Document:

EX-10.20

 Exhibit 10.20 

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Commission. Confidential Treatment Requested Under 
 17
C.F.R. Sections 200.80(b)(4) and 240.24b-2 
 EXCLUSIVE LICENSE AGREEMENT 

THIS EXCLUSIVE LICENSE AGREEMENT (the “Agreement”) is made and entered into as of the 28th day of September, 2007 (the “Effective
Date”) by and between Dicerna Pharmaceuticals, Inc., a Delaware corporation with a principal place of business at 14 Peterson Circle, Sudbury, MA 01776 (“Dicerna”) and City of Hope, a California nonprofit public benefit corporation
located at 1500 East Duarte Road, Duarte, California 91010 (“COH”). Dicerna and COH are each sometimes referred to herein individually as a “Party” and collectively as the “Parties.” 

WHEREAS: 
 A. COH operates an academic research
and medical center that encourages the use of its inventions, discoveries and intellectual property for the benefit of the public and COH owns or Controls certain Patent Rights (as defined below) useful in the Field (as defined below); 

B. Dicerna is a company to be dedicated to the commercial development, and exploitation of products that incorporate one or more of the technologies described
in the Patent Rights for the diagnosis, prevention or treatment of diseases in humans and therefore desires to obtain from COH a worldwide, exclusive license under the Patent Rights, as more particularly set forth herein; and 

C. COH is willing to grant such a license to Dicerna on the terms and subject to the conditions set forth herein. 

NOW, THEREFORE, in consideration of the mutual covenants contained herein, and for other good and valuable consideration, the amount and sufficiency of
which are hereby acknowledged, the Parties hereby agree as follows: 
 ARTICLE 1: DEFINITIONS 

1.1 “Affiliate” of a Party means a Person that, directly or indirectly (through one or more intermediaries) controls, is
controlled by, or is under common control with such Party. For purposes of this Section 1.1, “control” means (i) the direct or indirect ownership of 50 percent or more of the voting stock or other voting interests or interests in
profits, or (ii) the ability to otherwise control or direct the decisions of board of directors or equivalent governing body thereof. 

1.2 “Business Day” means any day, other than a Saturday, Sunday or day on which commercial banks located in Los Angeles,
California, are authorized or required by law or regulation to close. 
 1.3 “Commercially Reasonable Efforts” means [***].
[***]. 
 1.4 “COH Confidential Information” means Confidential Information disclosed or provided by, or on behalf of, COH
to Dicerna or its designees. 

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Commission. Confidential Treatment Requested Under 
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C.F.R. Sections 200.80(b)(4) and 240.24b-2 
  
 1.5
“Confidential Information” means: (i) all information and materials (of whatever kind and in whatever form or medium) disclosed by or on behalf of a Party to the other Party (or its designee) in connection with this Agreement,
whether prior to or during the term of this Agreement and whether provided orally, electronically, visually, or in writing; (ii) all copies of the information and materials described in (i) above; and (iii) the existence and each of
the terms and conditions of this Agreement. Confidential Information shall not include information and materials, to the extent a Party can demonstrate, through its contemporaneous written records, that such information and materials are or have
been: 
 (a) known to the receiving Party, or in the public domain, at the time of its receipt by a Party, or which thereafter becomes part
of the public domain other than by virtue of a breach of this Agreement or the obligations of confidentiality under this Agreement; 
 (b)
received without an obligation of confidentiality from a Third Party having the right to disclose without restrictions such information; 

(c) independently developed by the receiving Party without use of or reference to Confidential Information disclosed by the other Party; or

 (d) released from the restrictions set forth in this Agreement by the express prior written consent of the disclosing Party. 

1.6 “Control(s)” or “Controlled” means the possession by a Party, as of the Effective Date or during the
term of this Agreement, of: (i) with respect to materials, data or information, physical possession or the right to such physical possession of those items, with the right to provide them to Third Parties; and (ii) with respect to
intellectual property rights, rights sufficient to grant the applicable license or sublicense under this Agreement, without violating the terms of any agreement with any Third Party. 

1.7 “Covers” or “Covered by,” with reference to a particular Licensed Product means that the making, using,
selling, offering for sale, or importing of such Licensed Product would, but for ownership of, or a license granted under this Agreement to, the relevant Patent Right infringe a Valid Claim in the country in which the activity occurs. 

1.8 “Dicerna Confidential Information” means Confidential Information disclosed or provided by, or on behalf of, Dicerna to
COH or its designees. 
 1.9 “Dispute” means any controversy, claim or legal proceeding arising out of or relating to this
Agreement, or the interpretation, breach, termination, or invalidity thereof. 
 1.10 “Drug Approval Application” means,
with respect to a particular country, an application for regulatory approval required before commercial sale or commercial use of a Licensed Product in such country. 

1.11 “EU” means the European Union or any successor organization, including any of its member countries. 

1.12 “Field 1” means the diagnosis, prevention and treatment of disease in humans: (a) by the delivery of a Licensed
Product [***], or (b) by the delivery of a Licensed Product [***], (c) by targeting [***] except: [***]. 

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Commission. Confidential Treatment Requested Under 
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C.F.R. Sections 200.80(b)(4) and 240.24b-2 
  
 1.13 “Field
2” means the diagnosis, prevention and treatment of disease in humans OTHER THAN: (a) by the delivery of a Licensed Product directly [***], or (b) by the delivery of a Licensed Product [***], or (c) by use of a Licensed
Product to target [***]. 
 1.14 “Fields” means Field 1 and Field 2. 

1.15 “First Commercial Sale” means, with respect to a particular Licensed Product in a given country, the first
arm’s-length commercial sale of such Licensed Product following Marketing Approval in such country by or under authority of Dicerna or any of its Affiliates, Sublicensees or distributors to a Third Party. 

1.16 “GAAP” means generally accepted accounting principles, consistently applied, as promulgated from time to time by the
Financial Accounting Standards Board. 
 1.17 “[***]” means [***]. 

1.18 “IND” means an “Investigational New Drug Application” as defined in 21 C.F.R. §312.3 that contains the
content, and is in the format, required by 21 C.F.R. §312.23, or a corresponding application with a regulatory agency in a country other than the United States, together with all additions, deletions, and supplements thereto. 

1.19 “License Year” means each calendar year during the term of this Agreement; except that the first License Year shall
commence on the Effective Date and end on December 31, 2007. 
 1.20 “Licensed Product” means a pharmaceutical product
(including, without limitation, kits, component sets or components thereof, regardless of concentration or formulation) that: [A] (i) is Covered by a Valid Claim, (ii) manufactured by a process or used in a method Covered by a Valid Claim,
or (iii) contains, as an active ingredient, any substance the manufacture, use, offer for sale or sale of which is Covered by a Valid Claim and [B] targets [***]. For the avoidance of doubt, a product otherwise meeting the criteria set forth in
[A](i), (ii) or (iii) above that targets a [***] and also targets [***] shall be considered a Licensed Product. For the purposes of the definition of Licensed Product, “targets” means possessing a degree of Watson-Crick base
pairing between the Licensed Product and either [***] or [***] that is sufficient to promote RNA induced silencing. By way of further clarification, “Licensed Product” shall include a product manufactured in a country in which such
manufacture is Covered by a Valid Claim and thereafter exported to and sold in a country in which no Valid Claim exists. 
 1.21
“Major Market” means any one of [***]. 
 1.22 “Marketing Approval” means all approvals, licenses,
registrations or authorizations of any federal, state or local regulatory agency, department, bureau or other governmental entity, necessary for the manufacturing, use, storage, import, transport, marketing and sale of Licensed Products in a country
or regulatory jurisdiction. 

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Commission. Confidential Treatment Requested Under 
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C.F.R. Sections 200.80(b)(4) and 240.24b-2 
  
 1.23
“Marks” has the meaning set forth in Section 6.2. 
 1.24 “[***]” means [***]. 

1.25 “[***] Exclusive License” means a certain Exclusive License Agreement between COH and [***] dated [***]. 

1.26 “[***] Non-Exclusive License” means a certain Non-Exclusive License Agreement between COH and [***] dated [***]. 

1.27 “Net Sales” means [***]. 

1.28 “Patent Rights” means: (i) those issued United States patents and pending U.S. patent applications shown on
Schedule 1.28 attached hereto and foreign and international equivalents thereto, (ii) U.S., foreign and international patent applications and issued patents claiming inventions related to the subject matter disclosed in the patents and patent
applications shown on Schedule 1.28, which inventions were conceived and reduced to practice prior to the Effective Date, individually or jointly by Dr. John Rossi, Dr. Mark Behlke, or one or more individuals under the supervision of
either Dr. Rossi or Dr. Behlke, (iii) U.S., foreign and international patent applications and issued patents covering inventions made pursuant to a sponsored research, laboratory support or other agreement between Dicerna and COH
which agreement relates to the subject matter disclosed in patents and patent applications described in subsection (i) or (ii), above, (iv) U.S., foreign and international patent applications and issued patents covering inventions made
pursuant to a sponsored research, laboratory support or other agreement between Dicerna and [***] which agreement relates to the subject matter disclosed in patents and patent applications described in subsection (i) or (ii), above, to the
extent that COH Controls such patent applications and issued patents, (v) continuation and divisional applications and foreign equivalents that claim the same invention(s) and priority date as any of the foregoing,
(vi) continuation-in-part applications that repeat a substantial portion of any of the foregoing applications, (vii) Letters Patent or the equivalent issued on any of the foregoing applications throughout the world, and
(viii) amendments, extensions, renewals, reissues, and re-examinations of any of the foregoing. Notwithstanding the foregoing, “Patent Rights” shall not include any continuation-in-part application to the extent such application adds
new matter not contained in the earlier application to which the continuation-in-part application claims priority. 
 1.29
“Person” means any person or entity, including any individual, trustee, corporation, partnership, trust, unincorporated organization, limited liability company, business association, firm, joint venture or governmental agency or
authority. 
 1.30 “Phase 1 Clinical Trial” means, as to a specific Licensed Product, a study as described in 21 C.F.R.
§312.21(a) or a similar clinical study in a country other than the United States. 
 1.31 “Phase 2 Clinical Trial”
means, as to a specific Licensed Product, a study in humans designed with the principal purpose of determining initial efficacy and dosing of such Licensed Product in patients for the indication(s) being studied as described in 21 C.F.R.
§312.21(b); or a similar clinical study in a country other than the United States. 

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Commission. Confidential Treatment Requested Under 
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C.F.R. Sections 200.80(b)(4) and 240.24b-2 
  
 1.32 “Phase
3 Clinical Trial” means, as to a specific Licensed Product, a lawful study in humans of the efficacy and safety of such Licensed Product, which is prospectively designed to demonstrate statistically whether such Licensed Product is
effective and safe for use in a particular indication in a manner sufficient to file an application to obtain Marketing Approval to market and sell that Licensed Product in the United States or another country for the indication being investigated
by the study, as described in 21 C.F.R. § 312.21(c); or similar clinical study in a country other than the United States. 
 1.33
“Qualified Financing” means the first sale of Dicerna Series A convertible preferred shares, either directly or through the issuance of convertible debt or both, alone or in conjunction with the sale of warrants, resulting in [***],
occurring on or before the sooner of: (i) March 31, 2008 and (ii) 180 days after the Effective Date. 
 1.34
“Sublicensee” means any Third Party which enters into an agreement with Dicerna involving the grant to such Third Party of any rights under the licenses granted to Dicerna under this Agreement. 

1.35 “Sublicense Revenues” means [***]. 

1.36 “Territory” means the entire world. 

