Document:

EX-10.22

 Exhibit 10.22 

Certain confidential information contained in this document, marked by [***], has been omitted because Roivant Sciences Ltd. (the “Company”) has
determined that the information (i) is not material and (ii) would likely cause competitive harm to the Company if publicly disclosed. 

AMENDED AND RESTATED PATENT LICENSE AGREEMENT 

This Amended and Restated License Agreement (this “AGREEMENT”) is effective as of November 16, 2020 (the “EFFECTIVE
DATE”), between Oncopia Therapeutics, Inc., a Delaware corporation (“LICENSEE”), having the address in Article 13 below, and the Regents of the University of Michigan, a constitutional corporation of the State of Michigan
(“MICHIGAN”). MICHIGAN and the LICENSEE are each individually referred to herein as a “PARTY” or collectively referred to herein as the “PARTIES”. 

WHEREAS, [***] and MICHIGAN entered into that certain License Agreement, effective as of August 22, 2016, which was then amended by the First
Amendment to the License Agreement [***] effective as of September 13, 2016, assigned by [***] to LICENSEE on November 17, 2017, and further amended by the Second Amendment to the [***] License Agreement, effective as of July 30, 2018 and the Third
Amendment to the [***] License Agreement, effective as of March 22, 2019 (such agreement and amendments thereto, collectively, as in effect immediately prior to the EFFECTIVE DATE, the “PREDECESSOR LICENSE AGREEMENT”). 

WHEREAS, Oncopia Therapeutics, LLC and MICHIGAN entered into that certain Patent License Agreement, effective as of July 30, 2018 (such
agreement, as in effect immediately prior to the EFFECTIVE DATE, the “ONCOPIA LICENSE AGREEMENT”). 
 WHEREAS, Oncopia
Therapeutics, LLC was converted into LICENSEE on March 15, 2019. 
 WHEREAS, in connection with the PREDECESSOR LICENSE AGREEMENT and
ONCOPIA LICENSE AGREEMENT, LICENSEE and MICHIGAN entered into that certain Research Agreement, effective as of January 1, 2018, as amended by the First Amendment – Sponsored Research Agreement [***], effective as of January 2, 2018, the Second
Amendment – Sponsored Research Agreement [***], effective as of January 1, 2019, the Third Amendment – Sponsored Research Agreement [***], effective as of July 11, 2019, the Fourth Amendment – Sponsored Research Agreement [***],
effective as of March 18, 2020 and the Fifth Amendment – Sponsored Research Agreement [****], effective as of the EFFECTIVE DATE (such agreement and amendments thereto, as further amended from time to time, collectively, the “SPONSORED
RESEARCH AGREEMENT”). 
 WHEREAS, the PARTIES wish to modify and consolidate the PREDECESSOR LICENSE AGREEMENT and ONCOPIA LICENSE
AGREEMENT into a single amended and restated agreement, as set forth in this AGREEMENT. 

  
 1 

 Certain confidential information contained in this document, marked by [***], has been omitted because
Roivant Sciences Ltd. (the “Company”) has determined that the information (i) is not material and (ii) would likely cause competitive harm to the Company if publicly disclosed. 

 

 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     “AFFILIATES” means with respect to a particular PARTY or other entity, another person or
entity that controls, is controlled by or is under common control with such PARTY or other entity. For the purposes of the definition in this Paragraph 1.1, the word “control” (including, with correlative meaning, the terms
“controlled by” or “under the common control with”) means the actual power, either directly or indirectly through one or more intermediaries, to direct or cause the direction of the management and policies of such entity, whether
by the ownership of more than fifty percent (50%) of the voting stock of such entity, or by contract or otherwise. [***]. 
 1.2    
“DIRECTED” means, with respect to a TARGET, a primary mechanism of action of degrading, inhibiting or otherwise directly modulating such TARGET or the function or expression thereof. 

1.3     [***]. 
 1.4    
“FIELD OF USE” means treatment, palliation, prevention and diagnosis of [***]. In addition, FIELD OF USE includes the measurement, indication and/or prediction of the pharmacologic response to any treatment, palliation, prevention or
diagnosis of [***]. 
 1.5     [***]. 

1.6     “FISCAL YEAR” means the period from April 1 of a calendar year through March 31 of the following calendar year. 

1.7     “FUTURE LICENSED PROCESS(ES)” means any process or method that, but for this AGREEMENT, comprises an infringement of
(including contributory or inducement), or is otherwise covered by, a VALID CLAIM contained in the FUTURE PATENT RIGHTS or uses a FUTURE LICENSED PRODUCT. 

  
 2 

 Certain confidential information contained in this document, marked by [***], has been omitted because
Roivant Sciences Ltd. (the “Company”) has determined that the information (i) is not material and (ii) would likely cause competitive harm to the Company if publicly disclosed. 

 

 1.8    “FUTURE LICENSED PRODUCT(S)” means any product that: (a) but for
this AGREEMENT comprises an infringement of (including contributory or inducement), or is otherwise covered by, a VALID CLAIM contained in the FUTURE PATENT RIGHTS in the country in which any such product or product part is made, used, imported,
offered for sale or sold; or (b) is manufactured by using a FUTURE LICENSED PROCESS or is employed to practice a FUTURE LICENSED PROCESS. For purposes of the definition of FUTURE LICENSED PRODUCT, a FUTURE LICENSED PRODUCT shall be deemed a
different FUTURE LICENSED PRODUCT from another FUTURE LICENSED PRODUCT only if it contains an active pharmaceutical ingredient that is distinct from those active pharmaceutical ingredients included in such other FUTURE LICENSED PRODUCT. 

1.9    “FUTURE PATENT RIGHTS” means MICHIGAN’s legal rights under the patent laws of the United States or relevant foreign
countries for all of the following: 
 (a)    all U.S. provisional patent applications directed to inventions disclosed
to the MICHIGAN Office of Technology Transfer and specifically described and enabled in the invention reports submitted to the MICHIGAN Office of Technology Transfer that were conceived, created, generated or reduced to practice under the SPONSORED
RESEARCH AGREEMENT for which LICENSEE is granted rights pursuant to the SPONSORED RESEARCH AGREEMENT other than ONCOPIA PATENT RIGHTS and PREDECESSOR PATENT RIGHTS; 

(b)    all U.S. non-provisional patent applications that claim the benefit of the applications listed in (a) above,
including all divisional, continuation, and continuation-in-part applications (but only those claims in the continuation-in-part applications that have the benefit of the applications listed in (a) above); 

(c)    all foreign patent applications in any jurisdiction in the world that claim the benefit of any of the applications
identified in (a) and (b) above, including all international, e.g., PCT, and regional, e.g., EPO, applications; 

(d)    all patents that grant, issue, or result from any of the applications identified in (a), (b) and (c) above; and

 (e)    all reissues, reexaminations, extensions (including supplementary protection certificates), confirmations, and
registrations of any of the patents and patent applications identified in (a), (b), (c) and (d) above. 
 1.10    “FUTURE
TARGETS” means any TARGET other than a PREDECESSOR TARGET or an ONCOPIA TARGET. 
 1.11 “LICENSED PROCESS(ES)” means the FUTURE LICENSED
PROCESSES, the ONCOPIA LICENSED PROCESSES and the PREDECESSOR LICENSED PROCESSES, as applicable. 
 1.12    “LICENSED
PRODUCT(S)” means the FUTURE LICENSED PRODUCTS, the ONCOPIA LICENSED PRODUCTS and the PREDECESSOR LICENSED PRODUCTS, as 

  
 3 

 Certain confidential information contained in this document, marked by [***], has been omitted because
Roivant Sciences Ltd. (the “Company”) has determined that the information (i) is not material and (ii) would likely cause competitive harm to the Company if publicly disclosed. 

 

 applicable. For purposes of the definition of LICENSED PRODUCT, a LICENSED PRODUCT shall be deemed a
different LICENSED PRODUCT from another LICENSED PRODUCT only if it contains an active pharmaceutical ingredient that is distinct from those active pharmaceutical ingredients included in such other LICENSED PRODUCT. 

1.13    “NET SALES” means [***]: 

(a) [***] 
 (b) [***] 

(c) [***] 
 (d) [***] 

(e) [***] 
 (f) [***] 

(g) [***] 
 [***] 

[***] 

  
 4 

 Certain confidential information contained in this document, marked by [***], has been omitted because
Roivant Sciences Ltd. (the “Company”) has determined that the information (i) is not material and (ii) would likely cause competitive harm to the Company if publicly disclosed. 

 

 [***] 

[***] 
 [***] 

“COMBINATION PRODUCT” means: (a) a therapeutic pharmaceutical product that consists of either (i) a LICENSED PRODUCT
and/or a LICENSED PROCESS and at least one other clinically active ingredient that is not covered by the PATENT RIGHTS combined into a single formulation (i.e., a fixed dose combination); or (ii) any combination of a LICENSED PRODUCT and/or a
LICENSED PROCESS and another pharmaceutical product that contains at least one other clinically active ingredient that, in each case, is not covered by the PATENT RIGHTS, where such products are not formulated together but are sold together as a
single product and invoiced as one product; or (b) a product that consists of a product that may be used to indicate or predict pharmacologic response to, or clinical benefit of, or lack thereof (“DIAGNOSTIC PRODUCT”), which is a
combination of a LICENSED PRODUCT and/or a LICENSED PROCESS and any other active agent that is not covered by the PATENT RIGHTS, sold together as a single product in a kit or other put-up, and invoiced as one product; or (c) a product that
consists of a DIAGNOSTIC PRODUCT which is not a LICENSED PRODUCT or LICENSED PROCESS and any other active agent that is covered by the PATENT RIGHTS, sold together as a single product or kit or other put-up and invoiced as one product. The other
clinically active ingredient(s) in clause (a)(i), the other pharmaceutical product(s) in clause (a)(ii) the other active agent in clause (b) and the DIAGNOSTIC PRODUCT in clause (c) are each referred to as the “OTHER PRODUCT(S)”.

 NET SALES for a COMBINATION PRODUCT in a country shall be calculated as follows: 

[***] 
 [***] 

  
 5 

 Certain confidential information contained in this document, marked by [***], has been omitted because
Roivant Sciences Ltd. (the “Company”) has determined that the information (i) is not material and (ii) would likely cause competitive harm to the Company if publicly disclosed. 

 

 [***] 

[***] 

1.14    “ONCOPIA LICENSED PROCESS(ES)” means any process or method that, but for this AGREEMENT, comprises an infringement of
(including contributory or inducement), or is otherwise covered by, a VALID CLAIM contained in the ONCOPIA PATENT RIGHTS or uses an ONCOPIA LICENSED PRODUCT. 

1.15 “ONCOPIA LICENSED PRODUCT(S)” means any product that: (a) but for this AGREEMENT comprises an infringement of (including contributory or
inducement), or is otherwise covered by, a VALID CLAIM contained in the ONCOPIA PATENT RIGHTS in the country in which any such product or product part is made, used, imported, offered for sale or sold; or (b) is manufactured by using an ONCOPIA
LICENSED PROCESS or is employed to practice an ONCOPIA LICENSED PROCESS. For purposes of the definition of ONCOPIA LICENSED PRODUCT, an ONCOPIA LICENSED PRODUCT shall be deemed a different ONCOPIA LICENSED PRODUCT from another ONCOPIA LICENSED
PRODUCT only if it contains an active pharmaceutical ingredient that is distinct from those active pharmaceutical ingredients included in such other ONCOPIA LICENSED PRODUCT. 

1.16    “ONCOPIA PATENT RIGHTS” means MICHIGAN’s legal rights under the patent laws of the United States or relevant
foreign countries for all of the following: 
 (a)    all patents and patent applications licensed to LICENSEE under the
ONCOPIA LICENSE AGREEMENT, including the patents and patent applications listed on Exhibit A hereto; 
 (b)    all U.S.
provisional patent applications directed to inventions disclosed to the MICHIGAN Office of Technology Transfer and specifically described and enabled in the invention reports submitted to the MICHIGAN Office of Technology Transfer that were
conceived, created, generated or reduced to practice under the SPONSORED RESEARCH AGREEMENT pertaining to any treatment, palliation, prevention and diagnosis of human and/or animal diseases DIRECTED to an ONCOPIA TARGET; 

(c)    all U.S. non-provisional patent applications that claim the benefit of the applications listed in (a) or (b)
above, including all divisional, continuation, and continuation-in-part applications (but only those claims in the continuation-in-part applications that have the benefit of the applications listed in (a) or (b) above); 

  
 6 

 Certain confidential information contained in this document, marked by [***], has been omitted because
Roivant Sciences Ltd. (the “Company”) has determined that the information (i) is not material and (ii) would likely cause competitive harm to the Company if publicly disclosed. 

 

 (d)    all foreign patent applications in any jurisdiction in the world
that claim the benefit of any of the applications identified in (a), (b) and (c) above, including all international, e.g., PCT, and regional, e.g., EPO, applications; 

(e)    all patents that grant, issue, or result from any of the applications identified in (a), (b), (c) and
(d) above; and 
 (f)    all reissues, reexaminations, extensions (including supplementary protection certificates),
confirmations, and registrations of any of the patents and patent applications identified in (a), (b), (c), (d) and (e) above. 

1.17     “ONCOPIA TARGET” means any [***]. 

1.18     “PATENT RIGHTS” means the FUTURE PATENT RIGHTS, the ONCOPIA PATENT RIGHTS and the PREDECESSOR PATENT RIGHTS, as
applicable. 
 1.19     “Phase I Clinical Trial” means a human clinical trial, the principal purpose of which is preliminary
determination of safety in healthy individuals or patients as described under 21 CFR §312.21(b) (as hereafter modified or amended) (including an equivalent clinical trial conducted in any country other than the United States). 

1.20     “Phase II Clinical Trial” means a human clinical trial that utilizes the pharmacokinetic and/or pharmacodynamics
information obtained from one or more previously conducted human clinical trial(s) and which is designed to provide a preliminary determination of efficacy of a LICENSED PRODUCT in a target patient population over a range of doses or dose regimens,
as further described in 21 CFR §312.21(b) (as hereafter modified or amended) (including an equivalent clinical trial conducted in any country other than the United States). 

1.21     “Phase III Clinical Trial” means a human clinical trial, the principal purpose of which is to establish safety and
efficacy in patients with the disease being studied, as further described in 21 C.F.R. §312.21(c) (as hereafter modified or amended), which is designed and intended to be of a size and statistical power sufficient to serve as the pivotal study
to support the filing of an application for regulatory and marketing approval for the indication being studied (including an equivalent clinical trial conducted in any country other than the United States). 

1.22     “PREDECESSOR LICENSED PROCESS(ES)” means any process or method that, but for this AGREEMENT, comprises an infringement
of (including contributory or inducement), or is otherwise covered by, a VALID CLAIM contained in the PREDECESSOR PATENT RIGHTS or uses a PREDECESSOR LICENSED PRODUCT. 

  
 7 

 Certain confidential information contained in this document, marked by [***], has been omitted because
Roivant Sciences Ltd. (the “Company”) has determined that the information (i) is not material and (ii) would likely cause competitive harm to the Company if publicly disclosed. 

 

 1.23     “PREDECESSOR LICENSED PRODUCT(S)” means any product that: (a) but
for this AGREEMENT comprises an infringement of (including contributory or inducement), or is otherwise covered by, a VALID CLAIM contained in the PREDECESSOR PATENT RIGHTS in the country in which any such product or product part is made, used,
imported, offered for sale or sold; or (b) is manufactured by using a PREDECESSOR LICENSED PROCESS or is employed to practice a PREDECESSOR LICENSED PROCESS. For purposes of the definition of PREDECESSOR LICENSED PRODUCT, a PREDECESSOR LICENSED
PRODUCT shall be deemed a different PREDECESSOR LICENSED PRODUCT from another PREDECESSOR LICENSED PRODUCT only if it contains an active pharmaceutical ingredient that is distinct from those active pharmaceutical ingredients included in such other
PREDECESSOR LICENSED PRODUCT. 
 1.24     “PREDECESSOR PATENT RIGHTS” means MICHIGAN’s legal rights under the patent laws
of the United States or relevant foreign countries for all of the following: 
 (a)    all patents and patent
applications licensed to LICENSEE under the PREDECESSOR LICENSE AGREEMENT, including the patents and patent applications listed on Exhibit B hereto; 

(b)    all U.S. provisional patent applications directed to inventions disclosed to the MICHIGAN Office of Technology
Transfer and specifically described and enabled in the invention reports submitted to the MICHIGAN Office of Technology Transfer that were conceived, created, generated or reduced to practice under the SPONSORED RESEARCH AGREEMENT pertaining to any
treatment, palliation, prevention and diagnosis of human and/or animal diseases DIRECTED to a PREDECESSOR TARGET; 

(c)    all U.S. non-provisional patent applications that claim the benefit of the applications listed in (a) or (b)
above, including all divisional, continuation, and continuation-in-part applications (but only those claims in the continuation-in-part applications that have the benefit of the applications listed in (a) or (b) above); 

(d)    all foreign patent applications in any jurisdiction in the world that claim the benefit of any of the applications
identified in (a), (b) and (c) above, including all international, e.g., PCT, and regional, e.g., EPO, applications; 

(e)    all patents that grant, issue, or result from any of the applications identified in (a), (b), (c) and
(d) above; and 
 (f)    all reissues, reexaminations, extensions (including supplementary protection certificates),
confirmations, and registrations of any of the patents and patent applications identified in (a), (b), (c), (d) and (e) above. 

1.25     “PREDECESSOR TARGET” means the following TARGET: [***]. 

  
 8 

 Certain confidential information contained in this document, marked by [***], has been omitted because
Roivant Sciences Ltd. (the “Company”) has determined that the information (i) is not material and (ii) would likely cause competitive harm to the Company if publicly disclosed. 

 

 1.26     “ROYALTY PERIOD(S)” means the six-month periods ending on the last
days of March and September each year. 
 1.27     “SALE OF LICENSEE” means the acquisition of LICENSEE by another entity or
person or persons, by means of any transaction or series of related transactions (including, without limitation, any reorganization, merger or consolidation) that results in [***]. 

1.28     “SUBLICENSEE(S)” means any person or entity sublicensed, or granted an option for a sublicense, under the PATENT RIGHTS
by LICENSEE or its AFFILIATES under this AGREEMENT. 
 1.29     “TARGET” means a protein, peptide or other biological
molecule, the activity, inactivity, function or expression of which is associated with a human disease and which is to be degraded, inhibited, or otherwise modulated in order to treat, ameliorate, prevent, or diagnose such disease, including such
protein, peptide or biological molecule’s (i) mutant or allelic variants (including transcriptional and post-transcriptional isoforms), (ii) homologs, (iii) post-translational modification variants, and (iv) truncated forms
(including fragments thereof). 
 1.30     “TERRITORY” means all the countries of the world. 

1.31     “THIRD PARTY” means any business entity or firm which is not an AFFILIATE of LICENSEE. 

1.32     “USPTO” means the U.S. Patent and Trademark Office. 

1.33     “VALID CLAIM” means a claim of (a) an issued and unexpired patent covering a LICENSED PRODUCT that has not been
revoked or held unenforceable, unpatentable or invalid by a decision of a court or other governmental agency of competent jurisdiction that is not appealable or has not been appealed within the time allowed for appeal, and that has not been
abandoned, explicitly disclaimed, denied or admitted in writing to be invalid or unenforceable through reissue, re-examination or disclaimer or otherwise; or (b) [***]. 

ARTICLE 2 – GRANT OF LICENSE 

2.1     MICHIGAN hereby grants to LICENSEE an exclusive license (even as to MICHIGAN, except as expressly provided in this Agreement)
under the PATENT RIGHTS, with the right to grant sublicenses through one or more tiers both subject to the terms and conditions of this AGREEMENT, in the FIELD OF USE and the TERRITORY to make, have made, import, export, use, have used, market,
offer for sale and sell LICENSED PRODUCTS and to practice LICENSED PROCESSES. 

  
 9 

 Certain confidential information contained in this document, marked by [***], has been omitted because
Roivant Sciences Ltd. (the “Company”) has determined that the information (i) is not material and (ii) would likely cause competitive harm to the Company if publicly disclosed. 

 

 2.2     MICHIGAN specifically reserves the right to practice the PATENT RIGHTS solely for
academic research, internal and/or educational purposes (but excluding use in clinical trials), and the right to grant the same limited rights to other non-profit research institutions. 

2.3     This AGREEMENT shall extend until expiration of the last to expire of the PATENT RIGHTS, unless sooner terminated as provided in
another specific article of this AGREEMENT. 
 2.4     To the extent LICENSED PRODUCTS constitute “Subject Inventions” under
35 U.S.C. Sec. 200-211, 301-307, and to the extent this Paragraph 2.4 is required by law, LICENSEE agrees that LICENSED PRODUCTS used, leased or sold in the United States shall be manufactured substantially in the United States. At LICENSEE’s
request, MICHIGAN will apply for a waiver of the U.S. manufacturing requirements set forth in 37 CFR 401.14 with respect to the LICENSED PRODUCTS and undertake reasonable actions within its control to obtain such waiver. LICENSEE shall cooperate
with MICHIGAN and provide reasonably necessary information in support of such waiver application if MICHIGAN so requests. Until such waiver is granted, LICENSEE agrees that LICENSED PRODUCTS sold in the United States shall be manufactured
substantially in the United States to the extent required by 37 CFR 401.14. 
 2.5     The licenses granted in this AGREEMENT are
subject to any rights required to be granted under prior research or sponsorship agreements, or retained by the U.S. government, for example in accordance with Chapter 18 of Title 35 of U.S.C. 200-212 and the regulations thereunder (37 CFR Part
401), when applicable. As of the EFFECTIVE DATE, the PATENT RIGHTS that are subject to any rights required to be granted under prior research or sponsorship agreements or retained by the U.S. government are identified on EXHIBIT C along with an
explanation of which of such rights such PATENT RIGHTS are subject to. LICENSEE agrees to comply in all respects and shall provide MICHIGAN with all reasonably requested information and cooperation for MICHIGAN to comply with applicable provisions
of the same and any requirements of any contracts between MICHIGAN and any agency of the U.S. government that provided funding for the subject matter covered by the PATENT RIGHTS. 

