Document:

EX-10.19

 Exhibit 10.19 

Contract Number: 
 Product Development Agreement of
TG103 Project Between I-Mab Biopharma (Shanghai) Co., Ltd. and CSPC Baike (Shangdong) Biopharmaceutical Co., Ltd. 

December 10th, 2018 

  
 1 

 This Intellectual Property Licensing and Product Development Agreement (“this Agreement”) is
signed by and between the following parties on December 10th, 2018: 
 I-Mab Biopharma (Shanghai) Co., Ltd.,
registered address: Room 802, 8th floor, West Tower, 88 Shangke Road, China (Shanghai) Free Trade Pilot Zone (“I-Mab Biopharma”); and 

CSPC Baike (Shangdong) Biopharmaceutical Co., Ltd., registered address: 212 Jinbu Street, Qinshui Korean Industrial Park, Mouping District, Yantai City
(hereinafter referred to as “CSPC Group”). 
 Each of I-Mab Biopharma and CSPC Group may be
hereinafter individually referred to as “one party”, “each party” or “the Parties” and collectively as “both parties”. 

WHEREAS, 
  

	1.	 I-Mab Biopharma is an innovative biopharmaceutical research and
development company in the fields of autoimmune diseases, oncology immune and immune-mediated inflammatory diseases, who owns the rights of regional development and commercialization of TG103 and related intellectual property rights in China.
I-Mab Biopharma is seeking strategic partners for product development and commercialization in China. 

  

	2.	 CSPC Group is one of the leading comprehensive pharmaceutical companies in China, with product pipeline in
innovative drugs and professional product marketing ability, who has synergy with I-Mab Biopharma’s development areas. 

Parties are willing to carry out strategic cooperation on TG103 products, and develop and commercialize TG103 products for the treatment of type
2 diabetes mellitus and all indications related to this product in the territory. 
 THEREFORE, the parties have reached the following agreements, which
shall be abided by both parties. 
  

	1.	 DEFINITIONS RELATED TO THIS AGREEMENT 

 

	1.1	 Affiliate: refers to: (1) Any company or business entity in which one party directly or indirectly
owns fifty percent (50%) or more of its shares; or (2) any company or business entity that directly or indirectly owns fifty percent (50%) or more shares of one party; or (3) any company or business entity directly or indirectly controlled
by the company or business entity as described in (1) or (2); to refer to any company or business entity, as described in (1), (2) and (3), as the “Affiliate” of a party, a relevant written notice shall be issued by the party to the
other party and inform the other party about the Affiliate in the notice. 

 Certificate of ownership of property
rights of I-Mab Biopharma and its Affiliates and TG103 Project can be found in Annex 3. 
  

	1.2	 Third-party: refers to parties other than (1) Party A and its Affiliates; and (2) Party B and
its Affiliates. 

  

	1.3	 TG103 product: refers to the long-acting recombinant GLP-l Fc
fusion protein injection (including related patents) developed by I-Mab Biopharma based on the technology of hyFc technology platform. 

  
 2 

 For the avoidance of doubt, the TG103 project is the same as the project underlying
“Clinical Approval of TG103 for Injection approved by the CDE in China with the approval number of 2018L02834”. The clinical approval and product structure and sequence of the project are shown in Annex 1. 

 

	1.4	 Patent: Each party’s patent applications or patents of TG103 and its related patents (including
divisional applications and acquired patent rights). 

  

	1.5	 Proprietary technology: refers to non-public technology and
other information owned by the parties, including but not limited to concepts, discoveries, data, designs, molecular formulas, R&D plans, test and detection designs, test and test results, processes, test records, and data of chemistry,
pharmacodynamics, toxicology, clinical, analytical and quality control, data analysis, reports and summaries. 

  

	1.6	 Genexine’s intellectual property: refers to the patented hyFc platform of Genexine, Inc., a
Korean company, and the patents related to the licensed products granted by Genexine, Inc. to I-Mab Biopharma to use and sublicense (details of Genexine’s intellectual property rights can be found in
Annex 2 of this Agreement). hyFc platform refers to that a Fc fragment of IgG4 fused with the amino acid sequence of the target protein as defined in the Chinese Patent No. 201410851771, where amino acids at the position of 231-240 on IgG4 are replaced by the CH2 domain of IgD, thereby forming a long-acting protein drug with a longer half-life than the current protein, and the fusion protein formed only has a FcRn
site without Fcy Rs binding sites, avoiding stimulating cell lysis and producing immunogenicity. This Fc structure of IgD/IgG4 is the hyFc platform. 

 

	1.7	 Licensed compound: refers to a long-acting recombinant GLP-l Fc fusion protein. The molecular structure
and sequence of the fusion protein are presented in the Annex I. 

  

	1.8	 Licensed intellectual property rights: refers to I-Mab
Biopharma’s patents and proprietary technologies related to the licensed compounds and licensed products. 

  

	1.9	 New intellectual property rights: refers to any improvement, enhancement, modification or change of the
patents and proprietary technology related to the development and production of the licensed compounds and licensed products after the date of this Agreement. 

 

	1.10	 Licensed products: refers to one or more pharmaceutical (including diagnostic) products, including or
containing (1) TG103, alone or in combination with one or more of any and all other forms of active ingredients, current and future formulations , dosage forms and dosages, and methods of administration; or (2) any fragment
(including antigen binding regions or sequences or portions), variations, improvements, modifications or derivatives thereof. 

  

	1.11	 Treatment field: refers to type 2 diabetes mellitus, including combination therapy with other
pharmaceuticals for type 2 diabetes mellitus and all potential indications of the product. 

  

	1.12	 Territory: refers to the People’s Republic of China, excluding Hong Kong, Macao and Taiwan.

  

	1.13	 BLA Approval/Market Approval: refers to the first-time marketing approval of the licensed product in the
treatment area in the territory obtained from the drug regulatory agency. 

  

	1.14	 Reasonable commercial efforts: refers to that the efforts and resources used in the development and
commercialization of the licensed products shall be consistent with the efforts and resources used by companies of similar size in the pharmaceutical industry during similar product development and commercialization phases. 

  
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	1.15	 First commercial sale: refers to the first sale or consumption of a licensed product to a third party
for final use in the territory. 

  

	1.16	 Net sales revenue: refers to the total amount of invoices issued by CSPC Group and its Affiliates and sub-licensees to unrelated third parties for the sale of products in the applicable areas, after deducting the following deductions relating to the sale of products in the applicable areas (if included in the total
sales price of the products invoiced or directly paid or assumed by CSPC Group and its Affiliates and sub-licensees): (1) allowed discounts of trade, quantity and cash; (2) any discounts, refunds,
rebates, price adjustments or any other similar subsidies (excluding salesperson commissions) that in substance reduced the net sales prices, and are compliant with China’s Generally Accepted Accounting Principles and applicable jurisdiction
laws; (3) recycling and subsidy of licensed products; and (4) any value-added tax levied on licensed products. 

  

	2.	 PURPOSE AND APPROVAL OF THE AGREEMENT 

 

	2.1	 I-Mab Biopharma warrants to own the following rights and shall provide
proof for such ownership: 

  

	 	(1)	 Description of intellectual property rights owned by I-Mab Biopharma:
Fusion polypeptide containing glucagon-like peptide-1 and immunoglobulin hybrid Fc and its application; Patent Application Number CN2010101771.1 and CN2015800643.8 

 

	 	(2)	 Description of technology owned by I-Mab Biopharma: possession of
patented technology and technology secrets, the licensed products can be produced independently and effectively by the CMO company designated by I-Mab Biopharma. 

 

	2.2	 The purposes of this Agreement to be entered into by and between CSPC Group and
I-Mab Biopharma (Tianjin) Co., Ltd. are: 

  

	 	(1)	 The exclusive licensing of I-Mab Biopharma to CSPC Group for the use of
patented technology owned by I-Mab Biopharma; and 

  

	 	(2)	 Transfer of production technology (not inferior to the current technical level of this licensed compound) and
process to the CSPC Group and in coordination with the CSPC group for technical optimization. 

  

	2.3	 Subjecting to the terms and conditions of this Agreement, I-Mab
Biopharma grants CSPC Group in the territory the exclusive, sole, non-transferable, irrevocable and sub-licensable license of the intellectual property rights during the
valid term of this Agreement, so as to develop and commercialize the licensed compound(s) and licensed product(s) within the territory. 

  

	2.4	 The CSPC Group may grant sub-licenses in the territory, but prior
written consent of I-Mab Biopharma (I-Mab Biopharma shall not unreasonably refuse to agree) shall be the condition precedent for such
sub-licenses (except for sub-licnesing to the Affiliates of the CSPC Group), and shall be subject to the restrictions on the CSPC Group as well as the obligations the CSPC Group under this Agreement.

  

	2.5	 If, during the valid term of this Agreement, part or all of the licensed intellectual property rights become
invalid, and the invalidation is not due to the violation of the relevant statements, guarantees and commitments made by I-Mab Biopharma in this Agreement, this Agreement shall continue to be in force with
respect to any other valid intellectual property rights. In this case, during the valid term of this Agreement, the CSPC Group shall continue to be obliged to pay the fees agreed upon by both parties under Article 3 of this Agreement for the
licensing of intellectual property rights (including patents and proprietary technologies) under this Agreement. 

  
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	3.	 PAYMENTS AND PAYMENT METHOD 

 

	3.1	 Upfront payment 

The upfront payment is RMB15.0 million (capital: RMB fifteen million yuan), and CSPC Group will pay the upfront payment within 30 (thirty)
days after the entry into force of this Agreement. The upfront payment will not be refunded for any reason except for the reasons specified in paragraph 7.3.1 of this Agreement. 

 

	3.2	 Developmental milestone payments 

 

	3.2.1	 CSPC Group will pay milestone payments to I-Mab Biopharma within 30
(thirty) days after the following milestones are achieved: 

  

					
	 Serial
No.
	  	 Milestone Event
	  	 Milestone Payment (Unit: RMB)

	1	  	Authorized development changes for clinical approval	  	RMB15 million (RMBfifteen million)
	2	  	Completion of production process transfer	  	RMB10 million (RMB ten million)
	3	  	Phase II clinical end point	  	RMB25 million yuan (RMB twenty-five million)
	4	  	Phase III clinical end point	  	RMB35 million (RMBthirty-five million)
	5	  	 BLA Approval / Market Approval
 Market
Approval
	  	RMB50 million yuan (RMBfifty million)

  

	3.2.2	 Determination of milestone event realization 

CSPC Group shall notify I-Mab Biopharma immediately when the above milestone events have been achieved.
If the CSPC Group fails to notify I-Mab Biopharma of the achievement of the milestone event, but I-Mab Biopharma has reason to believe that the milestone should be
achieved, I-Mab Biopharma may inform the CSPC Group in writing, and both parties shall immediately meet to discuss the matter about the realization of the milestone event. Disputes over the realization of
milestone events may be resolved by means of dispute resolution under this Agreement. 
  

	3.3	 Sales commission 

 

	3.3.1	 Percentage of sales commission 

Within the sales commission period, the CSPC Group will pay sales commission to I-Mab Biopharma in
accordance with the percentage of sales commission agreed in the following table on the basis of the annual net sales revenue of licensed products in the calendar year: 
  

							
	 Serial
No.
	  	 Annual Net Sales Revenue of Licensed Product(s) (Unit:
RMB)
	  	Percentage of Sales
Commission	 
	1	  	Less than RMB500 million (including this number)	  	 	5	% 
	2	  	RMB500 million to RMB1 billion (including these numbers)	  	 	8	% 
	3	  	RMB1 to RMB2.5 billion (including these numbers)	  	 	9	% 
	4	  	More than RMB2.5 billion	  	 	10	% 

  
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	3.3.2	 The term of commission of the product shall be the following, whichever later: 

 

	 	(1)	 Later patent expiration date of licensed product patent application No. 201410851771.1 and 201580071643.8
(the ultimately authorized GLP-1’s claims part) in the territory; or 

  

	 	(2)	 Ten (10) years after the first commercial sale of licensed products in the territory.

  

	3.4	 Tax duties 

The above-mentioned upfront payment, milestone payments and sales commission paid/to be paid by CSPC Group do not include value added tax, and
the value-added tax shall be borne by CSPC Group. Other taxes shall be borne by both parties in accordance with the law. 
  

	3.5	 Invoice 

Within 30 (thirty) working days after the receipt of the upfront payment, milestone payment and sales commission payment, I-Mab Biopharma shall issue a special VAT invoice with a tax rate of 6% or the applicable tax rate in accordance with the laws at that time to the CSPC Group. The CSPC Group shall pay the corresponding tax to I-Mab Biopharma 30 (thirty) working days after receipt of the invoice. 
  

	3.6	 Accounting books and records 

 

	3.6.1	 The CSPC Group shall keep complete and appropriate accounting records and books, including financial receipts
and monthly and quarterly accounting statements showing the sales, deductions, net sales revenue and other quantities and descriptions of the licensed product it sells, in accordance with relevant laws and regulations of China.

  

	3.6.2	 The above accounting records and books shall be kept separately from all other records and books not related to
the licensed product and shall be subject to inspection by I-Mab Biopharma or its duly authorized representative or agent. 

 

	3.6.3	 The CSPC Group shall allow I-Mab Biopharma (or its representative) to
check, audit and inspect all account books, records, audit reports, documents and other matters related to the production and sale of the licensed product in a reasonable time at most once every year, and the expenses shall be borne by I-Mab Biopharma. The manner and time of the above-mentioned checking, auditing and inspection shall not adversely affect the operation of CSPC Group or the sales of the licensed and transferred products, and the
results of such checking, auditing and inspection shall be kept confidential. 

  

	4.	 RESEARCH AND DEVELOPMENT 

 

	4.1	 Obligations of CSPC Group 

 

	4.1.1	 General agreement: 

CSPC Group has the final decision on the development of licensed compounds and licensed products in the therapeutic field in the territory,
including related research and development, clinical trials and registration activities. 

  
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	4.1.2	 Accountability: 

The CSPC Group shall make reasonable commercial efforts to develop licensed compounds and licensed products to commercialize them in the
territory as soon as possible. Such development should be carried out according to the research and development plan jointly determined by both parties. The CSPC Group shall make reasonable commercial efforts to implement the R&D plan in order
to obtain marketing license for the licensed products in the field of treatment in the territory as soon as possible. Any change to the R&D plan shall be discussed and agreed by the Joint Development Committee. 

 

	4.2	 Obligations of I-Mab Biopharma 

 

	4.2.1	 I-Mab Biopharma is not allowed to develop for itself or for others the
long-acting recombinant GLP-1 Fc fusion proteins and products with competitive mechanism at the same targets based on the technology of hyFc technology platform in the territory. 

 

	4.2.2	 In order to ensure the development of licensed products in the field of treatment in the territory, I-Mab Biopharma should continue to assist the CSPC Group in completing the pre-clinical study of the licensed products required by the Chinese drug approval departments, and
provide all the research records and data. 

  

	4.2.3	 I-Mab Biopharma shall make reasonable commercial efforts to assist in
the transfer of licensed products to the production technology of CSPC Group. The technical indicators of production technology transfer shall not be lower than the existing technical level. The plan and acceptance criteria of production technology
transfer are listed in Annex 5. 

  

	4.2.4	 I-Mab Biopharma shall make reasonable commercial efforts to assist or
guide the CSPC Group in continuous optimization of production process of the licensed product. 

  

	4.3	 Project leader: 

Within 30 (thirty) days from the date of signing this Agreement, each party shall appoint the corresponding project leader and shall notify the
other party in writing in time. Each party shall notify the other party in writing in time when replacing its project leader. The project leaders will be responsible for facilitating the communications and coordinating in actions between the parties
in accordance with the terms of this Agreement. 
  

	5.	 COMMERCIALIZATION 

 

	5.1	 General agreement: 

CSPC Group has the final decision on the commercializtion of the licensed compounds and licensed products in the therapeutic field in the
territory. 
  

	5.2	 Accountability: 

CSPC Group shall make reasonable commercial efforts to start the marketing and sales activities of the licensed products within a reasonable
time after obtaining the sales license from the governmental departments. 
  

