Document:

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                                                                   EXHIBIT 10.14

Hormos - Orion                                          SERM Licensing agreement
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                            PATENT LICENSE AGREEMENT
                                 This Agreement
                          (hereinafter the "Agreement")
                     dated __________________________, 2004
                        (hereinafter "Date of Agreement")

                                 by and between

                           HORMOS MEDICAL CORPORATION

                    a corporation duly organized and existing
                   under the laws of the Republic of Finland,
    with its principal offices at PharmaCity, Itainen Pitkakatu 4, FIN-20520
                                 Turku, Finland.

                             (hereinafter "Hormos")

                                       and

                                ORION CORPORATION
                                  ORION PHARMA

                    a corporation duly organized and existing
                   under the laws of the Republic of Finland,
         located at Orionintie 1, P.O. Box 65, FIN-02101, Espoo, Finland

                             (herein after "Orion")

WITNESSETH

      WHEREAS, ****, **** and **** have made a novel invention related to
      ******* derivatives (herein after Invention as further defined herein
      below) and notified their then employer Orion July 30, 1997 of the
      Invention. Orion informed inventors that it will not exercise its right to
      the Invention as an employer and the rights to same have reverted back to
      the inventors ****, **** and *******. Subsequently Orion has acquired the
      share of Arto Karjalainen to the Invention.

      WHEREAS, Hormos has acquired shares of **** and **** to the Invention
      believing that it has acquired all rights to the Invention. Hormos has
      filed November 15 2000 a US patent application, whose claims include
      together with developed biological data the compounds presented in the
      Invention and certain additional compounds for pharmaceutical use invented
      at Hormos by inventors also other than ****, **** and ****.

      WHEREAS, Hormos and Orion recognize the role of **** as an original
      inventor to the Invention and Hormos wishes to amend the filed patent
      application by adding **** name also to the Patents (as herein defined).
      Accordingly, through this Agreement Hormos and Orion wish to agree on the
      terms and conditions for a license to the share of **** to the Invention
      from Orion to Hormos.

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      Now, therefore, the Parties agree as follows in consideration of the
      promises and the mutual covenants and agreements contained herein:

      1.    DEFINITIONS

      As used in this Agreement, the following terms shall carry the meanings
      set forth below:

      1.1   "Affiliated Company" shall mean:

      (a) any organization or business entity of which fifty percent (50%) or
      more of the voting stock is controlled or owned directly or indirectly by
      Hormos or Orion, as the case may be;

      (b) any organization or business entity which directly or indirectly owns
      or controls fifty percent (50%) or more of the voting stock of Hormos or
      Orion, as the case may be;

      (c) any organization or business entity, the majority ownership of which
      is directly or indirectly common to, or commonly owned or controlled by
      the majority ownership of Hormos or Orion, as the case may be;

      1.2 "Invention" shall mean the invention described in the appendix
      (Appendix 1) to the invention notification "****" dated July 29 1997
      provided by the inventors to Orion, including without limitation the
      therein identified compounds.

1.3   "Net Sales" shall mean the gross amount invoiced by Hormos, its Affiliated
      Companies or sublicensees on account of sales of Products to customers,
      less the following deductions to the extent actually allowed or
      specifically allocated to the Products using generally accepted accounting
      standards:

      (i)   value added taxes, sales and excise taxes and duties paid or allowed
            by the selling party and any other governmental charges imposed upon
            the importation or sale of such Product;(ii) customary and
            reasonable trade, quantity and cash discounts actually allowed with
            respect to the sale of Products;

      (iii) customary and reasonable allowances or credits to customers on
            account of rejection, withdrawal, recall or return of Products

      (iv)  customary and reasonable freight and insurance costs, if they are
            included in the selling price for the Products invoiced to customers
            or otherwise paid by customers, provided always that such deduction
            shall not be greater than the balance between the selling price
            actually invoiced to the customer and the standard selling price
            which would have been charged to such customer for such Products
            exclusive of freight and insurance costs

1.4   "Party" and "Parties" shall mean in singular either Orion or Hormos and in
      plural both Orion and Hormos.

1.5   "Patents" shall mean granted US patent No **** (Appendix 2) and its
      divisional allowed US patent application No *********** (claims as
      Appendix 3), both titled "*****************" and any corresponding issued
      patent or filed patent application based on the inventions

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      described in US patent **** or the US patent application **** that are
      filed or granted in any country of the world including any corresponding
      patent applications filed in any country or territory, or based on any
      divisionals, continuations, continuations-in-part, reissues,
      re-examinations, and extensions of any of the foregoing (including any
      "patent term restoration" period or supplementary protection certificate
      granted under applicable laws in a given country);

1.6   "Product(s)" shall mean any pharmaceutical product containing i) any of
      the compounds identified in the Invention as its active ingredient alone
      or in combination of other active ingredients; ii) any molecule that has
      similar pharmacological properties with such compounds and falls within
      the claims of the Patents;

1.7   "Term" shall mean the period of time commencing on the Date of the
      Agreement and ending on a country-by-country basis when the last of any of
      the issued Patents expires or is finally adjudged invalid and
      unenforceable by a competent court or tribunal.

2.    ORION'S RIGHTS TO THE PATENTS

      Hormos and Orion hereby recognize the role of **** as an original inventor
      of the Invention. Consequently, **** is entitled to be acknowledged as an
      inventor and Orion as an assignee with regard to ****'s share to the
      Invention and the Patents filed by Hormos. Hormos undertakes to amend the
      Patents by adding **** to the list of inventors at Hormos' cost. Orion
      shall reasonably assist, at Hormos's cost, in Hormos so amending the
      Patents, if required by the US Patent and Trademark Office or any other
      relevant Patent authority, for example by signing the documents needed, if
      any, to make such addition.

3.    GRANTS

      Orion grants Hormos an exclusive license subject to the terms and
      conditions hereof, to Orions's rights in the Invention and Patents. Orion
      shall not for the term of this Agreement exercise the rights itself nor
      grant any of said rights to any third party.

      Hormos shall have the right to sublicense the rights granted to it under
      this Agreement to any third party or parties. Hormos shall notify Orion
      within thirty (30) days after execution of any such sublicense between
      Hormos and its sublicensee. No sublicense shall relieve Hormos of any of
      its obligations or commitments under this Agreement.

4.    PROSECUTION OF PATENT APPLICATIONS AND MAINTENANCE OF PATENTS

4.1   Hormos shall be solely responsible for the prosecution and maintenance of
      the Patents. Hormos shall be at its discretion entitled to, and is
      responsible for, all decision making related to the Patents and related to
      patenting strategy. For the avoidance of doubt, it is hereby acknowledged
      and agreed that save as for what is expressly provided for herein,

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      Orion shall have no obligation whatsoever concerning the Invention and/or
      the Patents.

4.2   In the event that Hormos decides not to prosecute the patent applications
      through issuance of Patents or to discontinue the maintenance of the
      Patents, such decision to be at the sole discretion of Hormos, Orion shall
      have the right of first refusal to be assigned such Patents, under a
      separate assignment agreement to be negotiated by Orion and Hormos.

5.    INFRINGEMENT OF PATENTS

5.1   Hormos shall have the right but no obligation to commence any procedure or
      action, at its cost, against known or suspected infringement of Patents or
      defend the Patents. After Orion's co-ownership is registered in patent
      authorities, Orion shall have the same rights but accordingly, no
      obligation.

5.2   For avoidance of doubt, nothing in this Agreement shall be construed as

      a)    A warranty or representation by Hormos or Orion as to the validity
            or scope of any Patent; or

      b)    A warranty or representation by Hormos or Orion that anything made,
            used, sold or otherwise disposed of under any of the Patents is or
            will be free from infringement of any rights of a third
            party/parties; or

      c)    A requirement that Hormos shall file any Patent application, secure
            any Patent or maintain any Patent in force, unless so agreed in this
            Agreement or in writing; or

      d)    An obligation on Orion or Hormos to bring or prosecute actions or
            suits against any third party for any actual or threatened
            infringement of Patents.

6.    REMUNERATION

6.1   As a consideration for the license granted to Hormos hereunder, Hormos
      agrees to pay Orion milestones and running royalties and grants Orion a
      right of first refusal for the Product(s) separately for each compound in
      development or developed to as pharmaceutical product as set forth below.

6.2   License fees and Milestone payments. Hormos shall pay to Orion license
      fees and milestones as follows:

6.2.1 A one time payment of fifty thousand EURO (50,000.-) within thirty (30)
      days of signing of this Agreement.

6.2.2 A one time payment of **** EURO (****) within thirty days (30) days of
      ************************* ******************************************
      ******* ****************** **** is deemed to be obtained after ******.
      Hormos undertakes to make the **** decision within **** after the **** is
      obtained.

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      If NO GO decision is made, Hormos is not entitled to develop the compound
      any further or have the compound developed on behalf of it or sublicense
      the compound before the payment mentioned in this section 6.2.1 is made.
      Hormos undertakes to inform its decision to Orion without delays.

