Document:

Securities Purchase Agreement

 Exhibit 4.32 
  
 SECURITIES PURCHASE AGREEMENT 
  
 This SECURITIES PURCHASE AGREEMENT (“Agreement”) is dated as of the 25th day of November, 2003 by and among Xenova Group plc (the
“Company”), the several purchasers named in the attached Exhibit A (individually, a “Purchaser” and collectively, the “Purchasers”) and Bingham McCutchen LLP as Escrow Agent (the
“Escrow Agent”). 
  
 WHEREAS, the Company’s
presently authorized share capital consists of 400,000,000 ordinary shares, £0.10 par value share (the “Currently Authorized Shares”); 
  
 WHEREAS, after the date hereof and before the purchase and sale of securities contemplated hereby is consummated (the “Closing”), the
Company intends to recapitalize its share capital in the manner described on Schedule 3.2 hereto (the “Recapitalization”), as a result of which (i) each issued Currently Authorized Share will be converted into one (1)
ordinary share, £0.01 par value per share (the “New Ordinary Shares”) and nine (9) deferred shares, £0.01 par value per share (all of which deferred shares the Company anticipates will be subsequently cancelled) and (ii)
each unissued Currently Authorized Share will be converted into ten (10) New Ordinary Shares; 
  
 WHEREAS, the Company wishes to sell to the Purchasers Units (as defined in Section 1) representing in the aggregate for all Purchasers on the date hereof 73,624,610 New Ordinary Shares and warrants to purchase
22,087,383 New Ordinary Shares; 
  
 WHEREAS, the Purchasers,
severally, wish to purchase the Units on the terms and subject to the conditions set forth in this Agreement. 
  
 NOW THEREFORE, in consideration of the mutual agreements, representations, warranties and covenants herein contained, the parties hereto agree as follows:

  
 1. Definitions. As used in this Agreement, the
following terms shall have the following respective meanings: 
  
 (a) “Admission” means the admission of the New Ordinary Shares and the Warrants to be issued and sold pursuant to this Agreement to the Official List of the U.K. Listing Authority in accordance with its listing rules, and
dealings commencing on the London Stock Exchange for such securities. 
  
 (b) “ADS” means an American Depositary Share of the Company issued by The Bank of New York, with each ADS currently representing 10 ordinary shares. 
  
 (c) “Affiliate” of a party means any corporation or other business entity controlled by, controlling or
under common control with such party. For this purpose “control” shall mean direct or indirect beneficial ownership of fifty percent (50%) or more of the voting or income interest in such corporation or other business entity.

 (d) “Clawback Units” means the number of Units subscribed for hereunder that the Company
determines prior to Closing will not be available for purchase hereunder because they must be made available to satisfy the demand of purchasers in the U.K. Open Offer. 
  
 (e) “Closing Date” means the date on which the Closing occurs, which will be the date on which Admission
occurs. 
  
 (f) “EGM” or “Extraordinary
General Meeting” means the extraordinary general meeting of the Company to be held at 10:00 a.m. Greenwich Mean Time on December 22, 2003 at which, among other things, the Recapitalization, the U.K. Open Offer, the U.K. Placing and the
issuance of Units to the Purchasers pursuant to this Agreement are to be approved by the Company’s stockholders, and including any adjournment or postponement thereof. 
  
 (g) “Exchange Act” means the Securities Exchange Act of 1934, as amended, and all of the rules and
regulations promulgated thereunder. 
  
 (h) “Issue
Price” means £1.125 per Unit (or where an election shall have been made in accordance with Section 2.1.2 hereof £1.125 per Unit). 
  
 (i) “Material Adverse Effect” means a material adverse effect on the business, properties, assets, liabilities (contingent or otherwise),
financial condition, or results of operations of the Company and its subsidiaries taken as a whole, other than as a result of any effect, development, event or occurrence (i) relating to the economy in general or (ii) relating to the industry in
which the Company or its subsidiaries operate in general and not specifically relating to the Company or its subsidiaries. 
  
 (j) “Nomura” means Nomura International plc. 
  
 (k) “Proxy Statement/Prospectus” means the documentation to be circulated to the Company’s stockholders (i) to solicit their
approval of the Recapitalization, the U.K. Open Offer, the U.K. Placing and the transactions contemplated by this Agreement and (ii) to disclose to those stockholders eligible to participate in the U.K. Open Offer and to those purchasers
participating in the U.K. Placing the information relevant to their decision whether to participate therein. 
  
 (l) “SEC” shall mean the Securities and Exchange Commission. 
  
 (m) “Securities Act” shall mean the Securities Act of 1933, as amended, and all of the rules and
regulations promulgated thereunder. 
  
 (n) “U.K.Open
Offer” means the conditional invitation by Nomura, on behalf of the Company, to stockholders of the Company (other than certain stockholders who are not resident in or citizens of, or which are not entities organized under the laws of, the
United Kingdom) to apply to subscribe for Units at the Issue Price. 
  
 (o) “U.K. Placing” means the placing of 11,360,578 Units at the Issue Price by Nomura with U.K. institutions, some of which will be placed “firm” and some of which will be subject to being clawed back to satisfy
take up by stockholders of the Company pursuant to the U.K. Open Offer, which placing is underwritten by Nomura pursuant to the U.K. Placing Agreement. 
  

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 (p) “U.K.Placing Agreement” means the agreement between the Company and Nomura dated the
date hereof pursuant to which Nomura has agreed, subject to certain conditions, to underwrite the purchase in the U.K. Placing of an aggregate of 11,360,578 Units at the Issue Price. 
  
 (q) “Unit” means an investment unit consisting of ten (10) New Ordinary Shares and three (3) Warrants (or
where an election shall have been made in accordance with Section 2.1.2 hereof one (1) ADS and three-tenths (.3) of a Warrant for ADSs). 
  
 (r) “Warrant” means a warrant to purchase one (1) New Ordinary Share upon payment of an exercise price of £0.125 per New Ordinary
Share (or where an election shall have been made in accordance with Section 2.12 hereof, one (1) ADSs upon the payment of an exercise price of £1.25 per ADS) pursuant to the other terms and provisions set forth in the Warrant Instrument.

  
 (s) “Warrant Instrument” means to warrant
instrument to be executed by the Company substantially in the form of Exhibit C hereto. 
  
 2. Purchase and Sale of Securities. 
  
 2.1 Purchase and Sale. 
  
 2.1.1 Units. Subject to and upon the terms and conditions set forth in this Agreement, the Company agrees to issue and sell to each Purchaser, and each Purchaser, severally and not jointly, hereby agrees to purchase from the Company
at the Closing for the Issue Price (i) the number of Units set forth opposite the name of such Purchaser under the heading “Number of Units To Be Purchased” on Exhibit A hereto less (ii) such number of Units as ThinkEquity Partners
LLC (“TEP”) shall determine with respect to such Purchaser to be Clawback Units pursuant to Section 2.2.1 hereof (such net number of Units in relation to each Purchaser being herein called the “Net Purchased
Units”). 
  
 2.1.2 Restricted ADSs. Each
Purchaser shall have the right to elect to receive Units composed of restricted ADSs and Warrants to purchase restricted ADSs in lieu of receiving Units composed of New Ordinary Shares and Warrants to purchase New Ordinary Shares. To make such an
election, a Purchaser must notify the Company of its election in writing not later than December 4, 2003. Units issued pursuant to such an election will be subject to all the terms and provisions of this Agreement, including those relating to
representations, warranties and transfer restrictions, to the same extent as the regular Units purchased hereunder, except that the number of Units to be acquired by the Purchaser making this election shall be adjusted as necessary to take account
of the number of New Ordinary Shares represented by each ADS. 
  
 2.2 Closing. 
  
 2.2.1 Clawback. At least
three (3) days prior to the date of the EGM, the Company shall deliver to TEP a written notice specifying the number of Units that will be Clawback Units, such notice to be final and binding upon TEP and the Purchasers. TEP shall determine, in the
exercise of its sole discretion, the allocation of the Clawback Units among the Purchasers. No later than the end of the first full business day after the Company has notified TEP in writing of the number of Clawback Units, TEP shall deliver to each
Purchaser a written notice specifying with respect to such Purchaser the number of Units that will be Clawback Units. Each Purchaser acknowledges and agrees that the allocation of Clawback Units by TEP as aforesaid shall be final and binding and
will not be subject to challenge even if the result thereof is that one or more Purchasers are totally cut out of the opportunity to purchase Units pursuant to this Agreement. Each Purchaser acknowledges and agrees that TEP shall be 
  

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 free to allocate the Clawback Units among Purchasers in any manner TEP deems appropriate, that TEP makes no
representation that it will allocate Clawback Units in any particular manner, and that such allocation may not be pro rata among Purchasers in proportion to their commitments under this Agreement. In making the allocation, TEP will be acting as an
agent for the Company, and TEP shall have no obligation, duty or liability to any Purchaser in respect of the manner in which TEP determines to allocate the Clawback Units among Purchasers or any consequential reductions in the number of Units
available to be purchased by any such Purchaser. 
  
 2.2.2
Closing Escrow. Each Purchaser severally and not jointly agrees that not later than 10:00 am, Eastern Standard Time on the business day immediately preceding the date of the EGM, such Purchaser will cause the amount of pounds sterling equal
to the Net Purchased Units times the Issue Price to be deposited by wire transfer of immediately available funds to such non-interest bearing escrow account of the Escrow Agent as the Escrow Agent shall designate at least five (5) days prior to the
EGM. Such funds shall be held in escrow by the Escrow Agent in accordance with and subject to the provisions of this Section 2.2 and Section 8.14 hereof. 
  
 2.2.3 Closing. The deposit of funds with the Escrow Agent by each Purchaser pursuant to Section 2.2.2 hereof
(the “Escrowed Funds”) shall evidence such Purchaser’s irrevocable agreement that the following shall automatically occur with respect to such Purchaser as of 12:01 A.M. Eastern Standard time on the Closing Date: 
  
 (a) Such Purchaser will be deemed to have certified that the conditions to
the Company’s obligation to consummate the Closing with respect to such Purchaser specified in Section 5.2(a) and Section 5.2(e) hereof have been satisfied. 
  
 (b) The conditions to the Purchaser’s obligation to consummate the Closing provided in Sections 5.1 (e), (g), (h)
and (i) hereof shall be deemed to have been satisfied or waived, provided, that nothing herein shall be deemed to constitute a waiver by any Purchaser of its right to bring a claim or action after the Closing Date alleging that any
representation or warranty was not true and correct on and as of the Closing Date. 
  
 (c) Such Purchaser shall be deemed to have irrevocably instructed and Escrow Agent to deliver such Purchaser’s Escrowed Funds to such bank account(s) of the Company as the Company shall have specified to the
Escrow Agent subject only to the Escrow Agent having received: 
  
 (i) a certificate, dated the Closing Date, executed by the Nomura certifying that the conditions to the Closing specified in Section 5.1 (b) and Section 5.2(b) hereof have been satisfied, and 

 
 (ii) a certificate, dated the Closing Date, executed by
the Company certifying that all the conditions to the Closing specified in Section 5.1(a) and Section 5.1(c), (d) and (f) hereof have been satisfied, and 
  
 (iii) a certificate, dated the Closing Date, executed by the Company certifying that all the conditions to
the Closing specified in Sections 5.2 hereof have been satisfied or waived. 
  
 (iv) the opinion of Simmons & Simmons dated the date of the EGM substantially in the form of Schedule 2.2.3(c)(iv) hereof.