1.37 “Third Party” means a Person that is not: (i) a Party to this Agreement or an Affiliate, or (ii) in the case
of Dicerna, a Sublicensee or distributor of a Licensed Product. 
 1.38 “United States” means the United States of America
and its territories and possessions as of the Effective Date, including the Commonwealth of Puerto Rico. 
 1.39 “Valid
Claim” means a claim of a pending patent application or an issued and unexpired patent included in the Patent Rights in a particular jurisdiction which claim has not, in such jurisdiction: (i) been finally rejected, or (ii) been
declared invalid or cancelled by the patent office or a court of competent jurisdiction in a decision that is no longer subject to appeal as a matter of right, or (iii) which claim is contained in a patent application or patent that has expired
or been abandoned. 
 ARTICLE 2: DEVELOPMENT AND COMMERCIALIZATION EFFORTS 

2.1 Development and Commercialization Responsibilities. Dicerna shall have the sole right and responsibility for, and control over, all
research, development, manufacturing and commercialization activities (including all regulatory activities) with respect to Licensed Products in the Fields. 

2.2 Dicerna Diligence. Dicerna shall use Commercially Reasonable Efforts to develop and commercialize Licensed Products in the Fields
in each of the Major Markets, directly or through one or more Affiliates or Sublicensees or distributors. Without limiting the foregoing, if Dicerna fails to accomplish any one of the “milestone events” set forth in this

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Commission. Confidential Treatment Requested Under 
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C.F.R. Sections 200.80(b)(4) and 240.24b-2 
  
 
Section 2.2 (each a “Milestone Event”) by the date specified (each a “Deadline Date”), this Agreement shall terminate effective on [***] notice from COH to Dicerna to
such effect, without further right to cure. 
  

			
	 “Deadline Date”
	  	 “Milestone Event”

		
	1. The earlier of: (i) March 31, 2008. and (ii) 180 days after the Effective Date	  	Complete a Qualified Financing
		
	2. [***]	  	Enroll the first patient in the first Phase 1 Clinical Trial of a Licensed Product
		
	3. [***]	  	Enroll the first patient in the first Phase 2 Clinical Trial of a Licensed Product and enroll the first patient in the first Phase 1 Clinical Trial of a Licensed Product, which Licensed Product was not previously the subject of a
Phase 1 Clinical Trial
		
	4. [***]	  	Enroll the first patient in the first Phase 3 Clinical Trial of a Licensed Product

 Notwithstanding any other provision of this Agreement, Dicerna shall have the right to extend the Deadline Dates for Milestone
Events 2, 3 and 4, above, on one or more occasions, by not more than one year on each occasion, by payment to COH of $500,000. Upon the effective extension of any Deadline Date with respect to such a Milestone Event, such extension shall equally be
effective to extend the subsequent Deadline Dates for subsequent Milestone Events. By way of clarification, if Dicerna shall have effectively extended the second Deadline Date from [***] to [***], the third and fourth Deadline Dates shall be
extended, respectively, to [***] and [***]. In order for an extension to be effective as to any Milestone Event, such right shall have been exercised, and payment made, not less that [***] prior to the Deadline Date in question and shall not be
effective with respect to Milestone Events for which the Deadline Date has previously expired. If, however, Dicerna shall have extended the Deadline Dates but shall have achieved, before the applicable Deadline Date (disregarding such extension of
such Deadline Date), the first Milestone Event to have occurred after such extension, COH will refund to Dicerna the amount of the extension payment previously made by Dicerna. 

2.3 Governance. COH and Dicerna shall each designate one individual to serve as the main point of contact for communications related to
development and commercialization of Licensed Products under this Agreement (each a “Designated Representative”). The initial Designated Representative of COH shall be [***] and the initial Designated Representative of Dicerna shall be
James Jenson. Each Party may replace its Designated Representative at any time upon prior notice to the other Party. Dicerna shall keep COH reasonably informed as to progress in the development and commercialization of Licensed Products. Without
limiting the foregoing, on or before [***], Dicerna shall provide to COH a written report setting forth, in reasonable detail, its activities and achievements with respect to the development and commercialization of Licensed Products during the
preceding [***]. The Designated 

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Representatives shall meet in person once each calendar year to present and discuss the current [***] at such location and date as mutually agreed. Each Party shall be responsible for all
expenses incurred by its Designated Representative in the participation in such annual meetings. 
 ARTICLE 3: LICENSE GRANTS 

3.1 Grant of Rights in the Fields. COH hereby grants to Dicerna: (i) an exclusive royalty-bearing right and license under the
Patent Rights to manufacture, use, offer for sale, sell and import Licensed Products in Field 1, in the Territory, and (ii) an exclusive royalty-bearing right and license under the Patent Rights, subject to such terms and conditions of the
[***] Non-Exclusive License as are applicable and in full force and effect, to manufacture, use, offer for sale, sell and import Licensed Products in Field 2, in the Territory; except that Dicerna’s rights in the Fields with respect to
diagnostic uses of Licensed Products are as set forth in Section 3.2, below. The foregoing grant of rights by COH to Dicerna shall be subject to the retained rights of the U.S. Government, if any, in the Patent Rights and to the royalty-free
right of City of Hope to practice the Patent Rights for educational, research and clinical uses. 
 3.2 Grant of Right for
Diagnostics. COH hereby grants to Dicerna an exclusive royalty-bearing right and license under the Patent Rights to manufacture, use, offer for sale, sell and import Licensed Products for human diagnostic uses in the Territory in the Fields
solely as expressly set forth in this Agreement. From time to time during the term of this Agreement, Dicerna shall have the right, on notice to COH, to nominate a specific Licensed Product for diagnostic uses, which Licensed Product shall, at the
time of such nomination, be currently the subject of a discovery or development program of Dicerna or a Sublicensee or approved for a therapeutic use in one of the Fields. If, at the time of nomination by Dicerna, rights to diagnostic uses of such
Licensed Product (i) have not previously been granted to a Third Party, or (ii) are not the subject of active negotiations between COH and a Third Party, Dicerna shall have an exclusive grant of rights to diagnostic uses of such Licensed
Product hereunder. Otherwise, Dicerna shall have no rights with respect to diagnostic uses of such Licensed Product. Following the nomination of a total of 20 specific Licensed Products pursuant to this Section 3.2, Dicerna’s right to
nominate further Licensed Products for diagnostic uses shall terminate and COH shall be free to exploit or dispose of diagnostic applications of Licensed Products not theretofore licensed to Dicerna as it sees fit. 

3.3 Right of First Negotiation. In the event that, during the term of this Agreement, the grant of license by COH to [***] set forth in
the [***] Exclusive License shall expire, lapse or otherwise terminate in whole or in part (such expiration, lapse or termination being referred to as a “[***] Termination”), COH shall promptly notify Dicerna. Such notice shall include
reasonable specificity as to the rights involved in such [***] Termination. Within [***] following Dicerna’s receipt of such notice, Dicerna shall notify COH whether Dicerna has an interest in securing for its own benefit the rights subject to
such [***] Termination. If Dicerna timely notifies COH to such effect, during the [***] period following such notice the Parties shall in good faith negotiate the terms and conditions under which the rights involved shall be exclusively licensed to
Dicerna. If Dicerna fails to timely notify COH, or if Dicerna so notifies COH but the Parties are unable to reach agreement during such [***] period, COH shall be free to exploit or dispose of the rights subject to such [***] Termination as it sees
fit. During such [***] period, COH shall not [***]. 

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Commission. Confidential Treatment Requested Under 
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 3.4 No Implied
Licenses. Dicerna acknowledges that the licenses granted in this Agreement are limited to the scope expressly granted and that, subject to the terms and conditions of this Agreement, all other rights under all Patent Rights and other
intellectual property rights Controlled by COH are expressly reserved to COH. Without limiting the foregoing, the Parties acknowledge that the grant of rights to Dicerna hereunder shall not include: (i) human diagnostics (except as expressly
provided in this Agreement), (ii) the diagnosis, prevention or treatment of disease in plants, (iii) veterinary applications, (iv) the alternation of agronomic characteristics or phenotypic properties in plants, (v) rights held
by [***] pursuant to the [***] Exclusive License or the [***] Non-Exclusive License (to the extent that such agreements are in full force and effect); and (vi) rights held by [***] pursuant to a certain [***]. 

3.5 Sublicensing. Each grant of license under this Agreement shall include the right to grant sublicenses, as provided herein. Dicerna
shall have the right to sublicense its rights hereunder to an Affiliate on notice to COH; provided, however, that such sub-license shall remain effective only so long as the sub-licensee Affiliate remains an Affiliate of Dicerna. Dicerna shall have
the right to sublicense its rights hereunder to a Third Party only with the prior written consent of COH, which consent shall not be unreasonably withheld or delayed. The terms and conditions of each sublicense of Dicerna’s rights hereunder
shall be consistent with this Agreement. A true and complete copy of each sublicense of Dicerna’s rights hereunder shall be delivered to COH promptly following the effective date of each such sublicense. [***]. 

3.6 COH Restriction. During the term of this Agreement, COH shall not grant to any Person any right or license to develop, manufacture, use,
offer to sell, sell or import Licensed Products in either or both of the Fields and in the Territory except, in the case of a [***] Termination, without first complying with Section 3.3, above, to the extent applicable. 

ARTICLE 4: PAYMENTS 
 4.1
Up-Front Payment. Dicerna shall pay to COH a one-time non-refundable license fee of $[***] within [***] after the Effective Date. 

4.2 Stock Grant. At the closing of the Qualified Financing, Dicerna shall issue to COH and such reasonable number of designees as COH
may specify which shall not exceed [***] in number (provided that, in the case of any such designee, such designee shall have demonstrated to the reasonable satisfaction of Dicerna that it is an “accredited investor” as such term is
defined in Regulation D under the Securities Act of 1933), the number of fully paid-up shares of Dicerna common stock [***]. COH and its designees shall enter into such investor rights and similar agreements as may be required of the founders or of
investors participating in the Qualified Financing. 
 4.3 License Maintenance Fee. For the first License Year, [***]. With respect
to each subsequent License Years, Dicerna shall pay to COH a license maintenance fee of $[***] on or before [***] of such License Year. Each such payment shall be credited against royalties otherwise due to COH pursuant to Section 4.5, below,
during the License Year in which payment was made but may not be carried over and credited in subsequent years. 

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Commission. Confidential Treatment Requested Under 
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C.F.R. Sections 200.80(b)(4) and 240.24b-2 
  
 4.4 Milestone
Payments. Within [***] of the first occurrence of each “milestone achievement” set forth below, Dicerna shall pay COH or its designee the amount indicated below: 

 

					
	 Milestone Achievement
	  	Amount Due	 
		
	 [***]
	  	$	[***	] 
		
	 [***]
	  	$	[***	] 
		
	 [***]
	  	$	[***	] 
		
	 [***]
	  	$	[***	] 
		
	 [***]
	  	$	[***	] 

 4.5 Royalties. Dicerna shall pay to COH or its designee an amount equal to [***] percent of Net Sales.
Royalties shall be paid on a Licensed Product-by-Licensed Product and country-by-country basis until the expiration in each country of the last to expire of the Patent Rights in such country Covering the manufacture, use, offer for sale or sale of
such Licensed Product. 
 4.6 Royalty Offsets. If [***] it is necessary to pay to a Third Party consideration (whether in the form of
a royalty or otherwise) for the right to make (or have made), use, sell, offer for sale or import a Licensed Product, Dicerna shall have the right with respect to any calendar quarter to set off [***] percent of the amount of any such consideration
payable with respect to such calendar quarter that, when added to the royalty payments otherwise payable hereunder with respect to such period, exceeds [***] percent of Net Sales of such Licensed Product in a given country for such calendar quarter
against [***] percent of the royalty payments otherwise payable under Section 4.5, above, with respect to such Licensed Product in such country during such calendar quarter; provided, however, that under no circumstances shall the royalties
payable to COH hereunder be less than [***] percent of Net Sales. 
 4.7 Sublicense Revenues. Except as provided below, Dicerna shall
pay to COH a percentage of Sublicense Revenues within [***] after payment is due from the relevant Sublicensee or distributor. If, on or before the [***] that such payment is due, Dicerna shall not have received such Sublicense Revenues, Dicerna
shall notify COH of such non-receipt, whereupon Dicerna and COH shall promptly consult as to the appropriate course of action to be taken with respect to the collection of such Sublicense Revenues. If, within [***] Dicerna and COH shall have agreed
upon and commenced the implementation of a course of action to accomplish such collection, [***]. If Dicerna and COH shall not be in agreement with respect to such course of action, [***]. Notwithstanding the foregoing, however, if Dicerna shall at
any time receive all or part of such Sublicense Revenues, Dicerna shall promptly pay the appropriate percentage thereof to COH. COH shall be entitled to [***] percent of all Sublicense Revenues 

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derived from a grant of rights by Dicerna effective prior to the date on which Dicerna has expended $12.5 million in aggregate direct and indirect costs related to the development and
commercialization of Licensed Products. COH shall be entitled to [***] percent of all Sublicense Revenues derived from a grant of rights by Dicerna effective thereafter. In the case of a loan or other extension of credit that is other than an
arm’s-length credit relationship between an established financial institution and Dicerna, the proceeds of such loan shall be deemed to be Sublicense Revenues. In such case, Dicerna, upon receipt of any such loan proceeds, shall pay to COH the
percentage of such proceeds determined pursuant to the second and third sentences of this section, whereupon COH and Dicerna shall be subject to the following: (i) if and when Dicerna shall repay any such loan proceeds in cash, COH shall be
obligated to return to Dicerna the corresponding portion of such loan proceeds as shall be equal to the portion thereof used to determine the amount payable to COH hereunder, without interest; and (ii) such obligation on the part of COH to
return such portion shall not be effective until the [***] after having received notice from Dicerna of such payment on the part of Dicerna. 