6.2.3 A one time payment of **** EURO (****) within thirty (30) days after an
      NDA for any Product if filed for an indication with, and accepted for
      filing by, the US FDA, or with any other regulatory authority in any other
      country or territory of the world, which filing is made by or on behalf of
      Hormos or any Affiliated Company of Hormos or any sublicensee of Hormos or
      its Affiliated Company or any other third party for or on Hormos' or its
      Affiliated Company's or its sublicensee's benefit or behalf or deriving
      its rights from Hormos or its Affiliated company or sublicensee.

6.2.4 A one time payment of **** EURO **** within thirty days of the NDA
      approval issued by the FDA, or any approval issued by any other regulatory
      authority in any country or territory of the world, allowing commercial
      marketing or sale of any Product.

6.2.5 Hormos shall be responsible for above mentioned (i-iii) payments
      regardless of whether the respective filing is made by or on behalf of
      Hormos or any Affiliated Company of Hormos or any sublicensee of Hormos or
      its Affiliated Company or any other third party, for or on Hormos' or its
      Affiliated Company's or its sublicensee's benefit or behalf, or deriving
      its rights from Hormos or its Affiliated company or sublicensee..

6.3   Royalties. Hormos shall pay to Orion a running royalty of **** per cent
      (****) of all Net Sales for Product(s) in any country of the world sold by
      Hormos, any Affiliated Company of Hormos, any third party sublicensee of
      Hormos or its Affiliated Company, to unaffiliated customers or purchasers,
      including but not limited to HMO's, hospitals, pharmacies, clinics,
      physicians and others who sell and supply Product(s) to patients.

6.4   For the avoidance of doubt, for each Product the Net Sales shall be
      calculated only once for the first sale of such Product by either Hormos
      or its Affiliated Company or sublicensee to a customer.

      Hormos shall keep and require its Affiliated Companies and sublicensees to
      keep and maintain complete and accurate records and books of account in
      sufficient detail and form so as to enable verification of royalties paid
      or payable hereunder. Hormos shall allow and arrange Orion to audit its
      own or its Affiliated Company's and/or sublicensees' records and books of
      account for correctness of royalty payments and Net Sales, if requested
      and at the auditing party's expense.

6.5   All payments, once made, shall be non-refundable.

7.    COLLABORATION AND ORION'S RIGHT OF FIRST REFUSAL

7.1   In further consideration for the rights granted to Hormos hereunder Hormos
      hereby

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      grants, and as necessary shall cause its Affiliated Companies and
      sublicensees to grant, to Orion a right of first refusal (ROFR) to become
      the exclusive importer, market seller and distributor in Scandinavia
      (being defined as Finland, Sweden, Norway, Denmark and Iceland) and the
      Baltic area (being defined as Estonia, Lithuania, Latvia, and Russia) for
      each and every Product(s).

7.2   Orion's ROFR shall be exercised as follows:

7.2.1 Promptly after the final report for phase II clinical results sufficient
      for obtaining the Proof of Concept are available, Hormos will inform Orion
      on a confidential basis of said results and status and plans of the
      development of any Product. Within ninety (90) days from the receipt of
      sufficient results and data, Orion will indicate to Hormos in writing
      whether it is interested in such Product(s) or not.

7.2.2 If Orion has indicated its positive interest in the Product, then, not
      later than sixty (60) days after receipt of such indicated interest,
      Hormos shall make a written proposal under which Orion shall be offered
      the exclusive rights to market, sell and distribute the Product throughout
      Scandinavia and the Baltic area on commercially reasonable terms and
      conditions customary in the business ("Heads of Agreement").

7.2.3 Within thirty (30) days from the receipt of the Heads of Agreement
      pursuant to clause 7.3.2, Orion shall indicate to Hormos in writing
      whether or not it is interested in engaging in good faith negotiations for
      a commercially reasonable license agreement concerning the Product
      ("License Agreement"). If Orion indicates in writing that it is
      interested in engaging in good faith negotiation on a License Agreement
      based on the Heads of Agreement, then Orion and Hormos shall negotiate
      exclusively with each other on the terms and conditions of a binding,
      commercially reasonable License Agreement under which Hormos would grant
      Orion the exclusive right to import, market distribute and sell the
      Product in Scandinavia and the Baltic Area. Such negotiations shall
      continue for up to one hundred and twenty (120) days after Hormos receives
      such notification from Orion (hereinafter referred to as "Negotiation
      Period"). If the Parties, despite conducting good faith negotiations, if
      any, are unable to or do not finalize and execute a binding License
      Agreement within the Negotiation Period, then Hormos shall have the right
      to offer such right subject to Orion's ROFR to a third party.

7.2.4 Notwithstanding what is stated above, for a period of twelve months (12)
      after the expiration of Negotiation Period, Hormos shall not offer or
      grant any more favorable terms to any third party marketing and/or
      distribution rights in the Scandinavia and Baltic area for a Product than
      were last offered to Orion, unless Orion is first offered the opportunity
      to consider and accept the same. Orion shall have thirty (30) days to
      accept or reject such offer by written notice to Hormos and failure to
      accept or reject within such period shall be deemed to be a waiver by
      Orion of its rights under this clause with regard to the Product
      concerned.

8.    WARRANTIES

      Each Party hereby represents and warrants to the other Party as follows
      that it is a

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      corporation duly organized and validly existing under the laws of Finland
      and that it has the power and authority to execute and deliver this
      Agreement, and to perform its obligations hereunder;

      Even though the intention of Hormos is to develop at least one of the
      compounds included in the Invention to a Product, it is acknowledged by
      Orion that Hormos is not under obligation to do so. Hormos gives no
      warranties and makes no representation whatsoever, express or implied
      regarding achievement of results in the development of a Product, or
      regarding the patentability, fitness, suitability or usefulness of any
      result for any purpose, and any such representation or warranty by or on
      behalf of Hormos that is not expressly stated herein, is disclaimed.

      Orion gives no other warranties and makes no representation whatsoever,
      express or implied.

9.    INDEMNIFICATION

      Hormos shall indemnify, defend and hold Orion and its Affiliated
      Companies, and its and their directors, officers, employees and agents
      harmless from and against any and all third party claims related to the
      infringement of intellectual property rights or product liability for
      pharmaceutical products marketed by Hormos. Nevertheless, the
      indemnification set forth herein shall not be interpreted as an indemnity
      by Hormos in respect of claims and suits for injury and damages caused by
      the negligence, or wrongdoing of Orion or its employees, agents or
      Affiliated Companies.

10.   TERM AND PREMATURE TERMINATION

10.1  This Agreement shall remain in effect for the Term, unless sooner
      terminated as provided for herein.

10.2  Either of the Parties shall have the right without prejudice to any other
      rights or remedies or other relief available to it, to terminate this
      Agreement forthwith for cause by thirty (30) days written notice to the
      other Party if the other Party breaches any of the material terms or
      conditions of this Agreement and the defaulting Party fails to fully cure,
      or have taken appropriate action to cure such breach within thirty (30)
      days of receipt of written notice from the Party asserting the breach.

11.   ASSIGNMENT

      This Agreement is deemed personal to Orion and Hormos. Therefore, neither
      Party shall, without the prior written consent of the other, assign this
      Agreement or any of its rights hereunder, nor delegate any of its duties
      or obligations hereunder without the prior written consent of the other
      Party, provided further that such consent shall not be required if such an
      assignment is contemplated in connection with the sale or merger by a
      Party of all or substantially all of its assets to a third party provided
      the non-assigning Party receives and accepts such written assurances of
      continued performance and

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      commitments from the assignee under this Agreement as it may reasonably
      require prior to such an assignment becoming effective. Any assignment or
      delegation in derogation of this provision shall be deemed null and void.

12.   NON-WAIVER

      Either Party's failure to exercise or enforce any right conferred upon it
      hereunder shall not be deemed to be a waiver of any such right unless
      specifically so stipulated or operate to bar the exercise of performance
      thereof at any time or times thereafter, nor shall its waiver of any right
      hereunder at any given time, including rights to any payment, be deemed a
      waiver thereof for any other time.

13.   SEVERABILITY

      In case any provision of this Agreement shall be invalid, illegal or
      unenforceable due to the legislation of Finland or the European Union,
      such invalidity, illegality or unenforceability shall not affect any other
      provision hereof. The Parties shall negotiate in good faith in order to
      agree the terms of a mutually satisfactory provision to be substituted for
      the provision which is invalid, illegal of unenforceable and which as
      nearly as possible validly gives effect to the Parties' intentions as
      expressed herein.

14.   HEADINGS

      All section headings in this Agreement are for convenience only and shall
      not in any way affect the meaning or interpretation of the Agreement.

15.   ENTIRE AGREEMENT AND AMENDMENTS

      This Agreement, together with all Appendices hereto, represents the full
      and complete understanding and agreement of the Parties pertaining to the
      subject matter hereof and prevails over all statements, clauses or
      conditions which may be contained in any other form or document. No
      modifications and amendments to this agreement shall be valid unless made
      in writing and signed by duly authorized representatives of Orion and
      Hormos.

