboration
Agreement, as amended to date, remain in full force and effect, and Sublicensee agrees to abide by all of its obligations set forth thereunder.

 

2.3       Royalties.
Notwithstanding anything to the contrary contained in the Product License, the sublicense granted to Sublicensee under Section 1
of this Sublicense shall be royalty bearing in accordance with the terms set forth in the Collaboration Agreement.

 

		3.	DYAX OBLIGATIONS.

 

3.1       Obligations
Under Collaboration Agreement. Dyax acknowledges and agrees that all of the terms and conditions contained in the Collaboration Agreement,
as amended to date, remain in full force and effect, and Dyax agrees to abide by all of its obligations set forth thereunder.

 

3.2       Amendment
to Product License. Dyax agrees that it shall not amend the Product License in any way that materially and adversely affects or reduces
the rights and licenses granted to Sublicensee under this Sublicense.

 

3.3       Indemnification
for Dyax Breach. Dyax shall indemnify and hold Sublicensee and its officers, directors and agents (“Sublicensee Indemnified
Parties”) harmless from and against any liability or loss incurred by the Sublicensee Indemnified Parties to CAT under the Product
License, to the extent that such liability was incurred by Sublicensee as a result of a breach of the Product License by Dyax.

 

		4.	TERM AND TERMINATION.

 

This Sublicense shall expire
upon expiration of the Product License and shall terminate upon termination of the Product License; provided that, at Sublicensee’s
election, upon termination of the Product License, Sublicensee’s rights hereunder will continue in force provided that Sublicensee
is not in breach of this Sublicense and agrees to enter into a direct agreement with CAT upon the terms of the Product License.

 

    Appendix H

     

    

 

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		5.	MISCELLANEOUS.

 

CAT shall be a third party
beneficiary of this Sublicense and shall have the right to enforce its terms (and claim damages as a result of any breach). This Sublicense
shall be not be assignable by Sublicensee, except that Sublicensee may assign the benefit and/or burden of this Sublicense to any Affiliate
of it or any Third Party (“Affiliate” and “Third Party” being defined in the Collaboration Agreement), provided
that such Affiliate or Third Party undertakes to Dyax to be bound by the terms of this Sublicense. This Sublicense shall be binding upon,
and shall inure to the benefit of, the parties hereto and their successors and assigns. This Sublicense may be not be amended except pursuant
to a written instrument signed by parties hereto. No provisions of this Sublicense may be waived except by an instrument in writing signed
by the party sought to be bound. Neither this Sublicense nor any part hereof, including this provision against oral modifications, may
be modified, waived or discharged except pursuant to a written agreement signed by both parties.

 

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

 

	DYAX CORP.		SUBLICENSEE :
	 	 	 
	By:		 	By:	 

 

    Appendix H

     

    

 

AMENDMENT

 

This Amendment (this “Amendment”),
effective as of July 31, 2008, amends the Amended and Restated Collaboration Agreement effective as of January 24, 2007 (the
 “Agreement”), between DYAX CORP., a Delaware corporation (“Dyax”), and MERRIMACK PHARMACEUTICALS, INC.,
a Massachusetts corporation (“Merrimack”). Capitalized terms used herein and not defined herein shall have the meanings ascribed
to them in the Agreement.

 

WHEREAS, the Parties have agreed to amend the definition
of Commercial Field;

 

NOW, THEREFORE, for good and valuable consideration,
the receipt and sufficiency of which are hereby acknowledged, the Parties hereby amend the Agreement as follows:

 

1.              Section 1.8
of the Agreement is hereby amended and restated in its entirety to read as follows:

 

“1.8       “Commercial
Field” means all human therapeutic and diagnostic uses, excluding (i) Research Products and (ii) Separations Applications.”

 

2.              As
amended hereby, the Agreement remains in full force and effect.

 

IN WITNESS WHEREOF, the undersigned have duly executed
and delivered this Amendment as a sealed instrument effective as of the date first above written.