4.8 Timing of Royalty Payments. Royalty payments due under Section 4.5, above, shall be paid annually within [***] following the
end of each License Year until the first License Year in which aggregate Net Sales reach $[***]. Thereafter, all royalty payments due under Section 4.5 shall be paid in quarterly installments, within [***] following the end of each calendar
quarter. 
 4.9 No Deductions from Payments. Except as expressly set forth in this Agreement, Dicerna is solely responsible for
payment of any fee, royalty or other payment due to any Third Party in connection with the research, development, manufacture, distribution, use, sale, import or export of a Licensed Product, and Dicerna shall not have the right to set off any
amounts paid to such Third Party, including fee, royalty or other payment, against any amount payable to COH hereunder. 
 4.10 Single
Royalty. Only a single royalty payment shall be due and payable on Net Sales of a Licensed Product, regardless if such Licensed Product is covered by more than one Valid Claim. 

4.11 Patent Expenses. COH represents and warrants that COH’s historic expenses incurred with respect to the prosecution and
maintenance of the Patent Rights through the dates specified on the invoices delivered to COH on or before [***], are as set forth in Schedule 4.11 attached hereto. Within [***] after the Effective Date, Dicerna shall pay to COH $[***], as
reimbursement of [***] of such historic expenses. Thereafter, Dicerna shall reimburse COH for the full amount of COH’s documented expenses reasonably incurred with respect to the prosecution and maintenance of the Patent Rights (including,
without limitation, expenses related to interference actions brought or defended with respect to the Patent Rights), less any portion of such expenses due to COH from [***], within [***] following presentation by COH to Dicerna of reasonable
documentation of such expenses. Within [***] after having received the same, COH will provide to Dicerna copies of all invoices for legal services for which COH intends to seek reimbursement hereunder, in form sufficient to reasonably disclose the
scope of services provided and the invoiced amount thereof; and COH will cooperate with Dicerna in resolving the amounts to be paid with respect to any such invoice the amount of which Dicerna shall judge to be unreasonable. 

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Commission. Confidential Treatment Requested Under 
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C.F.R. Sections 200.80(b)(4) and 240.24b-2 
  
 ARTICLE 5:
REPORTS, AUDITS AND FINANCIAL TERMS 
 5.1 Royalty Reports. Within [***] after the end of each calendar quarter in which a
royalty payment under Article 4 is required to be made, Dicerna shall send to COH a report of Net Sales of the Licensed Products for which a royalty is due, which report sets forth for such calendar quarter the following information: (i) total
Net Sales of all Licensed Products sold in the Territory during such calendar quarter, (ii) Net Sales on a country-by-country basis, (iii) gross sales of Licensed Products on a country-by-country basis, (iv) quantity of Licensed
Products sold, (v) the exchange rate used to convert Net Sales from the currency in which they are earned to United States dollars; and (vi) the total royalty payments due. In addition, until such time as Dicerna has expended $[***] in
aggregate direct and indirect costs related to the development and commercialization of Licensed Products, within [***] after the end of each calendar quarter Dicerna shall send to COH a total of such direct and indirect costs through the end of
such quarter. 
 5.2 Additional Financial Terms. 

5.2.1 Currency. All payments to be made under this Agreement shall be made in United States dollars, unless expressly specified to the
contrary herein. Net Sales outside of the United States shall be first determined in the currency in which they are earned and shall then be converted into an amount in United States dollars. All currency conversions shall use the conversion rate
reported by Reuters, Ltd. on the last Business Day of the calendar quarter for which such payment is being determined. 
 5.2.2 Payment
Type. Amounts due under this Agreement shall be paid in immediately available funds, by means of wire transfer to an account identified by COH. 

5.2.3 Withholding of Taxes. Dicerna may withhold from payments due to COH amounts for payment of any withholding tax that is required
by law to be paid to any taxing authority with respect to such payments. Dicerna shall provide to COH all relevant documents and correspondence, and shall also provide to COH any other cooperation or assistance on a reasonable basis as may be
necessary to enable COH to claim exemption from such withholding taxes and to receive a full refund of such withholding tax or claim a foreign tax credit. Dicerna shall give COH proper evidence from time to time as to the payment of such tax. The
Parties shall cooperate with each other in seeking deductions under federal and state tax laws and any double taxation or other similar treaty or agreement from time to time in force. Such cooperation may include Dicerna making payments from a
single source in the U.S., where possible. 
 5.2.4 Late Payments. Any amounts not paid on or before the date due under this
Agreement are subject to interest from the date due through and including the date upon which payment is received. Interest is calculated, over the period between the date due and the date paid, at a rate equal to [***]. 

 ***Text Omitted and Filed Separately with the Securities and Exchange 

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 5.2.5 Blocked
Currency. If, at any time, legal restrictions prevent the prompt remittance of part or all royalties with respect to any country where a Licensed Product is sold, payment shall be made through such lawful means or methods as Dicerna may
determine. When in any country, the law or regulations prohibit both the transmittal and deposit of royalties or other payments, Dicerna shall continue to report all such amounts, but may suspend payment for as long as such prohibition is in effect.
As soon as such prohibition ceases to be in effect, all amounts that would have been obligated to be transmitted or deposited but for the prohibition, together with accrued interested thereon, shall promptly be transmitted to COH. 

5.3 Accounts and Audit. 

5.3.1 Records. Dicerna shall keep, and shall require that each Sublicensee keep, full, true and accurate books of account containing
the particulars of its Net Sales and the calculation of royalties, as well as, in the case of Dicerna, the expenditures by Dicerna pursuant to Section 4.6, above. Dicerna and its Sublicensees shall each keep such books of account and the
supporting data and other records at its principal place of business. Such books and records must be maintained available for examination in accordance with this Section 5.3.1 for [***] after the end of the calendar year to which they pertain,
and otherwise as reasonably required to comply with GAAP. 
 5.3.2 Appointment of Auditor. COH may appoint an
internationally-recognized independent accounting firm reasonably acceptable to Dicerna to inspect the relevant books of account of Dicerna and its Sublicensee to verify any reports or statements provided, or amounts paid or invoiced (as
appropriate), by Dicerna or its Sublicensees. 
 5.3.3 Procedures for Audit. COH may exercise its right to have Dicerna’s and
its Sublicensee’s relevant records examined only during the [***] period during which Dicerna is required to maintain records, no more than [***] in any [***]. Dicerna and its Sublicensees are required to make records available for inspection
only during regular business hours, only at such place or places where such records are customarily kept, and only upon receipt of at least [***] advance notice from COH. 

5.3.4 Audit Report. The independent accountant will be instructed to provide to COH an audit report containing its conclusions
regarding the audit, and specifying whether the amounts paid were correct, and, if incorrect, the amount of any underpayment or overpayment. 

5.3.5 Underpayment and Overpayment. After review of the auditor’s report: (i) if there is an uncontested underpayment by
Dicerna for all of the periods covered by such auditor’s report, then Dicerna shall pay to COH the full amount of that uncontested underpayment, and (ii) if there is an uncontested overpayment for such periods, then COH shall provide to
Dicerna a credit against future payments (such credit equal to the full amount of that overpayment), or, if Dicerna is not obligated to make any future payments, then COH shall pay to Dicerna the full amount of that overpayment. Contested amounts
are subject to dispute resolution under Article 11. If the total amount of any such underpayment (as agreed to by Dicerna or as determined under Article 11) exceeds [***] percent of the amount previously paid by Dicerna for the period subject to
audit, then Dicerna shall pay the reasonable costs for the audit. Otherwise, all costs of the audit shall be paid by COH. 

 ***Text Omitted and Filed Separately with the Securities and Exchange 

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 ARTICLE 6:
INTELLECTUAL PROPERTY; PATENT PROSECUTION, MAINTENANCE AND ENFORCEMENT. 
 6.1 Patent Prosecution, Maintenance and Enforcement.
(a) COH shall be solely responsible, at its sole discretion and expense, for the prosecution and maintenance of the Patent Rights, using either its current patent counsel or alternative patent counsel [***]. COH shall use reasonable efforts to
afford Dicerna with the opportunity to provide meaningful input to COH and its patent counsel with respect to the prosecution, maintenance, assertion and defense of the Patent Rights if the same would be reasonably likely to implicate the Patent
Rights within the Fields. Without limiting the foregoing, COH, directly or through its counsel, shall: (i) promptly provide to Dicerna copies of all correspondence between COH and the U.S. Patent and Trademark Office and its foreign
counterparts with respect to the Patent Rights, (ii) provide Dicerna with advance copies of all proposed submissions to any patent office and reasonable opportunity to provide comments to COH with respect thereto, (iii) promptly notify
Dicerna of any material event related to the enforceability of the Patent Rights (including, without limitation, the issuance or rejection thereof by the US Patent & Trademark Office and its foreign counterparts), (iv) provide Dicerna
with a [***] written update on the filing and prosecution status of the Patent Rights, and (v) to the extent consistent with the preservation of privilege, afford Dicerna’s patent counsel the opportunity to consult directly with COH’s
patent counsel with respect to the prosecution, maintenance and enforcement of the Patent Rights. 
 (b) On or before (i) [***]
following the Effective Date, and (ii) [***] after the filing of each patent application included in the Patent Rights which is not pending as of the Effective Date, COH shall notify Dicerna of COH’s then-current intentions regarding the
jurisdictions in which COH expects to file counterpart applications regarding any then existing Patent Rights. Promptly following such notice the Parties shall consult in good faith regarding the jurisdictions in which such counterpart applications
should in fact be filed. If Dicerna shall reject the filing of a counterpart in any jurisdiction recommended by COH, Dicerna shall thereafter have no responsibility for the costs associated with such filing in such jurisdiction and such Patent
Rights in such jurisdiction shall no longer be considered “Patent Rights.” If COH declines to file and thereafter diligently prosecute counterpart applications in any jurisdiction, Dicerna shall have the right to do so at its sole expense,
in consultation with COH, using counsel of Dicerna’s choosing. 
 (c) Each Party shall promptly notify the other in the event it
becomes aware of any actual or probable infringement of any of the Patent Right in or relevant to the Field or of any Third Party claim regarding the enforceability or validity of any Patent Rights. As between the Parties, COH may, following
consultation with Dicerna, in its sole discretion and at its sole expense, take action against any alleged infringer or in defense of such any Third Party claim. Any recovery obtained by COH as the result of legal proceedings initiated and paid for
by COH pursuant to this subsection (b) shall be for the sole benefit of COH. 
 (d) In the event that: (i) COH declines either to
cause such infringement to cease (e.g. by settlement or injunction) or to initiate and thereafter diligently maintain legal proceedings against the infringer, and (ii) [***]. 

