Document:

Warrant issued by Registrant on November 21, 2008 to Hercules Technology

 Exhibit 4.6 

THESE SECURITIES HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933 AS AMENDED, OR ANY STATE SECURITIES LAWS. THEY MAY NOT BE SOLD, OFFERED FOR
SALE, PLEDGED, OR HYPOTHECATED IN THE ABSENCE OF AN EFFECTIVE REGISTRATION STATEMENT RELATED THERETO OR AN OPINION OF COUNSEL (WHICH MAY BE COMPANY COUNSEL) REASONABLY SATISFACTORY TO THE COMPANY THAT SUCH REGISTRATION IS NOT REQUIRED UNDER THE
SECURITIES ACT OF 1933 ACT AS AMENDED, OR ANY APPLICABLE STATE SECURITIES LAWS. 
 WARRANT AGREEMENT 

To Purchase Shares of the Series C Preferred Stock of 

HORIZON THERAPEUTICS, INC. 

Dated as of November 21, 2008 (the “Effective Date”) 

WHEREAS, Horizon Therapeutics, Inc. (the
“Company”), has entered into a Loan and Security Agreement dated as of December 18, 2007 with Hercules Technology Growth Capital, Inc. (the
“Warrantholder”), as amended by the First Amendment to the Loan and Security Agreement dated October 24, 2008 (as amended from time to time, the
“Loan Agreement”); 
 WHEREAS.
the Company desires to grant to Warrantholder, in consideration for increasing the Maximum Term Loan Amount (as defined in the Loan Agreement) to $12,000,000 pursuant to Section 2.5 of the Loan Agreement, the right to purchase shares of its
Series C Preferred Stock pursuant to this Warrant Agreement (the “Warrant”); 

NOW, THEREFORE, in consideration of the Warrantholder increasing the Maximum Term
Loan Amount to $12,000,000, and in consideration of the mutual covenants and agreements contained herein, the Company and Warrantholder agree as follows: 

SECTION 1. GRANT OF THE RIGHT TO PURCHASE WARRANT STOCK. 

For value received, the Company hereby grants to the Warrantholder, and the Warrantholder is entitled, upon the terms and subject to the
conditions hereinafter set forth, to subscribe for and purchase, from the Company, 6,667 fully paid and non-assessable shares of the Warrant Stock (as defined below) at a purchase price of $14.22 per share (the “Exercise
Price”). The number and Exercise Price of such shares are subject to adjustment as provided in Section 8. As used herein, the following terms shall have the following meanings: 

“Act” means the Securities Act of
1933, as amended. 
 “Charter” means the
Company’s Amended and Restated Certificate of Incorporation, as may be amended from time to time. 

“Common Stock” means the Company’s common
stock; 
  

 1. 

 “Initial Public Offering” means the initial underwritten public
offering of the Company’s Common Stock pursuant to a registration statement under the Act, which public offering has been declared effective by the Securities and Exchange Commission
(“SEC”); 
 “Merger Event”
means a merger or consolidation involving the Company in which the Company is not the surviving entity, or in which the outstanding shares of the Company’s capital stock are otherwise converted into or exchanged for shares of capital of another
entity, except for a merger effected exclusively for the purpose of changing the domicile of the Company or a consolidation with a wholly-owned subsidiary of the Company. 

“Purchase Price” means, with respect to any exercise of this Warrant, an amount equal to the Exercise Price as of
the relevant time multiplied by the number of shares of Warrant Stock requested to be exercised under this Warrant pursuant to such exercise. 

“Rights Agreement” means that certain Amended and Restated Investors’ Rights Agreement among the Company and
certain of its shareholders dated as of July 19, 2007. 
 “Warrant Stock” means the Series C
Preferred Stock of the Company and any other stock into or for which the Series C Preferred Stock may be converted or exchanged, and upon and after the occurrence of an event which results in the automatic or voluntary conversion, redemption or
retirement of all (but not less than all) of the outstanding shares of such Series C Preferred Stock, including, without limitation, the consummation of an Initial Public Offering of the Common Stock in which such a conversion occurs, then from and
after the date upon which such outstanding shares are so converted, redeemed or retired, “Warrant Stock” shall mean such Common Stock. 

SECTION 2. TERM OF THE WARRANT. 

Except as otherwise provided for herein, the term of this Warrant and the right to purchase Warrant Stock as granted herein shall commence
on the Effective Date and shall be exercisable for a period ending upon the earliest to occur of (i) seven (7) years from the Effective Date; (ii) five (5) years after the Initial Public Offering; or (iii) the consummation
of a Merger Event in which this Warrant is not assumed by the successor in such transaction and the consideration paid in such transaction consists of cash and/or securities of a class registered pursuant to Section 12(b) or 12(g) of the
Securities Exchange Act of 1934, as amended (the “Exchange Act”). 
 SECTION 3. EXERCISE OF THE PURCHASE
RIGHTS. 
 (a) Exercise. The purchase rights set forth in this Warrant are exercisable by the Warrantholder, in whole
or in part, at any time, or from time to time, prior to the expiration of the term set forth in Section 2, by tendering to the Company at its principal office a notice of exercise in the form attached hereto as Exhibit I (the
“Notice of Exercise”), duly completed and executed. Promptly upon receipt of the Notice of Exercise and the payment of the Purchase Price in accordance with the terms
set forth below, and in no event later than three (3) days thereafter, the Company shall issue to the Warrantholder a certificate for the number of shares of Warrant Stock purchased and shall execute the acknowledgment of exercise in the form
attached 
  

 2. 

 
hereto as Exhibit II (the “Acknowledgment of Exercise”) indicating the number of shares which remain subject
to future purchases, if any. 
 The Purchase Price may be paid at the Warrantholder’s election either (i) by cash or
check, or (ii) by surrender of all or a portion of the Warrant for shares of Warrant Stock to be exercised under this Warrant and, if applicable, an amended Warrant representing the remaining number of shares purchasable hereunder, as
determined below (“Net Issuance”). If the Warrantholder elects the Net Issuance method, the Company will issue Warrant Stock in accordance with the following formula: 

 

							
		  		 		    	X = Y(A-B)
		  		 		    	            A
				
	 Where:
	  	X	 	=	    	the number of shares of Warrant Stock to be issued to the Warrantholder.
				
		  	Y	 	=	    	the number of shares of Warrant Stock requested to be exercised under this Warrant.
				
		  	A	 	=	    	the fair market value of one (1) share of Warrant Stock at the time of issuance of such shares of Warrant Stock.
				
		  	B	 	=	    	the Exercise Price.

 For purposes of the
above calculation, current fair market value of Warrant Stock shall mean with respect to each share of Warrant Stock: 
 (i)
if the exercise is in connection with an Initial Public Offering, and if the Company’s Registration Statement relating to such Initial Public Offering has been declared effective by the SEC, then the fair market value per share shall be the
product of (x) the initial “Price to Public” of the Common Stock specified in the final prospectus with respect to the offering and (y) the number of shares of Common Stock into which each share of Warrant Stock is convertible at
the time of such exercise; 
 (ii) if the exercise is after, and not in connection with an Initial Public Offering, and:

 (A) if the Common Stock is traded on a securities exchange, the fair market value shall be deemed to be the product
of (x) the average of the closing prices over a five (5) day period ending three days before the day the current fair market value of the securities is being determined and (y) the number of shares of Common Stock into which each
share of Warrant Stock is convertible at the time of such exercise; or 
 (B) if the Common Stock is traded
over-the-counter, the fair market value shall be deemed to be the product of (x) the average of the closing bid and asked prices quoted on the NASDAQ system (or similar system) over the five (5) day period ending three days before the day
the current fair market value of the securities is being determined and (y) the number of shares of Common Stock into which each share of Warrant Stock is convertible at the time of such exercise; 

 

 3. 

 (iii) if at any time the Common Stock is not listed on any securities exchange or
quoted in the NASDAQ National Market or the over-the-counter market, the current fair market value of Warrant Stock shall be the product of (x) the highest price per share which the Company could obtain from a willing buyer (not a current
employee or director) for shares of Common Stock sold by the Company, from authorized but unissued shares, as determined in good faith by its Board of Directors and (y) the number of shares of Common Stock into which each share of Warrant Stock
is convertible at the time of such exercise, unless the Company shall become subject to a Merger Event, in which case the fair market value of Warrant Stock shall be deemed to be the per share value received by the holders of the Company’s
Warrant Stock on a common equivalent basis pursuant to such Merger Event. 
 Upon partial exercise by either cash or Net
Issuance, the Company shall promptly issue an amended Warrant representing the remaining number of shares purchasable hereunder. All other terms and conditions of such amended Warrant shall be identical to those contained herein, including, but not
limited to the Effective Date hereof. 
 (b) Exercise Prior to Expiration. To the extent this Warrant is not previously
exercised as to all Warrant Stock subject hereto, and if the fair market value of one share of the Warrant Stock is greater than the Exercise Price then in effect, this Warrant shall be deemed automatically exercised pursuant to Section 3(a)
(even if not surrendered) immediately before its expiration. For purposes of such automatic exercise, the fair market value of one share of the Warrant Stock upon such expiration shall be determined pursuant to Section 3(a). To the extent this
Warrant or any portion thereof is deemed automatically exercised pursuant to this Section 3(b), the Company agrees to promptly notify the Warrantholder of the number of shares of Warrant Stock, if any, the Warrantholder is to receive by reason
of such automatic exercise. 
 SECTION 4. RESERVATION OF SHARES. 