 

	DYAX CORP.	 	MERRIMACK PHARMACEUTICALS, INC.
	 	 	 
	 	 	 
	By: 	/s/ Gustav Christensen	 	By: 	/s/ Edward J. Stewart
	 	 	 	 	 
	Title: 	EVP & Chief Business Officer	 	Title: 	Vice President, Bus. Dev.
	 	 	 	 	 
	Date:	July 31, 2008	 	Date: 	July 17, 2008
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	By: 	/s/ Lisa A. Evren
	 	 	 	 	 
	 	 	 	Title:	SVP & CFO
	 	 	 	 	 
	 	 	 	Date:	7/17/08

 

 

 

     

     

    

 

AMENDMENT

 

This Amendment (this “Amendment”),
effective as of November 6, 2009, further amends the Amended and Restated Collaboration Agreement, dated effective as of January 24,
2007 and previously amended on July 31, 2008 (the “Amended Agreement”), between DYAX CORP., a Delaware corporation
(“Dyax”), and MERRIMACK PHARMACEUTICALS, INC., a Massachusetts corporation (“Merrimack”). Capitalized
terms used herein and not defined herein shall have the meanings ascribed to them in the Amended Agreement.

 

WHEREAS, the Parties wish
to amend the Amended Agreement to clarify certain intellectual property issues that have arisen in the course of the collaboration.

 

NOW, THEREFORE, in consideration
of the foregoing and the covenants and premises contained in the Amended Agreement, the Parties hereby agree to the following amendments:

 

AMENDMENTS

 

1.              Article 1.33
of the Amended Agreement is hereby amended and restated in its entirety to read as follows:

 

		1.33	“Patent Rights” means patent applications or patents, author certificates, inventor
certificates, utility certificates, improvement patents, and models and certificates of addition, and all foreign counterparts of them
and includes, provisionals, divisionals, renewals, continuations, continuations-in-part, extensions, reissues, substitutions, confirmations,
registrations, revalidations, or additions of or to them as well as any supplementary protection certificate or any other post patent
expiration extension of patent protection in respect to them.

 

2.             Article 5
of the Amended Agreement is hereby amended and restated in its entirety to read as follows:

 

ARTICLE V

INTELLECTUAL PROPERTY

 

		5.1	Ownership.

 

		(a)	Dyax Antibodies and Dyax Antibody Information. Subject to the licenses granted to Merrimack in
Section 3.1 and the rights granted in Section 5.3, Dyax is and shall remain the owner of all Dyax Antibodies that are identified,
generated, developed, produced, optimized, or obtained by Dyax from the Dyax Libraries in connection with the Research Program, together
with the Dyax Antibody Information applicable thereto.

 

		(b)	Dyax Libraries. Dyax is and shall remain the owner of the Dyax Libraries and all improvements thereon
developed during the term of this Agreement.

 

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		(c)	Dyax Research Materials and Dyax Research Know-How. Subject to the licenses granted to Merrimack
in this Agreement, Dyax is and shall remain the owner of the Dyax Research Materials and Dyax Research Know-How generated or utilized
during the conduct of the Research Program.

 

		(d)	Merrimack Targets and Merrimack Materials. Merrimack is and shall remain the owner of Merrimack
Targets and Merrimack Materials.

 

		5.2	Inventions.

 

		(a)	Inventorship. Inventorship will be determined in accordance with United States patent laws.

 

		(b)	Inventions. The Parties acknowledge and agree that, regardless of inventorship:

 

		(i)	Dyax shall hold title to:

 

		(A)	any invention or other subject matter directed to a composition of matter comprising the [*] that were
delivered by Dyax to Merrimack

 

		(B)	B)      any invention or other subject matter relating to [*], and

 

		(C)	any other invention or subject matter (including all intellectual property rights therein) that is conceived,
reduced to practice or otherwise made solely by Dyax personnel in connection with this Agreement.

 

Collectively, the inventions referenced
under this Section 5.2(b)(i) are referred to herein as the “Dyax Inventions”.