 ***Text Omitted and Filed Separately with the Securities and Exchange 

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 6.2
Trademarks. Dicerna shall be responsible for the selection, registration, maintenance, and defense of all trademarks for use in connection with the sale or marketing of Licensed Products in the Field in the Territory (the “Marks”),
as well as all expenses associated therewith. All uses of the Marks by Dicerna or a Sublicensee shall comply in all material respects with all applicable laws and regulations (including those laws and regulations particularly applying to the proper
use and designation of trademarks in the applicable countries). Dicerna shall not, without COH’s prior written consent, use any trademarks or house marks of COH (including the COH corporate name), or marks confusingly similar thereto, in
connection with Dicerna commercialization of Licensed Products under this Agreement. Dicerna shall own all Marks. 
 6.3 Challenge to the
Patent Rights by Dicerna. 
 (a) The Parties acknowledge and agree that they are entering the Agreement in lieu of enforcing their
respective patent rights, defenses and remedies concerning the Patent Rights under relevant laws, including without limitation under 35 U.S.C. 100-376 et seq. By entering the Agreement each Party waives its Patent Rights in favor of proceeding under
the terms of the Agreement. Each Party further acknowledges that each and every term in the Agreement, including but not limited to the fees, milestone payments and the royalties set forth in Article 4 herein, reflects the value of avoiding the risk
and uncertainty associated with litigating the Patent Rights and the risk of being subject to certain rights, defenses and/or remedies. 

(b) The Parties acknowledge and agree that COH may terminate the Agreement at COH’s sole and absolute discretion, in the event Dicerna or
any of its Affiliates or Sublicensees challenges, directly or indirectly, the validity, enforceability and/or scope of any claim within the Patent Rights in a court or patent office or other governmental agency. In the event of termination by COH
pursuant to this Section 6.3(b), any fees, milestone payments and/or royalties or other payment owed to COH prior to such termination shall become payable and shall be non-refundable. 

(c) The Parties further agree that in the event Dicerna or any of its Affiliates or Sublicensees directly or indirectly files a lawsuit or
other proceeding to challenge the validity, enforceability and/or scope of any claim within the Patent Rights in a court or patent office or other governmental agency, and thereby obtains a final non-appealable judgment upholding the validity and
enforceability of the challenged Patent Rights and finding at least one claim of such Patent Rights to be infringed by Dicerna or any one of its Affiliates or Sublicensees, Dicerna shall: (i) reimburse COH all of its attorneys’ fees and
expenses expended in connection with defending such lawsuit or other proceeding, and (ii) pay to COH modified fees for the period commencing on the filing date of such lawsuit or proceeding and thereafter during the Term; such modified fees
shall be [***], and shall constitute additional consideration to COH for Dicerna’s (or Affiliates’ or Sublicensees’) decision to exercise the Patent Rights notwithstanding the Agreement. 

ARTICLE 7: TERM AND TERMINATION 

7.1 Term. The term of this Agreement (the “Term”) shall commence on the Effective Date. Notwithstanding any other provision
of this Agreement, unless sooner terminated by 

 ***Text Omitted and Filed Separately with the Securities and Exchange 

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mutual agreement or pursuant to any other provision of this Agreement, all obligations under this Agreement shall terminate on the date on which all obligations under this Agreement between the
Parties with respect to the payment of milestones or royalties with respect to Licensed Products have terminated or expired. 
 7.2
Termination. 
 7.2.1 Material Breach. Either Party may terminate this Agreement for any material breach by the other Party,
provided that the terminating Party shall have given the breaching Party written notice of such breach, the Party receiving notice of breach shall have failed to cure that breach within [***], and the Party originally delivering the notice of
breach shall have delivered written notice of termination within [***] after the end of such [***] period. Notwithstanding the foregoing, if the allegedly breaching Party shall in good faith dispute such allegation of material breach or shall
dispute its alleged failure to cure or remedy such material breach and provides written notice of that dispute to the other Party within the above time periods, then the matter will be addressed under the dispute resolution provisions in Article 11,
and the notifying Party may not terminate this Agreement until it has been determined under Article 11 that: (i) the allegedly breaching Party was in material breach of this Agreement at the times stated, and (ii) that timely cure of such
material breach did not occur (the termination of an action that constitutes a breach within the time prescribed shall be deemed a cure). 

7.2.2 Bankruptcy. COH shall have the right to terminate this Agreement upon written notice to Dicerna, in the event that Dicerna seeks
protection of any bankruptcy or insolvency law, a proceeding in bankruptcy or insolvency is filed by or against Dicerna, or there is adjudication by a court of competent jurisdiction that Dicerna is bankrupt or insolvent. 

7.2.3 Termination at Will by Dicerna. Dicerna shall have the right to terminate this Agreement upon written notice to COH without
cause, effective [***] following the date of such notice. 
 7.3 Effect of Termination or Expiration. 

7.3.1 Upon any termination of this Agreement all rights and licenses granted to Dicerna under Article 4 shall immediately terminate, except
that Dicerna shall have the right to continue to sell Licensed Products manufactured prior to the effective date of such termination until [***]. 

7.3.2 Upon termination of this Agreement 

(a) Each Party shall promptly return to the other Party all relevant records and materials in its possession or control containing or
comprising the other Party’s Confidential Information and to which the Party does not retain rights hereunder. 
 (b) [***]. 

(c) Dicerna shall discontinue making any representation regarding its status as a licensee of COH for Licensed Products. Subject to
Section 7.3.1, above, Dicerna shall cease conducting any activities with respect to the marketing, promotion, sale or distribution of Licensed Products. 

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 7.3.3 Termination or
expiration of this Agreement, through any means and for any reason, shall not relieve the Parties of any obligation accruing prior thereto, including the payment of all sums due and payable, and shall be without prejudice to the rights and remedies
of either Party with respect to any antecedent breach of any of the provisions of this Agreement. 
 7.4 Survival. In addition to as
set forth in Section 7.3 and otherwise explicitly set forth in this Agreement, Sections 9.5 and 9.6 shall survive expiration or termination of this Agreement for any reason. 

ARTICLE 8: REPRESENTATIONS AND WARRANTIES 

8.1 Mutual Representations and Warranties. COH and Dicerna each represents and warrants as follows: 

8.1.1 It has the right and authority to enter into this Agreement; 

8.1.2 It has been informed of its right to consult an attorney, has consulted with an attorney of its choice, and has read this Agreement,
with assistance from its counsel of choice. It understands all of this Agreement’s terms. It has been given a reasonable amount of time to consider the contents of this Agreement before each Party executed it. It agrees that it is executing
this Agreement voluntarily with full knowledge of this Agreement’s legal significance; and 
 8.1.3 It has made such investigation of
all matters pertaining to this Agreement that it deems necessary, and does not rely on any statement, promise, or representation, whether oral or written, with respect to such matters other than those expressly set forth herein. It agrees that it is
not relying in any manner on any statement, promise, representation or understanding, whether oral, written or implied, made by any person or entity, not specifically set forth in this Agreement. It acknowledges that, after execution of this
Agreement, it may discover facts different from or in addition to those which it now knows or believes to be true. Nevertheless, it agrees that this Agreement shall be and remain in full force and effect in all respects, notwithstanding such
different or additional facts. 
 8.2 Exclusions. Nothing in this Agreement is or shall be construed as: 

8.2.1 A warranty or representation by COH as to the validity or scope of any claim or patent or patent application within the Patent Rights;

 8.2.2 A warranty or representation by COH that anything made, used, sold, or otherwise disposed of under any license granted in this
Agreement is or will be free from infringement of any patent rights or other intellectual property right of any Third Party; 
 8.2.3 A
grant by COH, whether by implication, estoppel, or otherwise, of any licenses or rights other than that expressly granted under this Agreement; 

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 8.2.4 An obligation
on COH to bring or prosecute any suit or action against a third party for infringement of any of the Patent Rights. 
 8.3 COH
Representations. COH hereby represents, warrants and covenants to Dicerna that it has not, prior to the Effective Date, entered into any agreement and has not granted any now existing, or agreed to grant any future, license, right or privilege
which agreement, license, right or privilege conflicts in any way with any license, right or privileges granted to Dicerna hereunder. 

8.3.1 Accredited Investor. It is an “accredited investor” as such term is defined in Regulation D under the Securities Act of
1933, as amended. 
 8.3.2 Power. It has the full right, power and authority, and has obtained all approvals, permits or consents
necessary, to enter into this Agreement and to perform all of its obligations hereunder and to grant the licenses provided hereunder. 

8.3.3 Prior Filings. It has not, prior to the date of the execution and delivery of this Agreement, filed any patent application for
any invention claiming subject matter that includes any subject matter claimed in any patent application or patent specifically identified in Schedule 1.28 except the patent applications described in Schedule 8.3.4. 

8.3.4 Invention Disclosure. It is not, prior to the date of the execution and delivery of this Agreement, in receipt of any invention
disclosure regarding any subject matter described in any patent application listed in Schedule 1.28 from any person who is obligated to assign his or her inventions to COH except for such invention disclosures that are subsumed by the patent
applications or patents specifically identified in Schedule 1.28 or Schedule 8.3.4. 
 8.3.5 True Copies. The copies of the [***]
Exclusive License, the [***] Non-Exclusive License and the [***] provided to Dicerna by COH are true copies, subject only to the redactions obvious from the face of the copies provided. 

8.4 Dicerna Representations. Dicerna hereby represents and warrants to COH that Dicerna has not, prior to the Effective Date, entered
into any agreement that conflicts in any way with this Agreement or Dicerna’s obligations hereunder. 
 8.5 DISCLAIMER. NO
WARRANTY IS GIVEN WITH RESPECT TO THE PATENT RIGHTS, EXPRESS OR IMPLIED, EITHER IN FACT OR BY OPERATION OF LAW, BY STATUTE OR OTHERWISE, AND THE PARTIES SPECIFICALLY DISCLAIM ANY EXPRESS OR IMPLIED WARRANTY OF MERCHANTABILITY, FITNESS FOR A
PARTICULAR PURPOSE, VALIDITY OF THE PATENT RIGHTS OR NON-INFRINGEMENT OF THE INTELLECTUAL PROPERTY OR OTHER RIGHTS OF ANY THIRD PARTY. THE WARRANTIES SET FORTH IN SECTIONS 8.1, 8.3 AND 8.4 ARE IN LIEU OF ALL OTHER WARRANTIES, EXPRESS OR IMPLIED,
INCLUDING BUT NOT LIMITED TO, THE IMPLIED WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE, VALIDITY, NON-INFRINGEMENT AND ALL SUCH OTHER WARRANTIES ARE HEREBY EXPRESSLY DISCLAIMED. 

 ***Text Omitted and Filed Separately with the Securities and Exchange 

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 ARTICLE 9:
INDEMNIFICATION 
 9.1 Indemnification by Dicerna. Dicerna shall defend, indemnify and hold harmless COH and its officers,
directors, shareholders, employees and agents from and against any and all Third Party liabilities, claims, suits, and expenses, including reasonable attorneys’ fees (collectively, “Losses”), arising out of or in any way attributable
to (i) the inaccuracy or breach of any representation or warranty made by Dicerna under this Agreement, (ii) the research, development, marketing, approval, manufacture, packaging, labeling, handling, storage, transportation, use,
distribution, promotion, marketing or sale of Licensed Products by or on behalf of Dicerna, or (iii) the negligence, willful misconduct or failure to comply with applicable law of Dicerna or any of its Affiliates or Sublicensees, or their
respective officers, directors, employees or agents; in each case except to the extent that such Losses are attributable to (a) COH’s breach of any representation or warranty made by COH under this Agreement, (b) COH’s breach of
its obligations under this Agreement, and/or (c) the negligence or willful misconduct of COH or its officers, directors or employees acting within the scope of their authority on behalf of COH. 