ARTICLE 3 – CONSIDERATION 
 3.1
    LICENSEE shall pay to MICHIGAN the following payments: 
 (a)     Intentionally Omitted.

 (b)     Running royalties equal to a percent of NET SALES as indicated in the table below. Royalties on NET SALES
will be paid on a LICENSED PRODUCT-by-LICENSED PRODUCT (or LICENSED PROCESS-by-LICENSED PROCESS) and country-by-country basis, beginning on the [***] of a LICENSED PRODUCT (or a LICENSED PROCESS) in a country and until the expiration date of the
last to expire VALID CLAIM within the PATENT RIGHTS covering such LICENSED PRODUCT (or LICENSED PROCESS) in such country or until the AGREEMENT is terminated, whichever is earlier. For purposes of this Paragraph 3.1(b), “TOTAL ANNUAL NET
SALES” shall mean, with respect to a LICENSED PRODUCT (or a LICENSED PROCESS), the total, worldwide NET SALES of such LICENSED PRODUCT (or such LICENSED PROCESS) sold by LICENSEE and/or SUBLICENSEES in a given FISCAL YEAR. 

  
 10 

 Certain confidential information contained in this document, marked by [***], has been omitted because
Roivant Sciences Ltd. (the “Company”) has determined that the information (i) is not material and (ii) would likely cause competitive harm to the Company if publicly disclosed. 

 

 (i)     ONCOPIA LICENSED PRODUCTS. Royalties on NET SALES of ONCOPIA
LICENSED PRODUCTS shall be paid according to the following schedule and shall be subject to the terms of this Paragraph 3.1(b)(i): 
  

			
	TOTAL ANNUAL NET SALES (US $)	  	ROYALTY RATE
	 [***]
	  	[***]
	 [***]
	  	[***]
	 [***]
	  	[***]
	 [***]
	  	[***]

 Notwithstanding the foregoing, in the event that NET SALES are derived from sales by a SUBLICENSEE with respect to ONCOPIA
LICENSED PRODUCTS, the running royalties due to MICHIGAN from such NET SALES shall not exceed the greater of (i) [***] of the royalties paid to LICENSEE by such SUBLICENSEE on such NET SALES; or (ii) [***] of the running royalty rates in the above
schedule. 
 For example, if [***] of TOTAL ANNUAL NET SALES with respect to ONCOPIA LICENSED PRODUCTS results in a SUBLICENSEE paying LICENSEE a royalty of
[***] on such NET SALES, then LICENSEE would owe MICHIGAN a royalty of [***] on such NET SALES. If [***] of TOTAL ANNUAL NET SALES with respect to ONCOPIA LICENSED PRODUCTS results in SUBLICENSEE paying LICENSEE a royalty of [***] on such NET SALES,
then LICENSEE would owe MICHIGAN a royalty of [***] on such NET SALES. If [***] of TOTAL ANNUAL NET SALES with respect to ONCOPIA LICENSED PRODUCTS results in a SUBLICENSEE paying LICENSEE royalty of six percent (6%) on such NET SALES, then LICENSEE
would owe MICHIGAN a royalty of [***] on such NET SALES. 
 (ii)     PREDECESSOR LICENSED PRODUCTS. Royalties on NET
SALES of PREDECESSOR LICENSED PRODUCTS shall be paid according to the following schedule and shall be subject to the terms of this Paragraph 3.1(b)(ii): 
  

			
	TOTAL ANNUAL NET SALES (US $)	  	ROYALTY RATE
	 [***]
	  	[***]
	 [***]
	  	[***]
	 [***]
	  	[***]
	 [***]
	  	[***]

 In addition, notwithstanding the foregoing royalty chart, in the event that NET SALES are derived from sales by a SUBLICENSEE
with respect to PREDECESSOR LICENSED PRODUCTS, the running royalties due to MICHIGAN from such NET SALES shall not exceed [***] of the royalties paid to LICENSEE by such SUBLICENSEE on such NET SALES. 

  
 11 

 Certain confidential information contained in this document, marked by [***], has been omitted because
Roivant Sciences Ltd. (the “Company”) has determined that the information (i) is not material and (ii) would likely cause competitive harm to the Company if publicly disclosed. 

 

 (iii)     FUTURE LICENSED PRODUCTS. Royalties on NET SALES of FUTURE
LICENSED PRODUCTS shall be paid according to the following schedule and shall be subject to the terms of this Paragraph 3.1(b)(iii): 
  

			
	TOTAL ANNUAL NET SALES (US $)	  	ROYALTY RATE
	 [***]
	  	[***]
	 [***]
	  	[***]
	 [***]
	  	[***]
	 [***]
	  	[***]

 (c)     In the event a sublicense agreement between LICENSEE or any of its AFFILIATES, on
the one hand, and any THIRD PARTY SUBLICENSEE(S), on the other hand, is/are completed, MICHIGAN will be entitled to a share of such “NON-SALES BASED SUBLICENSE INCOME” (as defined below) that LICENSEE or its AFFILIATES actually receive
from such THIRD PARTY SUBLICENSEES in consideration of a sublicense of PATENT RIGHTS according to the following table: 
  

			
	 	  	 Share of NON-SALES BASED

SUBLICENSE INCOME

	 [***]
	  	[***]
	 [***]
	  	[***]
	 [***]
	  	[***]

 “NON-SALES BASED SUBLICENSE INCOME” means upfront fees, license maintenance fees, license issue fees, and milestone
payments (including but not limited to milestone payments triggered by a certain amount of sales), or other payments, in each case actually received by 

  
 12 

 Certain confidential information contained in this document, marked by [***], has been omitted because
Roivant Sciences Ltd. (the “Company”) has determined that the information (i) is not material and (ii) would likely cause competitive harm to the Company if publicly disclosed. 

 

 LICENSEE or any of its AFFILIATES from a THIRD PARTY SUBLICENSEE in consideration for any rights granted to
PATENT RIGHTS under a sublicense agreement to market and sell LICENSED PRODUCTS or LICENSED PROCESSES, and excludes: [***]. 
 To the extent that NON-SALES
BASED SUBLICENSE INCOME represents an unallocated combined payment for both a sublicense of the PATENT RIGHTS as well as other intellectual property, undertakings or subject matter, such NON-SALES BASED SUBLICENSE INCOME from such sublicensing
arrangement for calculating payments due to MICHIGAN shall be reasonably allocated by agreement of the PARTIES between such PATENT RIGHTS and such other intellectual property, undertaking or subject matter, based on their relative value. Neither
PARTY shall be deemed to be in breach of this AGREEMENT by reason of failure to agree on such amount (or with respect to LICENSEE, to pay the disputed amount); provided in the case of LICENSEE, that it has paid the undisputed portion of such
NON-SALES BASED SUBLICENSE INCOME and, following resolution pursuant to Paragraph 14.2, promptly pays any amount determined to be due thereunder. 

(d)    Intentionally Omitted. 

(e)    [***] 

  
 13 

 Certain confidential information contained in this document, marked by [***], has been omitted because
Roivant Sciences Ltd. (the “Company”) has determined that the information (i) is not material and (ii) would likely cause competitive harm to the Company if publicly disclosed. 

 

 (f)     LICENSEE shall pay to MICHIGAN minimum annual royalties of [***]
(the “ANNUAL FEE 1”) for each 12-month period during the term of this AGREEMENT ending March 31, starting with the 12-month period (or portion thereof following the EFFECTIVE DATE) ending on March 31, 2021 and each complete 12-month period
ending March 31 thereafter prior to the [***]. Such payment shall increase to [***] for the 12-month period ending March 31 during which the [***] occurs (the “ANNUAL FEE 2” and, together with ANNUAL FEE 1, each an “ANNUAL FEE”).
LICENSEE shall pay to MICHIGAN each ANNUAL FEE by the first June 30 following the 12-month period ending March 31 for which such ANNUAL FEE accrues. LICENSEE may credit each ANNUAL FEE 1 actually paid against royalties due to MICHIGAN only up to the
end of the 12-month period ending March 31 in which the [***] occurs. LICENSEE may also credit each ANNUAL FEE 2 against royalties due to MICHIGAN that accrue during either (i) the ROYALTY PERIOD ending March 31 of the same calendar year in
which such ANNUAL FEE 2 is payable or (ii) the ROYALTY PERIOD ending September 30 of the same calendar year. 
 Should this AGREEMENT terminate or
expire other than on a March 31, the ANNUAL FEE for such portion of a year shall be determined by multiplying the amount set forth above for the given year by a fraction, the numerator of which shall be the number of days since the prior June 30
during which this AGREEMENT is in effect and the denominator of which shall be three hundred sixty-five (365). 

(g)     (i) Subject to Paragraph 3.1(g)(iv), LICENSEE shall pay the following payments upon achievement of the below
milestones with respect to ONCOPIA LICENSED PRODUCTS, on an ONCOPIA LICENSED PRODUCT-by-ONCOPIA LICENSED PRODUCT basis (“ONCOPIA MILESTONE PAYMENTS”): 
  

	 	(1)	 [***] 

  

	 	(2)	 [***] 

  

	 	(3)	 [***] 

  

	 	(4)	 [***] 

  

	 	(5)	 [***] 

  
 14 

 Certain confidential information contained in this document, marked by [***], has been omitted because
Roivant Sciences Ltd. (the “Company”) has determined that the information (i) is not material and (ii) would likely cause competitive harm to the Company if publicly disclosed. 

 

	 	(6)	 [***] 

(ii)     Subject to Paragraph 3.1(g)(iv), LICENSEE shall pay the following payments upon achievement of the below
milestones with respect to PREDECESSOR LICENSED PRODUCTS, on a PREDECESSOR LICENSED PRODUCT-by-PREDECESSOR LICENSED PRODUCT basis (“PREDECESSOR MILESTONE PAYMENTS”): 
  

	 	(1)	 [***] 

  

	 	(2)	 [***] 

  

	 	(3)	 [***] 

  

	 	(4)	 [***] 

  

	 	(5)	 [***] 

  

	 	(6)	 [***] 

(iii)     Subject to Paragraph 3.1(g)(iv), LICENSEE shall pay the following payments upon achievement of the below
milestones with respect to FUTURE LICENSED PRODUCTS, on an FUTURE LICENSED PRODUCT-by-FUTURE LICENSED PRODUCT basis (“FUTURE MILESTONE PAYMENTS”, and together with the ONCOPIA MILESTONE PAYMENTS AND PREDECESSOR MILESTONE PAYMENTS, the
“MILESTONE PAYMENTS”): 
  

	 	(1)	 [***] 

  
 15 

 Certain confidential information contained in this document, marked by [***], has been omitted because
Roivant Sciences Ltd. (the “Company”) has determined that the information (i) is not material and (ii) would likely cause competitive harm to the Company if publicly disclosed. 

 

	 	(2)	 [***] 

  

	 	(3)	 [***] 

  

	 	(4)	 [***] 

  

	 	(5)	 [***] 

  

	 	(6)	 [***] 

(iv)    The adjustments and terms set forth in this Paragraph 3.1(g)(iv) shall apply with respect to the relevant
MILESTONE PAYMENTS. 
 (A)     Each milestone described in Paragraph 3.1(g)(i)–(iii) may be achieved only once
with respect to a LICENSED PRODUCT and, subject to Paragraph 3.1(g)(iv)(D), only once with respect to a distinct TARGET, and each MILESTONE PAYMENT shall be due only once upon the first achievement of the corresponding milestone, if at all. For the
avoidance of doubt, in no event shall LICENSEE be obligated to pay to MICHIGAN amounts under (i) Paragraph 3.1(g)(i) exceeding [***] with respect to any ONCOPIA LICENSED PRODUCT or any distinct ONCOPIA TARGET, (ii) Paragraph 3.1(g)(ii)
exceeding [***] with respect to any PREDECESSOR LICENSED PRODUCT or any distinct PREDECESSOR TARGET and (iii) Paragraph 3.1(g)(iii) exceeding [***] with respect to any FUTURE LICENSED PRODUCT or any distinct FUTURE TARGET. 

(B)     In the event that a MILESTONE PAYMENT is made on a LICENSED PRODUCT DIRECTED to a distinct TARGET, which is
subsequently replaced by a BACK-UP PRODUCT DIRECTED to the same distinct TARGET in such development program, then such specific MILESTONE PAYMENT shall not be paid again on such BACK-UP PRODUCT. “BACK-UP PRODUCT” means LICENSED PRODUCT
containing a compound identified, designated or selected by LICENSEE or a SUBLICENSEE as a potential replacement for the active pharmaceutical ingredient(s) in a lead LICENSED PRODUCT then being developed for DIRECTION to a particular distinct
TARGET, and which is only intended to be developed to regulatory approval in the event that development of such lead LICENSED PRODUCT ceases. 

  
 16 

 Certain confidential information contained in this document, marked by [***], has been omitted because
Roivant Sciences Ltd. (the “Company”) has determined that the information (i) is not material and (ii) would likely cause competitive harm to the Company if publicly disclosed. 

 

 (C)    MILESTONE PAYMENTS are non-refundable and non-creditable against
future royalties. 
 (D)    For purposes of Paragraph 3.1(g)(i), an ONCOPIA LICENSED PRODUCT DIRECTED at both [***]
shall be deemed to be DIRECTED at the same TARGET as an ONCOPIA LICENSED PRODUCT DIRECTED at [***]. 
 (h)     [***]:

  

			
	Milestone Payments Payable [***]	  	 MILESTONE PAYMENTS Described

in Paragraph 3.1(g)

	[***]	  	[***]
	[***]	  	[***]
	[***]	  	[***]
	[***]	  	[***]
	[***]	  	[***]

 (i)     If LICENSEE or any SUBLICENSEE is obligated or deems it reasonably necessary to
pay any consideration (including, without limitation, up-front payments, license fees, lump sum payments, MILESTONE PAYMENTS and/or royalties) to any THIRD PARTY, including government agencies, that holds a patent(s) that is (or are) in the
reasonable judgment of LICENSEE or SUBLICENSEE reasonably necessary or commercially appropriate for the manufacture, use or sale of a LICENSED PRODUCT, LICENSEE shall be entitled to deduct up to [***] of the consideration paid to such THIRD
PARTY(ies) in a straight line fashion from the royalties payable to MICHIGAN, but in no event shall the royalty payable to MICHIGAN be reduced by more than [***] of the amounts stated in this AGREEMENT; provided, however, that if LICENSEE has
granted rights to a SUBLICENSEE, then LICENSEE shall only be entitled to such deduction if such SUBLICENSEE is entitled to a reduction in payments to LICENSEE in connection with payments made to such THIRD PARTY. 

  
 17 

 Certain confidential information contained in this document, marked by [***], has been omitted because
Roivant Sciences Ltd. (the “Company”) has determined that the information (i) is not material and (ii) would likely cause competitive harm to the Company if publicly disclosed. 

 

 3.2     The PARTIES shall use commercially reasonable efforts to cooperate with one
another and shall use commercially reasonable efforts to avoid or reduce, to the extent permitted by applicable laws, tax withholding or similar obligations in respect of royalties, milestone payments, and other payments made by LICENSEE or
SUBLICENSEE to MICHIGAN under this AGREEMENT. LICENSEE or SUBLICENSEE shall be responsible for the payment of all taxes, duties, levies, and other charges imposed by any taxing authority with respect to the royalties payable to MICHIGAN under this
AGREEMENT. Should LICENSEE or SUBLICENSEE be required under any law or regulation of any government entity or authority to withhold or deduct any portion of the payments on royalties due to MICHIGAN, [***] provided, however, this clause shall not
apply to taxes or withholding imposed by any foreign government or taxing authority. In the event that LICENSEE or SUBLICENSEE is required to withhold or deduct any portion of the payments due to MICHIGAN, MICHIGAN shall provide commercially
reasonable assistance to enable the recovery, as permitted by applicable laws, of withholding taxes or similar obligations resulting from payments made under this AGREEMENT to MICHIGAN, such recovery to be for the benefit of LICENSEE or SUBLICENSEE,
as applicable. MICHIGAN shall cooperate reasonably with LICENSEE in the event LICENSEE elects to assert, at its own expense, MICHIGAN’s exemption from any such tax or deduction. Upon reasonable request by LICENSEE or any SUBLICENSEE, MICHIGAN
shall use commercially reasonable efforts to deliver such tax forms as may be reasonably required by LICENSEE or such SUBLICENSEE in connection with payments under this AGREEMENT. 

3.3     LICENSEE is not obligated to pay multiple royalties if any LICENSED PRODUCT or LICENSED PROCESS is covered by more than one claim
of PATENT RIGHTS or the same LICENSED PRODUCT is covered by claims in two or more countries. 
 3.4     Royalty payments shall be made
to “The Regents of the University of Michigan” in U.S. dollars. Payments drawn directly on a U.S. bank may be made by either check to the address in Article 13 or by wire transfer. Any payment drawn on a foreign bank or foreign branch of a
U.S. bank shall be made only by wire transfer. Wire transfers shall be made in accordance with the following or any other instructions as may be specified by MICHIGAN: [***]. In computing royalties, LICENSEE shall convert any revenues it receives in
foreign currency into its equivalent in U.S. dollars [***]. 
 3.5     Royalty payments shall be made on a semi-annual basis with
submission of the reports required by Article 4. LICENSEE shall also pay an interest charge on any and all amounts LICENSEE pays hereunder to MICHIGAN after an applicable deadline, at a rate of the prime rate published by the [***] (or at the
highest allowed rate if a lower rate is required by law), [***] beginning on the day after the due date until the date of payment. The payment of such interest shall not foreclose MICHIGAN from exercising any other rights it may have resulting from
any late or failed payment. LICENSEE shall reimburse MICHIGAN for the costs, including reasonable attorney fees, for expenses paid in order to collect any amounts overdue more than [***]. 

  
 18 

 Certain confidential information contained in this document, marked by [***], has been omitted because
Roivant Sciences Ltd. (the “Company”) has determined that the information (i) is not material and (ii) would likely cause competitive harm to the Company if publicly disclosed. 

 

 3.6     All payments made under this AGREEMENT are and shall be non-refundable. MICHIGAN
shall have no obligation whatsoever to pay, return, credit, or refund any amounts paid hereunder, except as may be specifically provided herein. By way of example only, notwithstanding the deductions to NET SALES, MICHIGAN shall have no obligation
to pay any amounts to LICENSEE even if such deductions should result in a negative amount for NET SALES in any given ROYALTY PERIOD. 

ARTICLE 4 - REPORTS 

4.1     Until the [***], LICENSEE shall provide to MICHIGAN a written annual report on or before [***]. The annual report shall include:
reports of progress on research and development, regulatory approvals, manufacturing, sublicensing, marketing and sales during the preceding twelve (12) months ending December 31 of the previous calendar year. 

4.2     After the [***], LICENSEE shall provide semi-annual reports to MICHIGAN. By each [***] LICENSEE shall report to MICHIGAN for that
ROYALTY PERIOD: 
  

	 	(a)	 number of LICENSED PRODUCTS sold or distributed, however characterized, by LICENSEE and each SUBLICENSEE.

  

	 	(b)	 NET SALES, excluding the deductions provided therefor, of LICENSED PRODUCTS sold or distributed, however
characterized, by LICENSEE and all SUBLICENSEES. 

  

	 	(c)	 deductions applicable as provided in the definition for NET SALES above. 

 

	 	(d)	 royalties due on additional payments from SUBLICENSEES under Paragraph 3.1 above, including supporting figures.

  

	 	(e)	 foreign currency conversion rate and calculations (if applicable) and total royalties due.

 LICENSEE shall include the amount of all payments due, and the various calculations used to arrive at those amounts, including the
quantity, description (nomenclature and type designation as described in Paragraph 4.3 below), country of manufacture and country of sale or use of LICENSED PRODUCTS and LICENSED PROCESSES. LICENSEE shall direct its authorized representative to
certify that reports required hereunder are correct to the best of LICENSEE’s knowledge and information. Failure to provide reports as required under this Article 4 that is not cured within [***] after written notice to LICENSEE of such failure
shall be a material breach of this Agreement. 

  
 19 

 Certain confidential information contained in this document, marked by [***], has been omitted because
Roivant Sciences Ltd. (the “Company”) has determined that the information (i) is not material and (ii) would likely cause competitive harm to the Company if publicly disclosed. 

 

 If no payment is due, LICENSEE shall so report to MICHIGAN that no payment is due. Failure to provide reports
as required under this Article 4 that is not cured within [***] after written notice to LICENSEE of such failure shall be a material breach of this AGREEMENT. LICENSEE agrees to reasonably cooperate with MICHIGAN regarding any questions it may have
relating to compliance with this AGREEMENT, for example to discuss the information in reports. 
 4.3     LICENSEE shall promptly
establish and use commercially reasonable efforts to consistently employ a system for describing which PATENT RIGHTS cover which LICENSED PRODUCTS included in NET SALES in order to facilitate MICHIGAN’s identification and segregation of such
LICENSED PRODUCTS into various types where necessary for MICHIGAN’s own internal purposes. LICENSEE shall use commercial reasonable efforts to consistently employ, and shall require SUBLICENSEES to consistently employ, such system when
rendering invoices thereon and shall inform MICHIGAN, or its auditors, when requested, as to the details concerning such nomenclature system, all additions thereto and changes therein. 

4.4     LICENSEE shall keep, and shall require SUBLICENSEES to keep, true and accurate records containing data reasonably required for the
computation and verification of payments due under this AGREEMENT. LICENSEE shall, and it shall require all SUBLICENSEES and those making LICENSED PRODUCTS, to: (a) open such records for inspection upon reasonable notice during business hours,
and no more than once per year, by an independent certified accountant selected by MICHIGAN, for the purpose of verifying the amount of payments due; and (b) retain such records for [***] from date of origination. 