	5.3	 Reporting: 

CSPC Group shall provide summary report of the commercialization activities of its licensed products for the preceding six-month period on semi-annual basis. 

  
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	6.	 JOINT DEVELOPMENT COMMITTEE 

 

	6.1	 Both parties agree to establish a Joint Development Committee (JDC) to monitor and coordinate the actions of
the parties and promote communications and cooperation between the two parties. The JDC is specifically responsible for: (1) Supervising the progress of development activities; (2) Discussing the issues of safety, scientific and technical
issues arising from the development of licensed products; discussing and proposing solutions for any delays or overdue delays in the development protocol; and (3) Performing other appropriate functions and making other appropriate decisions in
accordance with the written consent of both parties. 

  

	6.2	 Composition of the JDC: The JDC consists of 4 (four) members, 2 (two) appointed by each Party. Members of the
JDC should have the appropriate technical capabilities, industry experience and knowledge. Within thirty (30) days from the date of signing this Agreement, each party shall appoint the initial members of the JDC and notify the other party in
writing in a timely manner. If one party replaces the appointed member(s) of the JDC, the other party shall be promptly notified in writing. The JDC has two co-chairs, one appointed by the CSPC Group and one
by I-Mab Biopharma. 

  

	6.3	 The duties of the Co-Chairs are responsible for convening and presiding
over the JDC meetings and preparing the minutes of the JDC meetings. 

  

	6.4	 JDC meetings: The JDC will decide for itself when to convene a JDC meeting, but at least once every quarter.
The JDC Meetings may be convened in the form of meetings by person, teleconferences or videoconferences, but at least one meeting by person shall be held in each calendar year. Each party shall bear the cost of its participation in the JDC meetings.
Members of each party who are not members of the JDC may be invited to participate in the JDC meetings as required. 

  

	7.	 INTELLECTUAL PROPERTY RIGHTS 

 

	7.1	 Background intellectual property rights 

 

	7.1.1	 The licensed intellectual property rights of I-Mab Biopharma,
Genexine’s intellectual property rights and all intellectual property rights of the CSPS Group on the effective date of this Agreement shall be owned by each party. I-Mab Biopharma is responsible for the
preparation, application, implementation and maintenance of the patents for TG103 product. Since the entry into force of this Agreement, all fees incurred in the Territory for the implementation and maintenance of the patents of TG103 product will
be paid by the CSPC Group to I-Mab Biopharma on the basis of invoices provided by I-Mab Biopharma. 

 

	7.1.2	 I-Mab Biopharma shall grant
sub-licensing of Genexine’s intellectual property rights to CSPC Group for the development of TG103 product. 

  

	7.2	 New intellectual property rights 

Both parties agree that in the term of this Agreement, both parties shall have the right to continuously improve and optimize the licensed
products or licensed compounds, including, but not limited to, process improvement, quality improvement, extension of the scope of application of the licensed products or licensed compounds, and extension of the mode of application of the licensed
products or licensed compounds. For the new intellectual property rights arising from the implementation of the above-mentioned improvements, the parties agree as follows: I-Mab Biopharma will grant the
license of its new intellectual property rights generated by the implementation of the above-mentioned improvements for exclusive and free use to the CSPC Group in the territory, and the CSPC Group is responsible for paying the application and
maintenance fees for the new patents in the territory; the new intellectual property rights generated by the implementation of the above-mentioned improvements by the CSPC Group belong to the CSPC Group. 

  
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	7.3	 Claims and infringement 

 

	7.3.1	 I-Mab Biopharma shall guarantee that it has the complete rights to the
licensed TG103 project, including license, sub-license, patent application right and patent right. After the entry into force of this Agreement, it shall guarantee that the CSPC Group shall acquire and enjoy
the right of free implementation. If a patent authorization for the licensed compound is not obtained from China Intellectual Property Office, or if the CSPC Group fails to exercise its right of free implementation, the CSPC Group has the right to
unilaterally terminate/end this Agreement, or continue to license the product development of the compound, or implement this Agreement and perform all rights and obligations. In case the CSPC Group terminates this Agreement for the above reasons, it
may issue a Contract Termination Letter to I-Mab Biopharma by entrusted attorney. I-Mab Biopharma shall refund the full amount paid by the CSPC Group within 30 natural
days after receiving the Letter. 

  

	7.3.2	 If a third party submits a claim of any nature claiming that the licensed intellectual property rights used by
the CSPC Group infringe or may infringe upon its patent or other proprietary rights, or that there are facts that may lead to such claims, the CSPC Group shall notify I-Mab Biopharma immediately when it knows
such claims or facts. However, the CSPC Group shall not take any action related to such claims or infringements without obtaining the written consent of I-Mab Biopharma.
I-Mab Biopharma shall notify the CSPC Group within three calendar days whether it intends to defend against such claims. If I-Mab Biopharma chooses to make a defense, I-Mab Biopharma shall, in its own name or in the name of the CSPC Group (as the case may be), exclusively control the defense and bear the expenses, but the CSPC Group shall give all reasonable assistance to I-Mab Biopharma for this purpose. If I-Mab Biopharma chooses not to make a defense, the CSPC Group shall have exclusive control over the defense and bear the expenses by its
own, but I-Mab Biopharma shall give all reasonable assistance to CSPC Group for this purpose. 

  

	7.3.3	 If a third party submits any claim for the licensed intellectual property rights stated in Paragraph 7.3.1 and
the CSPC Group suffers any claim, loss or damage as a result of such claim, unless such claim, loss or damage is caused by the violation of the obligations of this Agreement by the CSPC Group or the failure for CSPC Group to use the licensed
intellectual property rights in accordance with the provisions of this Agreement, I-Mab Biopharma shall make compensation to the CSPC Group and bear the responsibility of making compensation with and bear the
related expenses for the CSPC Group. Notwithstanding the above provisions, the total amount of the liability of I-Mab Biopharma shall not exceed the sum of the following items: (1) the upfront payment
actually received by I-Mab Biopharma in accordance with the terms of this Agreement; (2) any milestone payments actually received by I-Mab Biopharma in accordance
with the terms of this Agreement; and (3) any other payments actually received by I-Mab Biopharma in accordance with the terms of this Agreement. 

 

	7.3.4	 If the CSPC Group learns any information about third party infringement or possible infringement of the
licensed intellectual property rights of I-Mab Biopharma, it shall immediately notify I-Mab Biopharma. However, the CSPC Group shall not take any action related to such
infringements without obtaining the prior consent of I-Mab Biopharma. I-Mab Biopharma shall consult with the CSPC Group within three working days after receiving the
notification from the CSPC Group to determine that one party shall take legal action and the other party shall give all reasonable assistance. In the meantime, if negotiations fail, the CSPC Group has the right to unilaterally take measures to
safeguard its rights. If either party takes legal action, the two parties may negotiate the share of expenses and the attribution of compensation. 

  
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	7.3.5	 If I-Mab Biopharma decides not to take action under Paragraph 7.3.4
above, the CSPC Group may bring lawsuit against the infringing party at its own expense after obtaining written consent from I-Mab Biopharma, and I-Mab Biopharma shall
give all reasonable assistance as required by the CSPC Group. All compensation that may be obtained by the CSPC Group for taking action on third-party infringements is owned by the CSPC Group. Notwithstanding the above provisions, the CSPC Group
shall not reach compromise, settlement or agreement with any third party on the licensed intellectual property rights without the written consent of I-Mab Biopharma. 

 

	7.3.6	 If a third party makes claims of any nature concerning the new intellectual property rights, the CSPC Group
shall immediately notify I-Mab Biopharma of such claims or facts. The CSPC Group has the right to take any action related to such claims or infringements and to inform
I-Mab Biopharma in a timely manner. If the CSPC Group waives to take action or make defense, I-Mab Biopharma has the right to decide whether to take action or raise
defense in its own name, but the CSPC Group shall give all reasonable assistance to I-Mab Biopharma for this purpose. 

  

	7.3.7	 One of the parties to this Agreement shall not be liable for any special, incidental or indirect damages
suffered by the other party as a result of the contract, intellectual property infringement, breach of warranty or other agreements. 

  

	8.	 INFORMATION EXCHANGE 

Data sharing mechanism between the two parties: I-Mab Biopharma will coordinate with Genexine to share
clinical study protocols and data, all clinical trials protocols, trial data and conclusions with the CSPC Group in China and beyond, to support the global clinical development and commercialization of the licensed product(s). 

 

	9.	 REPRESENTATION AND WARRANTIES 

 

	9.1	 The parties hereby mutually represent and warrant that: (1) It is a validly existing entity under the
applicable laws of its jurisdiction; (2) It has the necessary authorization to complete the services under this Agreement, including but not limited to the approval of relevant government departments or other institutions, and it has sufficient
capacity, rights and powers to implement and deliver this Agreement and to fulfil its obligations under this Agreement; (3) This agreement, upon its conclusion, shall constitute a legally enforceable, valid and binding agreement; (4) No
violation of applicable laws and regulations occurred during the negotiation and facilitation of the signing of this Agreement by each party or its affiliated companies; (5) Each party warrants compliance and ensures that its affiliates that
may participate in this Agreement comply with applicable laws and regulations in the performance of this Agreement; (6) The execution of this Agreement by each party or its affiliated company shall not conflict with any obligations it may
assume to any other person or the rights and obligations under any other agreement it may sign; and (7) In case of becoming aware of any violation of this Term, the Party shall immediately notify the other party. If one party violates the
representations and warranties, the other party shall be compensated for the loss. 

  

	9.2	 To the knowledge of I-Mab Biopharma, there are no pending or potential
claims or investigations for the licensed intellectual property rights. To the knowledge of I-Mab Biopharma, the license under this Agreement does not violate the relevant legal provisions or the rights of any
third party. To the knowledge of I-Mab Biopharma, the production, use and sale of licensed products will not infringe upon the intellectual property rights of any third party in the territory.

  
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	10.	 TERMINATION 

  

	10.1	 This Agreement shall come into force immediately upon signature by both parties and shall have full legal
effect during the validity of this Agreement unless terminated in advance in accordance with this Agreement, provided that such termination shall not affect: 

  

	 	(1)	 The rights and obligations already enjoyed and assumed by the parties on the date of termination; or

  

	 	(2)	 the continued existence and validity of the rights and obligations of the parties under the terms and
conditions intended to survive termination and the provisions necessary for the interpretation or execution of this Agreement. 

  

	10.2	 Unless otherwise provided in this Agreement, this Agreement may be terminated in the following circumstances,

  

	 	10.2.1	 Unless otherwise specified, if one party seriously violates this Agreement, the other party may terminate this
Agreement by giving notice to such effect. If such breach could be corrected, but the defaulting party fails to make such correction within 60 (sixty) days after receiving the notification, this Agreement may be terminated. 

 

	 	10.2.2	 In case the force majeure lasting for 6 (six) months or other events that render the purpose of this Agreement
unachievable cause the CSPC Group to stop the research, development, production and sale of the licensed products, and the parties fail to find a fair solution, either party may notify the other party to terminate this Agreement;

  

	10.2.3	 If a party becomes bankrupt or insolvent, or is subject to liquidation or dissolution procedures or
arrangements, or ceases to operate, or is unable to pay the debts due, the other party may terminate this Agreement by giving notice; 

  

	10.2.4	 If, for the reasons of the CSPC Group, the CSPC Group fails to obtain the approval or registration from the
regulatory authority required to sell the Licensed Products in the territory in accordance with the business plan and timetable approved from time to time by its board of directors, or the CSPC Group ceases to engage in the licensed product
development or product registration in accordance with the written resolution of its board of directors, I-Mab Biopharma may terminate this Agreement by issuing a notice to the CSPC Group.

  

	10.3	 Upon the termination/ending of this Agreement for any reason, the CSPC Group shall immediately stop using the
licensed intellectual property rights provided by I-Mab Biopharma and stop producing the licensed products. CSPC Group shall promptly transfer to I-Mab Biopharma all
relevant data, information, cell lines, production processes and clinical samples of the licensed compounds and licensed products owned by the CSPC Group. 

  

	10.4	 Payment by the CSPC Group shall be suspended if this Agreement is terminated/ended by Clause 10.2.

  

	10.5	 CSPC Group shall return all the licensed intellectual property rights to
I-Mab Biopharma upon the early termination of this Agreement, including improved technology and technical documents related to the licensed intellectual property rights provided by I-Mab Biopharma that are recorded in any material form (including but not limited to any written records). CSPC Group, on behalf of itself and its employees, agrees that, at the time of termination or expiration of
this Agreement and beyond, copies of the licensed intellectual property rights in any form of materials or technical documents related to the licensed intellectual property rights shall not be made or retained, except for the purpose of archival
retention. 

  

	10.6	 Within 6 months after the signing of the Agreement, I-Mab Biopharma
will solve all intellectual property issues stated in Annex 6. Otherwise, I-Mab Biopharma will be deemed to have violated the agreements in Clause 7.3.1, and the CSPC Group has not obtained and enjoyed the
right of free implementation. The CSPC Group will have the right to terminate this Agreement. I-Mab Biopharma will assume the liability for breach of contract within 30 days after receipt of the termination
document in accordance with the agreements of Clause 7.3.1 by refunding the contractual amount of money that CSPC Group has paid. CSPC Group shall return all the licensed intellectual property rights to I-Mab
Biopharma, including improved technology and technical documents related to the licensed intellectual property rights provided by I-Mab Biopharma that are recorded in any material form (including but not
limited to any written records). 

  
 11 

	11.	 FORCE MAJEURE 

 

	11.1	 Force majeure event means any event that the Parties could not be expected to foresee, or, even that is
predictable, but unavoidable, that is entirely beyond the control of the Parties, and that prevents the obligations of the Agreement from being performed fully or partially by either Party. Such incidents include, but are not limited to, stoppages,
explosions, accidents, acts of natural disasters or public enemies, fires, floods, accidents, war riots, rebellions and any other similar probable events. 

  

	11.2	 In the event of force majeure, which prevents both parties from fulfilling any contractual obligations under
this Agreement, such contractual obligations shall be suspended during the period of delay in performance due to force majeure, and the time of performance of such contractual obligations shall automatically be extended to the time equivalent to the
suspension of such events without penalty. 

  

	11.3	 The party subject to force majeure shall notify the other party within 15 (fifteen) days of the occurrence of
the event concerned and provide the other party with an effective proof of the occurrence of force majeure. Within a reasonable period thereafter, the party subject to force majeure shall provide the other party with evidence of the occurrence of
force majeure issued by the relevant agency. The party subject to force majeure shall also make every reasonable effort to reduce the impact of such force majeure. 

 

	11.4	 After occurrence of the event of force majeure, both parties shall consult immediately to agree on a fair
solution (which may include early termination or extension of the term of this Agreement) and shall make every reasonable effort to reduce the consequences of such force majeure. 

 

	12.	 CONFIDENTIALITY AND PUBLICITY 

 

	12.1	 Confidential information. 

Confidential Information means all information and materials disclosed by one party or on behalf of the party or its affiliates or their
related persons (“Disclosing Party”) to the other party or its affiliates or their related persons (“Recipient”). Confidential information includes all the contents agreed upon in this Agreement, the existence, terms and purposes
of this Agreement, the nature of any dispute, the results of any arbitration proceedings arising out of or relating to this Agreement, and all information and materials involved in the implementation of this Agreement, including but not limited to
the nature of the project, test contents and progress, samples, programs, skills, amounts of money, materials, information, products, plans, technologies, data, experiments, market data, marketing, finance, sources of supply, business information,
business plans, forecasts, structures, concepts, methods, methodologies, procedures, experiments, models, tests, original atlas, photographs, proprietary skills, technical know-how, inventions, patent
applications, patent applications and any other documents and information, or information concerning third parties that are under the obligation of confidentiality of the Disclosing Party, whether the information is disclosed by the Disclosing Party
to the Recipient in writing, orally or otherwise. 

