Document:

Joinder and Second Amendment to Loan and Security Agreement

 EXHIBIT 10.130 
 JOINDER AND SECOND AMENDMENT 
 TO LOAN AND SECURITY AGREEMENT

 This Joinder and Second Amendment to Loan and Security Agreement (this “Amendment”)
is entered into this 28th day of October, 2011 (the
“Amendment Date”), by and among OXFORD FINANCE LLC, successor in interest to Oxford Finance Corporation (“Oxford”), Oxford in its capacity as collateral agent on behalf of the Lenders (the “Collateral
Agent”); the Lenders including Oxford in its capacity as a Lender (each a “Lender” and collectively, the “Lenders”); and LIGAND PHARMACEUTICALS INCORPORATED, a Delaware corporation, whose address is 11085
N. Torrey Pines Road, Suite 300, La Jolla, CA 92037, and the additional Persons signing this Amendment as Borrowers (individually, a “Borrower”, and collectively, the “Borrowers”). 

RECITALS 
 A. Collateral Agent, Lenders and Borrowers (other than Cydex (defined below), collectively, “Existing Borrowers”) have entered into that certain Loan and Security Agreement dated
as of January 24, 2011, as amended by that certain First Amendment to Loan and Security Agreement dated April 29, 2011 (as the same may from time to time be further amended, modified, supplemented or restated, collectively, the
“Loan Agreement”). The Loan Agreement and all other documents, instruments and agreements evidencing, securing or otherwise related to the obligations of Existing Borrowers to Lenders are hereinafter collectively referred to as the
“Existing Loan Documents.” 
 B. Lenders extended credit to Existing Borrowers for the purposes
permitted in the Loan Agreement. 
 C. Existing Borrowers have informed Collateral Agent that Ligand Pharmaceuticals
Incorporated acquired a subsidiary on January 24, 2011, namely Cydex Pharmaceuticals, Inc., a Delaware corporation (“Cydex”). As required by Section 6.11 of the Loan Agreement, Existing Borrowers and Cydex are required to
take such action to cause Cydex to become a Borrower under the Loan Agreement. 
 D. Existing Borrowers together with
Cydex have requested that Collateral Agent and Lenders (1) consent to Cydex joining and assuming the obligations and liabilities (the “Joinder”) of Existing Borrowers, to the Lenders, pursuant to the Existing Loan Documents,
and (2) amend the Loan Agreement to (i) add Cydex as a Borrower under the Loan Agreement and (ii) make certain other revisions to the Loan Agreement as more fully set forth herein. 

E. Collateral Agent and Lenders have agreed to amend certain provisions of the Loan Agreement, but only to the extent, in
accordance with the terms, subject to the conditions and in reliance upon the representations and warranties set forth below. 

AGREEMENT 
 NOW, THEREFORE, in consideration of the foregoing recitals and other good and valuable consideration, the receipt and adequacy of which is hereby acknowledged, and
intending to be legally bound, the parties hereto agree as follows: 
 1. DEFINITIONS. Except as set forth herein,
capitalized terms used but not defined in this Amendment shall have the meanings given to them in the Loan Agreement. 

 2. JOINDER TO LOAN AGREEMENT. The undersigned, Cydex together with Existing
Borrowers, jointly, severally, individually and collectively, the “Borrowers”, hereby joins the Loan Agreement and each of the Existing Loan Documents, and agrees to comply with and be bound by all of the terms, conditions and
covenants of the Loan Agreement and Existing Loan Documents, including without limitation Section 12.11 of the Loan Agreement, as if it were originally named a “Borrower” therein. Without limiting the generality of the
preceding sentence, Cydex agrees that it will be jointly and severally liable, together with the Existing Borrowers, for the payment and performance of all obligations and liabilities of the Borrowers under the Loan Agreement, including, without
limitation, the Obligations. Each Borrower hereunder shall be obligated to repay all Credit Extensions made hereunder, regardless of which Borrower actually receives said Credit Extension as if each Borrower hereunder directly received all Credit
Extensions. 
 3. GRANT OF SECURITY INTEREST. To secure the prompt payment and performance of all of the
Obligations, Cydex hereby grants to the Collateral Agent, for the ratable benefit of the Lenders, a continuing lien upon and security interest in the Collateral, as described on Annex A attached hereto, to secure performance and payment of
all Obligations under the Loan Agreement. Cydex further covenants and agrees that by its execution hereof it shall provide all such information, complete all such forms, and take all such actions, and enter into all such agreements, in form and
substance reasonably satisfactory to the Collateral Agent that are reasonably deemed necessary by the Collateral Agent in order to grant a valid, perfected security interest to the Collateral Agent, for the ratable benefit of the Lenders, in the
Collateral. Cydex hereby authorizes Collateral Agent to file financing statements, without notice to any Borrower, with all appropriate jurisdictions in order to perfect or protect Lenders’ interest or rights hereunder, including a notice that
any disposition of the Collateral, by either the Borrowers or any other Person, shall be deemed to violate the rights of the Lenders under the Code. 
 4. AMENDMENTS TO THE LOAN AGREEMENT. 
 4.1
Section 12.1 (Successors and Assigns). Section 12.1 of the Loan Agreement is hereby amended in its entirety to read as follows: 
 12.1 Successors and Assigns. This Agreement binds and is for the benefit of the successors and permitted assigns of each party. Borrowers may not transfer, pledge or assign this Agreement or any
rights or obligations under it without Collateral Agent’s prior written consent (which may be granted or withheld in Collateral Agent’s discretion, subject to Section 12.6). The Lenders have the right, without the consent of or notice
to any Borrower, to sell, transfer, assign, pledge, negotiate, or grant participation in (any such sale, transfer, assignment, negotiation, or grant of a participation, a “Lender Transfer”) all or any part of, or any interest in,
the Lenders’ obligations, rights, and benefits under this Agreement and the other Loan Documents provided, however, that any such Lender Transfer (other than a transfer, pledge, sale or assignment to an Eligible Assignee) of its
obligations, rights, and benefits under this Agreement and the other Loan Documents shall require the prior written consent of the Required Lenders (such approved assignee, an “Approved Lender”). Borrowers and Collateral Agent shall
be entitled to continue to deal solely and directly with such Lender in connection with the interests so assigned until Collateral Agent shall have received and accepted an effective assignment agreement in form satisfactory to Collateral Agent
executed, delivered and fully completed by the applicable parties thereto, and shall have received such other information regarding such Eligible Assignee or Approved Lender as Collateral Agent reasonably shall require. 

 4.2 Section 14.1 (Definitions). The defined term
“Eligible Assignee” in Section 14.1 of the Loan Agreement is amended and restated as follows: 
 “Eligible Assignee” means (i) a Lender, (ii) an Affiliate of a Lender, (iii) an Approved Fund and (iv) any commercial bank, savings and loan association or savings
bank or any other entity which is an “accredited investor” (as defined in Regulation D under the Securities Act of 1933, as amended) and which extends credit or buys loans as one of its businesses, including insurance companies, mutual
funds, lease financing companies and commercial finance companies, in each case, which either (A) has a rating of BBB or higher from Standard & Poor’s Rating Group and a rating of Baa2 or higher from Moody’s Investors
Service, Inc. at the date that it becomes a Lender or (B) has total assets in excess of $5,000,000,000, and in each case of clauses (i) through (iv), which, through its applicable lending office, is capable of lending to a Borrower without
the imposition of any withholding or similar taxes; provided that notwithstanding the foregoing, “Eligible Assignee” shall not include (i) any Borrower, Guarantor or any of any Borrower’s or Guarantor’s Affiliates or
Subsidiaries or (ii) unless an Event of Default has occurred and is continuing, a direct competitor of any Borrower or Guarantor or a vulture hedge fund, each as determined by Collateral Agent. Notwithstanding the foregoing, (x) in
connection with assignments by a Lender due to a forced divestiture at the request of any regulatory agency, the restrictions set forth herein shall not apply and Eligible Assignee shall mean any Person or party and (y) in connection with a
Lender’s own financing or securitization transactions, the restrictions set forth herein shall not apply and Eligible Assignee shall mean any Person or party providing such financing or formed to undertake such securitization transaction and
any transferee of such Person or party; provided that no such sale, transfer, pledge or assignment under this clause (y) shall release such Lender from any of its obligations hereunder or substitute any such Person or party for such Lender as a
party hereto until Collateral Agent shall have received and accepted an effective assignment agreement from such Person or party in form satisfactory to Collateral Agent executed, delivered and fully completed by the applicable parties thereto, and
shall have received such other information regarding such Eligible Assignee as Collateral Agent reasonably shall require. 