9.2 Indemnification by COH. COH shall defend, indemnify and hold harmless Dicerna and its Affiliates and their respective officers,
directors, employees and agents from and against any and all Losses arising out of or in any way attributable to (i) the inaccuracy or breach of any representation or warranty made by COH under this Agreement, or (ii) the negligence or
willful misconduct of COH or any of its Affiliates, or their respective officers, directors or employees; in each case except to the extent that such Losses are attributable to: (a) Dicerna’s breach of any representation or warranty made
by Dicerna under this Agreement, (b) Dicerna’s breach of its obligations under this Agreement, and/or (c) the negligence or willful misconduct of Dicerna or any of its Affiliates or Sublicensees or their respective officers,
directors, employees or agents. 
 9.3 Procedure. The indemnities set forth in this Article 9 are subject to the condition that the
Party seeking the indemnity shall forthwith notify the indemnifying Party on being notified or otherwise made aware of a liability, claim, suit, action or expense and that the indemnifying Party defend and control any proceedings with the other
Party being permitted to participate at its own expense (unless there shall be a conflict of interest which would prevent representation by joint counsel, in which event the indemnifying Party shall pay for the other Party’s counsel);
provided, that, the indemnifying Party may not settle the liability, claim, suit, action or expense, or otherwise admit fault of the other Party or consent to any judgment, without the written consent of the other Party (such consent
not to be unreasonably withheld). Notwithstanding the foregoing, no delay in the notification of the existence of any claim of Loss shall cause a failure to comply with this Section 9.3 as long as such delay shall not have materially impaired
the rights of the Indemnifying Party. 
 9.4 Insurance. Commencing as of the date Dicerna files an IND for a Licensed Product, and
thereafter for the period of time required under this Section 9.4, Dicerna shall obtain and maintain on an ongoing basis, Products Liability insurance, including contractual liability, in the minimum amount of $[***] per occurrence, combined
single limit for bodily injury and property damage liability and naming COH as an additional insured by endorsement. 

 ***Text Omitted and Filed Separately with the Securities and Exchange 

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All such insurance coverage shall be in a combination of primary and additional insurance, with the primary insurance to be not less than $[***] in amount, with respect to Dicerna’s own
participation under this Agreement, and shall be maintained with an insurance company or companies having an A.M. Best’s rating (or its equivalent) of A-XII or better. The insurance policies shall be under an occurrence form, but if only a
claims-made form is reasonably available to Dicerna, then in such a case, Dicerna shall maintain the insurance coverage for at least [***] following completing performance of its obligations under this Agreement. Dicerna shall provide to COH its
certificates of insurance evidencing the insurance coverage set forth in this Section 9.4. Dicerna shall provide to COH at least [***] prior written notice of any cancellation, nonrenewal or material change in any of the insurance coverage.
Dicerna shall, upon receipt of written request from COH, provide renewal certificates to COH for as long as Dicerna is required to maintain insurance coverage hereunder. 

9.5 LIMITATION ON DAMAGES. NOTWITHSTANDING ANYTHING CONTAINED IN THIS AGREEMENT TO THE CONTRARY: (i) IN NO EVENT SHALLEITHER PARTY
BE LIABLE TO THE OTHER FOR [***] WHETHER BASED UPON BREACH OF WARRANTY, BREACH OF CONTRACT, NEGLIGENCE, STRICT TORT OR ANY OTHER LEGAL THEORY, and (ii) IN NO EVENT SHALL COH BE LIABLE TO DICERNA FOR [***]. Clause (i) of the foregoing
sentence shall not limit the obligation of Dicerna under Section 9.1 to indemnify COH for indirect, incidental, consequential or punitive damages awarded against COH. 

9.6 Sole Remedy. [***]. 

ARTICLE 10: CONFIDENTIALITY 

10.1 Confidential Information. During the Term and for [***] thereafter without regard to the means of termination: (i) COH shall
not use, for any purpose other than the purpose of this Agreement, or reveal or disclose to any Third Party Dicerna Confidential Information; and (ii) Dicerna shall not use, for any purpose other than the purpose of this Agreement, or reveal or
disclose to any Third Party COH Confidential Information. The Parties shall take reasonable measures to assure that no unauthorized use or disclosure is made by others to whom access to such information is granted. 

10.2 Exceptions. Notwithstanding the foregoing, a Party may use and disclose Confidential Information of the other Party as follows:

 (a) if required by applicable law, rule, regulation, government requirement and/or court order, provided, that, the
disclosing Party promptly notifies the other Party of its notice of any such requirement and provides the other Party a reasonable opportunity to seek a protective order or other appropriate remedy and/or to waive compliance with the provisions of
this Agreement; 
 (b) to the extent such use and disclosure occurs in the filing or publication of any patent application or patent on
inventions; 

 ***Text Omitted and Filed Separately with the Securities and Exchange 

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 (c) as necessary or
desirable for securing any regulatory approvals, including pricing approvals, for any Licensed Products, provided, that, the disclosing Party shall take all reasonable steps to limit disclosure of the Confidential Information outside
such regulatory agency and to otherwise maintain the confidentiality of the Confidential Information; 
 (d) to take any lawful action that
it deems necessary to protect its interest under, or to enforce compliance with the terms and conditions of, this Agreement; 
 (e) to the
extent necessary, to its Affiliates, directors, officers, employees, consultants, vendors and clinicians under written agreements of confidentiality at least as restrictive as those set forth in this Agreement, who have a need to know such
information in connection with such Party performing its obligations or exercising its rights under this Agreement; and 
 (f) by Dicerna,
to actual and potential investors, licensees and commercial collaborators, under written agreements of confidentiality at least as restrictive as those set forth in this Agreement. 

10.3 Certain Obligations. During the Term and for a period of [***] thereafter and subject to the exceptions set forth in
Section 10.2, Dicerna, with respect to COH Confidential Information, and COH, with respect to Dicerna Confidential Information, agree: 

(a) to use such Confidential Information only for the purposes contemplated under this Agreement, 

(b) to treat such Confidential Information as it would its own proprietary information which in no event shall be less than a reasonable
standard of care, 
 (c) to take reasonable precautions to prevent the disclosure of such Confidential Information to a Third Party without
written consent of the other Party, and 
 (d) to only disclose such Confidential Information to those employees, agents and Third Party
contractors who have a need to know such Confidential Information for the purposes set forth herein and who are subject to obligations of confidentiality no less restrictive than those set forth herein. 

10.4 Disclosures and Public Announcements. During the period from the Effective Date through the date that is 90 days following the
closing of a Qualified Financing, neither Party shall issue any press release or other publicity materials, or make any public presentation with respect to the existence of, or any of the terms or conditions of, this Agreement or the programs or
efforts being conducted by the other Party hereunder, in each case without the prior written consent of such Party. Thereafter, the Parties will consult with each other prior to the release of any public announcement or other publicity materials.
The foregoing restriction shall not apply to: 
 (a) disclosures to a Party’s attorneys, advisors or investors on a need to know basis
under circumstances that reasonably ensure the confidentiality thereof, and 
 (b) any future disclosures required by law or regulation,
including as may be required in connection with any filings made with, or by the disclosure policies of a major stock exchange, provided that the disclosing Party (i) use all reasonable efforts to inform the other Party prior to
making any such disclosures and cooperate with the other Party in seeking a protective order or other appropriate remedy (including redaction) and (ii) whenever possible, request confidential treatment of such information. 

 ***Text Omitted and Filed Separately with the Securities and Exchange 

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 10.5
Termination. Upon termination, but not expiration, of this Agreement and upon the request of the disclosing Party, the receiving Party shall promptly return to the disclosing Party or destroy all copies of Confidential Information received
from such Party, and shall return or destroy, and document the destruction of, all summaries, abstracts, extracts, or other documents which contain any Confidential Information of the other Party in any form, except that each Party shall be
permitted to retain a copy (or copies, as necessary) of such Confidential Information for archival purposes or as required by any law or regulation. 

ARTICLE 11: DISPUTE RESOLUTION 
 All
Disputes shall be first referred to a Senior Vice President of COH (the “COH SVP”) and the Senior Vice President, Business Development, or equivalent, of Dicerna (the “Dicerna SVP”) of Dicerna for resolution, prior to proceeding
under the other provisions of this Article 11. A Dispute shall be referred to such executives upon one Party (the “Initiating Party”) providing the other Party (the “Responding Party”) with written notice that such Dispute
exists, together with a written statement describing the Dispute with reasonable specificity and proposing a resolution to such Dispute that the Initiating Party is willing to accept, if any. Within [***] after having received such statement and
proposed resolution, if any, the Responding Party shall respond with a written statement that provides additional information, if any, regarding such Dispute, and proposes a resolution to such Dispute that the Responding Party is willing to accept,
if any. In the event that such Dispute is not resolved within [***] of the Responding Party’s receipt of the Initiating Party’s written notice, either Party may bring and thereafter maintain suit against the other with respect to such
Dispute; provided, however, that the exclusive jurisdiction of any such suit shall be the state and federal courts located in Los Angeles County, California, and the Parties hereby consent to the exclusive jurisdiction and venue of such courts. 

ARTICLE 12: MISCELLANEOUS 

12.1 Assignment and Delegation. Except as expressly provided in this Section 12.1, neither this Agreement nor any right or
obligation hereunder [***]. Notwithstanding the foregoing, [***]. This Agreement shall be binding upon and inure to the benefit of and be enforceable by the Parties hereto and their respective successors and permitted assignees. Any transfer or
assignment of this Agreement in violation of this Section 12.1 shall be null and void. 
 12.2 Entire Agreement. This Agreement
contains the entire agreement between the Parties relating to the subject matter hereof, and all prior understandings, representations and warranties between the Parties are superseded by this Agreement. 

12.3 Amendments. Changes and additional provisions to this Agreement shall be binding on the Parties only if agreed upon in writing and
signed by the Parties. 

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 12.4 Applicable
Law. This Agreement shall be construed and interpreted in accordance with the laws of the State of California and all rights and remedies shall be governed by such laws without regard to principles of conflicts of law. 

12.5 Force Majeure. If the performance of this Agreement or any obligations hereunder is prevented, restricted or interfered with by
reason of earthquake, fire, flood or other casualty or due to strikes, riot, storms, explosions, acts of God, war, or a similar occurrence or condition beyond the reasonable control of the Parties, the Party so affected shall, upon giving prompt
notice to the other Parties, be excused from such performance during such prevention, restriction or interference, and any failure or delay resulting therefrom shall not be considered a breach of this Agreement. 

12.6 Severability. The Parties do not intend to violate any public policy or statutory common law. However, if any sentence, paragraph,
clause or combination of this Agreement is in violation of any law or is found to be otherwise unenforceable, such sentence, paragraph, clause or combination of the same shall be deleted and the remainder of this Agreement shall remain binding,
provided that such deletion does not alter the basic purpose and structure of this Agreement. 
 12.7 Notices. All
notices, requests, demands, and other communications relating to this Agreement shall be in writing in the English language and shall be delivered in person or by mail, international courier or facsimile transmission (with a confirmation copy
forwarded by courier or mail). Notices sent by mail shall be sent by first class mail or the equivalent, registered or certified, postage prepaid, and shall be deemed to have been given on the date actually received. Notices sent by international
courier shall be sent using a service which provides traceability of packages. Notices shall be sent as follows: 
  

					
		 	Notices to COH:	    	with a copy to:
			
		 	Office of Technology Licensing	    	Office of General Counsel
		 	City of Hope	    	City of Hope
		 	1500 East Duarte Road.	    	1500 East Duarte Road
		 	Duarte, CA 91010	    	Duarte CA 91010
			
		 	Attn: Sr. VP, Applied Technology	    	Attn: General Counsel
		 	Development	    	
		 		    	Fax: [***]
		 	Fax: [***]	    	

  

					
		 	Notices to Dicerna:	    	with a copy to:
			
		 	Dicerna Pharmaceuticals, Inc.	    	
		 	14 Peterson Circle	    	Burns & Levinson LLP
		 	Sudbury, MA 01776	    	125 Summer Street
		 		    	Boston, MA 02110
		 	Attn: Chief Executive Officer	    	
		 		    	Attention: James H. Belanger, Esq.
		 	Facsimile: [***]	    	
		 		    	Facsimile: 617-345-3299

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 Either Party may change its address
for notices or facsimile number at any time by sending written notice to the other Party. 
 12.8 Independent Contractor. Nothing
herein shall create any association, partnership, joint venture, fiduciary duty or the relation of principal and agent between the Parties hereto, it being understood that each Party is acting as an independent contractor, and neither Party shall
have the authority to bind the other or the other’s representatives in any way. 
 12.9 Waiver. No delay on the part of either
Party hereto in exercising any power or right hereunder shall operate as a waiver thereof, nor shall any single or partial exercise of any power or right hereunder preclude other or further exercise thereof or the exercise of any other power or
right. No waiver of this Agreement or any provision hereof shall be enforceable against any Party hereto unless in writing, signed by the Party against whom such waiver is claimed, and shall be limited solely to the one event. 