  
 12 

	12.2	 Confidentiality obligations. 

Unless otherwise provided in this Agreement, the Recipient shall, and shall ensure that its relevant personnel, (1) keep confidential of
the confidential information during the term of this Agreement, and this obligation of confidentiality shall remain valid after the expiration or termination or ending of this Agreement until the confidential information is legally disclosed or the
Disclosing Party notifies the Recipient in writing that it is not bound by this obligation of confidentiality; (2) not use the confidential information except for the purpose of fulfilling this Agreement; (3) not disclose the confidential
information to any third party, except for (1) those persons who need to know the service-related confidential information, provided that the Recipient shall be obliged to oblige the persons concerned to abide by the Agreement and bear
liability for the violation of this confidentiality obligation by the persons concerned; and (2) inspection, disclosure or other activities required by government agencies, judicial procedures (including, but not limited to, the extent to which
litigation, arbitration or responding, arbitration defenses are reasonably necessary), securities exchanges or relevant legal requirements 

To the extent permitted by law, the Recipient shall promptly notify the Disclosing Party in writing, and through reasonable efforts to ensure
that the confidential information is treated confidentially, and cooperate with the Disclosing Party to take reasonable measures to minimize the confidential information that may be disclosed, but the scope of the above disclosure shall be
controlled within the necessary limits. The Recipient agrees to take any feasible measures to protect the confidentiality of confidential information to a level not less than that of its own confidential content or content of the same nature, and to
avoid unauthorized disclosure and use. The obligations under this Clause 12.2 shall continue to be performed after the termination or ending or expiration of this Agreement. Notwithstanding the foregoing, the existence of this Agreement and its non-technical terms may be disclosed in a confidential manner as a result of potential financing or acquisition. 
  

	12.3	 Exception to confidentiality. 

The obligations provided under Clause 12.2 do not apply to the following circumstances: (1) Confidential information is public knowledge
or the confidential information that is not publicly known as a result of the fault or breach of contract of the Recipient or its related personnel; (2) the Recipient can provide evidence to prove that it or its relevant personnel have legally
known the confidential information before the Disclosing Party disclose it to the Recipient; (3) the Recipient may provide evidence that it or its related personnel legally acquired such confidential information from a third party that has no
obligation to keep confidentiality to the Disclosing Party or its associated personnel, in a manner of not violating the confidentiality obligations of this Agreement; or (4) the Recipient can provide evidence that the it or its related
personnel has not relied on the confidential information and that the confidential information has not been independently developed by the Recipient in violation of this Agreement. 

 

	12.4	 Return of confidential information. 

Within 30 days after the termination or ending or expiration of this Agreement, the Recipient shall, at the written request of the Disclosing
Party, return all Confidential Information to the Disclosing Party (including any form of photocopy or reproduction), or immediately destroy it in its entirety, and shall provide the Disclosing Party with proof of its destruction of the information
and materials; However, where prior written consent of the Disclosing Party is obtained and used for the sole purpose of this Agreement and the obligation of confidentiality is assumed, the Recipient has the right to retain the corresponding
confidential information for the purpose of legal archiving. 
  

	12.5	 Publishing. 

The parties hereto shall and shall ensure that their relevant personnel strictly keep confidential the confidential information under this
Agreement. Before obtaining the written permission of the other party, neither party shall disclose or permit any third party to contact, know, learn, utilize or use any of the confidential information for any purpose or in any way, nor shall any
content of confidential information under this Agreement be published in articles or otherwise made public. 

  
 13 

	12.6	 Publicity. 

Without the prior written consent of the other party, neither party shall, and ensure that its relevant personnel will not, use the name,
trademark, trade name, symbol or logo of the other party in any advertisement or propaganda materials. 
  

	13.	 COMPENSATION 

  

	13.1	 One Party hereto shall protect, compensate and ensure that the other Party and its affiliated companies and its
and their directors, personnel, employees, agents, subcontractors and consultants, as well as legal, financial, accounting, consultants and other consulting parties who need to know the information, are not harmed and exempt from liability and
damages (including reasonable attorney’s fees) arising from third party claims, requirements, lawsuits or procedures. 

  

	13.2	 In any case, the liability for damages suffered by either party to this Agreement for the other party does not
include indirect loss, incidental loss and expected loss of profits. 

  

	14.	 APPLICATION OF LAW AND DISPUTE RESOLUTION 

 

	14.1	 The validity, interpretation, performance and other related matters of this Agreement shall be governed by the
laws of the People’s Republic of China and the principles of conflict of laws shall not invoke. 

  

	14.2	 The parties to this Agreement shall negotiate in good faith to resolve any disputes arising from or related to
this Agreement. The negotiation shall begin immediately after one party submits a request for negotiation to the other party. If the dispute cannot be resolved within 30 days from the date of submission of the request for consultation, either party
may submit the dispute to the Beijing Branch of the China International Economic and Trade Arbitration Commission (CIETAC) for arbitration in accordance with the CIETAC Arbitration Rules in force at the time of submission. The place of arbitration
is Beijing. The official language of arbitration is Chinese. The arbitral tribunal shall consist of an arbitrator appointed by CIETAC. The arbitration procedure is confidential, and the arbitrator may issue appropriate protection orders to protect
the confidential information of the parties. The arbitral award shall be final and binding upon the parties. The parties may apply to the court of competent jurisdiction for enforcement of the arbitral award. 

 

	15.	 INDEPENDENT CONTRACTORS 

Both parties are independent contractors, and no provision of this Agreement shall, for any reason, make one party an agent, partner, legal
representative, principal or employee of the other party. Except as otherwise expressly provided in this Agreement, neither party shall have the right to bind the other party. 

 

	16.	 THE TERM OF THIS AGREEMENT AND THE RIGHTS OF BOTH PARTIES AFTER THE EXPIRATION OF THIS AGREEMENT:

 The term of this Agreement begins on the date of signature and expires at the end of the product commission period.
After the expiration of this Agreement, both parties shall continue to abide by the confidentiality obligations stipulated in Article 12 of this Agreement. In the event that the CSPC Group fully fulfills its obligations under this Agreement, after
the expiration of this Agreement, the CSPC Group will fully enjoy the full ownership of the Licensed Products and/or Licensed Compounds in the territory, including but not limited to technical data, research results, sales revenue, etc., I-Mab Biopharma will no longer enjoy the relevant sales commission. 

  
 14 

	17.	 OTHER TERMS 

  

	17.1	 Transfer. 

This Agreement shall be binding on both parties and their respective successors and permitted transferees. 

 

	17.2	 Notice 

  

	17.2.1	 Any notice under this Agreement shall be in writing and shall be deemed to have been delivered upon
receipt of the notice by the intended recipient of the notice. The means of proof of receipt include: (1) if the notice is delivered by hand, the recipient’s written receipt or proof of the delivery personnel, confirming that the recipient
has received or refused to receive the relevant notice; (2) if delivered by registered mail or express mail (receipt thereof shall be requested) or by internationally renowned express delivery, a signed receipt or other written proof of
delivery; or (3) if sent by e-mail, the electronic certification material of the sent e-mail. 

 

	17.2.2	 Mailing address and contact person 

I-Mab Biopharma: 
  

			
	Address	  	Room 802, West Tower, Haowei Software Park, No. 88, Shangke Road, Pudong New Area, Shanghai
	Postal Code	  	201210
	Contact Person	  	
	E-mail Address	  	

 CSPC Group: 
  

			
	Address	  	226 Yellow River Avenue, Shijiazhuang City, Hebei Province
	Postal Code	  	050035
	Contact Person	  	
	E-mail Address	  	

  

	17.2.3	 Any change in the address and contact person of either party shall be notified to the other party in a timely
manner. 

  

	17.3	 Complete contract terms. This Agreement covers all the agreements between the Parties concerning the subject
matter of this Agreement and supersedes all oral and written agreements, contracts, understandings, discussions, negotiations and notifications made by the Parties before signing this Agreement. 

  
 15 

	17.4	 Amendments. No modification or waiver of any of the provisions contained in this Agreement or any other form of
amendment to this Agreement shall be binding upon the Parties unless expressly specified and signed by both parties in writing. 

  

	17.5	 No waiver. Any party’s waiver of its rights to seek relief against breach of any provision of this
Agreement by the other party shall not constitute the waiver of its rights to seek relief against breach of any other provision of this Agreement by the other party. The failure or delay of either party in exercising any right under this Agreement
does not constitute a waiver of that right or other rights, nor does it adversely affect such right or any other rights. The waiver of any right shall be made in writing by the waiver, otherwise it has no legal effect. 

 

	17.6	 Severability If any provision of this Agreement is deemed to be invalid, illegal or unenforceable, then

  

	(1)	 The term will be replaced by an effective and enforceable clause that maximizes the intentions of both parties;
and 

  

	(2)	 All other terms of this Agreement remain in full force and effect. 

 

	17.7	 Annexes to the Agreement 

The Annexes to this Agreement are an integral part of this Agreement and have the same legal effect as the body of this Agreement. 

 

	17.8	 This Agreement shall come into force on the date of signature and seal by the parties. This Agreement is in
four copies, each party holds two copies and each copy shall has the same legal force. 

 Relevant Annexes: 

Annex 1 Molecular Structure and Sequence of TG103 
 Annex 2 List
of Patents Licensed to CSPC Group Included in This Agreement 
 Annex 3 Certificate of Ownership Issued by the Relevant Parties of Licensed Products 

Annex 4 Notice of Change of Applicant/Patentee 
 Annex 5
Technical Indicators for Transfer of Production Technology of TG103 Products 
 Annex 6 List of Intellectual Property Issues Needed to be Solved by I-Mab Biopharma within 6 Months of Contract Signing 
 (The remainder of this page is intentionally left blank)

  
 16 

 (SIGNATURE PAGE ) 
 Party A 

CSPC Baike (Shandong) Biopharmaceutical Co., Ltd. (seal) 
 /s/
CSPC Baike (Shandong) Biopharmaceutical Co., Ltd. 
 Party B 

I-Mab Biopharma (Shanghai) Co., Ltd. (seal) 

/s/ I-Mab Biopharma (Shanghai) Co., Ltd. 

  
 17 

 Annex 1 TG103 Injection Approval and Molecular Structure and Sequence of TG103 

 
 

 
 National Medical Products Administration 

Clinical Trial Approval 
 Original No.: 50170027 

 

			
	Lot No.: JYSB1700161	  	Approval No.: 2078002334

  

							
	Drug Name	  	### Injection
		
	English Name/	  	TG103 Injection
				
	Dosage Form	  	Solution for injection	  	Application item	  	
				
	Strength	  	25 mg/ml	  	Registration Classification	  	Therapeutical Biologics
		
	## Human	  	Tasgen Biotech Co., Ltd.
		
	##Conclusions	  	See attached page.
		
	Send to	  	Tasgen Biotech Co., Ltd.
		
	Copy and send to	  	###
		
	Remarks	  	This clinical trial

  
 

 

  
 18 

 The complete theoretical sequence of TG103 contains 286 amino acids (see Figure below
for details). The sequence of GLP-1 is from amino acid position 1 to position 31. The IgD sequence is from amino acid position 32 to 79 (orange and pink), a total of 48 amino acids, including a N - terminal
hinge region (orange) and CH2-N terminal region (Pink); The IgG4 sequence is from amino acid position 80 to position 286, including CH2-C terminal (green) and CH3 region
(blue). 
 Hinge region of IgD and CH2-N terminal, IgG4
CH2-C terminal and CH3 region are fused to constitute a hybrid Fc ( HyFc) fragment, which is ligated to GLP-1 to form a TG103 molecular (GLP-1-hyFc). 
 Amino acid sequence, structure and functional sites of TG103 molecule: 

 

  
 19 

 Annex 2 List of Patents Licensed (by I-Mab) to CSPC Group Included in This Agreement 

Patent application number CN 201410851771.1 ; CN 201580071643.8 (involving the claims section of
GLP-1); CN 201310553839.3 ; and CN 201510684679.5 (Platform patents CN201310553839.3 and CN 201510684679.5 involving the implementation of the license in China of the patent
applications CN 201410851771.1 and CN 201580071643.8 (involving the claims section of GLP-1). 

  
 20 

 Annex 3 Certificate of Ownership Issued by the Relevant Parties of Licensed Products 

Annex 3-1 Letter of Confirmation from Genexine 

 
 

 
 Letter of Confirmation 

October 12, 2018 
 Via
e-mail 
 I-MAB BIO-TECH (TIANJIN)
CO.# LTD. 
 Chenhuan Building, Tianjin Pharma and Medical Device Zone, 

Beicheng District, Tianjin, the PRC 
 RE: Confirmation of
Assignment of Long-acting GLP-1 (GX-G6) 
 Dear Sir/Madam: 

Reference is made to that certain Intellectual Property Assignment and License Agreement executed between I- Mab Bio-tech (Tianjian) Co., Ltd. (”I-Mab”) and
Genexlne, Inc. (“Company”), dated October 16, 2015 as amended as of December 22, 2017 (“Agreement”). 

This letter shall serve as an official statement confirming that, pursuant to Article 2A of the Agreement, the Company assigned to I-Mab the intellectual property specified in the table below as ‘No. 1 Patent Application’ (‘‘Assigned Intellectual Property”) for use in
pre-clinical/clinical development, manufacturing, sale and distribution of the
biopharmaceutical product, OC-G6 for treatment of any disease (nAuthorized Activities,) in the
People’s Republic of China excluding Hong Kong, Macau and Taiwan (“China”). 
 In addition to the Assigned Intellectual Property,
there is another patent application that has relevance to the assignment of GX-G6, which has been filed under the Company’s name. This patent application, specified in the table below as ‘No. 2
Patent Application’, consists of two parts, and the one that covers GLP-1 related claims is intended to belong to I-Mab without any restrictions whatsoever while
the other that covers GLP-2 related claims remains the sole and exclusive property of the Company. 
  

											
	 No
	  	 Protect
	  	 Tula of Invention in China
	  	 Country
	  	 Publication a
	  	 Publication
data

	 1
	  	 GX—G6

(GPL-1)
	  	Fusion Polypeptide Comprising GLP-1 and Immunoglobulin Hybrid Fc and use thereof	  	CN1	  	201410851771	  	2018-07-27
	 2
	  	 GX-G6
 (GPL-1 .GLP-2)
	  	Fusion Polypeptide Comprising GLP and Immunoglobulin Hybrid Fc and use thereof	  	CN	  	201580C71643 8	  	2017-06-26

  
 21 

 As a result of such assignment, I-Mab has the full rights to perform
Authorized Activities with respect to GX-G6 in China including a right to license to any third party including CSPC Pharmaceutical Group For clarity, any intellectual properties relating to ‘hyFc Platform, technology that are not specifically applicable to the product itself and hence are separable from those described above shall not be deemed to be part of the assignment made under the Agreement 

Very truly yours, 
 /s/ Kyu Don Kim# Ph.D. 
 Kyu Don Kim# Ph.D. 

President 

  
 22 

 Annex 3 Certificate of Ownership Issued by the Relevant Parties of Licensed Products 

Annex 3-2 Authorization Statement of I-Mab Biopharma (Tianjin) Co., Ltd. 

WHEREAS, 
 1. I-Mab
Biopharma (Shanghai) Co., Ltd. and CSPC Baike (Shandong) Biopharmaceutical Co., Ltd. reached a Product Development Agreement (hereinafter referred to as the “Development Agreement”) on the TG103 project; 

2. The intellectual property rights listed in Annex 2 of the Development Agreement are all the intellectual property rights of
I-Mab Biopharma (Tianjin) Co., Ltd.; 
 3. The intellectual property rights listed in Annex 3 of the Development
Agreement are the related intellectual property rights of Genexine,Inc. licensed to I-Mab Biopharma (Tianjin) Co., Ltd.; 

I-Mab Biopharma (Tianjin) Co., Ltd. makes the following statements: 

1. For the purpose of fulfilling the Development Agreement, I-Mab Biopharma (Tianjin) Co., Ltd. grants CSPC Baike
(Shandong) Biopharmaceutical Co., Ltd. in the territory the exclusive, sole, non-transferable, irrevocable and sub-licensable license of the intellectual property rights
listed in Annex 2 of I-Mab Biopharma (Tianjin) Co., Ltd.; 
 2. Except for the fees stipulated in the Development
Agreement, the licensing and sub-licensing of the above-mentioned intellectual property rights do not involve any fees. 