4.5     The terms of this Article 4 shall survive any termination of this AGREEMENT. MICHIGAN is responsible for all expenses of such
inspection, except that if any inspection reveals an underpayment greater than [***] of royalties due MICHIGAN, then LICENSEE shall pay all expenses of that inspection and the amount of the underpayment to MICHIGAN within [***] of written notice
thereof. LICENSEE shall also reimburse MICHIGAN for reasonable expenses required to collect the amount underpaid. In the event such inspection reveals an overpayment, MICHIGAN shall credit such overpayment against the next following royalty
payment(s) or milestone(s) due from LICENSEE until full credit is received. 
 ARTICLE 5 - DILIGENCE 

5.1     LICENSEE shall use commercially reasonable efforts to obtain and retain any governmental approvals to manufacture and/or sell at
least one LICENSED PRODUCT and/or use at least one LICENSED PROCESS in at least one Major Market. “Major Market” means [***]. 

ARTICLE 6 - SUBLICENSING 

6.1     LICENSEE shall notify MICHIGAN in writing of every sublicense agreement with a THIRD PARTY and each amendment thereto within [***]
after their execution, and indicate the name of the THIRD PARTY SUBLICENSEE, the territory of the sublicense, the scope of the sublicense, and the nature, timing and amounts of all fees and royalties to be paid thereunder. Upon request, LICENSEE
shall provide MICHIGAN with a summary of any such sublicense agreement. Notwithstanding the foregoing, to the extent a sublicense is limited to the grant of 

  
 20 

 Certain confidential information contained in this document, marked by [***], has been omitted because
Roivant Sciences Ltd. (the “Company”) has determined that the information (i) is not material and (ii) would likely cause competitive harm to the Company if publicly disclosed. 

 

 
rights to a contractor (including contract research organizations, contract manufacturing organizations, distributors or resellers) to permit the performance of services or activities on behalf
of and for the benefit of LICENSEE and/or its AFFILIATES or SUBLICENSEES, or exercise certain rights on behalf of LICENSEE or its AFFILIATES or SUBLICENSEES, (a) LICENSEE shall not be obligated to provide notice to MICHIGAN of execution of a
sublicense agreement with such SUBLICENSEE under this Paragraph 6.1 and (b) Paragraph 6.5(a) and (b) shall not apply with respect to sublicense agreements with such SUBLICENSEE. 

6.2    INTENTIONALLY OMITTED. 

6.3    Each sublicense granted by LICENSEE under this AGREEMENT may, upon LICENSEE’S written notice within [***] after effectiveness
of termination, survive termination of this AGREEMENT under Paragraph 11.1, 11.2, 11.3 or 14.11 as a direct license from MICHIGAN to the applicable SUBLICENSEE under the terms of this AGREEMENT, to the extent applicable to the scope of the license
granted to such SUBLICENSEE, provided that all of the following apply: (a) such SUBLICENSEE is not then in breach of the sublicense agreement; (b) LICENSEE shall have provided MICHIGAN with a copy of such sublicense agreement between
LICENSEE and SUBLICENSEE; (c) the subject sublicense is not otherwise inconsistent with the terms of this AGREEMENT in a manner that adversely affects MICHIGAN’S rights under this AGREEMENT; (d) such SUBLICENSEE is not the parent of
LICENSEE or a subsidiary of LICENSEE and (e) SUBLICENSEE shall pay MICHIGAN any financial obligations owed by LICENSEE to MICHIGAN under Paragraph 7.4. MICHIGAN shall only have an obligation to assume such rights and obligations of LICENSEE if,
within [***] after said written request of SUBLICENSEE, MICHIGAN and SUBLICENSEE reduce their agreement in writing as an agreement between MICHIGAN and SUBLICENSEE, and such agreement includes the following terms and any others agreed to by MICHIGAN
and SUBLICENSEE: 
 (i) MICHIGAN, aside only from the provision of a license under the PATENT RIGHTS, shall not be responsible for the
performance or payment of any obligations of LICENSEE arising from any such SUBLICENSE, 
 (ii) reimbursement of ongoing patent expenses
under Paragraph 7.4 by SUBLICENSEE during the term of such assumed sublicense for those countries in which the SUBLICENSEE has a sublicense, and 

(iii) the scope of the field of use of such direct license shall not be broader than the rights sublicensed by LICENSEE to SUBLICENSEE. 

6.4    INTENTIONALLY OMITTED. 
  

	6.5	 LICENSEE shall require that all sublicenses be consistent with the terms and conditions of this AGREEMENT. With
the exception of sublicenses to AFFILIATES, LICENSEE shall require that all sublicenses: 

  

	 	(a)	 contain the SUBLICENSEE’s acknowledgment of the disclaimer of warranty and limitation on MICHIGAN’s
liability, as provided by Article 9 below; and 

  
 21 

 Certain confidential information contained in this document, marked by [***], has been omitted because
Roivant Sciences Ltd. (the “Company”) has determined that the information (i) is not material and (ii) would likely cause competitive harm to the Company if publicly disclosed. 

 

	 	(b)	 contain provisions under which the SUBLICENSEE accepts duties at least equivalent to those accepted by the
LICENSEE in the following Paragraphs: 4.4 (duty to keep records); 9.4 (duty to avoid improper representations or responsibilities); 10.1 and 10.2 (duty to defend, hold harmless, and indemnify MICHIGAN ); 10.4 (duty to maintain insurance); 14.5 (duty
to properly mark LICENSED PRODUCTS with patent notices); 14.7 (duty to restrict the use of MICHIGAN’s name); 14.8 (duty to control exports). 

ARTICLE 7 - PATENT APPLICATIONS AND MAINTENANCE 

7.1    [***] has the right to control [***] filing, prosecuting, and maintaining all of the patents and patent applications that form the
basis for the PATENT RIGHTS, interferences, and disputes (including litigation) regarding inventorship; provided, however, that [***] on the filing, prosecution, and maintenance of PATENT RIGHTS under this AGREEMENT, and [***] with respect to such
actions as provided in Paragraph 7.2, and keep [***] fully informed with respect thereto. 
 The above notwithstanding, [***] has [***] to control any
inter-parties review (“IPR”), reexamination, and post-grant review (“PGR”) proceedings in the United States, any opposition proceedings in the European Patent Office (“EPO”) and any other foreign counterpart proceeding
[***] (“ADVERSE PATENT OFFICE PROCEEDING”). [***] shall notify [***] after receipt of notice of any such proceeding. [***] shall consult with and allow [***] the opportunity to [***] in the defense of any such action. If [***] such
control, then (a) [***] counsel shall consider and treat [***] and [***] as joint clients for the purposes of the PATENT RIGHTS; (b) [***] counsel and Parties shall promptly notify each of the other if there is any concern of, or appearance of, a
potential conflict of interest or divergence of interest as between [***] and [***] and (c) [***] and its counsel agree to hold confidential the terms hereunder with respect to ADVERSE PATENT OFFICE PROCEEDING and enforcement control. 

7.2    [***] shall notify [***] of all information received by [***] relating to the filing, prosecution and maintenance of the patents
and patent applications which form the basis of the PATENT RIGHTS within [***] of receipt of such information, and shall make reasonable efforts to allow [***]. [***] agrees to hold such information confidential and to use the information provided
by [***] only for the purpose of advancing [***] PATENT RIGHTS. 
 7.3    [***] and [***] agree to use reasonable efforts to work
effectively and cost efficiently with respect to a mutually agreed intellectual property strategy to the extent that such agreement may be made. [***] will be given opportunity to [***] regarding the PATENT RIGHTS. So long as MICHIGAN’s Office
of Technology Transfer has received an [***] for the applicable PATENT RIGHTS that satisfies MICHIGAN’s [***] and MICHIGAN’s Office of Technology Transfer has confirmed in writing to LICENSEE that [***] is subject to this Agreement, then
for PATENT RIGHTS covering such [***] 

  
 22 

 Certain confidential information contained in this document, marked by [***], has been omitted because
Roivant Sciences Ltd. (the “Company”) has determined that the information (i) is not material and (ii) would likely cause competitive harm to the Company if publicly disclosed. 

 

 
shall have the right, through counsel of its choice [***] to prepare the initial draft of all patent applications worldwide for the PATENT RIGHTS. Such drafts shall be reviewed and edited at
[***] discretion by [***] counsel to file with the appropriate patent offices. [***] shall receive correspondence from patent offices worldwide, and shall make available to [***] all such documents as soon as feasible after receipt. In the case
where [***] and [***] disagree on a course of action or on a response or strategic position before a patent office [***]. If such disagreement is not resolved after discussion, [***]. 

7.4     [***]. 
 7.5    
Notwithstanding anything in this Article 7 or in Article 8 to the contrary, for so long as a sublicense agreement is in effect, MICHIGAN agrees that, in addition to LICENSEE retaining such rights, LICENSEE also may grant to SUBLICENSEE the rights of
LICENSEE under this Article 7 or Article 8 with respect to the preparation, filing, prosecution and maintenance of, and/or enforcement of, PATENT RIGHTS under this AGREEMENT that are included in the sublicense to SUBLICENSEE under such sublicense
agreement for so long as they continue to be so included. 
 7.6     Notwithstanding anything to the contrary in this Article 7, if
[***] elects to abandon any patents or patent application within the PATENT RIGHTS, [***]. In addition, [***] may notify [***] in writing at any time of its election [***] with respect to any patent or patent application in one or more
jurisdictions, in which case [***] may after such notice file and prosecute such applications or maintain such patents at [***] and any claim within such patents or patent applications (or patent issuing therefrom) shall be [***]. 

ARTICLE 8 – ENFORCEMENT 

8.1     Each party shall promptly advise the other in writing of any known acts of potential infringement of the PATENT RIGHTS by another
party. [***] has [***] to police the PATENT RIGHTS against infringement by other parties within [***] but [***] shall notify [***] before filing any suit. [***] shall not file any suit without a diligent investigation of the merits of such suit by
its counsel, including with respect to PATENT RIGHTS. This right to police includes defending any action for declaratory judgment of noninfringement or invalidity and defending any counterclaim(s) of invalidity and/or unenforceability; and
prosecuting, defending or settling all infringement and declaratory judgment actions at its expense and through counsel of its selection, except that [***]. 

  
 23 

 Certain confidential information contained in this document, marked by [***], has been omitted because
Roivant Sciences Ltd. (the “Company”) has determined that the information (i) is not material and (ii) would likely cause competitive harm to the Company if publicly disclosed. 

 

 If [***] for policing the patents, [***] shall provide reasonable assistance to [***] with respect to such
actions, but only if [***] reimburses [***] for [***] incurred in connection with any such assistance rendered at [***] request or reasonably required by [***] and if [***] notifies [***] in writing [***] before filing any suit. Without limiting the
foregoing, if [***] is a necessary and/or indispensable party to such suit or action (including for standing purposes), [***] shall join, and hereby consents to being joined, in such suit or action, provided that [***] (b) the parties agree [***]
agreement [***] conditioned or delayed) to negotiate in good faith to jointly select primary counsel (to be at a large, nationally recognized litigation firm) and local counsel that would represent both parties, each counsel to have demonstrated
significant experience in the applicable type of patent litigation (currently expected to be Hatch Waxman litigation). [***] shall defend, indemnify and hold harmless [***] with respect to any counterclaims asserted by an alleged infringer
reasonably related to the enforcement of the PATENT RIGHTS under this Paragraph 8.1, including but not limited to antitrust counterclaims and claims for recovery of attorney fees. 

If a declaratory judgment claim, revocation action or similar proceeding is made or instituted by any THIRD PARTY that any of the PATENT RIGHTS is invalid or
unenforceable, then [***] shall have the right to [***] over the defense of such claim, and [***] shall provide reasonable cooperation in the defense of such claim. If a THIRD PARTY asserts jurisdiction for any such action solely as the result of
acts of [***] and [***] exercises it right to control, then [***] shall be [***] but otherwise the remainder of this article shall control. 

8.2     [***]. 
 8.3    
If [***] fails to take action to abate any alleged infringement of patents which form the basis for the PATENT RIGHTS within [***] of a request by [***] to do so (or within a shorter period if required to preserve the legal rights of [***] under any
applicable laws) then [***] has the right to take such action (including prosecution of a suit) at its expense and [***] shall use reasonable efforts to cooperate in such action, at [***] expense. During such action [***].

  
 24 

 Certain confidential information contained in this document, marked by [***], has been omitted because
Roivant Sciences Ltd. (the “Company”) has determined that the information (i) is not material and (ii) would likely cause competitive harm to the Company if publicly disclosed. 

 

 ARTICLE 9 - NO WARRANTIES; LIMITATION ON MICHIGAN’S LIABILITY 

9.1     MICHIGAN makes no representations or warranties that [***]. 

9.2     MICHIGAN, INCLUDING ITS REGENTS, FELLOWS, OFFICERS, EMPLOYEES AND AGENTS, MAKES NO REPRESENTATIONS, EXTENDS NO WARRANTIES OF ANY
KIND, EITHER EXPRESS OR IMPLIED, INCLUDING BUT NOT LIMITED TO THE IMPLIED WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE, AND ASSUMES NO RESPONSIBILITIES WHATEVER WITH RESPECT TO DESIGN, DEVELOPMENT, MANUFACTURE, USE, SALE OR
OTHER DISPOSITION BY LICENSEE OR SUBLICENSEES OF LICENSED PRODUCTS OR LICENSED PROCESSES. 
 9.3     LICENSEE AND SUBLICENSEES ASSUME
THE ENTIRE RISK AS TO PERFORMANCE OF LICENSED PRODUCTS AND LICENSED PROCESSES. [***] in no event shall either PARTY be responsible or liable to the other PARTY for any direct, indirect, special, incidental, or consequential damages or lost profits
or other economic loss or damage with respect to the development or commercialization of LICENSED PRODUCTS or LICENSED PROCESSES. The above limitations on liability apply even though such first PARTY may have been advised of the possibility of such
damage. 
 9.4     LICENSEE shall not, and shall require that its SUBLICENSEES do not, make any statements, representations or
warranties whatsoever to any person or entity, or accept any liabilities or responsibilities whatsoever from any person or entity that are inconsistent with any disclaimer or limitation included in this Article 9. 

ARTICLE 10 - INDEMNITY; INSURANCE 

10.1     LICENSEE shall defend, indemnify and hold harmless and shall require SUBLICENSEES to defend, indemnify and hold harmless
MICHIGAN, including its Regents, fellows, officers, employees, students, and agents (collectively, “MICHIGAN Indemnitees”), for and against any and all claims, demands, damages, losses, and expenses of any nature (including attorneys’
fees and other litigation expenses) brought against MICHIGAN Indemnitees by a third party or LICENSEE to the extent resulting from death, personal injury, illness, property damage, or economic loss, in each case with respect to product liability
arising from or in connection with, any of the following: [***]. 

  
 25 

 Certain confidential information contained in this document, marked by [***], has been omitted because
Roivant Sciences Ltd. (the “Company”) has determined that the information (i) is not material and (ii) would likely cause competitive harm to the Company if publicly disclosed. 

 

 10.2     MICHIGAN is entitled to participate at its option and expense through counsel of
its own selection, and may join in any legal actions related to any such claims, demands, damages, losses and expenses under Paragraph 10.1 above. LICENSEE shall not settle any such legal action with an admission of liability of MICHIGAN without
MICHIGAN’s written approval. 
 10.3     Prior to any distribution or commercial use of any LICENSED PRODUCT or use of any LICENSED
PROCESS by LICENSEE, LICENSEE shall purchase and maintain in effect commercial general liability insurance, including product liability insurance and errors and omissions insurance which shall protect LICENSEE, and MICHIGAN with respect the events
covered by Paragraph 10.1. Prior to any distribution or use of any LICENSED PRODUCT or use of any LICENSED PROCESS by a SUBLICENSEE, LICENSEE shall require that the SUBLICENSEE purchase and maintain in effect commercial general liability insurance,
including product liability insurance which shall protect LICENSEE, SUBLICENSEE, and MICHIGAN with respect to the events covered by Paragraphs 10.1 and 10.2. Each such insurance policy must provide reasonable coverage for all claims with respect to
any LICENSED PROCESS used and any LICENSED PRODUCTS manufactured, used, sold, licensed or otherwise distributed by LICENSEE or, in the case of a SUBLICENSEE’s policy, by said SUBLICENSEE – and must specify MICHIGAN, including its Regents,
fellows, officers and employees, as additional insureds. LICENSEE shall furnish certificate(s) of such insurance to MICHIGAN, upon request. 

10.4     In no event shall either party hereunder be liable to the other for any special, indirect, or consequential damages of any kind
whatsoever resulting from any breach or default of this AGREEMENT. For clarity, nothing in this Paragraph 10.4 shall preclude either party from seeking direct damages resulting from any breach or default of this AGREEMENT. 

ARTICLE 11 - TERM AND TERMINATION 

11.1     If LICENSEE ceases to carry on its business, MICHIGAN shall have the right to terminate this AGREEMENT upon [***] prior written
notice by MICHIGAN attempted to be delivered to the address for notices provided in Article 13; subject, however, to the rights and obligations of any SUBLICENSEE granted pursuant to Paragraph 6.3. 

11.2     If LICENSEE fails to make any payment due to MICHIGAN within [***] after written notice by MICHIGAN, this AGREEMENT shall
automatically terminate unless: (i) LICENSEE or any SUBLICENSEE on behalf of LICENSEE makes all such payments and reports within such [***] period; or (ii) MICHIGAN specifically extends such date in writing. Such termination shall not
foreclose MICHIGAN from collection of any amounts remaining unpaid or seeking other legal relief. 
 11.3     Upon any material breach
or default of this AGREEMENT by LICENSEE (other than as specifically provided herein, the terms of which shall take precedence over the handling of any other material breach or default under this Paragraph 6.3), MICHIGAN has the right to terminate
this AGREEMENT effective on [***] prior written notice to LICENSEE; subject, however, to the rights of any SUBLICENSEE granted pursuant to Paragraph 6.3. Such termination shall become automatically effective upon expiration of the [***] period
unless LICENSEE cures the material breach or default before the period expires. 

  
 26 

 Certain confidential information contained in this document, marked by [***], has been omitted because
Roivant Sciences Ltd. (the “Company”) has determined that the information (i) is not material and (ii) would likely cause competitive harm to the Company if publicly disclosed. 

 

 11.4     LICENSEE has the right to terminate this AGREEMENT at any time on [***] prior
written notice to MICHIGAN if LICENSEE: 
 (a)     pays all amounts due MICHIGAN through the effective date of the
termination; 
 (b)     submits a final report of the type described in Paragraph 4.2; and 

(c)     returns any patent documentation (including that exchanged under Article 7) and any other confidential or
trade-secret materials provided to LICENSEE by MICHIGAN in connection with this AGREEMENT, or, with prior approval by MICHIGAN, destroys such materials, and certifies in writing that such materials have all been returned or destroyed. 

Upon receipt of notice of intent to terminate pursuant to this Paragraph 11.4, MICHIGAN shall have the right to waive some or all of such notice period upon
written notice to LICENSEE. 
 11.5     Upon any termination of this AGREEMENT, and except as provided herein to the contrary, all
rights and obligations of the PARTIES hereunder shall cease, except (i) any previously accrued rights and obligations, and (ii) further as follows: 
  

	 	(a)	 obligations to pay royalties and other sums, or to transfer equity or other consideration, accruing hereunder
up to the day of such termination, whether or not this AGREEMENT provides for a number of days before which actual payment is due and such date is after the day of termination; 

 

	 	(b)	 MICHIGAN’s rights to inspect books and records as described in Article 4, and LICENSEE’s obligations
to keep such records for the required time; 

  

	 	(c)	 any cause of action or claim of LICENSEE or MICHIGAN accrued or to accrue because of any breach or default by
the other party hereunder; 

  

	 	(d)	 the provisions of Articles 1, 9, 10, and 14; and 

 

	 	(e)	 all other terms, provisions, representations, rights and obligations contained in this AGREEMENT that by their
sense and context are intended to survive until performance thereof by either or both PARTIES. 

 11.6     If LICENSEE
or SUBLICENSEE [***] then MICHIGAN shall have the right to terminate this AGREEMENT upon [***] prior written notice to LICENSEE. Such termination shall become automatically effective upon expiration of the [***] period unless LICENSEE or SUBLICENSEE
withdraws such action before the period expires. 
 11.7     Notwithstanding Paragraphs 11.2 or 11.3, if LICENSEE disputes in good faith
a failure to pay or material breach alleged by MICHIGAN pursuant to Paragraphs 11.2 or 11.3 by written notice to MICHIGAN within such [***] or [***] notice period, as applicable, such notice period shall be tolled until, and MICHIGAN shall not have
the right to terminate this AGREEMENT unless, it has been determined that this AGREEMENT was materially breached in 

  
 27 

 Certain confidential information contained in this document, marked by [***], has been omitted because
Roivant Sciences Ltd. (the “Company”) has determined that the information (i) is not material and (ii) would likely cause competitive harm to the Company if publicly disclosed. 

 

 accordance with Paragraph 14.2 below, and LICENSEE fails to comply with its obligations alleged to have been
breached within the remainder of such [***] or [***] notice period, as applicable, after such determination. 
 ARTICLE 12 - REGISTRATION
AND RECORDATION 
 12.1     If the terms of this AGREEMENT, or any assignment or license under this AGREEMENT are or become such as
to require that this AGREEMENT or license or any part thereof be registered with or reported to a national or supranational agency, [***] will, at its expense, undertake such registration or report. Prompt notice and appropriate verification of the
act of registration or report or any agency ruling resulting from it will be supplied by [***] to [***] upon request. 
 12.2     [***]
shall also carry out, [***] any formal recordation of this AGREEMENT or any license herein granted that the law of any country requires as a prerequisite to enforceability of this AGREEMENT or license in the courts of any such country or for other
reasons, and shall promptly furnish to MICHIGAN appropriately verified proof of recordation. 
 ARTICLE 13 - NOTICES 

13.1     Any notice, request, or report required or permitted to be given or made under this AGREEMENT by either party is effective when
mailed if sent by recognized overnight carrier, certified or registered mail, or electronic mail followed by confirmation by U.S. mail, to the address set forth below or such other address as such party specifies by written notice given in
conformity herewith. Any notice, request, or report not so given is not effective until actually received by the other party. 
  