5. Representations and Warranties. To induce Collateral Agent and Lenders to enter into this Amendment, each Borrower hereby
represents and warrants to Collateral Agent and Lenders as follows: 
 5.1 Immediately after giving effect
to this Amendment (a) the representations and warranties contained in the Loan Documents are true, accurate and complete in all material respects as of the date hereof (except to the extent such representations and warranties relate to an
earlier date, in which case they are true and correct as of such date), and (b) no Event of Default has occurred and is continuing; 
 5.2 Borrower has the power and due authority to execute and deliver this Amendment and to perform its obligations under the Loan Agreement, as amended by this Amendment; 

5.3 The organizational documents of Borrower delivered to Collateral Agent on the Effective Date remain true,
accurate and complete and have not been amended, supplemented or restated and are and continue to be in full force and effect; 
 5.4 The execution and delivery by Borrower of this Amendment and the performance by Borrower of its obligations under the Loan Agreement, as amended by this Amendment, do not and will not
contravene (a) any law or regulation binding on or affecting Borrower, (b) any contractual restriction with a Person binding on Borrower, (c) any order, judgment or decree of any court or other governmental or public body or
authority, or subdivision thereof, binding on Borrower, or (d) the organizational documents of Borrower; 

5.5 The execution and delivery by Borrower of this Amendment and the performance by Borrower of its obligations
under the Loan Agreement, as amended by this Amendment, do not require any order, consent, approval, license, authorization or validation of, or filing, recording or registration with, or exemption by any governmental or public body or authority, or
subdivision thereof, binding on Borrower, except as already has been obtained or made; and 
 5.6 This
Amendment has been duly executed and delivered by Borrower and is the binding obligation of Borrower, enforceable against Borrower in accordance with its terms, except as such enforceability may be limited by bankruptcy, insolvency, reorganization,
liquidation, moratorium or other similar laws of general application and equitable principles relating to or affecting creditors’ rights. 

 6. Integration. This Amendment and the Loan Documents represent the entire agreement
about this subject matter and supersede prior negotiations or agreements. All prior agreements, understandings, representations, warranties, and negotiations between the parties about the subject matter of the Loan Documents merge into this
Amendment and the Loan Documents. 
 7. Prior Agreement. The Loan Documents are hereby ratified and reaffirmed and shall
remain in full force and effect. This Amendment is not a novation and the terms and conditions of this Amendment shall be in addition to and supplemental to all terms and conditions set forth in the Loan Documents. In the event of any conflict or
inconsistency between this Amendment and the terms of such documents, the terms of this Amendment shall be controlling, but such document shall not otherwise be affected or the rights therein impaired. The amendment set forth in Section 2
above, is effective for the purposes set forth herein and shall be limited precisely as written and shall not be deemed to (a) be a consent to any amendment, waiver or modification of any other term of condition of any Loan Document, or
(b) otherwise prejudice any right or remedy which Lenders or Collateral Agent may now have or may have in the future under or in connection with any Loan Document. 
 8. Counterparts. This Amendment may be executed in any number of counterparts and all of such counterparts taken together shall be deemed to constitute one and the same instrument. 

9. Effectiveness. This Amendment shall be deemed effective (a) upon the due execution and delivery to Collateral Agent of
this Amendment by each party hereto; (b) delivery to Collateral Agent of corporate resolutions authorizing the Amendment and, duly executed by Cydex; (c) delivery to Collateral Agent of a Perfection Certificate executed by Cydex;
(d) filing by Collateral Agent of a UCC-1 financing statement, naming Cydex as debtor; (e) delivery to Collateral Agent of the original stock certificates held by Ligand Pharmaceuticals Incorporated evidencing its 100% ownership of Cydex
with associated stock powers executed in blank; and (f) upon Collateral Agent’s receipt of all Lender Expenses incurred through the date of this Amendment. 
 10. Governing Law. This Amendment and the rights and obligations of the parties hereto shall be governed by and construed in accordance with the laws of the State of California without regard for
conflicts of laws principles. 
 Signature page follows. 

 IN WITNESS WHEREOF, the parties hereto
have caused this Amendment to be duly executed and delivered as of the date first written above. 
 BORROWERS 

LIGAND PHARMACEUTICALS INCORPORATED 

			
		
	By	 	/S/    JOHN
SHARP        
	Name:	 	John Sharp
	Title:	 	VP Finance & CFO

  

			
	SERAGEN, INC.
		
	By	 	/S/    JOHN
SHARP        
	Name:	 	John Sharp
	Title:	 	VP & CFO

  

			
	METABASIS THERAPEUTICS, INC.
		
	By	 	/S/    JOHN
SHARP        
	Name:	 	John Sharp
	Title:	 	VP & CFO

  

			
	PHARMACOPEIA, LLC
	
	By: Ligand Pharmaceuticals Incorporated, Its Sole and Managing Member
		
	By	 	/S/    JOHN
SHARP        
	Name:	 	John Sharp
	Title:	 	VP & CFO

  

			
	NEUROGEN CORPORATION
		
	By	 	/S/    JOHN
SHARP        
	Name:	 	John Sharp
	Title:	 	VP & CFO

  

			
	ALLERGAN LIGAND RETINOID THERAPEUTICS, INC.
		
	By	 	/S/    JOHN
SHARP        
	Name:	 	John Sharp
	Title:	 	VP & CFO

  

			
	LIGAND JVR, INC.
		
	By	 	/s/    John Sharp
	Name:	 	John Sharp
	Title:	 	CFO

  

			
	CYDEX PHARMACEUTICALS, INC.
		
	By	 	/s/    John Sharp
	Name:	 	John Sharp
	Title:	 	VP & CFO

  

			
	COLLATERAL AGENT AND LENDER:
	
	OXFORD FINANCE LLC, as Collateral Agent and as a Lender
		
	By	 	/s/    John G. Henderson
	Name:	 	John G. Henderson
	Title:	 	Vice President & General Counsel

 Annex A 
 All goods, Accounts (including health-care receivables), Equipment, Inventory, contract rights or rights to payment of money, leases, license agreements, franchise agreements, General Intangibles (except
as provided below), commercial tort claims, documents, instruments (including any promissory notes), chattel paper (whether tangible or electronic), cash, deposit accounts, all certificates of deposit, fixtures, letters of credit rights (whether or
not the letter of credit is evidenced by a writing), securities, and all other investment property, supporting obligations, and financial assets, whether now owned or hereafter acquired, wherever located; and 

All Borrower’s Books relating to the foregoing, and any and all claims, rights and interests in any of the above and all substitutions for,
additions, attachments, accessories, accessions and improvements to and replacements, products, proceeds and insurance proceeds of any or all of the foregoing. 
 Notwithstanding the foregoing, the Collateral does not include any of the following, whether now owned or hereafter acquired except to the extent that it is necessary under applicable law to have a
security interest in any of the following in order to have a perfected lien and security interest in and to the “IP Proceeds” defined below: any copyright rights, copyright applications, copyright registrations and like protections in each
work of authorship and derivative work, whether published or unpublished; any patents, patent applications and like protections, including improvements, divisions, continuations, renewals, reissues, extensions, and continuations-in-part of the same;
trademarks, trade names, service marks, mask works, rights of use of any name or domain names and, to the extent permitted under applicable law, any applications therefor, whether registered or not; and the goodwill of the business of Borrower
connected with and symbolized by such trademarks and service marks, know-how, operating manuals, trade secret rights, clinical and non-clinical data, rights to unpatented inventions; provided, however, the Collateral shall include all Accounts,
license and royalty fees and other revenues, proceeds, or income arising out of or relating to any of the foregoing and any claims for damage by way of any past, present, or future infringement of any of the foregoing (collectively, the “IP
Proceeds”). 
 Pursuant to the terms of a certain negative pledge arrangement with Lender, Borrower has agreed not to encumber any of its
copyright rights, copyright applications, copyright registrations and like protections in each work of authorship and derivative work, whether published or unpublished, any patents, patent applications and like protections, including improvements,
divisions, continuations, renewals, reissues, extensions, and continuations-in-part of the same, trademarks, service marks and, to the extent permitted under applicable law, any applications therefor, whether registered or not, and the goodwill of
the business of Borrower connected with and symbolized thereby, know-how, operating manuals, trade secret rights, rights to unpatented inventions, and any claims for damage by way of any past, present, or future infringement of any of the foregoing,
without Lender’s prior written consent. For avoidance of doubt: the foregoing sentence is subject to certain exceptions set forth in such negative pledge arrangement with Lender, including without limitation the granting of non-exclusive
licenses (or exclusive field-of-use licenses) for the use of the Intellectual Property in the ordinary course of business in connection with joint ventures and corporate collaborations to the extent permitted, and subject to the terms of, such
arrangement. 

 CORPORATE BORROWING certificate 

 

			
	BORROWER: CYDEX PHARMACEUTICALS, INC.	 	DATE: October __, 2011
	COLLATERAL AGENT: OXFORD FINANCE LLC	 	

 I hereby certify as follows, as of the date set forth above: 
 1. I am the Secretary, Assistant Secretary or other officer of the Borrower. My title is as set forth below. 
 2. Borrower’s legal name is set forth above. Borrower is a corporation existing under the laws of the State of Delaware. 
 3. Attached hereto are true, correct and complete copies of Borrower’s Certificate of Incorporation (including amendments), as filed with the Secretary of State of the state in which Borrower is
incorporated as set forth in paragraph 1 above. Except for such attached amendments, such Certificate of Incorporation have not been amended, annulled, rescinded, revoked or supplemented, and remain in full force and effect as of the date hereof.