3. I-Mab Biopharma (Tianjin) Co., Ltd., the parent compnay of I-Mab Biopharma
(Shanghai) Co., Ltd., fully authorizes I-Mab Biopharma (Shanghai) Co., Ltd. to handle the relevant formalities of intellectual property right licensing and sub-licensing
(if necessary). 
 Stated by: I-Mab Biopharma (Tianjin) Co., Ltd. (seal) 

/s/ I-Mab Biopharma (Tianjin) Co., Ltd. (seal) 

Representative:                 (signature) 

December 10th, 2018 

  
 23 

 Annex 3 Certificate of Ownership Issued by the Relevant Parties of Licensed Products 

Annex 3-3 Authorization Statement of Tasgen Biotech Co., Ltd. 

WHEREAS, 
 1. I-Mab
Biopharma (Shanghai) Co., Ltd. and CSPC Baike (Shandong) Biopharmaceutical Co., Ltd. reached a Product Development Agreement (hereinafter referred to as the “Development Agreement”) on the TG103 project; 

2. Tasgen Biotech Co., Ltd. is an associate of I-Mab Bio-tech (Tianjin) Co.,
Ltd.; 
 3. Tasgen Biotech Co., Ltd. is the owner of the clinical approval of theTG103 injection product (Approval number: 2018L02834). 

Chengdu Tasgen Bio-tech Co., Ltd. makes the following statements: 

1. The Clinical Approval of TG103 Injection is the clinical approval for the TG103 product as agreed in the Development Agreement; 

2. For the purpose of fulfilling the Development Agreement, Chengdu Tasgen Bio-tech Co., Ltd. agrees to transfer the
Clinical Approval of TG103 Injection to CSPC Baike (Shandong) Biopharmaceutical Co., Ltd. 
 3. Except for the fees stipulated in the Development Agreement,
the above-mentioned transfer of the Clinical Approval of TG103 Injection does not involve any fees. 
 4. Chengdu Tasgen
Bio-tech Co., Ltd. is a related company of I-Mab Biopharma (Shanghai) Co., Ltd., and fully authorizes I-Mab Biopharma (Shanghai)
Co., Ltd. to handle the relevant formalities of above-mentioned clinical approval (if needed). 
 Stated by: Tasgen Biotech Co., Ltd. (seal) 

/s/ Tasgen Biotech Co., Ltd. (seal) 
 Representative: (signature)

 December 10th, 2018 

  
 24 

 Annex 4 Notice of Change of Applicant/Patentee (Copy of Original) 

 
 

 

  
 25 

 Annex 4 Notice of Change of Applicant/Patentee (Translation Document) 

 

					
	 Hanol International Patent
Office

	 6/F, 163 Liangduichuan Road,
Jiangnan District,

Seoul (Zip code: 06302)
	  		  	 TEL 82-2-942-1100

FAX: 82-2-942-2601

E-mail:hanolip@hanollawip.com

 December 31, 2015 
 Attn:
Genexine Inc. 
 Cc: Manager ByungKyu Kim 

From: Hanol International Patent Office 

Title: Acceptance Report of Notice of End of Transfer Registration of Chinese Patent Application 

The management number of our Office: OPA14504-CN 

 

							
	Country	 	CN	 	Right	 	Patent
				
	Application Number	 	201410851771.1	 	Filing date	 	December 31, 2014
		
	Applicant	 	Genexine Inc.
		
	Name	 	 GLP-1
和免疫球蛋白杂合 Fc 合多钛及其用途

Fusion Polypeptide Comprising GLP-1 and Immunoglobulin Hybrid Fc and use thereof

		
	Inventor	 	Cheng Yongzhe / Yang Shihuan / Bian Meishan / Yang Shangren
				
	Priority Number	 	—  	 	Priority Date	 	—  
				
	International Application Number	 	—  	 	International Application Date	 	—  

  

	1.	 I wish you all the best. 

 

	2.	 Regarding the above case, the transfer registration notice has been accepted, please be aware.

  

	3.	 And the transfer procedure has been completed and the case is no longer managed by the Office.

  

	4.	 If you have any questions about this case, please feel free to contact us. 

 

					
	 Hanol International Patent Office
  

Acting patent attorney
	  		  	

  
 26 

 MS/TGK/hyp 
 

 Annex: 1. Notice of completion of transfer registration, 1 case completed. 
  

 
 Note. If the Applicant’s address or name has been
changed, please contact our office so as to avoid the disadvantageous loss caused by the failure to receive documents in future disputes and other situations. 

  
 27 

 

State Intellectual Property Office of the People’s Republic of China 
  

			
	
100055

JEEKAI & PARTNERS, Floor 15A, Building No. 5, 9

Guang’an Road, Fengtai District, Beijing

 
 Zhao Rongmin (63509806) Lu
Huizhong(63509806)
  
 

        

	  	  
 Date of issue:

 
  
 February 26th,
2018

		
	 Application Number or Patent Number:
201410851771.1                
	  	Serial No. of Issuance: 2018022200634430
	 
	 Applicant of Patentee: I-Mab Biopharma (Tianjin) Co., Ltd.

	 
	 Name of Invention-creation: Fusion
Polypeptide Comprising GLP-1 and Immunoglobulin Hybrid Fc and use thereof

 Notice of Qualification of Procedures 

As for the above-mentioned patent application or patent, the applicant or the patentee filed a request for the change of the descriptive entry
on February 22, 2018. After reviewing, the request conforms to the relevant provisions of the Patent Law and its Implementation Rules. The contents of the change are hereby notified as follows: 

Items Changed: Applicant 
 Before Modification: 

Applicant 1 
 Whether the
applicant represents: Yes 
 Applicant’ Name: I-Mab Biotech (Tianjin) Co., Ltd. 

Country of Applicant: China 

Applicant’s Postal Code: 300400 

Applicant’ Address: Industrial Park of Tianjin Medicine and Medical Equipment, Chenchen Building, Beichen District, Tianjin 

Type of Applicant: 
 The Province
in which the applicant is located: 
 After Modification: 

Applicant 1 
 Whether the
applicant represents: Yes 
 Applicant’ Name: I-Mab
Bio-tech (Tianjin) Co., Ltd. 
 Country of Applicant: China 

Applicant’s Postal Code: 300400 

  
 28 

 Applicant’ Address: Industrial Park of Tianjin Medicine and Medical Equipment, Chenchen
Building, Beichen District, Tianjin 
 Type of Applicant: Industrial and Mining Enterprises 

The Province in which the applicant is located: Tianjin City 
  

 
 200028     For paper application:
In reply, please send to: The Patent Office of the State Intellectual Property Office, No. 6 Xitucheng Road, Jimen Bridge, Haidian District, Beijing, 100088 
  

	2016.4	 For electronic application: Relevant documents shall be submitted in the form of electronic documents through
the electronic patent application system. Unless otherwise specified, documents submitted in paper or other forms are considered unsubmitted. 

  
 29 

 Annex 5 Technology Transfer, Current Technical Indicators 

1. Descriptions to the technology transfer 
 Include but
are not limited to the following content: 
 1) Cell banks, including RCB (PCB), MCB, WCB; the specific quantity can meet the needs of supporting process
transfer, clinical sample production and commercial production. 
 Note: Cell bank identification should be completed in accordance with the Pharmacopoeia
and related guidelines 
 2) Measurement of MCB, WCB of living cells; the specific quantity can meet the needs of supporting process transfer, clinical
sample production and commercial production. 
 3) Physicochemical and active reference substances, 1000 tubes; 

4) All pharmacological research data, including production processes of raw materials, stock solution, formulation and process, quality standards, testing
methods and methodology validation, stability, packaging materials, etc. 
 5) All clinical application data 

2. Acceptance Criteria for Technology Transfer 
 1) The
study complies with the Drug Registration Regulations and the CFDA’s current relevant registration review regulations and technical guidelines. 
 2)
The transfered processes are consistent with those in the application data, with strong operability, stable process, suitable for industrial production, in line with GMP and relevant production regulations and requirements, raw materials and
packaging materials have legal sources. 
 3) The CSPC Group completed the phase I clinical sample production in WuXi AppTec.
I-Mab Biopharma has coordinated with the CSPC Group to carry out process optimization, production and transfer in and from WuXi AppTec. 

4) Requirements of process parameters: According to the results of the first four batches produced in WuXi AppTec, the range of expression is from 1.6 to 2.0 g
/ L and if the process parameters and production control of WuXi AppTec meet the requirements, the expected expression level should be within this range; The total purified yield should be within the purified yield of the first four batches produced
in WuXi AppTec. 
 5) It is confirmed that the quality of process transfer product conforms to the quality standards of clinical registration, as shown in
Table 1 and Table 2 below. And the comparability study of different origin samples needs to meet the requirements of drug registration, including process parameters and product quality. 

6) After submitting the research and development achievements to the CSPC Group, I-Mab Biopharma shall provide
technical support to the personnel designated by the CSPC Group according to the process of technology transfer. 
 3. The time and plan of technology
transfer are specifically agreed upon by both parties. 
 4. I-Mab Biopharma is responsible for the authenticity,
completeness, consistency and traceability of the corresponding application materials, and shall cooperate to complete on-site inspection as needed. As for the requirements for supplements (written or non-written supplements) made by CDE for the pharmacological research part of the registration application materials during the review process, I-Mab Biopharma shall assist
the CSPC Group to reply to the review opinions in a timely manner and to revise and supplement the registration application materials. The two parties shall sign a supplementary agreement on the requirements for data supplement arising from major
changes in registration regulations after the submission of registration application materials. 

  
 30 

 Table 1. Release Quality standards for TG103 Stock Solution 

 

					
	 Category
	  	 Assay Method
	  	 Quality Standard

	Identification and Consistency	  	Immunoblotting (Western Blot)	  	 Anti GLP-1 (non-reductive): The major band should be
consistent with that of the reference
 Anti GLP-1 (non-reductive):
The major band should be consistent with that of the reference
 Anti-human IgG4 (non-reductive): The major
band should be consistent with that of the reference
 Anti-human IgG4 (reductive): The major band should be consistent with that of the
reference

	  	Isoelectric point (isoelectric focusing electrophoresis)	  	The major band should be consistent with that of the reference (pI range 4.5 - 7.4)
		  	Electrophoresis (SDS - PAGE)	  	 Reductive: The major band should be consistent with that of the reference;

Non-reductive: The major band should be consistent with that of the reference

	  	Peptide mapping (Lys-C/trypsin digestion RP-UPLC analysis)	  	Should be consistent with that of the reference
	  	Sialic acid content (FLD RP UPLC analysis)	  	4.8 - 8.9 mol/mol protein
			
	Purity and Impurities	  	SEC-HPLC (purity determination)	  	3 95.0%
	  	RP-HPLC (purity determination)	  	3 95.0%
	  	NR-CE-SDS (purity determination)	  	3 90.0%
	  	Host cells DNA residues (Q - PCR analysis)	  	£ 4.0 pg/mg
	  	Host cells protein residues (ELISA)	  	£150 ppm
	  	Protein A residues (ELISA)	  	£10.0ppm
			
	Activity	  	 In vitro biological activities
 (GLP-1R_cAMP/luc cell receptor binding method)
	  	60% - 150%
			
	Content	  	The protein content (UV-vis spectrophotometry)	  	25.0~35.0 mg/mL
			
	Other Verification	  	 Appearance and properties
 (visual,
turbidity, colorimetry)
	  	 The color should not be darker than the No. 4 yellow (Y-4) standard solution;

Turbidity should be no more than 18.0 NTU

	  	Visible foreign bodies (lamp inspection)	  	There should be no visible foreign body
	  	Osmotic pressure molar concentration (freezing point depression method)	  	280 - 360 mOsmol/kg
	  	pH value (potentiometric method)	  	6.5~7.5
	  	Content of poloxamer 188 (RID - SEC - HPLC)	  	0.06% ~ 0.14%
		  	Bacterial endotoxin (dynamic turbidimetric analysis)	  	£2.0 EU/mg
	  	Microbial limit (membrane filtration)	  	£1 cfu/ml

  
 31 

 Table 2. Release Quality Standards for TGI03 Finished Products 

 

					
	 Category
	  	 Assay Method
	  	 Quality Standard

	Identification and Consistency	  	Isoelectric point (isoelectric focusing electrophoresis)	  	 The major band should be consistent with that of the reference

(pi range 4. 5~7. 4)

	  	Electrophoresis (SDS - PAGE)	  	 Reductive: The major band should be consistent with that of the reference;

Non-reductive: The major band should be consistent with that of the reference

			
	Purity and Impurities	  	SEC-HPLC purity determination	  	3 93.0%
	  	RP-HPLC purity determination	  	3 65.0%
	  	NR-CE-SDS purity assessment	  	3 90.0%
			
	Activity	  	 In vitro biological activities

(GLPlR_cAMP/luc cell receptor binding method)
	  	60% ~ 150%
			
	Content	  	Protein content (UV-vis spectrophotometry)	  	22. 5~27. 5 mg/mL
	  	Appearance and properties ((visual, turbidity, colorimetry)	  	The color should not be darker than the No. 4 yellow (Y-4) standard solution; Turbidity should be no more than 18.0 NTU
	  	Loading (weighing method)	  	31.0 mL
	  	Insoluble particles (laser particle counting method)	  	 Report the number of particles 3 2 μm in each bottle (for reference), the
number of particles 3 10 μm should be no more than 6,000 per bottle.
 the number of
particles 3 25 μm should be no more than 6,00 per bottle.

	  	Visible foreign bodies (lamp inspection)	  	Shall comply with the provisions
			
	Other Verification	  	Osmotic pressure molar concentration (freezing point depression method)	  	280 - 360 mOsmol/kg
	  	pH value (potentiometric method)	  	6.5 - 7.5
	  	Content of poloxamer 188 (R 1 D - SEC - HPLC)	  	0.06% - 0.14%
			
	 Category
	  	 Assay Method
	  	 Quality Standard

		  	Bacterial endotoxin (dynamic turbidimetric analysis)	  	£2.0 EU/mg
	  	Sterilization examination (membrane filtration)	  	Should be in sterile growth
	  	Abnormal toxicity (mice, guinea pigs)	  	 All mice and guinea pigs should survive

and without abnormal reactions

  
 32 

 Annex 6: List of Intellectual Property Issues Needed to be Solved by
I-Mab Biopharma within 6 Months of Contract Signing 
 In order to further clarify the ownership of the
intellectual property rights of the TG103 project and avoid unnecessary disputes, I-Mab Biopharma, in consultation with the CSPC Group, undertakes to complete the following processing of the intellectual
property rights related to TG103 product within six months after the signing of this Agreement and to provide a written proof to the CSPC Group. 
 1. I-Mab Biopharma will arange Ganassini, I-Mab Bio-tech (Tianjin) Co., Ltd., I-Mab Biopharma
(Shanghai) Co., Ltd. to sign a quadripartite agreement with the CSPC Group on the following matters: 
 1). Ganassini will irrevocably grant
the HyFc platform technology involved in the ZL201310553839.3 invention patent to the CSPC Group exclusive licensing (including sub-licensing) for the free implementation in the territory of China of the TG103
(GLP-1-hyFc) project, and perform the relevant filing procedures as appropriate. 

2). If the 201510684679.5 invention patent application is granted a Chinese patent, and the TG103 (GLP
-1 - hyFc) project falls into its scope of protection, Ganassini will grant the CSPC Group exclusive licensing (including sub-licensing) for the free implementation in
the territory of China of the TG103 project (GLP-1-hyFc), and perform the relevant filing procedures as appropriate. 