 

		(ii)	Merrimack shall hold title to any invention or other subject matter (including all Intellectual property
rights therein) conceived, reduced to practice or otherwise made solely by Merrimack personnel in connection with this Agreement; [*].
Collectively, the inventions referenced under this Section 5.2(b)(ii) are referred to herein as the “Merrimack Inventions”.

 

		(iii)	The Parties shall jointly hold title to all inventions and other subject matter (including all intellectual
property rights therein) conceived, reduced to practice or otherwise made jointly by personnel of Dyax and Merrimack; [*]. Collectively,
the inventions referenced under this Section 5.2(b)(iii) are referred to herein as the “Joint Inventions”.

 

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Except as expressly provided in this Agreement,
it is understood that neither Party shall have any obligation to account to the other for profits, or to obtain any approval of the other
Party to license or exploit a joint invention, by reason of joint ownership of any invention or other intellectual property and each Party
hereby waives any right it may have under the laws of any country to require such accounting or approval. Dyax shall promptly notify Merrimack
of all Dyax Antibodies identified against Merrimack Targets in accordance with the applicable Research Plan, together with all Dyax Antibody
Information applicable thereto.

 

		5.3	Patenting Antibody Inventions under the Research Program.

 

		(a)	Filing and Prosecution. Prior to the exercise of Merrimack’s option to obtain a Commercial
License as set forth in Section 3.1(b), Merrimack may wish to file or to have Dyax file (as set forth below) a provisional application.
Prior to filing a provisional application, Merrimack shall provide a draft of each such proposed provisional application to Dyax for review
and comment and discussion related to inventorship [*] days prior to filing. During the [*] day review period:

 

		(i)	Dyax may review and comment upon any such provisional patent application and Merrimack shall incorporate
Dyax’s reasonable comments; and

 

		(ii)	Merrimack and Dyax shall use reasonable and good faith efforts to reach a common understanding of inventorship
of claims.

 

		(A)	If Merrimack and Dyax agree that the inventions claimed in the provisional application are Dyax Inventions
as defined in Section 5.2(b)(i)(A) or Joint Inventions as defined in Section 5.2(b)(iii), then Dyax will, at Merrimack’s
request and expense, file and prosecute any Patent Rights in any country requested by Merrimack with a patent counsel reasonably acceptable
to Merrimack. For clarity, this means that Dyax will also file and prosecute any nonprovisional Patent Rights based on such provisional
applications prior to Merrimack exercising its right to obtain a Commercial License as set forth in Section 3.1(b). Thereafter, Dyax’s
Patent Rights in such Dyax Inventions or Joint Inventions shall be deemed to be included in the rights licensed to Merrimack under Section 3.1.
Dyax shall (i) keep Merrimack fully informed as to the filing, prosecution and maintenance of such Patent Rights, (ii) furnish
to Merrimack copies of all documents relevant to any such filing, prosecution and maintenance, and (iii) allow Merrimack [*] days
to review and comment upon, and to incorporate Merrimack’s reasonable comments into, any such document filed with any patent office
with respect to such Patent Rights prior to filing such documents.

 

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		(B)	If the inventions described in the provisional application are mutually agreed to be Merrimack Inventions
or determined to be Merrimack Inventions pursuant to Section 5.3(a)(ii)(C) below, then Merrimack shall have the sole and exclusive
right to file and prosecute any Patent Rights based on such provisional application in any country, at Merrimack’s expense.

 

		(C)	If Merrimack and Dyax cannot, despite reasonable and good faith efforts, reach a common understanding
of inventorship of claims of any such draft provisional application, then Dyax shall file the provisional patent application. Merrimack
and Dyax [*]reasonably acceptable to both Parties prior to the [*], who shall make a final determination of inventorship (in accordance
with [*]) as to the [*] which was [*] to such [*]. Such [*] shall be [*] upon the [*] and their respective [*]. If the [*] is [*] to be
a [*] under Section [*] or a [*] under Section [*], then [*]shall continue to [*] in any country requested by [*] at [*] expense.
Thereafter, such [*] in such [*] or [*] shall be deemed to be included in the rights licensed to Merrimack under Section 3.1. Dyax
shall (i) keep Merrimack fully informed as to the filing, prosecution and maintenance of such Patent Rights, (ii) furnish to
Merrimack copies of all documents relevant to any such filing, prosecution and maintenance, and (iii) allow Merrimack [*] days to
review and comment upon, and to incorporate Merrimack’s reasonable comments into, any such document filed with any patent office
with respect to such Patent Rights prior to filing such documents.