During the term of this Warrant, the Company will at all times have authorized and reserved a sufficient number of shares of its Warrant
Stock to provide for the exercise of the rights to purchase Warrant Stock as provided for herein, and shall have authorized and reserved a sufficient number of shares of its Common Stock to provide for the conversion of the Warrant Stock available
hereunder. 
 SECTION 5. NO FRACTIONAL SHARES OR SCRIP. 

No fractional shares or scrip representing fractional shares shall be issued upon the exercise of this Warrant, but in lieu of such
fractional shares the Company shall make a cash payment therefor upon the basis of the Exercise Price then in effect. 
 SECTION 6. NO
RIGHTS AS STOCKHOLDER. 
 This Warrant does not entitle the Warrantholder to any voting rights or other rights as a
stockholder of the Company prior to the exercise of this Warrant. 
  

 4. 

 SECTION 7. WARRANTHOLDER REGISTRY. 

The Company shall maintain a registry showing the name and address of the registered holder of this Warrant. Warrantholder’s initial
address, for purposes of such registry, is set forth below Warrantholder’s signature on this Warrant. Warrantholder may change such address by giving written notice of such changed address to the Company. 

SECTION 8. ADJUSTMENT RIGHTS. 

The Exercise Price and the number of shares of Warrant Stock purchasable hereunder are subject to adjustment, as follows: 

(a) Merger Event. (i) If the successor or surviving entity in a Merger Event assumes this Warrant, then this Warrant shall be
exercisable for the same securities, cash, and property as would be payable for the Warrant Stock issuable upon exercise of the unexercised portion of this Warrant as if such Warrant Stock were outstanding on the record date for the Merger Event and
subsequent closing. The Exercise Price shall he adjusted accordingly, and the Exercise Price and number and class of Warrant Stock shall continue to be subject to adjustment from time to time in accordance with the provisions hereof. In connection
with a Merger Event and upon Warrantholder’s written election to the Company, the Company shall cause this Warrant to be exchanged for the consideration that Warrantholder would have received if Warrantholder chose to exercise its right to have
shares issued pursuant to the Net Issuance provisions of this Warrant without actually exercising such right, acquiring such shares and exchanging such shares for such consideration. 

(i) If the consideration in such Merger Event is cash and/or securities of a class registered pursuant to Section 12(b) or
12(g) of the Exchange Act, then the successor or surviving entity may elect not to assume this Warrant, in which case, unless the Warrantholder has otherwise exercised this Warrant, then effective immediately prior to the closing of such Merger
Event, this Warrant shall be automatically exercised pursuant to Section 3(b) above. 
 (b) Reclassification of
Shares. Except as set forth in Section 8(a), if the Company at any time shall, by combination, reclassification, exchange or subdivision of securities or otherwise, change any of the securities as to which purchase rights under this Warrant
exist into the same or a different number of securities of any other class or classes, this Warrant shall thereafter represent the right to acquire such number and kind of securities as would have been issuable as the result of such change with
respect to the securities which were subject to the purchase rights under this Warrant immediately prior to such combination, reclassification, exchange, subdivision or other change. 

(c) Subdivision or Combination of Shares. If the Company at any time shall combine or subdivide its Warrant Stock, (i) in the
case of a subdivision, the Exercise Price shall be proportionately decreased, and the number of shares of Warrant Stock issuable upon exercise of this Warrant shall be proportionately increased, or (ii) in the case of a combination, the
Exercise Price shall be proportionately increased, and the number of shares of Warrant Stock issuable upon the exercise of this Warrant shall be proportionately decreased. 
  

 5. 

 (d) Stock Dividends. If the Company at any time while this Warrant is outstanding and
unexpired shall: 
 (i) pay a dividend with respect to the Warrant Stock payable in Warrant Stock, then the Exercise
Price shall be adjusted, from and after the date of determination of stockholders entitled to receive such dividend or distribution, to that price determined by multiplying the Exercise Price in effect immediately prior to such date of determination
by a fraction (A) the numerator of which shall be the total number of shares of Warrant Stock outstanding immediately prior to such dividend or distribution, and (B) the denominator of which shall be the total number of shares of Warrant
Stock outstanding immediately after such dividend or distribution: or 
 (ii) make any other distribution with respect to
Warrant Stock (or stock into which the Warrant Stock is convertible), except any distribution specifically provided for in any other clause of this Section 8, then, in each such case, provision shall be made by the Company such that the
Warrantholder shall receive upon exercise or conversion of this Warrant a proportionate share of any such distribution as though it were the holder of the Warrant Stock (or other stock for which the Warrant Stock is convertible) as of the record
date fixed for the determination of the stockholders of the Company entitled to receive such distribution. 
 (e)
Antidilution Rights. Additional antidilution rights applicable to the Warrant Stock purchasable hereunder are as set forth in the Company’s Charter and shall be applicable with respect to the Warrant Stock issuable hereunder. The Company
shall promptly provide the Warrantholder with any restatement, amendment, modification or waiver of the Charter: provided, that no such amendment, modification or waiver shall impair or reduce the antidilution rights applicable to the Warrant
Stock as of the date hereof unless such amendment, modification or waiver affects the rights of Warrantholder with respect to the Warrant Stock in the same manner as it affects all other holders of Warrant Stock. The Company shall provide
Warrantholder with prompt written notice after any issuance of any equity security issued in a bona fide financing after the Effective Date of this Warrant, which notice shall include (a) the price at which such stock or security was sold,
(b) the number of shares issued, and (c) such other information as necessary for Warrantholder to determine if a dilutive event has occurred. For the avoidance of doubt, there shall be no duplicate anti-dilution adjustment pursuant to this
subsection (e), the forgoing subsection (d) and the Company’s Charter. 
 (f) Notice of Adjustments. If:
(i) the Company shall declare any dividend or distribution upon its stock, whether in stock, cash, property or other securities; (ii) there shall be any Merger Event: (iv) there shall be an Initial Public Offering; (iv) the
Company shall sell, lease, license or otherwise transfer all or substantially all of its assets; or (v) there shall be any voluntary dissolution, liquidation or winding up of the Company; then, in connection with each such event, the Company
shall send to the Warrantholder: (A) at least ten (10) days’ prior written notice of the date on which the books of the Company shall close or a record shall be taken for such dividend or distribution (specifying the date on which the
holders of Warrant Stock shall be entitled thereto) or for determining rights to vote in respect of such Merger Event, dissolution, liquidation or winding up; and (B) in the case of any such Merger Event, sale, lease, license or other transfer
of all or substantially all assets, dissolution, liquidation or winding up, at least ten (10) days’ prior written notice of the date when the same shall take place (and specifying the date

  

 6. 

 
on which the holders of Warrant Stock shall be entitled to exchange their Warrant Stock for securities or other property deliverable upon such Merger Event, dissolution, liquidation or winding
up). 
 Each such written notice shall set forth, in reasonable detail, (i) the event requiring the notice, and
(ii) if any adjustment is required to be made, (A) the amount of such adjustment, (B) the method by which such adjustment was calculated, (C) the adjusted Exercise Price (if the Exercise Price has been adjusted), and (D) the
number of shares subject to purchase hereunder after giving effect to such adjustment, and shall be given by first class mail, postage prepaid, or by reputable overnight courier with all charges prepaid, addressed to the Warrantholder at the address
for Warrantholder set forth in the registry referred to in Section 7. 
 (g) Timely Notice. Failure to provide such
notice required by subsection (f) above shall entitle Warrantholder to retain the benefit of the applicable notice period notwithstanding anything to the contrary contained in any insufficient notice received by Warrantholder. For purposes of
this subsection (g), and notwithstanding anything to the contrary in Section 12(g), the notice period shall begin on the date Warrantholder actually receives a written notice containing all the information required to be provided in such
subsection (f). 
 SECTION 9. REPRESENTATIONS, WARRANTIES AND COVENANTS OF THE COMPANY. 