			
	To MICHIGAN:	  	To LICENSEE:
		
	[***]	  	[***]
		
		  	[***]

 ARTICLE 14 - MISCELLANEOUS PROVISIONS 

14.1     This AGREEMENT shall be construed, governed, interpreted and applied according to United States and State of Michigan law, except
that questions affecting the construction and effect of any patent shall be determined by the law of the country in which the patent was granted. 

14.2     The PARTIES hereby consent to the jurisdiction of the courts in the State of Michigan over any dispute concerning this AGREEMENT
or the relationship between the PARTIES. Should LICENSEE bring any claim, demand or other action against MICHIGAN, its Regents, fellows, officers, employees or agents, arising out of this AGREEMENT or the relationship between the PARTIES, LICENSEE
agrees to bring said action only in the Michigan Court of Claims. 

  
 28 

 Certain confidential information contained in this document, marked by [***], has been omitted because
Roivant Sciences Ltd. (the “Company”) has determined that the information (i) is not material and (ii) would likely cause competitive harm to the Company if publicly disclosed. 

 

 14.3     MICHIGAN and LICENSEE agree that this AGREEMENT sets forth their entire
understanding concerning the subject matter of this AGREEMENT and expressly supersedes the ONCOPIA LICENSE AGREEMENT and the PREDECESSOR LICENSE AGREEMENT. The PARTIES may amend this AGREEMENT from time to time, such as to add new rights, but no
modification will be effective unless both MICHIGAN and LICENSEE agree to it in writing. 
 14.4     If a court of competent
jurisdiction finds any term of this AGREEMENT invalid, illegal or unenforceable, that term will be curtailed, limited or deleted, but only to the extent necessary to remove the invalidity, illegality or unenforceability, and without in any way
affecting or impairing the remaining terms. 
 14.5     LICENSEE agrees to mark the LICENSED PRODUCTS sold in the United States with all
applicable U.S. patent numbers. All LICENSED PRODUCTS shipped to or sold in other countries shall be marked to comply with the patent laws and practices of the countries of manufacture, use and sale. 

14.6     No waiver by either party of any breach of this AGREEMENT, no matter how long continuing or how often repeated, is a waiver of
any subsequent breach thereof, nor is any delay or omission on the part of either party to exercise or insist on any right, power, or privilege hereunder a waiver of such right, power or privilege. In no event shall any waiver be deemed valid unless
it is in writing and signed by an authorized representative of each party. 
 14.7     LICENSEE shall, and shall require its
subsidiaries to refrain from using and to require SUBLICENSEES to refrain from using, the name of MICHIGAN or its employees in publicity or advertising without the prior written approval of MICHIGAN. Reports in scientific literature and
presentations of joint research and development work are not publicity. Notwithstanding this provision, without prior written approval of MICHIGAN, LICENSEE and SUBLICENSEES may state publicly that LICENSED PRODUCTS and LICENSED PROCESSES were
developed by LICENSEE based upon an invention(s) developed at the University of Michigan and/or that the PATENT RIGHTS were licensed from the University of Michigan. 

14.8     LICENSEE agrees to comply with all applicable laws and regulations. In particular, LICENSEE understands and acknowledges that the
transfer of certain commodities and technical data is subject to U.S. laws and regulations controlling the export of such commodities and technical data, including all Export Administration Regulations of the U.S. Department of Commerce. These laws
and regulations prohibit or require a license for the export of certain types of technical data to certain specified countries. LICENSEE agrees to comply with all U.S. laws and regulations controlling the export of commodities and technical data, to
be solely responsible for any violation of such laws and regulations by LICENSEE or its SUBLICENSEES, and to defend, indemnify and hold harmless MICHIGAN and its Regents, fellows, officers, employees and agents if any legal action of any nature
results from the violation. 
 14.9     The relationship between the PARTIES is that of independent contractor and contractee. Neither
party is an agent of the other in connection with the exercise of any rights hereunder, and neither has any right or authority to assume or create any obligation or responsibility on behalf of the other. 

  
 29 

 Certain confidential information contained in this document, marked by [***], has been omitted because
Roivant Sciences Ltd. (the “Company”) has determined that the information (i) is not material and (ii) would likely cause competitive harm to the Company if publicly disclosed. 

 

 14.10     Except as provided below, LICENSEE may not assign this AGREEMENT and shall not
pledge any of the license rights granted in this AGREEMENT as security for any creditor, in each case, without the prior written consent of MICHIGAN, which consent shall not be unreasonably withheld or delayed. Any attempted pledge of any of the
rights under this AGREEMENT or assignment of this AGREEMENT without the prior consent of MICHIGAN will be void from the beginning. Notwithstanding the language stated above, no such consent shall be required in the event of (a) an assignment to
a SUBLICENSEE of this AGREEMENT pursuant to Paragraph 6.3, (b) an assignment of all or substantially all of the assets to which this AGREEMENT relates, (c) an assignment to an AFFILIATE of LICENSEE, or (d) a merger, consolidation, or
transfer of substantially all of the assets or voting control of LICENSEE to a successor-in-interest, so long as (x) such assignee is not in material breach of any then-existing contract between MICHIGAN and the assignee, and (y) the
assignee agrees in writing to accept all the terms and conditions of this AGREEMENT. No assignment by LICENSEE will be effective until the intended assignee agrees in writing to accept all of the terms and conditions of this AGREEMENT as if it were
the LICENSEE, and such writing is provided to MICHIGAN. 
 ARTICLE 15 - CONFLICT OF INTEREST MANAGEMENT 

15.1     Unless MICHIGAN provides appropriate formal approvals, continuing development of LICENSED PRODUCTS and LICENSED PROCESSES shall
take place without the use of MICHIGAN funds, facilities, or other resources of or funds administered by MICHIGAN. 
 15.2     All
rights and licenses granted under or pursuant to any paragraph of this AGREEMENT are, and shall otherwise be deemed to be, for purposes of Section 365(n) of Title 11, U.S. Code (the “BANKRUPTCY CODE”) licenses of rights to
“intellectual property” as defined in the BANKRUPTCY CODE. Both PARTIES shall retain and may fully exercise all of their respective rights and elections under Section 365(n) of the BANKRUPTCY CODE to the maximum extent permitted
hereby. In addition, if during the term of this AGREEMENT, LICENSEE makes or attempts to make an assignment for the benefit of creditors, this AGREEMENT shall automatically terminate. LICENSEE shall notify MICHIGAN of any such event mentioned in
this Paragraph 15.2 as soon as reasonably practicable, and in any event within [***] after any such event. 
 [Signature Page Follows]

  
 30 

 Certain confidential information contained in this document, marked by [***], has been omitted because
Roivant Sciences Ltd. (the “Company”) has determined that the information (i) is not material and (ii) would likely cause competitive harm to the Company if publicly disclosed. 

 

 IN WITNESS WHEREOF, the Parties hereto have executed this License Agreement in duplicate originals by their
duly authorized officers or representatives. 
  

									
	FOR ONCOPIA THERAPEUTICS, INC.	 		 	FOR THE REGENTS OF THE UNIVERSITY OF MICHIGAN
					
	By	 	 [***]
	 		 	By	 	 [***]

		 	(authorized representative)	 		 		 	(authorized representative)
	Name:	 	[***]	 		 	Name:	 	[***]
	Title:	 	[***]	 		 	Title:	 	[***]
		 		 		 		 	
					
	Date:	 	11/13/2020	 		 	Date:	 	11/13/2020

  
 [Signature Page to the
Amended and Restated Patent License Agreement]EX-10.23

 Exhibit 10.23 

Certain confidential information contained in this document, marked by [***], has been omitted because Roivant Sciences Ltd. (the “Company”) has
determined that the information (i) is not material and (ii) would likely cause competitive harm to the Company if publicly disclosed. 
  

 Execution Version 

INVESTORS’ RIGHTS AGREEMENT 

 Certain confidential information contained in this document, marked by [***], has been omitted because
Roivant Sciences Ltd. (the “Company”) has determined that the information (i) is not material and (ii) would likely cause competitive harm to the Company if publicly disclosed. 

 

 TABLE OF CONTENTS 

 

									
	 	 	 	  	Page	 
	 1.
	 	 Definitions
	  	 	1	 
			
	 2.
	 	 Registration Rights
	  	 	7	 
		 	 2.1.
	  	 Demand Registration
	  	 	7	 
		 	 2.2.
	  	 Listed Company Registration
	  	 	8	 
		 	 2.3.
	  	 Underwriting Requirements
	  	 	8	 
		 	 2.4.
	  	 Obligations of the Listed Company
	  	 	9	 
		 	 2.5.
	  	 Furnish Information
	  	 	12	 
		 	 2.6.
	  	 Expenses of Registration
	  	 	12	 
		 	 2.7.
	  	 Delay of Registration
	  	 	13	 
		 	 2.8.
	  	 Indemnification
	  	 	13	 
		 	 2.9.
	  	 Reports Under Exchange Act
	  	 	15	 
		 	 2.10.
	  	 Limitations on Subsequent Registration Rights
	  	 	15	 
		 	 2.11.
	  	 “Market Stand-off” Agreement
	  	 	15	 
		 	 2.12.
	  	 Restrictions on Transfer
	  	 	16	 
		 	 2.13.
	  	 Termination of Registration Rights
	  	 	17	 
			
	 3.
	 	 Composition of the Board of Directors
	  	 	17	 
		 	 3.1.
	  	 Size of the Board of Directors
	  	 	17	 
		 	 3.2.
	  	 Election of the Board of Directors
	  	 	17	 
		 	 3.3.
	  	 Chairperson of the Board
	  	 	18	 
		 	 3.4.
	  	 Failure to Designate a Board Member
	  	 	18	 
		 	 3.5.
	  	 Removal of Board Members
	  	 	18	 
		 	 3.6.
	  	 No Liability for Election of Recommended Directors
	  	 	18	 
		 	 3.7.
	  	 “Bad Actor” Matters
	  	 	18	 
		 	 3.8.
	  	 Termination of Board Rights
	  	 	19	 
		 	 3.9.
	  	 Subsidiary Board
	  	 	19	 
		 	 3.10.
	  	 Board Observers
	  	 	19	 
		 	 3.11.
	  	 Special Board Approval Rights
	  	 	19	 
			
	 4.
	 	 Information Rights
	  	 	20	 
		 	 4.1.
	  	 Delivery of Financial Statements
	  	 	20	 
		 	 4.2.
	  	 Inspection
	  	 	21	 
		 	 4.3.
	  	 Termination of Information Rights
	  	 	22	 
		 	 4.4.
	  	 Confidentiality
	  	 	22	 
		 	 4.5.
	  	 Impairment
	  	 	22	 
			
	 5.
	 	 Rights to Future Stock Issuances
	  	 	22	 
		 	 5.1.
	  	 Right of First Offer
	  	 	22	 
		 	 5.2.
	  	 Termination
	  	 	23	 
			
	 6.
	 	 Contingent Earnout Shares
	  	 	23	 
		 	 6.1.
	  	 Milestone Issuances
	  	 	23	 

  
 -i- 

 Certain confidential information contained in this document, marked by [***], has been omitted because
Roivant Sciences Ltd. (the “Company”) has determined that the information (i) is not material and (ii) would likely cause competitive harm to the Company if publicly disclosed. 

TABLE OF CONTENTS 

(continued) 
  

									
	 	 	 	  	Page	 
	 7.
	 	 Matters Requiring Major Investor Approval
	  	 	25	 
		 	 7.1.
	  	 Roivant and SKHC Approvals
	  	 	25	 
			
	 8.
	 	 Right to Conduct Activities
	  	 	26	 
			
	 9.
	 	 [***]
	  	 	27	 
			
	 10.
	 	 Miscellaneous
	  	 	27	 
		 	 10.1.
	  	 Successors and Assigns
	  	 	27	 
		 	 10.2.
	  	 Governing Law
	  	 	27	 
		 	 10.3.
	  	 Counterparts
	  	 	28	 
		 	 10.4.
	  	 Titles and Subtitles
	  	 	28	 
		 	 10.5.
	  	 Notices
	  	 	28	 
		 	 10.6.
	  	 Amendments and Waivers
	  	 	28	 
		 	 10.7.
	  	 Severability
	  	 	29	 
		 	 10.8.
	  	 Aggregation of Stock
	  	 	29	 
		 	 10.9.
	  	 Additional Investors
	  	 	29	 
		 	 10.10.
	  	 Entire Agreement
	  	 	29	 
		 	 10.11.
	  	 Dispute Resolution
	  	 	29	 
		 	 10.12.
	  	 Delays or Omissions
	  	 	30	 
	
	 Schedule A - Schedule of Investors
	  

  
 -ii- 

 Certain confidential information contained in this document, marked by [***], has been omitted because
Roivant Sciences Ltd. (the “Company”) has determined that the information (i) is not material and (ii) would likely cause competitive harm to the Company if publicly disclosed. 

 

 INVESTORS’ RIGHTS AGREEMENT 

THIS INVESTORS’ RIGHTS AGREEMENT (this “Agreement”), is made as of the
11th day of January, 2021, by and among Pharmavant 5, Inc., a Delaware corporation (the “Company”), and each of the entities and investors listed on Schedule A hereto
(each, an “Investor” and, collectively, the “Investors”). 
 RECITALS 

WHEREAS, the Company and SK Holdings Co., Ltd., a company organized under the laws of the Republic of Korea (“SKHC”),
are parties to that certain Subscription Agreement dated as of December 3, 2020 (the “Subscription Agreement”); and 

WHEREAS, pursuant to the terms of the Subscription Agreement, this Agreement sets forth certain rights of the Investors, including the
right to cause the Company to register shares of Common Stock issued and issuable to the Investors, the right of the Investors to participate in future equity offerings by the Company and certain other matters, including certain governance matters
relating to the Company and contingent milestone issuances of shares of Common Stock to Roivant, as set forth in this Agreement. 
 NOW,
THEREFORE, the parties hereby agree as follows: 
 1.     Definitions. For purposes of this Agreement: 

1.1.     “Affiliate” means, with respect to any specified Person, any other Person who, directly or
indirectly, controls, is controlled by, or is under common control with such Person; provided that for purposes of this Agreement neither the Company nor any Subsidiary of the Company shall be considered an Affiliate of Roivant. For purposes
of this definition, “control” when used with respect to any Person means the power to direct the management and policies of such Person, directly or indirectly, whether through the ownership of voting securities, by contract or
otherwise, and the terms “controlling” and “controlled” have correlative meanings. 

1.3.    [***] 

1.4.     “Board” or “Board of Directors” means the board of directors of the Company.

 1.5.     “Change of Control” means any (i) sale, lease, transfer, conveyance or other
disposition, in one or a series of related transactions, of all or substantially all of the business or assets of the Company and its Subsidiaries, taken as a whole, other than to a wholly owned subsidiary of the Company, (ii) the dissolution,
liquidation or winding up of the Company, or (iii) any other transaction or series of transactions (including by way of merger, consolidation or other business combination transaction) the result of which is that any Person or “group”
(as defined in Section 13 of the Exchange Act) (in each case, excluding any of the Investors) becomes the beneficial owner (as such term is defined in Rule 13d-3 and Rule
13d-5 of the Exchange Act), directly or indirectly, of more than 50% of the outstanding voting power of the Company or a Subsidiary of the Company, on a consolidated basis, provided that for the avoidance of
doubt, any change in ownership (in whole or in part) of Roivant shall not be deemed to be a “Change of Control”. 
 1.6.
    “Common Stock” means, as the context requires, shares of the Company’s common stock, par value $0.01 per share (which shall include any separate classes of common stock which may be subsequently issued
in the event the Company adopts a dual class stock structure pursuant to Section 9 or otherwise), or shares of the Listed Company’s common stock. 

 Certain confidential information contained in this document, marked by [***], has been omitted because
Roivant Sciences Ltd. (the “Company”) has determined that the information (i) is not material and (ii) would likely cause competitive harm to the Company if publicly disclosed. 

 

 1.7.     “Damages” means any loss, damage, claim or
liability (joint or several) to which a party hereto may become subject under the Securities Act, the Exchange Act, or other federal or state law, insofar as such loss, damage, claim or liability (or any action in respect thereof) arises out of or
is based upon: (i) any untrue statement or alleged untrue statement of a material fact contained in any registration statement of the Listed Company, including any preliminary prospectus or final prospectus contained therein or any amendments
or supplements thereto; (ii) an omission or alleged omission to state therein a material fact required to be stated therein, or necessary to make the statements therein not misleading; or (iii) any violation or alleged violation by the
indemnifying party (or any of its agents or Affiliates) of the Securities Act, the Exchange Act, any state securities law, or any rule or regulation promulgated under the Securities Act, the Exchange Act, or any state securities law.

 1.8.     “Derivative Securities” means any securities or rights convertible into, or exercisable or
exchangeable for (in each case, directly or indirectly), Common Stock, including options and warrants. 
 1.9.
    “Direct Listing” means a direct listing of the Common Stock for trading on a national stock exchange in which the Common Stock is first registered under Section 12(b) of the Exchange Act. 

1.10.     “Equity Incentive Plan” has the meaning set forth in the Subscription Agreement. 

1.11.     “Exchange Act” means the Securities Exchange Act of 1934, as amended, and the rules and
regulations promulgated thereunder. 
 1.12.     “Excluded Registration” means (i) a registration
relating to the sale or grant of securities to employees of the Listed Company or any of its Subsidiaries pursuant to a stock option, stock purchase, equity incentive or similar plan; (ii) a registration relating to an SEC Rule 145 transaction;
(iii) a registration on any form that does not include substantially the same information as would be required to be included in a registration statement covering the sale of the Registrable Securities; or (iv) a registration in which the
only Common Stock being registered is Common Stock issuable upon conversion of debt securities that are also being registered. 
 1.13.
    “Exempted Securities” means: 
 (a)     Common Stock or Derivative Securities
issued by reason of a dividend, stock split, split-up or other distribution on Common Stock; 
 (b)
    Common Stock or Derivative Securities issued to employees or directors of, or consultants or advisors to, the Company or any of its Subsidiaries pursuant to a plan, agreement or arrangement approved by the Board of Directors;

 (c)     Common Stock actually issued upon the exercise of options or Common Stock actually issued upon the
conversion or exchange of convertible securities, in each case provided such issuance is pursuant to the terms of such option or convertible security; 

(d)     Common Stock or Derivative Securities issued as acquisition consideration pursuant to the acquisition of another
entity by the Company by merger, purchase of substantially all of the assets or other reorganization or to a joint venture agreement, provided that such issuances are approved by the Board of Directors; or 

  
 2 

 Certain confidential information contained in this document, marked by [***], has been omitted because
Roivant Sciences Ltd. (the “Company”) has determined that the information (i) is not material and (ii) would likely cause competitive harm to the Company if publicly disclosed. 

 

 (e)     Common Stock or Derivative Securities issued in connection with
sponsored research, collaboration, license, development, OEM, supply, services, marketing or other similar agreements or strategic partnerships approved by the Board of Directors. 

1.14.     “FINRA” means the Financial Industry Regulatory Authority. 

1.15.     “First Valuation Event” means the first date on which the Listed Company or the Company, as
applicable, achieves a valuation of [***] as determined based on either (i) following the Initial Offering of the Listed Company, the volume weighted average trading price over a five (5) trading day period of the Listed Company’s
Registrable Securities on the securities exchange or trading system on which such securities are then listed or (ii) the valuation ascribed to the Listed Company or the Company, as applicable, in an equity financing involving one or more third
party accredited investors investing at least [***] in aggregate in the Listed Company or the Company, as applicable. 

1.16.     “FOIA Party” means a Person that, in the reasonable determination of the Board of Directors,
may be subject to, and thereby required to disclose non-public information furnished by or relating to the Company under, the Freedom of Information Act, 5 U.S.C. 552 (“FOIA”), any state
public records access law, any state or other jurisdiction’s laws similar in intent or effect to FOIA, or any other similar statutory or regulatory requirement. 

1.17.     “Form S-1” means such form under the Securities Act as
in effect on the date hereof or any successor registration form under the Securities Act subsequently adopted by the SEC. 
 1.18.
    “Form S-3” means such form under the Securities Act as in effect on the date hereof or any registration form under the Securities Act subsequently adopted by the SEC
that permits forward incorporation of substantial information by reference to other documents filed by the Listed Company with the SEC. 

1.19.     “Holder” means any holder of Registrable Securities who is a party to this Agreement. 

1.20.     “IFRS” means International Financial Reporting Standards, as in effect from time to time. 

1.21.     “Immediate Family Member” means a child, stepchild, grandchild, parent, stepparent,
grandparent, spouse, sibling, mother-in-law, father-in-law, son-in-law, daughter-in-law,
brother-in-law, or sister-in-law, including, adoptive relationships, of a
natural person referred to herein. 
 1.22.     “IND” means (i) an Investigational New Drug
Application filed with the U.S. Food and Drug Administration in accordance with 21 C.F.R. §312 for authorization for the investigation of a product, and (ii) any equivalent of the foregoing in any jurisdiction outside of the United States.

 1.23.     “IND Effectiveness Event” shall be deemed to have occurred: (i) subject to Section
(ii) below, in the United States and any other applicable country or regulatory jurisdiction, on the date of expiration of any required waiting period (for the initiation of any clinical trials) following the filing of an IND; provided
that, if prior to the expiration of such required waiting period, the applicable governmental or regulatory authority notifies the sponsor of such IND that a clinical study may not begin 

  
 3 

 Certain confidential information contained in this document, marked by [***], has been omitted because
Roivant Sciences Ltd. (the “Company”) has determined that the information (i) is not material and (ii) would likely cause competitive harm to the Company if publicly disclosed. 