 

		(b)	Upon exercise of Merrimack’s option to obtain a Commercial License with respect to a Dyax Antibody,
as set forth in Section 3.1(b), Dyax shall assign (and cause its inventors to assign) to Merrimack any of Dyax’s Patent Rights
in the Dyax Inventions as defined in Section 5.2(b)(i)(A) and any Joint Inventions as defined in Section 5.2(b)(iii) that
are directed to or relating to such Dyax Antibody. Upon exercise of a Commercial License, Merrimack will also have the right to file and
prosecute all pending and subsequent patent applications related to the Dyax Antibody(ies), the intellectual property rights for which
are subject to an obligation of assignment to Merrimack hereunder, without providing Dyax with a draft application or other prosecution
documents for review and comment prior to such filing. Dyax will use reasonable efforts to cooperate with Merrimack in such activities.
For the avoidance of doubt, Dyax acknowledges and agrees that if, upon Merrimack’s election to obtain a Commercial License with
respect to a Dyax Antibody, Dyax is [*] with respect to the Target against which such Dyax Antibody is directed [*], Merrimack’s
rights under clauses of this paragraph above shall apply notwithstanding [*] and Merrimack may, at Merrimack’s expense, require
Dyax to assign (and cause its inventors to assign) to Merrimack Dyax’s Patent Rights in any Dyax Inventions as defined in Section 5.2(b)(i)(A) and
any Joint Inventions as defined in Section 5.2(b)(iii) that are directed to or relating to such Dyax Antibody.

 

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For clarity, If Merrimack does
not exercise its option to obtain a Commercial License with respect to a Dyax Antibody, Dyax’s Patent Rights in any Dyax Inventions
as defined in Section 5.2(b)(i)(A) directed to or relating to such Dyax Antibody shall remain owned by Dyax and Dyax’s
joint ownership rights to Joint Inventions as defined in Section 5.2(b)(iii) directed to or relating to such Dyax Antibody shall
remain owned by Dyax.

 

		(c)	Enforcement. Merrimack shall have the right but not the obligation, at its expense, to enforce
any Patent Rights which relate to any Antibody that is identified, generated, developed, produced, optimized, or obtained by Dyax from
a Dyax Library that is delivered by Dyax to Merrimack in connection with the Research Program. Dyax shall cooperate with Merrimack, at
Merrimack’s expense, in pursuing any litigation or other enforcement action to enforce such Patent Rights, including allowing Merrimack
to file suit in Dyax’s name, making Dyax employees available to Merrimack, and promptly executing any documents which may be required
to pursue such action. Merrimack shall control any such litigation or other enforcement action and shall enter into, or permit, the settlement
of any such litigation or other enforcement action. All monies recovered upon the final judgment or settlement of any suit to enforce
such Patent Rights shall first be paid to recover the respective actual out-of-pocket expenses of Merrimack and Dyax, or equitable portion
thereof, associated with the enforcement. The remainder of any such monies shall be deemed to be Net Sales for purposes of determining
the royalties owed by Merrimack to Dyax under Sections 4.6. and 4.7.

 

		5.4	Further Assurances. Each Party has and will have appropriate agreements with its employees and
contractors necessary to fully effect the provisions of Sections 5.1, 5.2 and 5.3. Each Party agrees to execute such assignments and other
documents, to cause its employees and agents to execute such assignments and other documents, and to take such other actions, as may reasonably
be requested by the other Party from time to time to give effect to the provisions of Sections 5.1, 5.2 and 5.3.