16.   NOTICES

      Notices provided hereunder and concerning validity or term of this
      Agreement are to be given by either Party to the other shall be in writing
      and shall be given in person or be prepaid registered mail to the
      respective addresses or to such other addresses as the Parties may
      hereafter communicate to each other in writing.

      Notices to Orion shall be sent to:     Orion Corporation
                                             P.O. Box 65
                                             FIN-02101 Espoo, Finland
                                             Telefax: 358 9 4293600
                                             Telex. 124721 orion fi
                                             (phone 358 94291)

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      Notices to Hormos shall be sent to:    Hormos Medical Corporation
                                             PharmaCity, Itainen Pitkakatu 4
                                             FIN-20520 Turku, Finland
                                             Telefax: 358 2 410 8001

17.   DISPUTE RESOLUTION

17.1  This Agreement is acknowledged to have been made in and shall be
      construed, governed, interpreted and applied in accordance with the laws
      of Finland, without giving effect to its conflict of laws provisions.

17.2  In the event of any controversy, claim, or dispute arising out of or
      relating to any provisions of this Agreement, the Parties shall try to
      settle those conflicts amicably between themselves within ninety (90) days
      of either Party's request for amicable settlement negotiations. Should the
      Parties fail to so settle then the matter in dispute shall be finally and
      exclusively settled by binding arbitration procedure.

      The Parties hereto hereby agree that all disputes arising out of or in
      connection with this Agreement (except those involving actions commenced
      by or involving third parties and affecting or involving only one of the
      other Parties to this Agreement), shall be finally and exclusively settled
      by arbitration under the Rules of the Arbitration Board of the Central
      Chamber of Commerce in Finland in accordance with said Rules and with such
      proceedings to be held in Helsinki, Finland in Finnish language.

      Judgement upon the award rendered by arbitration may be issued and
      enforced by any court having competent jurisdiction.

                [The remainder of this page has been left blank]

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18.   SIGNATURES

      In witness hereof, the Parties hereto have executed this Agreement as, of
      the day and year first written above.

                         ORION CORPORATION ORION PHARMA

Signatures        /s/ A      W                 /s/ Hannu Wennonen
                  ------------------           ------------------

Name              A.W.                         Hannu Wennonen

Title                                          Director, BD and Disc.

Place and date    Espoo   25.3 2004            Espoo 22.3 2004

                           HORMOS MEDICAL CORPORATION

Signatures        /s/ Risto Lammintausta
                  ----------------------

Name              Risto Lammintausta

Title             Chief Executive Officer

Place and date    Turku 17.3 2004

List of Appendices:

Appendix 1:   Attachment to the notification for invention describing the
              molecules of the invention, dated July 29 1997.

Appendix 2:   Patent text of granted US patent no ****

Appendix 3:   Claims of the approved divisional patent application no ****

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                                   Appendix 1

*The content of this exhibit has been redacted pursuant to a confidential
 treatment request.

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                                   Appendix 2

*    The content of this exhibit has been redacted pursuant to a confidential
     treatment request

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                                   Appendix 3

*    The content of this exhibit has been redacted pursuant to a confidential
     treatment request

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                                                                   EXHIBIT 10.15

                            PATENT LICENSE AGREEMENT
                                 This Agreement
                          (hereinafter the "Agreement")
                     is made this 10th day of October, 2005
                        (hereinafter "Date of Agreement")

                                 by and between

                           Hormos Medical Corporation

   a corporation duly organized and existing under the laws of the Republic of
 Finland, located at PharmaCity, Itainen Pitkakatu 4, FIN-20520 Turku, Finland.

                             (hereinafter "Hormos")

                                       and

                                Orion Corporation
                                  ORION PHARMA

            a corporation duly organized and existing under the laws
  of the Republic of Finland, located at Orionintie 1, P.O. Box 65, FIN-02101,
                                 Espoo, Finland

                              (hereinafter "Orion")

WHEREAS, *******, *******, *******, *******, ******* and ******* made an
invention with application to the prevention and treatment of osteoporosis, for
which patent application number ** **** entitled "******" was filed in the
United Kingdom Patent and Trademark Office on ******* (hereinafter "U.K Patent
Application") and patent applications corresponding to the U.K. Patent
Application, which are listed on Appendix A hereto, have been filed, and to date
seven patents has resulted therefrom, as identified in said Appendix;

WHEREAS, by means of written assignments and the laws of Finland, Orion has
acquired all the rights, title and interests of Dr. *******, Dr. *******,
******* and *******, whereas Hormos acknowledges that it has acquired all the
rights, title and interests of ******* and ******* in the U.K. Patent
Application and any corresponding patent applications and any patents resulting
therefrom or corresponding thereto;

WHEREAS, Orion and Tess Diagnostics and Pharmaceuticals, Inc. from USA
(hereinafter "Tess") entered into a Patent License and Technical Assistance
Agreement, dated 28th day of April 1998 (hereinafter the "Tess Agreement"), with
respect to the prevention and treatment of osteoporosis;

WHEREAS, Tess and Hormos subsequently entered into the License, Sub-license and
Research and Co-development Agreement, dated May 24th 1998, in order to form a
consortium to co-develop a commercially viable pharmaceutical product for the
prevention and treatment of osteoporosis by exercising the claims of U.K. Patent
Application (as defined in such Agreement) and any corresponding patent
applications and patents resulting therefrom;

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<PAGE>

WHEREAS, Hormos wishes to further pursue the development of the Product (as
defined herein below);

WHEREAS, Tess has transferred and assigned the Tess Agreement to Hormos with any
and all rights and obligations arising therefrom and Orion has given its consent
to the transfer of the Tess Agreement, on the terms and conditions of the
Assignment Agreement of even date herewith December 5, 2002, by and between
Tess, Hormos and Orion, and as of such date Orion and Hormos, in place of Tess,
are parties to the Tess Agreement. By the execution of this Agreement Orion and
Hormos desire with this Agreement to supersede and replace the Tess Agreement as
of the Date of Agreement, with the express agreement of Orion and Hormos that
such replacement of the Tess Agreement by this Agreement shall in no way affect
Hormos obligations and undertakings under the Assignment Agreement;

WHEREAS, Hormos has been developing ospemifene for certain additional
indications identified herein, and Orion has granted new licenses in order to
enable Hormos to develop and commercialize ospemifene with regard to such new
therapeutic indications as are defined hereinafter, and accordingly the Parties
have 5 December, 2002 entered into a patent license agreement concerning the
above referred to matters, which they now wish to replace with this agreement;

Now, therefore, the Parties agree as follows in consideration of the promises
and the mutual covenants and agreements contained herein:

1.    DEFINITIONS

      As used in this Agreement, the following terms shall carry the meanings
      set forth below:

1.1   "Affiliated Company" shall mean:

(a)   any organization or business entity of which fifty percent (50%)or more of
      the voting stock is controlled or owned directly or indirectly by Hormos
      or Orion, as the case may be;

(b)   any organization or business entity which directly or indirectly owns or
      controls fifty percent (50%) or more of the voting stock of Hormos or
      Orion, as the case may be;

(c)   any organization or business entity, the majority ownership of which is
      directly or indirectly common to, or commonly owned or controlled by the
      majority ownership of Hormos or Orion, as the case may be;

1.2   "Licensee" shall mean Hormos;

1.3   "Licensor" shall mean Orion;

1.4   "Net Sales" shall mean gross sales of the Product(s) invoiced by Hormos
      or an Affiliated Company on such sales, less custom charges, duties and
      taxes (including but not limited to "VAT" and other turnover taxes) less
      delivery, shipping and transportation costs, less credits or allowance on
      account of rejections or returns of Product(s) previously sold and less
      trade discounts. Product(s) shall be deemed to have been sold when
      invoiced. If Hormos sublicenses the manufacture and/or sale of Product(s)
      to any third party, then the royalty payable to Orion hereunder, shall be
      based on the Net Sales of such Hormos sublicensee less any deduction, if
      applicable, defined hereinabove;

1.5   "Orion's Documentation" means Orion's dossier relating solely to
      Ospemifene for Osteoporosis Indication, including its Finnish IND
      information and applicable chemistry, pharmacological and

                                                                               2
<PAGE>

      safety data relating thereto;

1.6   "Orion's Patent Rights" means Orion's share of the rights, title and
      interest in the Patents and Patent Applications, as defined herein;

1.7   "Ospemifene" shall mean ****** *****;

1.8.  "Triphenylethylenes Patents" shall mean any patent applications and any
      valid and enforceable patents that are filed or granted in any country of
      the world as described in European Patent Specification ****** and based
      on the United Kingdom priority patent application filed on September 7,
      1994 (******, hereinafter "Triphenylethylenes Priority Patent
      Application") entitled "******" or based on any corresponding patent
      applications filed in any country or territory, or based on any
      divisionals, continuations, continuations-in-part, reissues,
      re-examinations, or extensions of any of the foregoing (including "patent
      term restorations" periods granted under applicable laws in a given
      country);