  

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 Following delivery to the Escrow Agent of the certificates and opinion referred to in paragraph (c) above, the conditions
to the obligation of each Purchaser to consummate the Closing provided in Sections 5.1(a), (b), (c), (d), (f) and (i) hereof shall be deemed to have been satisfied or waived (the conditions contained in Section 5.1(e), (g), (h) and (i)
having been satisfied previously as provided above in Section 2.2.3(b)), the Company shall procure that a meeting of its Board of Directors is held at which the Board resolves, conditional only on Admission, to allot and issue to the
Purchasers the net subscribed Units and to procure the names of the Purchasers be entered as holders of the relevant numbers of New Ordinary Shares in the registers of members and warrant holders, and the Escrow Agent shall promptly cause the
Escrowed Funds to be sent by wire transfer to the bank account(s) specified by the Company in writing not later than two (2) days after the date of Admission and copies of the certificates and opinion provided pursuant to paragraph (c) above to the
Purchasers and the Company; provided, that nothing herein shall be deemed to constitute a waiver by any Purchaser of its right to bring a claim or action after the Closing Date alleging that any representation or warranty was not true and correct on
and as of the Closing Date. 
  
 2.2.4 Settlement. Not
later that fourteen (14) days after the Escrowed Funds shall have been paid to the Company, the Company shall cause to be delivered to each Purchaser (i) a single stock certificate, registered in the name of such Purchaser or its designee (if
permissible hereunder), representing the number of New Ordinary Shares purchased by such Purchaser, and (ii) a single Warrant certificate issued pursuant to the Warrant Instrument, such certificate to the registered in the name of the Purchaser and
representing the number of Warrants purchased by such Purchaser. 
  
 2.3 Independent Nature of Invertors’ Obligations and Rights. The obligations of each Purchaser under this Agreement are several and not joint with the obligations of any other Purchaser, and no Purchaser shall be responsible in
any way for the performance of the obligations of any other Purchaser hereunder. The decision of each Purchaser to purchase securities pursuant to this Agreement has been made by such Purchaser independently of any other purchaser. Nothing contained
herein, and no action taken by any Purchaser pursuant hereto, shall be deemed to constitute the Purchasers as a partnership, an association, a joint venture or any other kind of entity, or create a presumption that the Purchasers are in any way
acting in concert or as a group with respect to such obligations or the transactions contemplated hereby. Each Purchaser acknowledges that no other Purchaser has acted as agent for such Purchaser in connection with making its investment hereunder
and that no Purchaser will be acting as agent of such Purchaser in connection with monitoring its investment in the securities to be purchased hereunder or enforcing its rights under this Agreement. Each Purchaser shall be entitled to independently
protect and enforce its rights, including without limitation the rights arising out of this Agreement, and it shall not be necessary for any other Purchaser to be joined as an additional party in any proceeding for such purpose. 
  
 3. Representations and Warranties of the Company. The Company hereby
represents and warrants to each of the Purchasers as of the date hereof and as of the Closing Date as follows: 
  
 3.1 Organization. The Company is a public limited company duly organized and validly existing under the laws of England. Upon the approval of the
Company’s stockholders to be obtained at the EGM, the Company will have all requisite corporate power to enter into this Agreement and the Warrant Instrument and to carry out and perform its obligations under the terms hereof and thereof.

  
 3.2 Capitalization. As of the date hereof, the
currently authorized capital stock of the Company consists of 400,000,000 Currently Authorized Shares of which 243,882,197 are in issue on the date hereof. Except for the Units to be issued pursuant to this Agreement and pursuant to the U.K.

  

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 Placing and the U.K. Open Offer and except as set forth in Schedule 3.2 hereto, there are no existing options,
warrants, calls, preemptive (or similar) rights, subscriptions or other rights, agreements, arrangements or commitments of any character obligating the Company to issue, transfer or sell, or cause to be issued, transferred or sold, any shares of the
capital stock of the Company or other equity interests in the Company or any securities convertible into or exchangeable for such shares of capital stock or other equity interests, and there are no outstanding contractual obligations of the Company
to repurchase, redeem or otherwise acquire any shares of its capital stock or other equity interests. The “Capital Reorganization” referenced in the Warrant Instrument is fully described in Schedules 3.2 and 3.12 hereto. 

 
 3.3 Authorization. Except for (i) the approval of the
Company’s stockholders to be obtained at the EGM, and (ii), solely with respect to each exercise of a Warrant, the adoption by the Board of Directors of the Company of a resolution authorizing the issuance and allotment of the ordinary shares
issuable upon the exercise of such Warrant and the admission of such shares to the Official List of the U.K. Listing Authority in accordance with its listing rules, all corporate action on the part of the Company, its officers, directors and
stockholders, necessary for the authorization, execution, delivery and performance of each of this Agreement and the Warrant Instrument and the consummation of the transactions contemplated herein and therein has been taken. Delivery by the Company
of the certificate provided by Section 2.2.3(c)(ii) shall constitute the Company’s representation and warranty that the representation and warranty contained in the preceding sentence is true and correct as of the Closing Date without regard to
the qualification contained in clause (i) thereof. When executed and delivered by the Company, each of this Agreement and the Warrant Instrument shall constitute the legal, valid and binding obligation of the Company, enforceable against the Company
in accordance with its terms, except as such may be limited by bankruptcy, insolvency, reorganization or other laws affecting creditors’ rights generally and by general equitable principles. 
  
 3.4 Valid Issuance of the Securities. The Units being purchased by the
Purchasers hereunder will, upon issuance and payment therefor pursuant to the terms hereof, be duly authorized, validly issued, fully paid and nonassessable. The ordinary shares issuable upon exercise of the Warrants will be duly authorized as of
the Closing Date and, upon issuance and payment of the exercise price payable to exercise the Warrants as provided therein, will be validly issued, fully paid and nonassessable. The New Ordinary Shares purchased at the closing or upon exercise of
the Warrants shall rank pari passu in all respects with the ordinary shares in issue at the time of Closing or exercise of the Warrants, as appropriate. 
  

3.5 Financial Statements. The financial statements of the Company as at and for the year ended December 31, 2002 and the nine months ended
September 30, 2003 as filed by the Company pursuant to the Exchange Act (the “Financial Statements”) have been prepared in accordance with accounting principles generally accepted in the United Kingdom (“UK GAAP”)
applied on a consistent basis during the periods involved (except as noted therein), and fairly present, in all material respects, the consolidated financial position of the Company and its subsidiaries and the consolidated results of its operations
as of the dates and for the periods indicated thereon, except that the unaudited financial statements as at and for the period ended September 30, 2003 may not be in accordance with UK GAAP because of the absence of footnotes normally contained
therein and are subject to normal year-end audit adjustments which, individually, and in the aggregate, will not be material. From September 30, 2003 until the date hereof, to the Company’s knowledge, there has been no effect, development,
event or occurrence that, individually or in the aggregate, has had, or would reasonably be expected to have a Material Adverse Effect. 
  

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 3.6 SEC Documents. The Company has filed all reports and registration statements, required to be
filed with the SEC by the Company since December 31, 2002 (Collectively, the “SEC Documents”). As of their respective filing dates, the SEC Documents complied in all material respects as to form with the requirements of the Exchange
Act or the Securities Act, as applicable. As of their respective filing dates, except to the extent corrected by a subsequently filed SEC Document, none of the SEC Documents contained any untrue statement of a material fact or omitted to state a
material fact required to be stated therein or necessary in order to make the statements made therein, in light of the circumstances under which they were made, not misleading. 
  
 3.7 Consents. Except as provided in Section 3.3, all consents, approvals, orders and authorizations required on the
part of the Company in connection with the execution, delivery or performance of this Agreement and the Warrant Instrument and the consummation of the transactions contemplated hereby and thereby have been obtained and are effective.

  
 3.8 No Conflict. The execution and delivery of this
Agreement and the Warrant Instrument by the Company and the consummation of the transactions contemplated hereby and thereby do not and will not conflict with or result in any violation of or default (with or without notice or lapse of time, or
both) under, or give rise to a right of termination, cancellation or acceleration of any obligation or to a loss of a material benefit under (i) any provision of the Memorandum and Articles of Association of the Company or (ii) any material
agreement, instrument, permit, franchise or license of the Company or any judgment, order, statute, law, ordinance, rule or regulations applicable to the Company. 
  
 3.9 Brokers or Finders. Except for TEP in respect of the transactions contemplated by this Agreement and Nomura in
connection with the U.K. Placing and the U.K. Open Offer, whose fees will be paid by the Company, the Company has not dealt with any broker or finder in connection with the transactions contemplated by this Agreement, and the Company has not
incurred, and shall not incur, directly or indirectly, any liability for or on behalf of any Purchaser for nay brokerage or finders’ fees or agents’ commissions or any similar charges in connection with this Agreement or any transaction
contemplated hereby. 
  
 3.10 Nasdaq National Market. The
Company’s ADSs are (but any restricted ADSs issued hereunder will not be) listed on the Nasdaq National Market System, and there are no proceedings continuing to revoke or suspend such listing. 
  
 3.11 Absence of Litigation. Except as disclosed on Schedule
3.11 hereto, there is no action, suit or proceeding or, to the Company’s knowledge, any investigation, pending, or to the Company’s knowledge, threatened by or before any governmental body against the Company in which an unfavorable
outcome, ruling or finding in any said matter, or for all said matters taken as a whole, would reasonably be expected to have a Material Adverse Effect. The foregoing includes, without limitation, any such action, suit proceeding or investigation
that questions the validity of this Agreement or the U.K. Placing and U.K. Open Offer or the right of the Company to execute, deliver and perform its obligations under this Agreement. 
  
 3.12 Information About the Company. The information about the Company set forth in Schedule 3.12, the other
Schedules to this Agreement and the SEC Documents, taken as a whole, does not contain any untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary in order to make the statements made therein,
in light of the circumstances under which they were made, not misleading. 
  

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 3.13 Company Not an “Investment Company”. The Company has been advised of the rules and
requirements under the Investment Company Act of 1940, as amended (the “Investment Company Act”). The Company is not, and immediately after receipt of payment for the Units will not be, an “Investment Company” or an entity
“controlled” by an “investment company” within the meaning of the Investment Company Act and shall conduct its business in a manner so that it will not become subject to the Investment Company Act. 
  
 3.14 Valid Private Placement. Neither the Company nor any of its
Affiliates, nor any person acting on its or their behalf, (i) has engaged in any form of general solicitation or general advertising (within the meaning of Regulation D) in connection with the offer or sale of the Units or (ii) has, directly or
indirectly, made any offers or sales of any security or solicited any offers to buy any security, under any circumstances that would require registration of the Units under the Securities Act. The offer and sale of the Units to the Purchasers as
contemplated hereby is exempt from the registration requirements of the Securities Act; provided, that each Purchaser acknowledges that this representation is used in part on the representations and warranties made by each Purchaser in Section 4
below. 
  
 3.15 Use of Proceeds. The proceeds of the sale
of the Units hereunder shall be used by the Company for working capital and general corporate purposes 
  
 3.16 Questionable Payments. Neither the Company nor, to the knowledge of the Company, any of its current or former directors, officers, employees,
agents or other persons acting on behalf of the Company, has on behalf of the Company or in connection with its business; (a) used any corporate funds for unlawful contributions, gifts, entertainment or other unlawful expenses; (b) made any direct
or indirect unlawful payments to any governmental officials or employees from corporate funds; (c) established or maintained any unlawful or unrecorded fund of corporate monies or other assets; (d) made any false or fictitious entries on the books
and records of the Company; or (e) made any unlawful bribe, rebate, payoff, influence payment, kickback or other unlawful payment of any nature. 
  
 3.17 Registration Rights. The Company has not granted or agreed to grant to any person any rights (including “piggy-back” registration
rights) to have any securities of the Company registered under the Securities Act which have not been satisfied 
  
 3.18 No Additional Agreements. The Company does not have any agreement or understanding with any Purchaser with respect to the transactions
contemplated by this Agreement other than as specified in this Agreement. 
  