 4. The following resolutions were duly and validly adopted by Borrower’s Board of Directors at a duly held meeting of such directors (or
pursuant to a unanimous written consent or other authorized corporate action). Such resolutions are in full force and effect as of the date hereof and have not been in any way modified, repealed, rescinded, amended or revoked, and Bank may rely on
them until Bank receives written notice of revocation from Borrower. 
 RESOLVED, that
any one of the following officers or employees of Borrower, whose names, titles and signatures are below, may act on behalf of Borrower: 
  

							
	 Name
	  	 Title
	  	 Signature
	  	 Authorized to
Add or Remove
Signatories

	 ___________________________
	  	 ___________________________
	  	 ___________________________
	  	 ̈
	 ___________________________
	  	 ___________________________
	  	 ___________________________
	  	 ̈
	 ___________________________
	  	 ___________________________
	  	 ___________________________
	  	 ̈
	 ___________________________
	  	 ___________________________
	  	 ___________________________
	  	 ̈

 RESOLVED FURTHER, that any one of the persons designated above
with a checked box beside his or her name may, from time to time, add or remove any individuals to and from the above list of persons authorized to act on behalf of Borrower. 
 RESOLVED FURTHER, that such individuals may, on behalf of Borrower: 

Borrow Money. Borrow money from Oxford Finance LLC (“Lender”). 

Execute Loan Documents. Execute any loan documents Bank requires. 

Grant Security. Grant Lender a security interest in any of Borrower’s assets. 

Further Acts. Designate other individuals to request advances, pay fees and costs and execute other documents or agreements they
believe to be necessary to effectuate such resolutions. 
 RESOLVED FURTHER, that all acts
authorized by the above resolutions and any prior acts relating thereto are ratified. 

 5. The persons listed above are Borrower’s officers or employees with their titles and signatures shown
next to their names. 
  

			
	By:	 	 
	Name:	 	 
	Title:	 	 

  

	***	If the Secretary, Assistant Secretary or other certifying officer executing above is designated by the resolutions set forth in paragraph 4 as one of the authorized
signing officers, this Certificate must also be signed by a second authorized officer or director of Borrower. 

 I, the
                                 of Borrower, hereby certify as to paragraphs 1
through 5 above, as of the date set forth above. 

                [print title] 

 

			
	By:	 	 
	Name:	 	 
	Title:License Agreement

 Exhibit 10.131 
 CERTAIN MATERIAL (INDICATED BY AN ASTERISK) HAS BEEN OMITTED FROM THIS DOCUMENT PURSUANT TO A REQUEST FOR CONFIDENTIAL TREATMENT. THE OMITTED MATERIAL HAS BEEN FILED SEPARATELY WITH THE SECURITIES AND
EXCHANGE COMMISSION. 
 LICENSE AGREEMENT 
 BETWEEN 
 CYDEX PHARMACEUTICALS, INC. 

AND 

ELI LILLY AND COMPANY 
 DATED: December 16, 2011 

 TABLE OF CONTENTS 

 

							
	 Section
	  	 Title
	  	Page	 
			
	    1.	  	DEFINITIONS	  	 	1	  
			
	    2.	  	GRANT OF RIGHTS	  	 	4	  
			
	    3.	  	MANUFACTURE AND SUPPLY OF CAPTISOL	  	 	6	  
			
	    4.	  	COMPENSATION	  	 	6	  
			
	    5.	  	RECORDS; REPORTS; AUDIT	  	 	7	  
			
	    6.	  	DEVELOPMENT AND COMMERCIALIZATION BY COMPANY	  	 	7	  
			
	    7.	  	REGULATORY MATTERS	  	 	8	  
			
	    8.	  	CONFIDENTIALITY	  	 	9	  
			
	    9.	  	REPRESENTATIONS AND WARRANTIES	  	 	11	  
			
	    10.	  	INDEMNIFICATION	  	 	12	  
			
	    11.	  	LIMITATION OF LIABILITY	  	 	13	  
			
	    12.	  	MANAGEMENT OF INTELLECTUAL PROPERTY	  	 	13	  
			
	    13.	  	TERM AND TERMINATION	  	 	14	  
			
	    14.	  	GENERAL PROVISIONS	  	 	15	  
	
	 TABLE OF EXHIBITS

 
	   
 

	 Exhibit
	  	 Title
	  	Page	 
			
	    A.	  	LICENSED PATENTS	  	 	A-1	  
			
	    B.	  	FORM OF CYDEX APPROVAL FOR LICENSED PRODUCT	  	 	B-1	  
			
	    C.	  	APPROVED LICENSED PRODUCTS AS OF THE EFFECTIVE
DATE	  	 	C-1	  

 LICENSE AGREEMENT 

THIS LICENSE AGREEMENT (this “Agreement”) is made
this 16th day of December, 2011 (the “Effective Date”) between: 

CYDEX PHARMACEUTICALS, INC., a Delaware corporation
with offices at 10513 W. 84th Terrace, Lenexa, Kansas
66214 (“CyDex”); and 
 ELI LILLY AND
COMPANY, an Indiana corporation, with offices at Lilly Corporate Center Indianapolis, Indiana 46285 USA (“Company”). 
 RECITALS 

WHEREAS, CyDex, a wholly-owned subsidiary of LIGAND
PHARMACEUTICALS INC., is engaged in the business of developing and commercializing novel drug delivery technologies designed to enhance the solubility and effectiveness of existing and development-stage drugs,
including without limitation Captisol®, a patented drug formulation system designed to enhance the solubility
and stability of drugs; 
 WHEREAS, Company desires to obtain a license
to use the Captisol® patented drug formulation system in connection with its development and commercialization
of one or more Compounds (defined below) and CyDex is willing to grant such license to Company under the terms and conditions set forth herein; and 
 WHEREAS, CyDex desires to sell
Captisol® to Company, and Company desires to purchase
Captisol® from CyDex, in accordance with the terms and conditions of that certain Supply Agreement between the
parties of even date herewith (the “Supply Agreement”); 
 NOW,
THEREFORE, in consideration of the following mutual promises and other good and valuable consideration, the receipt and sufficiency of which is acknowledged, the parties, intending to be legally bound, agree as
follows: 
  

	1.	DEFINITIONS. 

 For the
purposes of this Agreement, the following terms shall have the meanings as defined below: 
 “Affiliate” means,
with respect to any party, any entity controlling, controlled by, or under common control with such party, during and for such time as such control exists. For these purposes, “control” shall refer to the ownership, directly or indirectly,
of at [***] of the voting securities or other ownership interest of the relevant entity. 
 “Adverse
Event” means any undesirable medical occurrence in a patient or clinical investigation subject administered the Licensed Product and which does not necessarily have a causal relationship with the Licensed Product. 

“Captisol” means Captisol®, also known scientifically as [***]. 

  

	***	Certain information on this page has been omitted and filed separately with the Commission. Confidential treatment has been requested with respect to the omitted
portions. 

  
 1 

 “Captisol Data Package” means (i) all toxicology/safety and other
relevant scientific safety data owned, licensed or developed by CyDex and its Affiliates; and (ii) all toxicology/safety and other relevant scientific data owned, licensed or developed by the licensees or sublicensees of CyDex or its Affiliates
or other third parties (to the extent permitted in the applicable license or other agreements between CyDex and/or its Affiliates and such licensees, sublicensees or other third parties), in each case on Captisol alone (and not in conjunction with a
product formulation). 
 [***]. 
 “Claim” has the meaning specified in Section 10.1. 

“Commercial Launch Date” means, in any particular country, the [***]. 

“Compound” means, with respect to each Licensed Product, the active pharmaceutical ingredient for such Licensed Product
approved by CyDex in accordance with Section 2.5, owned by or exclusively licensed to Company and developed and manufactured by or on behalf of Company. 
 “Confidential Information” has the meaning specified in Section 8.1. 
 “Disclosing Party” has the meaning specified in Section 8.1 hereof. 
 “DMF” means a [***], as filed as of the Effective Date, or as hereafter updated from time to time during the Term, by CyDex with the FDA. 

“FDA” means the United States Food and Drug Administration, or any successor thereto. 

“Field” means, with respect to each Licensed Product, the specified field of use for such Licensed Product approved by
CyDex in accordance with Section 2.5. 
 “Generic Captisol” means a GMP manufactured [***].

 “GMP” means material that (a) has been manufactured under conditions of current good manufacturing
practices for bulk excipients as set forth in U.S. Pharmacopoeia <1078> as of the Effective Date or any successor thereto. 
 “IND” means an Investigational New Drug application, as defined in the United States Federal Food, Drug and Cosmetic Act and the regulations promulgated thereunder, or similar application
filed with an equivalent regulatory body in another country. 
 “Indemnitee” has the meaning specified in
Section 10.4. 
 “Indemnitor” has the meaning specified in Section 10.4. 

“Licensed Patents” means all patents and patent applications in the Territory which cover Captisol and which now or at
any time during the Term are owned by or licensed to CyDex or any CyDex Affiliate with the right to sublicense, including any and all extensions, renewals, continuations, substitutions, continuations-in-part, divisions, patents-of-addition,
reissues, reexaminations and/or supplementary protection certificates to any such patents. Set forth in Exhibit A attached hereto is a list of the Licensed Patents as of the Effective Date. Such Exhibit A shall be
updated by CyDex at least annually during the Term. 