3). Ganassini will irrevocably grant the portion of GLP -1 patent rights involved in the
201580071643.8 invention patent (if GLP-1 related portion is authorized) to the CSPC Group the exclusive licensing (including sub-licensing) for the free implementation
in the territory of China, and perform the relevant filing procedures as appropriate. 
 4). If there occurs the same scope of protection of
TG103 project-related products (GLP-1-hyFc) as that of the 201580071643.8 and 201410851771.1 patent applications in the application process, and only one of them can be
retained according to the Chinese Patent Law, the four parties to this Agreement shall actively negotiate the settlement plan and obtain the consent of the CSPC Group in writing before any disposal of the patent rights is made by Ganassini or I-Mab Biopharma. 
 2. I-Mab Bio-tech
(Tianjin) Co., Ltd. is required to commit to I-Mab Biopharma (Shanghai) Co., Ltd. to transfer the 201410851771.1 invention patent application to I-Mab Biopharma
(Shanghai) Co., Ltd.. 
 3. I-Mab Biopharma (Shanghai) Co., Ltd. promises to the CSPC Group that it can obtain the
corresponding patent rights and implementation licenses of the above patents in China. Otherwise, it should be regarded as a violation of the provisions of 7.3.1 by I-Mab Biopharma, and as a result that the
CSPC Group has not obtained and enjoyed the right of free implementation, and I-Mab Biopharma shall be liable for breach of contract in accordance with the agreements under Section 10.6. 

(End of Annexes) 

  
 33EX-10.20

 Exhibit 10.20 

CD38 PRODUCT COLLABORATION AGREEMENT 

This CD38 PRODUCT COLLABORATION AGREEMENT (the
“Agreement”) is entered into on January 22, 2018 (the “Effective Date”) between I-Mab, a company organized and existing under the laws of Cayman Islands and having its
registered address at P. O. Box 31119 Grand Pavilion, Hibiscus Way, 802 West Bay Road, Grand Cayman, KY1-1205 Cayman Islands (“I-Mab”), and
EVEREST MEDICINES LIMITED, a company organized and existing under the laws of Cayman Islands and having its registered address at 4th Floor, Harbour Place, 103 South Church Street, P.O. Box 10240,
Grand Cayman KY1-1002, Cayman Islands (“Everest”). Everest and I-Mab are sometimes referred to herein individually as a “Party” and
collectively as the “Parties.”  
 RECITALS 

WHEREAS, I-Mab is a biopharmaceutical company engaged in the
research, development and commercialization of pharmaceutical products; 
 WHEREAS, I-Mab has entered into a License and Collaboration Agreement with MorphoSys AG (MorphoSys), dated November 30, 2017 (the “MorphoSys License”), pursuant to which it has obtained a license
from MorphoSys to develop and commercialize MorphoSys’ proprietary CD38 antibody in the greater China region; 

WHEREAS, Everest wishes to share the cost for the development of such product, and I-Mab is willing to share the economic interest in such product with Everest, all on the terms and conditions set forth herein. 

NOW THEREFORE, in consideration of the foregoing premises and the mutual promises,
covenants and conditions contained in this Agreement, the Parties agree as follows: 
 ARTICLE 1 

DEFINITIONS 
 As used in
this Agreement, the following initially capitalized terms, whether used in the singular or plural form, shall have the meanings set forth in this Article 1. 

1.1    “Affiliate” means, with respect to a Party, any corporation, firm, partnership or other
entity, which directly or indirectly controls or is controlled by or is under common control with such Party. For the purpose of this definition, “control” (including, with correlative meaning, the terms “controlled by” and
“under the common control”) means the actual power, either directly or indirectly through one or more intermediaries, to direct or cause the direction of the management and policies of such entity, whether by the ownership of more than
fifty percent (50%) of the voting stocking of such entity, by contract or otherwise. 
 1.2    “CD38
Compound” means MorphoSys’ anti-CD38 Antibody designated as MOR03087 or MOR202, as further described in Exhibit A and any fragment (including antigen binding domain or sequence or portion), conjugate, variant,
improvement, modification, progeny or derivative thereof (including CD38 Compound conjugated, bound, expressed as fusion or otherwise fused to a toxin, label, Antibody, cell or any other moiety or entity). 

 1.3    “CD38 Product” means any pharmaceutical
(including diagnostic) product which constitutes, incorporates, comprises or contains a CD38 Compound, alone or in combination with one or more other active ingredients in any and all forms, presentations, in current and future formulations, dosage
forms and strengths, and delivery modes. 
 1.4    “Commercially Reasonable Efforts” means those
efforts consistent with the exercise of prudent scientific and business judgment in an active and ongoing program as applied by a Party to the development and commercialization of its own products at a similar stage of development and with similar
market potential. Commercially Reasonable Efforts requires that a Party, at a minimum, assign responsibility for such obligations to qualified employees, set annual goals and objectives for carrying out such obligations, and allocate resources
designed to meet such goals and objectives. 
 1.5    “Commercialization” (with a correlative
meaning for “Commercialize”) means all activities directed to marketing, promoting, distributing, detailing or selling the CD38 Product (as well as commercial manufacturing, importing and exporting activities in connection
therewith) in the Field in the Territory, including pre-launch activities and Phase 4 Clinical Trials. 

1.6     “Commercialization Cost” means all costs incurred by or on behalf of the Commercialization
Party and its Affiliates that are reasonably allocable to the Commercialization of CD38 Product in the Field in the Territory, including Distribution Costs, Sales and Marketing Costs, Manufacturing Costs for CD38 Product for commercial sale, costs
for Phase 4 Clinical Trials, and the associated taxes. Commercialization Costs shall include the Commercialization Party and its Affiliates’ internal costs related to the Commercialization efforts, which shall be itemized and subject to the
other Party’s annual audit in accordance with Section 4.8. 
 1.7    “Commercialization
Party” means the Party responsible for the Commercialization of the CD38 Product in the Field in the Territory, as determined by the JSC pursuant to Section 2.1(d). 

1.8    “Confidential Information” of a Party means all
know-how, data and other information of a financial, commercial, business, operational or technical nature of such Party that is: (a) disclosed by or on behalf of such Party or any of its Affiliates or
otherwise made available to the other Party or any of its Affiliates, whether made available orally, in writing or in electronic form; or (b) learned by the other Party pursuant to this Agreement. The terms and conditions of this Agreement are
the Confidential Information of both Parties. 
 1.9    “Development” (with a correlative
meaning for “Develop”) means all development activities necessary or useful to obtain or maintain Regulatory Approval for the CD38 Product in the Field in the Territory, including all
non-clinical studies and clinical trials (other than Phase 4 Clinical Trials) of the CD38 Product, technology transfer, manufacture process development, manufacture and distribution of CD38 Product for use in
clinical trials (including placebos and comparators), statistical analyses, and the preparation and submission of Regulatory Materials and other regulatory activities related to the CD38 Product. 

 1.10    “Development Costs” means all costs
incurred by or on behalf of I-Mab or its Affiliates that are reasonably allocable to the Development of CD38 Product in the Field in the Territory, including (a) the costs of all preclinical studies and
clinical trials (other than Phase 4 Clinical Trials); (b) the costs of formulation development, process development and delivery system development; (c) the Manufacturing Costs of CD38 Product for Development use, and the costs of placebos and
comparator drugs for use in clinical trials of CD38 Product (calculated in the same manner as Manufacturing Costs are calculated for CD38 Product); (d) the cost of regulatory activities to obtain and maintain Regulatory Approval of CD38 Product,
including the preparation and submission of all Regulatory Materials for the CD38 Product; (e) the costs in connection with the licensing of any intellectual property rights of any Third Party. Development Costs shall include I-Mab and its Affiliates’ internal costs related to the Development efforts, which shall be itemized and subject to annual audit by Everest in accordance with Section 4.8. 

1.11    “Distribution Costs” means all costs incurred by or on behalf of Commercialization Party
or its Affiliate that are allocable to the commercial distribution of CD38 Product in the Field in the Territory, including: (a) handling and transportation to fulfill orders with respect to such distribution; (b) customer services,
including order entry, billing and adjustments, inquiry, credit and collection, and product recall; (c) reasonable and customary fees and other amounts payable to wholesalers, specialty pharmacies and distributors with respect to such
distribution; and (d) costs of storage and distribution of CD38 Product for sale in the Territory, but for clarity, excluding in each case ((a) through (d)) any such amounts to the extent included as a deduction in calculating Net Sales. 

1.12    “Field” means CD38 Product for all indications in hematologic oncology. 

1.13    “Laws” means all laws, statutes, rules, regulations, ordinances and other pronouncements
having the effect of law of any federal, national, multinational, state, provincial, county, city or other political subdivision, domestic or foreign. 

1.14    “Manufacturing Costs” means all costs incurred by or on behalf of I-Mab or the Commercialization Party (as applicable) and its Affiliates that are reasonably allocable to the manufacture of CD38 Product for Development or Commercialization use, which product is either supplied to I-Mab, or the Commercialization Party, or its Affiliates by a Third Party, or manufactured directly by I-Mab, or the Commercialization Party, or its Affiliate. 

(a)    For CD38 Product supplied to I-Mab, or the Commercialization Party,
or its Affiliates by a Third Party, Manufacturing Costs means: (i) the amount paid by I-Mab, or the Commercialization Party, and its Affiliates to the Third Party supplier (expressed in the case of
commercial units on a per unit manufactured basis) for the manufacturing and supply of such CD38 Product, plus (ii) any costs incurred by I-Mab, or the Commercialization Party, and its Affiliates for
manufacturing site qualification, quality assurance and control, capital equipment, supply chain management and other manufacturing oversight activities. 

 (b)    For CD38 Product manufactured directly by I-Mab, or the Commercialization Party, or its Affiliates, Manufacturing Costs means the actual, fully burdened labor cost of manufacturing such CD38 Product, including without limitation the costs of raw materials,
labor, and other identifiable variable costs incurred or accrued by I-Mab, or the Commercialization Party, and its Affiliates in connection with the manufacture of such CD38 Product, and the proportionate
share of indirect manufacturing costs and allocable fixed costs. For clarity, the fully-burdened labor costs referenced above shall be calculated on a trailing 12-month average-capacity basis with the
percentage allocable to Manufacturing Costs of CD38 Product representing the number of units or runs of CD38 Product produced or performed as a percentage of the total number of units or runs, including those of other products, that have been
manufactured in such facility during the applicable time period. 
 1.15    “Net Sales” means
the gross amount invoiced by or on behalf of the Commercialization Party or its Affiliates (but not Third Party sublicensees) for sales of a CD38 Product to any Third Party in an arm’s length transaction during the Term, less the following
deductions specifically related to the CD38 Product for: 
 (a)    customary trade, cash or quantity discounts or
rebates paid or to be paid or granted, to the extent not already reflected in the amount invoiced; 

(b)    taxes (including, VAT, excise, consumption, sales and similar taxes and customs duties) to the extent
incurred or to be incurred, paid or to be paid or collected or to be collected and remitted or to be remitted to the relevant tax authority (but specifically excluding, for clarity, any income taxes assessed against the income arising from such
sale); 
 (c)    amounts paid or to be paid or granted or to be granted on rejections, outdating, recalls or
returns and the actual amount of any write-offs for bad debt (provided that any amount subsequently recovered will be as added back as Net Sales); 

(d)    compulsory payments and rebates related to the sale of the CD38 Product paid to a governmental authority
pursuant to governmental regulations by reason of any national or local health insurance program or similar program; and 

(e)    freight expense and insurance, to the extent it is not charged to or reimbursed by the customer. 

For clarity, the amount of any discounts, rebates or allowances granted or taken with respect to the total sales to a Third Party for multiple products of the
Commercialization Party or its Affiliates shall only be deducted in a pro rata basis in calculating Net Sales (i.e. only that part of the discount, rebate or allowance amount shall be deducted that relates to sales made with CD38 Products). Any of
the items set forth above that would otherwise be deducted from the invoice price in the calculation of Net Sales but which are separately charged to, and paid by, Third Parties shall not be deducted from the invoice price in the calculation of Net
Sales. 
 Notwithstanding the foregoing, amounts billed by the Commercialization Party or its Affiliates for the sale of a CD38 Product among the
Commercialization Party and its Affiliates shall not be included in the computation of Net Sales hereunder. 

1.16    “Out-license Income” means all license payments,
including applicable upfront payment, license maintenance payments, milestone payments, royalty payments, shares, and equity interests, whether in cash or in kind, received by I-Mab or its Affiliates from a
Third Party sublicense based on the grant of a sublicense to such Third Party under the MorphoSys License to Develop and Commercialize the CD38 Product in the Field in the Territory, which, for the purpose of clarification, shall not include:
(a) payments to fund bona fide research and development work; (b) payments for the supply of goods and services at cost, including the supply of the CD38 Product; (c) reimbursement of costs and expenses, including for patent
prosecution and enforcement; (d) bona fide loans; (e) payments to purchase I-Mab or its Affiliates’ equity at fair market value (for clarity, any premium paid by sublicensee in excess of the
fair market value of the equity purchased shall be included in Out-License Income and Everest shall have the right to engage a Third Party appraiser to determine such fair market value). 

1.17    “Phase 4 Clinical Trial” means a clinical trial of the CD38 Product that is initiated
after Regulatory Approval has been obtained and is principally intended to support the Commercialization of the CD38 Product and not to support or maintain Regulatory Approval or otherwise obtain any labelling change approval from Regulatory
Authority. Phase 4 Clinical Trial shall not include any studies that are required by a Regulatory Authority as a condition to receiving Regulatory Approval for the CD38 Product. 

1.18    “Product Profit/Loss” means, for a given period of time, (a) the Net Sales of CD38
Product sold by the Commercialization Party and its Affiliates in the Field in the Territory during such time period, less (b) the Commercialization Costs incurred by the Commercialization Party and its Affiliates for the CD38 Product during
such time period. For clarity, Product Profit/Loss shall be determined prior to application of any income taxes, and if such terms are used individually, “Product Profit” means a positive Product Profit/Loss, and “Product
Loss” means a negative Product Profit/Loss. 
 1.19    “Regulatory Approval” means all
approvals, including pricing approvals, that are necessary for the commercial sale of CD38 Product in a given country or regulatory jurisdiction. 

1.20    “Regulatory Authority” means any applicable government authority responsible for
granting Regulatory Approvals for medical and/or pharmaceutical products in a particular country or jurisdiction, including the China Food and Drug Administration. 

1.21    “Regulatory Materials” means any regulatory application, submission, notification,
communication, correspondence, registration, approval and other filings made to, received from or otherwise conducted with a Regulatory Authority in order to Develop, manufacture, market, sell or otherwise Commercialize the CD38 Product in a
particular country or jurisdiction, including the Regulatory Approval.  
 1.22    “Sales and
Marketing Costs” means all costs incurred by or on behalf of the Commercialization Party and its Affiliates that are reasonably allocable to the sales and marketing of CD38 Product in the Field in the Territory, including the costs
of: (a) activities directed to the advertising and marketing of CD38 Product, including sales call and detailing; (b) medical affairs and professional education for CD38 Product in the Territory, including launch meetings and continue
medical education; (c) costs of advertising and public relations with respect to CD38 Product in the Territory; (d) promotional speaker programs with respect to CD38 Product in the Territory, including the training of such speakers;
(e) developing, obtaining and providing training with respect to CD38 Product in the Territory, as well as training packages, promotional literature, promotional materials and other selling materials with respect to CD38 Product in the
Territory; (f) developing and performing market research with respect to CD38 Product in the Territory and developing branding and communications plans; (g) conducting promotional symposia with respect to CD38 Product in the Territory;
(h) developing reimbursement programs with respect to CD38 Product in the Territory; and (i) developing information for national accounts, managed care organizations and group purchasing organizations with respect to CD38 Product in the
Territory. 

 1.23    “Shared Product Damages” means damages
or other amounts payable by either Party or its Affiliates to any Third Party claimant, as well as any reasonable attorneys’ fees and costs of litigation incurred by either Party or its Affiliates, resulting from Third Party claims that arise
from or are based on the Development, manufacture and/or Commercialization of the CD38 Product in the Field in the Territory, including product liability claims; provided however that “Shared Product Damages” shall exclude any and all
damages and other amounts (including attorneys’ fees) for which a Party has an obligation to indemnify the other Party pursuant to Section 6.1 or 6.2. 

1.24    “Territory” means the territory of the People’s Republic of China (including Macao
and Hong Kong) and Taiwan. 
 1.25    “Third Party” means any person or entity other than
Everest or I-Mab or an Affiliate of either Party. 