 

 
upon the expiration of such required waiting period, then an “IND Effectiveness Event” shall be deemed to occur as of the date a clinical study may legally begin; (ii) if required
in a particular country or regulatory jurisdiction (including the United States and any such other applicable country or regulatory jurisdiction in the event such approval becomes required therefor following the Closing (as defined in the
Subscription Agreement) due to any change in applicable laws), the date of receipt of any required approval from the applicable governmental or regulatory authority to conduct a clinical study; and (iii) the date of administration of the first
dose of a product to the first subject in a human clinical trial allowable by the applicable governmental or regulatory authority, in each case whichever occurs first. 

1.24.     “Initial Offering” means the first to occur of (i) an IPO, (ii) a Direct Listing or
(iii) a SPAC Merger. 
 1.25.     “Initiating Holders” means, collectively, Holders who properly
initiate a registration request under this Agreement. 
 1.26.     “Intellectual Property” shall mean
any and all intellectual and industrial property rights and other similar proprietary rights, irrespective of where any of the same were issued in any jurisdiction throughout the world, whether registered or unregistered, including all rights
pertaining to or deriving from: (i) copyrights and works of authorship, whether or not copyrightable (“Copyrights”); (ii) patents and patent applications (collectively, “Patents”); (iii) inventions, invention
disclosures, discoveries and improvements, whether or not patentable; (iv) trade secrets (including those trade secrets defined in the Uniform Trade Secrets Act and under corresponding foreign statutory Law and common law), confidential
information, business and technical information, formulae and know-how (including those embodied in the technical reports), and rights to limit the use or disclosure thereof by any Person (collectively
“Trade Secrets”); (v) registered and unregistered trademarks, service marks, certification marks, brands, trade dress, logos and trade names and all of the goodwill of the business connected with the use thereof (collectively,
“Trademarks”); (vi) computer software and firmware, including data files, source code, object code, libraries, tools and utilities and software-related specifications and documentation (collectively “Software”);
(vii) domain names; and (viii) proprietary databases and data compilations and all documentation relating to the foregoing. 
 1.27.
    “IPO” means the Listed Company’s first underwritten public offering of its Common Stock under the Securities Act. 

1.28.     “Listed Company” means one of the Company, any Material Subsidiary or any successor entity of
the Company or any Material Subsidiary, in each case that is either (i) the issuer, in the case of an IPO, (ii) the listed entity, in the case of a Direct Listing or (iii) the target in a SPAC Merger. References herein to the
“Company” shall be deemed to refer to the Listed Company as the context requires. 
 1.29.     “Major
Investor” means any Investor that, individually or together with such Investor’s Affiliates, holds at least [***] of the then outstanding Registrable Securities. 

1.30.     “Material Subsidiary” means Oncopia and any other Subsidiary of the Company that owns a
material amount of the assets of the Company and its Subsidiaries, taken as a whole. 
 1.31.     “New
Securities” means, collectively, equity securities of the Company, whether or not currently authorized, as well as rights, options, or warrants to purchase such equity securities, or securities of any type whatsoever that are, or may
become, convertible or exchangeable into or exercisable for such equity securities. 

  
 4 

 Certain confidential information contained in this document, marked by [***], has been omitted because
Roivant Sciences Ltd. (the “Company”) has determined that the information (i) is not material and (ii) would likely cause competitive harm to the Company if publicly disclosed. 

 

 1.32.     “Oncopia” means Oncopia Therapeutics, Inc.

 1.33.     “Person” means any individual, corporation, partnership, trust, limited liability company,
association or other entity. 
 1.34.     “Public Offering” means an underwritten public offering of
Registrable Securities of the Listed Company pursuant to an effective registration statement under the Securities Act, other than an IPO or pursuant to a registration statement on Form S-4, Form F-4 or Form S-8 or any similar or successor form. 
 1.35.
    “Qualified Acquisition or Partnership” means a bona fide acquisition, partnership, alliance or other similar transaction for the discovery, development or commercialization of drug candidates and of a
type consistent with industry practice for similarly situated businesses. 
 1.36.     “Qualified Initial
Offering” means (i) an Initial Offering of the Listed Company in which the Listed Company is valued at not less than [***] by the lead underwriter of such Initial Offering, (ii) a Direct Listing of the Listed Company in which the
expected valuation of the Listed Company at the time of such Direct Listing, as determined by either the Listed Company’s financial advisor or the Board of Directors, is not less than [***] or (iii) a SPAC Merger of the Listed Company, in
which the valuation ascribed to the Listed Company by the counterparty in connection with such SPAC Merger is not less than [***]. 
 1.37.
    “Registrable Securities” means (i) the Common Stock held by any Investor; (ii) any Common Stock issued or issuable (directly or indirectly) upon conversion and/or exercise of
any other securities of the Listed Company, acquired by the Investors after the date hereof; and (iii) any Common Stock issued as (or issuable upon the conversion or exercise of any warrant, right, or other security
that is issued as) a dividend or other distribution with respect to, or in exchange for or in replacement of, the shares referenced in clauses (i) and (ii) above; excluding in all cases, however, any Registrable Securities sold by
a Person in a transaction in which the applicable rights under this Agreement are not assigned pursuant to Section 10.1, and excluding for purposes of Section 2 any shares for which registration rights have terminated
pursuant to Section 2.13 of this Agreement. 
 1.38.     “Registrable Securities then
outstanding” means the number of shares determined by adding the number of shares of outstanding Common Stock that are Registrable Securities and the number of shares of Common Stock issuable (directly or indirectly) pursuant to then
exercisable and/or convertible securities that are Registrable Securities. 
 1.39.     “Related Party”
means (i) any director or executive officer of the Company (or any of its Subsidiaries), (ii) any Immediate Family Member of a director or executive officer of the Company (or any of its Subsidiaries) or (iii) a holder of more than 5% of
the Registrable Securities then outstanding (or any outstanding capital stock of any of the Company’s Subsidiaries) or any Affiliate thereof; provided, that the Company and its Subsidiaries shall not be deemed Related Parties of
one another. 
 1.40.     “Related Party Transaction” means any agreement or transaction between the
Company (or any of its Subsidiaries), on the one hand, and a Related Party, on the other hand. 
 1.41.    
“Restricted Securities” means the securities of the Listed Company required to be notated with the legend set forth in Section 2.12(b) hereof. 

  
 5 

 Certain confidential information contained in this document, marked by [***], has been omitted because
Roivant Sciences Ltd. (the “Company”) has determined that the information (i) is not material and (ii) would likely cause competitive harm to the Company if publicly disclosed. 

 

 1.42.     “Roivant” means Roivant Sciences Ltd., an
exempted limited company organized under the laws of Bermuda. 
 1.43.     “SEC” means the Securities
and Exchange Commission. 
 1.44.     “SEC Rule 144” means Rule 144 promulgated by the SEC under
the Securities Act. 
 1.45.     “SEC Rule 145” means Rule 145 promulgated by the SEC under the
Securities Act. 
 1.46.     “Second IND Effectiveness Event” means the date on which the second
IND Effectiveness Event occurs with respect to the one of the Company’s product candidates following the Closing (as defined in the Subscription Agreement). 

1.47.     “Second Valuation Event” means the first date on which the Listed Company or the
Company, as applicable, achieves a valuation of [***] or more, as determined based on either (i) following the Initial Offering of the Listed Company, the volume weighted average trading price over a five (5) trading day period of the
Listed Company’ Registrable Securities on the securities exchange or trading system on which such securities are then listed or (ii) the valuation ascribed to the Listed Company or the Company, as applicable, in an equity financing
involving one or more third party investors investing at least [***] in aggregate in the Listed Company or the Company, as applicable,. 

1.48.     “Securities Act” means the Securities Act of 1933, as amended, and the rules and
regulations promulgated thereunder. 
 1.49.     “Selling Expenses” means all underwriting
discounts, selling commissions and stock transfer taxes applicable to the sale of Registrable Securities, and fees and disbursements of counsel for any Holder, except for the fees and disbursements of the Selling Holder Counsel borne and paid by the
Listed Company as provided in Section 2.6. 
 1.50.     “SPAC Merger” means a
merger, acquisition or other business combination involving the Listed Company and a publicly traded special purpose acquisition company or other similar entity. 

1.51.     “Specified IPO Event” means an Initial Offering of the Listed Company on The Nasdaq
Global Market, The Nasdaq Global Select Market or The New York Stock Exchange or such other securities exchange or trading or quotation system mutually agreed by Roivant and SKHC. 

1.52.     “Subsidiary” means, with respect to a specified Person, any entity of which securities or other
ownership interests having ordinary voting power to elect or designate individuals possessing a majority of the votes held by members of the board of directors, or other persons performing similar functions, are at the time directly or indirectly
owned by such Person. 
 1.53.     “US GAAP” means generally accepted accounting principles in the
United States, as in effect from time to time. 

  
 6 

 Certain confidential information contained in this document, marked by [***], has been omitted because
Roivant Sciences Ltd. (the “Company”) has determined that the information (i) is not material and (ii) would likely cause competitive harm to the Company if publicly disclosed. 

 

 2.     Registration Rights. The Company covenants and agrees as
follows: 
 2.1.     Demand Registration. 

(a)     Form S-1 Demand. If at any time after the date one hundred eighty
(180) days after the effective date of the registration statement for the Initial Offering of the Listed Company, the Listed Company receives a request from Holders of the Registrable Securities then outstanding that the Listed Company
confidentially submit or file a Form S-1 with respect to at least [***] of the Registrable Securities then outstanding (or a lesser percent if the anticipated aggregate offering price, net of Selling Expenses,
would exceed [***]), then in each case the Listed Company shall (x) within ten (10) days after the date such request is given, give notice thereof (the “Demand Notice”) to all Holders other than the Initiating Holders
(each such request shall be referred to herein as a “Demand Registration”); and (y) as soon as practicable, and in any event within sixty (60) days after the date such request is given by the Initiating Holders, initially
file or confidentially submit a Form S-1 covering all Registrable Securities that the Initiating Holders requested to be registered and any additional Registrable Securities requested to be included in
such registration by any other Holders, as specified by notice given by each such Holder to the Listed Company within twenty (20) days of the date the Demand Notice is given, and in each case, subject to the limitations of Sections
2.1(c) and 2.3. 
 (b)     Form S-3 Demand. If at any time when it
is eligible to use a Form S-3 registration statement, the Listed Company receives a request from Holders of at least [***] of the Registrable Securities then outstanding that the Listed Company file a Form S-3 with respect to outstanding Registrable Securities of such Holders having an anticipated aggregate offering price, net of Selling Expenses, of at least [***] then the Listed Company shall (x) within ten
(10) days after the date such request is given, give a Demand Notice to all Holders other than the Initiating Holders; and (y) as soon as practicable, and in any event within forty-five (45) days after the date such request is given
by the Initiating Holders, file a Form S-3 (or file a post-effective amendment to an effective Form S-3, as applicable and at the Listed Company’s sole discretion)
covering all Registrable Securities requested to be included in such registration by any other Holders, as specified by notice given by each such Holder to the Listed Company within twenty (20) days of the date the Demand Notice is given, and
in each case, subject to the limitations of Sections 2.1(c) and 2.3. The Listed Company shall only be required to effectuate one Public Offering from any such Form S-3 registration within any six-month period. 
 (c)     Notwithstanding the foregoing obligations, if the Listed
Company furnishes to Holders requesting a registration pursuant to this Section 2.1 a certificate signed by the chief executive officer of the Listed Company or a wholly owned Subsidiary of the Listed Company stating that in the good
faith judgment of the Board of Directors it would be materially detrimental to the Listed Company and its stockholders for such registration statement to either become effective or remain effective for as long as such registration statement
otherwise would be required to remain effective, because such action would (i) materially interfere with a significant acquisition, corporate reorganization, or other similar transaction involving the Listed Company; (ii) require premature
disclosure of material information that the Listed Company has a bona fide business purpose for preserving as confidential; or (iii) upon advice of counsel, render the Listed Company unable to comply with requirements under the
Securities Act or Exchange Act, then the Listed Company shall have the right to defer taking action with respect to such filing, and any time periods with respect to filing or effectiveness thereof shall be tolled correspondingly, for a period of
not more than one hundred twenty (120) days after the request of the Initiating Holders is given; provided, however, that the Listed Company may not invoke this right more than once in any twelve (12) month period; and
provided further that the Listed Company shall not register any securities for its own account or that of any other stockholder during such one hundred twenty (120) day period other than an Excluded Registration. 

(d)     The Listed Company shall not be obligated to effect, or to take any action to effect, any registration pursuant
to Section 2.1(a) (i) during the period that is thirty (30) days before the Listed Company’s good faith estimate of the date of the earlier of confidential submission or filing of, and ending on a date that is
ninety (90) days after the effective date of, a Listed Company 

  
 7 

 Certain confidential information contained in this document, marked by [***], has been omitted because
Roivant Sciences Ltd. (the “Company”) has determined that the information (i) is not material and (ii) would likely cause competitive harm to the Company if publicly disclosed. 

 

 
initiated registration, provided that the Listed Company is actively employing in good faith reasonable best efforts to cause such registration statement to become effective;
(ii) after the Listed Company has effected two (2) Demand Registrations by each Investor; or (iii) if the Initiating Holders propose to dispose of shares of Registrable Securities that may be immediately registered on Form S-3 pursuant to a request made pursuant to Section 2.1(b). A registration shall not be counted as “effected” for purposes of this Section 2.1(d) until such time as the applicable
registration statement has been declared effective by the SEC, unless the Initiating Holders withdraw their request for such registration, elect not to pay the registration expenses therefor, and forfeit their right to one registration pursuant to
Section 2.6, in which case such withdrawn registration statement shall be counted as “effected” for purposes of this Section 2.1(d); provided, that if such withdrawal is during a period the Listed Company has deferred
taking action pursuant to Section 2.1(c), then the Initiating Holders may withdraw their request for registration and such registration will not be counted as “effected” for purposes of this Section 2.1(d). 

2.2.     Listed Company Registration. If the Listed Company proposes to register (including, for this purpose, a
registration effected by the Listed Company for stockholders other than the Holders) any of its Common Stock under the Securities Act in connection with the public offering of such securities solely for cash (other than an Initial Offering or in an
Excluded Registration), the Listed Company shall, at such time, promptly give each Holder notice of such registration. Upon the request of each Holder given within ten (10) days after such notice is given by the Listed Company, the Listed
Company shall, subject to the provisions of Section 2.3, cause to be registered all of the Registrable Securities that each such Holder has requested to be included in such registration. The Listed Company shall have the right to
terminate or withdraw any registration initiated by it under this Section 2.2 before the effective date of such registration, whether or not any Holder has elected to include Registrable Securities in such registration. The expenses
(other than Selling Expenses) of such withdrawn registration shall be borne by the Listed Company in accordance with Section 2.6. 

2.3.     Underwriting Requirements. 

(a)     If, pursuant to Section 2.1, the Initiating Holders intend to distribute the Registrable
Securities covered by their request by means of an underwriting, they shall so advise the Listed Company as a part of their request made pursuant to Section 2.1, and the Listed Company shall include such information in the Demand Notice.
The underwriter(s) will be selected by the Listed Company and shall be reasonably acceptable to a majority in interest of the Initiating Holders. In such event, the right of any Holder to include such Holder’s Registrable Securities in such
registration shall be conditioned upon such Holder’s participation in such underwriting and the inclusion of such Holder’s Registrable Securities in the underwriting to the extent provided herein. All Holders proposing to distribute their
securities through such underwriting shall (together with the Listed Company as provided in Section 2.4(e)) enter into an underwriting agreement in customary form with the underwriter(s) selected for such underwriting; provided,
however, that no Holder (or any of their assignees) shall be required to make any representations, warranties or indemnities except as they relate to such Holder’s ownership of shares and authority to enter into the underwriting
agreement and to such Holder’s intended method of distribution, and the liability of such Holder shall be several and not joint, and limited to an amount equal to the net proceeds from the offering received by such Holder. Notwithstanding any
other provision of this Section 2.3, if the managing underwriter(s) advise(s) the Initiating Holders in writing that marketing factors require a limitation on the number of shares to be underwritten, then the Initiating Holders shall so
advise all Holders of Registrable Securities that otherwise would be underwritten pursuant hereto, and the number of Registrable Securities that may be included in the underwriting shall be allocated as follows: (i) first, to the Initiating
Holders based on the pro rata percentage of Registrable Securities held by such Initiating Holders; (ii) second, each Holder requesting to include Registrable Securities in such registration statement based on the pro rata
percentage of Registrable Securities held by such Holder; and (iii) third, to the Listed Company, which the Listed Company may allocate, at its discretion, for its own account, or for the account of other holders or employees of the Listed
Company; provided, however, that the number of Registrable Securities held by the Initiating Holders to be included in such underwriting shall not be reduced unless all other securities are first entirely excluded from the
underwriting. 

  
 8 

 Certain confidential information contained in this document, marked by [***], has been omitted because
Roivant Sciences Ltd. (the “Company”) has determined that the information (i) is not material and (ii) would likely cause competitive harm to the Company if publicly disclosed. 

 

 
To facilitate the allocation of shares in accordance with the above provisions, the Listed Company or the underwriters may round the number of shares allocated to any Holder to the nearest one
hundred (100) shares. 
 (b)     In connection with any offering involving an underwriting of shares of the Listed
Company’s capital stock pursuant to Section 2.2, the Listed Company shall not be required to include any of the Holders’ Registrable Securities in such underwriting unless the Holders accept the terms of the underwriting as may
be reasonably agreed upon between the Listed Company and its underwriters, and then only in such quantity as the underwriters in their sole discretion determine will not jeopardize the success of the offering by the Listed Company. If the total
number of securities, including Registrable Securities, requested by stockholders to be included in such offering exceeds the number of securities to be sold (other than by the Listed Company) that the underwriters in their reasonable discretion
determine is compatible with the success of the offering, then the Listed Company shall be required to include in the offering only that number of such securities, including Registrable Securities, which the underwriters and the Listed Company in
their sole discretion reasonably determine will not jeopardize the success of the offering. If the underwriters determine that less than all of the Registrable Securities requested to be registered can be included in such offering, then the
Registrable Securities that are included in such offering shall be allocated as follows: (i) first, to the Initiating Holders based on the pro rata percentage of Registrable Securities held by such Initiating Holders; and
(ii) second, among all Holders requesting to include Registrable Securities in such registration statement based on the pro rata percentage of Registrable Securities held by such Holders. To facilitate the allocation of shares in
accordance with the above provisions, the Listed Company or the underwriters may round the number of shares allocated to any Holder to the nearest one hundred (100) shares. Notwithstanding the foregoing, in no event shall (i) the number of
Registrable Securities included in the offering be reduced unless all other securities (other than securities to be sold by the Listed Company) are first entirely excluded from the offering, or (ii) the number of Registrable Securities included
in the offering be reduced below thirty percent (30%) of the total number of securities included in such offering. For purposes of the provision in this Section 2.3(b) concerning apportionment, for any selling Holder that is a
partnership, limited liability company, or corporation, the partners, members, retired partners, retired members, stockholders, and Affiliates of such Holder, or the estates and Immediate Family Members of any such partners, retired partners,
members, and retired members and any trusts for the benefit of any of the foregoing Persons, shall be deemed to be a single “selling Holder,” and any pro rata reduction with respect to such “selling Holder” shall be based
upon the aggregate number of Registrable Securities owned by all Persons included in such “selling Holder,” as defined in this sentence. 

2.4.     Obligations of the Listed Company. Whenever required under this Section 2 to effect the
registration of any Registrable Securities, the Listed Company shall, as expeditiously as reasonably possible: 

(a)     prepare and file with the SEC a registration statement with respect to such Registrable Securities and use its
reasonable best efforts to cause such registration statement to become effective and, upon the request of the Holders of a majority of the Registrable Securities registered thereunder, keep such registration statement effective for a period of up to
one hundred twenty (120) days or, if earlier, until the distribution contemplated in the registration statement has been completed; provided, however, that (i) such one hundred twenty (120) day period shall be extended
for a period of time equal to the period the Holder refrains, at the request of an underwriter of Common Stock (or other securities) of the Listed Company, from selling any securities included in such registration, and (ii) in the case of any
registration of Registrable Securities on Form S-3 that are intended to be offered on a continuous or delayed basis, subject to compliance with applicable SEC rules, such one hundred twenty (120) day
period shall be extended for up to sixty (60) days, if necessary, to keep the registration statement effective until all such Registrable Securities are sold; 

  
 9 

 Certain confidential information contained in this document, marked by [***], has been omitted because
Roivant Sciences Ltd. (the “Company”) has determined that the information (i) is not material and (ii) would likely cause competitive harm to the Company if publicly disclosed. 