12.10 Interpretation. This Agreement has been prepared jointly and no rule of strict construction shall be applied against either
Party. In this Agreement, the singular shall include the plural and vice versa and the word “including” shall be deemed to be followed by the phrase “without limitation.” The section headings contained in this Agreement are
inserted for convenience only and shall not affect in any way the meaning or interpretation of this Agreement. 
 12.11 Counterparts.
This Agreement may be executed in counterparts, each of which together shall constitute one and the same Agreement. For purposes of executing this agreement, a facsimile copy of this Agreement, including the signature pages, will be deemed an
original. 
 12.12 Dicerna Covenant. Dicerna covenants and agrees that, in conducting activities contemplated under this Agreement,
it shall comply in all material respects with all applicable laws and regulations including, without limitation, those related to the manufacture, use, labeling importation and marketing of Licensed Products. 

12.13 Dicerna Certification. Dicerna hereby certifies to COH under penalty of perjury, that neither Dicerna nor any of its current
officers, directors or shareholders has been convicted of a criminal offense related to health care and is not currently debarred, excluded or otherwise ineligible for participation in federally funded health care programs. Throughout the term of
this Agreement Dicerna shall: (i) notify COH in writing immediately of any threatened, proposed or actual conviction relating to health care, or any threatened, proposed or actual debarment or exclusion from participation in federally funded
health care programs, of Dicerna or any officer or director of Dicerna, and (ii) refrain from knowingly employing or contracting with individuals or entities excluded from participation in a federally funded health care program. Any material
breach of this Section 12.12 by Dicerna shall be grounds for immediate termination of this Agreement by COH. 

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*    *    *    *    * 

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 IN WITNESS WHEREOF,
the Parties have executed this Agreement by their duly authorized representative. 
  

									
	DICERNA THERAPEUTICS, INC.	 		 	CITY OF HOPE
					
	By:	 	 /s/ James Jenson
	 		 	By:	 	 [***]

	Name:	 	James Jenson	 		 	Name:	 	[***]
					
	Title:	 	President & Chief Executive Officer	 		 	Title:	 	[***]
					
		 		 		 	By:	 	[***]
					
		 		 		 	Name:	 	[***]
					
		 		 		 	Title:	 	[***]

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 SCHEDULE 1.28 

Patent Applications 
  

							
	 COH Reference No.
	 	 Title
	 	 Application No.
	 	 Filing Date/

Country

 [***]

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 Schedule 4.11 

PATENT EXPENSES 
 As of Effective Date 

 

					
	COH Docket Ref (including foreign equivalents)	  	Billings received	 
	 [***]
	  	$	[***]	  
	 [***]
	  	$	[***]	  
	 [***]
	  	$	[***]	  
		
	 Total
	  	$	[***]	  

 [***] 
 End of
Schedule 4.11 

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 Schedule 8.3.4 

PATENT APPLICATIONS 
 [***] 

End of Section 8.3.4EX-10.21

 Exhibit 10.21 

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 COMMERCIAL LICENCE AGREEMENT 

THIS AGREEMENT is made the 2nd day of September 2013 (the “Effective Date”) 

By and between: 
 PLANT BIOSCIENCE LIMITED, a company
registered in England whose registered office is at Norwich Research Park, Colney Lane, Norwich NR4 7UH, England (hereinafter “PBL”) and 

DICERNA PHARMACEUTICALS, INC., a company registered in the USA whose registered office is at 480 Arsenal Street, Watertown, MA 02472, USA (hereinafter
“DICERNA”). 
 PBL and DICERNA shall also be referred to singly as “Party”; 

and PBL and DICERNA collectively as “Parties”. 

WHEREAS, PBL owns US Patent Numbers 8,097,710, 8,258,285, 8,263,569, 8,299,235 and 8,349,607 and US Patent Application Serial Numbers 11/013,531 and
12/508,476; 
 WHEREAS, DICERNA wishes to obtain a
nominated-target-limited, worldwide, non-exclusive, fee-bearing, licence under certain of
PBL’s patents for use in human therapeutics as set out in this Agreement; and 
 WHEREAS, PBL is willing to grant such a licence to DICERNA
subject to the terms and conditions hereof, the sufficiency of which is hereby acknowledged. 
 NOW THEREFORE, the Parties agree as follows:

  

	1	DEFINITIONS 

  

	1.1	“Affiliate(s)” shall mean any company controlling, controlled by or under common control with a Party to this Agreement, “control” meaning in this context the direct or indirect ownership of
more than fifty percent (50%) of the voting rights of a company, or the power to nominate more than half of the directors, or the power otherwise to determine the policy of a company or organisation. For the purpose of this Agreement each Party
declares to act not only for itself but also in the name and on behalf of its Affiliates, which therefore shall be deemed to be bound by the terms and conditions contained herein. For purposes of clarity, the Institute is a shareholder in PBL.

  

	1.2	“Confidential Information” shall have the meaning provided in Section 6.1. 

  

	1.3	“FDA” shall mean the United States Food and Drug Administration or any successor agency thereto. 

  

	1.4	“Fiscal Year” shall mean twelve (12) months from 1st January to 31st December. 

  

	1.5	“Half Year” shall mean six (6) months from 1st January to 30th June and 1st July to 31st December. 

  
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	1.6	“Institute” shall mean the Sainsbury Laboratory, a company and registered charity located in Norwich, UK. 

  

	1.7	“IND” shall mean an Investigational New Drug Application filed with the FDA. 

  

	1.8	“License” shall have the meaning provided in Section 2.1. 

  

	1.9	“Licensed Intellectual Property” shall mean US Patent Numbers 8,097,710, 8,258,285, 8,263,569, 8,299,235 and 8,349,607 and US Patent Application Serial Numbers 11/013,531 and 12/508,476 and any patents
issuing thereupon, including any continuations, divisionals, continuations-in-part, substitutions, reissues, re-examinations,
renewals, continued prosecution applications, foreign counterparts and/or extensions of any of the foregoing. 

  

	1.10	“Licensed Field” shall mean the diagnosis, prevention and treatment of disease in humans. 

  

	1.11	“Licensed Product” shall mean any product incorporating, or designed to deliver to the human body, an SRM, the use, research, development, testing, manufacture, importation, offering for sale or sale of
which in the United States would infringe a Valid Claim, but for a license granted under the Licensed Intellectual Property. 

  

	1.12	“Net Sales” shall mean [***]. 

  

	1.13	“NDA/BLA Filing” shall mean the New Drug Application or Biological License Application filed in the United States with the FDA 

 

	1.14	“Phase I” shall mean a clinical study with a Licensed Product which is the first dose in humans in the United States. 

 

	1.15	“Phase III” shall mean a clinical study with a Licensed Product which is the first dose in humans in a pivotal study in the United States designed as a basis for a NDA/BLA filing. 

 

	1.16	“Second Indication” shall mean a second marketing approval for a specific disease entity with respect to a Licensed Product allowed by the FDA as evidenced by an addition to the product labelling on the
package insert. 

  

	1.17	“SRM” shall mean a short RNA molecule or molecules nominated by DICERNA in accordance with Section 2.2 hereof. Such SRM will be designed to target and modify the expression of a human gene or
genes, where such human gene or genes may be any genes selected from across the human genome and may contain a single short RNA molecule or the combination of two such short RNA molecules. Such SRM may comprise an SRM series to provide for lead drug
candidate and back-up drug candidate (including different formulations, siRNA sequences or siRNA modifications) addressing the same human gene target. Without limitation to the foregoing and for purposes of
clarity, an SRM may comprise short RNA molecules designed to target [***]. 

  

	1.18	“Term” shall have the meaning provided in Section 8.1. 

  

	1.19	 “Valid Claim” shall mean a claim of a patent application or an issued and unexpired patent within the Licensed Intellectual Property
that has not been held unpatentable, revoked, unenforceable or invalid by a decision of a court or other governmental agency of competent 

  
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jurisdiction, unappealable or unappealed within the time allowed for appeal, and that has not been admitted to be invalid or unenforceable through reissue, disclaimer or otherwise. If a claim of
a pending patent application within the Licensed Intellectual Property has not issued as a claim of an issued patent within [***] after the earliest priority date for such claim, such claim shall cease to be a Valid Claim unless and until such claim
becomes an issued claim of an issued patent. 

  

	2	GRANT OF RIGHTS 

  

	2.1	For the Term, and subject to the terms and conditions of this Agreement, PBL hereby grants to DICERNA and its Affiliates, a non-exclusive,
world-wide, sublicensable (subject to Section 2.3) license under the Licensed Intellectual Property to (i) use, sell, offer for sale, make, have made, import, export and otherwise dispose of Licensed
Products in the Licensed Field and (ii) to engage in the research, screening, discovery, development and testing in connection with the Licensed Products in the Licensed Field (“License”). The License expressly excludes
DICERNA’s and its Affiliates’ provision of any services to third parties; production and/or sale of kits, diagnostic products or research reagents; products for non-human animal health, agriculture
or other industrial applications outside of the Licensed Field. 

  

	2.2	During the term, DICERNA may nominate [***] SRM(s), by written notice specifying such SRM(s) to PBL at any time prior to an IND being filed for such SRM(s) by DICERNA. Notwithstanding the foregoing, DICERNA shall
nominate [***] within [***] of the Effective Date. Subject to payment by DICERNA of the relevant fees and royalties as detailed in Article 3 below, the Licence will come into effect for such nominated SRM(s). Where a nominated SRM designates [***]
then such Licence will be only to all product forms that employ [***] may claim benefit from any fees already paid under this Agreement. 

  

	2.3	DICERNA shall have the right, in respect of any Licensed Product, to sublicense the License to a third party development and/or commercialisation partner, always subject to the payment of the fees and royalties detailed
in Article 3 below, provided that DICERNA shall not have the right to enter into a transaction the sole purpose of which is to grant a third party access to the Licensed Intellectual Property. Such sublicenses shall be by written agreement between
DICERNA and the sublicensee and shall include applicable obligations on the sublicensee which are equivalent to the obligations on DICERNA under this Agreement. DICERNA shall notify PBL in writing within [***] of entering into any such sublicense
agreement, identifying the sublicensee and the number of Licensed Product(s) involved. DICERNA shall be liable to PBL in respect of any sublicensee act(s) resulting in a breach of this Agreement as if it had been a breach by DICERNA of its
obligations under this Agreement. DICERNA shall promptly notify PBL of any such breach of which DICERNA is aware by a DICERNA sublicensee of any of its obligations under any such sublicense and shall take all necessary steps at its own expense to
enforce the terms of the sublicense. 