 4. Representations and Warranties of the Purchasers. Each Purchaser severally for itself, and not jointly with the other Purchasers, represents and warrants to the Company as of the date hereof, as of the
Closing Date and as of each date on which it exercises a Warrant as follows: 
  
 4.1 Reliance. Such Purchaser acknowledges and agrees that the Company has not made any representations or warranties to it with respect to the transactions contemplated by this Agreement other than those
specifically set forth in Section 3 hereof. Such Purchaser has not relied on representations, warranties, opinions, projections, financial or other information or analysis, if any, supplied to it by any person other than the Company.

  
 4.2 Organization. Such Purchaser is an entity duly
organized, validly existing and in good standing under the laws of the jurisdiction of its organization with full right, corporate or partnership power and authority to enter into and to consummate the transactions contemplated by this Agreement and
otherwise to carry out its obligations hereunder. 
  

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 4.3 Authorization. All action on the part of such Purchaser and, if applicable, its officers,
directors, shareholders, managers, members, and general and limited partners, necessary for the authorization, execution, delivery and performance of this Agreement and the consummation of the transactions contemplated herein has been taken. This
Agreement constitutes the legal, valid and binding obligation of such Purchaser, enforceable against such Purchaser in accordance with its terms, except as such may be limited by bankruptcy, insolvency, reorganization or other laws affecting
creditors’ rights generally and by general equitable principles. 
  
 4.4 Purchase Entirely for Own Account. Such Purchaser is acquiring the Units being purchased by it hereunder, and will acquire any ordinary shares it acquires upon exercise of Warrants, for its own account for investment, and not for
resale or with a present view to distribution thereof; provided, that this representation and warranty shall not limit such Purchaser’s right to sell the Units and ordinary shares issuable upon the exercise of Warrants pursuant to a valid
registration statement or otherwise in compliance with applicable federal and state securities laws. 
  
 4.5 Investor Status; Etc. Such Purchaser certifies and represents to the Company that at the time such Purchaser was offered the Units it was, as
of the date hereof it is, and on the Closing Date and each date on which it exercises a Warrant, it will be an “Accredited Investor” (as defined in Rule 501 of Regulation D promulgated under the Securities Act) not organized for the
purpose of acquiring the Units or the ordinary shares issuable upon exercise of Warrants. Each of the following is true on the date hereof and will be true on the Closing Date and on each date on which it exercises a Warrant: (i) such Purchaser is
acquiring the Units and any ordinary shares issued upon exercise of a Warrant in the ordinary course of its business, (ii) such Purchaser does not have any agreement or understanding, directly or indirectly, with any person to distribute any of the
Units or the ordinary shares issuable upon exercise of Warrants, (iii) such Purchaser’s financial condition is such that it is able to bear the risk of holding the Units and ordinary shares issuable upon exercise of Warrants for an indefinite
period of time and the risk of loss of its entire investment and (iv) its overall commitment to investments which are not readily marketable is not disproportionate to its net worth and its investment in the Units will not cause such overall
commitment to become excessive. 
  
 4.6 Due Diligence;
Sophistication. Such Purchaser has been afforded the opportunity to ask questions of and receive answers from the management of the Company concerning its investment in the Units and has sufficient knowledge and experience in investing in
companies similar to the Company in terms of the Company’s stage of development so as to be able to evaluate the risks and merits of its investment in the Company; provided that no investigation by any Purchaser shall in any way limit the
Company’s liability of any breach of a representation or warranty or covenant hereunder. 
  
 4.7 Securities Not Registered. Such Purchaser understands that the Units and the ordinary shares issuable upon exercise of the Warrants have not been registered under the Securities Act, by reason of their
issuance by the Company in a transaction exempt from the registration requirements of the Securities Act, and that the Units and such ordinary shares must continue to be held by such Purchaser unless a subsequent disposition thereof is registered
under the Securities Act or is exempt from such registration. The Purchaser understands that the exemptions from registration afforded by Rule 144 and Regulation S promulgated under the Securities Act (the provisions of which are known to it) depend
on the satisfaction of various conditions, and that, if applicable, Rule 144 may afford the basis for sales only in limited amounts. The Purchaser also understands that as “restricted securities” within the meaning of Rule 144(a)(3) under
the Act, none of the New Ordinary Shares issued pursuant to this Agreement or the ordinary shares issuable on the exercise of Warranties may be deposited into any unrestricted depositary 
  

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 facility established or maintained by a depositary bank, including the current ADS facility maintained by The Bank of New
York as depositary, for so long as such securities remain restricted securities. 
  
 4.8 General Solicitation. Such Purchaser is not agreeing to purchase the Units as a result of having received or reviewed the Proxy Statement/Prospectus or any advertisement, article, notice or other
communication regarding the Units published in any newspaper, magazine or similar media or broadcast over television or radio or presented at any seminar or any other general solicitation or general advertisement. 
  
 4.9 Residence. The headquarters office and the offices of such
Purchaser in which its investment decision regarding the Units was made are located at the addresses of such Purchaser set forth on the signature page hereof. 
  

4.10 No Conflict. The execution and delivery of this Agreement by such Purchaser do not and the consummation of the transactions contemplated
hereby will not conflict with or result in any violation of or default by such Purchaser (with or without notice or lapse of time, or both) under, or give rise to a right of termination, cancellation or acceleration of any obligation or to a loss of
a material benefit under (i) any provision of the organizational documents of such Purchaser or (ii) any agreement or instrument, permit, franchise, license, judgment, order, statute, law, ordinance, rule or regulation, applicable to such Purchaser
or its respective properties or assets. 
  
 4.11 Brokers.
Such Purchaser has not retained, utilized or been represented by any broker or finder in connection with the transactions contemplated by this Agreement. 
  
 4.12 Consents. All consents, approvals, orders and authorizations required on the part of such Purchaser in connection with the execution, delivery
or performance of this Agreement and the consummation of the transactions contemplated herein have been obtained and are effective. 
  
 4.13 U.K. Placing Agreement. Each Purchaser acknowledges and agrees that Nomura and the Company shall have absolute discretion as to the amendment,
modification or waiver of any provision of the U.K. Placing Agreement so long as the number of Units underwritten is not less than 11,360,578 and the Issue Price is not reduced, and the Company and Nomura shall have no obligation to consult with any
Purchaser and shall have no liability to any Purchaser in relation to the exercise of such discretion. 
  
 4.14 Certain Trading Activities. Since the transactions contemplated by this Agreement were first made known to it through the date hereof, such
Purchaser has not directly or indirectly, nor has any Person acting on behalf of or pursuant to any understanding with such Purchaser, engaged in any purchase, sale or other transaction, including Short Sales (defined below), involving the
Company’s Securities, and no open position or Short Sale exists in the name or on behalf of, or in conjunction with, such Purchaser. For purposes of this Section, “Short Sales” include, without limitation, all types of direct
and indirect stock pledges, forward sale contracts, options, puts, calls, short sales, swaps and similar arrangements (including on a total return basis), and sales and other transactions through non-US broker dealers or foreign regulated brokers
having the effect of hedging the securities or investment made under this Agreement. 
  
 5. Conditions Precedent. 
  
 5.1 Conditions to the Obligation of each Purchaser to Consummate the Closing. The obligation of each Purchaser to consummate the Closing and to purchase and pay for the Units being purchased by it pursuant to this Agreement is
subject to the satisfaction (or waiver by such Purchaser) of the following conditions precedent: 
  

 10 

 (a) The representations and warranties of the Company contained herein shall be true and correct on and
as of the Closing Date with the same force and effect as though made on and as of the Closing Date (i) except where such representation or warranty speaks as of a particular date in which case it shall on the Closing Date be true and correct as of
the date specified and (ii) it being understood and agreed by each Purchaser that, in the case of any representation and warranty of the Company contained herein which is not qualified by application thereto of a materiality standard, such
representation and warranty need be true and correct only in all material respects in order to satisfy as to such representation or warranty the condition precedent set forth in the foregoing provisions of this Section 5.1(a). 
  
 (b) Admission shall have occurred and the U.K. Placing Agreement shall have
become unconditional, and shall not have been terminated in accordance with its terms. 
  
 (c) The gross proceeds to be realized by the Company from the Closing of the sale of the Units pursuant to this Agreement shall be at least £3.5 million. 
  
 (d) The Company’s stockholders shall have approved at the EGM the
issuance of the Units to be sold pursuant to this Agreement and the U.K. Open Offer and the U.K. Placing. 
  
 (e) There shall not have occurred since the date of this Agreement any effect, development, event or occurrence that, individually or in the aggregate,
has had, or would reasonably be expected to have a Material Adverse Effect. 
  
 (f) The Company shall have performed in all material respects all obligations and conditions herein required to be performed or observed by the Company on or prior to the Closing Date. 
  
 (g) No proceeding challenging this Agreement or the transactions contemplated
hereby, or seeking to prohibit, alter, prevent or materially delay the Closing, shall have been instituted before any court, arbitrator or governmental body, agency or official of competent jurisdiction and shall be pending. 
  
 (h) The purchase of and payment for the Units by such Purchaser shall not be
prohibited by any law or governmental order or regulation. 
  
 (i)
All instruments and corporate proceedings in connection with the transactions contemplated by this Agreement to be consummated at the Closing shall be satisfactory in form and substance to such Purchaser, and such Purchaser shall have received
copies (executed or certified, as may be appropriate) of all documents which such Purchaser may have reasonably requested in connection with such transactions. 
  

(j) The Escrow Agent shall have received the opinion of Simmons & Simmons substantially in the form attached hereto as Schedule 2.2.3(c)(iv).

  
 5.2 Conditions to the Obligation of the Company to
Consummate the Closing. The obligation of the Company to consummate the Closing and to issue and sell to each of the Purchasers severally, the Units to be purchased by it at the Closing is subject to the satisfaction (or waiver of the Company)
of the following conditions precedent as to each Purchaser: 
  

 11 

 (a) The representations and warranties of such Purchaser contained herein shall be true and correct on
and as of the Closing Date with the same force and effect as though made on and as of the Closing Date, it being understood and agreed by the Company that, in the case of any representation and warranty of each Purchaser contained herein (other than
any representation or warranty contained in Sections 4.3, 4.4, 4.5, 4.6 or 4.7) which is not hereinabove qualified by application thereto of a materiality standard, such representation and warranty need be true and correct only in all material
respects in order to satisfy as to such representation or warranty the condition precedent set forth in the foregoing provisions of this Section 5.2(a). 
  
 (b) Admission shall have occurred and the U.K. Placing Agreement shall have become unconditional and shall not have been terminated in accordance with its
terms. 
  
 (c) The gross proceeds to be realized by the Company
from the Closing of the sale of the Units pursuant to this Agreement shall be at least £3.5 million. 
  
 (d) The Company’s stockholders shall have approved at the EGM the issuance of the Units to be sold pursuant to this Agreement and the U.K. Placing
and U.K. Open Offer. 
  
 (e) Such Purchaser shall have performed
in all material respects all obligations and conditions herein required to be performed or observed by it on or prior to the Closing Date. 
  
 (f) No proceeding challenging this Agreement or the transactions contemplated hereby, or seeking to prohibit, alter, prevent or materially delay the
Closing, shall have been instituted before any court, arbitrator or governmental body, agency or official of competent jurisdiction and shall be pending. 
  
 (g) The sale of the Units by the Company shall not be prohibited by any law or governmental order or regulation. 
  
 (h) Such Purchaser shall have executed and delivered to the Company a
Purchaser’s Questionnaire, in the form attached hereto as Exhibit B, pursuant to which each such Purchaser shall provide information necessary to confirm each such Purchaser’s status as an “accredited investor” (as
such term is defined in Rule 501 promulgated under the Securities Act). 
  