1.26    Interpretations. In this Agreement, unless otherwise specified: 

(a)    “includes” and “including” shall mean respectively includes and including without
limitation; 
 (b)    words denoting the singular shall include the plural and vice versa and words denoting any
gender shall include all genders; 
 (c)    words such as “herein”, “hereof”, and
“hereunder” refer to this Agreement as a whole and not merely to the particular provision in which such words appear; and 

(d)    the Exhibits and other attachments form part of the operative provision of this Agreement and references to
this Agreement shall include references to the Exhibits and attachments. 
 ARTICLE 2 

GOVERNANCE 

2.1    Joint Steering Committee. The Parties shall establish a joint steering committee (the “Joint
Steering Committee” or the “JSC”) to oversee the Development and Commercialization of the CD38 Product in the Field in the Territory. The JSC shall in particular: 

(a)    provide a forum for and facilitate communications between the Parties with respect to the Development and
Commercialization of the CD38 Product in the Field in the Territory; 

 (b)    discuss and approve amendments to the Development Plan,
including Development Budget; 
 (c)    evaluate the implementation of the Development Plan, including
recommending necessary actions to remedy or correct any issues in the implementation of the Development Plan; 

(d)    discuss and approve out-license of the CD38 Product; 

(e)    discuss and approve the Commercialization Party, the Commercialization Plan and amendments thereto,
including Commercialization Budget; 
 (f)    evaluate the implementation of the Commercialization Plan,
including recommending necessary actions to remedy or correct any issues in the implementation of the Commercialization Plan; 

(g)    establish joint subcommittees as it deems necessary or advisable to further the Development and
Commercialization of the CD38 Product in the Field in the Territory; 
 (h)    monitor and oversee I-Mab’s activities under the MorphoSys License; and 
 (i)    perform such
other functions as appropriate to further the purposes of this Agreement, as expressly set forth in this Agreement or allocated to it by the Parties in writing. 

2.2    Limitations of JSC Authority. The JSC shall only have the powers expressly assigned to in this
Article 2 and elsewhere in this Agreement and shall not have the authority to: (a) modify or amend the terms and conditions of this Agreement; (b) waive or determine either Party’s compliance with the terms and conditions of under
this Agreement; or (c) decide any such issue in a manner that would conflict with the express terms and conditions of this Agreement. 

2.3    JSC Membership and Meetings. 

(a)    JSC Members. The JSC shall consist of four (4) members, with two (2) appointed by I-Mab and two (2) appointed by Everest. Within thirty (30) days following the Effective Date, each Party shall designate its initial members to serve on the JSC. Each Party may replace its representatives
on the JSC on written notice to the other Party. Each Party shall appoint one (1) of its representatives on the JSC to act as a co-chairperson of the JSC. The
co-chairpersons shall jointly prepare and circulate agendas and reasonably detailed minutes for each JSC meeting. 

 (b)    Meetings. The JSC shall hold meetings at such times
as it elects to do so, but in no event shall such meetings be held less frequently than once every quarter. Meetings of the JSC may be held in person, by audio or video teleconference; provided that at least one (1) meeting per year of the JSC
shall be held in person. In-person JSC meetings shall be held at locations selected alternatively by the Parties. Each Party shall be responsible for all of its own expenses of participating in the JSC. No
action taken at any meeting of the JSC shall be effective unless representatives of both Parties are participating. 

(c)    Non-Member Attendance. Each Party may from time to time
invite a reasonable number of participants, in addition to its representatives, to attend the JSC meetings in a non-voting capacity; provided that such participants shall be bound by confidentiality and non-use obligations consistent with the terms of this Agreement and that each Party shall provide prior written notice to the other Party if it has invited any Third Party (including any consultant) to attend such a
meeting. 
 (d)    Everest Observer. I-Mab shall make reasonable
efforts to discuss with Morphosys to appoint an observer designated by Everest to JDC between MorphoSys and I-MAB and this observer designated by Everest shall have full access to information from I-Mab from time to time. I-Mab shall make reasonable efforts to enable this observer to have full access to information from Morphosys from time to time. 

2.4    Decision-Making. 

(a)    All decisions of the JSC shall be made by unanimous vote, with each Party’s representatives collectively
having one (1) vote. 
 (b)    I-Mab shall have final
decision-making authority on matters related to the Development of the CD38 Product; provided however that I-Mab exercises its final decision making authority to increase the Development Budget for Development
work within the Field as specified in the initial Development Plan (attached hereto as Exhibit B) or to add new clinical trials not set forth in the initial Development Plan, Everest shall have the right to
opt-out Development Cost sharing for such new work or clinical trials by written notice to I-Mab within thirty (30) days after the receipt of I-Mab’s final decision. If Everest elects to opt-out such new work or clinical trials, then I-Mab shall be responsible for paying
one hundred percent (100%) of the Development Cost for such new clinical trials, and the Product Profit/Loss Sharing shall be adjusted in accordance with Section 4.4(a). I-Mab shall not terminate the
Development or sell its economic interest concerning the Development of CD38 Product without Everest’s prior written consent, which should not be unreasonably withheld. 

(c)    For matters related to the Commercialization of the CD38 Product,
I-Mab and Everest shall jointly make commercially reasonable decisions. If JSC cannot reach unanimous decision on matters related to the Commercialization of the CD38 Product, then Everest shall have the final
decision-making authority on such matters. Notwithstanding the foregoing, if one Party or any of its Affiliates and/or its related parties is engaged to be a Commercialization Party under this Agreement, then the other Party that is not the
Commercialization Party shall have a veto right relating to related party or connected party transactions related to the Commercialization of the CD38 Product. For clarity, Phase 4 Clinical Trials are Commercialization activities. 

(d)    I-Mab shall have day-to-day operational control over the Development of the CD38 Product and the Commercialization Party shall have day-to-day
operational control over the Commercialization of the CD38 Product, provided that such Party conducts such activities in accordance with the terms and conditions of this Agreement. 

 ARTICLE 3 

DEVELOPMENT AND COMMERCIALIZATION 

3.1    Overview. Subject to the terms and conditions of this Agreement,
I-Mab shall be responsible for, either by itself or through its Affiliates, contractors and sublicensees, and shall use Commercially Reasonable Efforts to carry out, the Development, manufacture and
Commercialization (if I-Mab or its Affiliate is designated the Commercialization Party) of the CD38 Product in the Field in the Territory. 

3.2    Development. 

(a)    Development Plan. The Development of the CD38 Product under this Agreement shall be conducted pursuant
to a development plan to be implemented by or on behalf of I-Mab or its Affiliates or sublicensees to obtain Regulatory Approval of the CD38 Product in the Field in the Territory (the “Development
Plan”). The Development Plan shall be consistent with I-Mab’s obligation under the MorphoSys License with respect to the Development of the CD38 Product. The Development Plan shall also include a
detailed budget (the “Development Budget”) for such Development activities. As of the Effective Date, the Parties have agreed on the initial Development Plan, attached hereto as Exhibit B. From time to time,
I-Mab shall prepare amendments and updates to the then-current Development Plan and Development Budget and submit such amendments and updates to the JSC for review and approval. Once approved by the JSC, such
revised Development Plan and Development Budget shall replace or supplement, as appropriate, the prior Development Plan and Development Budget. 

(b)    Development Reports. I-Mab shall keep Everest reasonably
informed as to the progress and results of its and its Affiliates’ and sublicensees’ Development of the CD38 Product under this Agreement. Before each regularly scheduled JSC meeting, I-Mab shall
provide the JSC with a written report summarizing the Development activities performed since last JSC meeting and the results thereof, and comparing such activities with the Development Plan for such time period. The JSC shall discuss the progress
and results of the Development of the CD38 Product. 
 3.3    Regulatory. 

(a)    Regulatory Responsibilities. The Development Plan shall set forth the regulatory strategy for seeking
Regulatory Approval of the CD38 Product in the Field in the Territory. I-Mab shall be responsible for the preparation and submission of all Regulatory Materials necessary to obtain and maintain Regulatory
Approval of the CD38 Product in the Field in the Territory in accordance with regulatory strategy set forth in the Development Plan. The Development Budget shall include the costs associated with the communications and interactions with Regulatory
Authorities in the Territory regarding the CD38 Product. I-Mab shall own all such Regulatory Materials, including Regulatory Approval of the CD38 Product, and at the request of Everest, shall provide Everest
with copies of all major submissions and material communications with Regulatory Authorities in the Territory regarding the CD38 Product promptly after submission or receipt. 

 (b)    Remedial Actions. Each Party shall notify the other
Party immediately if it obtains information indicating that any CD38 Product may be subject to any recall, corrective action or other regulatory action with respect to any CD38 Product taken by virtue of applicable Laws (a “Remedial
Action”). JSC shall have the right to decide whether to take any Remedial Action and to control and coordinate all efforts necessary to conduct such Remedial Action. I-Mab shall make final decision
relating to Remedial Action arises from the Development of the CD38 Product while the Commercialization Party shall make final decision relating to Remedial Action arises from the Commercialization of the CD38 Product. 

3.4    Manufacture. I-Mab shall, either by itself or through its
Affiliates, sublicensees or Third Party contractor, manufacture and supply all of I-Mab’s and its Affiliates’ and sublicensees’ requirements for CD38 Product for Development use in the Field in
the Territory. The Commercialization Party shall, either by itself or through its Affiliates, sublicensees or Third Party contractor, manufacture and supply all of Commercialization Party’s and its Affiliates’ and sublicensees’
requirements for CD38 Product for Commercialization use in the Field in the Territory. 
 3.5    Commercialization.

 (a)    Commercialization Party. The Commercialization Party shall be responsible for the
Commercialization of the CD38 Product in the Field in the Territory. No later than twenty-four (24) months prior to the anticipated date of first Regulatory Approval of the CD38 Product, the JSC shall discuss and select which Party to be the
Commercialization Party. In the event that the JSC selects Everest as the Commercialization Party, I-Mab shall grant an exclusive and royalty-free license to Everest under relevant know-how, patent and other intellectual property rights owned or controlled by I-Mab that are necessary for the Commercialization of the CD38 Product in the Field in the
Territory and the Parties shall enter into a formal license agreement to document such licensing arrangement, form and substance of which shall be reasonably satisfactory to Everest. 

(b)    Commercialization Plan. The Commercialization of the CD38 Product under this Agreement shall be
conducted pursuant to a written Commercialization plan (the “Commercialization Plan”). 

(c)     Commercialization Reports. The Commercialization Party shall keep the JSC reasonably informed as to
the progress and results of its and its Affiliates’ and sublicensees’ Commercialization of the CD38 Product under this Agreement. 

3.6    Everest’s Right of First Negotiation. During the Term, if I-Mab desires to develop any CD38 Product outside the Field in the Territory (a “ROFN Transaction”), I-Mab shall first provide written notice to
Everest of its intent to conduct any ROFN Transaction, and upon Everest’s receipt of such written notice and at Everest’s election, Everest shall have the right to discuss and negotiate in good faith for Everest to participate in such ROFN
Transaction on terms and conditions to be agreed upon by the Parties in writing (the “Everest ROFN”). To the extent that Everest provides written notice to I-Mab of its intent to exercise the
Everest ROFN (the “Everest ROFN Notice”) within thirty (30) Business Days following receipt of the initial written notice from I-Mab (the “Everest ROFN Notice Period”),
the Parties shall commence discussion and negotiation in good faith of terms and conditions for Everest’s participation in the ROFN Transactions and during this period, I-Mab agrees not to engage in any
discussions or to enter into any agreement to conduct the ROFN Transactions with any Third Party. To the extent that (a) Everest does not provide the Everest ROFN Notice to I-Mab within the Everest ROFN
Notice Period or (b) the Parties are unable to reach agreement on terms and conditions for Everest’s participation in the ROFN Transactions within thirty (30) Business Days following
I-Mab’s receipt of the Everest ROFN Notice, I-Mab shall have no further obligation to Everest under this Section 3.6. 

 In the event that I-Mab wishes to sell or transfer
or undergo any transaction with any Third Party related to CD38 Product in the Field in the Territory, I-Mab will discuss and consult with Everest on such transaction and
I-Mab will not enter into any legally binding agreement concerning such transaction without first obtaining Everest’s written consents, which should not be unreasonably withheld. 

ARTICLE 4 
 FINANCIAL
PROVISIONS 
 4.1    Development Cost Sharing. Except as otherwise provided in this Agreement,
the Parties shall share the Development Costs incurred by or on account of I-Mab to Develop the CD38 Product in the Field in the Territory (25% I-Mab: 75% Everest)
as follows: 
 (a)    For each calendar quarter in which I-Mab is
anticipated to conduct any Development activities under the Development Plan, I-Mab shall submit to Everest an invoice setting forth the estimated Development Costs based on the then-current Development Budget
for such calendar quarter, no later than thirty (30) days before the first day of such calendar quarter. Everest shall pay Everest’s share (i.e., 75%) of the estimated Development Costs set forth in the invoice before the first day of such
calendar quarter. 
 (b)    Within thirty (30) days after the end of each calendar quarter in which I-Mab has conducted Development activities under the Development Plan, I-Mab shall submit to Everest a reasonably detailed reconciliation report setting forth the actual
Development Costs incurred by or on account of I-Mab to Develop the CD38 Product in such calendar quarter. 

(c)    If the actual Development Costs for such calendar quarter is more than the amount of estimated Development
Costs amount set forth in the invoice, then within thirty (30) days after the receipt of such reconciliation report, Everest shall pay to I-Mab (i) seventy-five percent (75%) of the portion of the
actual Development Costs that are in excess of the invoice amount. 
 (d)    If the actual Development Costs for
such calendar quarter is less than the amount of estimated Development Costs amount set forth in the invoice, then Everest’s prepayment in excess of Everest’s share (i.e.,75%) of the actual Development cost shall be credited toward the
payment for the estimated Development Costs for the next calendar quarter (or promptly refunded to Everest if no more Development activities are planned). 

 Notwithstanding the abovementioned, Everest shall not have the obligation to share the
portion of the actual Development Costs that exceeds the total amount set forth in the Development Budget. 

4.2    Payments to MorphoSys. The Parties shall share all payments due from
I-Mab to MorphoSys under the License and Collaboration Agreement (Exhibit C) entered into by and between MorphoSys and I-Mab, including upfront payment, milestone
payments, royalty payments and reimbursement for technology transfer and other assistance within the Field (25% I-Mab : 75% Everest) as follows: I-Mab shall notify
Everest and provide Everest with a statement of Everest’s share (i.e., 75%) of any payments due to MorphoSys thirty (30) days before the due date of such payment to MorphoSys, and Everest shall pay the amount invoiced within twenty five
(25) days after the receipt of the invoice. 
 4.3    [Intentionally left blank] 

4.4    Product Profit/Loss Sharing. The Parties shall share the Product Profit/Loss from the
Commercialization of the CD38 Product in the Field in the Territory as follows, but Everest’s right to share the Product Profit from the Commercialization of the CD38 Product in the Field in the Territory shall be suspended until Everest has
fulfilled its payment obligations under this Agreement which constitute material obligations of Everest under this Agreement: 

(a)    Everest’s share of the Product Profit/Loss shall equal Everest Total Cost / (Everest Total Cost + I-Mab Total Cost) – 5%, and I-Mab’s share of the Product Profit/Loss shall equal I-Mab Total Cost / (Everest Total Cost + I-Mab Total Cost) + 5%, where 
 (i)    “Everest Total Cost”
is the sum of (A) total Development Cost actually incurred by Everest under Section 4.1 (either paid or shared, but excluding payment for cost overrun under Section 4.1(c)), and (B) Everest’s share of payments to MorphoSys
under Section 4.2, and 
 (ii)    “I-Mab Total
Cost” is the sum of (A) total Development Cost actually incurred by I-Mab under Section 4.1 (either paid or shared, and inclusive of payment for cost overrun under Section 4.1), and (B) I-Mab’s share of payments to MorphoSys under Section 4.2. 
 By way of example, if the Everest Total
Cost is $60 million and I-Mab Total Cost is $40 million, then Everest’s share of Product Profit/Loss shall equal $60M/($60M+40M) – 5% = 55%, and
I-Mab’s share of Product Profit/Loss shall equal $40M/($60M+40M) + 5% = 45%. For clarity, if I-Mab’s final decision regarding the Development of the CD38
Product increases the Development Budget and Everest elects to opt-out such budget increase as set forth in Section 2.4(b), then one hundred percent (100%) of the increase in Development Cost paid by I-Mab shall be included in I-Mab Development Cost and not in Everest Development Cost. 