  

	2.4	DICERNA and its sublicensees shall conspicuously display, to the extent such display does not conflict with any rules or requirements of regulatory authorities, in printed form: (a) directly on all packages
containing any Licensed Products to be sold or transferred to third parties, (b) directly on all literature accompanying Licensed Products to be sold or transferred to third parties, and (c) directly on all websites concerning Licensed
Products, the following notice: 

 THESE MATERIALS ARE COVERED UNDER US PATENT 8,097,710, 8,258,285, 8,263,569 and 8,299,235
{amend as appropriate with the grant of further patents}. THE PURCHASE OF THESE MATERIALS CONVEYS NO LICENSE UNDER SAID PATENTS OTHER THAN TO UTILIZE THE MATERIALS FOR THE PURPOSE FOR WHICH THEY ARE SOLD. 

  
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	2.5	The size and position of the notice, as laid out in Section 2.4, shall be within applicable industry standards. DICERNA shall submit a sample of the notice and clearly indicate with photographic or photocopy
evidence the position and size of the above mentioned notice on the packaging, literature and website. 

  

	2.6	No licence, whether expressed or implied, is granted to any intellectual property other than the Licensed Intellectual Property. Without prejudice to the generality of the foregoing PBL reserves all rights under the
Licensed intellectual Property outside the Licensed Field. 

  

	2.7	DICERNA shall not be responsible for any cost or expenses with the filing, prosecution or maintenance of the Licensed Intellectual Property. PBL shall promptly inform DICERNA in writing if PBL discontinues the
prosecution or maintenance of any patents or patent applications within the Licensed Intellectual Property. In addition, as between DICERNA and PBL, PBL shall be solely responsible, at its sole discretion, cost and expense, for defending any
Licensed Intellectual Property. 

  

	3	LICENCE FEES 

  

	3.1	In consideration of the License, DICERNA shall pay to PBL a one-time, non-refundable,
non-creditable signature fee of [***]. Such fee shall be payable on the Effective Date. 

  

	3.2	DICERNA shall pay to PBL, starting from the Effective Date, the following fees upon reaching the corresponding milestone events for each and every Licensed Product but only once for each and every Licensed Product and
only when such event occurs in the US, except as noted in Section 3.9: 

  

	 	3.2.1	DICERNA shall pay to PBL a non-refundable Target Nomination Fee of [***] nominated by DICERNA, provided that nothing in this Agreement obligates DICERNA to nominate additional
SRMs after the first nomination. 

  

	 	3.2.2	DICERNA shall pay to PBL a non-refundable fee of [***]; 

  

	 	3.2.3	DICERNA shall pay to PBL a non-refundable fee of [***]; 

  

	 	3.2.4	DICERNA shall pay to PBL a non-refundable fee of [***]; 

  

	 	3.2.5	DICERNA shall pay to PBL a non-refundable fee of [***]; 

  

	 	3.2.6	DICERNA shall pay to PBL a non-refundable [***]. 

  

	3.3	All payments detailed in Sections 3.1 and 3.2 shall be non-refundable and non-creditable against royalties or any other payments or
expenses made or incurred by DICERNA. 

  
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	3.4	In consideration of the Licence, DICERNA shall pay to PBL a royalty of [***] of Net Sales. 

  

	3.5	DICERNA shall advise PBL in writing within [***] after (a) any event causing a payment under Section 3.1 (milestones) to become due and (b) the first commercial sale of a Licensed Product by DICERNA or
its Affiliates and/or sublicensee(s). 

  

	3.6	Within [***] after the end of each Half Year (of which time shall be of the essence) during which sales of Licensed Products have occurred, DICERNA shall provide to PBL a written report of Net Sales during such Half
Year. The report shall contain the determination, on a per Licensed Product basis, of all royalties due to PBL pursuant to Section 3.4. 

  

	3.7	Following receipt of the reports pursuant to Section 3.6 DICERNA shall make the royalty payments then due, subject to receipt of PBL’s invoice, within [***] of the date of said invoice(s). Payments shall be
made by direct transfer into PBL’s bank account the details of which shall be provided on the relevant invoices prepared by PBL. 

  

	3.8	If on the Effective Date one or more of the events listed in Section 3.1 have already taken place. DICERNA shall pay all fees under Section 3.1 in respect of such milestone events, including without limitation
the corresponding Target Nomination Fees, due on the Effective Date, provided that upon such payment the License will be deemed to apply prior to the Effective Date to any Licensed Product for which payment has been made. 

 

	3.9	If any events listed in Section 3.1 are conducted outside of the United States, all fees applicable under Section 3.1, including, without limitation the corresponding Target Nomination Fees if not already
paid, shall become due upon the first such milestone event occurring in the United States. 

  

	3.10	Payments under this Agreement are exclusive of VAT (to the extent applicable) or any other taxes or duty. All income taxes imposed on DICERNA’s sale of Licensed Products shall be borne by DICERNA, and all income
taxes imposed on PBL in respect of royalty, milestone or other payments received by PBL under this Agreement will be borne by PBL. To the extent that any applicable law requires DICERNA to deduct and withhold any income or other taxes on any
royalty, milestone or other payment, DICERNA shall deduct and withhold such taxes, and shall provide PBL with copies of receipts from the competent tax authorities as evidence of payment of such taxes. 

 

	3.11	Without prejudice to PBL’s rights under Article 8 (Termination), if DICERNA fails to pay for at least [***] any sum due, PBL may terminate this Agreement and, in whole or in part, the grant of rights made herein,
upon written notice to DICERNA, provided that PBL first provide DICERNA written notice of non-payment and the opportunity to cure such non-payment pursuant to
Section 8.3. 

  

	3.12	DICERNA shall not be entitled to any refund or rebate of the sums paid in accordance with this Article 3 under any circumstances. 

  

	3.13	Notwithstanding any other remedy available to PBL under the provisions of this Agreement or otherwise, if any sum or money owed to PBL hereunder is not paid when due, PBL shall charge interest on any and all such late
payments of the lesser of (a) [***], or (b) the maximum allowed under applicable law. 

  
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	4	REPORTS AND AUDITS 

  

	4.1	The obligation to pay royalties under this Agreement shall be imposed only once with respect to any sale of any Licensed Product, regardless of the number of patents or Valid Claims that may cover the Licensed Product.

  

	4.2	Within [***] of the end of each Fiscal Year for which this Agreement remains in force, DICERNA shall provide a written report to PBL to keep PBL informed of DICERNA’s and its Affiliates’ and sublicensees’
progress on the use of Licensed Intellectual Property and progress towards clinical trials, regulatory submissions and sales of Licensed Products and plans for the coming Fiscal Year. The Parties agree that timely provision of reports due under this
Agreement is of the essence for continuation of this Agreement. Such report shall be considered Confidential Information of DICERNA. 

  

	4.3	DICERNA shall keep, and shall cause its Affiliates and sublicensees to keep, books and records of sales and Net Sales for Licensed Products for each and every Half Year in sufficient detail to permit PBL to confirm the
accuracy of DICERNA’s royalty calculations, including, without limitation, all sales of any and all Licensed Products. At PBL’s request, DICERNA shall permit an independent Certified Public Accountant appointed by PBL and reasonably
acceptable to DICERNA to examine, not more often than once during any Fiscal Year during normal business hours and under appropriate confidentiality provisions, upon reasonable notice of at least [***], such records solely to the extent necessary to
verify DICERNA’s calculations. Such records shall be kept and examination thereof shall be limited to a period of time no more than [***] immediately preceding the request for examination. In no case shall any request for examination include a
year prior to the year in which the first payment under Section 3.2.5 occurs. 

  

	4.4	The audit of DICERNA’s record shall be at the cost of PBL, provided that, if a net aggregate underpayment by DICERNA of more than [***] is found, DICERNA shall be obligated to reimburse PBL for the reasonable out-of-pocket expenses incurred by PBL in conduct of the audit. 

  

	5	REGULATORY APPROVALS 

  

	5.1	To the extent governmental and other statutory approvals are required for DICERNA’s activities under this Agreement. DICERNA shall have the exclusive right and obligation to seek such approvals. 

 

	6	CONFIDENTIALITY PROVISIONS 

  

	6.1	 “Confidential Information,” as used herein, shall mean any information of the disclosing Party which is, or should be, by its nature
or substance reasonably understood or considered by the receiving Party to be of confidential or proprietary nature or is expressly identified by the disclosing Party as confidential or proprietary; in the case of oral information, the disclosing

  
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Party may - without being obligated to do so - within four (4) weeks after the date of disclosure confirm in
writing that the information so disclosed was of confidential nature. Confidential Information shall include, but not be limited to, trade secrets, any information both of commercial or technical character relating to material, models,
specifications, formulae, data, designs, know-how, inventions, apparatuses, methods, processes, techniques, drawings, recipes, methods of manufacture, prices, contractual information, capacities and/or
accounting of materials, and non-public material itself. 

  

	6.2	The Parties undertake to: 

 (a) to keep strictly confidential any and all Confidential
Information received under this Agreement and not to make it available to any third party; and 
 (b) to use the Confidential Information
only for the purpose of exercising its rights or performing its obligations under this Agreement; 
 with the proviso that DICERNA may
disclose Confidential Information of PBL to Affiliates, sublicensees, collaboration partners and/or marketing partners with the aim to fulfil the purpose of this Agreement on a
need-to-know basis and under confidentiality terms commensurate in scope with the confidentiality terms defined in this Agreement. 

 

	6.3	The Parties shall limit the disclosure of the Confidential Information to those of its employees and its Affiliates’ employees who are required to have the Confidential Information for the purpose of this Agreement
and who are under commitments of confidentiality commensurate in scope with this Agreement as far as legally permissible, and shall in general maintain the same degree of secrecy with respect to their own operation, and confidential information of
similar importance. 

  

	6.4	The receiving Party may disclose Confidential Information received from the disclosing Party to receiving Party’s consultants on a
need-to-know basis, subject to confidentiality terms consistent with this Agreement. To any extent a Party is to be compelled to disclose Confidential Information by
operation of law, such as in the context of a legal action or proceedings or discovery therein, such Party shall be permitted to make such disclosure, provided such Party promptly notifies the other Party and provides full cooperation in all
reasonable, lawful means to overcome or limit the compelled disclosure, including without limitation the seeking and obtaining of a suitable protective order. 

  

	6.5	The foregoing obligations shall not apply to any Confidential Information, which can be proved by the receiving Party: 

  

	 	a.	was of public knowledge at the date of its disclosure by the disclosing Party; 

  

	 	b.	has become of public knowledge after the disclosure by the disclosing Party through no default of this Agreement by the receiving Party; 

 

	 	c.	was in its possession prior to the disclosure by the receiving Party, and the receiving Party had the right to make such disclosure; 

  
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	 	d.	to be independently developed by the receiving Party without reference to or use of the disclosing Party’s Confidential Information; or 

 

	 	e.	has become legally available to the receiving Party from any third party, which was in lawful possession thereof and had the right to make such disclosure; and/or 

 

	 	f.	has to be disclosed on the basis of legal requirements. 

  

	6.6	For the purposes of the foregoing exceptions (a) to (f), Confidential Information transmitted by the disclosing Party to the receiving Party under this Agreement shall not be deemed to be within the exceptions
merely because it is embraced by general disclosures, which are known or in the possession of the receiving Party. Further, a combination of measures or elements of Confidential Information transmitted under this Agreement shall not be within the
foregoing exceptions (a) to (f) if only individual measures or elements of Confidential Information were known to or in the possession of the receiving Party, unless the combination itself is covered by the above specified exceptions.

  

	6.7	Without prejudice to the generality of the confidentiality terms set forth above, the Parties agree that the financial terms and conditions set out in this Agreement are the Confidential Information of each Party and
shall not to disclose it to any person except to such of its employees who need to know the same for the purposes of this Agreement or to legal, financial or business consultants, actual or potential investors in the company who will be bound by a
written obligation of confidentiality at least as protective as the confidentiality terms in this Agreement. In addition, PBL may be permitted to make selected, limited disclosure, also under confidentiality, as set forth in Section 14.6.

  

	6.8	The confidentiality obligations in this Article 6, as far as not subject to the exceptions specified in Section 6.5 above, shall survive termination of this Agreement and be enforceable for five (5) years
after termination of this Agreement. 