 (i) Such Purchaser shall have paid to the Escrow Agent, and the Escrow Agent shall be in possession of, the purchase price for the Units to be purchased by it in accordance with this Agreement, and the Escrow Agent shall have confirmed that
it is prepared to transfer such amount to the Company subject only to satisfaction of the receipt of the certificates provided in Section 2.2.3(c) hereof. 
  
 (j) All instruments and corporate proceedings in connection with the transactions contemplated by this Agreement to be consummated at the Closing shall be
satisfactory in form and substance to the Company, and the Company shall have received counterpart originals, or certified or other copies of all documents, including without limitation records of corporate or other proceedings, which it may have
reasonably requested in connection therewith. 
  
 5.3
Satisfaction of Conditions. Following the deposit of the Escrowed Funds by the Purchaser with the Escrow Agent pursuant to Section 2.2 hereof, the execution by the Company and delivery to the Escrow Agent of the certificates referred
to in Section 2.2.3(c)(ii) and (iii) hereof and the delivery to the Escrow Agent of the legal opinion specified by Section 2.2.3(c)(iv) hereof, this Agreement shall become wholly unconditional save for the satisfaction of the
conditions specified in Sections 5.1(b) and 5.2(b) and shall not be capable of termination or rescission save for the non-satisfaction of such two conditions. 
  

 12 

 6. Transfer, Legends. 
  
 6.1 Securities Law Transfer Restrictions. No Purchaser shall sell, assign, pledge, transfer or otherwise dispose or
encumber any of the Units being purchased by it hereunder or any component hereof (including the ordinary shares to be issued upon exercise of the Warrants), except (i) pursuant to an effective registration statement under the Securities Act or (ii)
pursuant to an available exemption from registration under the Securities Act and applicable state securities laws and, if requested by the Company, upon delivery by such Purchaser of an opinion of counsel reasonably satisfactory to the Company to
the effect that the proposed transfer is exempt from registration under the Securities Act and applicable state securities laws, provided that in no event may any Warrant be transferred to any person or entity in the United States who, at the
time of such transfer, is not an “accredited investor” (as defined in Rule 501 of Regulation D promulgated under the Securities Act). Any transfer or purported transfer of the Units or any component hereof (including the ordinary shares to
be issued upon exercise of the Warrants) in violation of this Section 6.1 shall be voidable by the Company. The Company shall not register any transfer of the Units (including the ordinary shares to be issued upon exercise of the Warrants) in
violation of this Section 6.1. The Company may, and may instruct any transfer agent for the Company, to place such stop transfer orders as may be required on the transfer books of the Company in order to ensure compliance with the provisions of this
Section 6.1. 
  
 6.2 Legends. Each certificate
representing, or other evidence of ownership of, Units or any component thereof (including the ordinary shares to be issued upon exercise of the Warrants) shall be endorsed with the legends set forth below, and each Purchaser covenants that, except
to the extent such restrictions are waived by the Company, it shall not transfer the securities represented by any such certificate without complying with the restrictions on transfer described in this Agreement and the legends endorsed on such
certificate: 
  
 “THE SECURITIES REPRESENTED BY THIS
CERTIFICATE HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933 OR ANY APPLICABLE STATE SECURITIES LAWS AND MAY NOT BE OFFERED, SOLD, ASSIGNED, PLEDGED TRANSFERRED OR OTHERWISE DISPOSED OF IN THE ABSENCE OF AN EFFECTIVE REGISTRATION STATEMENT
UNDER SAID ACT OR SAID LAWS OR PURSUANT TO AN AVAILABLE EXEMPTION FROM REGISTRATION THEREUNDER AND, IF REQUESTED BY THE COMPANY, UPON DELIVERY OF AN OPINION OF COUNSEL REASONABLY SATISFACTORY TO THE COMPANY THAT THE PROPOSED TRANSFER IS EXEMPT FROM
SAID ACT AND SAID LAWS.” 
  
 The legend set forth above shall
be removed and the Company shall issue a certificate representing, or other evidence of ownership of, such securities without such legend to the holder of any Units or components thereof (including the ordinary shares to be issued upon exercise of
the Warrants) upon which it is stamped, if, unless otherwise required by applicable state securities laws, (a) such securities are registered for sale under an effective registration statement filed under the Securities Act or otherwise may be sold
pursuant to Rule 144 without any restriction as to the number of securities as of a particular date that can then be immediately sold, or (b) such holder provides the Company with an opinion of counsel, in form, substance and scope customary for
opinions of counsel in comparable transactions, to the effect that a public sale or transfer is not effected or an exemption from registration is 
  

 13 

 available. The Purchaser agrees to sell all Units or components thereof (including the ordinary shares to be issued upon
exercise of the Warrants), including those represented by a certificate(s) from which the legend has been removed, in compliance with applicable prospectus delivery requirements, if any. 
  
 7. Termination: Liabilities Consequent Thereon. This Agreement may be terminated and the transactions contemplated
hereunder abandoned at any time prior to the Closing only as follows: 
  
 (a) by any Purchaser (solely with respect to such Purchaser), upon notice to the Company if the conditions set forth in Section 5.1 shall not have been satisfied on or prior to December 31, 2003; or 
  
 (b) by the Company (solely with respect to such Purchaser), upon notice to
any Purchaser if the conditions set forth in Section 5.2 as to such Purchaser shall not have been satisfied on or prior to December 31, 2004; or 
  
 (c) at any time by mutual agreement of the Company and any Purchaser (solely with respect to such Purchaser); or 
  
 (d) by any Purchaser (solely with respect to such Purchaser), with respect to
its obligations hereunder if there has been any breach of any representation or warranty or any material breach of any covenant of the Company contained herein and the same has not been cured within 15 days after notice thereof, (it being understood
and agreed by each Purchaser that, in the case of any representation or warranty of the Company contained herein which is not hereinabove qualified by application thereto of a materiality standard, such representation or warranty will be deemed to
have been breached for purposes of this Section 7(d) only if such representation or warranty was not true and correct in all material respects at the time such representation or warranty was made by the Company or on such 15th day following notice of such breach); or 
  
 (e) by the Company (solely with respect to such Purchaser), if there has been any breach of any representation, warranty or
any material breach of any covenant of such Purchaser contained herein and the same has not been cured within 15 days after notice thereof (it being understood and agreed by the Company that, in the case of any representation and warranty of the
Purchaser contained herein (other than any representation or warranty contained in Sections 4.3, 4.4, 4.5, 4.6 or 4.7) which is not hereinabove qualified by application thereto of a materiality standard, such representation or warranty will be
deemed to have been breached for purposes of this Section 7(e) only if such representation or warranty was not true and correct in all material respects at the time such representation or warranty was made by such Purchaser or on such 15th day following notice of such breach). 
  

Any termination pursuant to this Section 7 shall be without liability on the part of any party, unless such termination is the result of a material
breach of this Agreement by a party to this Agreement in which case such breaching party shall remain liable for such breach notwithstanding any termination of this Agreement. 
  
 8. Miscellaneous Provisions. 
  

8.1 Public Statements or Releases. None of the parties to this Agreement shall make, issue, or release any announcement, whether to the public
generally, or to any of its suppliers or customers, with respect to this Agreement or the transactions provided for herein, or make any statement or acknowledgement of the existence of, or reveal the status of, this Agreement or the transactions
provided for herein, without the prior consent of Orbimed Advisors LLC, which shall not be unreasonably 
  

 14 

 withheld or delayed, provided, that nothing in this Section 8.1 shall prevent (i) the Company from issuing a press
release upon or after the date hereof announcing the execution hereof (and ultimately the closing hereof) and summarizing the material terms hereof so long as such press release does not reveal the identity of any Purchaser, or (ii) any of the
parties hereto from making such public announcements (including distribution of the Proxy Statement/Prospectus which may include therein the name of any Purchasers who may possibly acquire 3% or more of the Company’s outstanding ordinary
shares) as it may consider necessary, or making this Agreement available for display, in order to satisfy its legal or regulatory obligations, so long as the extent practicable and not inconsistent with such obligations, it shall provide the other
parties with prior notice thereof. The Company hereby notifies each Purchaser that this Agreement will be put on public display with its counsel in London and the Proxy Statement/Prospectus will disclose therein the name of each Purchaser who may
possibly acquire 3% or more of the Company’s outstanding ordinary shares. The Company shall, on or promptly following the Closing Date (a) issue a press release disclosing the transactions contemplated hereby, and (b) furnish said press release
to the SEC on Form 6-K with the SEC. 
  
 8.2 Non-Public
Information. The Company covenants and agrees that from and after the date hereof it will not provide any Purchaser or its agents or counsel with any information that the Company believes constitutes material non-public information, unless prior
thereto such Purchaser shall have executed a written agreement regarding the confidentiality and use of such information. The Company understands and confirms that each Purchaser shall be relying on the foregoing covenant in effecting transactions
in securities of the Company. 
  
 8.3 Further Assurances.
Each party agrees to cooperate fully with the other party and to execute such further instruments, documents and agreements and to give such further written assurances, as may be reasonably requested by the other party to better evidence and reflect
the transactions described herein and contemplated hereby, and to carry into effect the intents and purposes of this Agreement. 
  
 8.4 Rights Cumulative. Each and all of the various rights, powers and remedies of the parties shall be considered to be cumulative with and in
addition to any other rights, powers and remedies which such parties may have at law or in equity in the event of the breach of any of the terms of this Agreement. The exercise or partial exercise of any right, power or remedy shall neither
constitute the exclusive election thereof nor the waiver of any other right, power or remedy available to such party. 
  
 8.5 Pronouns. All pronouns or any variation thereof shall be deemed to refer to the masculine, feminine or neuter, singular or plural, as the
identity of the person, persons, entity or entities may require. 
  
 8.6 Notices. 
  
 (a) Any notices, reports or other
correspondence (hereinafter collectively referred to as “correspondence”) required or permitted to be given hereunder shall be sent by postage prepaid first class mail, courier or telecopy or delivered by hand to the party to whom
such correspondence is required or permitted to be given hereunder. The date of giving any notice shall be the date of its actual receipt. 
  
 (b) All correspondence to the Company shall be addressed as follows: 
  
 Xenova Group plc 
 957 Buckingham Avenue 
 Slough SL1 4NL 
  

 15 

 Berkshire, United Kingdom 
 Attention: Daniel Abrams 
 Telephone: 011-44-1753-706-636 
 Telecopier: 011-44-1753-706-638 
  
 with a copy to: 
  
 Bingham McCutchen LLP 
 399 Park Avenue

 New York, NY 10022 
 Attention: Brian D. Beglin, Esq. 
 Telephone: (212) 705-7204 
 Telecopier: (212) 702-3601 
  
 (c) All correspondence to the Escrow Agent shall be addressed as follows: 
  
 Bingham McCutchen LLP 
 399 Park Avenue 
 New York, NY 10022 
 Attention: Brian D. Beglin, Esq. 
 Telephone: (212) 705-7204 
 Telecopier: (212) 702-3601 
  
 (d) All correspondence to any Purchaser shall be sent to such Purchaser at the address set forth in Exhibit A. 
  
 (e) Any entity may change the address to which correspondence to it is to be
addressed by notification as provided for herein. 
  
 8.7
Captions. The captions and paragraph headings of this Agreement are solely for the convenience of reference and shall not affect its interpretation. 
  
 8.8 Severability. Should any part or provision of this Agreement be held unenforceable or in conflict with the applicable laws or regulations of
any jurisdiction, the invalid or unenforceable part or provisions shall be replaced with a provision which accomplishes, to the extent possible, the original business purposes of such part or provision in a valid and enforceable manner, and the
remainder of this Agreement shall remain binding upon the parties hereto. 
  
