ObsEva SA (Form: F-1, Received: 11/09/2017 16:20:00)

As filed with the Securities and Exchange Commission on November 9, 2017

Registration No. 333-

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM F-1

REGISTRATION STATEMENT

UNDER

THE SECURITIES ACT OF 1933

OBSEVA SA

(Exact name of registrant as specified in its charter)

Switzerland

2834

Not applicable

(State or other jurisdiction of

incorporation or organization)

(Primary Standard Industrial

Classification Code Number)

(I.R.S. Employer

Identification Number)

Ernest Loumaye

Chief Executive Officer

ObsEva SA

Chemin des Aulx, 12

1228 Plan-les-Ouates

Geneva, Switzerland

Tel: +41 22 552 38 40

(Address, including zip code, and telephone number, including area code, of registrant’s principal executive offices)

Cogency Global Inc.

10 East 40 ^th Street, 10th Floor

New York, New York 10016

(212) 947-7200

(Name, address, including zip code, and telephone number, including area code, of agent for service)

Copies to:

Divakar Gupta

Ryan Sansom

Mark Ballantyne

Cooley LLP

1114 Avenue of the Americas

New York, New York 10036

(212) 479-6000

Approximate date of commencement of proposed sale to the public: As soon as practicable after the effective date of this registration statement.

If any of the securities being registered on this Form are to be offered on a delayed or continuous basis pursuant to Rule 415 under the Securities Act of 1933, check the following box. ☒

If this Form is filed to register additional securities for an offering pursuant to Rule 462(b) under the Securities Act, check the following box and list the Securities Act registration statement number of the earlier effective registration statement for the same offering. ☐

If this Form is a post-effective amendment filed pursuant to Rule 462(c) under the Securities Act, check the following box and list the Securities Act registration statement number of the earlier effective registration statement for the same offering. ☐

If this Form is a post-effective amendment filed pursuant to Rule 462(d) under the Securities Act, check the following box and list the Securities Act registration number of the earlier effective registration statement for the same offering. ☐

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933.

Emerging growth company ☒

If an emerging growth company that prepares its financial statements in accordance with U.S. GAAP, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 7(a)(2)(B) of the Securities Act. ☐

The term “new or revised financial accounting standard” refers to any updated issued by the Financial Accounting Standards Board to its Accounting Standards Codification after April 5, 2012.

CALCULATION OF REGISTRATION FEE



Title of Each Class of Securities to be Registered	Amount to be Registered ⁽¹⁾	Proposed Maximum Aggregate Offering Price Per Share ⁽²⁾	Proposed Maximum Aggregate Offering Price ⁽²⁾	Amount of Registration Fee ⁽³⁾
Common Shares, par value CHF 1/13 per share	7,500,000	$10.78	$80,850,000	$10,065.83

(1)

Represents shares offered by the selling shareholders. Includes an indeterminable number of additional common shares, pursuant to Rule 416 under the Securities Act of 1933, as amended, that may be issued to prevent dilution from share splits, share dividends or similar transactions that could affect the shares to be offered by selling shareholders.

(2)	Estimated solely for the purpose of calculating the registration fee pursuant to Rule 457(c) under the Securities Act of 1933, as amended, based on the average high and low prices of the Registrant’s common shares on November 7, 2017, as quoted on the Nasdaq Global Select Market.

(3)	Calculated pursuant to Rule 457(o) based on an estimate of the proposed maximum aggregate offering price.

The Registrant hereby amends this Registration Statement on such date or dates as may be necessary to delay its effective date until the Registrant shall file a further amendment which specifically states that this Registration Statement shall thereafter become effective in accordance with Section 8(a) of the Securities Act of 1933, as amended, or until the Registration Statement shall become effective on such date as the Commission, acting pursuant to said Section 8(a), may determine.

The information in this preliminary prospectus is not complete and may be changed. We may not sell these securities until the registration statement filed with the Securities and Exchange Commission is declared effective. This preliminary prospectus is not an offer to sell these securities and we are not soliciting offers to buy these securities in any jurisdiction where the offer or sale is not permitted.


PROSPECTUS (Subject to Completion)		Dated November 9, 2017

LOGO

ObsEva SA

7,500,000 Common Shares

This prospectus relates to the resale by the selling shareholders identified in this prospectus of up to 7,500,000 of our common shares that we sold to the selling shareholders in connection with a private placement completed on October 13, 2017. We will not receive any proceeds from the sale of these shares by the selling shareholders.

We are not selling any common shares and will not receive any proceeds from the sale of the shares under this prospectus.

We have agreed to bear all of the expenses incurred in connection with the registration of these shares. The selling shareholders will pay or assume brokerage commissions and similar charges, if any, incurred for the sale of our common shares.

The selling shareholders identified in this prospectus, or their pledgees, donees, transferees or other successors-in-interest, may offer the shares from time to time through public or private transactions at prevailing market prices, at prices related to prevailing market prices or at privately negotiated prices. For additional information on the methods of sale that may be used by the selling shareholders, see the section entitled “Plan of Distribution” beginning on page 8. For a list of the selling shareholders, see the section entitled “Selling Shareholders” beginning on page 10.

We may amend or supplement this prospectus from time to time by filing amendments or supplements as required. You should read the entire prospectus and any amendments or supplements carefully before you make your investment decision.

Our common shares are traded on the Nasdaq Global Select Market under the symbol “OBSV.” On November 7, 2017, the closing sale price of our common shares on the Nasdaq Global Select Market was $10.87 per share. You are urged to obtain current market quotations for the common shares.