 

 (b)     prepare and file with the SEC such amendments and supplements to
such registration statement, and the prospectus used in connection with such registration statement, as may be necessary to comply with the Securities Act in order to enable the disposition of all securities covered by such registration statement;

 (c)     furnish to the selling Holders such numbers of copies of a prospectus, including a preliminary prospectus,
as required by the Securities Act, and such other documents as the Holders may reasonably request in order to facilitate their disposition of their Registrable Securities; 

(d)     use its reasonable best efforts to register and qualify the securities covered by such registration statement
under such other securities or blue-sky laws of such jurisdictions as shall be reasonably requested by the selling Holders; provided that the Listed Company shall not be required to qualify to do
business or to file a general consent to service of process in any such states or jurisdictions, unless the Listed Company is already subject to service in such jurisdiction and except as may be required by the Securities Act; 

(e)     in the event of any underwritten public offering, enter into and perform its obligations under an underwriting
agreement, in usual and customary form, with the underwriter(s) of such offering and take all such other actions as the Initiating Holders or the underwriters, if any, reasonably request in order to expedite or facilitate the disposition of such
Registrable Securities (including, without limitation, making available the executive officers of the Listed Company and participating in “road shows,” investor presentations, marketing events and other selling efforts and effecting a
share split or combination, recapitalization or reorganization); 
 (f)     (x) use its reasonable best efforts to
cause all such Registrable Securities covered by such registration statement to be listed on a national securities exchange or trading system and each securities exchange and trading system (if any) on which similar securities issued by the Listed
Company are then listed and, without limiting the generality of the foregoing, to arrange for at least two market markers to register as such with respect to such Registrable Securities with FINRA, and (y) comply (and continue to comply) with
the requirements of any self-regulatory organization applicable to the Listed Company, including without limitation all corporate governance requirements; 

(g)     provide a transfer agent and registrar for all Registrable Securities registered pursuant to this Agreement and
provide a CUSIP number for all such Registrable Securities, in each case not later than the effective date of such registration; 
 (h)
    promptly make available for inspection by the selling Holders, any managing underwriter(s) participating in any disposition pursuant to such registration statement, and any attorney or accountant or other agent retained by
any such underwriter or selected by the selling Holders, all financial and other records, pertinent corporate documents, and properties of the Listed Company, and cause the Listed Company’s officers, directors, employees, and independent
accountants to supply all information reasonably requested by any such seller, underwriter, attorney, accountant, or agent, in each case, as necessary or advisable to verify the accuracy of the information in such registration statement and to
conduct appropriate due diligence in connection therewith; 
 (i)     comply with all applicable rules and regulations
of the SEC, and make available to its security holders, as soon as reasonably practicable, an earnings statement covering the period of at least twelve (12) months beginning with the first day of the Listed Company’s first full calendar
quarter after the effective date of the registration statement, which earnings statement will satisfy the provisions of Section 11(a) of the Securities Act and Rule 158 thereunder; 

  
 10 

 Certain confidential information contained in this document, marked by [***], has been omitted because
Roivant Sciences Ltd. (the “Company”) has determined that the information (i) is not material and (ii) would likely cause competitive harm to the Company if publicly disclosed. 

 

 (j)     permit any Holder which, in its sole and exclusive judgment,
might be deemed to be an underwriter or a controlling person of the Listed Company, to participate in the preparation of such registration or comparable statement and to allow such Holder to insert language therein, in form and substance
satisfactory to the Listed Company and provided to the Listed Company in writing, which in the reasonable judgment of such Holder and its counsel should be included; 

(k)     use reasonable best efforts to (x) make available the sale of Registrable Securities pursuant to Form S-3 and (y) prevent the issuance of any stop order suspending the effectiveness of a registration statement, or the issuance of any order suspending or preventing the use of any related prospectus or suspending
the qualification of any Ordinary Shares included in such registration statement for sale in any jurisdiction, and in the event any such order is issued, use reasonable best efforts to obtain the withdrawal of such order; 

(l)     use its reasonable best efforts to cause such Registrable Securities covered by such registration
statement to be registered with or approved by such other governmental agencies or authorities as may be necessary to enable the sellers thereof to consummate the disposition of such Registrable Securities; 

(m)     cooperate with the Holders covered by the registration statement and the managing underwriter or agent, if any,
to facilitate the timely preparation and delivery of certificates (not bearing any restrictive legends) representing securities to be sold under the registration statement, or the removal of any restrictive legends associated with any account at
which such securities are held, and enable such securities to be in such denominations and registered in such names as the managing underwriter, or agent, if any, or such Holders may request; 

(n)     if requested by any managing underwriter, include in any prospectus or prospectus supplement updated financial or
business information for the Listed Company’s most recent period or current quarterly period (including estimated results or ranges of results) if required for purposes of marketing the offering in the view of the managing underwriter; 

(o)     take no direct or indirect action prohibited by Regulation M under the Exchange Act; provided,
however, that to the extent that any prohibition is applicable to the Listed Company, the Listed Company will use its reasonable best efforts to take such action as is necessary to make any such prohibition inapplicable; 

(p)     cooperate with each Holder covered by the registration statement and each underwriter or agent participating in
the disposition of such Registrable Securities and their respective counsel in connection with the preparation and filing of applications, notices, registrations and responses to requests for additional information with FINRA, the New York Stock
Exchange, Nasdaq or any other national securities exchange on which the Common Shares are or are to be listed, and to the extent required by the rules and regulations of FINRA, retain a qualified independent underwriter acceptable to the managing
underwriter; 
 (q)     in the case of any underwritten offering, use its reasonable best efforts to obtain, and
deliver to the underwriter(s), in the manner and to the extent provided for in the applicable underwriting agreement, one or more cold comfort letters from the Listed Company’s independent public accountants in customary form and covering such
matters of the type customarily covered by cold comfort letters; 

  
 11 

 Certain confidential information contained in this document, marked by [***], has been omitted because
Roivant Sciences Ltd. (the “Company”) has determined that the information (i) is not material and (ii) would likely cause competitive harm to the Company if publicly disclosed. 

 

 (r)     use its reasonable best efforts to provide (x) a legal
opinion of the Listed Company’s outside counsel, dated the effective date of such registration statement addressed to the Listed Company, (y) on the date that such Registrable Securities are delivered to the underwriters for sale in
connection with a Demand Registration, if such securities are being sold through underwriters, (A) one or more legal opinions of the Listed Company’s outside counsel, dated such date, in form and substance as customarily given to
underwriters in an underwritten public offering and (B) one or more “negative assurances letters” of the Listed Company’s outside counsel, dated such date, in form and substance as is customarily given to underwriters in an
underwritten public offering, addressed to the underwriters, and (z) customary certificates executed by authorized officers of the Listed Company as may be requested by any Holder or any underwriter of such Registrable Securities; 

(s)     notify each selling Holder, promptly after the Listed Company receives notice thereof, (i) the issuance by
the SEC of any stop order suspending the effectiveness of any registration statement or the initiation of any proceedings for that purpose, (ii) the receipt by the Listed Company or its counsel of any notification with respect to the suspension
of the qualification of the Registrable Securities for sale in any jurisdiction or the initiation or threatening of any proceeding for such purpose, (iii) the effectiveness of each registration statement filed, of the time when such
registration statement has been declared effective or a supplement to any prospectus forming a part of such registration statement has been filed; and (iv) after such registration statement becomes effective, notify each selling Holder of any
request by the SEC that the Listed Company amend or supplement such registration statement or prospectus. 
 In addition, the Listed Company shall ensure
that, at all times after any registration statement covering a public offering of securities of the Listed Company under the Securities Act shall have become effective, its insider trading policy shall provide that the Listed Company’s
directors may implement a trading program under Rule 10b5-1 of the Exchange Act. 
 2.5.
    Furnish Information. It shall be a condition precedent to the obligations of the Listed Company to take any action pursuant to this Section 2 with respect to the Registrable Securities of any selling Holder
that such Holder shall furnish to the Listed Company such information regarding itself, the Registrable Securities held by it, and the intended method of disposition of such securities as is reasonably required to effect the registration of such
Holder’s Registrable Securities. 
 2.6.     Expenses of Registration. All expenses (other than Selling
Expenses) incurred in connection with registrations, filings, or qualifications pursuant to Section 2, including all registration, filing, and qualification fees; printers’ and accounting fees; fees and disbursements of counsel for
the Listed Company; and the reasonable fees and disbursements, not to exceed [***] of one counsel for the selling Holders (the “Selling Holder Counsel”) selected by the Holders of a majority of the Registrable Securities to
be registered shall be borne and paid by the Listed Company; provided, however, that the Listed Company shall not be required to pay for any expenses of any registration proceeding begun pursuant to Section 2.1 if the
registration request is subsequently withdrawn at the request of the Holders of a majority of the Registrable Securities to be registered (in which case all selling Holders shall bear such expenses pro rata based upon the number of
Registrable Securities that were to be included in the withdrawn registration); provided further that if, at the time of such withdrawal, the Holders shall have learned of a material adverse change in the condition, business, or
prospects of the Listed Company from that known to the Holders at the time of their request and have withdrawn the request with reasonable promptness after learning of such information then the Holders shall not be required to pay any of such
expenses and shall not forfeit their right to one registration pursuant to 

  
 12 

 Certain confidential information contained in this document, marked by [***], has been omitted because
Roivant Sciences Ltd. (the “Company”) has determined that the information (i) is not material and (ii) would likely cause competitive harm to the Company if publicly disclosed. 

 

 
Sections 2.1(a) or 2.1(b). All Selling Expenses relating to Registrable Securities registered pursuant to this Section 2 shall be borne and paid by the Holders pro
rata on the basis of the number of Registrable Securities registered on their behalf. 
 2.7.     Delay of
Registration. No Holder shall have any right to obtain or seek an injunction restraining or otherwise delaying any registration pursuant to this Agreement as the result of any controversy that might arise with respect to the interpretation or
implementation of this Section 2. 
 2.8.     Indemnification. If any Registrable Securities are
included in a registration statement under this Section 2: 
 (a)     To the fullest extent permitted by law and
without limitation as to time, the Listed Company will indemnify and hold harmless each selling Holder, its Affiliates and each Holder’s and it respective Affiliates’ partners, managers, stockholders, fiduciaries, direct and indirect
equityholders, members, officers, directors, employees, agents, and stockholders, legal counsel, representatives, consultants and accountants and any successors or assigns of the foregoing for each such Holder (each, an “Indemnified
Person”); any underwriter (as defined in the Securities Act) for each such Holder; and each Person, if any, who controls such Holder or underwriter within the meaning of the Securities Act or the Exchange Act, against any Damages, and the
Listed Company will pay to each such Holder, underwriter, controlling Person, or other Indemnified Person any legal or other expenses reasonably incurred thereby in connection with investigating or defending any claim or proceeding from which
Damages may result, as such expenses are incurred; and the Listed Company will pay to each selling Holder and each other aforementioned Person any legal or other expenses reasonably incurred thereby in connection with investigating or defending any
claim or proceeding from which Damages may result, as such expenses are incurred; provided, however, the indemnity agreement contained in this Section 2.8(a) (a)shall not apply to amounts paid in settlement of any
such claim or proceeding if such settlement is effected without the consent of the Listed Company, which consent shall not be unreasonably withheld, nor shall the Listed Company be liable for any Damages to the extent that they arise out of or are
based upon actions or omissions made in reliance upon and in conformity with written information furnished by or on behalf of any such Holder, underwriter, controlling Person, or other Indemnified Person expressly for use in connection with such
registration. 
 (b)     To the fullest extent permitted by law and without limitation as to time, each selling Holder,
severally and not jointly, will indemnify and hold harmless the Listed Company, and each of its directors, each of its officers who has signed the registration statement, each Person (if any), who controls the Listed Company within the meaning of
the Securities Act, legal counsel and accountants for the Listed Company, any underwriter (as defined in the Securities Act), any other Holder selling securities in such registration statement, and any controlling Person of any such underwriter or
other Holder, against any Damages, in each case only to the extent that such Damages arise out of or are based upon actions or omissions made in reliance upon and in conformity with written information furnished by or on behalf of such selling
Holder expressly for use in connection with such registration; and each such selling Holder will pay to the Listed Company and each other aforementioned Person any legal or other expenses reasonably incurred thereby in connection with investigating
or defending any claim or proceeding from which Damages may result, as such expenses are incurred; provided, however, that the indemnity agreement contained in this Section 2.8(b) shall not apply to amounts paid in
settlement of any such claim or proceeding if such settlement is effected without the consent of the Holder, which consent shall not be unreasonably withheld; and provided further that in no event shall the aggregate amounts payable by
any Holder by way of indemnity or contribution under Sections 2.8(b) and 2.8(d)2.8(d) exceed the proceeds from the offering received by such Holder (net of any Selling Expenses paid by such Holder), except in the case of fraud or
willful misconduct by such Holder. 

  
 13 

 Certain confidential information contained in this document, marked by [***], has been omitted because
Roivant Sciences Ltd. (the “Company”) has determined that the information (i) is not material and (ii) would likely cause competitive harm to the Company if publicly disclosed. 

 

 (c)     Promptly after receipt by an indemnified party under this
Section 2.8 of notice of the commencement of any action (including any governmental action) for which a party may be entitled to indemnification hereunder, such indemnified party will, if a claim in respect thereof is to be made against
any indemnifying party under this Section 2.8, give the indemnifying party notice of the commencement thereof. The indemnifying party shall have the right to participate in such action and, to the extent the indemnifying party so
desires, participate jointly with any other indemnifying party to which notice has been given, and to assume the defense thereof with counsel mutually satisfactory to the parties; provided, however, that an indemnified party (together
with all other indemnified parties that may be represented without conflict by one counsel) shall have the right to retain one separate counsel, with the fees and expenses to be paid by the indemnifying party, if representation of such indemnified
party by the counsel retained by the indemnifying party would be inappropriate due to actual or potential differing interests between such indemnified party and any other party represented by such counsel in such action. The failure to give notice
to the indemnifying party within a reasonable time of the commencement of any such action shall relieve such indemnifying party of any liability to the indemnified party under this Section 2.8, to the extent that such failure materially
prejudices the indemnifying party’s ability to defend such action. The failure to give notice to the indemnifying party will not relieve it of any liability that it may have to any indemnified party otherwise than under this
Section 2.8. 
 (d)     To provide for just and equitable contribution to joint liability under the
Securities Act in any case in which either: (i) any party otherwise entitled to indemnification hereunder makes a claim for indemnification pursuant to this Section 2.8 but it is judicially determined (by the entry of a final
judgment or decree by a court of competent jurisdiction and the expiration of time to appeal or the denial of the last right of appeal) that such indemnification may not be enforced in such case, notwithstanding the fact that this
Section 2.8 provides for indemnification in such case, or (ii) contribution under the Securities Act may be required on the part of any party hereto for which indemnification is provided under this Section 2.8, then, and
in each such case, such parties will contribute to the aggregate losses, claims, damages, liabilities, or expenses to which they may be subject (after contribution from others) in such proportion as is appropriate to reflect the relative fault of
each of the indemnifying party and the indemnified party in connection with the statements, omissions, or other actions that resulted in such loss, claim, damage, liability, or expense, as well as to reflect any other relevant equitable
considerations. The relative fault of the indemnifying party and of the indemnified party shall be determined by reference to, among other things, whether the untrue or allegedly untrue statement of a material fact, or the omission or alleged
omission of a material fact, relates to information supplied by the indemnifying party or by the indemnified party and the parties’ relative intent, knowledge, access to information, and opportunity to correct or prevent such statement or
omission; provided, however, that, in any such case (x) no Holder will be required to contribute any amount in excess of the public offering price of all such Registrable Securities offered and sold by such Holder pursuant to such
registration statement, and (y) no Person guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the Securities Act) will be entitled to contribution from any Person who was not guilty of such fraudulent
misrepresentation; and provided further that in no event shall a Holder’s liability pursuant to this Section 2.8(d), when combined with the amounts paid or payable by such Holder pursuant to Section 2.8(b)
exceed the proceeds from the offering received by such Holder (net of any Selling Expenses paid by such Holder), except in the case of willful misconduct or fraud by such Holder. 

(e)     Notwithstanding the foregoing, to the extent that the provisions on indemnification and contribution contained in
the underwriting agreement entered into in connection with the underwritten public offering are in conflict with the foregoing provisions, the provisions in the underwriting agreement shall control. 

(f)     Unless otherwise superseded by an underwriting agreement entered into in connection with the underwritten public
offering, the obligations of the Listed Company and Holders under this Section 2.8 shall survive the completion of any offering of Registrable Securities in a registration under this Section 2, and otherwise shall survive the
termination of this Agreement. 

  
 14 

 Certain confidential information contained in this document, marked by [***], has been omitted because
Roivant Sciences Ltd. (the “Company”) has determined that the information (i) is not material and (ii) would likely cause competitive harm to the Company if publicly disclosed. 

 

 2.9.     Reports Under Exchange Act. With a view to making
available to the Holders the benefits of SEC Rule 144 and any other rule or regulation of the SEC that may at any time permit a Holder to sell securities of the Listed Company to the public without registration or pursuant to a registration on Form S-3, the Listed Company shall: 
 (a)     make and keep available adequate current
public information, as those terms are understood and defined in SEC Rule 144, at all times after the effective date of the registration statement filed by the Listed Company for the Initial Offering; 

(b)     use reasonable best efforts to file with the SEC in a timely manner all reports and other documents required of
the Listed Company under the Securities Act and the Exchange Act (at any time after the Listed Company has become subject to such reporting requirements); and 

(c)     furnish to any Holder, so long as the Holder owns any Registrable Securities, forthwith upon request (i) to
the extent accurate, a written statement by the Listed Company that it has complied with the reporting requirements of SEC Rule 144 (at any time after ninety (90) days after the effective date of the registration statement filed by the Listed
Company for the Initial Offering of the Listed Company), the Securities Act, and the Exchange Act (at any time after the Listed Company has become subject to such reporting requirements), or that it qualifies as a registrant whose securities may be
resold pursuant to Form S-3 (at any time after the Listed Company so qualifies); and (ii) such other information as may be reasonably requested in availing any Holder of any rule or regulation of the SEC
that permits the selling of any such securities without registration (at any time after the Listed Company has become subject to the reporting requirements under the Exchange Act) or pursuant to Form S-3 (at
any time after the Listed Company so qualifies to use such form). 
 2.10.     Limitations on Subsequent Registration
Rights. From and after the date of this Agreement, the Listed Company shall not, without the prior written consent of the Holders of a majority of the Registrable Securities then outstanding, enter into any agreement with any holder or
prospective holder of any securities of the Listed Company that would (i) provide to such holder the right to include securities in any registration on other than either a pro rata basis with respect to the Registrable Securities or on a
subordinate basis after all of the Holders have had the opportunity to include in the registration and offering all Registrable Securities that they wish to so include or (ii) allow such holder or prospective holder to initiate a demand for
registration of any securities held by such holder or prospective holder; provided that this limitation shall not apply to Registrable Securities acquired by any additional Investor that becomes a party to this Agreement in accordance with
Section 10.9. 
 2.11.     “Market Stand-off”
Agreement. Each Holder hereby agrees that it will not, without the prior written consent of the managing underwriter(s), during the period commencing on the date of the final prospectus relating to the registration by the Listed Company or any
successor of the Listed Company of shares of its Common Stock or any other equity securities under the Securities Act on a registration statement on Form S-1 or Form
S-3, and ending on the date specified by the Listed Company and the managing underwriter (such period not to exceed one hundred eighty (180) days): (i) lend; pledge; sell; contract to sell; sell any
option or contract to purchase; purchase any option or contract to sell; grant any option, right, or warrant to purchase; or otherwise transfer or dispose of, directly or indirectly, any shares of Common Stock or any securities convertible into or
exercisable or exchangeable (directly or indirectly) for Common Stock or (ii) enter into any swap or other arrangement that transfers to another, in whole or in part, any of the economic consequences of ownership of such securities,
whether any such transaction described in clause (i) or (ii) above is to be settled by delivery of Common Stock or other securities, in cash, or otherwise. 

  
 15 

 Certain confidential information contained in this document, marked by [***], has been omitted because
Roivant Sciences Ltd. (the “Company”) has determined that the information (i) is not material and (ii) would likely cause competitive harm to the Company if publicly disclosed. 

 

 
The foregoing provisions of this Section 2.11 shall apply only to the IPO, shall not apply to the sale of any shares to an underwriter pursuant to an underwriting agreement, or the
transfer of any shares to any trust for the direct or indirect benefit of the Holder or the immediate family of the Holder, provided that the trustee of the trust agrees to be bound in writing by the restrictions set forth herein, and
provided further that any such transfer shall not involve a disposition for value, and shall be applicable to the Holders only if all officers and directors are subject to the same restrictions and the Listed Company obtains a similar
agreement from all stockholders individually owning more than one percent (1%) of the Listed Company’s outstanding Common Stock. The underwriters in connection with such registration are intended third-party beneficiaries of this
Section 2.11 and shall have the right, power and authority to enforce the provisions hereof as though they were a party hereto. Each Holder further agrees to execute such agreements as may be reasonably requested by the underwriters in
connection with such registration that are consistent with this Section 2.11 or that are necessary to give further effect thereto. Any discretionary waiver or termination of the restrictions of any or all of such agreements by the Listed
Company or the underwriters shall apply pro rata to all Listed Company stockholders that are subject to such agreements, based on the number of shares subject thereto. In order to enforce the foregoing covenant, the Listed Company may impose
stop transfer instructions with respect to the Registrable Securities (and the securities of every other Person subject to the foregoing restriction) until the end of such period. 

2.12.     Restrictions on Transfer. 

(a)     Except as provided in the Right of First Refusal, Co-Sale and Drag-Sale
Agreement (as defined in the Subscription Agreement) and as contemplated and permitted under Section 10.1 hereof, the Registrable Securities shall not be sold, pledged, or otherwise transferred, and the Listed Company shall not recognize and
shall issue stop-transfer instructions to its transfer agent with respect to any such sale, pledge, or transfer, except in accordance with the conditions specified in this Agreement, which conditions are intended to ensure compliance with the
provisions of the Securities Act. A transferring Holder will cause any proposed purchaser, pledgee, or transferee of the Registrable Securities held by such Holder to agree to take and hold such securities subject to the provisions and upon the
conditions specified in this Agreement. 
 (b)     Each certificate, instrument, or book entry representing
(i) the Registrable Securities and any other securities issued in respect of the Registrable Securities upon any stock split, stock dividend, recapitalization, merger, consolidation, or similar event, shall (unless otherwise permitted by the
provisions of Section 2.12(c)) be notated with a legend substantially in the following form: 
 THE SECURITIES
REPRESENTED HEREBY HAVE BEEN ACQUIRED FOR INVESTMENT AND HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933. SUCH SHARES MAY NOT BE SOLD, PLEDGED, OR TRANSFERRED IN THE ABSENCE OF SUCH REGISTRATION OR A VALID EXEMPTION FROM THE REGISTRATION
AND PROSPECTUS DELIVERY REQUIREMENTS OF SAID ACT. 
 THE SECURITIES REPRESENTED HEREBY MAY BE TRANSFERRED ONLY IN ACCORDANCE
WITH THE TERMS OF AN AGREEMENT BETWEEN THE COMPANY AND THE STOCKHOLDER, A COPY OF WHICH IS ON FILE WITH THE SECRETARY OF THE COMPANY. 
 The
Holders consent to the Listed Company making a notation in its records and giving instructions to any transfer agent of the Restricted Securities in order to implement the restrictions on transfer set forth in this Section 2.12. 