 8.9 Governing Law: Injunctive Relief. 
  
 (a) This Agreement shall be governed by and construed in accordance with the internal and substantive laws of the State of New York and without regard to any conflict of laws concepts which would apply the substantive
law of some other jurisdiction. 
  
 (b) Each of the parties hereto
unconditionally and irrevocably consents and submits to the exclusive jurisdiction of the federal and state courts located in New York, N.Y., and waives any objection with respect thereto, for the purpose of any action, suit or proceeding arising
out of or relating to this Agreement or the transactions contemplated hereby. 
  

 16 

 (c) Each of the parties hereto acknowledges and agrees that damages will not be an adequate remedy for
any material breach or violation of this Agreement if such material breach or violation would cause immediate and irreparable harm (an “Irreparable Breach”). Accordingly, in the event of a threatened or ongoing Irreparable Breach,
each party hereto shall be entitled to seek, in any state or federal court in the State of New York, equitable relief of a kind appropriate in light of the nature of the ongoing or threatened Irreparable Breach, which relief may include, without
limitation, specific performance or injunctive relief; provided, however, that if the party bringing such action is unsuccessful in obtaining the relief sought, the moving party shall pay the non-moving party’s reasonable costs,
including attorney’s fees and expenses, incurred in connection with defending such action. Such remedies shall not be the parties’ exclusive remedies, but shall be in addition to all other remedies provided in this Agreement. 

 
 8.10 Waiver. No waiver of any term, provision or condition of this
Agreement, whether by conduct or otherwise, in any one or more instances, shall be deemed to be, or be construed as, a further or continuing waiver of any such term, provision or condition or as a waiver of any other term, provision or condition of
this Agreement. 
  
 8.11 Expenses. Except as provided in
Section 8.9(c) hereof, each party will bear its own costs and expenses in connection with this Agreement. 
  
 8.12 Assignment. The rights and obligation of the parties hereto shall inure to the benefit of and shall be binding upon the authorized successors
and permitted assigns of each party provided that no Purchaser may assign its rights or obligations hereunder without the consent of the Company which may not be unreasonably withheld and the Company may not assign its rights or obligations
hereunder without the consent of the Purchasers. In the event of any assignment in accordance with the terms of this Agreement, the assignee shall specifically assume and be bound by the provisions of the Agreement by executing and agreeing to an
assumption agreement reasonably acceptable to the other party. 
  
 8.13 Survival. The respective representations and warranties given by the parties hereto shall survive the Closing Date and the consummation of the transactions contemplated herein for a period of one (1) year, except for the
representation set forth in Section 3.4 of this Agreement, which shall survive the Closing Date and the consummation of the transactions contemplated herein for a period of two (2) years, without regard to any investigation made by any party;
provided that if a claim for a breach thereof shall have been made to the Company in writing, then such claim shall survive until resolved by mutual agreement or a final and nonappealable judgment of a court of competent jurisdiction pursuant to
Section 8.9(b) hereof. 
  
 8.14 Entire Agreement:
Amendment. This Agreement and the Warrant Instrument together constitute the entire agreement between the parties hereto respecting the subject matter hereof and supersede all prior agreements, negotiations, understandings, representations and
statements respecting the subject matter hereof, whether written or oral. No modification, alteration, waiver or change in any of the terms of this Agreement shall be valid or binding upon the parties hereto unless made in writing and duly, executed
by the Company and the Purchasers and no modification, alteration, waiver or change in the rights attached to the Warrants shall be valid or binding upon the Purchasers unless sanctioned in accordance with the terms of the Warrant Instrument.

  

 17 

 8.15 Escrow Agent Provisions. 
  
 (a) The Company agrees to hold the Escrow Agent harmless and to indemnify the Escrow Agent against any loss, liability,
expense (including reasonable attorney’s fees and expenses), claim, or demand arising out of or in connection with the performance of its obligations in accordance with the provisions of this Agreement, except as shall result from the gross
negligence or willful misconduct of the Escrow Agent (the “Indemnified Amounts”). The foregoing indemnities in this subsection (a) shall survive the termination of this Agreement. 
  
 (b) The Escrow Agent’s duties are only such as are specifically provided
herein, and the Escrow Agent shall incur no liability whatsoever to any party hereto except as shall result from the gross negligence or willful misconduct of the Escrow Agent. The Escrow Agent shall have no responsibility hereunder other than to
follow faithfully the instructions herein contained. The Escrow Agent may consult with counsel and shall be fully protected in any action taken in good faith in accordance with such advice. The Escrow Agent shall be fully protected in acting in
accordance with any written instructions given to it hereunder and believed by it to have been executed by the proper parties. 
  
 (c) The Escrow Agent shall receive such fees for its services as it shall have separately agreed with the Company (the “Fees”). The
Escrow Agent agrees that under no circumstances shall it have recourse against, nor shall it seek to recover from, any party hereto other than the Company any Indemnified Amounts or Fees, all of such other parties being hereby released from
liability to the Escrow Agent with respect thereto. 
  
 (d) It is
understood and agreed that should any dispute arise with respect to payment and/or ownership or right of possession of the Escrowed Funds, the Escrow Agent is authorized and directed to retain in its possession, without liability to anyone, all or
any part of the disputed Escrowed Funds until such dispute shall have been settled either by mutual written agreement by the parties concerned or pursuant to a final nonappealable judgment of a court of competent jurisdiction. The Escrow Agent shall
be under no duty whatsoever to institute or defend any such legal proceedings. 
  
 8.16 Disclosure. Certain information set forth in the Schedules is included solely for informational purposes, is not an admission of liability with respect to the matters covered by the information, and may
not be required to be disclosed pursuant to this Agreement. The disclosure of amounts with respect to items in the Schedules is not intended to imply that such amounts (or higher or lower amounts) are or are not material, and no party shall use the
fact of the setting of such amounts or the fact of the inclusion of any such item in the Schedules in any dispute or controversy between the parties as to whether any obligation, item, or matter not described herein or included in a Schedule is or
is not material for purposes of this Agreement. 
  
 8.17
Counterparts. This Agreement may be executed in one or more counterparts, each of which shall be deemed to be an original, and all of which together shall constitute one and the same Agreement. This Agreement may be executed and delivered via
facsimile transmission with the same force and effect as if it were executed and delivered in writing. In making proof of this Agreement, it shall not be necessary to produce or account for more than one fully executed counterpart. 
  

 18 

 IN WITNESS WHEREOF, the parties hereto have executed this Stock Purchase Agreement under seal as of the
day and year first above written. 
  

			
	XENOVA GROUP PLC
		
	 By:
	 	 /s/ Daniel Abrams

	 Name:

	 Title:

	
	 BINGHAM MCCUTCHEN LLP, AS ESCROW AGENT

		
	 By:
	 	  

	 Name:

	 Title:

		
	 By:
	 	  

	 Name:

	 Title:Agreement between Think Equity Partners LLC and Xenova Group plc

 Exhibit 4.33 
  
 November 10, 2003 
  
 PERSONAL AND CONFIDENTIAL 
  
 Mr. Daniel Abrams 
 Group Finance Director 
 Xenova Group plc 
 957 Buckingham Avenue 
 Slough 
 Berkshire SL1 4NL 
  
 Dear Mr. Abrams: 
  
 This letter will confirm the understanding and agreement (the “Agreement”) between ThinkEquity Partners LLC
(“TEP”) and Xenova Group plc (the “Company”) as follows: 
  
 1. Engagement. The Company has engaged and appoints TEP to perform the services described in Section 2 below as its exclusive placement agent for the private placement in the United States to accredited
institutional investors that have been introduced to the Company by TEP pursuant to this Agreement and outside the United States to affiliates of such accredited institutional investors (the “U.S. Placement”), on a best efforts
basis, of new ordinary shares in the Company, possibly along with warrants to purchase ordinary shares if the parties so agree (the “Securities”). TEP accepts such appointment as placement agent, subject to the terms and conditions
of this Agreement. The U.S. Placement is to be conducted in connection with an offering outside the United States of Securities by the Company, which offering (the “U.K. Offering”) is expected to be conducted as a placing and open
offer or a rights offering. The aggregate amount to be raised in the offerings is intended to be up to £30 million. Both offerings will be conducted in a manner that is exempt from registration under the Securities Act of 1933, as amended (the
“Securities Act”), and will otherwise comply with the applicable laws and regulations of any other jurisdictions in which the Securities will be offered. It is understood and agreed that Nomura International has been engaged by the
Company as its financial adviser and underwriter for the U.K. Offering. 
  
 2. TEP’s Role. TEP will provide the Company with financial advice and assistance relating to the U.S. Placement of the Securities. In particular, TEP has assisted and will assist the Company in: 
  

	 	(a)	structuring the U.S. Placement; 

  

	 	(b)	identifying potential purchasers of the Securities offered in the U.S. Placement (other than existing Company shareholders) which TEP reasonably believes to be U.S. accredited
institutional investors (“U.S. AIIs”) and/or their non-U.S, affiliates (“Non-U.S. Affiliates”) (together, “Prospective Investors”); and 

	 	(c)	assisting with the sale of the Securities to the Prospective Investors in the U.S. Placement. 

  
 The Securities to be marketed as part of the U.S. Placement shall be up to approximately £15 million of new ordinary
shares (plus any warrants, if the parties so agree). At the request of the Company, TEP shall from time to time present to the Company a list of Prospective Investors which TEP believes are interested in purchasing Securities in the U.S. Placement.
To the extent the Company decides to sell Securities to such Prospective Investors, it will enter into appropriate sale and purchase contracts (“Purchase Agreements”), in a form acceptable to TEP, directly with such Prospective
Investors, it being understood that different forms of Purchase Agreements may be used, including separate forms for the U.K. Offering and the U.S. Placement. (Prospective Investors who execute Purchase Agreements with the Company are referred to
herein as “U.S. Investors”) 
  
 The Company and
TEP understand and agree that the U.K. Offering and the U.S. Placement must be conducted in a manner which does not violate the requirements of the Securities Act, including the registration requirements thereunder. 
  
 The Company further understands that if TEP is asked to act for the Company
in any other formal additional capacity not specifically addressed in this letter, such activities shall constitute separate engagements and the terms of any such additional engagements will be embodied in one or more separate written agreements
containing terms and conditions to be mutually agreed upon, including, without limitation, appropriate indemnification provisions. The indemnity provisions in Annex C shall apply to any such other activities and shall remain in full force and effect
regardless of any completion, modification or termination of TEP’s engagement(s), unless it is superseded by an indemnity provision set forth in a separate agreement applicable to any such additional engagements. 
  
 3. Solicitation as Agent; Offers and Sales of the Securities. TEP
represents and warrants to, and agrees with, the Company that (i) in the performance of its duties hereunder it will not do anything that will cause the Company to be engaged, in connection with the offering of the Securities, in any form of general
solicitation or general advertising within the meaning of Rule 502(c) under the Securities Act, (ii) it will disclose and discuss the U.S. Placement and the U.K. Offering only with Prospective Investors that have been pre-approved by the Company and
only in such a manner as will permit the U.S. Placement to be consummated without registration of the Securities under the Securities Act, (iii) it will ensure that executed Non-Disclosure Agreements substantially in the form of Annex A attached
hereto, are obtained from Prospective Investors prior to disclosing to them the U.S. Placement or any non-public information regarding the Company (or if such disclosures were made prior to the date hereof without a Non-Disclosure Agreement having
been executed, it will ensure that they have been executed prior to continuing discussions with such Prospective Investors), (iv) it will keep a master log of all Prospective Investors, noting thereon when the U.S. Placement was first discussed with
them, and will make such log available to the Company upon its request, (v) it will disclose to Prospective Investors only such Information (as defined herein) as has been either supplied by the Company for use in the U.S. Placement or previously
approved by the Company in writing, (vi) it is duly registered as a broker-dealer under the Securities Exchange Act of 1934, as amended (the “Exchange Act”), (vii) it is duly licensed as a broker-dealer under the laws of each state
in the U.S. as provided in Annex B attached hereto (and will not solicit any investors in any state not listed on Annex B), (viii) it is a member 
  

 2 

 in good standing of the National Association of Securities Dealers, Inc. (the “NASD”), (ix) in the
performance of its duties hereunder, it will duly comply with the laws of the U.S., the securities laws of any state in which it solicits investors, and the rules and regulations of the NASD to the extent such laws, rules and/or regulations
are applicable to the performance of its duties hereunder, and (x) during the Engagement Period, it will notify the Company immediately if any of the registrations or memberships listed above are terminated, suspended or revoked or if any proceeding
for such termination, suspension or revocation are commenced or threatened. 
  