  

	***	Certain information on this page has been omitted and filed separately with the Commission. Confidential treatment has been requested with respect to the omitted
portions. 

  
 2 

 “Licensed Product” means a Compound combined with or formulated using
Captisol for ultimate use [***] approved by CyDex in accordance with Section 2.5. For clarity, a Licensed Product [***]. 
 “Losses” has the meaning set forth in Section 10.1. 

“Marketing Approval” means final approval of an NDA by the FDA, or final approval of a comparable document filed with an
equivalent health regulatory authority in any other country or in the European Union (using the centralized process or mutual recognition), including all required marketing, pricing or reimbursement approvals. 

“NDA” means a New Drug Application, as defined in the United States Federal Food, Drug and Cosmetic Act and the
regulations promulgated thereunder, or similar application filed with an equivalent regulatory body in another country. 

[***] 

[***] 

[***] 

[***] 

[***] 

[***] 

[***] 

[***] 
 [***]

 “Notice of Default” has the meaning specified in Section 13.2. 

“Notice of Termination” has the meaning specified in Section 13.2. 

[***] 

“Quality Agreement” means the document developed, approved, and updated between CyDex and Company that sets forth the
quality expectations, responsibilities, rights (including, as applicable and agreed upon, audit requirements) and requirements relating to the manufacture and supply of Captisol. Such agreement may be amended from time to time by written agreement
between the Parties. 
 “Receiving Party” has the meaning specified in Section 8.1. 

“Safety Agreement” has the meaning specified in Section 7.4. 

“SEC” has the meaning specified in Section 8.3. 

“Study” has the meaning specified in Section 6.3. 

“Sublicensees” has the meaning specified in Section 2.3. 

  

	***	Certain information on this page has been omitted and filed separately with the Commission. Confidential treatment has been requested with respect to the omitted
portions. 

  
 3 

 “Term” has the meaning specified in Section 13.1. 

“Territory” means the entire world. 
 “Valid Claim” means a claim which, but for the license granted hereunder, would be infringed by Company’s use, manufacture or sale of a Licensed Product, and which is covered by an
issued and unexpired patent included within the Licensed Patents which has not been held invalid or unenforceable by a decision of a court or governmental agency of competent jurisdiction, unappealable or unappealed within the time allowed for
appeal, and which has not been disclaimed, denied, or admitted to be invalid, canceled, or unenforceable by the owner through re-issue, re-examination or disclaimer, opposition procedure, nullity suit, or otherwise or is not enforceable by virtue of
applicable law in the Territory. 
  

	2.	GRANT OF RIGHTS. 

 (a) License Grants from CyDex to Company. 
 (1) Licensed
Patents. Subject to the terms and conditions of this Agreement, including but not limited to payment of the amounts set forth in Section 4.1 below, CyDex hereby grants to Company an exclusive, nontransferable (except with respect to
the assignment provision in Section 14.15) license during the Term under the Licensed Patents, solely to make, use, sell, offer for sale and import the Licensed Product in the Territory in the Field. Notwithstanding the foregoing, to the
extent that any Licensed Patents are licensed to CyDex or its Affiliates by a third party on a non-exclusive basis, the license granted to Company in the foregoing sentence shall be exclusive as to CyDex and non-exclusive as to any third party. For
clarity, as CyDex is unable to grant Company any rights that it does not have, in the event that CyDex obtains a non-exclusive license from a third party for intellectual property necessary for Company to perform its obligations hereunder, then
CyDex shall pass on such rights to Company hereunder via a license that grants rights that are non-exclusive with respect to third parties but that is exclusive with respect to CyDex. Company may not make, use, sell, offer for sale, or import the
Licensed Product for any other purposes than those granted to it in this Agreement. Company may sublicense the Licensed Patents, as expressly set forth in Sections 2.3 and 2.4 below. 

(2) Captisol Data Package. Subject to the terms and conditions of this Agreement, including but not limited to
payment of the amounts set forth in Section 4.1 below, CyDex hereby grants to Company a non-exclusive, nontransferable (except with respect to the assignment provision in Section 14.14) license during the Term under
CyDex’s right in and to the Captisol Data Package, solely to make, use, sell, offer for sale and import the Licensed Product in the Territory in the Field. Company may not sublicense its rights to the Captisol Data Package, except as expressly
set forth in Sections 2.3 and 2.4 below. 
 (3) Scope of Licenses. Without limiting the
generality of the foregoing, CyDex grants no rights to Company to manufacture, import, sell or offer for sale bulk Captisol; provided, however, that Company may provide Captisol to bona fide collaborators in order to help Company to make,
use, sell, offer for sale or import the Licensed Product in the Territory in the Field. Licensee acknowledges that not all rights of CyDex related to Captisol are included within the rights licensed hereunder, given that CyDex shall supply
Company’s requirements of Captisol for the Licensed Product. CyDex shall not be liable to Company for violation of Company’s exclusive rights hereunder by parties which are not Affiliates or licensees of CyDex [***]. Company
acknowledges and agrees that (i) CyDex shall not be required to obtain or maintain patent rights in the Territory for the Licensed Patents, (ii) CyDex shall not be restricted in making sales of Captisol or, except as provided herein for
the Licensed Product, licensing rights to other parties, and (iii) CyDex does not warrant or indemnify Licensee or its Affiliates and Sublicensees against the Licensed Product infringing third party rights. 

  

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 4 

 (b) Grant of License from Company to CyDex. Company hereby grants to CyDex a
nonexclusive, transferable, perpetual, worldwide and royalty-free license, with the right to grant sublicenses (through multiple tiers of sublicensees), under Company’s and its Affiliates’ and Sublicensees’ rights in and to Captisol
Improvements to develop, make, have made, use, market, distribute, import, sell and offer for sale Captisol, any Captisol Improvement and products formulated with Captisol or any Captisol Improvement (other than the Licensed Product in the Field).
If during the Term any of (a) Company, (b) Affiliates to whom Company has provided rights under the licenses granted to Company by CyDex pursuant to Section 2.1, or (c) Sublicensees pursuant to the practice of their
respective sublicenses from Company under Section 2.3, file any patent application claiming Captisol anywhere in the world, CyDex shall be deemed automatically to have a nonexclusive, transferable, perpetual, worldwide and royalty-free
license, with the right to grant sublicenses (through multiple tiers of sublicensees), under the claims relating specifically to Captisol to make, have made, use, market, distribute, import, sell, and offer for sale Captisol and all products
formulated with Captisol (other than the Licensed Product in the Field during the Term). Company shall provide prompt notice of any Captisol Improvement. 
 (c) Sublicensing. Company shall have the right to grant sublicenses to its Affiliates and licensees of the Licensed Product (collectively “Sublicensees”) under the licenses granted
to Company pursuant to Section 2.1; [***]. 
 (d) Contracting. Company may manufacture the
Licensed Product (but not the bulk Captisol) or contract the manufacture of the Licensed Product (but not the manufacture of bulk Captisol) with Company qualified third party manufacturers. To the extent necessary to engage a third party
manufacturer for the Licensed Product, Company shall be permitted under this Agreement to grant any such third party manufacturer a sublicense under the licenses granted to Company pursuant to Section 2.1 solely for such purposes;
[***]. 
 2.5 CyDex Approval Rights. Company acknowledges that (i) CyDex has granted and in the future shall
have the right to grant exclusive and non-exclusive licenses for the use of Captisol for various products in various fields for various territories, and (ii) as a result, the written approval of CyDex shall be required for the Compound,
formulation and Field of each Licensed Product. Such written approval by CyDex shall be substantially in the form of Exhibit B hereto, and shall include specific approval rights for CyDex, which CyDex may provide or withhold in its
reasonable discretion, for the Compound, formulation or Field for any proposed Licensed Product. Without limiting the generality of the foregoing, for clarity it shall be deemed reasonable for CyDex to withhold its consent if: (w) CyDex has
conflicting or potentially conflicting contractual obligations existing at the time of Company’s request, including without limitation if CyDex is a party to a research agreement or limited clinical use agreement or similar contract with a
third party; (x) CyDex is then in substantive negotiations with a third party to grant such rights or conflicting rights and/or (y) CyDex or an Affiliate is actively pursuing its own development program in relation to the applicable
composition(s) of matter. For the avoidance of doubt, CyDex hereby approves the Compound, formulation and Field for the Licensed Products specified in Exhibit C hereto. Further, for the avoidance of doubt, Company shall not be
prohibited from developing products at its discretion as a result of this Section 2.5, provided that such products do not include Captisol supplied by CyDex and do not violate the valid intellectual property rights of CyDex. 

  

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 5 

	3.	MANUFACTURE AND SUPPLY OF CAPTISOL 

The provisions of the Supply Agreement and any related Quality Agreement shall govern the manufacture and supply of Captisol for use in
the formulation of the Licensed Product. Company acknowledges and agrees that, pursuant to the Supply Agreement, CyDex is the exclusive manufacturer of Captisol for Company and its Affiliates and Sublicensees and nothing set forth herein shall be
deemed to grant Company or its Affiliates or Sublicensees the right to manufacture Captisol nor the right to contract the manufacture of Captisol to a third party [***]. 