 

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3.             From
and after the date of this Amendment, the term “Agreement” as used in the Amended Agreement shall mean the Amended Agreement,
as further amended by this Amendment. Except as expressly amended hereby, the terms of the Amended Agreement shall remain in full force
and effect and all such terms are hereby ratified and confirmed.

 

4.             This
Amendment may be executed in one or more counterparts, each of which shall be deemed an original and all of which shall constitute one
and the same instrument.

 

5.              This
Amendment shall be governed by the laws of the laws of the Commonwealth of Massachusetts.

 

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IN WITNESS WHEREOF, the undersigned have duly executed
and delivered this Agreement as a sealed instrument effective as of the date first above written.

 

	DYAX CORP.	 	MERRIMACK PHARMACEUTICALS, INC.
	 	 	 
	By: 	/s/ Ivana Magovcevic-Liebisch	 	By: 	/s/ Edward J. Stewart
	Title: 	Executive Vice President, Corporate	 	Title: 	SVP, Business Development
	Development and General
    Counsel	 	 	 
	Date: 	11/6/09	 	Date: 	November 4, 2009

 

     

     

    

 

AMENDMENT

TO

AMENDED AND RESTATED COLLABORATION AGREEMENT

 

This AMENDMENT (the “Amendment”),
dated as of January 18, 2012 (the “Amendment Date”), further amends the AMENDED AND RESTATED COLLABORATION AGREEMENT,
dated January 24, 2007, as previously amended on July 31, 2008 and November 6, 2009 (the “Amended Agreement”)
between DYAX CORP. (“Dyax”) and MERRIMACK PHARMACEUTICALS, INC, (“Merrimack”). Terms not otherwise defined
herein shall have the respective meanings attributed to them in the Amended Agreement.

 

WHEREAS,. Dyax and Merrimack
wish to amend the Amended Agreement to allow Merrimack to utilize the services and capabilities of third parties to research and develop
Dyax Antibodies in accordance with the terms and conditions set forth in the Amended Agreement.

 

NOW, THEREFORE, in consideration
of the premises and the mutual covenants contained in this Amendment, and other good and valuable consideration, the receipt and sufficiency
of which are hereby acknowledged, the parties hereby agree as follows:

 

1.             Section 3.1(a) of
the Amended Agreement is hereby deleted in its entirety and replaced with the following in lieu thereof:

 

		(a)	Research License. Subject to the terms and conditions of this Agreement, including the restrictions
set forth in Section 3.2 and the payment obligations set forth in Article 4, Dyax hereby grants to Merrimack and its Affiliates
a world-wide, non-exclusive, royalty-free, non-transferable license (with the right to sublicense), under the Dyax Patent Rights, Dyax
Research Know-How, Dyax Antibody Information, Dyax Antibody IP and CAT Patent Rights to use Dyax Research Materials and to research, develop
and make Dyax Antibodies, solely in the Research Field.

 

2.              Except
as expressly provided otherwise in this Amendment, all provisions of the Amended Agreement remain in full force and effect without modification
and all such terms are hereby ratified and confirmed.

 

3.              From
and after the Amendment Date, the term “Agreement” as used in the Amended Agreement shall mean the Amended Agreement, as further
amended hereby.

 

4.              This
Amendment may be executed in one or more counterparts, each of which shall be deemed an original and all of which shall constitute one
and the same instrument.

 

     

     

    

 

IN WITNESS WHEREOF, the parties
hereto have caused this Amendment to be executed by their respective duly authorized representatives as of the date set forth above.

 

	DYAX CORP.	 	MERRIMACK PHARMACEUTICALS, INC.
	 	 	 
	 	 	 
	By: 	/s/ Andrew Ashe	 	By: 	/s/ Edward J. Stewart
	 	 	 	 	 
	Name:	Andrew Ashe	 	Name: 	Edward J. Stewart
	 	 	 	 	 
	Title: 	VP + GC	 	Title: 	SVP

 

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