(a) Reservation of Warrant Stock. The Warrant Stock issuable upon exercise of the Warrantholder’s rights has been duly and
validly reserved and, when issued in accordance with the provisions of this Warrant, will be validly issued, fully paid and non-assessable, and will be free of any taxes, liens, charges or encumbrances of any nature whatsoever (other than those
created or imposed pursuant to the Loan Agreement); provided, that the Warrant Stock issuable pursuant to this Warrant may be subject to restrictions on transfer under state and/or federal securities laws. The Company has made available to
the Warrantholder true, correct and complete copies of its Charter and current bylaws. The issuance of certificates for shares of Warrant Stock upon exercise of this Warrant shall be made without charge to the Warrantholder for any issuance tax in
respect thereof, or other cost incurred by the Company in connection with such exercise and the related issuance of shares of Warrant Stock; provided, that the Company shall not be required to pay any tax which may be payable in respect of
any transfer and the issuance and delivery of any certificate in a name other than that of the Warrantholder. 
 (b) Due
Authority. The execution and delivery by the Company of this Warrant and the performance of all obligations of the Company hereunder, including the issuance to Warrantholder of the right to acquire the shares of Warrant Stock and the Common
Stock into which it may be converted, have been duly authorized by all necessary corporate action on the part of the Company. This Warrant: (1) is not inconsistent with the Company’s Charter or current bylaws; (2) does not contravene
any law or governmental rule, regulation or order applicable to it; and (3) does not and will not contravene any provision of, or constitute a default under, any indenture, mortgage, contract or other instrument to which it is a party or by
which it is bound. This Warrant constitutes a legal, valid and binding agreement of the Company, enforceable in accordance with its terms except (i) as limited by applicable bankruptcy, insolvency, reorganization, moratorium, fraudulent
conveyance, or other laws of general 
  

 7. 

 
application relating to or affecting the enforcement of creditors’ rights generally or (ii) as limited by laws relating to the availability of specific performance, injunctive relief,
or other equitable remedies. 
 (c) Consents and Approvals. No consent or approval of, giving of notice to, registration
with, or taking of any other action in respect of any state, federal or other governmental authority or agency is required with respect to the execution, delivery and performance by the Company of its obligations under this Warrant, except for the
filing of notices pursuant to Regulation D under the Act and any filing required by applicable state securities law, which filings will be effective by the time required thereby. 

(d) Issued Securities. All issued and outstanding shares of Common Stock, Preferred Stock or any other securities of the Company
have been duly authorized and validly issued and are fully paid and nonassessable. All outstanding shares of Common Stock, Preferred Stock and any other securities were issued in full compliance with all federal and state securities laws. In
addition, as of the date immediately preceding the date of this Warrant: 
 (i) The authorized capital of the Company
consists of (A) 8,000,000 shares of Common Stock, of which 1,999,999 shares are issued and outstanding, (B) 1,192,118 shares of Series A Preferred Stock, all of which shares are issued and outstanding and are convertible into 1,192,118
shares of Common Stock, (C) 1,482,213 shares of Series B Preferred Stock, all of which shares are issued and outstanding and are convertible into 1,482,213 shares of Common Stock, and (D) 2,200,000 shares of Series C Preferred Stock, of
which 2,109,706 shares are issued and outstanding and are convertible into 2,109,706 shares of Common Stock. 
 (ii) The
Company has reserved 550,000 shares of Common Stock for issuance under its Stock Option Plan(s), under which 545,920 options are outstanding, Except for (a) the conversion privileges described in Section 9(d)(i)above, (b) the rights
provided in the Rights Agreement and (c) the convertible promissory notes and warrants to purchase capital stock pursuant to that certain Note and Warrant Purchase Agreement dated October 28, 2008 by and among the Company and the persons
and entities named on the Schedule of Purchasers attached thereto, there are no other options, warrants, conversion privileges or other rights presently outstanding to purchase or otherwise acquire any authorized but unissued shares of the
Company’s capital stock or other securities of the Company. The Company has no outstanding loans to any employee, officer or director of the Company, and the Company agrees not to enter into any such loan or otherwise guarantee the payment of
any loan made to an employee, officer or director by a third party, 
 (e) Insurance. The Company has in full force and
effect insurance policies, with extended coverage, insuring the Company and its property and business against such losses and risks, and in such amounts, as are customary for corporations engaged in a similar business and similarly situated and as
otherwise may be required pursuant to the terms of any other contract or agreement. 
 (f) Other Commitments to Register
Securities. Except as set forth in this Warrant and in the Rights Agreement, the Company is not, pursuant to the terms of any other agreement 

 

 8. 

 
currently in existence, under any obligation to register under the Act any of its presently outstanding securities or any of its securities which may hereafter be issued. 

(g) Exempt Transaction. Subject to the accuracy of the Warrantholder’s representations in Section 10, the issuance of
the Warrant Stock upon exercise of this Warrant, and the issuance of the Common Stock upon conversion of the Warrant Stock, will each constitute a transaction exempt from (i) the registration requirements of Section 5 of the Act, in
reliance upon Section 4(2) thereof, and (ii) the qualification requirements of the applicable state securities laws. 

(h) Compliance with Rule 144. If, after the effective date of the first registration statement filed by the Company, the
Warrantholder proposes to sell Warrant Stock issuable upon the exercise of this Warrant, or the Common Stock into which it is convertible, in compliance with Rule 144 promulgated by the SEC, then, upon Warrantholder’s written request to the
Company, the Company shall furnish to the Warrantholder, within ten days after receipt of such request, a written statement confirming the Company’s compliance with the filing requirements of the SEC as set forth in such Rule, as such Rule may
be amended from time to time. 
 (i) Information Rights. During the term of this Warrant and until the Company’s
initial public offering or a Merger Event, Warrantholder shall be entitled to the information rights contain in Section 7.1 of the Loan Agreement (other than Section 7.1(e) and (f)), and Section 7.1 of the Loan Agreement is hereby
incorporated into this Warrant by this reference as though fully set forth herein, provided, however, that the Company shall not be required to deliver a Compliance Certificate once all Indebtedness (as defined in the Loan Agreement) owed by the
Company to Warrantholder as been repaid. All information will be Confidential Information subject to Section 11.2 of the Loan Agreement, which is hereby incorporated into this Warrant by this reference as though fully set forth herein and is
binding on Holder as if it were a Lender thereunder. 
 SECTION 10. REPRESENTATIONS AND COVENANTS OF THE WARRANTHOLDER. 

This Warrant has been entered into by the Company in reliance upon the following representations and covenants of the Warrantholder:

 (a) Investment Purpose. The right to acquire Warrant Stock or the Warrant Stock issuable upon exercise of the
Warrantholder’s rights contained herein will be acquired for investment and not with a view to the sale or distribution of any part thereof, and the Warrantholder has no present intention of selling or engaging in any public distribution of the
same except pursuant to a registration or exemption. 
 (b) Private Issue. The Warrantholder understands (i) that
the Warrant Stock issuable upon exercise of this Warrant is not registered under the Act or qualified under applicable state securities laws on the ground that the issuance contemplated by this Warrant will be exempt from the registration and
qualifications requirements thereof, and (ii) that the Company’s reliance on such exemption is predicated on the representations set forth in this Section 10. 

 

 9. 

 (c) Financial Risk. The Warrantholder has such knowledge and experience in financial
and business matters as to be capable of evaluating the merits and risks of its investment, and has the ability to bear the economic risks of its investment. 

(d) Risk of No Registration. The Warrantholder understands that if the Company does not register with the SEC pursuant to
Section 12 of the Securities Exchange Act of 1934, as amended (the “1934 Act”), or file reports pursuant to Section 15(d) of the 1934 Act, or if a registration statement covering the securities under the Act is not in
effect when it desires to sell (i) the rights to purchase Warrant Stock pursuant to this Warrant or (ii) the Warrant Stock issuable upon exercise of the right to purchase, it may be required to hold such securities for an indefinite
period. The Warrantholder also understands that any sale of (A) its rights hereunder to purchase Warrant Stock or (B) Warrant Stock issued or issuable hereunder which might be made by it in reliance upon Rule 144 under the Act may be made
only in accordance with the terms and conditions of that Rule. 
 (e) Accredited Investor. Warrantholder is an
“accredited investor” within the meaning of the Securities and Exchange Rule 501 of Regulation D, as presently in effect. 

(f) Lock-Up Agreement. 