1.9   "Cholesterol Patents" shall mean any patent applications and any valid and
      enforceable patents that are filed or granted in any country of the world
      as described in European Patent Specification ***** (as further identified
      in Appendix B) and based on the United Kingdom priority patent application
      filed on March 4, 1996 (*****, hereinafter "Cholesterol Priority Patent
      Application", as further identified in Appendix 2) entitled "*****" or
      based on any corresponding patent applications filed in any country or
      territory, or based on any divisions, continuations,
      continuations-in-part, reissues, re-examinations, or extensions of any of
      the foregoing (including "patent term restorations" periods granted under
      applicable laws in a given country);

1.10. "Patents" shall mean both Triphenylethylenes Patents and Cholesterol
      Patents;

1.11  "Patent Applications" means any filed but not granted patent application
      for Triphenylethylenes Patents or Cholesterol Patents based on
      Triphenylethylenes Priority Patent Application or Cholesterol Priority
      Patent Application and all divisionals, continuations, or
      continuations-in-part thereof;

1.12  "Product(s)" herein shall mean any pharmaceutical product containing
      Ospemifene as its sole active ingredient;

1.13  "Term" means the duration for which this Agreement shall remain in effect
      which shall be 15 years from the Date of Agreement, or until the last of
      any of the issued Patents expires (expiration to include any applicable
      patent term restoration or extension that may be allowed) or is finally
      adjudged invalid and unenforceable by a competent court or tribunal,
      whichever is longer;

1.14  "Atrophy" shall mean urogenital atrophy in women, including vaginal
      atrophy;

1.15  "Atrophy Indication" shall mean prevention and treatment of Atrophy;

1.16  "Osteoporosis Indication" shall mean prevention and treatment of
      osteoporosis in women;

1.17  "Cholesterol Indication" shall mean the reduction of serum total
      cholesterol in women treated with Ospemifene;

1.18  "Confidential Information" shall mean all information, documentation,
      samples and data relating to

                                                                               3
<PAGE>

      Ospemifene and/or the Orion Documentation and all other Orion products,
      the business affairs, trade secrets and other activities of Orion and/or
      its Affiliates, whether disclosed or made available prior to, or after the
      Date of Agreement or by or on behalf of Orion and/or Tess, (whether orally
      or in writing or any other medium. Any and all information, documentation,
      samples and data relateing to Ospemifene and/or Orion Documentation shall
      be deemed included within the scope of Confidential Information regardless
      of whether it is identified as confidential or not, whereas any
      information related to all other Orion products, the business affairs,
      trade secrets and other activities of Orion shall be deemed included
      within the scope of Confidential Information if it is expressly stated to
      be confidential.

2.    GRANTS

2.1   During the Term, Orion hereby grants to Hormos, only with respect to (I)
      the Osteoporosis Indication, (II) the Atrophy Indication and (III) the
      Cholesterol Indication, any and all rights that it has under the
      Triphenylethylenes Patents and any and all rights granted to it as a
      result of a Triphenylethylenes Priority Patent Application to develop,
      manufacture, promote market and sell Product(s) by itself or to have done
      on behalf of Hormos, including the right to grant sublicences, subject to
      the terms and conditions of this Agreement.

2.2   Subject to clause 2.2.1, during the Term, Orion hereby grants to Hormos
      with respect to the Cholesterol Indication only any and all rights that it
      has under and the Cholesterol Patents and any and all rights granted to it
      as a result of a the Cholesterol Priority Patent Application to develop,
      manufacture, promote market and sell Product(s) by itself or to have done
      on behalf of Hormos, including the right to grant sublicences.

2.2.1 The rights and licenses pursuant to clause 2.2 are contingent upon
      ****** giving, where required under laws of a particular jurisdiction,
      his written consent, as a co-owner of the Cholesterol patents and rights
      based on the Cholesterol Priority Patent Application, to the license to
      Hormos.

      Hormos acknowledges that as the Date of Agreement, ****** has not
      given such consent. Orion makes no representation and gives no warranty
      when, or if at all, ****** will give such consent. To the extent
      Hormos desires to exercise the contingent license set forth in clause 2.2,
      then it shall be Hormos' sole responsibility and obligation to cause
      ****** to give such written consent(s) to Orion, and Orion shall have
      no obligation in this regard. Hormos agrees that lack of such consent by
      ****** may not be deemed a breach of this Agreement by Orion.

2.3   Having granted any and all of its rights defined in section 2.1 and,
      subject to section 2.2.1, in section 2.2 to Hormos, Orion shall not grant
      the same rights to a third party and shall not itself exercise any such
      rights, unless pursuant to the terms of this or a separate agreement
      between Orion and Hormos.

2.4   Except for the rights granted in clause 2.1 and 2.2 above, nothing
      contained herein shall give or be deemed to give or grant Hormos any
      license or rights to any existing or future Orion patents or other
      intellectual property rights.

2.5   Hormos shall have the right to sublicense its rights received under this
      Agreement to any third party or parties. Hormos shall notify Orion within
      fifteen (15) days after execution of an agreement between Hormos and its
      sublicensee. No sublicense shall relieve Hormos of any of its obligations

                                                                               4
<PAGE>

      or commitments under this Agreement and Hormos shall cause its Affiliated
      Companies and sublicensees to comply with all of Hormos obligations and
      commitments under this Agreement.

      Hormos shall remain jointly and severally liable to Orion with its
      Affiliated Companie(s) and sublicensees for performance of Hormos'
      obligations under this Agreement. Hormos shall be responsible for
      complying and ensuring that such of its Affiliated Companies and
      sublicensees, as applicable, comply with all relevant laws, regulations
      and requirements relating to the importation, packaging, distribution,
      marketing, promotion, sale and use of Product

3.    ORION DOCUMENTATION

3.1   To the best of Orion's management's belief as of the Date of Agreement,
      Orion has prior to the Date of Agreement provided Hormos with all material
      Orion Documentation which is available to and disclosable by Orion.
      Consequently, Orion will have no obligation to provide any additional
      data, documentation or information to Hormos, its Affiliated Company or
      sublicensee(s). However, Orion gives no warranty that additional Orion
      Documentation in existence prior to the Date of Agreement may not in fact
      prove to exist and/or become available to and disclosable by Orion. Should
      any such additional Orion Documentation become available to and
      disclosable by Orion, then Orion shall without undue delay provide Hormos
      with a copy of same.

      Hormos shall, for the sole purpose of, and in accordance with the terms
      and conditions of this Agreement and subject to clause 3.2, have the right
      at its own sole risk and responsibility to utilize Orion's Documentation
      disclosed to it as it sees fit for product development, marketing approval
      and Product registration purposes, provided that Hormos shall not be
      authorized to use Orion's name in connection with any such permitted use
      thereof, unless prior written consent of Orion is first obtained, and
      further, unless laws or regulatory requirements make it mandatory that
      Orion's name be disclosed, in which case Hormos shall first inform Orion
      of this requirement and use Orion's name only to the extent required to
      comply with same.

3.2   Hormos shall not disclose Confidential Information to any third parties or
      otherwise use such Confidential Information, except to the extent such use
      or disclosure is expressly permitted by the terms of this Agreement, or
      required or reasonably necessary for proper performance of this Agreement,
      or the proper exercise of its rights under this Agreement. By way of
      example, Hormos or its Affiliated Companies may disclose Orion's
      Confidential Information to potential sublicensees under confidentiality
      obligations no less stringent that those contained herein to the extent
      necessary to evaluate Ospemifene and its scientific and commercial
      viability or to health or regulatory authorities to the extent necessary
      to comply with any laws applicable to it as distributor of Product therein
      or in order to obtain marketing authorization for a Product.

      Hormos and its Affiliated may divulge Confidential Information to only
      those of its, and its Affiliates' employees and such permitted independent
      contractors, agents or other third parties who have a bona fide "need to
      know" to permit Hormos to properly perform its obligations or exercise
      their rights under this Agreement, provided such persons are first bound
      by confidentiality undertakings that are materially no less stringent
      than, and consistent with Hormos' confidentiality obligations hereunder.

      Hormos' confidentiality undertakings pursuant to this Clause 3.2 shall not
      apply to any Confidential Information:

      (a)   which at the time of disclosure is or later has come into the public
            domain by publication or otherwise through no fault of Hormos; or

                                                                               5
<PAGE>

      (b)   is disclosed to Hormos by a third party (other than Tess or any of
            its directors, employees or shareholders) who was under no
            obligation of confidentiality, directly or indirectly, to Orion, or
            to any customer, distributor, agent, licensee or affiliate of Orion;
            or

      (c)   is required to be disclosed under law or by order of a court of
            competent jurisdiction, provided, however, that Orion is granted due
            advance notice of such a requirement in order to be able to contest
            the same and then only to the minimum extent of disclosure so
            required.