  

	7	WARRANTIES & LIMITATION OF LIABILITY 

  

	7.1	PBL represents and warrants to DICERNA that it exclusively owns the Licensed Intellectual Property, has the right to grant the Licence as set forth in this Agreement. 

 

	7.2	PBL represents and warrants to DICERNA that it has full power and authority to enter into this Agreement, and that to PBL’s knowledge, the Licensed Intellectual Property is valid and enforceable. 

 

	7.3	Except as otherwise provided herein, PBL gives no warranty or representation as to the enforceability, validity, novelty, non-obviousness, inventiveness, non-infringement, or scope of claims of any of the Licensed Intellectual Property or its suitability for any particular purpose. All implied terms, conditions and warranties, statutory or otherwise, which might
otherwise by operation of law be incorporated into this Agreement are hereby expressly excluded insofar as is permitted by law. 

  

	7.4	DICERNA GIVES NO WARRANTY OR REPRESENTATION, EITHER EXPRESS OR IMPLIED, THAT IT WILL BE ABLE TO SUCCESSFULLY DEVELOP OR COMMERCIALIZE ANY LICENSED PRODUCT OR, IF COMMERCIALIZED, THAT ANY SUCH LICENSED PRODUCT WILL
ACHIEVE ANY PARTICULAR SALES LEVEL OR THAT IT WILL DEVOTE ANY LEVEL OF DILIGENCE OR RESOURCES TO COMMERCIALIZE ANY SUCH LICENSED PRODUCT. 

  
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	7.5	NEITHER PARTY WILL HAVE ANY LIABILITY TO THE OTHER PARTY FOR ANY LOSS OF PROFITS, REVENUE OR GOODWILL OR ANY OTHER TYPE OF SPECIAL, INDIRECT, INCIDENTAL, SPECIAL OR CONSEQUENTIAL LOSS SUFFERED BY SUCH OTHER PARTY,
EXCEPT TO THE EXTENT THAT SUCH LOSS RESULTS FROM BREACH OF CONFIDENTIALITY OR THE WILFUL MISCONDUCT OR GROSS NEGLIGENCE OF A PARTY, EVEN IF SUCH PARTY IS ADVISED OF THE POSSIBILITY OF SUCH LIABILITY. 

 

	7.6	Except for PBL’s obligation to indemnify DICERNA under Section 7.8, PBL’s entire liability to DICERNA for loss or damage, including related expenses and legal costs, arising from a breach of this
Agreement shall be limited to [***]. 

  

	7.7	DICERNA and its Affiliates shall indemnify, defend and hold harmless PBL and the Institute and their respective trustees, officers, employees and Affiliates from and against all
third-party claims and expenses, including legal expenses and reasonable attorneys’ fees (“Claims”), arising out of (i) the death or injury to any person or persons or out of any
damage to property in connection with any Licensed Product; and (ii) the activities of DICERNA or its Affiliates or sublicensees under this Agreement, including the use, manufacture, development and commercial exploitation of any and all
Licensed Product(s), and further including any such Claims directed to any infringement or misappropriation of third party-intellectual property rights, except to the extent any Claim for any of the foregoing
is caused by the inaccuracy of any representation or breach of warranty made by PBL in this Agreement or arises out of or relates to the negligence or wilful misconduct of PBL. DICERNA agrees to carry suitable commercial insurance to cover its
obligations under this Section 7.7. 

  

	7.8	PBL shall indemnify, defend and hold harmless DICERNA and its Affiliates from and against all Claims arising out of (i) the inaccuracy of any representation or breach of warranty made by PBL in this Agreement, or
(ii) breach of this Agreement by PBL. 

  

	7.9	The Parties represent and warrant that there are no outstanding agreements, assignments, or encumbrances inconsistent with the provisions of this Agreement. 

 

	8	TERM AND TERMINATION 

  

	8.1	This Agreement shall commence on the Effective Date and, unless terminated earlier as hereinafter provided, shall expire, on a
country-by-country basis in each country in which the Licensed Product is used, provided, manufactured or sold, upon the date of the last to expire applicable Valid
Claim, with it understood that during the term of any patent term extension or patent term adjustment of any issued patent in the Licensed Intellectual Property, there is no expiration of such patent (“Term”). 

 

	8.2	 DICERNA may terminate this Agreement at any time for convenience by giving PBL no less than [***] notice in writing stating the reasons for its
decision to terminate. DICERNA shall, 

  
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on or before the date of actual termination of this Agreement in accordance with this Section 8.2, if so requested by PBL, participate in a meeting with PBL’s representative(s) for
explaining fully and in good faith the reasons for its decision to terminate. 

  

	8.3	Either Party may elect to terminate this Agreement if the other Party is in material breach of any of the terms in this Agreement (the “Defaulter”), including without limitation the late payment of any
of the fees. If the breach can be remedied, the Party with the right to terminate shall give the Defaulter not less than [***] written notice specifying the breach and requiring it to be remedied, and if the Defaulter fails to remedy the specified
breach the Agreement shall terminate on the date specified in the written notice. A breach of any term of this Agreement by an Affiliate or sublicensee of DICERNA shall be considered a breach by DICERNA. 

 

	8.4	Termination of this Agreement for any reason shall not bring to an end the liability of DICERNA to pay any and all sums due and owing from DICERNA under this Agreement at the date of termination. 

 

	8.5	Notwithstanding termination of this Agreement for any reason, Articles 1, 3 (to the extent any amounts are due and payable), 6, 9, 11, 12 and 14 and Sections 4.3, 4.4, 7.3, 7.4, 7.6, 7.7, 7.8, 7.9, 7.7, and 8.5 shall
continue in full force and effect. 

  

	9	SEVERABILITY 

  

	9.1	If any provision of this Agreement becomes invalid or unenforceable, such invalidity or un-enforceability shall not affect the other portions of this Agreement, which shall remain
in full force and effect provided that the basic intent of the Parties is preserved. The Parties shall in good faith negotiate substitute provisions to replace the invalid or unenforceable provisions, which reflect the original intentions of the
Parties as closely as possible. 

  

	10	ASSIGNABILITY 

  

	10.1	This Agreement shall be binding on the Parties hereto and neither Party shall be entitled to assign any of its rights and obligations under this Agreement to any third party or a successor without the prior written
consent of the other Party, not to be unreasonably withheld, delayed or conditioned. 

  
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	11	NOTICES 

  

	11.1	Notices, invoices, communications, and payments hereunder shall be deemed made given by registered or certified envelope, postage prepaid and addressed to the Party to receive such notice, invoice or communication at
the address given below, or such other address as may hereafter be designated by notice in writing. 

  

			
	DICERNA	    	PBL
		
	 David W. Miller, PhD

or Business Development Department
	    	Managing Director
	Dicerna Pharmaceuticals Inc.	    	Plant Bioscience Limited
	480 Arsenal Street	    	Norwich Research Park
	Watertown	    	Colney Lane
	MA 02472	    	Norwich NR4 7UH
	USA	    	UK
	Fax: +1-617-252-0927	    	Fax: +44 1603 456552

  

	12	APPLICABLE LAW AND VENUE 

  

	12.1	This Agreement and any disputes arising from any breach of its terms shall be governed by the laws in effect in the State of New York, United States. All disputes arising from or in connection with this Agreement shall
be resolved only in accordance with Sections 12.2 and 12.3. 

  

	12.2	The Parties shall in the first instance endeavour to resolve any disputes arising from any breach of this Agreement by mutual agreement through good faith discussions. 

 

	12.3	Failing resolution under Section 12.2 within sixty (60) days of such good faith discussions commencing either Party shall be entitled to only refer the matter to be resolved by binding arbitration conducted in
accordance with the Expedited Arbitration Rules of WIPO. If PBL initiates arbitration, such arbitration shall be in Boston, Massachusetts, United States, and if DICERNA initiates arbitration, such arbitration shall be in England, and the Parties
submit themselves to the jurisdiction of such arbitration and the arbitrators of such arbitration. Any arbitration award shall not be appealable in any forum, and may be filed in any suitable court of competent jurisdiction so it may be made a
judgment or enforced. There shall be no other action or proceeding before any executive, legislative, or judicial body or court with regard to any dispute arising from or in connection with this Agreement, except where a Party seeks equitable or
injunctive relief. 

  

	13	PUBLICITY 

  

	13.1	Within two (2) weeks following the signature of this Agreement, the Parties will agree on the content and timing of disclosure of a public announcement that the Parties have entered into this Agreement, before
issuing any other first press release or making any other first public announcement with respect to this Agreement (except as required by any applicable laws or regulatory requirement). The Parties agree to make such agreed first public announcement
no later than two (2) months following the Effective Date. Notwithstanding the foregoing, absent mutual agreement by such date on the content of such announcement, each Party may publicise that it has entered into a non-exclusive license agreement with the other Party in respect of the Licensed Intellectual Property in the field of human therapeutics, for undisclosed financial terms. 

  
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	14	FINAL PROVISIONS 

  

	14.1	Each Party shall inform the other Party of its intention to file a voluntary petition in bankruptcy or of another’s intention to file an involuntary petition in bankruptcy to be received by the other Party in
writing at least [***] prior to filing such a petition. A Party’s filing without conforming to this requirement shall be deemed a material, pre-petition incurable breach of the present Agreement, whereby
this Agreement shall immediately terminate. 

  

	14.2	The failure or delay of either Party to enforce at any time any provision of this Agreement or to require performance by the other Party of any provision hereof shall not be considered to be a waiver of such provision
and shall not in any way affect the validity of this Agreement or any part thereof, or the right of such Party to thereafter enforce each and every such provision, nor shall the waiver by either Party of a breach or default of any of the provisions
hereof by the other be construed as a waiver of any succeeding breach of the same or any other provision hereof. 

  

	14.3	No amendments or modifications of this Agreement shall be effective unless made in writing and signed by authorised representatives of both Parties. The headings provided in this Agreement are for convenience only and
will not be used in interpreting or construing this Agreement. 

  

	14.4	The Parties are and at all times will be and remain independent contractors as to each other, and at no time will either Party be deemed to be the agent or employee of the other or have the ability to bind the other. No
joint venture, partnership, agency, or other relationship will be created or implied as a result of this Agreement. 

  

	14.5	This Agreement may be executed in several counterparts, each of which will constitute an original and all of which, when taken together, will constitute one and the same agreement. 

 

	14.6	PBL has represented to DICERNA that it has an obligation to other licensees of the Licensed Intellectual Property to report certain terms and conditions of this Agreement. Upon written request by these other licensees
for such a report, PBL will provide the information summarized in Appendix A, attached hereto, and no other information. DICERNA will he provided copies of written requests from other licensees regarding this Agreement as well as on PBL’s
response to such requests. 

  
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	15	SIGNATURES 

 For and on behalf of PLANT BIOSCIENCE LIMITED 

 

			
	 /s/ A J S Chojecki

	Name:	 	A J S Chojecki
	Position:	 	Managing Director
	Date:	 	9th September 2013

 For and on behalf of DICERNA PHARMACEUTICALS, INC. 
  

			
	 /s/ Douglas M. Fambrough

	Name:	 	Douglas M. Fambrough
	Position:	 	President, CEO
	Date:	 	9/4/2013

  
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 APPENDIX A 

TERMS OF DICERNA AGREEMENT TO BE PRESENTED TO OTHER LICENSEES 

DICERNA and PBL entered into a Commercial License Agreement on 2nd September 2013. This License
contains certain provisions, including: 
 [***] 
 The
accuracy of the above provisions is hereby confirmed: 
 For and on behalf of PLANT BIOSCIENCE LIMITED 

 

			
	 /s/ A J S Chojecki

	Name:	 	A J S Chojecki
	Position:	 	Managing Director
	Date:	 	9th September 2013

 For and on behalf of DICERNA PHARMACEUTICALS, INC. 
  

			
	 /s/ Douglas M. Fambrough

	Name:	 	Douglas M. Fambrough
	Position:	 	President, CEO
	Date:	 	9/4/2013

 DICERNA siRNA Licence 
 PBL
Tech ID: 99.190

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