(i) Lock-Up Period; Agreement. In connection with the initial public offering of the Company’s securities and upon request of
the Company or the underwriters managing such offering of the Company’s securities, Warrantholder agrees not to sell, make any short sale of, loan, grant any option for the purchase of, or otherwise dispose of any of the Company’s Common
Stock (or any securities convertible into the Company’s Common Stock), however or whenever acquired (other than those included in the registration or purchased subsequent to the initial public offering) without the prior written consent of the
Company or such underwriters, as the case may be, for such period of time (not to exceed 180 days, but subject to such extension or extensions as may be required by the underwriters in order to publish research reports while complying with the Rule
2711 of the National Association of Securities Dealers, Inc., such extension or extensions not to exceed 18 days after the expiration of such 180-day period) from the effective date of such registration statement as may be requested by the Company
or such managing underwriters and to execute an agreement reflecting the foregoing as may be requested by the underwriters at the time of the Company’s initial public offering. 

(ii) The obligations described in Section 10(f)(i) shall apply only if all officers and directors of the Company, and all
holders of the Company’s outstanding securities are hound by agreements at least as restrictive as the terms of Section 10(f)(i). 

(iii) In order to enforce the foregoing covenants, the Company may impose stop-transfer instructions with respect to the
securities of the Warrantholder. 
 (iv) The Warrantholder agrees that it will not transfer securities of the Company
unless each transferee agrees in writing to be bound by all of the provisions of this Section 10(f). 
  

 10. 

 (v) The Warrantholder agrees that a legend reading substantially as follows shall be
placed on all certificates representing all shares of Common Stock issued or issuable upon conversion of the Warrant Stock issuable upon exercise of this Warrant: 

THE SECURITIES REPRESENTED BY THIS CERTIFICATE ARE SUBJECT TO A LOCK-UP PERIOD OF UP TO 180 DAYS (BUT SUBJECT TO AN EXTENSION IN CERTAIN
CIRCUMSTANCES NOT TO EXCEED 18 DAYS) AFTER THE EFFECTIVE DATE OF THE ISSUER’S REGISTRATION STATEMENT FILED UNDER THE ACT, AS AMENDED, AS SET FORTH IN AN AGREEMENT BETWEEN THE COMPANY AND THE ORIGINAL HOLDER OF THESE SECURITIES, A COPY OF WHICH
MAY BE OBTAINED AT THE ISSUER’S PRINCIPAL OFFICE. SUCH LOCK-UP PERIOD IS BINDING ON TRANSFEREES OF THESE SHARES. 
 SECTION 11.
TRANSFERS. 
 Subject to compliance with applicable federal and state securities laws, this Warrant and all rights
hereunder are transferable, in whole or in part, without charge to the holder hereof (except for transfer taxes) upon surrender of this Warrant properly endorsed. Each taker and holder of this Warrant, by taking or holding the same, consents and
agrees that this Warrant, when endorsed in blank, shall be deemed negotiable, and that the holder hereof, when this Warrant shall have been so endorsed and its transfer recorded on the Company’s books, shall be treated by the Company and all
other persons dealing with this Warrant as the absolute owner hereof for any purpose and as the person entitled to exercise the rights represented by this Warrant. The transfer of this Warrant shall be recorded on the books of the Company upon
receipt by the Company of a notice of transfer in the form attached hereto as Exhibit 111 (the “Transfer Notice”), at its principal offices and the payment to the Company of all transfer taxes and other governmental charges
imposed on such transfer. Until the Company receives such Transfer Notice, the Company may treat the registered owner hereof as the owner for all purposes. 

SECTION 12. MISCELLANEOUS. 

(a) Effective Date. The provisions of this Warrant shall be construed and shall be given effect in all respects as if it had been
executed and delivered by the Company on the date hereof. This Warrant shall be binding upon any successors or assigns of the Company. 

(b) Remedies. In the event of any default hereunder, the non-defaulting party may proceed to protect and enforce its rights either
by suit in equity and/or by action at law, including but not limited to an action for damages as a result of any such default, and/or an action for specific performance for any default where such party will not have an adequate remedy at law and
where damages will not be readily ascertainable. Each party expressly agrees that it shall not oppose an application by the other party or any other person entitled to the benefit of this Warrant requiring specific performance of any or all
provisions hereof or enjoining such party from continuing to commit any such breach of this Warrant. 
  

 11. 

 (c) No Impairment of Rights. The Company will not, by amendment of its Charter or
through any other means, avoid or seek to avoid the observance or performance of any of the terms of this Warrant, but will at all times in good faith assist in the carrying out of all such terms and in the taking of all such actions as may be
necessary or appropriate in order to protect the rights of the Warrantholder against impairment. 
 (d) Additional
Documents. The Company shall also supply such other documents as the Warrantholder may from time to time reasonably request. 

(e) Attorney’s Fees. In any litigation, arbitration or court proceeding between the Company and the Warrantholder relating
hereto, the prevailing party shall be entitled to attorneys’ fees and expenses and all costs of proceedings incurred in enforcing this Warrant. For the purposes of this Section 12(e), attorneys’ fees shall include without limitation
fees incurred in connection with the following: (i) contempt proceedings; (ii) discovery; (iii) any motion, proceeding or other activity of any kind in connection with an insolvency proceeding; (iv) garnishment, levy, and debtor
and third party examinations; and (v) post-judgment motions and proceedings of any kind, including without limitation any activity taken to collect or enforce any judgment, 

(f) Severability. In the event any one or more of the provisions of this Warrant shall for any reason be held invalid, illegal or
unenforceable, the remaining provisions of this Warrant shall be unimpaired, and the invalid, illegal or unenforceable provision shall be replaced by a mutually acceptable valid, legal and enforceable provision, which comes closest to the intention
of the parties underlying the invalid, illegal or unenforceable provision. 
 (g) Notices. Except as otherwise provided
herein, any notice, demand, request, consent, approval, declaration, service of process or other communication that is required, contemplated, or permitted under this Warrant or with respect to the subject matter hereof shall be in writing, and
shall be deemed to have been validly served, given, delivered, and received upon the earlier of: (i) the first business day after transmission by facsimile or hand delivery or deposit with an overnight express service or overnight mail delivery
service; or (ii) the third calendar day after deposit in the United States mails, with proper first class postage prepaid (provided, that any Advance Request shall not be deemed received until Lender’s actual receipt thereof), and shall be
addressed to the party to be notified as follows: 
 If to Warrantholder: 

HERCULES TECHNOLOGY GROWTH CAPITAL, INC. 

Legal Department 

Attention: Chief Legal Officer and Manuel Henriquez 

400 Hamilton Avenue, Suite 310 

Palo Alto, CA 94301 

Facsimile: 650-473-9194 

Telephone: 650-289-3060 

If to the Company: 

Horizon Therapeutics, Inc. 

 

 12. 

 
8025 Lamon Avenue, Suite 110 
 Skokie, Illinois 60077 

Attention: Timothy P. Walbert 

Facsimile: (847) 572-1372 

Telephone: (847) 673-3575 

or to such other address as each party may designate for itself by like notice. 

(h) Entire Agreement; Amendments. This Warrant constitutes the entire agreement and understanding of the parties hereto in respect
of the subject matter hereof, and supersedes and replaces in its entirety any prior proposals, term sheets, letters, negotiations or other documents or agreements, whether written or oral, with respect to the subject matter hereof (including
Holder’s proposal letter dated May 9, 2007). None of the terms of this Warrant may be amended except by an instrument executed by each of the parties hereto. 

(i) Headings. The various headings in this Warrant are inserted for convenience only and shall not affect the meaning or
interpretation of this Warrant or any provisions hereof. 
 (j) Advice of Counsel. Each of the parties represents to each
other party hereto that it has discussed (or had an opportunity to discuss) with its counsel this Warrant and, specifically, the provisions of Sections 12(n), 12(o), 12(p), 12(q) and 12(r). 

(k) No Strict Construction. The parties hereto have participated jointly in the negotiation and drafting of this Warrant. In the
event an ambiguity or question of intent or interpretation arises, this Warrant shall he construed as if drafted jointly by the parties hereto and no presumption or burden of proof shall arise favoring or disfavoring any party by virtue of the
authorship of any provisions of this Warrant. 
 (l) No Waiver. No omission or delay by either party at any time to
enforce any right or remedy reserved to it, or to require performance of any of the terms, covenants or provisions hereof by the other party at any time designated, shall be a waiver of any such right or remedy to which such party is entitled, nor
shall it in any way affect the right of such party to enforce such provisions thereafter. 
 (m) Survival. All
agreements, representations and warranties contained in this Warrant or in any document delivered pursuant hereto shall survive the execution and delivery of this Warrant and the expiration or other termination of this Warrant. 