CyDex shall have the right to change the Specifications from time to time during the Term; [***]. CyDex shall provide Company with
[***] prior written notice of any proposed change to the Specifications and provide Company with an opportunity to evaluate whether [***]. 
 [***]. 
  

	4.	COMPENSATION. 

 (a) Payments and Royalties for Licenses. 
 (1) One-Time
Fee. Company shall pay to CyDex a non-refundable, one-time fee of One Million Dollars (US $1,000,000) in partial consideration of the rights granted Company under this Agreement, which amount shall be due and payable in full on December 31,
2011, with commercially reasonable efforts to make such payment prior to December 31, 2011. 
 (b) [***] 

 

			
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 [***] 
 (c) Late Payments. Unpaid balances shall accrue interest,
from due date until paid, at a rate equal to the prime rate, [***]. 

  

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 6 

	5.	RECORDS; REPORTS; AUDIT. 

 (a) Records. Company shall, and shall require its Affiliates and Sublicensees to, maintain complete and accurate records relating to Net Sales of Licensed Product in accordance with its standard
procedures. 
 (b) Reports. 
 (1) Quarterly Financial Reports. Within [***] following the conclusion of [***] during the Term, Company shall provide CyDex with a written report with respect to [***]
that sets forth sales of the Licensed Product in the Territory during such [***]. Such report shall include Net Sales and royalties due for each Licensed Product. 

(2) Annual Milestone Reports. Annually, by November 1st of each calendar year during the Term, Company shall
provide CyDex with written reports that: describe in reasonable detail Company’s progress made toward achievement of the milestones specified in Section 4.1(b) above during [***]; and set forth such other information
regarding Captisol as mutually agreed upon by the parties. Company shall also provide quarterly updates regarding any significant changes to the expected completion of any such milestones outlined in the annual report or any change that may
materially affect the Supply Agreement or orders placed thereunder. 
 (c) Audit. Upon the written request of
CyDex, Company will permit Company’s independent Third Party certified public accountant to have access during normal business hours to such of the records of Company as may be reasonably necessary to verify the royalty reports under
Section 5.2 [***]. 
 In the event such accountant concludes that additional payments of any kind as required by this Agreement were
owed to CyDex during such period, the additional amounts will be paid within [***] of the date CyDex delivers to Company such accountant’s written report so concluding. The fees charged by such accountant will be paid by CyDex, unless
the audit discloses that the amounts payable by Company [***]. In the event such accountant concludes that there was an overpayment by Company to CyDex during such period, at Company’s option, [***] of the date of the written
report. 
 The independent certified public accountants shall keep confidential any information obtained during such inspection and shall report
to the CyDex and Company only the amounts of Net Sales and royalties due and payable. The parties agree that all information subject to review under this Section 5.3 or under any sublicense agreement is confidential and that it will cause its
accountant to retain all such information in confidence. 
  

	6.	DEVELOPMENT AND COMMERCIALIZATION BY COMPANY. 

(a) Diligence. Company agrees that, during the Term, it will use, and shall require its Affiliates and Sublicensees to use,
commercially reasonable efforts to obtain Marketing Approval in the major markets in the Territory and to market, promote, and sell Licensed Product thereafter in each country in which Marketing Approval is obtained. For clarity, Company will be
under no obligation to market a Product if it determines, in its sole and reasonable business judgment, that such an effort is not commercially viable for Company.  
 (b) Costs and Expenses. Company shall be solely responsible for all costs and expenses related to its development and commercialization of the Licensed Product, including without limitation costs
and expenses associated with all preclinical activities and clinical trials, and all regulatory filings and proceedings relating to the Licensed Product.  

  

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 7 

 (c) In Vivo Studies. If Company wishes to conduct any in vivo study (preclinical or
clinical, in animals or in humans, each a “Study”) of the Licensed Product utilizing Captisol, the following provisions shall apply: 
 (a) Dosing. Company shall not exceed the maximum allowable dosing levels of Captisol specified in CyDex’s then-current clinical dosing matrix (which shall be provided by CyDex to Company from
time to time) without the written consent of CyDex. 
 (b) Compliance with Laws. Company represents and warrants that
each Study will be performed in accordance with all applicable laws, regulations and requirements. Company will provide or cause to be provided all appropriate warnings to participants enrolled in each Study and obtain or cause to be obtained
appropriate documentation of informed consent from all participants in each such Study. 
 (c) Adverse Events. Company
agrees to immediately inform CyDex if any adverse effects are observed and ascribed to Captisol in any Study in accordance with Section 7.3 hereof. To accurately track adverse events and preserve the validity of each Study, Company shall
only use Captisol supplied by CyDex for each such Study conducted under the scope of this Agreement. 
 (d) Reporting and
Study Data. Within [***] after the completion of the relevant Study, Company shall provide to CyDex a summary of the data and results of each Study that pertain solely to Captisol, and Company hereby grants to CyDex a non-exclusive,
royalty-free license (with the right to sublicense) to use and disclose such data for regulatory purposes, including without limitation to update the DMF for Captisol. 
 (d) Right of Reference. Company shall have the right to reference the DMF solely in connection Company’s regulatory filings submitted in connection with obtaining Marketing Approval for the
Licensed Product. 
 (e) Access to Company’s Data. CyDex shall have the right to reference and utilize all
toxicology/safety and other relevant scientific data developed on Captisol alone (and not in conjunction with a product formulation) by Company, its Sublicensees or Affiliates in connection with CyDex’s development and commercialization of
Captisol or compounds, at no cost to CyDex. Upon request by CyDex, Company shall either provide CyDex with a copy of all such data or shall make such data accessible to CyDex at such times and locations mutually agreed upon by the parties.

  

	7.	REGULATORY MATTERS. 

 (a) Captisol Information Submitted for Regulatory Review. Except as otherwise set forth herein, Company shall be solely responsible for all communications with regulatory agencies in connection
with the Licensed Product. 
 (b) Material Safety. CyDex shall provide Company, in writing, from time to time, with
(a) relevant information currently known to it regarding handling precautions, toxicity and hazards with respect to Captisol, and (b) the then-current material safety data sheet for Captisol. Notwithstanding

  

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 8 

 
the foregoing or anything in this Agreement to the contrary, Company is solely responsible for (i) use of all documentation provided by CyDex, including without limitation, use in any
regulatory submission to the FDA or any other regulatory agency in the Territory, (ii) document control and retention, and (iii) determining the suitability of any documentation provided by CyDex hereunder for use in any regulatory
submission. 
 (c) Adverse Event Reporting. Company shall adhere, and shall require that its Affiliates, Sublicensees,
co-marketers and distributors adhere, to all requirements of applicable law and regulations that relate to the reporting and investigation of any adverse event, including without limitation an unfavorable and unintended diagnosis, symptom, sign
(including an abnormal laboratory finding), syndrome or disease, whether or not considered Captisol or Licensed Product-related, which occurs or worsens following administration of Captisol or Licensed Product. Company shall provide CyDex with
copies of all reports of any such adverse event which is serious (any such adverse event involving Captisol or the Licensed Product that results in death, is life-threatening, requires or prolongs inpatient hospitalization, results in disability,
congenital anomaly or is medically important (i.e., may require other medical or surgical intervention to prevent other serious criteria from occurring)) which Company has reason to believe are associated with Captisol within [***] following
(i) Company’s submission of any such report to any regulatory agency, or (ii) receipt from Company’s Sublicensee, co-marketer or distributor of any such report to any regulatory agency. Reports from Company shall be delivered to
the attention of Chief Scientific Officer, CyDex, with a copy to Chief Executive Officer, CyDex, at the address set forth in Section 14.6. The parties shall mutually cooperate with regard to investigation of any such serious adverse
event, whether experienced by Company, CyDex or any other Affiliate, Sublicensee, co-marketer or distributor of CyDex or Company. 
 (d) Safety Agreement. Company and CyDex shall execute a separate related safety agreement (the “Safety Agreement”) to this Agreement, for each compound (see Exhibit C), at least
[***]. The Safety Agreement will provide details related to the management of serious Adverse Events that occur during clinical trials, including safety issues rising from pre-clinical research and other safety and reporting practices and
procedures, detailing obligations related to the development and commercialization of the Licensed Product in compliance with all applicable laws, rules, and regulations. 

 

	8.	CONFIDENTIALITY. 

 (a) Definition. Company and CyDex each recognizes that during the Term, it may be necessary for a party (the “Disclosing Party”) to provide Confidential Information (as defined
herein) to the other party (the “Receiving Party”) that is highly valuable, the disclosure of which would be highly prejudicial to such party. The disclosure and use of Confidential Information will be governed by the provisions of
this Section 8. Neither Company nor CyDex shall use the other’s Confidential Information except as expressly permitted in this Agreement. For purposes of this Agreement, “Confidential Information” means all
information disclosed by the Disclosing Party to the Receiving Party and designated in writing by the Disclosing Party as “Confidential” (or equivalent), and all material disclosed orally which is declared to be confidential by the
Disclosing Party, including but not limited to product specifications, data, know-how, formulations, product concepts, sample materials, business and technical information, financial data, batch records, trade secrets, processes, techniques,
algorithms, programs, designs, drawings, and any other information related to a party’s present or future products, sales, suppliers, customers, employees, investors or business. Without limiting the generality of the foregoing, CyDex’s
Confidential Information includes all materials provided as part of the Captisol Data Package. 