  
 16 

 Certain confidential information contained in this document, marked by [***], has been omitted because
Roivant Sciences Ltd. (the “Company”) has determined that the information (i) is not material and (ii) would likely cause competitive harm to the Company if publicly disclosed. 

 

 (c)     The holder of such Restricted Securities, by acceptance of
ownership thereof, agrees to comply in all respects with the provisions of this Section 2. Before any proposed sale, pledge, or transfer of any Restricted Securities, unless there is in effect a registration statement under the
Securities Act covering the proposed transaction, the Holder thereof shall give notice to the Listed Company of such Holder’s intention to effect such sale, pledge, or transfer. Each such notice shall describe the manner and circumstances of
the proposed sale, pledge, or transfer in sufficient detail and, if reasonably requested by the Listed Company, shall be accompanied at such Holder’s expense by either (i) a written opinion of legal counsel who shall, and whose legal
opinion shall, be reasonably satisfactory to the Listed Company, addressed to the Listed Company, to the effect that the proposed transaction may be effected without registration under the Securities Act; (ii) a “no action” letter
from the SEC to the effect that the proposed sale, pledge, or transfer of such Restricted Securities without registration will not result in a recommendation by the staff of the SEC that action be taken with respect thereto; or (iii) any other
evidence reasonably satisfactory to counsel to the Listed Company to the effect that the proposed sale, pledge, or transfer of the Restricted Securities may be effected without registration under the Securities Act, whereupon the Holder of such
Restricted Securities shall be entitled to sell, pledge, or transfer such Restricted Securities in accordance with the terms of the notice given by the Holder to the Listed Company. The Listed Company will not require such a legal opinion or
“no action” letter (x) in any transaction in compliance with SEC Rule 144 or Regulation S; or (y) in any transaction in which such Holder distributes Restricted Securities to an Affiliate of such Holder for no consideration;
provided that each transferee agrees in writing to be subject to the terms of this Section 2.12. Each certificate, instrument, or book entry representing the Restricted Securities transferred as above provided shall be notated
with, except if such transfer is made pursuant to SEC Rule 144 or Regulation S, the appropriate restrictive legend set forth in Section 2.12(b), except that such certificate instrument, or book entry shall not be notated with such
restrictive legend if, in the opinion of counsel for such Holder and the Listed Company, such legend is not required in order to establish compliance with any provisions of the Securities Act. 

2.13.     Termination of Registration Rights. The right of any Holder to request registration or inclusion of
Registrable Securities in any registration pursuant to Sections 2.1 or 2.2 shall terminate upon a Change of Control. 

3.    Composition of the Board of Directors. 

3.1.     Size of the Board of Directors. Subject to the terms of Section 3.7, each Holder agrees to vote all
shares of Common Stock in such manner as may be necessary to ensure that the size of the Board shall be no less than three (3) directors, including any Chairperson thereof. 

3.2.     Election of the Board of Directors. Each Holder agrees to vote, or cause to be voted, all shares of Common
Stock owned by such Holder, or over which such Holder has voting control, from time to time and at all times, in whatever manner as shall be necessary to ensure that at each annual or special meeting of stockholders at which an election of directors
is held or pursuant to any written consent of the stockholders, subject to Section 3.7, the following designees (each a “Designee”) shall be elected to the Board: 

(a)     Inclusive of the director that SKHC is entitled to designate under Section 3.2(b), SKHC shall be entitled
to designate the number of directors (of the total number of authorized directors) equal to its pro rata ownership of the Company (rounded down to the nearest whole number); 

(b)     Roivant and SKHC shall each be entitled to designate at least one (1) director for as long as it is a Major
Investor; and 

  
 17 

 Certain confidential information contained in this document, marked by [***], has been omitted because
Roivant Sciences Ltd. (the “Company”) has determined that the information (i) is not material and (ii) would likely cause competitive harm to the Company if publicly disclosed. 

 

 (c)     Inclusive of the director that Roivant is entitled to designate
under Section 3.2(b), the Holders of a majority of the shares of Common Stock outstanding (excluding SKHC) shall be entitled to designate the remaining number of authorized directors. 

3.3.     Chairperson of the Board. The directors of the Company shall elect, from among their number, the
chairperson of the Board (the “Chairperson”); provided that, prior to an Initial Offering, the Holders of a majority of the shares of Common Stock shall have the right to designate the Chairperson. 

3.4.     Failure to Designate a Board Member. In the absence of any designation from the Persons or groups with the
right to designate a director as specified above, the director previously designated by them and then serving shall be reelected if willing to serve unless such individual has been removed as provided herein, and otherwise such Board seat shall
remain vacant until otherwise filled as provided above. 
 3.5.     Removal of Board Members. Each Holder also
agrees to vote, or cause to be voted, all Common Stock owned by such Holder, or over which such Holder has voting control, from time to time and at all times, in whatever manner as shall be necessary to ensure that: 

(a)     no director elected pursuant to Section 3.2 of this Agreement may be removed from office unless
(i) such removal is directed or approved by the affirmative vote of the Persons or group entitled under Section 3.2 to designate that director or (ii) the Persons originally entitled to designate or approve such director
pursuant to Section 3.2 is no longer so entitled to designate or approve such director; 
 (b)     any
vacancies created by the resignation, removal or death of a director elected pursuant to Section 3.2 shall be filled pursuant to the provisions of this Section 3; and 

(c)     upon the request of any party entitled to designate a director as provided in Section 3.2 to remove
such director, such director shall be removed. 
 All Holders agree to execute any written consents required to perform the obligations of this
Section 3, and the Company agrees at the request of any Person or group entitled to designate directors to call a special meeting of stockholders for the purpose of electing directors. 

3.6.     No Liability for Election of Recommended Directors. No Holder, nor any Affiliate of any Holder, shall have
any liability as a result of designating a person for election as a director for any act or omission by such designated person in his or her capacity as a director of the Company, nor shall any Holder have any liability as a result of voting for any
such Designee in accordance with the provisions of this Agreement. 
 3.7.     “Bad Actor” Matters.

 (a)     Each Holder hereby represents and warrants to the Company that, to such party’s knowledge, none of the
“bad actor” disqualifying events described in Rule 506(d)(1)(i)-(viii) promulgated under the Securities Act (each, a “Disqualification Event”), is applicable to such Holder or any of its Rule 506(d) Related Parties (as
defined below) except, if applicable, for a Disqualification Event as to which Rule 506(d)(2)(ii) or (iii) or (d)(3) is applicable. Any director Designee to whom any Disqualification Event is applicable, except for a Disqualification Event as
to which Rule 506(d)(2)(ii) or (iii) or (d)(3) is applicable, is hereinafter referred to as a “Disqualified Designee”. Each party with the right to designate or participate in the designation of a director as specified above
hereby covenants and 

  
 18 

 Certain confidential information contained in this document, marked by [***], has been omitted because
Roivant Sciences Ltd. (the “Company”) has determined that the information (i) is not material and (ii) would likely cause competitive harm to the Company if publicly disclosed. 

 

 
agrees (i) not to designate or participate in the designation of any director Designee who, to such party’s knowledge, is a Disqualified Designee and (ii) that in the event such
party becomes aware that any individual previously designated by any such party is or has become a Disqualified Designee, such party shall as promptly as practicable take such actions as are necessary to remove such Disqualified Designee from the
Board and designate a replacement Designee who is not a Disqualified Designee. As used herein, a “Rule 506(d) Related Party” means, with respect to any Person, any other Person that is a beneficial owner of no less than 20% of such
first Person’s securities for purposes of Rule 506(d) under the Securities Act. 
 (b)     The Company has
exercised reasonable care to determine whether any Company Covered Person (as defined below) is subject to any Disqualification Event. To the Company’s knowledge, no Company Covered Person is subject to a Disqualification Event. The Company has
complied, to the extent required, with any disclosure obligations under Rule 506(e) of the Securities Act. For purposes of this Agreement, “Company Covered Persons” are those persons specified in Rule 506(d)(1) under the Securities
Act; provided, however, that Company Covered Persons do not include (i) any Investor or (ii) any Person that is deemed to be an affiliated issuer of the Company solely as a result of the relationship between the Company and
any Investor. 
 3.8.     Termination of Board Rights. The covenants set forth in Section 3 shall
terminate and be of no further force or effect (i) immediately before the consummation of an Initial Offering of a Listed Company (but only with respect to such Listed Company and its Subsidiaries) or (ii) upon a Change of Control,
whichever event occurs first. 
 3.9.     Subsidiary Board. Each Material Subsidiary shall have, and the Company
and the Holders shall cause each Material Subsidiary to have, a board of directors or similar governing body (each, a “Material Subsidiary Board”), the authorized size of which shall at all times be the same size as the Board, and
each Holder shall be entitled to (but shall not be obliged to) nominate and appoint the same number of member(s) to each Material Subsidiary Board as provided by Section 3.2 above. The provisions in Section 3 shall apply to
each Material Subsidiary Board in the same manner, mutatis mutandis, as they apply to the Board and shall be construed and applied accordingly. 

3.10.     Board Observers. Each of Roivant and SKHC shall have the right and power to appoint one (1) observer
to the Board and each Material Subsidiary Board (each, a “Board Observer”) who shall be entitled to participate in all meetings (whether in person, telephonic or otherwise) of the Board and the Material Subsidiary Board of
which such Board Observer has been appointed to observe and any committees thereto in a non-voting, observer capacity and, in this respect, the Company shall, and shall procure that each Material Subsidiary
Board shall, provide such observer copies of all notices, minutes, consents and other materials that it (or each such Material Subsidiary Board) provides, as and when it provides it, to the Board, the Material Subsidiary Board or any committees of
either; provided, however, that each such Board Observer shall agree to hold in confidence all information so provided; and provided further, that the Company and the Material Subsidiary Board reserve the right to
withhold any information and to exclude each such Board Observer from any meeting or portion thereof if access to such information or attendance at such meeting could adversely affect the attorney-client privilege between the Company and its counsel
or the Material Subsidiary Board and its counsel, respectively. 
 3.11.     Special Board Approval Rights. For
as long as Roivant and SKHC have a right to appoint a director to the Board of Directors, the affirmative approval of the Board including at least one director designated by each of Roivant and SKHC, respectively, shall be required before the
Company or any of its Subsidiaries may take any of the following actions: 
 (a)     incur indebtedness for borrowed
money in excess of [***] outstanding at any one time; 

  
 19 

 Certain confidential information contained in this document, marked by [***], has been omitted because
Roivant Sciences Ltd. (the “Company”) has determined that the information (i) is not material and (ii) would likely cause competitive harm to the Company if publicly disclosed. 

 

 (b)     enter into any new business, or permit any of its Subsidiaries
to enter into any new business, which is not reasonably related to the Company’s or any of its Subsidiary’s current business; 

(c)     provide any loan to any director, officer or employee of the Company or any of its Subsidiaries (except for the
advance of expenses in the ordinary course of business); 
 (d)     appoint or change the auditor or make any material
change to the accounting or financial policies of the Company or any of its Subsidiaries; 
 (e)     amend the
certificate of incorporation or bylaws or any comparable governing documents of any Material Subsidiary of the Company in a manner adverse, or that would reasonably be expected to be adverse, to any Major Investor; or 

(f)     authorize, agree or commit to do any of the foregoing. 

4.     Information Rights. 

4.1.     Delivery of Financial Statements. The Company shall deliver to each Major Investor: 

(a)     as soon as practicable, but in any event within one hundred twenty (120) days after the end of each fiscal
year of the Company (i) an audited balance sheet as of the end of such year, (ii) an audited statement of income for such year, and (iii) an audited statement of stockholders’ equity as of the end of such year commencing with the
fiscal year ending March 31, 2021, together with the auditor’s report thereon and notes thereto prepared in accordance with US GAAP; 

(b)     as soon as practicable, but in any event within sixty (60) days after the end of each fiscal year of the
Company (i) an unaudited audited balance sheet as of the end of such year, (ii) an unaudited statement of income for such year, and (iii) an unaudited statement of stockholders’ equity as of the end of such year commencing with
respect to the fiscal year ending March 31, 2021, all prepared in accordance with US GAAP (except that such financial statements may be subject to income tax and normal year-end audit adjustments);

 (c)     as soon as practicable, but in any event within sixty (60) days after the end of each of the first
three (3) fiscal quarters of each fiscal year of the Company, unaudited statements of income for such fiscal quarter, and an unaudited balance sheet as of the end of such fiscal quarter, all prepared in accordance with US GAAP (except that
such financial statements may (i) be subject to income tax and normal year-end audit adjustments; and (ii) not contain all notes thereto that may be required in accordance with US GAAP); 

(d)     as soon as practicable, but in any event within sixty (60) days after the end of each of the first three
(3) fiscal quarters of each fiscal year of the Company, a statement showing the number of shares of each class and series of capital stock and securities convertible into or exercisable for shares of capital stock outstanding at the end of the
period, the Common Stock issuable upon conversion or exercise of any outstanding securities convertible or exercisable for Common Stock and the exchange ratio or exercise price applicable thereto, and the number of shares of issued stock options and
stock options not yet issued but reserved for issuance, if any, and the equivalent information for each 

  
 20 

 Certain confidential information contained in this document, marked by [***], has been omitted because
Roivant Sciences Ltd. (the “Company”) has determined that the information (i) is not material and (ii) would likely cause competitive harm to the Company if publicly disclosed. 

 

 
Subsidiary of the Company, all in sufficient detail as to permit the Major Investors to calculate their respective direct and indirect percentage equity ownership in the Company and in each such
Subsidiary, and certified by the chief financial officer or chief executive officer of the Company or a Subsidiary of the Company, as being true, complete, and correct; 

(e)     as soon as practicable, but in any event sixty (60) days before the end of each fiscal year (commencing with
the fiscal year ended March 31, 2021), a budget and business plan for the next fiscal year, including an income statement, and any material revisions to the budget prepared by the Company and provided pursuant to this
Section 4.1(d); and 
 (f)     such other information relating to the financial condition, business,
prospects, or corporate affairs of the Company or any of its Subsidiaries as any Major Investor may from time to time reasonably request to facilitate their accounting purposes; provided, however, that the Company shall not be
obligated under this Section 4.1 to provide information (i) that the Company reasonably determines in good faith and upon written advice from counsel to be a trade secret or confidential information (unless covered by an enforceable
confidentiality agreement, in a form acceptable to the Company); or (ii) the disclosure of which would adversely affect the attorney-client privilege between the Company and its counsel. 

At the request of, and at the expense of, any Major Investor, the Company shall provide supporting US GAAP to IFRS reconciliation
schedules. 
 If, for any period, the Company has any Subsidiary whose accounts are consolidated with those of the Company, then in respect
of such period the financial statements delivered pursuant to the foregoing sections shall be the consolidated and consolidating financial statements of the Company and all such consolidated Subsidiaries. 

Notwithstanding anything else in this Section 4.1 to the contrary, the Company may cease providing the information set forth in
this Section 4.1 during the period starting with the date thirty (30) days before the Company’s good-faith estimate of the date of the earlier of the confidential submission or filing of a registration statement if it
reasonably concludes it must do so to comply with the SEC rules applicable to such registration statement and related offering; provided that the Company’s covenants under this Section 4.1 shall be reinstated at such time as
the Company is no longer actively employing its reasonable best efforts to cause such registration statement to become effective. 

Notwithstanding anything to the contrary in this agreement, or any other applicable agreements of the Company, the Company shall not be
required to and will not provide to the Major Investors, and the Major Investors shall not request from the Company, any “Material Nonpublic Technical Information”, as such term is defined in Section 721 of the Defense Production Act
of 1950, as amended by the Foreign Investment Risk Review Modernization Act of 2018 and any United States federal rules or regulations promulgated thereunder, as may be amended, modified, supplemented or replaced from time to time. 

The Company shall, and cause each of its Subsidiaries to, reasonably cooperate in any asset valuation exercise undertaken by any Major
Investor. 
 4.2.     Inspection. Upon reasonable advance notice and at a time and date approved by the Company,
the Company shall, and shall cause each of its Subsidiaries to, permit each Major Investor, at such Major Investor’s expense, to visit and inspect its properties, examine its books of account and records, and discuss its affairs, finances, and
accounts with its officers, during normal business hours of the Company as may be reasonably requested by the Major Investor; provided, however, that the Company shall not be obligated pursuant to this Section 4.2 to provide
access to any information that it 

  
 21 

 Certain confidential information contained in this document, marked by [***], has been omitted because
Roivant Sciences Ltd. (the “Company”) has determined that the information (i) is not material and (ii) would likely cause competitive harm to the Company if publicly disclosed. 

 

 
reasonably and in good faith considers to be a trade secret or confidential information (unless covered by an enforceable confidentiality agreement, in form reasonably acceptable to the Company)
or the disclosure of which would adversely affect the attorney-client privilege between the Company and its counsel. 

4.3.     Termination of Information Rights. The covenants set forth in Sections 4.1 and 4.2 shall
terminate and be of no further force or effect (i) immediately before the consummation of an Initial Offering of a Listed Company (but only with respect to such Listed Company and its Subsidiaries), (ii) when the Listed Company first becomes
subject to the periodic reporting requirements of Section 12(g) or 15(d) of the Exchange Act, or (iii) upon a Change of Control, whichever event occurs first. 

4.4.     Confidentiality. Each Holder agrees that such Holder will keep confidential and will not disclose,
divulge, or use for any purpose (other than in connection with its investment in the Company) any confidential information obtained from the Company pursuant to the terms of this Agreement (including notice of the Company’s intention to
confidentially submit or file a registration statement), unless such confidential information (a) is known or becomes known to the public in general (other than as a result of a breach of this Section 4.4 by such Holder), (b) is or
has been independently developed or conceived by such Holder without use of the Company’s confidential information, or (c) is or has been made known or disclosed to such Holder by a third party without a breach of any obligation of
confidentiality such third party may have to the Company; provided, however, that a Holder may disclose confidential information (i) to its attorneys, accountants, consultants, and other advisors and professionals to the extent
necessary to obtain their services in connection with its investment in the Company; (ii) to any existing or prospective Affiliate, partner, member, stockholder, or wholly owned Subsidiary of such Holder in the ordinary course of business,
provided that such Holder informs such Person that such information is confidential and directs such Person to maintain the confidentiality of such information; or (iii) as may otherwise be required by law, regulation, rule, court order
or subpoena, provided that such Holder promptly notifies the Company of such disclosure and takes reasonable steps to minimize the extent of any such required disclosure. For the avoidance of doubt, the provisions set forth in this
Section 4.4 shall survive any termination of information rights set forth in Section 4.1 or 4.2. 

4.5.     Impairment. The Company shall, and cause each of its Subsidiaries to, reasonably cooperate with any
testing of the Company’s and its Subsidiaries’ assets, including their respective Intellectual Property, for impairment undertaken by any Major Investor from time to time. 

5.     Rights to Future Stock Issuances. 

5.1.     Right of First Offer. Subject to the terms and conditions of this Section 5.1 and applicable
securities laws, if the Company proposes to offer or sell any New Securities, the Company shall first offer such New Securities to each Major Investor. A Major Investor shall be entitled to apportion the right of first offer hereby granted to it in
such proportions as it deems appropriate, among (i) itself, (ii) its Affiliates and (iii) its beneficial interest holders, such as limited partners, members or any other Person having “beneficial ownership,” as such term is
defined in Rule 13d-3 promulgated under the Exchange Act, of such Major Investor (“Investor Beneficial Owners”); provided that each such Affiliate or Investor Beneficial Owner
(x) is not a FOIA Party, unless such party’s purchase of New Securities is otherwise consented to by the Board of Directors, and (y) agrees to enter into this Agreement and the Right of First Refusal,
Co-Sale and Drag-Sale Agreement of even date herewith among the Company, the Investors and the other parties named therein, as an “Investor” and “Holder” under such agreement
(provided that any FOIA Party shall not be entitled to any rights as a Major Investor under Sections 4.1 and 5.1 hereof). 

  
 22 

 Certain confidential information contained in this document, marked by [***], has been omitted because
Roivant Sciences Ltd. (the “Company”) has determined that the information (i) is not material and (ii) would likely cause competitive harm to the Company if publicly disclosed. 