(n) Governing Law. This Warrant has been negotiated and delivered to Warrantholder in the State of California, and shall have been
accepted by Warrantholder in the State of California. Delivery of Warrant Stock to Warrantholder by the Company under this Warrant is due in the State of California. This Warrant shall be governed by, and construed and enforced in accordance with,
the laws of the State of California, excluding conflict of laws principles that would cause the application of laws of any other jurisdiction. 

(o) Consent to Jurisdiction and Venue. All judicial proceedings arising in or under or related to this Warrant may be brought in
any state or federal court of competent jurisdiction located in the State of California. By execution and delivery of this Warrant, each party hereto 

 

 13. 

 
generally and unconditionally: (a) consents to personal jurisdiction in San Mateo County, State of California; (b) waives any objection as to jurisdiction or venue in San Mateo County,
State of California; (c) agrees not to assert any defense based on lack of jurisdiction or venue in the aforesaid courts; and (d) irrevocably agrees to be bound by any judgment rendered thereby in connection with this Warrant. Service of
process on any party hereto in any action arising out of or relating to this Warrant shall be effective if given in accordance with the requirements for notice set forth in Section 12(g), and shall be deemed effective and received as set forth
in Section 12(g). Nothing herein shall affect the right to serve process in any other manner permitted by law or shall limit the right of either party to bring proceedings in the courts of any other jurisdiction. 

(p) Mutual Waiver of Jury Trial. Because disputes arising in connection with complex financial transactions are most quickly and
economically resolved by an experienced and expert person and the parties wish applicable state and federal laws to apply (rather than arbitration rules), the parties desire that their disputes be resolved by a judge applying such applicable laws.
EACH OF THE COMPANY AND WARRANTHOLDER SPECIFICALLY WAIVES ANY RIGHT IT MAY HAVE TO TRIAL BY JURY OF ANY CAUSE OF ACTION, CLAIM, CROSS-CLAIM, COUNTERCLAIM, THIRD PARTY CLAIM OR ANY OTHER CLAIM (COLLECTIVELY, “CLAIMS”) ASSERTED
BY THE COMPANY AGAINST WARRANTHOLDER OR ITS ASSIGNEE OR BY WARRANTHOLDER OR ITS ASSIGNEE AGAINST THE COMPANY. This waiver extends to all such Claims, including Claims that involve persons other than the Company and Warrantholder; Claims that arise
out of or are in any way connected to the relationship between the Company and Warrantholder; and any Claims for damages, breach of contract, specific performance, or any equitable or legal relief of any kind, arising out of this Warrant.

 (q) Judicial Reference. If the Mutual Waiver of Jury Trial set forth in Section 12(p) is ineffective or
unenforceable, the parties agree that all Claims shall be submitted to a mutually acceptable referee sitting without a jury and resolved pursuant to Code of Civil Procedure Section 638 et seq or, if there is no mutually acceptable referee, then
a referee sitting without a jury appointed by the Presiding Judge of the California Superior Court for Santa Clara County. Notwithstanding the foregoing, either party may seek from a court of competent jurisdiction identified in Section 12(o),
any prejudgment order, writ or other relief and have such prejudgment order, writ or other relief enforced to the fullest extent permitted by law notwithstanding that all Claims are otherwise subject to resolution by judicial reference. 

(r) Counterparts. This Warrant and any amendments, waivers, consents or supplements hereto may be executed in any number of
counterparts, and by different parties hereto in separate counterparts, each of which when so delivered shall be deemed an original, but all of which counterparts shall constitute but one and the same instrument. 

[Remainder of Page Intentionally Left Blank] 
  

 14. 

 IN WITNESS WHEREOF, the
parties hereto have caused this Warrant Agreement to be executed by its officers thereunto duly authorized as of the Effective Date. 
  

							
	COMPANY:	 		 	HORIZON THERAPEUTICS, INC.
				
		 		 	 By:
	 	 /s/ Timothy P. Walbert

		 		 	Title:	 	President and CEO
				
	Notice Address:	 		 	Attn:	 	Timothy P. Walbert
		 		 		 	8025 Lamon Avenue, Suite 110
		 		 		 	Skokie, Illinois 60077
		 		 		 	Facsimile: (847) 572-1372
			
	WARRANTHOLDER:	 		 	 HERCULES TECHNOLOGY GROWTH

CAPITAL, INC.

				
		 		 	By:	 	 /s/ K. Nicholas Martitsch

		 		 	Title:	 	 K. Nicholas Martitsch

Associate General Counsel

			
	Notice Address:	 		 	 Hercules Technology Growth Capital, Inc.

Attn: Manuel Henriquez and Chief Legal Officer

400 Hamilton Avenue, Suite 310
 Palo Alto, CA
94301
 Facsimile: (650) 473-9194

		 		 
		 		 
		 		 
		 		 

  

 15. 

 EXHIBIT I 

NOTICE OF EXERCISE 
  

	To:	[                    ] 

 

	(1)	The undersigned Warrantholder hereby elects to purchase [    ] shares of the Series [    ] Preferred Stock of
[                    ], pursuant to the terms of the Warrant dated the [        ] day of
[            ,         ] (the “Warrant”) between
[                    ] and the Warrantholder, and [CASH PAYMENT: tenders herewith payment of the Purchase Price in full, together with all
applicable transfer taxes, if any.] [NET ISSUANCE: elects pursuant to Section 3(a) of the Warrant to effect a Net Issuance.] 

  

	(2)	Please issue a certificate or certificates representing said shares of Series [    ] Preferred Stock in the name of the undersigned or in
such other name as is specified below. 

  

	
	  

	(Name)
	
	  

	(Address)

  

							
	 WARRANTHOLDER:
	 		 	HERCULES TECHNOLOGY GROWTH CAPITAL. INC.
				
		 		 	By:	 	  

		 		 	Title:	 	  

		 		 	Date:	 	  

 EXHIBIT II 

ACKNOWLEDGMENT OF EXERCISE 

The undersigned
[                                ], hereby acknowledge receipt of the
“Notice of Exercise” from Hercules Technology Growth Capital, Inc., to purchase [    ] shares of the Series [    ] Preferred Stock of
[                    ], pursuant to the terms of the Warrant, and further acknowledges that [    ] shares remain
subject to purchase under the terms of the Warrant. 
  

							
	 COMPANY:
	 		 	HORIZON THERAPEUTICS, INC.
				
		 		 	By:	 	  

		 		 	Title:	 	  

		 		 	Date:	 	  

 EXHIBIT III 

TRANSFER NOTICE 

(To transfer or assign the foregoing Warrant execute this form and supply required information. Do not use this form to purchase shares.)

 FOR VALUE RECEIVED, the foregoing Warrant and all rights
evidenced thereby are hereby transferred and assigned to 
  

			
	
	  

	(Please Print)	 	
		
	whose address is	 	  

	
	  

 

			
		
	Dated:	 	 

  

			
	Holder’s Signature:	 	 

  

			
	Holder’s Address:Warrant issued by Registrant on April 1, 2010 to Kreos Capital III Limited

 Exhibit 4.7 

THE SECURITIES REPRESENTED HEREBY HAVE BEEN ACQUIRED PURSUANT TO REGULATION S OF THE SECURITIES ACT OF 1933, AS AMENDED (THE “ACT”), AND MAY
NOT BE SOLD, MORTGAGED, PLEDGED, HYPOTHECATED OR OTHERWISE TRANSFERRED EXCEPT IN ACCORDANCE THEREWITH, PURSUANT TO A REGISTRATION UNDER THE ACT OR PURSUANT TO AN AVAILABLE EXEMPTION FROM REGISTRATION. THE ISSUER OF THESE SECURITIES MAY REQUIRE AN
OPINION OF COUNSEL IN FORM AND SUBSTANCE SATISFACTORY TO THE ISSUER TO THE EFFECT THAT ANY PROPOSED TRANSFER OR RESALE IS IN COMPLIANCE WITH THE ACT AND ANY APPLICABLE STATE SECURITIES LAWS. IN ADDITION, NO HEDGING TRANSACTION MAY BE CONDUCTED WITH
RESPECT TO THESE SECURITIES UNLESS SUCH TRANSACTIONS ARE IN COMPLIANCE WITH THE ACT. 
 HORIZON PHARMA, INC.

 WARRANT TO PURCHASE SERIES A PREFERRED STOCK 

 

			
	No. PAW-1	 	April 1, 2010

Void After April 1, 2020 

THIS CERTIFIES THAT, for value received, Kreos Capital III Limited,
with its principal office at 47 Esplanade, St-Helier, Jersey or assigns (the “Holder”), is entitled to subscribe for and purchase at the Exercise Price (defined below) from HORIZON PHARMA,
INC., a Delaware corporation, with its principal office at 1033 Skokie Boulevard, Suite 355, Northbrook, Illinois 60062 (the “Company”) up to One Hundred Eighteen Thousand Four Hundred Ninety Six
(118,496) shares of the Series A Preferred Stock of the Company (the “Series A Stock”) or if the outstanding Series A Preferred Stock is converted into Common Stock of the Company, then the number of shares of Common
Stock of the Company (the “Common Stock”) into which such Series A Stock would have been converted had the Warrant been exercised immediately prior to the conversion of the outstanding Series A Preferred Stock into Common Stock.