  

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 9 

 (b) Obligation. CyDex and Company agree that they will disclose the other’s
Confidential Information to its own officers, employees, consultants and agents only if and to the extent necessary to carry out their respective responsibilities under this Agreement or in accordance with the exercise of their rights under this
Agreement, and such disclosure shall be limited to the maximum extent possible consistent with such responsibilities and rights. Neither party shall disclose Confidential Information of the other to any third party without the other’s prior
written consent, and any such disclosure to a third party shall be pursuant to the terms of a non-disclosure agreement no less restrictive than this Section 8. Each party shall take such action to preserve the confidentiality of each
other’s Confidential Information as it would customarily take to preserve the confidentiality of its own Confidential Information (but in no event less than a reasonable standard of care). Each party, upon the other’s request, will return
or destroy (at disclosing party’s discretion) all the Confidential Information disclosed to the other party pursuant to this Agreement, including all copies and extracts of documents, within [***] of the request, and in any event,
promptly following the expiration or termination of this Agreement. 
 (c) Exceptions. The use and non-disclosure
obligations set forth in this Section 8 shall not apply to any Confidential Information, or portion thereof, that the Receiving Party can demonstrate: 

i. at the time of disclosure is in the public domain; 

ii. after disclosure, becomes part of the public domain, by publication or otherwise, through no fault of the
Receiving Party; 
 iii. at the time of disclosure is already in the Receiving Party’s possession,
and such prior possession can be properly demonstrated by the Receiving Party, with the exception of Confidential Information exchanged between parties prior to the execution of this Agreement; 

iv. is made available to the Receiving Party by an independent third party, provided, however, that to the
Receiving Party’s knowledge, such information was not obtained by said third party, directly or indirectly, from the Disclosing Party hereunder; or 
 v. is independently developed by an employee of the Receiving Party not having access to the Disclosing Party’s information. 

In addition, the Receiving Party may disclose information that is required to be disclosed by law, by a valid order of a court or by
order or regulation of a governmental agency including but not limited to, regulations of the United States Securities and Exchange Commission (the “SEC”), or in the course of litigation, provided that in all cases the
Receiving Party shall give the other party prompt notice of the pending disclosure and makes a reasonable effort to obtain, or to assist the Disclosing Party in obtaining, a protective order preventing or limiting the disclosure and/or requiring
that the Confidential Information so disclosed be used only for the purposes for which the law or regulation required, or for which the order was issued. 
 (d) Injunction. Each party agrees that should it breach or threaten to breach any provisions of this Section 8, the Disclosing Party will suffer irreparable damages and its remedy at
law will be inadequate. Upon any breach or threatened breach by the Receiving Party of this Section 8, the Disclosing Party shall be entitled to seek injunctive relief in addition to any other remedy which it may have, without need to
post any bond or security. 

  

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 10 

 (e) Third Party Information. Company acknowledges that CyDex’s Confidential
Information and DMF includes information developed by [***] that is confidential to both CyDex and [***]. Only to the extent that Confidential information of [***] is disclosed to Company hereunder, and only as required
by CyDex’s pre-existing contractual obligations to Pfizer, then [***] is a limited third party beneficiary of only this Section 8 of this Agreement and may seek remedies pursuant to it, but only in accordance with its
terms. 
  

	9.	REPRESENTATIONS AND WARRANTIES. 

(a) Mutual Representations and Warranties. Each party represents and warrants to the other as follows: 

(i) it is a corporation duly organized and validly existing under the laws of the state or country of its
incorporation; 
 (ii) it has the complete and unrestricted power and right to enter into this Agreement
and to perform its obligations hereunder; 
 (iii) this Agreement has been duly authorized, executed and
delivered by such party and constitutes a legal, valid and binding obligation of such party enforceable against such party in accordance with its terms except as enforceability may be limited by applicable bankruptcy, insolvency, reorganization,
receivership, moratorium, fraudulent transfer, or other similar laws affecting the rights and remedies of creditors generally and by general principles of equity; 

(iv) the execution, delivery and performance of this Agreement by such party do not conflict with any agreement,
instrument or understanding, oral or written, to which such party is a party or by which such party may be bound, nor violate any law or regulation of any court, governmental body or administrative or other agency having authority over such party;

 (v) all consents, approvals and authorizations from all governmental authorities or other third parties
required to be obtained by such party in connection with the execution and delivery of this Agreement have been obtained; 
 (vi) no person or entity has or will have, as a result of the transactions contemplated by this Agreement, any right, interest or valid claim against or upon such party for any commission, fee or
other compensation as a finder or broker because of any act by such party or its agents, or, with respect to Company, because of any act by its Affiliates or Sublicensees; and 

(vii) it has not entered into any agreement with any third party that is in conflict with the rights granted to the
other party pursuant to this Agreement. 
 (b) CyDex Representations and Warranties. CyDex hereby represents and warrants
to Lilly as follows: 
 (i) That it has no knowledge of any unsettled past or current, and has not
received notice of any threatened, patent, trade secret or other intellectual property dispute with any Third Party that actually or is reasonably likely to have a material adverse effect on ability to carry out its material obligations under this
Agreement. 
 (ii) That it has not executed or granted to any third party or Affiliate, directly or
indirectly, or entered into any agreement for, any license or other right under any patent, trade secret or other intellectual property or any license or covenant not to sue respecting such patents, trade secrets or other intellectual property that
conflicts with its obligations under this Agreement. 

  

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 11 

 (iii) That all Captisol has been manufactured and packaged in
compliance with all relevant applicable laws and regulations. 
 [***] 

[***] 

[***] 

[***] 

9.3 Disclaimer. THE WARRANTIES SET FORTH IN
THIS SECTION 9 ABOVE ARE PROVIDED IN LIEU OF, AND EACH PARTY
HEREBY DISCLAIMS, ALL OTHER WARRANTIES, EXPRESS AND IMPLIED, RELATING TO THE
SUBJECT MATTER OF THIS AGREEMENT, CAPTISOL, THE LICENSED PATENTS, THE CAPTISOL
DATA PACKAGE, OR THE LICENSED PRODUCT, INCLUDING BUT NOT LIMITED TO
THE IMPLIED WARRANTIES OF MERCHANTABILITY AND FITNESS FOR A PARTICULAR PURPOSE,
TITLE AND NON-INFRINGEMENT OF THIRD PARTY RIGHTS. EACH PARTY’S
WARRANTIES UNDER THIS AGREEMENT ARE SOLELY FOR THE BENEFIT OF THE OTHER PARTY AND
MAY BE ASSERTED ONLY BY THE OTHER PARTY AND NOT BY ANY AFFILIATE, SUBLICENSEE
OR ANY CUSTOMER OF THE OTHER PARTY, ITS AFFILIATES OR SUBLICENSEES. EACH PARTY, ITS AFFILIATES
AND SUBLICENSEES SHALL BE SOLELY RESPONSIBLE FOR ALL REPRESENTATIONS AND WARRANTIES
THAT IT, ITS AFFILIATES OR SUBLICENSEES MAKE TO ANY CUSTOMER OF SUCH PARTY, ITS
AFFILIATES OR SUBLICENSEES. 
  

	10.	INDEMNIFICATION. 

 (a) By CyDex. CyDex shall defend, indemnify and hold Company and its Affiliates and Sublicensees, and each of their respective directors, officers and employees, harmless from and against any and
all losses, damages, liabilities, costs and expenses (including the reasonable costs and expenses of attorneys and other professionals) (collectively “Losses”) incurred by Company as a result of any claim, demand, action or other
proceeding (each, a “Claim”) by a third party, to the extent such Losses arise out of (i) CyDex’s breach of this Agreement, including without limitation any of its representations and warranties set forth herein;
(ii) the research, development, manufacture, use, handling, promotion, marketing, distribution, importation, sale or offering for sale of Captisol by CyDex, its Affiliates, distributors or agents (for clarity, such terms shall not include
Company in any event); or (iii) interactions and communications by CyDex, its Affiliates, distributors or agents (for clarity, such terms shall not include Company in any event) with governmental authorities, physicians or other third parties
relating to Captisol, including the Captisol Data Package. 
 (b) By Company. Company shall defend, indemnify and hold
CyDex and its Affiliates, and each of their respective directors, officers and employees, harmless from and against any and all Losses incurred by CyDex as a result of any Claim by a third party, to the extent such Losses arise out of:
(i) Company’s breach of this Agreement, including without limitation any of its representations herein; (ii) the research, development, manufacture, use, handling, promotion, marketing, distribution, importation, sale or offering for
sale of Licensed Products by Company, its Affiliates, Sublicensees, distributors, agents or other parties (for clarity, such terms shall not include CyDex in any event); or (iii) interactions and communications with governmental authorities,
physicians or other third parties relating to Licensed Products. 
 (c) Expenses. As the parties intend complete
indemnification, all costs and expenses of enforcing any provision of this Section 10 shall also be reimbursed by the Indemnitor. 