 4. Representations and Warranties of the Company. The Company represents and warrants to, and agrees with, TEP that: 
  

	 	(a)	Neither the Company nor any person acting on its behalf (excluding TEP) has engaged or will engage, in connection with the offering of the Securities, in any form of general
solicitation or general advertising within the meaning of Rule 502(c) under the Securities Act; 

  

	 	(b)	No offers or sales of any securities of the same or similar class as the Securities have been made or will be made by the Company or any affiliate during the six-month period before
or after the completion of the U.S. Placement in a manner which would require the offer and sale of the Securities in the U.S. Placement or U.K. Offering to be registered under the Securities Act. 

  

	 	(c)	The Company shall be solely responsible for (i) ensuring that the sale of Securities contemplated by this Agreement shall be exempt from the registration requirements of the
Securities Act (provided, however, that TEP acknowledges and agrees that in ensuring such compliance the Company will rely in good faith upon TEP’s compliance with its agreements contained herein, the accuracy of TEP’s representations and
warranties contained herein and the accuracy of the representations and warranties of the U.S. Investors contained in the Purchase Agreements) and will otherwise comply with the securities laws of any applicable country or other jurisdiction, and
(ii) qualifying the Securities for offering and sale under the applicable securities, or Blue Sky laws of such states and other jurisdictions (domestic or foreign) where such qualification is necessary for the consummation of the U.S. Placement. The
Company shall not take any action or permit anyone other than TEP to take any action on its behalf that would cause such sale of Securities to fail to (i) qualify for such an exemption, or (ii) otherwise comply with such securities laws.

  

	 	(d)	The Company will reasonably believe at the time of any sale of Securities to a U.S. Investor as part of the U.S. Placement that such U.S. Investor is an “accredited
investor” as that term is defined in Rule 501 of Regulation D under the Securities Act. 

  

	 	(e)	The Company will file in a timely manner with the SEC notices required by Rule 503 of Regulation D with respect to the sale of any Securities in the U.S. Placement and will furnish
to TEP promptly thereafter a signed copy of each such notice. 

  

 3 

	 	(f)	Any Securities offered in the U.K. Offering by the Company or any person acting on its behalf (including without limitation Nomura International) will be offered and sold
only in offshore transactions that are in compliance with Regulation S under the Securities Act. 

  

	 	(g)	The Company is a foreign private issuer under the meaning in Rule 405 of Regulation C of the Securities Act. 

  

	 	(h)	The Company has not made and shall not make, and has not permitted and shall not permit any person acting on its behalf, other than TEP in connection with the U.S. Placement, to
make any “directed selling efforts” in respect of the Securities (as such phrase is defined in Regulations S). 

  

	 	(i)	The Securities to be sold in the U.K. Offering are eligible for Category 1 of Rule 903(b) of Regulation S. 

  

	 	(j)	The Company will perform the covenants set forth in the Purchase Agreements. The Company will not modify any such Purchase Agreements without the prior written consent of TEP which
shall not be in reasonably withheld. 

  

	 	(k)	At any closing under any Purchase Agreement, the Company will deliver, or cause to be delivered, to TEP, in each case in form and substance satisfactory to TEP and its counsel (i) a
letter representing and warranting to TEP that the representations and warranties of the Company contained in each Purchase Agreement or other similar agreement are true and correct in all material respects as of the Closing Date, except to the
extent any such representation or warranty was expressly made as of any other date, in which case such representation and warranty was true and correct in all material respects as of such other date and that TEP may rely on such representations and
warranties as if they were addressed to them; and (ii) all certificates and other documents (other than the Securities) delivered to each Investor at such closing. 

  

	 	(l)	During the Engagement Period, upon reasonable request the Company will (i) make available to each Prospective Investor any information (which upon delivery will become
Information) concerning the U.S. Placement and U.K. Offering, the Company and any other relevant matters as the Company possesses or can acquire without unreasonable effort or expense and (ii) provide each Prospective Investor the opportunity to ask
questions of, and receive answers from, the officers and employees of the Company concerning the terms and conditions of the U.S. Placement and to obtain any other additional information reasonably requested about the Company and the Securities, to
the extent the officers and employees of the Company possess the same or can acquire it without unreasonable effort or expense; provided, however, subject to the requirements and representations of Sections 4(m) and (n) below, this
Section 4(l) shall not require the Company to disclose to TEP or any Prospective Investor any material non-public information about the Company or its research or development activities that the Company elects not to disclose in the exercise of its
sole discretion. 

  

 4 

	 	(m)	The Company represents and warrants that the Information furnished or made available by the Company either directly or through TEP to offerees of the Securities or any of their
representatives for use in connection with the U.S. Placement at the time provided and, as amended or supplemented through the closing of the U.S. Placement, at such closing will not, when taken together, contain any untrue statement of a material
fact or omit to state a material fact necessary in order to make the statements therein, in the light of the circumstances under which they were made, not misleading. 

  

	 	(n)	The Company has made all filings required under the Exchange Act since December 31, 2002 (including its filing on Form 20-F for 2002) (the “SEC Documents”), and
when such filings were filed with the Securities Exchange Commission (the “Commission”) they conformed in all material respects to the requirements of the Exchange Act, and the rules and regulations of the Commission thereunder;
none of the documents contained, when they became effective or were filed with the Commission, as the case may be, an untrue statement of a material fact or omitted to state a material fact required to be stated therein or necessary to make the
statements therein, in light of the circumstances under which they were made, not misleading; and any further documents to be filed or any further amendment or supplement thereto, when such documents are filed with the Commission, will conform in
all material respects to the requirements of the Exchange Act and the rules and regulations of the Commission thereunder and will not contain an untrue statement of a material fact or omit to state a material fact required to be stated or necessary
to make the statements therein, in light of the circumstances under which they were made, not misleading. 

  
 5. Engagement Period. This Agreement shall be deemed to have become effective as of October 20, 2003, and shall continue through the earliest of
(i) 120 days from such date, (ii) the date of the last closing of a U.S. Placement of the Securities or (iii) the termination of this Agreement pursuant to Section 8 (the “Engagement Period”). 
  
 6. Best Efforts; No Fiduciary Duty. It is understood that in acting as
placement agent for the U.S. Placement, TEP will seek to complete the financing strictly on a best efforts basis, acting as the Company’s agent and not as a principal in the sale and placement of the Securities, and that the consummation of the
U.S. Placement will be subject to, among other things, market conditions. In such capacity, TEP shall act as an independent contractor, and any duties of TEP arising out of its engagement pursuant to this Agreement shall be owed solely to the
Company; and this Agreement is not intended to create rights or obligations of either party for the benefit of third parties, including without limitation the creditors of the Company. It is understood that TEP’s responsibility to the Company
is solely contractual in nature and that TEP does not owe the Company, or any other party, any fiduciary duty as a result of its engagement. Furthermore, the parties hereto understand that TEP is not required to purchase any Securities. As
independent contractors, neither TEP nor the Company is authorized to incur any 
  

 5 

 obligation or make any commitment on behalf of the other. Accordingly, without the prior written consent of the other
party, neither the Company nor TEP shall take any action or fail to take any action that results in any such obligation or commitment, nor shall either of them represent to any third party that it is able to act for or to bind the other in any
respect. 
  
 7. Information. The Company shall furnished,
or cause to be furnished, to TEP all Information reasonably requested by TEP for the purpose of rendering services hereunder. For the purposes of this Agreement “Information” shall mean all or oral information or written
material or documents prepared or approved by the Company for delivery to Prospective Investors in the Securities, directly by the Company or through TEP, describing, among other things, the Company and its business and the U.K. Offering and U.S.
Placement (all such information, whether written or oral, including any offering memorandum, being the “Information”). In addition, the Company agrees to make available to TEP upon request from time to time the officers, directors,
accountants, counsel and other advisors of the Company. The Company recognizes and confirms that TEP (a) will use and rely solely on the Information and on information available from generally recognized public sources in performing the services
contemplated by this Agreement without having independently verified the same; (b) does not assume responsibility for the accuracy or completeness of the Information and such other information; and (c) will not make an appraisal of any of the assets
or liabilities of the Company. The Company agrees that (i) all Information furnished by it to TEP in connection with this Agreement will be accurate in all material respects at the time provided and that if all or part of such Information becomes
materially inaccurate, misleading or incomplete during the Engagement Period, the Company will promptly so advise TEP in writing and correct any such inaccuracy or omission and (ii) any projected financial information or other forward-looking
information which the Company provides to TEP will be made by the Company in good faith, based on management’s best estimates then available and based on facts and assumptions which the Company believes to be reasonable. 
  
 8. Termination. This Agreement and all of the parties’
obligations hereunder may be terminated by either TEP or the Company for any reason upon giving ten days prior notice thereof to the other party. Upon termination, the Company shall pay to TEP all fees earned and, in accordance with the fifth
paragraph of Section 9 hereof, reimburse TEP for all reasonable expenses incurred prior to the date of termination that remain unpaid as of the date of such termination. Notwithstanding any termination of or under this Agreement as provided herein,
the following Sections of this Agreement will survive any such termination: Sections 9 through13 and Annex C. 
  
 9. Fees. As compensation for the services to be rendered by TEP hereunder, the Company agrees to pay or cause to be paid at each closing of a sale
of Securities by the Company to a U.S. Investor, a transaction fee to TEP in cash equal to six percent (6%) of the aggregate gross proceeds received by the Company from such closing (the “Transaction Fee”), provided that in the case
of any sale of Securities to any Non-U.S. Affiliates of Prospective Investors who are not stockholders of the Company in the U.K. Offering, the Transaction Fee will be reduced by any amounts paid by the Company to Nomura International as an
underwriting fee in respect of such Securities. Such reduction of the Transaction Fee, in any case, shall not exceed three percent (3%) of the aggregate gross proceeds received by the Company from such closing. 
  

 6 

 The Company further agrees that if the Company enters into Purchase Agreements with a U.S. Investor, and
all the conditions to its obligations to consummate the transactions contemplated by the Purchase Agreements as set forth therein shall have been satisfied as to such Investor, and the Company elects (whether to clawback Securities so that they may
be sold in the U.K. Offering or otherwise) not to sell any of such Securities to such investor pursuant to its signed Purchase Agreement, then in addition to any Transaction Fee payable in respect of Securities sold to such investor, if any, TEP
shall be entitled to be paid an amount (the “Agency Fee”) equal to six percent (6%) of the aggregate price of the Securities that the Company elected not to sell to such Investor. 
  