      (d)   which has been independently conceived or developed by Hormos
            without exploiting Confidential Information.

      Hormos shall have the burden of proof as to any claimed exception from
      confidentiality and non-use.

      The confidentiality obligations under this Clause 3.2 shall remain in
      effect during the Term and for twenty (20) years thereafter.

4.    PROSECUTION OF PATENT APPLICATIONS AND MAINTENANCE OF PATENTS

4.1   Subject to ******'s and ******'S rights and obligations
      with respect to the prosecution of Patent Applications and maintenance of
      Patents, it is specifically agreed between Orion and Hormos that Orion
      shall be responsible for the prosecution of the Patent Applications listed
      on Appendices A and B hereto, and shall be responsible for the maintenance
      of any and all Triphenylethylenes and Cholesterol Patents in countries set
      out in Appendices A and B and to apply for appropriate supplementary
      protection certificates where available.

4.2.  Upon Hormos' request, such request to be made no more than twice in each
      calendar year, Orion shall provide Hormos with a brief status report of
      the prosecution of pending Patent Applications. Orion shall also notify
      Hormos upon the granting of each Patent within two (2) months from the
      grant of same.

4.3   In the event that Orion decides not to prosecute a Patent Application
      through issuance of a Patent or not to maintain a Patent, such decision to
      be at the sole discretion of Orion, Hormos shall have the right of first
      refusal to be assigned such Patent Application or Patents, under a
      separate assignment agreement to be negotiated by Orion and Hormos, which
      agreement shall provide that Hormos shall reimburse Orion for Orion's
      total costs of prosecuting the Patent Application, as well as patent
      maintenance fees, if applicable, up to the date of the assignment, and in
      consideration for the assignment, Hormos shall pay Orion, on a country by
      country basis, ***% running royalty of Net Sales of Products by Hormos,
      its Affiliated Company and/or its third party sublicensees. Said royalty
      shall be payable instead of the royalty set forth in Clause 5.1 (a) herein
      below.

4.4   Each of Orion and Hormos shall promptly inform the other in writing of any
      infringement of Patents by a third party which may come to its attention
      and shall provide the other with any information in its possession
      relating to such infringement. Hormos shall have the first right to
      prosecute infringers to the extent the infringement concerns Hormos'
      herein agreed rights to Patents at its own cost and expense. Orion shall
      reasonably cooperate with Hormos, at Hormos's expense, in connection
      therewith.

      If within ninety (90) days after having been notified of any alleged
      infringement, Hormos has been unsuccessful in persuading the alleged
      infringer to desist and has not brought, and is not diligently maintaining
      an infringement action or if Hormos notifies Orion at any time prior
      thereto of its intention not to bring suit against any alleged infringer,
      then Orion may, but shall not be obligated

                                                                               6
<PAGE>

      to, prosecute, at its own expense, any infringement of the Patents,
      provided that Hormos may, at Hormos's expense, participate in any such
      litigation to the extent reasonably required to protect its rights.

      Any recovery of damages by Hormos for any such suit shall be applied first
      in satisfaction of any unreimbursed expenses and legal fees of Hormos
      relating to the suit or settlement thereof, and the balance thereafter
      remaining from such recovery shall be treated as Net Sales to Hormos and
      Hormos shall pay a royalty to Orion as though such amount constituted Net
      Sales in the year of recovery for purposes of this Agreement. No
      settlement, or consent judgment, or other voluntary final disposition of
      the suit may be entered into without the consent of Orion, which consent
      shall not be unreasonably withheld or delayed.

      In the event that Orion undertakes the enforcement and/or defence of the
      Patents by litigation or settlement action, any recovery of damages by
      Orion shall be retained in full by Orion. Provided Hormos is not in breach
      of this Agreement and is current in reimbursing Orion for all costs and
      expenses, including reasonable attorney fees and legal costs, in
      connection with such litigation or action, no settlement, or consent
      judgment, or other voluntary final disposition of the suit, which may
      limit Hormos's rights hereunder may be entered into without the consent of
      Hormos, which consent shall not be unreasonably withheld or delayed.

      In the event any action in a court of competent jurisdiction alleging
      invalidity, unenforceability, or non-infringement of any of the Patents is
      brought against Hormos or Orion, Hormos shall, within thirty (30) days
      after commencement of such action, intervene and take over, at its sole
      responsibility and expense, the sole defence of the action to the extent
      such action concerns Hormos' herein agreed rights to Patents. If within
      thirty (30) days after having been notified of any such action, Hormos has
      not diligently initiated and pursued the defence against same or if Hormos
      notifies Orion at any time prior thereto of its intention not to so defend
      or pursue the defence, then Orion may, but shall not be obligated to so
      defend, at its own expense, against any such action, provided that Hormos
      may, at Hormos's expense, participate in any such litigation to the extent
      reasonably required to protect its rights.

      In any infringement suit that either Party may institute to enforce the
      Patents or in any declaratory judgment or other action alleging
      invalidity, unenforceability or non-infringement of any Patents brought
      against either Party, the other Party hereto agrees, at the request and
      expense of the Party initiating or defending the suit or action, to
      cooperate in all reasonable respects, including without limitation by
      exercising commercially reasonable efforts to have its employees testify
      when requested and to make available relevant records, papers, information
      samples, specimens, and the like.

5.    ROYALTIES

5.1

(a)   In consideration for the rights and licenses granted to Hormos hereunder,
      and for Orion's other undertakings hereunder, Hormos agrees to pay a
      running royalty of **** (**** %) of all Net Sales of Products made by
      Hormos, any Affiliated Company of Hormos, and any third party sublicensee
      of Hormos or its Affiliated Company, to unaffiliated customers or
      purchasers, including but not limited to, HMO's, hospitals, pharmacies,
      clinics, physicians and others who sell and supply Product to patients.

      The royalty amount payable under this clause shall apply to Products
      covered by any pending

                                                                               7
<PAGE>

      Patent Application as well as any issued Patents, subject to the terms of
      clause 5.2. below.

(b)   Hormos shall be responsible for calculating and remitting to Orion all
      royalties payable on Net Sales made by Hormos, an Affiliated Company or a
      Hormos sublicensee, unless a separate written agreement is entered into
      between Hormos, Orion and an Affiliated Company or sublicensee with
      respect to such royalties being paid by such Affiliated Company or
      sublicensee directly to Orion.

5.2   In those countries where (a) no Triphenylethylenes Patent Applications are
      filed; or (b) where there has been a final rejection of all claims under
      Triphenylethylenes Patent Applications; or (c) where all issued
      Triphenylethylenes Patents have expired, or have been declared invalid and
      unenforceable by a court of competent jurisdiction; or (d) Orion has
      abandoned its Triphenylethylenes Patent Applications and Patents; or (e)
      Orion has assigned its Patent Applications and its Patents to any party
      other than Hormos, an Affiliated Company of Hormos, or an Affiliated
      Company of Orion, then the royalty amount referenced in 5.1. above shall
      thereafter be **** to **** percent (****%) of Net Sales made in or to such
      countries so affected during the Term of this Agreement. Such **** percent
      (****%) royalty is in consideration for the rights granted to Hormos to
      use the Orion Documentation and in consideration for Orion's other
      undertakings hereunder.

5.3   All royalty payments due under Clauses 5.1, and 5.2. shall be made within
      sixty (60) days of the end of each calendar year in respect of payments
      accruing on Net Sales made in that calendar year. The royalty payments
      shall be in full amount, less any taxes required by a government or
      governmental agency to be withheld therefrom; provided, however, that
      Orion shall have the right to first contest any such taxes and Hormos
      will, if requested, and at Orion's expense, provide reasonable assistance
      with respect to dealing with such matters, and in having appropriate
      certificates of tax payment or withholdings issued by relevant tax
      authorities.

5.4   All payments to Orion shall be made in Euros. In the event that conversion
      from any other currency is required in calculating a payment hereunder,
      the exchange rate used shall be the rate as published by the Bank of
      Finland and in effect on the last business day of the month just prior to
      the month in which payment is required to be made hereunder.

5.5   The royalty payments obligations of Hormos hereunder shall remain in
      effect for the Term of this Agreement.

5.6

(a)   Hormos shall keep and maintain and require its Affiliated Companies and
      sublicensees to keep and maintain, complete and accurate records and books
      of account in sufficient detail and form so as to enable verification of
      royalties paid or payable hereunder. Such records and books of account
      shall be maintained for a period of no less than three (3) years following
      the royalty payment year to which they pertain. Hormos shall permit, and
      procure the permission to such records and books of account to be examined
      by Orion or a duly authorized representative of Orion to the extent
      necessary to verify the amount of royalties payable. Such examination
      shall be at Orion's expense and be done during the normal business hours
      and upon ten (10) days' prior written notice to Hormos.

(b)   Hormos will also allow and arrange for Orion to audit Hormos, or any
      Hormos Affiliated Company's or sublicensees records for correctness of
      royalty payments and Net Sales, if requested, and at Orion's expense.