 (b)    Within thirty (30) days after the end of each
calendar quarter in which the Commercialization Party has conducted Commercialization activities for the CD38 Product under the Commercialization Plan, the Commercialization Party shall submit to the other Party a reasonably detailed calculation of
the Product Profit/Loss for such calendar quarter, including the Net Sales of the CD38 Product and the Commercialization Costs incurred by or on account of the Commercialization Party to Commercialize the CD38 Product in such calendar quarter. 

(c)    If a Product Profit was realized for such calendar quarter, then the Commercialization Party shall pay to
the other Party its share (as calculated in accordance with subsection (a) above) of the Product Profit for such calendar quarter within thirty (30) days after the delivery of the Product Profit/Loss report. 

(d)    If a Product Loss was incurred for such calendar quarter, then the other Party shall pay to the
Commercialization Party its share (as calculated in accordance with subsection (a) above) of the Product Loss for such calendar quarter within thirty (30) days after the receipt of the Product Profit/Loss report. 

4.5    Out-license Income Sharing. The Parties shall share all Out-license Income from the out-license of the CD38 Product in the Field in the Territory (in the same ratio as Product Profit/Loss sharing) as follows: I-Mab shall promptly notify Everest after the receipt of any Out-license Income, shall first apply the Out-license Income to reimburse
each Party the reasonable cost and expenses (including internal cost) incurred by such Party and its Affiliates for the negotiation and execution of the out-license agreement, and then shall pay to Everest
Everest’s share (as calculated in accordance with Section 4.4(a)) of the remaining Out-license Income within thirty (30) days after receipt of the
Out-license Income by I-Mab. 

4.6    Currency; Exchange Rate. All payments to be made under this Agreement shall be made in US Dollars by
bank wire transfer in immediately available funds to a bank account designated by written notice from the receiving Party. The rate of exchange to be used in computing the amount of currency equivalent in US Dollars shall be made at the average of
the closing exchange rates reported in The Wall Street Journal (U.S., Eastern Edition) on the due date of the payment. 

4.7    Late Payments. If a Party does not receive payment of any sum due to it on or before the due date
therefor, simple interest shall thereafter accrue on the sum due to such Party from the due date until the date of payment at a per-annum rate of prime reported in The Wall Street Journal (U.S., Eastern
Edition) on the due date of the payment plus two percentage point or the maximum rate allowable by applicable law, whichever is less. 

4.8    Financial Records; Audit. 

(a)    [Intentionally left blank] 

(b)    Within sixty (60) days after the end of each calendar year, each Party shall allow an independent
certified public accountant jointly selected by the Parties to audit its records for such calendar year to verify the accuracy of the financial report furnished by such Party and any amounts to be shared or paid under this Agreement for such
calendar year. The cost of such annual audit shall be shared by the Parties (25% I-Mab: 75% Everest). 

 (c)    Any amounts shown to be owed but unpaid, or overpaid and
in need of refund, shall be paid or refunded (as the case may be) within thirty (30) days after the accountant’s report, plus interest (as set forth in Section 4.7) from the original due date. 

4.9    Tax. 

(a)    Taxes on Income. Each Party shall be solely responsible for the payment of all taxes imposed on its
share of income arising directly or indirectly from the collaborative efforts of the Parties under this Agreement. 

(b)    Tax Cooperation. The Parties agree to cooperate with one another and use reasonable efforts to avoid
or reduce tax withholding or similar obligations in respect of any payments made by a Party to the other Party under this Agreement. 

(c)    Payment of Tax. To the extent a Party is required by applicable law to deduct and withhold taxes on
any payment to the other Party, the paying Party shall pay the amounts of such taxes to the proper tax authority in a timely manner and promptly transmit to the other Party an official tax certificate or other evidence of such withholding sufficient
to enable such other Party to claim such payment of taxes. 
 ARTICLE 5 

REPRESENTATIONS AND WARRANTIES 

5.1    Mutual Representations and Warranties. Each Party hereby represents, warrants, and covenants (as
applicable) to the other Party as follows: 
 (a)    Corporate Existence and Power. It is a company or
corporation duly organized, validly existing, and in good standing under the laws of the jurisdiction in which it is incorporated, and has full corporate power and authority and the legal right to own and operate its property and assets and to carry
on its business as it is now being conducted and as contemplated in this Agreement, including, without limitation, the right to grant the licenses granted by it hereunder. 

(b)    Authority and Binding Agreement. As of the Effective Date, (i) it has the corporate power and
authority and the legal right to enter into this Agreement and perform its obligations hereunder; (ii) it has taken all necessary corporate action on its part required to authorize the execution and delivery of the Agreement and the performance
of its obligations hereunder; and (iii) the Agreement has been duly executed and delivered on behalf of such Party, and constitutes a legal, valid, and binding obligation of such Party that is enforceable against it in accordance with its
terms. 
 (c)    No Conflict; Covenant. It is not a party to any agreement that would materially prevent
it from granting the rights granted to the other Party under this Agreement or performing its obligations under the Agreement. 

(d)    Compliance with Law. It shall comply in all material aspects with all applicable Laws in the course
of performing its obligations and exercising its rights under this Agreement. 

 5.2    Additional Representations and Warranties of I-Mab. I-Mab represents, warrants, and covenants (as applicable) to I-Mab that: 

(a)    the MorphoSys License is in full force and effect and I-Mab has
provided a true and complete copy of the MorphoSys License to Everest; I-Mab will maintain the MorphoSys License in full force and effect and will not terminate, amend, waive or otherwise modify the MorphoSys
License in any manner that materially affects its rights to Develop, manufacture and/or Commercialize the CD38 Product in the Field in the Territory or Everest’s right and interest in the CD38 Product without Everest’s prior consent (not
to be unreasonably withheld or delayed); in the event of any notice of breach of MorphoSys License by I-Mab, I-Mab shall immediately notify Everest in writing, and if I-Mab fails to cure such breach, Everest shall have the right, but not the obligation, to cure such breach on behalf of I-Mab and to offset any reasonable amounts incurred or
paid by Everest in connection with the cure of such breach against any amounts otherwise payable by Everest to I-Mab under this Agreement; 

(b)    as of the Effective Date, I-Mab has not granted any sublicense to
any Third Party under the MorphoSys License to Develop or Commercialize the CD38 Product in the Field in the Territory; 

(c)    as of the Effective Date, I-Mab has not received any written notice
from any Third Party asserting or alleging that the CD38 Product, including the Development, manufacture or Commercialization thereof, infringes or misappropriates the intellectual property rights of such Third Party; and 

(d)    as of the Effective Date, there are no actual, pending, or to
I-Mab’s knowledge, alleged or threatened, adverse actions, suits, proceedings, or claims against I-Mab involving the CD38 Product or the MorphoSys License. 

5.3    Additional Representations and Warranties of Everest. Everest represents, warrants, and covenants (as
applicable) to I-Mab that as of the Effective Date, there are no legal claims, judgments or settlements against or owed by Everest or any of its Affiliates, or pending or, to Everest’s knowledge,
threatened, legal claims or litigation, in each case, relating to antitrust, anti-competition, anti-bribery or corruption violations. 

5.4    Disclaimer. EXCEPT AS EXPRESSLY STATED IN THIS ARTICLE 5, NO REPRESENTATIONS OR WARRANTIES
WHATSOEVER, WHETHER EXPRESS OR IMPLIED, INCLUDING, WITHOUT LIMITATION, WARRANTIES OF MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE, NON-INFRINGEMENT, OR
NON-MISAPPROPRIATION OF THIRD PARTY INTELLECTUAL PROPERTY RIGHTS, IS MADE OR GIVEN BY OR ON BEHALF OF A PARTY. ALL SUCH REPRESENTATIONS AND WARRANTIES, WHETHER ARISING BY OPERATION OF LAW OR OTHERWISE, ARE
HEREBY EXPRESSLY EXCLUDED. Everest understands that the CD38 Product in the Field in the Territory is the subject of ongoing research and development and I-Mab cannot assure that the CD38 Product can be
successfully developed and commercialized in the Field in the Territory. 

 ARTICLE 6 

INDEMNIFICATION; LIMITATION OF LIABILITY 

6.1    Indemnification by Everest. Everest hereby agrees to defend, hold harmless and indemnify I-Mab, its Affiliates and their agents, directors, officers and employees (the “I-Mab Indemnitees”) from and against any and all liabilities, expenses and/or
losses, including without limitation reasonable legal expenses and attorneys’ fees (collectively “Losses”) in each case resulting from Third Party suits, claims, actions and demands (each, a “Third Party
Claim”) arising directly or indirectly out of (a) a breach of any of Everest’s obligations under this Agreement, or (b) the negligence or willful misconduct of any Everest Indemnitee. Everest’s obligation to indemnify
the I-Mab Indemnitees pursuant to the foregoing sentence shall not apply to the extent that any such Losses arise from any activities set forth in Section 6.2 for which
I-Mab is obligated to indemnify Everest Indemnitees under Section 6.2. 

6.2    Indemnification by I-Mab.
I-Mab hereby agrees to defend, hold harmless and indemnify Everest, its Affiliates and their agents, directors, officers and employees (the “Everest Indemnitees”) from and against any and all
Losses resulting from Third Party Claims arising directly or indirectly out of (a) a breach of any of I-Mab’s obligations under this Agreement; (b) the negligence or willful misconduct of I-Mab Indemnitees. I-Mab’s obligation to indemnify the Everest Indemnitees pursuant to the foregoing sentence shall not apply to the extent that any such Losses arise
from any activities set forth in Section 6.1, for which Everest is obligated to indemnify I-Mab Indemnitees under Section 6.1. 

6.3    Procedure. The indemnified Party shall provide the indemnifying Party with prompt notice of the claim
giving rise to the indemnification obligation pursuant to this Article 6 and the exclusive ability to defend (with the reasonable cooperation of the indemnified Party) or settle any such claim; provided, however, that the indemnifying Party
shall not enter into any settlement for damages other than monetary damages without the indemnified Party’s written consent, such consent not to be unreasonably withheld. The indemnified Party shall have the right to participate, at its own
expense and with counsel of its choice, in the defense of any claim or suit that has been assumed by the indemnifying Party. If the Parties cannot agree as to the application of Sections 6.1 and 6.2 to any particular Third Party Claim, the Parties
may conduct separate defenses of such Third Party Claim. Each Party reserves the right to claim indemnity from the other in accordance with Sections 6.1 and 6.2 above upon resolution of the underlying claim, notwithstanding the provisions of this
Section 6.3 requiring the indemnified Party to tender to the indemnifying Party the exclusive ability to defend such claim or suit. 

6.4    Shared Product Damages. The Parties shall share all Shared Product Damages as follows: If the Shared
Product Damage arises from the Development of the CD38 Product, including clinical trials, the Parties shall share such Shared Product Damage as Development Cost (i.e., 25% I-Mab : 75% Everest). If the Shared
Product Damage arises from the Commercialization of the CD38 Product, the Parties shall share such Shared Product Damage as Commercialization Cost (as calculated in accordance with Section 4.). If either Party receives notice of a Third Party
claim that arises from or is based on the Development, manufacture and/or Commercialization of the CD38 Product in the Field in the Territory, such Party shall inform the other Party in writing as soon as reasonably practicable, and the Parties
shall discuss a strategy on how to defend against such Third Party claim. 

 6.5    Limitation of Liability. NEITHER PARTY SHALL BE
LIABLE TO THE OTHER FOR ANY SPECIAL, INCIDENTAL, PUNITIVE, OR INDIRECT DAMAGES OR LOSS OF PROFITS ARISING FROM OR RELATING TO ANY BREACH OF THIS AGREEMENT, REGARDLESS OF ANY NOTICE OF THE POSSIBILITY OF SUCH DAMAGES. NOTWITHSTANDING THE FOREGOING,
NOTHING IN THIS SECTION 6.5 IS INTENDED TO OR SHALL LIMIT OR RESTRICT THE INDEMNIFICATION RIGHTS OR OBLIGATIONS OF ANY PARTY UNDER SECTION 6.1 OR 6.2, THE OBLIGATION OF ANY PARTY TO SHARE THE SHARED PRODUCT DAMAGES, OR DAMAGES AVAILABLE FOR A
PARTY’S BREACH OF CONFIDENTIALITY OBLIGATIONS IN ARTICLE 7. 
 6.6    [Intentionally left blank] 

ARTICLE 7 

CONFIDENTIALITY 

7.1    Confidentiality. Except to the extent expressly authorized by this Agreement or otherwise agreed in
writing by the Parties, each Party agrees that, for the Term and for a period of ten (10) years thereafter, it shall keep confidential and shall not publish or otherwise disclose and shall not use for any purpose other than as provided for in
this Agreement (which includes the exercise of any rights or the performance of any obligations hereunder) any Confidential Information of the other Party pursuant to this Agreement. The foregoing confidentiality and
non-use obligations shall not apply to any portion of the Confidential Information that the receiving Party can demonstrate by competent written proof: 

(a)    was already known to the receiving Party, other than under an obligation of confidentiality, at the time of
disclosure by the other Party; 
 (b)    was generally available to the public or otherwise part of the public
domain at the time of its disclosure to the receiving Party; 
 (c)    became generally available to the public
or otherwise part of the public domain after its disclosure and other than through any act or omission of the receiving Party in breach of this Agreement; 

(d)    is subsequently disclosed to the receiving Party by a Third Party who has a legal right to make such
disclosure; or 
 (e)    is subsequently independently discovered or developed by the receiving Party without the
aid, application, or use of the disclosing Party’s Confidential Information, as evidenced by a contemporaneous writing. 

7.2    Authorized Disclosure. Notwithstanding the obligations set forth in Section 7.1, a Party may
disclose the other Party’s Confidential Information and the terms of this Agreement to the extent: 

(a)    such disclosure is reasonably necessary for (i) the Development, manufacture and/or
Commercialization of the CD38 Product, including obtaining and maintaining Regulatory Approval; or (ii) the prosecuting or defending litigation as contemplated by this Agreement; or 

 (b)    such disclosure is reasonably necessary: (i) to such
Party’s directors, attorneys, independent accountants or financial advisors for the sole purpose of enabling such directors, attorneys, independent accountants or financial advisors to provide advice to the receiving Party, provided that in
each such case on the condition that such directors, attorneys, independent accountants and financial advisors are bound by confidentiality and non-use obligations consistent with those contained in this
Agreement; or (ii) to actual or potential investors, acquirers, licensors, licensees, collaborators or other business partners solely for the purpose of evaluating or carrying out an actual or potential investment, acquisition, license or
collaboration; provided that in each such case on the condition that such disclosures are bound by confidentiality and non-use obligations consistent with those contained in the Agreement; 

(c)    such disclosure is required by applicable Laws, including judicial or administrative process, provided that
in such event such Party shall promptly inform the other Party such required disclosure and provide the other Party an opportunity to challenge or limit the disclosure obligations. Confidential Information that is disclosed under this
Section 7.2(c) shall remain otherwise subject to the confidentiality and non-use provisions of this Article 7, and the Party disclosing Confidential Information pursuant to applicable Law shall take all
steps reasonably necessary, including seeking of confidential treatment or a protective order to ensure the continued confidential treatment of such Confidential Information. 

7.3    Publicity. Subject to the rest of this Section 7.3, no disclosure of the terms of this Agreement
may be made by either Party, and 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 disclosure relating to this Agreement or its
subject matter, without the prior express written permission of the other Party, except as may be required by Law. 

7.4    Equitable Relief. Each Party acknowledges that a breach of this Article 7 cannot be reasonably or
adequately compensated in damages in an action at law and that such a breach shall cause the other Party irreparable injury and damage. By reason thereof, each Party agrees that the other Party shall be entitled, in addition to any other remedies it
may have under this Agreement or otherwise, to preliminary and permanent injunctive and other equitable relief to prevent or curtail any breach of the obligations relating to Confidential Information set forth herein. 