  

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 (d) Procedure. The party intending to claim indemnification under this Section
10 (an “Indemnitee”) shall promptly notify the other party (the “Indemnitor”) of any Claim in respect of which the Indemnitee intends to claim such indemnification, and the Indemnitor shall assume the defense
thereof whether or not such Claim is rightfully brought; provided, however, that an Indemnitee shall have the right to retain its own counsel, with the fees and expenses to be paid by the Indemnitee, unless Indemnitor does not assume the
defense, in which case the reasonable fees and expenses of counsel retained by the Indemnitee shall be paid by the Indemnitor. The Indemnitee, and its employees and agents, shall cooperate fully with the Indemnitor and its legal representatives in
the investigations of any Claim. The Indemnitor shall not be liable for the indemnification of any Claim settled or compromised by the Indemnitee without the written consent of the Indemnitor. 

 

	11.	LIMITATION OF LIABILITY. 

 EXCEPT FOR DAMAGES FOR WHICH A PARTY IS RESPONSIBLE PURSUANT TO
ITS INDEMNIFICATION OBLIGATIONS SET FORTH IN SECTION 10 ABOVE, EACH PARTY SPECIFICALLY
DISCLAIMS ALL LIABILITY FOR AND SHALL IN NO EVENT BE LIABLE FOR
ANY INCIDENTAL, SPECIAL, INDIRECT OR CONSEQUENTIAL DAMAGES, EXPENSES, LOST PROFITS,
LOST SAVINGS, INTERRUPTIONS OF BUSINESS OR OTHER DAMAGES OF ANY KIND
OR CHARACTER WHATSOEVER ARISING OUT OF OR RELATED TO THIS AGREEMENT
OR RESULTING FROM THE MANUFACTURE, HANDLING, MARKETING, SALE, DISTRIBUTION OR USE
OF LICENSED PRODUCT OR USE OF THE LICENSED PATENTS AND CAPTISOL DATA
PACKAGE, REGARDLESS OF THE FORM OF ACTION, WHETHER IN CONTRACT, TORT,
STRICT LIABILITY OR OTHERWISE, EVEN IF SUCH PARTY WAS ADVISED OF THE
POSSIBILITY OF SUCH DAMAGES. EACH PARTY SHALL HAVE NO REMEDY, AND
EACH PARTY SHALL HAVE NO LIABILITY, OTHER THAN AS EXPRESSLY SET FORTH
IN THIS AGREEMENT. [***]. 
  

	12.	MANAGEMENT OF INTELLECTUAL PROPERTY. 

(a) Ownership. 
 (1) Existing Rights. Each party shall maintain its ownership and other rights with respect to intellectual property owned or controlled by such party prior to the Effective Date. 

(2) New Rights. Discoveries, inventions, improvements and other technology, whether or not patentable, arising from
the use of Captisol and/or any formulations containing Captisol shall be: 
 [***] 

[***] 

[***] 
 Inventorship
shall be determined in accordance with US patent law. For clarity, rights [***]. 
 (b) Prosecution and Maintenance.

 (1) Existing Rights (Licensed Patents). During the Term CyDex shall maintain, [***].

  

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 13 

 (2) New Rights. The parties shall cooperate to take whatever,
if any, action they mutually agree upon in writing and in their respective discretion to prosecute patent applications and maintain patents covering rights which are jointly owned in accordance with Section 12.1(b)(iii). Such agreement shall
include actions to be taken by each party and the allocation of expenses related to such action. Neither party shall seek patent protection covering such rights without such agreement. 

(c) Infringement by Third Parties. 
 (1) Existing Rights (Licensed Patents). If Company becomes aware that a third party may be infringing a Licensed Patent, it will promptly notify CyDex in writing, providing all information
available to Company regarding the potential infringement. CyDex shall take whatever, if any, action it deems appropriate, in its sole discretion, against the alleged infringer. [***]. 

(2) New Rights. The parties shall cooperate to take whatever, if any, action they mutually agree upon in writing
and in their respective discretion against the alleged infringer of rights which are jointly owned in accordance with Section 12.1(b)(iii). Such agreement shall include actions to be taken by each party and the allocation of expenses and
recoveries related to such action. Neither party shall take any such action against the alleged infringer without the written consent of the other party. 
  

	13.	TERM AND TERMINATION. 

 (a) Term. The term of this Agreement (the “Term”) shall commence on the Effective Date and shall continue in effect thereafter until the later of (i) expiration of
Company’s obligation to pay royalties under Section 4.1(c), or (ii) the expiration of the last-to-expire of the Licensed Patents in the Territory, unless terminated earlier as set forth herein. 

(b) Termination by Company. Company may terminate this Agreement upon sixty (60) days prior express written notice to CyDex.
If the Agreement is terminated by Company, within thirty (30) days after such termination, Company shall pay to CyDex all payments owing at the date of termination. 
 (c) Termination for Breach. If either party should violate or fail to perform any term or covenant of this Agreement, then the other party may give written notice of such default (a “Notice
of Default”) to such party. If such party should fail to cure such default within sixty (60) days (or thirty (30) days with respect to any payment obligation) of the date of such notice or prior to the natural expiration date of
this Agreement, whichever is shorter in duration, the other party shall have the right to terminate this Agreement by a second written notice (a “Notice of Termination”) to such party. If Notice of Termination is sent to such party,
this Agreement shall automatically terminate on the effective date of such notice. 
 (d) Termination for Bankruptcy.
Either party may terminate this Agreement immediately upon written notice to the other party in the event that the other party makes an assignment for the benefit of creditors or has a petition in bankruptcy filed for or against it that is not
dismissed within ninety (90) days of such filing. 
 (e) Effect of Termination. Following the termination by Company
under Section 13.2 or by CyDex for Lilly’s breach under Section 13.3 and Lilly fails to cure such default within the applicable cure period under Section 13.3, of this Agreement, all rights granted to Company herein shall
immediately terminate and each party shall promptly return all relevant records and materials in its 

  

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 14 

 
possession or control containing the other party’s Confidential Information with respect to which the former party does not retain rights hereunder; provided, however, that each party
may retain one archival copy of such records and materials solely to be able to monitor its obligations that survive under this Agreement. In the event of a material breach by CyDex, and CyDex fails to cure such default within the applicable cure
period under Section 13.3, Lilly may elect to either (i) terminate this Agreement, or (ii) without limiting any other legal or equitable remedies that Lilly may have, continue this Agreement in full force and effect, but with the
milestones and royalties otherwise due hereunder to be reduced by an amount to be mutually agreed upon by the Parties. 
 (f)
Survival. Notwithstanding any other provisions of this Agreement, any liability or obligation of either party to the other for acts or omissions prior to the termination or expiration of this Agreement shall survive the termination or expiration
of this Agreement. Such termination or expiration shall not relieve either party from obligations that are expressly indicated to survive termination or expiration of this Agreement, nor shall any termination or expiration of this Agreement relieve
Company of its obligation to pay CyDex (i) royalties for all Licensed Product sold by Company, its Affiliates or Sublicensees prior to the effective date of such expiration or termination, or (ii) sums due in respect of Captisol shipped
prior to termination or expiration of this Agreement. Sections 2.2 (Grant of License from Company to CyDex), 4.1 (Payments and Royalties for Licenses), 4.3 (Currency), 4.2 (Taxes), 4.3 (Late Payments), 5 (Records; Reports; Audits), 6.3(f)
(Reporting and Study Data), 6.5 (Access to Company’s Data), 7.3 (Adverse Event Reporting), 8 (Confidentiality), 9.3 (Disclaimer), 10 (Indemnification), 11 (Limitation of Liability), 12 (Management of Intellectual Property), 13.5 (Effect of
Termination), 13.6 (Survival), and 14 (General Provisions) shall survive termination or expiration of this Agreement. 
  

	14.	GENERAL PROVISIONS. 

 (a) Relationship of Parties. Each of the parties hereto is an independent contractor and nothing in this Agreement is intended or shall be deemed to constitute a partnership, agency,
employer-employee or joint venture relationship between the parties. No party shall incur any debts or make any commitments for the other. 
 (b) Compliance with Law. Company agrees that use of the Licensed Patents, Captisol and Captisol Data Package by it and its Affiliates and Sublicensees, and the manufacture, handling, marketing,
sale, distribution and use of Licensed Product, will comply with all applicable international, federal, state and local laws, rules and regulations, including, but not limited to, import/export restrictions, laws, rules and regulations governing use
and patent, copyright and trade secret protection. CyDex agrees that its manufacture, handling, marketing, sale, distribution and use of Captisol hereunder will comply with all applicable international, federal, state and local laws, rules and
regulations, including, but not limited to, import/export restrictions, laws, rules and regulations governing use and patent, copyright and trade secret protection. 
 (c) Arbitration. 
 (1) Procedure. Any and all
disputes or controversies arising out of or relating to this Agreement shall be exclusively and finally resolved by binding arbitration in accordance with the commercial arbitration rules of the American Arbitration Association then in effect, in
Chicago, Illinois. The arbitration shall be conducted by an arbitrator reasonably knowledgeable about the pharmaceutical industry and acceptable to CyDex and Company. If CyDex and Company cannot agree on a single arbitrator within [***] after
a demand for arbitration has been made, CyDex shall appoint an arbitrator, Company shall appoint an arbitrator, the [***] arbitrators shall appoint a [***] arbitrator, and the [***] arbitrators shall hear and decide the issue in
controversy. If either party fails to 

  

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 15 

 
appoint an arbitrator within [***] after service of the demand for arbitration, then the arbitrator appointed by the other party shall arbitrate any controversy in accordance with this
Section 14.3(a). Except as to the selection of arbitrators, the arbitration proceedings shall be conducted promptly and in accordance with the rules of the American Arbitration Association then in effect. The expenses of any arbitration,
including the reasonable attorney fees of the prevailing party, shall be borne by the party deemed to be at fault or on a pro-rata basis should the arbitration conclude in a finding of mutual fault. 