 1. DEFINITIONS. As used herein, the following terms shall have the following respective meanings:

 (a) “Current Market Price” as of a specified date shall mean: (i) if the Warrant is
exercisable for Common Stock and the Common Stock is publicly traded on such date, the average closing price per share over the preceding five trading days (or, if less than five days, the average closing price per share of all trading days since
the stock became publicly traded) as reported on the principal stock exchange or quotation system on which the stock is listed or quoted; or (ii) if the Series A Stock (as adjusted herein) is not publicly traded on such date, the Board of
Directors of the Company shall determine Current Market Price in its reasonable good faith judgment. 
 (b)
“Exercise Period” means the period commencing with the date hereof and ending on April 1, 2020, unless sooner terminated as provided below. 

 

 1. 

 (c) “Exercise Price” means U.S. $0.01 per share, subject to
adjustment pursuant to Section 6 below. If the outstanding Series A Stock converts into Common Stock at a conversion rate that is more or less than one share for one share, then the per share Exercise Price shall be adjusted by dividing the
aggregate Exercise Price of all of the Exercise Shares immediately prior to the conversion by the number of Exercise Shares immediately following the conversion. 

(d) “Exercise Shares” means as applicable the shares of the Series A Stock or shares of Common Stock
issuable upon exercise of this Warrant, subject to adjustment pursuant to the terms herein, including but not limited to adjustment pursuant to Section 6 below. 

(e) “United States” means the United States of America, its territories and possessions, any State of the
United States, and the District of Columbia. 
 (f) “U.S. Person” means (i) any natural
person resident in the United States, (ii) any partnership or corporation organized or incorporated under the laws of the United States (iii) any estate of which any executor or administrator is a U.S. Person, (iv) any trust of which
any trustee is a U.S. Person, (v) any agency or branch of a foreign entity located in the United States, (vi) any non-discretionary account or similar account (other than an estate or trust) held by a dealer or other fiduciary for the
benefit or account of a U.S. Person, (vii) any discretionary account or similar account (other than an estate or trust) held by a dealer or other fiduciary organized, incorporated, or (if an individual) resident in the United States, and
(viii) any partnership or corporation if: (1) organized or incorporated under the laws of any foreign jurisdiction; and (2) formed by a U.S. Person principally for the purpose of investing in securities not registered under the Act
(as defined below), unless it is organized or incorporated, and owned, by accredited investors (as defined in Regulation D under the Act) who are not natural persons, estates or trusts, provided, however, the following are not “U.S.
Persons”: (i) any discretionary account or similar account (other than an estate or trust) held for the benefit or account of a non-U.S. Person by a dealer or other professional fiduciary organized, incorporated, or (if an individual)
resident in the United States, (ii) any estate of which any professional fiduciary acting as executor or administrator is a U.S. Person if: (1) an executor or administrator of the estate who is not a U.S. Person has sole or shared
investment discretion with respect to the assets of the estate; and (2) the estate is governed by foreign law, (iii) any trust of which any professional fiduciary acting as trustee is a U.S. Person, if a trustee who is not a U.S. Person
has sole or shared investment discretion with respect to the trust assets, and no beneficiary of the trust (and no settler if the trust is revocable) is a U.S. Person, (iv) an employee benefit plan established and administered in accordance
with the law of a country other than the United States and customary practices and documentation of such country, (v) any agency or branch of a U.S. Person located outside the United States if: (1) the agency or branch operates for valid
business reasons; and (2) the agency or branch is engaged in the business of insurance or banking and is subject to substantive insurance or banking regulation, respectively, in the jurisdiction where located; and (vi) the International
Monetary Fund, the International Bank for Reconstruction and Development, the Inter-American Development Bank, the Asian Development Bank, the African Development Bank, the United Nations, and their agencies, affiliates and pension plans, and any
other similar international organizations, their agencies, affiliates and pension plans. 
  

 2. 

 2. EXERCISE OF WARRANT. The rights
represented by this Warrant may be exercised in whole or in part at any time during the Exercise Period, by delivery of the following to the Company at its address set forth above (or at such other address as it may designate by notice in writing to
the Holder): 
 (a) An executed Notice of Exercise in the form attached hereto; 

(b) Payment of the Exercise Price either (i) in cash or by check, (ii) by cancellation of indebtedness, or (iii) as
provided in Section 2.1; and 
 (c) This Warrant. 

Upon the exercise of the rights represented by this Warrant, a certificate or certificates for the Exercise Shares so purchased,
registered in the name of the Holder or persons affiliated with the Holder, if the Holder so designates, shall be issued and delivered to the Holder within a reasonable time after the rights represented by this Warrant shall have been so exercised.

 The person in whose name any certificate or certificates for Exercise Shares are to be issued upon exercise of this Warrant
shall be deemed to have become the holder of record of such shares on the date on which this Warrant was surrendered and payment of the Exercise Price was made, irrespective of the date of delivery of such certificate or certificates, except that,
if the date of such surrender and payment is a date when the stock transfer books of the Company are closed, such person shall be deemed to have become the holder of such shares at the close of business on the next succeeding date on which the stock
transfer books are open. 
 2.1 Net Exercise. Notwithstanding any provisions herein to the contrary, if the fair market
value of one share of the Series A Stock (or as applicable one share of Common Stock) is greater than the Exercise Price (at the date of calculation as set forth below), in lieu of exercising this Warrant by payment of cash, the Holder may elect to
receive shares equal to the value (as determined below) of this Warrant (or the portion thereof being canceled) by surrender of this Warrant at the principal office of the Company together with the properly endorsed Notice of Exercise in which event
the Company shall issue to the Holder a number of shares of Series A Stock or Common Stock computed using the following formula: 

X = Y (A-B) 

            A 

 

					
	Where	  	X =	  	the number of shares of Series A Stock to be issued to the Holder
			
		  	Y =	  	the number of shares of Series A Stock purchasable under the Warrant or, if only a portion of the Warrant is being exercised, the portion of the Warrant being canceled (at the date
of such calculation)
			
		  	A =	  	Current Market Price (at the date of such calculation)
			
		  	B =	  	Exercise Price (as adjusted to the date of such calculation)

  

 3. 

 2.2 Automatic Exercise. Notwithstanding any provisions herein to the contrary, if the
Holder of this Warrant has not elected to exercise this Warrant prior to expiration of this Warrant pursuant to Section 8, then this Warrant shall automatically (without any act on the part of the Holder) be exercised pursuant to
Section 2.1 effective immediately prior to the expiration of the Warrant to the extent such net issue exercise would result in the issuance of Exercise Shares unless Holder shall earlier provide written notice to the Company that the Holder
desires that this Warrant expire unexercised. If this Warrant is automatically exercised, the Company shall notify the Holder of the automatic exercise as soon as reasonably practicable, and the Holder shall surrender the Warrant to the Company in
accordance with the terms hereof. 
 3. COVENANTS OF THE
COMPANY. 
 3.1 Covenants as to Exercise Shares. The Company covenants and agrees that all Exercise
Shares that may be issued upon the exercise of the rights represented by this Warrant will, upon issuance, be validly issued and outstanding, fully paid and nonassessable, and free from all taxes, liens and charges with respect to the issuance
thereof. The Company further covenants and agrees that the Company will at all times during the Exercise Period, have authorized and reserved, free from preemptive rights, a sufficient number of shares of its Series A Stock and Common Stock to
provide for the exercise of the rights represented by this Warrant and the conversion of the Series A Stock into Common Stock. If at any time during the Exercise Period the number of authorized but unissued shares of Series A Stock or Common Stock,
as applicable, shall not be sufficient to permit exercise of this Warrant, the Company will take such corporate action as may, in the opinion of its counsel, be necessary to increase its authorized but unissued shares of Series A Stock or Common
Stock to such number of shares as shall be sufficient for such purposes. 
 3.2 Rights under the Investor Rights
Agreement. The Holder shall be entitled to registration rights with respect to the Exercise Shares, or the Common Stock issuable upon conversion thereof, as set forth in that certain Investors’ Rights Agreement, dated as of April 1,
2010, a true and complete copy of which is attached hereto as Appendix I (the “Investor Rights Agreement”), as such may from time to time be amended, for purposes of Sections 1 (with the exception of Section 1.2) and 3
only. The Exercise Shares shall also be deemed “Registrable Securities” as that term is defined in the Investor Rights Agreement, and the Holder shall be deemed a “Holder,” subject to all of the rights and obligations thereunder,
in each case only for the purposes of those sections listed above. The Holder shall perform such steps as are required by the Company to make it a party to the Investor Rights Agreement as described in this Section 3.2. The Company agrees that
no amendments will be made to the Investor Rights Agreement which would have an adverse impact on Holder’s registration rights thereunder different from the impact on the rights of other Holders (as defined in the Rights Agreement) of the
Company’s stock without the consent of Holder. By acceptance of this Warrant, Holder shall be deemed to be a party to the Investor Rights Agreement solely for the purposes of the above-mentioned registration rights. 