(c)   Orion shall make any claim relating to the royalty for a given calendar
      year payable within three

                                                                               8
<PAGE>

      (3) years after the end of such calendar year. Thereafter Orion shall be
      deemed to waive its rights. to demand any royalty relating to the
      Product(s) but only for such calendar year of accounting waived.

6.    MILESTONE PAYMENTS

6.1   In further consideration for the rights granted with regard to
      Osteoporosis Indication to Hormos and the undertakings by Orion hereunder,
      Hormos agrees to pay Orion:

(a)   A one time payment of **** U.S. dollars **** within thirty days after the
      NDA for any Product is filed for ******** and accepted for filing by the
      USA FDA, or in any other corresponding regulatory authority in any other
      country or territory of the world, which filing is made by or on behalf of
      Hormos, or any Affiliated Company of Hormos, or any sublicensee of Hormos
      or its Affiliated Company or any other third party for or on Hormos' or
      its Affiliated Company's or sublicensee's benefit or behalf; and

(b)   A one time payment of **** U.S. dollars **** within thirty days of the
      official approval issued by the FDA, or any corresponding regulatory
      authority in any country or territory of the world, allowing commercial
      marketing or sale of any Product for an *****.

6.2.  In further consideration for the rights granted with regard to Atrophy
      Indication to Hormos and the undertakings by Orion hereunder, Hormos
      agrees to pay Orion:

(a)   A one time payment of **** EURO **** within thirty
      (30) days of the ****.

(b)   A one time payment of **** EURO **** within two (2)
      years of the ****.

(c)   A one time payment of **** EUROS **** within thirty days after the NDA for
      any Product is filed for ******** and accepted for filing by the USA FDA,
      or in any other corresponding regulatory authority in any other country or
      territory of the world, which filing is made by or on behalf of Hormos, or
      any Affiliated Company of Hormos, or any sublicensee of Hormos or its
      Affiliated Company or any other third party for or on Hormos' or its
      Affiliated Company's or sublicensee's benefit or behalf.

6.3.  In case Hormos and/or its Affiliated Companies or its or their
      sublicensees decide to develop Ospemifene for Cholesterol Indication,
      Hormos agrees to pay Orion further consideration for the rights granted
      with regard to Cholesterol Indications to Hormos and the undertakings by
      Orion hereunder

(a)   A one time payment of **** EURO ****
      within thirty days after ***********************************************
      ************************************************************************
      ************************************************************************
      ************************************************************************
      ************************************************************************
      ************************************************************************
      ************************************************************************
      ************************************************************************
      ************************************************************************
      ************************************************************************

                                                                               9
<PAGE>

      (b) A one time payment of **** EURO (****.-) within thirty days of the
      official approval issued by the FDA, or any corresponding regulatory
      authority in any country or territory of the world, allowing commercial
      marketing or sale of any Product for an **********************************
      ************************************************.

6.4   For the avoidance of doubt, under this Agreement, Hormos will be entitled
      to describe cholesterol lowering properties of Ospemifene in label text
      and pharmacological description other than as an Indication Claim, and to
      grant sublicenses with regard to this right subject to the terms and
      conditions of this Agreement, without any obligation to pay consideration
      to Orion in accordance of section 6.3, it being agreed that the foregoing
      shall not affect Hormos' obligation pay royalty pursuant to clause 5.
      Furthermore, Hormos shall be under no obligation whatsoever to develop
      Ospemifene for Cholesterol Indication.

6.5   All payments, once made, shall be non-refundable.

7.    COLLABORATION AND ORION'S RIGHT OF FIRST REFUSAL

7.1   Hormos and Orion may further collaborate on clinical development of
      Product(s), and/or evaluation and selection of suitable potential
      marketing and sales and/or manufacturing sublicensees for Hormos and
      Product(s) on such terms and conditions as may be separately agreed in
      writing from time to time, with the express understanding and agreement
      between the Parties that such collaboration, shall be subject to and
      conditioned by a mutually acceptable separate written agreement, if any,
      signed by duly authorized representatives of both Parties.

7.2   In consideration of Orion's presence and marketing capabilities in
      Scandinavia and the Baltic area, Hormos hereby grants, and shall cause its
      Affiliated Companies and sublicensees to grant, to Orion a right of first
      refusal (ROFR) to become the exclusive importer and marketing and sales
      distributor in Scandinavia (being defined as Finland, Sweden, Norway,
      Denmark and Iceland) and the Baltic area (being defined as Estonia,
      Lithuania, Latvia, and Russia) for each and every Product(s) that may
      eventually run through phase III clinical trials,

7.3   Orion's ROFR shall be exercised as follows:

7.3.1 Promptly after the phase III clinical results sufficient for the filing of
      an NDA for a Product are available and before said NDA in Europe for such
      Product is filed, Hormos will inform Orion on a confidential basis of its
      clinical program underway and provide Orion sufficient results and data to
      allow Orion to evaluate the clinical program and the scientific
      feasibility and commercial viability of Product concerned.

      Within ninety (90) days from the receipt of sufficient results and data,
      Orion will indicate to Hormos in writing whether it is interested in such
      Product(s) or not.

      If Orion has indicated its positive interest in the Product, then, not
      later than thirty (30) days after (I) Hormos has received from Orion in
      writing an indication of Orion's positive interest, or (II) the first NDA
      for such Product is filed by, or on behalf of Hormos, its Affiliated
      Company or a sublicensee of Hormos or its Affiliated Company in Europe
      under either the EMEA centralized procedure, or in any country of the EU
      under the Mutual Recognition procedure, whichever is later, Hormos shall
      make a written proposal under which Orion shall be offered the exclusive
      rights to market, sell and distribute the Product throughout Scandinavia
      and the Baltic area on commercially reasonable terms and conditions
      customary in the business ("Heads of Agreement").

                                                                              10
<PAGE>

7.3.2 However, if already after the evaluation of the first phase III clinical
      final results or at any stage after that before obtaining the sufficient
      data for filing the NDA, Hormos in its discretion considers to have
      sufficient data to prove the clinical profile of the Product, Hormos shall
      inform Orion on a confidential basis of its clinical program underway and
      provide Orion with sufficient results and data to allow Orion to evaluate
      the clinical data and scientific feasibility and commercial viability of
      Product concerned. Within ninety (90) days from the receipt of sufficient
      data and result, Orion shall inform Hormos in writing whether or not Orion
      considers having enough data to evaluate the clinical program and the
      scientific feasibility and commercial viability of Product concerned. If
      Orion has indicated that the data and results then available are
      insufficient for evaluating the clinical program and the scientific
      feasibility and commercial viability of Product concerned , then Hormos
      shall provide the results and data as agreed in section 7.3.1 above, it
      being agreed that Orion's rights under this clause 7.3.2 shall be without
      prejudice to its rights under clause 7.3.1 and a possible indication by
      Orion pursuant to this clause 7.3.2 that Orion considers the data and
      results presented to be insufficient to evaluate the clinical program and
      the scientific feasibility and commercial viability of Product concerned,
      shall not affect Orion's rights under clause 7.3.1.

      If Orion has indicated its positive interest in the Product, then, not
      later than thirty (30) days after receipt of such indicated interest,
      Hormos shall make a written proposal under which Orion shall be offered
      the exclusive rights to market, sell and distribute the Product throughout
      Scandinavia and the Baltic area on commercially reasonable terms and
      conditions customary in the business ("Heads of Agreement").

7.3.3 Within thirty (30) days from the receipt of the Heads of Agreement,
      pursuant to clause 7.3.1 or 7.3.2, Orion shall indicate to Hormos in
      writing whether or not it is interested in engaging in good faith
      negotiations for a commercially reasonable license agreement on the
      Product ("License Agreement"). If Orion indicates in writing that it is
      interested in engaging in good faith negotiation on an License Agreement
      based on the Heads of Agreement, then Orion and Hormos shall negotiate
      exclusively with each other the terms and conditions of a binding,
      commercially reasonable License Agreement under which Hormos would grant
      Orion the exclusive right to import, market distribute and sell the
      Product in Scandinavia and the Baltic Area. Such negotiations shall
      continue for up to one hundred and twenty (120) days after Hormos receives
      such notification from Orion (hereinafter referred to as "Negotiation
      Period"). If the Parties, despite conducting good faith negotiations, if
      any, are unable to or do not finalize and execute a binding License
      Agreement within the Negotiation Period, then Hormos shall have the right
      to offer such the right subject to Orion's ROFR to a third party.

      For the avoidance of doubt, Orion's ROFR shall apply on a Product by
      Product basis, it being understood that Orion's ROFR, and Hormos' Heads of
      Agreement, shall for each Product include the indications(s) being
      developed and/or registered as well as all possible future indications and
      line-extensions for such Product.

7.3.4 Hormos agrees to take into account, in good faith, Orion's earlier
      participation, contribution and investments in initially generating Orion
      Documentation when framing its Heads of Agreement, including the supply
      price of Product, to Orion and throughout the negotiations contemplated
      herein and in the License Agreement, if any.