 

 (a)     The Company shall give notice (the “Offer
Notice”) to each Major Investor, stating (i) its bona fide intention to offer such New Securities, (ii) the number of such New Securities to be offered, and (iii) the price and terms, if any, upon which it proposes to
offer such New Securities. 
 (b)     By notification to the Company within thirty (30) days after the Offer
Notice is given, each Major Investor may elect to purchase or otherwise acquire, at the price and on the terms specified in the Offer Notice, up to that portion of such New Securities which equals the proportion that the Common Stock then held by
such Major Investor (including all shares of Common Stock then issuable (directly or indirectly) upon conversion and/or exercise, as applicable, of any Derivative Securities then held by such Major Investor) bears to the total Common Stock of the
Company then outstanding (assuming full conversion and/or exercise, as applicable, of all Derivative Securities then outstanding). At the expiration of such thirty (30) period, the Company shall promptly notify each Major Investor that elects
to purchase or acquire all the shares available to it (each, a “Fully Exercising Investor”) of any other Major Investor’s failure to do likewise. During the thirty (30) day period commencing after the Company has given
such notice, each Fully Exercising Investor may, by giving notice to the Company, elect to purchase or acquire, in addition to the number of shares specified above, up to that portion of the New Securities for which Major Investors were entitled to
subscribe but that were not subscribed for by the Major Investors which is equal to the proportion that the Common Stock issued and held, or issuable (directly or indirectly) upon conversion and/or exercise, as applicable, of any Derivative
Securities then held, by such Fully Exercising Investor bears to the Common Stock issued and held, or issuable (directly or indirectly) upon conversion and/or exercise, as applicable, of any Derivative Securities then held, by all Fully Exercising
Investors who wish to purchase such unsubscribed shares. The closing of any sale pursuant to this Section 5.1(b) shall occur within the later of ninety (90) days of the date that the Offer Notice is given and the date of initial
sale of New Securities pursuant to Section 5.1(c). 
 (c)     If all New Securities referred to in the
Offer Notice are not elected to be purchased or acquired as provided in Section 5.1(b), the Company may, during the ninety (90) day period following the expiration of the periods provided in Section 5.1(b), offer and
sell the remaining unsubscribed portion of such New Securities to any Person or Persons at a price not less than, and upon terms no more favorable to the offeree than, those specified in the Offer Notice. If the Company does not enter into an
agreement for the sale of the New Securities within such period, or if such agreement is not consummated within forty-five (45) days of the execution thereof, the right provided hereunder shall be deemed to be revived and such New Securities
shall not be offered unless first reoffered to the Major Investors in accordance with this Section 5.1. 

(d)     The right of first offer in this Section 5.1 shall not be applicable to (i) the Milestone Shares (as
defined below); (ii) Exempted Securities; and (iii) shares of Common Stock issued in an Initial Offering of the Company. 

5.2.     Termination. The covenants set forth in Section 5.1 shall terminate and be of no further force
or effect immediately following the consummation of the Initial Offering of the Company or (iii)    upon a Change of Control, whichever event occurs first. 

6.     Contingent Earnout Shares. 

6.1.     Milestone Issuances. 

(a)     Upon the occurrence of each of the events (each, a “Milestone Event”) set forth in the table
below (the “Milestone Table”) prior to the [***] of the Closing (as 

  
 23 

 Certain confidential information contained in this document, marked by [***], has been omitted because
Roivant Sciences Ltd. (the “Company”) has determined that the information (i) is not material and (ii) would likely cause competitive harm to the Company if publicly disclosed. 

 

 
defined in the Subscription Agreement) (the “Milestone End Date”), the Company shall promptly issue to Roivant (or its designated Affiliate) the applicable number of shares of
Common Stock (the “Milestone Shares”) set forth opposite such Milestone Event in the Milestone Table, which Milestone Shares shall be fully paid and free and clear of all liens other than applicable securities law restrictions: 

 

					
	Milestone Event	 	 	  	Milestone Shares of Common Stock
	[***]	 		  	[***]
	[***]	 		  	[***]
	[***]	 		  	[***]
	[***]	 		  	[***]

 (b)     Each issuance of Milestone Shares represents an independent obligation and shall
become issuable upon the occurrence of the associated Milestone Event, irrespective of the order in which the Milestone Events occur relative to each other. For the avoidance of doubt, one or more Milestone Events (including without limitation
Milestone Events 2, 3 and 4 in the Milestone Table) may occur at the same time. 
 (c)     At all times prior to the
Milestone End Date (the “Milestone Period”), (i) the Company shall keep available for issuance a sufficient number of unissued shares of Common Stock to permit the Company to satisfy its issuance obligations set forth in this
Section 6.1 and (ii) the Company and SKHC shall take all actions required to increase the authorized number of shares of Common Stock if at any time there shall be insufficient unissued shares of Common Stock to permit such reservation.

 (d)     In the event that, after the date hereof and during the Milestone Period there is a Change of Control, then
each of the Second IND Effectiveness Event and the Specified IPO Event shall be deemed earned and due by the Company to Roivant upon such Change of Control; provided, that if the Change of Control referred to in the preceding clause is at a
valuation of the Company of [***] then the First Valuation Event shall also be deemed earned and due by the Company to Roivant upon such Change of Control (in addition to the Milestone Shares associated with the Second IND Effectiveness Event and
the Specified IPO Event); provided, further, that if the Change of Control referred to in the second preceding clause is at a valuation of the Company of [***] then the Second Valuation Event shall also be deemed earned and due by the
Company to Roivant upon such Change of Control (in addition to the Milestone Shares associated with the Second IND Effectiveness Event, the Specified IPO Event and the First Valuation Event), in each case, provided that such Milestone Shares
associated with the applicable Milestone Event have not previously been issued to Roivant. 
 (e)     The number of
shares of Common Stock that may be issued as Milestone Shares during the Milestone Period shall be equitably adjusted to account for a stock dividend, stock split, combination of shares or similar events that may occur during the Milestone Period
and shall be deemed to be Milestone Shares and shall be set aside and not issued until the Milestone Shares have been issued to Roivant or, if the Milestone Shares are not earned and issued, then all such distributions declared during the Milestone
Period shall be forfeited. The foregoing shall not include any cash dividends accrued during the Milestone Period with respect to any such Common Stock prior to issuance as Milestone Shares in accordance with this Section 6.1. 

  
 24 

 Certain confidential information contained in this document, marked by [***], has been omitted because
Roivant Sciences Ltd. (the “Company”) has determined that the information (i) is not material and (ii) would likely cause competitive harm to the Company if publicly disclosed. 

 

 7.     Matters Requiring Major Investor Approval. 

7.1.     Roivant and SKHC Approvals. Notwithstanding anything else in this Agreement to the contrary (except as
otherwise set forth in this Section 7.1), the following matters shall require, and the Company shall not, and, if applicable, shall cause its relevant Subsidiaries not to, directly or indirectly, do any of the following without first obtaining
the affirmative approval of both Roivant and SKHC: 
 (a)     amend the Company’s Certificate of Incorporation or
Bylaws or any comparable governing documents of the Company in a manner adverse, or that would reasonably be expected to be adverse, to any Major Investor; 

(b)     make any filing for reorganization, liquidation, termination, dissolution or winding up of the Company or any of
its Material Subsidiaries or the passing of any resolution for the liquidation or winding up of the Company or any Material Subsidiary, if any, or the appointment of a trustee, receiver, administrator, liquidator or similar officer, in each case,
except for the [***]; 
 (c)     effect or cause (i) any alteration of the share capital of the Company or any of
its Material Subsidiaries including, without limitation, the creation, authorization, issuance or granting, or obligating itself to issue any equity security (including any security convertible into or exercisable for any such equity security) of
the Company or any of its Material Subsidiaries (other than a Qualified Initial Offering or an issuance of equity securities pursuant to the Equity Incentive Plan, as may be amended from time to time pursuant to clause (ii) of this
Section 7.1(c)), or (ii) any material amendment to or termination of any existing stock incentive plan, or creation of any stock incentive plan, for the benefit of any of the Company’s or any of its Material Subsidiaries’
directors, officers or employees (other than the Equity Incentive Plan); 
 (d)     [***] 

(e)     [***] 

(f)     effect or implement any change in the size or voting rights of the Board or the board of directors of any
Material Subsidiary; 
 (g)     declare or pay dividends or other distributions by the Company or any Subsidiary; 

(h)     [***] 

(i)     [***] 

  
 25 

 Certain confidential information contained in this document, marked by [***], has been omitted because
Roivant Sciences Ltd. (the “Company”) has determined that the information (i) is not material and (ii) would likely cause competitive harm to the Company if publicly disclosed. 

 

 (j)     [***] 

(k)     authorize, agree or commit to do any of the foregoing. 

Notwithstanding the foregoing, the Company and its Subsidiaries shall have the right, and will not be required to seek any approvals from
Roivant or SKHC pursuant to this Section 7, to issue equity securities: 
 (x)     in a non-public transaction in an amount equal to (i) up to [***] in the aggregate, in an offering in which the Company is valued at [***] or more or (ii) up to [***] in the aggregate (less any amounts issued
pursuant to the exemption set forth in the preceding clause (i)), in an offering in which the Company is valued at between [***] and [***]; or 

(y)     in any offering in which the Company is valued at [***] or more; or 

(z)     having an aggregate value of up to [***] as determined by the Board in good faith in connection with all
Qualified Acquisition or Partnership; provided that on or prior to the second anniversary of the date hereof, Roivant and SKHC shall meet and discuss in good faith whether to increase the dollar amount set forth in this Section 7.1(z).

 To the extent that the Company (i) amends the Company’s or any Material Subsidiary’s Certificate of Incorporation or
Bylaws or any comparable governing documents of the Company or any Material Subsidiary in a manner that is not, or would not reasonably be expected to be, adverse to any Major Investor, (ii) makes an amendment to an existing stock incentive
plan that does not, or would not reasonably be expected to, adversely affect the Company or its stockholders, or (iii) makes an amendment to an existing Related Party Transactions that does not, or would not reasonably be expected to, adversely
affect the Company or its stockholders, the Company shall provide the Major Investors with a copy of any such amendment as soon as reasonably practicable after such amendment is effective. 

8.     Right to Conduct Activities. The Company hereby agrees and acknowledges that each Holder (together with its
Affiliates) is a professional investment organization, and as such reviews the business plans and related proprietary information of many enterprises, some of which may compete directly or indirectly with the Company’s or its Subsidiaries’
business (as currently conducted or as currently proposed to be conducted). The Company hereby agrees that, to the extent permitted under applicable law, each Holder (and its Affiliates) shall not be liable to the Company or any of its Subsidiaries
for any claim arising out of, or based upon, (i) the investment by such Holder (or its Affiliates) in any entity competitive with the Company or any of its Subsidiaries, or (ii) actions taken by any partner, officer, employee or other
representative of such Holder (or its Affiliates) to assist any such competitive company, whether or not such action was taken as a member of the board of directors of such competitive company or otherwise, and whether or not such action has a
detrimental effect on the Company or any of its Subsidiaries; provided, however, that the foregoing shall not relieve (x) any of the Investors from liability associated with the unauthorized disclosure of the Company’s
confidential information obtained pursuant to this Agreement, or (y) any director or officer of the Company or any of its Subsidiaries from any liability associated with his or her fiduciary duties to the Company or any such Subsidiary. 

  
 26 

 Certain confidential information contained in this document, marked by [***], has been omitted because
Roivant Sciences Ltd. (the “Company”) has determined that the information (i) is not material and (ii) would likely cause competitive harm to the Company if publicly disclosed. 

 

 9.     [***] 

10.     Miscellaneous. 

10.1.     Successors and Assigns. The rights under this Agreement may be assigned (but only with all related
obligations) by a Holder to a transferee of Registrable Securities that (i) is an Affiliate of a Holder; or (ii) is a Holder’s Immediate Family Member or trust for the benefit of an individual Holder or one or more of such
Holder’s Immediate Family Members; provided, however, that (x) the Company is, within a reasonable time after such transfer, furnished with written notice of the name and address of such transferee and the Registrable
Securities with respect to which such rights are being transferred; and (y) such transferee agrees in a written instrument delivered to the Company to be bound by and subject to the terms and conditions of this Agreement, including the
provisions of Section 2.11. For the purposes of determining the number of shares of Registrable Securities held by a transferee, the holdings of a transferee (1) that is an Affiliate or stockholder of a Holder; (2) who is a
Holder’s Immediate Family Member; or (3) that is a trust for the benefit of an individual Holder or such Holder’s Immediate Family Member shall be aggregated together and with those of the transferring Holder; provided
further that all transferees who would not qualify individually for assignment of rights shall, as a condition to the applicable transfer, establish a single
attorney-in-fact for the purpose of exercising any rights, receiving notices, or taking any action under this Agreement. The terms and conditions of this Agreement inure
to the benefit of and are binding upon the respective successors and permitted assignees of the parties. Nothing in this Agreement, express or implied, is intended to confer upon any party other than the parties hereto or their respective successors
and permitted assignees any rights, remedies, obligations or liabilities under or by reason of this Agreement, except as expressly provided herein. 

10.2.     Governing Law. This Agreement shall be governed by the internal law of the State of New York, without
regard to conflict of law principles that would result in the application of any law other than the law of the State of New York. 

  
 27 

 Certain confidential information contained in this document, marked by [***], has been omitted because
Roivant Sciences Ltd. (the “Company”) has determined that the information (i) is not material and (ii) would likely cause competitive harm to the Company if publicly disclosed. 

 

 10.3.     Counterparts. This Agreement may be executed in two
(2) or more counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same instrument. Counterparts may be delivered via facsimile, electronic mail (including pdf or any electronic signature
complying with the U.S. federal ESIGN Act of 2000, e.g., www.docusign.com) or other transmission method and any counterpart so delivered shall be deemed to have been duly and validly delivered and be valid and effective for all
purposes. 
 10.4.     Titles and Subtitles. The titles and subtitles used in this Agreement are for
convenience only and are not to be considered in construing or interpreting this Agreement. 
 10.5.     Notices.
All notices and other communications given or made pursuant to this Agreement shall be in writing and shall be deemed effectively given upon the earlier of actual receipt or (i) personal delivery to the party to be notified; (ii) when
sent, if sent by electronic mail during the recipient’s normal business hours, and if not sent during normal business hours, then on the recipient’s next business day; (iii) five (5) days after having been sent by registered or
certified mail, return receipt requested, postage prepaid; or (iv) one (1) business day after the business day of deposit with a nationally recognized overnight courier, freight prepaid, specifying
next-day delivery, with written verification of receipt. All communications shall be sent to the respective parties at their addresses as set forth on Schedule A hereto, or to the principal office of
the Company and to the attention of the Chief Executive Officer, in the case of the Company, or to such email address, facsimile number, or address as subsequently modified by written notice given in accordance with this Section 10.5. If
notice is given to the Company, a copy shall also be sent to Davis Polk & Wardwell LLP, 450 Lexington Avenue, New York, New York 10017, Attention: Michael Davis, Email: michael.davis@davispolk.com. If notice is given to SKHC, a copy shall
also be sent to Dechert, Jardine House, 31st Floor, One Connaught Place, Central, Hong Kong, Attention: David K. Cho, Email: david.cho@dechert.com. 

10.6.     Amendments and Waivers. Any term of this Agreement may be amended, modified or terminated and the
observance of any term of this Agreement may be waived (either generally or in a particular instance, and either retroactively or prospectively) only with the written consent of (a) the Company, (b) Holders of at least a majority of the
Registrable Securities then held by all Holders, (c) Roivant, and (d) SKHC; provided that the Company may in its sole discretion waive compliance with Section 2.12(c) (and the Company’s failure to object promptly in
writing after notification of a proposed assignment allegedly in violation of Section 2.12(c) shall be deemed to be a waiver); and provided further that any provision hereof may be waived by any waiving party on such
party’s own behalf, without the consent of any other party. Notwithstanding the foregoing, (i) this Agreement may not be amended, modified or terminated and the observance of any term hereof may not be waived with respect to any Holder
without the written consent of such Holder, unless such amendment, modification, termination, or waiver applies to all Holders in the same fashion (it being agreed that a waiver of the provisions of Section 3 with respect to a particular
transaction shall be deemed to apply to all Investors in the same fashion if such waiver does so by its terms, notwithstanding the fact that certain Holders may nonetheless, by agreement with the Company, purchase securities in such transaction) and
(ii) Section 3 and any other section of this Agreement applicable to the Major Investors (including this clause (ii) of this Section 10.6) may not be amended, modified, terminated or waived without the written
consent of each Major Investor. Notwithstanding the foregoing, Schedule A hereto may be amended by the Company from time to time to add transferees of any Registrable Securities in compliance with the terms of this Agreement without the
consent of the other parties; and Schedule A hereto may also be amended by the Company after the date of this Agreement without the consent of the other parties to add information regarding any additional Investor who becomes a party to this
Agreement in accordance with Section 10.9. The Company shall give prompt notice of any amendment, modification or termination hereof or waiver hereunder to any party hereto that did not consent in writing to such amendment, modification,
termination, or waiver. Any amendment, modification, termination, or waiver effected in 

  
 28 

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Roivant Sciences Ltd. (the “Company”) has determined that the information (i) is not material and (ii) would likely cause competitive harm to the Company if publicly disclosed. 

 

 
accordance with this Section 10.6 shall be binding on all parties hereto, regardless of whether any such party has consented thereto. No waivers of or exceptions to any term,
condition, or provision of this Agreement, in any one or more instances, shall be deemed to be or construed as a further or continuing waiver of any such term, condition, or provision. 

10.7.     Severability. In case any one or more of the provisions contained in this Agreement is for any reason
held to be invalid, illegal or unenforceable in any respect, such invalidity, illegality, or unenforceability shall not affect any other provision of this Agreement, and such invalid, illegal, or unenforceable provision shall be reformed and
construed so that it will be valid, legal, and enforceable to the maximum extent permitted by law. 
 10.8.
    Aggregation of Stock. All shares of Registrable Securities held or acquired by Affiliates shall be aggregated together for the purpose of determining the availability of any rights under this Agreement and such
Affiliated persons may apportion such rights as among themselves in any manner they deem appropriate. 
 10.9.
    Additional Investors. Notwithstanding anything to the contrary contained herein, if the Company issues additional shares of Common Stock after the date hereof, whether pursuant to the Subscription Agreement or
otherwise, any purchaser of such shares of Common Stock may become a party to this Agreement by executing and delivering an additional counterpart signature page to this Agreement, and thereafter shall be deemed an “Investor” for all
purposes hereunder. No action or consent by the Investors shall be required for such joinder to this Agreement by such additional Investor, so long as such additional Investor has agreed in writing to be bound by all of the obligations as an
“Investor” hereunder. 
 10.10.     Entire Agreement. This Agreement (including Schedule A
hereto) constitutes the full and entire understanding and agreement among the parties with respect to the subject matter hereof, and any other written or oral agreement relating to the subject matter hereof existing between the parties is expressly
canceled. 
 10.11.     Dispute Resolution. The parties (a) hereby irrevocably and unconditionally submit to
the jurisdiction of the state courts of New York and to the jurisdiction of the United States District Court for the Southern District of New York for the purpose of any suit, action or other proceeding arising out of or based upon this Agreement,
(b) agree not to commence any suit, action or other proceeding arising out of or based upon this Agreement except in the state courts of New York or the United States District Court for the Southern District of New York, and
(c) hereby waive, and agree not to assert, by way of motion, as a defense, or otherwise, in any such suit, action or proceeding, any claim that it is not subject personally to the jurisdiction of the above-named courts, that its property is
exempt or immune from attachment or execution, that the suit, action or proceeding is brought in an inconvenient forum, that the venue of the suit, action or proceeding is improper or that this Agreement or the subject matter hereof may not be
enforced in or by such court. 
 WAIVER OF JURY TRIAL: EACH PARTY HEREBY WAIVES ITS RIGHTS TO A JURY TRIAL OF ANY CLAIM OR CAUSE OF
ACTION BASED UPON OR ARISING OUT OF THIS AGREEMENT, THE OTHER TRANSACTION DOCUMENTS, THE SECURITIES OR THE SUBJECT MATTER HEREOF OR THEREOF. THE SCOPE OF THIS WAIVER IS INTENDED TO BE ALL-ENCOMPASSING OF ANY
AND ALL DISPUTES THAT MAY BE FILED IN ANY COURT AND THAT RELATE TO THE SUBJECT MATTER OF THIS TRANSACTION, INCLUDING, WITHOUT LIMITATION, CONTRACT CLAIMS, TORT CLAIMS (INCLUDING NEGLIGENCE), BREACH OF DUTY CLAIMS, AND ALL OTHER COMMON LAW AND
STATUTORY CLAIMS. THIS SECTION HAS BEEN FULLY DISCUSSED BY EACH OF THE PARTIES HERETO AND 

  
 29 

 Certain confidential information contained in this document, marked by [***], has been omitted because
Roivant Sciences Ltd. (the “Company”) has determined that the information (i) is not material and (ii) would likely cause competitive harm to the Company if publicly disclosed. 

 

 
THESE PROVISIONS WILL NOT BE SUBJECT TO ANY EXCEPTIONS. EACH PARTY HERETO HEREBY FURTHER WARRANTS AND REPRESENTS THAT SUCH PARTY HAS REVIEWED THIS WAIVER WITH ITS LEGAL COUNSEL, AND THAT SUCH
PARTY KNOWINGLY AND VOLUNTARILY WAIVES ITS JURY TRIAL RIGHTS FOLLOWING CONSULTATION WITH LEGAL COUNSEL. 
 10.12.    
Delays or Omissions. No delay or omission to exercise any right, power, or remedy accruing to any party under this Agreement, upon any breach or default of any other party under this Agreement, shall impair any such right, power, or remedy of
such nonbreaching or nondefaulting party, nor shall it be construed to be a waiver of or acquiescence to any such breach or default, or to any similar breach or default thereafter occurring, nor shall any waiver of any single breach or default be
deemed a waiver of any other breach or default theretofore or thereafter occurring. All remedies, whether under this Agreement or by law or otherwise afforded to any party, shall be cumulative and not alternative. 

[Remainder of Page Intentionally Left Blank] 

  
 30 

 Certain confidential information contained in this document, marked by [***], has been omitted because
Roivant Sciences Ltd. (the “Company”) has determined that the information (i) is not material and (ii) would likely cause competitive harm to the Company if publicly disclosed. 

 

 IN WITNESS WHEREOF, the parties have executed this Agreement as of the date first written
above. 
  

			
	
	THE COMPANY:
	
	PHARMAVANT 5, INC.
		
	By:	 	[***]
	Name:	 	[***]
	Title:	 	[***]
	
	INVESTORS:
	
	SK HOLDINGS CO., LTD.
		
	By:	 	[***]
	Name:	 	[***]
	Title:	 	[***]
	
	ROIVANT SCIENCES LTD.
		
	By:	 	[***]
	Name:	 	[***]
	Title:	 	[***]

  
 [Signature Page to
Investor Rights Agreement]

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