 If the Company completes a sale of Securities in the United States or with
U.S. Investors during the Engagement Period, with the exception of a sale to Company insiders or to U.S. persons in the U.K. Offering pursuant to Regulation S, the principal purpose of which is to secure equity financing, TEP will be paid the fees
that would be due in connection with such transaction under the first paragraph of Section 9 hereof. In addition, if at any time during the six month period following the end of the Engagement Period, the Company completes a sale of Securities to a
Prospective Investor, or any affiliates of such investor, introduced by TEP that has not, either directly or through one of its affiliates, invested in the Company prior to the date hereof, which list of Prospective Investors shall be forwarded to
the Company within 5 business days following the termination of the Engagement Period (for avoidance of doubt, any affiliate of such investor need not be included in the list of Prospective Investors forwarded to the Company), upon the closing of
any such transaction, TEP will be paid the fees which would be due in connection with such transaction under the first paragraph of Section 9 hereof. 
  
 The Company agrees to pay to TEP a non-refundable retainer fee of $25,000 in cash immediately upon execution of this Agreement. The retainer fee shall be
credited against any Transaction Fee or Agency Fee. 
  
 The
Company agrees to reimburse TEP, upon request, for TEP’s actual and reasonable documented expenses paid to third parties in, connection with performing its obligations under this Agreement (including reasonable legal fees and expenses),
provided, however, that the liability of the Company to reimburse such expenses shall not exceed $35,000 without the Company’s prior written approval. Expenses related to indemnification subject to Section l0 and Annex C are not
subject to the limitations of the preceding sentence. 
  
 In the
event that, in accordance with terms generally applicable in the U.K. Offering, the Company agrees (with the prior consent of TEP, which will not be unreasonably withheld) to pay any U.S. Investor buying in the U.S. Placement and not in the U.K.
Offering a fee to compensate it for the risk incurred between the execution and closing of its Purchase Agreement (not to exceed 3% of the purchase obligation of any U.S. Investor), the Agency or Transaction Fee payable to TEP in respect of such
U.S. Investor hereunder shall be correspondingly reduced. 
  
 10.
Indemnity. Since TEP will be acting on behalf of the Company in connection with its engagement hereunder and as further compensation for TEP’s services hereunder, in addition to the fees and reimbursement of expenses provided for above,
the Company and TEP agree to the indemnification provisions set forth as Annex C hereto, which are incorporated herein by reference as if fully set forth herein. 
  

 7 

 11. Cumulative Remedies. The parties agree that the rights, powers and remedies provided in this
Agreement are in addition to, and not exclusive of, rights, powers and remedies provided by existing or future applicable laws. 
  
 12. Amendments/Governing Laws. This Agreement may not be amended or modified except in writing signed by each of the parties and
shall be governed by and construed and enforced in accordance with the internal laws of the State of New York, without regard to the principles of conflict of laws. 
  
 13. Confidentiality. Except as required by law, this Agreement and the services and advice to be provided by TEP
hereunder, shall not be disclosed to third parties by either party hereto without the other party’s prior written permission, nor shall the pendency of the U.K. Offering or the U.S. Placement or any Information that is material non-public
information about the Company be disclosed by TEP to third parties without the prior approval of the Company. Notwithstanding the foregoing, when the U.S. Placement is completed, TEP may advertise the services it provided to the Company in
connection with this Agreement at its own expense. 
  
 14. No
Brokers. The Company represents and warrants to TEP that it has not incurred, and shall not incur, directly or indirectly any liability for any brokerage or finders’ fees or agents’ commissions or any similar charges in connection with
this Agreement or the U.S. Placement (“Broker Fees”), except for the liability of the Company to TEP hereunder and that there are; no other financial advisors or similar persons (other than Nomura International in connection with
the U.K. Offering) entitled to receive compensation from the Company in connection with any transaction contemplated herein. TEP represents and warrants to the Company that any Broker Fees that shall be payable to third parties by TEP or as a result
of TEP’s activities in connection with it services hereunder, including any Broker Fees owing to Trout Group, will be owing and paid by TEP and will not be liabilities of the Company. 
  
 15. Authorization. Each party hereto represents and warrants that it
has all requisite power and authority to enter into and carry out the terms and provisions of this Agreement, it has duly executed and delivered this Agreement, and the execution, delivery and performance of this Agreement by it does not breach or
conflict with any agreement (whether written or oral), document or instrument to which it or any of its subsidiaries is a party or is bound. 
  
 16. Notices. All communications hereunder shall be in writing and shall be mailed or delivered (a) to the Company, at its offices at 957 Buckingham
Avenue, Slough, Berkshire, England, SL1 4NL, Attention: Group Finance Director, and (b) to TEP, at its offices at 28 West 44th Street, Suite 1200, New York, NY 10036, Attention: David Strupp. 
  
 17. Submission to Jurisdiction; Judgment currency. (a) The Company
hereby submits to the non-exclusive jurisdiction of the Federal and state courts in the Borough of Manhattan in The City of New York in any suit or proceeding arising out of or relating to this Agreement or the transactions contemplated hereby. The
Company irrevocably agrees that service of process upon it by mail to its address as provided in Section 16 above shall be deemed in every respect effective service of process upon the Company in any such suit or proceeding. 
  

 8 

 (b) The obligation of the Company in respect of any sum due to TEP hereunder (including pursuant to Annex
C) shall, notwithstanding any judgment in a currency other than United States dollars, not be discharged until the first business day, following receipt by TEP of any sum adjudged to be so due in such other currency, on which (and only to the extent
that) TEP may in accordance with normal banking procedures purchase United States dollars with such other currency. If the United States dollars so purchased are less than the sum originally due to TEP hereunder, the Company agrees, as a separate
obligation and notwithstanding any such judgment, to indemnify TEP against such loss. 
  
 18. Full Service Securities Firm. The Company acknowledges that TEP is a full service securities firm and in the ordinary course of its business, for the accounts of its customers, holds long or short positions
in securities or derivative securities (including options), which may include securities or derivative securities relating to the Company. Nothing in this Agreement shall be deemed to prohibit TEP (i) from providing any services permitted by
applicable law to any third party so long as the provision of such services does not involve a breach of this Agreement or (ii) from engaging in any lawfully permitted activity on its own behalf; provided, that, during the Engagement
Period, TEP may not, for its own account, hold short positions in securities or derivative securities (including options) relating to the Company. 
  
 19. Assignment. The personal services of TEP are of the essence of this Agreement. The right, duties and obligations of TEP under this Agreement
shall not be assigned or delegated without the express written consent of the Company in each case. 
  
 20. Miscellaneous. This Agreement, including Annex C, constitutes the entire understanding and agreement between the Company and TEP with respect
to the subject matter hereof and supersedes all prior understandings or agreements among the parties with respect thereto, whether oral or written, express or implied. This Agreement and all rights, liabilities and obligations hereunder shall be
binding upon and inure to the benefit of each party’s successors but may not be assigned without the prior written approval of the other parties. This Agreement may be executed in any number of counterparts, each of which shall be deemed to be
an original, but such counterparts shall, together, constitute only one instrument. The descriptive headings of the Sections of this Agreement are inserted for convenience only, do not constitute a part of this Agreement and shall not affect in
anyway the meaning or interpretation of this Agreement. 
  

 9 

 TEP is delighted to accept this engagement and looks forward to working with you. Please confirm that the
foregoing correctly sets forth our agreement by signing the enclosed duplicate of this letter in the space provided and returning it, whereupon this letter shall constitute a binding agreement as of the date first above written. 
  

			
	 Very truly yours,

	
	 THINKEQUITY PARTNERS, LLC

		
	 BY:
	 	  

	 	 	 David J. Strupp, Jr.

	 	 	 Head of Health Care Investment Banking

  

			
	 ACCEPTED AND AGREED TO

	 AS OF THE ABOVE DATE:

	
	 XENOVA GROUP PLC

		
	 BY:
	 	  

	 	 	 Daniel Abrams

	 	 	 Group Finance Director

 ANNEX A: RESTRICTIONS AND OBLIGATIONS 
  
 Non-Disclosure Agreement 
  
 This Agreement (the “Agreement”) is made as of     , 2003, between Xenova Group plc (the
“Company”), and                     , (“Investor,” which term for purposes hereof will
include all affiliates of Investor as the context requires). The Company and Investor shall collectively be referred to herein as the “Parties.” The Parties desire to engage in, and have been engaged in, confidential discussions as to a
prospective investment by Investor in the Company’s equity securities (the “Discussion Purpose”). In the course of such discussions the Company has disclosed, and may need to disclose, certain confidential information of
the Company to be used only for the Discussion Purpose, and the Company desires to protect such confidential information from unauthorized use and disclosure by Investor. 
  
 In consideration of the mutual promises contained herein, the Parties hereto agree as follows: 
  
 1. Confidential Information and Materials 
  
 (a) This Agreement will apply to all confidential and proprietary
information disclosed by or on behalf of the Company to Investor, whether prior to or after the date of this Agreement as set forth above, and which is not otherwise the subject of a written nondisclosure agreement between the Parties.
“Confidential Information” means nonpublic information that the Company designates as being confidential or which, under the circumstances surrounding disclosure, ought to be understood to be confidential. Confidential
Information includes, without limitation, material information relating to the Company and its technology, products, services or business, documentation, financial condition or financial projections, the marketing or promotion of any of the
Company’s products or services including plans or data, the Company’s business policies or practices, and information received from others that the Company is obligated to treat as confidential. The Discussion Purpose, the fact that the
Parties are discussing the Discussion Purpose and the fact that the Company is planning to raise equity funding from others both in Europe and the United States, will be considered as Confidential Information by the Parties hereto. 
  
 (b) Confidential Information will not include information that Investor can
establish: (i) is now, or hereafter becomes, through no act or failure to act on the part of Investor, generally known or available to the public, including disclosures by the Company in any of its filings with the Securities and Exchange
Commission, press releases by the Company, the Company’s product literature, or disclosures on the Company’s web site; (ii) was acquired by Investor before receiving such information from the Company and without restriction as to use or
disclosure; (iii) is hereafter, to the best knowledge of Investor, rightfully furnished to Investor by a third party, without restriction as to use or disclosure; (iv) is information which Investor can document was independently developed without
breach of any obligation of confidentiality; (v) is required to be disclosed pursuant to law, provided Investor uses reasonable efforts to give the Company reasonable advance notice of such required disclosures; or (vi) is disclosed with the prior
written consent of the Company. 
  
 2. Investor (a) will hold the
Company’s Confidential Information in strict confidence, (b) will not disclose such Confidential Information to any third parties and will take all reasonable steps to prevent such disclosure which steps will include at least those taken by
Investor to protect its own confidential information of like kind, and (c) will not use any Confidential Information of the Company for any purpose except for the discussions between the Parties related to the Discussion Purpose. Investor may
disclose the Company’s Confidential Information to its responsible employees and consultants who have a bona fide need to know, but only to the extend necessary to carry out the Discussion Purpose. Investor will instruct all such employees and
consultants not to disclose such Confidential Information to third parties, including any consultants to whom Investor would not be authorized hereunder to make disclosure, without the prior written permission of the Company. 
  
 3. At the Company’s request, Investor will promptly return to the
Company, or, at the Company’s request, destroy, all tangible items containing or consisting of the Company’s Confidential Information and all copies thereof. 

 4. Nothing contained in this Agreement will be construed as granting any rights to Investor, by license
or otherwise, to any of the Company’s Confidential Information except as specified in this Agreement. 
  
 5. Investor acknowledges that the unauthorized disclosure or use of the Company’s Confidential Information would cause irreparable harm and
significant injury to the Company, the degree of which may be difficult to ascertain. Accordingly, Investor agrees that the Company will have the right to seek an immediate injunction enjoining any breach of this Agreement by Investor or its
employees or consultants, as well as the right to pursue any and all other rights and remedies available at law or in equity for such breach. 
  