(2) Confidentiality of Proceedings. All arbitration proceedings hereunder shall be confidential and the
arbitrator(s) shall issue appropriate protective orders to safeguard each party’s Confidential Information. Except as required by law, no party shall make (or instruct the arbitrator(s) to make) any public announcement with respect to the
proceedings or decision of the arbitrator(s) without prior written consent of the other party. 
 (3) Interim
Equitable Relief. Each party shall, in addition to all other remedies accorded by law and permitted by this Agreement, be entitled to equitable relief (including but not limited to interim injunctive relief) in any court having jurisdiction to
protect its interests. Neither party shall commence any court proceeding or action against the other to resolve any dispute, except (i) to enforce an arbitral award rendered pursuant to this Section 14.3, or (ii) for such
interim injunctive relief. 
 (4) Binding Effect. The provisions of this Section 14.3 shall
survive any expiration or termination of this Agreement, and shall be severable and binding on the parties hereto, notwithstanding that any other provision of this Agreement may be held or declared to be invalid, illegal or unenforceable.

 (d) Costs and Expenses. Except as otherwise expressly provided in this Agreement, each party shall bear all costs and
expenses associated with the performance of such party’s obligations under this Agreement. 
 (e) Force Majeure.
Neither party shall be liable for failure to perform, or delay in the performance of, its obligations under this Agreement (other than payment obligations) when such failure or delay is caused by an event of force majeure. For purposes of
this Agreement, an event of force majeure means any event or circumstance beyond the reasonable control of the affected party, including but not limited to, war, insurrection, riot, fire, flood or other unusual weather condition, explosion,
act of God, peril of the sea, strike, lockout or other industrial disturbance, sabotage, accident, embargo, breakage of machinery or apparatus, injunction, act of governmental authority, compliance with governmental order on national defense
requirements, or inability to obtain fuel, power, raw materials, labor or transportation facilities. If, due to any event of force majeure, either party shall be unable to fulfill its obligations under this Agreement (other than payment
obligations), the affected party shall immediately notify the other party of such inability and of the period during which such inability is expected to continue. 
 (f) Notices. Any notice, request, or communication under this Agreement shall be effective only if it is in writing and personally delivered; sent by certified mail, postage pre-paid; or by
nationally recognized overnight courier with signature required, addressed to the parties at the addresses stated below or such other persons and/or addresses as shall be furnished in writing by any party in accordance with this
Section 14.6. Unless otherwise provided, all notices shall be sent: 

  

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 16 

			
	 If to CyDex, to:
	  	If to Company, to:
		
	CyDex Pharmaceuticals, Inc.	  	Eli Lilly and Company
	c/o Ligand Pharmaceuticals Inc.	  	Lilly Corporate Center
	11085 North Torrey Pines Road, Suite 300	  	Indianapolis, Indiana 46285 USA
	La Jolla, CA 92037 USA	  	Attention: General Counsel
	Attention: President	  	

 With a copy to: 
 Ligand Pharmaceuticals Incorporated 
 11085 North Torrey Pines Road, Suite 300 

La Jolla, CA 92037 USA 
 Attention: General
Counsel 
 If sent by overnight courier, the [***] after the date of deposit with such courier shall be deemed to be the date on which
such notice, request or communication was given. If sent by certified mail, the [***] after the date of mailing shall be deemed the date on which such notice, request or communication was given. 

(g) Use of Name. Neither party shall have any right, express or implied, to use in any manner the name or other designation of the
other party or any other trade name or trademark of the other party for any purpose, except as may be required by applicable law or regulation or with the written approval of the other party, such approval not to be unreasonably withheld.

 (h) Public Announcements. No party shall use the name, trademark, trade name or logo of the other party, its
Affiliates or their respective employee(s) in any publicity, promotion, news release or public disclosure relating to this Agreement or its subject matter, without the prior express written permission of the other party, such permission not to be
unreasonably withheld, except as may be required by law or as permitted by Section 14.7. The parties agree that a party may disclose this Agreement and its terms, and material developments or material information generated under this
Agreement, in (i) securities filings with the Securities Exchange Commission (“SEC”) (or equivalent foreign agency), or taxing authorities, to the extent required by law after complying with the procedure set forth in this
Section 14.8, or (ii) under conditions of confidentiality in connection with investment and similar corporate transactions. In the event of a required public announcement, the party making such announcement shall provide the other
party with a copy of the proposed text prior to such announcement sufficiently in advance of the scheduled release of such announcement to afford such other party a reasonable opportunity to review and comment upon the proposed text and the timing
of such disclosure. 
 (i) Governing Law. This Agreement shall be governed by and construed in accordance with the laws
of the State of Delaware (without giving effect to any conflicts of law principles that require the application of the law of a different state). 
 (j) Entire Agreement; Amendment. This Agreement and all Exhibits attached hereto or thereto contain the entire agreement of the parties relating to the subject matter hereof and supersede any and
all prior agreements, written or oral, between CyDex and Company relating to the subject matter of this Agreement. This Agreement may not be amended unless agreed to in writing by both parties. 

(k) Binding Effect. This Agreement shall be binding upon, and the rights and obligations hereof shall apply to the CyDex and
Company and any successor(s) and permitted assigns. The name of a party appearing herein shall be deemed to include the names of such party’s successors and permitted assigns to the extent necessary to carry out the intent of this Agreement.

  

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 17 

 (l) Waiver. The rights of either party under this Agreement may be exercised from
time to time, singularly or in combination, and the exercise of one or more such rights shall not be deemed to be a waiver of any one or more of the others. No waiver of any breach of a term, provision or condition of this Agreement shall be deemed
to have been made by either party unless such waiver is addressed in writing and signed by an authorized representative of that party. The failure of either party to insist upon the strict performance of any of the terms, provisions or conditions of
this Agreement, or to exercise any option contained in this Agreement, shall not be construed as a waiver or relinquishment for the future of any such term, provision, condition or option or the waiver or relinquishment of any other term, provision,
condition or option. 
 (m) Severability. If a final judicial determination is made that any provision of this Agreement
is unenforceable, this Agreement shall be rendered void only to the extent that such judicial determination finds such provisions unenforceable, and such unenforceable provisions shall be automatically reconstituted and become a part of this
Agreement, effective as of the date first written above, to the maximum extent they are lawfully enforceable. 
 (n)
Assignment. Neither party may assign its rights or delegate its obligations under this Agreement, in whole or in part, by operation of law or otherwise, to any third party without the prior written consent of the other party, which consent shall
not be unreasonably withheld. Notwithstanding the foregoing, either party may assign its rights and delegate its obligations under this Agreement to an Affiliate or to a third party successor, whether by way of merger, sale of all or substantially
all of its assets, sale of stock or otherwise, without prior written consent. As a condition to any permitted assignment hereunder, the assignor must guarantee the performance of any assignee to the terms and obligations of this Agreement. Any
assignment not in accordance with this Section 14.14 shall be void. 
 14.16 Third Party Beneficiaries.
Except for the rights of Indemnitees pursuant to Section 10 hereof, and subject to [***] rights under Section 8.5 hereof, the terms and provisions of this Agreement are intended solely for the benefit of each party
hereto and their respective successors or permitted assigns and it is not the intention of the parties to confer third-party beneficiary rights upon any other person, including without limitation Sublicensees. The enforcement of any obligation of
CyDex under this Agreement shall only be pursued by Company or such Indemnitees, and not Sublicensees. 
 14.17 Headings.
The descriptive headings of this Agreement are for convenience only, and shall be of no force or effect in construing or interpreting any of the provisions of this Agreement. 

14.18 Counterparts. This Agreement may be executed in two counterparts, each of which shall constitute an original document, but
both of which shall constitute one and the same instrument. 
 [***] 

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 18 

 IN WITNESS WHEREOF, the parties have executed this Agreement as of the Effective Date. 

 

			
	CYDEX PHARMACEUTICALS, INC.
		
	By:	 	/s/    Charles Berkman
		
	Name:	 	Charles Berkman
		
	Title:	 	VP and Secretary

  

			
	ELI LILLY AND COMPANY
		
	By:	 	/s/    Newton F. Crenshaw
		
	Name:	 	Newton F. Crenchaw
		
	Title:	 	V.P. Oncology Business Unit

 [***] 

[***] 
 [***] 

[***] 

  

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 19 

 EXHIBIT A 
 LICENSED CAPTISOL PATENTS 
  

									
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