4. REPRESENTATIONS OF HOLDER. 

4.1 Acquisition of Warrant for Personal Account. 

 

 4. 

 (a) The Holder represents and warrants that it is acquiring the Warrant and the
Exercise Shares solely for its account for investment, not as a nominee or agent, and not for the account or benefit of, a U.S. Person, and not with a view to or for sale or distribution of said Warrant or Exercise Shares or any part
thereof in the United States or to a U.S. Person. The Holder also represents that the entire legal and beneficial interests of the Warrant and Exercise Shares the Holder is acquiring is being acquired for, and will be held for, its account
only. 
 (b) The Holder represents and warrants that it does not have any contract, undertaking, agreement or
arrangement with any person to sell, transfer or grant participations to such person or to any third person in the United States or to a U.S. Person, or any hedging transaction with any third person in the United States or to a United States
resident, with respect to the Warrant or any of the Exercise Shares. 
 (c) The Holder is a person or entity that is not
a U.S. Person. 
 (d) The Holder understands that it could lose its entire investment in the Company. 

4.2 Securities Are Not Registered. 

(a) The Holder understands that the Warrant and the Exercise Shares have not been registered under the Securities Act of 1933, as
amended (the “Act”), on the basis that the issuance of the Warrant and the Exercise Shares are exempt from registration under the Act pursuant to Regulation S thereof. The Holder realizes that the basis for the exemption may not be present
if, notwithstanding its representations, the Holder has a present intention of acquiring the securities for a fixed or determinable period in the future, selling (in connection with a distribution or otherwise), granting any participation in, or
otherwise distributing the securities. The Holder has no such present intention. 
 (b) The Holder recognizes that the
Warrant and the Exercise Shares must be held indefinitely unless they are subsequently registered under the Act in accordance with the provisions of Regulations S, or an exemption from such registration is available. The Holder recognizes that the
Company has no obligation to register the Warrant or the Exercise Shares of the Company, or to comply with any exemption from such registration. 

(c) The Holder is aware that neither the Warrant nor the Exercise Shares may be sold pursuant to Rule 144 adopted under the Act
unless certain conditions are met, including, among other things, the existence of a public market for the shares, the availability of certain current public information about the Company, the resale following the required holding period under Rule
144 and the number of shares being sold during any three month period not exceeding specified limitations. Holder is aware that the conditions for resale set forth in Rule 144 have not been satisfied and that the Company presently has no plans to
satisfy these conditions in the foreseeable future. 
 4.3 Disposition of Warrant and Exercise Shares. 

 

 5. 

 (a) The Holder will not, directly or indirectly, offer, sell, pledge, transfer or
otherwise dispose of (or solicit any offers to buy, purchase or otherwise acquire or take a pledge of) this Warrant or any of the Exercise Shares except in compliance with the Act, applicable blue sky laws, and the rules and regulations promulgated
thereunder. The Holder further agrees not to engage in hedging transactions with regard to such securities unless in compliance with the Act. 

(b) The Holder further agrees not to make any disposition of all or any part of the Warrant or Exercise Shares in any event
unless and until: 
 (i) The Company shall have received a letter secured by the Holder from the Securities and Exchange
Commission stating that no action will be recommended to the Commission with respect to the proposed disposition; 
 (ii)
There is then in effect a registration statement under the Act covering such proposed disposition and such disposition is made in accordance with said registration statement, or pursuant to an exemption from registration; or 

(iii) The Holder shall have notified the Company of the proposed disposition and shall have furnished the Company with a detailed
statement of the circumstances surrounding the proposed disposition, and if reasonably requested by the Company, the Holder shall have furnished the Company with an opinion of counsel, reasonably satisfactory to the Company, for the Holder to the
effect that such disposition will not require registration of such Warrant or Exercise Shares under the Act or any applicable state securities laws. 

(c) The Holder understands and agrees that all certificates evidencing the shares to be issued to the Holder may bear the
following legend (in addition to any legend required under applicable state or foreign securities laws): 
 THE SHARES
REPRESENTED BY THIS CERTIFICATE HAVE BEEN ACQUIRED PURSUANT TO REGULATION S OF THE SECURITIES ACT OF 1933, AS AMENDED (THE “ACT”), AND MAY NOT BE OFFERED, SOLD, MORTGAGED OR OTHERWISE TRANSFERRED, PLEDGED OR HYPOTHECATED EXCEPT IN
ACCORDANCE WITH REGULATION S, PURSUANT TO A REGISTRATION UNDER THE ACT, OR PURSUANT TO AN AVAILABLE EXEMPTION FROM REGISTRATION. THE ISSUER OF THESE SECURITIES MAY REQUIRE AN OPINION OF COUNSEL IN FORM AND SUBSTANCE REASONABLY SATISFACTORY TO THE
ISSUER TO THE EFFECT THAT ANY PROPOSED TRANSFER OR RESALE IS IN COMPLIANCE WITH THE ACT AND ANY APPLICABLE SECURITIES LAWS. 

5. REPRESENTATIONS OF COMPANY. The Company represents and warrants to the Holder
that: 
 5.1 Authorization. All corporate action on the part of the Company, its officers, directors and stockholders
necessary for the authorization, execution and delivery of this Warrant, the performance of all obligations of the Company hereunder and the authorization, 

 

 6. 

 
issuance (or reservation for issuance), sale and delivery of the Exercise Shares has been taken, and this Warrant, when executed and delivered by the Company, shall constitute valid and legally
binding obligations of the Company, enforceable against the Company in accordance with its terms except (i) as limited by applicable bankruptcy, insolvency, reorganization, moratorium, fraudulent conveyance, or other laws of general application
relating to or affecting the enforcement of creditors’ rights generally or (ii) as limited by laws relating to the availability of specific performance, injunctive relief, or other equitable remedies. 

5.2 Organization. The Company is a corporation duly organized, validly existing and in good standing under the laws of the State
of Delaware and has all requisite corporate power and authority to own its properties and assets, to carry on its business as presently conducted or as proposed to be conducted. 

6. ADJUSTMENT OF EXERCISE PRICE, ETC. 

6.1 Adjustments for Reclassification, Exchange or Substitution, etc. In the event of changes in the outstanding Series A Stock or
as applicable the outstanding Common Stock of the Company by reason of stock dividends, split-ups, recapitalizations, reclassifications, combinations or exchanges of shares, separations, reorganizations, liquidations, or the like, the number and
class of shares available under the Warrant in the aggregate and the Exercise Price shall be correspondingly adjusted to give the Holder of the Warrant, on exercise for the same aggregate Exercise Price, the total number, class, and kind of shares
as the Holder would have owned had the Warrant been exercised prior to the event and had the Holder continued to hold such shares until after the event requiring adjustment; provided, however, that such adjustment shall not be made with respect to,
and, except as otherwise provided in Section 2.2 above, this Warrant shall terminate if not exercised prior to, the events set forth in Section 8 below. The form of this Warrant need not be changed because of any adjustment in the number
of Exercise Shares subject to this Warrant. 
 7. FRACTIONAL SHARES. No fractional shares
shall be issued upon the exercise of this Warrant as a consequence of any adjustment pursuant hereto. All Exercise Shares (including fractions) issuable upon exercise of this Warrant may be aggregated for purposes of determining whether the exercise
would result in the issuance of any fractional share. If, after aggregation, the exercise would result in the issuance of a fractional share, the Company shall, in lieu of issuance of any fractional share, pay the Holder otherwise entitled to such
fraction a sum in cash equal to the product resulting from multiplying the then current fair market value of an Exercise Share by such fraction. 