7.3.5 Notwithstanding that the Parties may fail to enter into a License
      Agreement for a Product within the Negotiation Period, Orion shall, for a
      period of twenty four (24) months after (I) the expiration of the
      Negotiation Period, or (II) the first NDA for such Product is filed by, or
      on behalf of Hormos, its Affiliated Company or a sublicensee of Hormos or
      its Affiliated Company in Europe, whichever is later, have a continuing
      right of first refusal to obtain the exclusive license to

                                                                              11
<PAGE>

      commercialize such Product in the Scandinavia and Baltic area as follows:

      Hormos shall not offer or grant any more favorable financial terms to any
      third party for the Product marketing and distribution rights in the
      Scandinavia and Baltic area for a Product than were last offered to Orion,
      unless Orion is first offered the opportunity to consider and accept the
      same. Orion shall have thirty (30) days to accept or reject such offer by
      written notice to Hormos and failure to accept or reject within such
      period shall be deemed to be a waiver by Orion of its rights under this
      clause 7.3.5 with regard to the Product concerned only.

8.    PRIOR AGREEMENTS BETWEEN TESS AND ORION AND MUTUAL RELEASES

8.1   By the stipulation in Tess Agreement, The Chemistry Agreement between Tess
      and Orion was terminated and was thereafter of no force or effect.

8.2   Based on the Tess Agreement, Orion was released from any obligation to
      Tess under clause 3.1. of the Research Agreement between Tess and Orion
      dated January 1st 1996 including the invoice of January 30, 1997 for USD
      180.000 and any other amounts which might otherwise be owed under the
      Research Agreement, for which credit is hereby issued and is also released
      from all obligations under the Chemistry Agreement, between Tess and Orion
      dated March 1st 1996.

      By the stipulation in Tess Agreement Tess and Orion released and forever
      discharged each other from any and all claims, demands, causes of action,
      obligations, damages, liabilities of any nature whatsoever, whether or not
      now known, suspected or claimed, which either ever had, now has or may
      claim to have against the other, arising out of the Research Agreement or
      the Chemistry Agreement.

      Hormos recognizes on its behalf the mutual releases of Tess and Orion
      mentioned afore.

9.    SHARES TO THE TRIPHENYLETHYLENES INVENTION

9.1   As stated above, by means of written assignments and the laws of
      Finland, Orion has acquired all the rights, title and interests of Dr.
      ******, Dr. ******, Dr. ****** and Dr. ******, whereas Hormos has acquired
      all the rights, title and interests of Dr. ****** and Dr. ****** in the
      invention described in Triphenylethylenes Patent and any corresponding
      patent applications and any patents resulting therefrom.

      Hormos hereby warrants that it shall give its consent to the assignment of
      the rights of Dr. ****** to Orion with regard to Triphenylethylenes
      invention, if Dr. ****** and Orion will reach a written consensus of the
      terms and conditions of such an assignment, provided that Orion shall
      simultaneously grant Hormos equivalent rights as are the transferred from
      Dr. ****** without any additional costs. Any agreement between Dr. ******
      and Orion shall be subject to separate written agreement between Orion and
      *****, if any, and Orion shall have no obligation, express or implied,
      to enter into any agreement with ******. ****** shall not be deemed an
      intended beneficiary hereunder.

10.   RIGHT TO EARLIER TERMINATION

10.1  Either of the Parties shall have the right without prejudice to any other
      rights or remedies or other

                                                                              12
<PAGE>

      relief available to it, to terminate this Agreement forthwith for cause by
      written notice to the Party in any of the following events:

(a)   If the other Party becomes insolvent, is adjudged bankrupt applies for
      judicial or extra-judicial settlement with its, creditors, makes an
      assignment for the benefit of its creditors, voluntarily files for
      bankruptcy or has a receiver or trustee (or the like) in bankruptcy
      appointed by reason of its insolvency, or in the event an involuntary
      bankruptcy action is filed against the other Party and not dismissed
      within ninety (90) days, or if the other Party becomes the subject of
      liquidation or dissolution proceedings or otherwise discontinues business.

(b)   If the other Party breaches any of the material terms or conditions of
      this Agreement and the defaulting Party shall fail to fully cure, or have
      taken appropriate action to cure such breach within thirty (30) days of
      receipt of written notice from the Party asserting the breach, except in
      the event of non-payment by Hormos of any royalties or other amounts
      payable to Orion hereunder, in which case the cure period shall be fifteen
      (15) days from Orion's written notice of payment delinquency.

(c)   If the Product is not commercialized (launched) in the U.S.A., Germany,
      the United Kingdom and France before 31.12.2015, Orion has a right to
      terminate this Agreement with immediate effect.

(d)   If Hormos, its Affiliated Company or sublicensee decides to discontinue
      permanently the development and/or registration of the Product for all
      indications, Hormos shall inform Orion in writing thereof within thirty
      (30) days from such decision, and Orion shall have the right to terminate
      this Agreement upon thirty (30) days prior written notice thereof to
      Hormos.

10.2  Termination or expiration of this Agreement, for whatever reason, shall be
      without prejudice to any rights, claims or obligations of either Party
      which may have accrued prior to, or become due at the date of such
      termination.

11.   FORCE MAJEURE

11.1  Neither Party shall be held in breach of this Agreement for any
      performance required of it to the other hereunder to the extent and for
      the duration of time the same is prevented in whole or in part by reason
      of force majeure.

11.2  The Party so affected shall give prompt written notice to the other Party
      of the nature and date of commencement of the force majeure and expected
      duration.

11.3  The Party so affected shall also use its reasonable efforts to avoid or
      remove the force majeure to the extent it is so able to do.

12.   SEVERABILITY OF CLAUSES

      In case one or more of the provisions contained in this Agreement shall,
      for any reason, be held invalid, illegal or unenforceable in any respect,
      such invalidity, illegality or unenforceability shall not affect any other
      provisions of this Agreement, but this Agreement shall be construed by
      limiting such invalid, illegal or unenforceable provision, or, if such is
      not possible, by deleting such provision from this Agreement.

13.   ASSIGNMENT

                                                                              13
<PAGE>

      This Agreement is deemed personal to Hormos and Orion. Therefore, neither
      Party shall, without the prior written consent of the other, assign this
      Agreement or any of its rights hereunder, nor delegate any of its duties
      or obligations hereunder without the prior written consent of the other,
      except that Orion and Hormos shall have the right to assign this
      Agreement, Patents or Patent Applications to any of their Affiliated
      Companies upon an undertaking by the assignee, in writing, to be bound by
      the terms of this Agreement. A party agrees not to unreasonably withhold
      its consent if such an assignment is contemplated in connection with the
      sale or merger by a Party of all or substantially all of its assets to a
      third party provided the non-assigning Party receives and accepts such
      written assurances of continued performance and commitments from the
      assignee under this Agreement as it may reasonably require prior to such
      an assignment becoming effective. Any assignment or delegation in
      derogation of this provision shall be deemed null and void.

14.   DISPUTE RESOLUTION

14.1  This Agreement is acknowledged to have been made in and shall be
      construed, governed, interpreted and applied in accordance with the laws
      of Finland, without giving effect to its conflict of laws provisions.

14.2  In the event of any controversy, claim, or dispute arising out of or
      relating to any provisions of this Agreement, the Parties shall try to
      settle those conflicts amicably between themselves within ninety (90) days
      of either Party's request for amicable settlement negotiations. Should the
      Parties fail to so settle then the matter in dispute shall be finally and
      exclusively settled by binding arbitration procedure.

      The Parties hereto hereby agree that all disputes arising out of or in
      connection with this Agreement (except those involving actions commenced
      by or involving third parties and affecting or involving only one of the
      other Parties to this Agreement), shall be finally and exclusively settled
      by arbitration under the Rules of the Arbitration of the Central Chamber
      of Commerce in Finland in accordance with said Rules and with such
      proceedings to be held in Helsinki, Finland in Finnish language.

      Judgement upon the award rendered by arbitration may be issued and
      enforced by any court having competent jurisdiction.

15.   TERM OF AGREEMENT

15.1  This Agreement shall commence as of the Date of Agreement first
      hereinabove entered and remain in effect for the Term, unless sooner
      terminated as provided herein.

15.2  This Agreement may also be earlier terminated or modified according to
      other provisions as set out herein.

16.   INDEPENDENT CONTRACTOR STATUS OF PARTIES

      Orion's and Hormos' status under the business arrangement established by
      this Agreement is solely that of independent contractors, not as partners,
      joint ventures or the like.

      Unless otherwise specifically agreed herein or to the extent specifically
      agreed by the Parties in a separate writing, neither Party has any
      authority whatsoever to act as an agent or representative of the other,
      nor has either any authority or power to contract, or create or assume any
      obligation or

                                                                              14
<PAGE>

      liability in the other's name, on behalf of the other or otherwise bind
      the other in any way for any purpose nor shall either Party hereto
      represent to any third parties it possesses any such authority to bind the
      other Party.