 6. This Agreement will be governed by the laws of the State of New York without regard to its body of law controlling conflict of laws. This Agreement is
the complete and exclusive agreement of the Parties hereto regarding the specific subject matter of this Agreement and supersedes in their entirety all prior agreements, understandings and communications, oral or written, between the
Parties regarding the specific subject matter of this Agreement, and will be binding upon and inure to the Parties’ respective successors and assigns, and may only be amended by a writing signed by the Parties or their respective successors,
assigns or authorized representatives. 
  
 7. All obligations
created by this Agreement shall survive change or termination of the Parties’ business relationship. 
  
 8. The Investor acknowledges that the Company may be disclosing “material inside information,” as such term is defined in the federal
securities laws. The Investor further acknowledges that the sale or purchase of the Company’s common stock while in possession of any such information is a violation of the federal securities laws. 
  

											
	XENOVA GROUP PLC	 	[INVESTOR]
				
	 By:
	 	  

	 	 By:
	 	  

	 	 	 Name:
	 	 	 	 	 	 Name:
	 	 
	 	 	 Title:
	 	 	 	 	 	 Title
	 	 
	 Date
signed:                    ,2003
	 	 Date signed:
                    ,2003

 ANNEX B: LICENSED STATES 
  
 Arizona 
 California 
 Colorado 
 Connecticut 
 Delaware 
 District of Columbia 
 Florida 
 Georgia 
 Illinois 
 Iowa 
 Kansas 
 Kentucky 
 Louisiana

 Maryland 
 Massachusetts 
 Michigan 
 Minnesota 
 Missouri 
 Nebraska 
 New Jersey 
 New Mexico 
 New York 
 North Carolina 
 Ohio 
 Oregon 
 Pennsylvania 
 Tennesee 
 Texas

 Utah 
 Virginia 
 Washington 
 Wisconsin 
 Wyoming 

 ANNEX C: INDEMNIFICATION 
  
 The Company agrees to indemnify and hold harmless TEP, each entity that controls TEP, and its and their respective
directors, officers, employees and agents (TEP and each such person or entity being an “Indemnified TEP Party”) from and against any losses, claims, damages and liabilities, joint or several, as incurred, (collectively, the
“Damages”), to which such Indemnified TEP Party may become subject under any United States federal or state law, or otherwise in connection with or otherwise relating to or arising from (i) any pending or threatened suit, claim,
action, proceeding or investigation (collectively, “Proceedings”) involving any transaction contemplated by this Agreement or the engagement of TEP pursuant hereto and the performance of services by an Indemnified TEP Party
hereunder or (ii) any untrue statement or an alleged untrue statement of a material fact contained in any Information or SEC Documents furnished or made available by the Company, directly, through TEP or otherwise, to any offeree of the Securities
or any of their representatives or the omission or the alleged omission to state therein a material fact necessary in order to make the statements therein not misleading, in the light of the circumstances under which they were made; provided,
however, that the Company will not be liable to an Indemnified TEP Party under clause (i) hereof or for related Expenses to the extent that any Damages are found in a final non-appealable judgment by a court to have resulted from a material
breach by TEP of its obligations under clauses (i), (ii), (v) or (ix) of Section 3 hereof or such Indemnified Party’s bad faith, gross-negligence or willful misconduct in performing the services described herein; provided further,
that the Company will not be liable to an Indemnified TEP Party under clause (ii) hereof to the extent that any Damages are the result of any untrue statement or omission or any alleged untrue statement or omission contained in any information
furnished in writing to the Company by TEP expressly for use in any offering documentation and materials to be provided to offerees of the Securities. Except as hereinafter provided in this Annex C, the Company also agrees to reimburse each
Indemnified Party for all reasonable fees and expenses paid to third parties (including the fees and expenses of counsel) (collectively, “Expenses”) as they are incurred in connection with investigating, preparing, pursuing or
defending any Proceeding arising from or relating to the foregoing, whether or not such Indemnified Party is a formal party to such Proceeding and whether or not such Proceeding is initiated or brought by or on behalf of the Company. If a final
non-appealable judgment by a court shall find that the Indemnified TEP Party shall not have been entitled to indemnification hereunder in respect of any matter, then the amount paid by the Company in respect of Expenses and Damages related to such
matter shall be promptly repaid to the Company by the Indemnified TEP Party. 
  
 TEP agrees to indemnify and hold harmless the Company, each entity that controls the Company, and its and their respective directors, officers, employees and agents (the Company and each such person or entity being an
“Indemnified Company Party,” and collectively with each Indemnified TEP Party, an “Indemnified Party”) from and against any Damages to which such Indemnified Company Party may become subject under any United States
federal or state law, or otherwise, and all related Expenses, in connection with or otherwise relating to or arising from (i) any transaction contemplated by this Agreement or the engagement of TEP pursuant to and the performance of services by TEP
hereunder to the extent that any Damages are found in a final non-appealable judgment by a court of competent jurisdiction to have resulted from the bad faith, gross negligence or willful misconduct of TEP or (ii) any untrue statement or an alleged
untrue statement of a material fact contained in any information (whether written or oral) or documents including without limitation the marketing materials, the Information and any public information, furnished or made available by the Company,
directly, through TEP or otherwise, to any offeree of the Securities or any of their representatives or the omission or the alleged omission to state therein a material fact necessary in order to make the statements made therein not misleading, in
the light of the circumstances under which they were made, but only to the extent that such untrue statement or omission or alleged untrue statement or omission was made therein in reliance upon and in conformity with written information furnished
to the Company by TEP for use therein. 
  
 If for any reason, the
indemnification provided for in this Agreement is available under the terms of this Agreement, but is for any reason held unenforceable or otherwise unavailable to an Indemnified Party or insufficient to hold an Indemnified Party harmless to
the extent provided herein, then the indemnifying party will contribute to the amount paid or payable by an Indemnified Party as a result of such Damages (including all Expenses incurred) in such proportion as is appropriate to reflect the relative
benefits to each party in connection with the matters covered by this Agreement or, if the foregoing allocation is not permitted by applicable law, not only such relative benefits but also the relative faults of such parties as well as any relevant
equitable considerations. The parties agree that for 

 purposes of this paragraph the relative benefits to the Company and TEP in connection with the matters covered by this
Agreement will be deemed to be in the same proportion that the total value paid to or received by the Company or to be paid to or received by the Company in connection with the transactions contemplated by this Agreement, whether or not consummated,
bears to the fees paid to or received by TEP under this Agreement; provided, that, to the extent permitted by applicable law in no event will the total contribution of all Indemnified TEP Parties to all such Damages and Expenses exceed the
amount of fees actually received and retained by TEP hereunder (excluding any amounts received by TEP as reimbursement of expenses). 
  
 Promptly after receipt by an Indemnified Party of notice of any claim or the commencement of any Proceeding (including any governmental action), such
Indemnified Party will, if a claim in respect thereof is to be made against any indemnifying party under the terms herein, deliver to the indemnifying party a written notice of the commencement thereof, and the indemnifying party shall have the
right to participate in, and, to the extent the indemnifying party so desires, jointly with any other indemnifying party similarly noticed, to assume the defense thereof with counsel mutually satisfactory to the Indemnified Parties. Any Indemnified
Party shall have the right to employ separate counsel in any such Proceeding and participate in the defense thereof, but the fees and expenses of such counsel shall be paid by such Indemnified Party and will not be recoverable under this indemnity
unless: (i) the Company has failed to promptly assume the defense and employ counsel after giving notice; or (ii) the named parties to any such Proceeding (including any impleaded parties) include such Indemnified Party and the Company, and such
Indemnified Party shall have been advised by counsel that representation of such Indemnified Party by the counsel retained by the indemnifying party would be inappropriate due to actual or potential differing interests between such Indemnified Party
and any other party represented by such counsel in such proceeding; provided that the Company shall not in such event be responsible hereunder for the fees and expenses of more than one firm of separate counsel for all Indemnified Parties in
connection with any claim or commenced Proceeding in the same jurisdiction, in addition to any local counsel. 
  
 Each party agrees not to enter into any waiver, release or settlement of any Proceeding (whether or not any Indemnified Party is a formal party to such
Proceeding) in respect of which indemnification may be sought hereunder without the prior written consent of the other party, unless such waiver, release or settlement includes an unconditional release of each Indemnified Party from all liability
arising out of such Proceeding. 
  
 In the event that any
Indemnified Party is requested or required to appear as a witness in any action brought by or on behalf of an indemnifying party or any affiliate of such indemnifying party or any participant in a transaction covered hereby in which such Indemnified
Party is not named as a defendant, the indemnifying party agrees to reimburse such Indemnified Party for all reasonable expenses paid to third parties by it in connection with such Indemnified Party’s appearing and preparing to appear as a
witness, including, without limitation the fees and disbursements of its legal counsel. 
  
 The indemnity, reimbursement and contribution obligations of each party hereunder will be in addition to any liability which each party may otherwise have to any Indemnified Party and will be binding upon and inure to
the benefit of any successors, assigns, heirs and personal representatives of the each party hereunder or an Indemnified Party. 

 ThinkEquity 
       p  a  r  t  n  e  r  s 
  
 TEP is delighted to accept this engagement and looks forward to working with you. Please confirm that the foregoing correctly sets forth our agreement by
signing the enclosed duplicate of this letter in the space provided and returning it, whereupon this letter shall constitute a binding agreement as of the date first above written. 
  

			
	 Very truly yours,

	
	 THINKEQUITY PARTNERS, LLC

		
	 BY:
	 	 /s/ David J.Strupp, Jr.

	 	 	 David J.Strupp, Jr.

	 	 	 Head of Health Care Investment Banking

  

			
	 ACCEPTED AND AGREED TO

	 AS OF THE ABOVE DATE:

	
	 XENOVA GROUP PLC

		
	 BY:
	 	 /s/ Daniel Abrams

	 	 	 Daniel Abrams

	 	 	 Group Finance Director

 November 25, 2003 
  
 PERSONAL AND CONFIDENTIAL 
  
 Mr. Daniel Abrams 
 Group Finance Director 
 Xenova Group plc 
 957 Buckingham Avenue 
 Slough 
 Berkshire SL1 4NL 
  
 Dear Mr. Abrams: 
  
 This letter will confirm the agreement (the “amendment agreement”) between ThinkEquity Partners LLC
(“TEP”) and Xenova Group plc (the “Company”) as follows: 
  
 1. The parties hereby agree that the letter agreement between them dated November 10, 2003 (the “Original Agreement”) is hereby amended as follows: 
  
 (a) Section 9 of the Original Agreement is amended by deleting the final paragraph of that section, as marked on the page
attached as Exhibit A hereto. 
  
 (b) Section 3 of the Original
Agreement is amended by deleting the text in Section 3(iii) and renumbering the subsequent subsections, as marked on the page attached as Exhibit B hereto. 
  
 2. The parties agree that this amendment agreement constitutes an amendment in writing of the Original Agreement, fulfilling the requirements of Section 12 there of.

  
 3. Sections 12, 15, 16, 17 and 20 of the Original Agreement are incorporated
into this amendment agreement as if set out in full herein, provided that references in the Original Agreement to “Agreement” shall be deemed to be references to this amendment agreement. 
  
 * * * 
  
 Please confirm that the foregoing correctly sets forth our agreement by signing the enclosed duplicate of this letter in the
space provided and returning it, whereupon this letter shall constitute a binding agreement as of the date first above written. 
  

			
	 Very truly yours,

	
	 THINKEQUITY PARTNERS LLC

		
	 BY:
	 	  

	 	 	 David J. Strupp Jr.

	 	 	 Head of Health Care Investment Banking

			
	 ACCEPTED AND AGREED TO

	 AS OF THE ABOVE DATE:

	
	 XENOVA GROUP PLC

		
	 BY:
	 	 /s/ Daniel Abrams

	 	 	 Daniel Abrams

	 	 	 Group Finance Director

  

 2

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