8. EARLY TERMINATION. If after the date hereof the Company shall enter into any Reorganization (as
hereinafter defined), then, as a condition of such Reorganization, lawful provisions shall be made, and duly executed documents evidencing the same from the Company or its successor shall be delivered to the Holder, so that the Holder shall
thereafter have the right to purchase, at a total price not to exceed that payable upon the exercise of this Warrant in full, the kind and amount of shares of stock and other securities and property receivable upon such Reorganization by a holder of
the number of shares of Series A Stock which might have been purchased by the Holder immediately prior to such Reorganization, and in any such case appropriate provisions shall be made with respect to the rights and interest of the Holder to the

  

 7. 

 
end that the provisions hereof (including without limitation, provisions for the adjustment of the Exercise Price and the number of shares issuable hereunder and the provisions relating to the
net issue election) shall thereafter be applicable in relation to any shares of stock or other securities and property thereafter deliverable upon exercise hereof. For the purposes of this Section 8, the term “Reorganization” shall
include without limitation any reclassification, capital reorganization or change of the Series A Stock (other than by reason of stock dividends, split-ups, recapitalizations, reclassifications, combinations or exchanges of shares, separations,
reorganizations, liquidations, or the like provided for in Section 6 hereof), or any consolidation of the Company with, or merger of the Company into, another corporation or other business organization (other than a merger in which the Company
is the surviving corporation and which does not result in any reclassification or change of the outstanding Series A Stock), or any sale or conveyance to another corporation or other business organization of all or substantially all of the assets of
the Company. 
 9. MARKET STANDOFF. Holder agrees, in connection with the Company’s
sale of its Common Stock in a firm underwritten public offering pursuant to a registration statement under the Act, Holder agrees to consider a request by the Company and its underwriters that (i) the Holder enter into an agreement that it
shall not sell, make any short sale of, loan, grant any option for the purchase of, enter into any hedging or similar transaction with the same economic effect as a sale, or otherwise dispose of any of the Company’s capital stock (or any
securities convertible into the Company’s capital stock) held by Holder, however or whenever acquired (other than those included in the registration or purchased subsequent to the initial public offering) without the prior written consent of
Company or such underwriters, as the case may be, for such period of time (not to exceed one hundred and eighty (180) days, but subject to such extension or extensions as may be required by the underwriters in order to publish research reports
while complying with the Rule 2711 of the National Association of Securities Dealers, Inc., such extension or extensions not to exceed thirty-four (34) days after the expiration of such 180-day period) from the effective date of such
registration statement as may be requested by the Company or such managing underwriters and to execute an agreement reflecting the foregoing as may be requested by the underwriters at the time of the Company’s initial public offering and
(ii) that Holder provide such information as may be required by the Company or such representative in connection with the completion of any public offering of the Company’s securities pursuant to a registration statement filed under the
Act. 
 10. NOTIFICATION OF CERTAIN EVENTS. Prior to the
expiration of this Warrant pursuant to Section 8, in the event that the Company shall authorize: 
 (a) the issuance
of any dividend or other distribution on the capital stock of the Company (other than (i) dividends or distributions otherwise provided for in Section 6, (ii) repurchases of common stock issued to or held by employees, officers,
directors or consultants of the Company or its subsidiaries upon termination of their employment or services pursuant to agreements providing for the right of said repurchase; (iii) repurchases of common stock issued to or held by employees,
officers, directors or consultants of the Company or its subsidiaries pursuant to rights of first refusal or first offer contained in agreements providing for such rights; or (iv) repurchases of capital stock of the Company in connection with
the settlement of disputes with any stockholder), whether in cash, property, stock or other securities; 
  

 8. 

 (b) the voluntary liquidation, dissolution or winding up of the Company; 

(c) any transaction resulting in the expiration of this Warrant pursuant to Section 8; or 

(d) receipt by the Company of any request for registration made pursuant to Section 1.2 or 1.4 of the Investor Rights
Agreement; 
 the Company shall send to the Holder of this Warrant at least ten (10) days prior written notice of the date on which a
record shall be taken for any such dividend or distribution specified in clause (a) or the expected effective date of any such other event specified in clause (b), (c) or (d), as applicable. The notice provisions set forth in this section
may be shortened or waived prospectively or retrospectively with the consent of the Holder. In addition, the Company shall deliver to the Holder copies of any proxy or information statements or other communications delivered to shareholders
generally. 
 11. NO STOCKHOLDER RIGHTS. This Warrant in and of itself shall
not entitle the Holder to any voting rights or other rights as a stockholder of the Company. 
 12. TRANSFER
OF WARRANT. Subject to applicable laws and the restriction on transfer set forth on the first page of this Warrant, this Warrant and all rights hereunder are transferable, by the Holder in person or by duly
authorized attorney, upon delivery of this Warrant and the form of assignment attached hereto to any transferee designated by Holder. The transferee shall sign an investment letter in form and substance satisfactory to the Company. 

13. LOST, STOLEN, MUTILATED OR DESTROYED
WARRANT. If this Warrant is lost, stolen, mutilated or destroyed, the Company may, on such terms as to indemnity or otherwise as it may reasonably impose (which shall, in the case of a mutilated Warrant, include the surrender
thereof), issue a new Warrant of like denomination and tenor as the Warrant so lost, stolen, mutilated or destroyed. Any such new Warrant shall constitute an original contractual obligation of the Company, whether or not the allegedly lost, stolen,
mutilated or destroyed Warrant shall be at any time enforceable by anyone. 
 14. NOTICES, ETC.
All notices required or permitted hereunder shall be in writing and shall be deemed effectively given: (a) upon personal delivery to the party to be notified, (b) when sent by confirmed telex or facsimile if sent during normal business
hours of the recipient, if not, then on the next business day, (c) five (5) days after having been sent by registered or certified mail, return receipt requested, postage prepaid, or (d) one (1) day after deposit with a
nationally recognized overnight courier, specifying next day delivery, with written verification of receipt. All communications shall be sent to the Company at the address listed on the signature page and to Holder at the addresses listed for Holder
above or at such other address as the Company or Holder may designate by ten (10) days advance written notice to the other parties hereto. 

15. ACCEPTANCE. Receipt of this Warrant by the Holder shall constitute acceptance of and agreement to all of the
terms and conditions contained herein. 
 16. GOVERNING LAW. This Warrant and all rights,
obligations and liabilities hereunder shall be governed by the laws of the State of Delaware. 
  

 9. 

 IN WITNESS WHEREOF, the
Company has caused this Warrant to be executed by its duly authorized officer as of April 1, 2010. 
  

			
	HORIZON PHARMA, INC.
	
	HORIZON PHARMA, INC.
		
	By:	 	 /s/ Timothy P. Walbert

	Name:	 	 Timothy P. Walbert

	Title:	 	 President & CEO

	Address:	 	  

 

 10. 

 NOTICE OF EXERCISE 

TO: HORIZON PHARMA, INC. 

(1)        ̈      
  The undersigned hereby elects to purchase      shares of the Series A Preferred Stock of Horizon Pharma, Inc. (the “Company”) pursuant to the terms of the attached Warrant, and tenders herewith payment
of the exercise price in full, together with all applicable transfer taxes, if any. 

 ̈        The undersigned hereby elects to
purchase      shares of the Series A Preferred Stock of the Company pursuant to the terms of the net exercise provisions set forth in Section 2.1 of the attached Warrant, and shall tender payment of all applicable
transfer taxes, if any. 
 (2)       Please issue a certificate or certificates
representing said shares of Series A Preferred Stock in the name of the undersigned or in such other name as is specified below: 
  

					
		 	  
	 	
		 	(Name)	 	
			
		 	  
	 	
		 	  
	 	
		 	(Address)	 	

 (3)       The undersigned hereby restates and reaffirms
the representations and covenants in Section 4 of the Warrant with respect to the Exercise Shares to be received pursuant to this Notice of Exercise. 
  

					
	  
	  		  	  

	(Date)	  		  	(Signature)
			
		  		  	  

		  		  	(Print name)
			
	  
	  		  	  

	(Date)	  		  	(Signature)
			
		  		  	  

		  		  	(Print name)

 ASSIGNMENT FORM 

(To assign the foregoing Warrant, execute this form 

and supply required information. Do not use this 

form to purchase shares.) 

FOR VALUE RECEIVED, the foregoing Warrant and all rights evidenced
thereby are hereby assigned to 
  

			
	Name:	 	  

		 	(Please Print)
		
	Address:	 	  

		 	(Please Print)

			
	 Dated:
	 	            ,
20    

  

					
	Holder’s	 		  	
	Signature:	 	  
	  	
			
	Holder’s	 		  	
	Address:	 	  
	  	
			
	Holder’s	 		  	
	Signature:	 	  
	  	
			
	Holder’s	 		  	
	Address:	 	  
	  	

 NOTE: The signature to this Assignment Form must correspond with the name as it appears on the face of the
Warrant, without alteration or enlargement or any change whatever. Officers of corporations and those acting in a fiduciary or other representative capacity should file proper evidence of authority to assign the foregoing Warrant.

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