17.   REPRESENTATIONS AND WARRANTIES

17.1  Each Party hereby represents and warrants to the other Party as follows:

(a)   It is a corporation duly organized and validly existing under the laws of
      the state or other jurisdiction of incorporation or formation;

(b)   It has the power and authority to execute and deliver this Agreement, and
      to perform its obligations hereunder;

(c)   No authorization, consent or approval of any governmental authority or
      third party is required for the execution by it of this Agreement, and the
      execution of this Agreement will not violate any law, rule or regulation
      applicable to such Party.

17.2  Orion gives no warranties and makes no representation whatsoever, express
      or implied regarding the Orion Patent Rights or the validity thereof, or
      regarding the fitness, suitability or usefulness of any Orion
      Documentation or Confidential Information for any purpose whatsoever, or
      regarding any other matter, and any representation or warranty, express or
      implied, by or on behalf of Orion which is not set forth in writing
      herein, is expressly disclaimed. For the avoidance of doubt, Orion shall
      neither, itself or its Affiliated Companies, have any obligations to
      defend any Patents or Patents Applications, nor compensate for or
      indemnify, defend or hold harmless Hormos, Hormos' Affiliated Companies or
      Hormos' sublicensees or the sublicensees of Hormos' Affiliated Companies
      against any Claim , third party infringement claim or other claim.

      It is agreed by Hormos that it will solely assume all risk,
      responsibility, and liabilities with respect to the Product(s) (in whole
      and in part), Orion Patent Rights and Orion Documentation and use of
      Confidential Information, which are the subject matter of this Agreement
      and its activities under this Agreement (but not to the extent caused by
      Orion or its subsidiaries, affiliates or their respective directors,
      officers, employees, agents and shareholders). Hormos agrees to defend,
      indemnify and hold Orion, its subsidiaries and affiliates, and its and
      their directors, officers, employees, agents and shareholders (the "Orion
      Indemnitees") harmless from and against any and all third party claims,
      demands, costs, expenses, liabilities, damages law suits and other legal
      actions of any kind whatsoever (including without limitation for personal
      injury and/or death) arising out of Hormos', its Affiliates' and/or
      licensees' research, development and commercialization, manufacture or use
      by end-users of Products (including patent infringements and validity
      related actions to the extent same concern Hormos' herein agreed rights to
      Patents), , both during and after the Term of this Agreement, except to
      the extent caused by Orion's or any of its subsidiaries', affiliates' or
      their respective directors', officers', employees', agents' and
      shareholders' negligence or willful misconduct under, or breach of, this
      Agreement (a "Claim"). Hormos agrees to contractually require its
      Affiliated Companies and licensees to also so indemnify, defend and hold
      harmless each of the Orion Indemnitees.

      Orion agrees to defend, indemnify and hold Hormos, its subsidiaries and
      affiliates, and its and their directors, officers, employees, agents and
      shareholders (the "Hormos Indemnitees") harmless from and against any and
      all claims by third parties for costs, expenses and liabilities arising
      out of

                                                                              15
<PAGE>

      Orion's negligence or willful misconduct under, or breach of, this
      Agreement, except to the extent caused by Hormos, its subsidiaries,
      affiliates or licensees or their respective directors, officers,
      employees, agents and shareholders (a "Claim").

      In the event that either party is seeking indemnification under this
      Section (the "Indemnified Party"), it shall inform the other party (the
      "Indemnifying Party") of a Claim as soon as reasonably practicable after
      it receives notice of the Claim, shall permit the Indemnifying Party to
      assume direction and control of the defense of the Claim (including the
      right to settle the Claim solely for monetary consideration), and shall
      reasonably cooperate as requested in the defence and settlement of the
      Claim at the Indemnifying Party's expense. The Indemnified Party shall not
      voluntarily make any payment or incur any expense in connection with any
      claim or suit without the consent of the Indemnifying Party, provided that
      if the Indemnifying Party does not assume direction and control of the
      defence of the Claim, the Indemnified Party may assume direction and
      control of the defence of the Claim and, if successful, shall be
      reimbursed by the Indemnifying Party for reasonable costs, actually
      incurred, in connection with such defence.

      In no event shall either party be liable for or have any obligation to
      compensate or indemnify the other party, its Affiliated Companies or any
      of its or their licensees or any other third party (or any director,
      officer, employee, agent or shareholder of the foregoing) for any
      punitive, indirect or consequential damages claimed by such party, its
      Affiliated Companies or any of its or their sublicensees (or any director,
      officer, employee, agent or shareholder of the foregoing), including, but
      not limited to, any loss of opportunity, loss of use, loss or revenue or
      loss of profit, in connection with or arising out of or relating to this
      Agreement or any breach thereof.

18.   NON-WAIVER CLAUSE

      The failure by any Party at any time to enforce any of the terms or
      provisions or conditions of this Agreement or exercise any right hereunder
      shall not constitute a waiver of the same or affect that Party's rights
      thereafter to enforce or exercise the same.

      No waiver of any of the provisions of this Agreement shall be deemed
      binding unless executed in writing by the Party to be bound by it.

19.   MISCELLANEOUS

19.1  No amendment or modification of this Agreement will be deemed legally
      binding unless in writing and signed by duly authorized officers both
      Parties hereto.

19.2  This Agreement constitutes the entire Agreement of the Parties relating to
      the subject matter hereof, and all prior agreements, representations and
      understandings, are merged into and superseded hereby.

19.3  Any notices required or permitted under this Agreement shall be sent by
      prepaid registered mail, telex, or by telefax and shall be deemed
      delivered if sent to the following address of the respective parties or
      such other address as is furnished by such notice to the other party.

      Notices to Orion shall be sent to:     Orion Corporation
                                             P.O. Box 65
                                             FIN-02101 Espoo, Finland
                                             Telefax: 358 9 4293600
                                             Telex. 124721 orion fi
                                             (phone 3589 4291)

                                                                              16
<PAGE>

      Notices to Hormos shall be sent to:    Hormos Medical Corporation
                                             PharmaCity, Itainen Pitkakatu 4
                                             FIN-20520 Turku, Finland
                                             Telefax: 358 2 410 8001

19.4  This Agreement is executed in duplicate originals, one retained by each
      party hereto.

20.   HEADINGS

      The headings in this Agreement may not be used in the interpretation of
      any provisions hereof.

In witness hereof, the Parties hereto have executed this Agreement as, of the
day and year first written above.

                                   SIGNATURES

                          ORION CORPRATION ORION PHARMA

Signatures        /s/ Timo Lappalainen         /s/ Hannu Wennonen
                  --------------------         -------------------

Name              Timo Lappalainen             Hannu Wennonen

Title             Senior Vice President        Director

Place and date    Espoo 31/10 2005             Espoo 31/10 2005

                           HORMOS MEDICAL CORPORATION

Signatures        /s/ Risto Lammintausta

Name              Risto Lammintausta

Title             Managing Director

Place and date    Turku 14/10 2005

                                                                              17
<PAGE>

                                                                      Appendix A

TITLE        ********

INVENTORS    **********
             **********

PRIORITY     ****

<TABLE>
<CAPTION>
                              Filing date                                                  Exp.Date
Country                        dd.mm.yy                  Appln. No.        Patent no.      dd.mm.yy
<S>                           <C>                       <C>                <C>            <C>
Australia                     ****                      ****               ****           ****
Canada                        ****                      ****
EPO                           ****                      ****               ****           ****
Finland                       ****                      ****
Israel                        ****                      ****               ****           ****
Japan                         ****                      ****
Norway                        ****                      ****
New Zealand                   ****                      ****               ****           ****
PCT                           ****                      ****
USA                           ****                      ****               ****           ****
USA                           ****                      ****               ****           ****
South Africa                  ****                      ****               ****           ****
</TABLE>

The EPO Patent is registered in the following countries:

AT, FR, GR, GB, PT, SE, ES, DE, NI, DK, IE, IT, BE, CH, MC, LU
EP Publication No: *****

                                                                              18
<PAGE>

                                                                      Appendix B

TITLE               ******

INVENTORS           ************

PRIORITY            ******

STATUS ON THE DATE OF SIGNING THE AGREEMENT

<TABLE>
<CAPTION>
                                FILING DATE
COUNTRY                          dd.mm.yy         APPL. NO         PATENT NO       EXP. DATE
<S>                             <C>              <C>               <C>             <C>

Australia                          ****             ****              ****           ****
Canada                             ****             ****              ****           ****
EPO                                ****             ****              ****           ****
Japan                              ****             ****              ****           ****
New Zealand                        ****             ****              ****           ****
Patent Cooperation                 ****             ****              ****           ****
USA                                ****             ****              ****           ****
</TABLE>

The EPO patent is registered in following countries:

Austria, France, Greece, Great Britain, Portugal, Spain, Germany, Netherlands,
Denmark, Ireland, Italy, Belgium, Switzerland, Monaco, Luxembourg, Finland,
Slovenia

EP Publication No: ******

                                                                              19

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