ARTICLE 8 
 TERM AND
TERMINATION 
 8.1    Term. This Agreement shall become effective on the Effective Date and, unless
earlier terminated pursuant to this Article 8, shall remain in effect until the Parties cease Development and Commercialization of the CD38 Product in the Field in the Territory (the “Term”). 

 8.2    Termination for Breach. Each Party shall have the
right to terminate this Agreement in its entirety immediately upon written notice to the other Party, if the other Party materially breaches its obligations under this Agreement that would (x) lead or cause
I-Mab to materially breaches its obligations under the MorphoSys Agreement or (y) lead or cause the essential business purpose of this Agreement could not be acheived and, after receiving written notice
identifying such material breach in reasonable detail, fails to cure such material breach within sixty (60) days from the date of such notice. For the avoidance of doubt, such material breach includes at least the following: on the part of I-Mab, I-Mab’s failure to make any payments due or use Commercially Reasonable Efforts to develop the CD38 Product under the MorphoSys Agreement; on the part of Everest,
Everest’s failure to make any payments due or use Commercially Reasonable Efforts to commercialize the CD38 Product if the JSC selects Everest as the Commercialization Party under this Agreement. Such material breach does not include mistakes
or errors in clinical trials that do not constitute material breach under the MorphoSys Agreement. 

8.3    Termination for Bankruptcy. Each Party shall have the right to terminate this Agreement in its
entirety immediately upon written notice to the other Party, if the other Party shall file in any court or agency pursuant to any statute or regulation of any state or country, a petition in bankruptcy or insolvency or for reorganization or for an
arrangement or for the appointment of a receiver or trustee of such other Party or of substantially all of its assets, or if such other Party proposes a written agreement of composition or extension of substantially all of its debts, or if such
other Party shall be served with an involuntary petition against it, filed in any insolvency proceeding, and such petition shall not be dismissed within ninety (90) calendar days after the filing thereof, or if such other Party shall propose or
be a party to any dissolution or liquidation, or if such other Party shall make an assignment of substantially all of its assets for the benefit of creditors. 

8.4    Termination for Suspension of Development or Commercialization. The Party acknowledge that under the
MorphoSys Agreement, I-Mab shall be deemed to not be using Commercially Reasonable Efforts to develop the CD38 Product if I-Mab fails to initiate or conduct any material
development activities in relation to any therapeutic, prophylactic or palliative CD38 Product for a period of six (6) months. Therefore, the Parties agree that if I-Mab fails to initiate or conduct any
material development activities in relation to any therapeutic, prophylactic or palliative CD38 Product for a period of three (3) months not as a result of any order or requirement of Regulatory Authority, Everest shall have the right to
terminate this Agreement upon written notice to I-Mab. The Parties further agree that if the Commercialization Party fails to initiate or conduct any material commercialization activities after twenty-four
(24) months prior to the anticipated date of first Regulatory Approval of the CD38 Product in relation to the CD38 Product for a period of three (3) months not as a result of any order or requirement of Regulatory Authority, the other
party shall have the right to terminate this Agreement upon written notice to the Commercialization Party. 

8.5    [Intentionally left blank] 

8.6    Effect of Termination. 

(a)    Continuation by I-Mab. If this Agreement is terminated by I-Mab pursuant to Sections 8.2, 8.3, or 8.4, then I-Mab shall have the right to continue the Development and Commercialization of the CD38 Product in the Field in the
Territory. 

 (b)    Continuation by Everest. If this Agreement is
terminated by Everest pursuant to Sections 8.2, 8.3, or 8.4, then Everest shall have the right to continue the Development and Commercialization of the CD38 Product in the Field in the Territory, in which case, upon Everest’s request and at no
additional cost to Everest, I-Mab shall reasonably cooperate with Everest to facilitate the following: 

(i)    subject to the terms and conditions of the MorphoSys License regarding assignment, assign the MorphoSys
License to Everest; 
 (ii)    grant to Everest an exclusive license to all
know-how, patent and other intellectual property rights owned or controlled by I-Mab to further Develop, manufacture and Commercialize the CD38 Product in the Field in
the Territory; 
 (iii)    transfer and assign to Everest all of Regulatory Materials, including Regulatory
Approval for the CD38 Product in the Field in the Territory, and all data and results from the non-clinical studies and clinical trials of the CD38 Product conducted by or on behalf of I-Mab in the Field in the Territory; 
 (iv)    transfer and assign to Everest
all inventory of the CD38 Product in I-Mab’s and its Affiliates’ possession; and 

(v)    transfer the Development, manufacture and Commercialization of the CD38 Product to Everest, including
providing reasonable technical assistance and assigning to Everest any agreement with Third Party vendors pertaining to the Development, manufacture and Commercialization of the CD38 Product. 

(c)    Continuation of Profit Sharing. The Party elects to continue the Development and Commercialization of
the CD38 Product under clause (a) or (b) (the “Continuing Party”) shall be solely responsible for the cost and expense of such Development and Commercialization after termination. In the event that the Continuing Party
successfully Develop and Commercialize the CD38 Product, the Continue Party shall pay to the other Party a percentage of the Product Profit and Out-license Income generated from the Development and
Commercialization of the CD38 Product in the Field in the Territory, which percentage shall equal X/(X+Y*1.25) where 

(i)    X is the total amount actually incurred (either paid or shared) by the other Party to Develop the Product
under this Agreement before termination, including its share of the Development Costs under Section 4.1, payments to MorphoSys under the MorphoSys License under Section 4.2, and other Third Party payment under Section 4.3; and 

(ii)    Y is (A) the total amount actually incurred (either paid or shared) by the Continuing Party to
Develop the Product under this Agreement before termination, including its share of the Development Costs under Section 4.1, payments to MorphoSys under the MorphoSys License under Section 4.2, and other Third Party payment under
Section 4.3, plus (B) the total amount actually incurred by the Continuing Party to Develop the Product after termination through Regulatory Approval; 

 provided however that the Continuing Party’s obligation to share Product Profit and Out-license Income with the other Party shall stop once the total payment to the other Party reach two times X. 

8.7    Survival. Expiration or termination of this Agreement shall not affect the rights or obligations of
the Parties under this Agreement that have accrued prior to the date of expiration or termination. Without limiting the foregoing, the following provisions shall survive any expiration or termination of this Agreement: Sections 5.4, 6.1 - 6.4
(solely with respect to claims arising from activities before expiration or termination), 6.5, 8.6, 8.7,10.11, Article 1, 7 and 9. 

ARTICLE 9 
 DISPUTE
RESOLUTION 
 9.1    Disputes. The Parties recognize that disputes as to certain matters may from time
to time arise during the Term which relate to either Party’s rights and/or obligations hereunder. It is the objective of the Parties to establish procedures to facilitate the resolution of disputes arising under this Agreement in an expedient
manner by mutual cooperation and without resort to litigation. To accomplish this objective, the Parties agree to follow the procedures set forth in this Article 9 to resolve any controversy or claim arising out of, relating to or in connection with
any provision of this Agreement, if and when a dispute arises under this Agreement. 
 9.2     Internal
Resolution. With respect to all disputes arising between the Parties under this Agreement, including, without limitation, any alleged breach under this Agreement or any issue relating to the interpretation or application of this Agreement, if
the Parties are unable to resolve such dispute within thirty (30) days after such dispute is first identified by either Party in writing to the other, the Parties shall refer such dispute to the Chief Executive Officers of the Parties for
attempted resolution by good faith negotiations within thirty (30) days after such notice is received. 

9.3    Binding Arbitration. If the Chief Executive Officers of the Parties are not able to resolve any
disputed matter within thirty (30) days and either Party wishes to pursue the matter, each such dispute, controversy or claim shall be finally resolved by binding arbitration administered by Hong Kong International Arbitration Centre
(“HKIAC”) pursuant to its arbitration rules then in effect, and judgment on the arbitration award may be entered in any court having jurisdiction thereof. The Parties agree that: 

(a)    The arbitration shall be conducted by a single arbitrator jointly selected by the Parties. If the Parties
are unable or fail to agree upon the arbitrator within thirty (30) days after the initiation of the arbitration, the arbitrator shall be appointed by HKIAC. The place of arbitration shall be Hong Kong, and all proceedings and communications
shall be in English. 
 ARTICLE 10 

MISCELLANEOUS 

10.1    Entire Agreement; Amendment. This Agreement, including the Exhibits hereto, sets forth the complete,
final and exclusive agreement and all the covenants, promises, agreements, warranties, representations, conditions and understandings between the Parties hereto with respect to the subject matter hereof and supersedes, as of the Effective Date, all
prior agreements and understandings between the Parties with respect to the subject matter hereof. There are no covenants, promises, agreements, warranties, representations, conditions or understandings, either oral or written, between the Parties
other than as are set forth herein and therein. No subsequent alteration, amendment, change or addition to this Agreement shall be binding upon the Parties unless reduced to writing and signed by an authorized officer of each Party. 

 10.2    Force Majeure. Each Party shall be excused from
the performance of its obligations under this Agreement to the extent that such performance is prevented by force majeure and the nonperforming Party promptly provides notice of the prevention to the other Party. Such excuse shall be continued so
long as the condition constituting force majeure continues and the nonperforming Party takes reasonable efforts to remove the condition. For purposes of this Agreement, force majeure shall include conditions beyond the reasonable control of
the nonperforming Party, including without limitation, an act of God or terrorism, involuntary compliance with any regulation, law or order of any government, war, civil commotion, epidemic, failure or default of public utilities or common carriers,
destruction of production facilities or materials by fire, earthquake, storm or like catastrophe. If a force majeure persists for more than ninety (90) days, then the Parties will discuss in good faith the modification of the Parties’
obligations under this Agreement in order to mitigate the delays caused by such force majeure. 

10.3    Notices. Any notice required or permitted to be given under this Agreement shall be in writing,
shall specifically refer to this Agreement, and shall be addressed to the appropriate Party at the address specified below or such other address as may be specified by such Party in writing in accordance with this Section 10.3, and shall be
deemed to have been given for all purposes (a) when received, if hand-delivered or sent by confirmed facsimile or a reputable courier service, or (b) five (5) business days after mailing, if mailed by first class certified or registered
airmail, postage prepaid, return receipt requested. 
  

			
	If to Everest:	  	Everest Medicines Limited
		  	800 Boylston Street, 16th Floor
		  	Boston, MA 02199
		  	Attention:
		  	Fax:
		
	If to I-Mab:	  	I-MAB Biopharma Co., Ltd.
		  	 Suite 802, West Tower, OmniVision Tech Park
 88
Shangke Road, Pudong New District,

		  	Shanghai, China 201210
		  	Attention:
		  	Fax:

 10.4    No Strict Construction; Headings. This Agreement has been prepared
jointly and shall not be strictly construed against either Party. Ambiguities, if any, in this Agreement shall not be construed against any Party, irrespective of which Party may be deemed to have authored the ambiguous provision. The headings of
each Article and Section in this Agreement have been inserted for convenience of reference only and are not intended to limit or expand on the meaning of the language contained in the particular Article or Section. 

 10.5    Assignment. Neither Party may assign or transfer
this Agreement or any rights or obligations hereunder without the prior written consent of the other, except that a Party may make such an assignment without the other Party’s consent to an affiliate or to a successor to substantially all of
the business of such Party to which this Agreement relates (whether by merger, sale of stock, sale of assets or other transaction). Any permitted successor or assignee of rights and/or obligations hereunder shall, in writing to the other Party,
expressly assume performance of such rights and/or obligations. Any permitted assignment shall be binding on the successors of the assigning Party. Any assignment or attempted assignment by either Party in violation of the foregoing shall be null,
void and of no legal effect. 
 10.6    Further Actions. Each Party agrees to execute, acknowledge and
deliver such further instruments, and to do all such other acts, as may be necessary or appropriate in order to carry out the purposes and intent of this Agreement. 

10.7    Severability. If any one or more of the provisions of this Agreement is held to be invalid or
unenforceable by any court of competent jurisdiction from which no appeal can be or is taken, the provision shall be considered severed from this Agreement and shall not serve to invalidate any remaining provisions hereof. The Parties shall make a
good faith effort to replace any invalid or unenforceable provision with a valid and enforceable one such that the objectives contemplated by the Parties when entering this Agreement may be realized. 

10.8    No Waiver. Any delay in enforcing a Party’s rights under this Agreement or any waiver as to a
particular default or other matter shall not constitute a waiver of such Party’s rights to the future enforcement of its rights under this Agreement, except with respect to an express written and signed waiver relating to a particular matter
for a particular period of time. 
 10.9    Independent Contractors. Each Party shall act solely as an
independent contractor, and nothing in this Agreement shall be construed to give either Party the power or authority to act for, bind, or commit the other Party in any way. Nothing herein shall be construed to create the relationship of partners,
principal and agent, or joint-venture partners between the Parties. 
 10.10    English Language. This
Agreement was prepared in the English language, which language shall govern the interpretation of, and any dispute regarding, the terms of this Agreement. To the extent this Agreement requires a Party to provide to the other Party Information,
correspondence, notice and/or other documentation, such Party shall provide such Information, correspondence, notice and/or other documentation in the English language. 

10.11    Governing Law. This Agreement and all disputes arising out of or related to this Agreement or any
breach hereof shall be governed by and construed under the laws of Hong Kong, without giving effect to any choice of law principles that would require the application of the laws of a different jurisdiction. 

 10.12    Counterparts. This Agreement may be executed in
one (1) or more counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same instrument. 

 IN WITNESS WHEREOF, the Parties have
executed this CD38 Product Collaboration Agreement in duplicate originals by their duly authorized officers as of the Effective Date. 
  

			
	 EVEREST MEDICINES LIMITED

 
 /S/ EVEREST
MEDICINES LIMITED
	  	 I-Mab
  

/S/ I-MAB

 List of Exhibits 

Exhibit A        CD38 Compound 

Exhibit B        Initial Development Plan 

Exhibit C        LICENSE AND COLLABORATION AGREEMENT 

 Exhibit A 

CD38 Compound 
 MOR03087: 

Amino acid sequence of Lead Compound MOR03087 human Ig lambda light chain: 

DIELTQPPSVSVAPGQTARISCSGDNLRHYYVYWYQQKPGQAPVLVIYGDSKRPSGIPERFSG 

SNSGNTATLTISGTQAEDEADYYCQTYTGGASLVFGGGTKLTVLGQPKAAPSVTLFPPSSEEL 

QANKATLVCLISDFYPGAVTVAWKADSSPVKAGVETTTPSKQSNNKYAASSYLSLTPEQWKSH 

RSYSCQVTHEGSTVEKTVAPTECS 
 Amino acid sequence of Lead Compound
MOR03087 human IgG1 heavy chain: 
 QVQLVESGGGLVQPGGSLRLSCAASGFTFSSYYMNWVRQAPGKGLEWVSGISGDPSNTYYA 

DSVKGRFTISRDNSKNTLYLQMNSLRAEDTAVYYCARDLPLVYTGFAYWGQGTLVTVSSASTK 

GPSVFPLAPSSKSTSGGTAALGCLVKDYFPEPVTVSWNSGALTSGVHTFPAVLQSSGLYSLSS 

VVTVPSSSLGTQTYICNVNHKPSNTKVDKRVEPKSCDKTHTCPPCPAPELLGGPSVFLFPPKPK 

DTLMISRTPEVTCVVVDVSHEDPEVKFNWYVDGVEVHNAKTKPREEQYNSTYRVVSVLTVLHQ 

DWLNGKEYKCKVSNKALPAPIEKTISKAKGQPREPQVYTLPPSREEMTKNQVSLTCLVKGFYP 

SDIAVEWESNGQPENNYKTTPPVLDSDGSFFLYSKLTVDKSRWQQGNVFSCSVMHEALHNHY 

TQKSLSLSPGK 

 Exhibit B 

Initial Development Plan 
 Initial
Development Plan, including the estimated timeline and the estimated Development Budget, are shown as below. It should be modified after receiving China FDA’s opinions in pre-IND meeting in the Territory.

  
 

 

 Exhibit C 

License and Collaboration Agreement

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