We are an “emerging growth company” as defined by the Jumpstart Our Business Startups Act of 2012 and, as such, we have elected to comply with certain reduced public company reporting requirements for this prospectus and future filings. Please see “Prospectus Summary—Implications of Being an Emerging Growth Company.”

Investing in our common shares involves a high degree of risk. Please read “ Risk Factors ” beginning on page 4 of this prospectus.

Neither the Securities and Exchange Commission nor any state securities commission has approved or disapproved of these securities or determined if this prospectus is truthful or complete. Any representation to the contrary is a criminal offense.

Prospectus dated , 2017.

TABLE OF CONTENTS


	Page

Prospectus Summary		1

Risk Factors		4

Special Note Regarding Forward-Looking Statements		5

Capitalization		6

Use of Proceeds		7

Price Range of Common Shares		7

Plan of Distribution		8

Selling Shareholders		10

Offering Expenses		14

Description of Share Capital		15

Dividend Policy		16

Legal Matters		17

Experts		17

Enforcement of Judgments		18

Where You Can Find More Information		19

Incorporation of Certain Documents By Reference		19

You should rely only on the information contained in this prospectus, any supplement to this prospectus or in any free writing prospectus filed with the Securities and Exchange Commission. Neither we nor the selling shareholders have authorized anyone to provide you with additional information or information different from that contained in this prospectus filed with the Securities and Exchange Commission. We take no responsibility for, and can provide no assurance as to the reliability of, any other information that others may give you. The selling shareholders are offering to sell, and seeking offers to buy, our common shares only in jurisdictions where offers and sales are permitted. The information contained in this prospectus is accurate only as of the date of this prospectus, regardless of the time of delivery of this prospectus or any sale of our common shares. Our business, financial condition, results of operations and prospects may have changed since that date.

For investors outside the United States: Neither we nor the selling shareholders have done anything that would permit this offering or possession or distribution of this prospectus in any jurisdiction where action for that purpose is required, other than in the United States. Persons outside the United States who come into possession of this prospectus must inform themselves about, and observe any restrictions relating to, the offering of the common shares and the distribution of this prospectus outside the United States.

To the extent there is a conflict between the information contained in this prospectus, on the one hand, and the information contained in any document incorporated by reference filed with the Securities and Exchange Commission before the date of this prospectus, on the other hand, you should rely on the information in this prospectus. If any statement in a document incorporated by reference is inconsistent with a statement in another document incorporated by reference having a later date, the statement in the document having the later date modifies or supersedes the earlier statement.

PROSPECTUS SUMMARY

The following summary highlights selected information contained or incorporated by reference elsewhere in this prospectus and does not contain all of the information that you should consider in making your investment decision. Before investing in our common shares, you should carefully read this entire prospectus, including our financial statements and the related notes and other documents incorporated by reference in this prospectus, as well as the information under the caption “Risk Factors” herein and under similar headings in the other documents that are incorporated by reference into this prospectus. Unless the context otherwise requires, we use the terms “ObsEva,” “company,” “we,” “us” and “our” in this prospectus to refer to ObsEva SA and, where appropriate, our subsidiaries.

Business Overview

We are a clinical-stage biopharmaceutical company focused on the development and commercialization of novel therapeutics for serious conditions that compromise a woman’s reproductive health and pregnancy. We are advancing a pipeline of orally-administered innovative new chemical entities for the treatment of symptoms associated with endometriosis and uterine fibroids, improvement of clinical pregnancy and live birth rates in women undergoing in vitro fertilization, or IVF, and treatment of preterm labor. We have assembled a strong management team with extensive experience in successfully developing and commercializing therapeutics in our target market. Our goal is to build the leading women’s reproductive health and pregnancy company focused on conditions where current treatment options are limited and significant unmet needs exist.

We were founded in November 2012 by former executives of PregLem SA, or PregLem, a Swiss-based specialty biopharmaceutical company dedicated to the development and commercialization of innovative drugs for women’s reproductive medicine. While at PregLem, our senior management team collaborated in the clinical development and commercialization of several women’s reproductive health therapeutics, including Esmya (ulipristal acetate) for the treatment of uterine fibroids. PregLem was subsequently acquired by Gedeon Richter in 2010. We believe we will be able to leverage our senior management team’s long-standing experience working together and with key opinion leaders, patient groups, payors, reproductive health networks, fertility clinics, obstetricians and gynecologists, nurses and pharmacists to identify, in-license or acquire, develop and commercialize product candidates. We are merging our passion for, and extensive experience in, the field of women’s reproductive health and pregnancy, to develop therapeutics that can help women lead more healthy and fulfilling lives.

We are focused on providing therapeutic solutions for women between the ages of 15 and 49 who suffer from reproductive health conditions that affect their quality of life, ability to conceive or that complicate pregnancy and the health of newborns. There are millions of women of reproductive age affected by conditions such as endometriosis, uterine fibroids and preterm labor, or that require IVF to conceive. We believe the efficacy of current treatment options is limited and creates a significant unmet need for improved therapeutics for these women.

Corporate Information

We are a Swiss stock corporation ( société anonyme ) organized under the laws of Switzerland. We were formed in 2012 with an indefinite duration. We are currently registered in Plan-les-Ouates, Geneva, Switzerland. Our principal executive offices are located at Chemin des Aulx, 12, 1228 Plan-les-Ouates, Geneva, Switzerland. Our telephone number is +41 22 552 38 40. Our common shares are listed on the Nasdaq Global Select Market under the symbol “OBSV.”

Our internet website address is www.obseva.com. The information contained on our website is not incorporated by reference into this prospectus, and you should not consider any information contained on, or that can be accessed through, our website as part of this prospectus or in deciding whether to purchase our common shares.

Implications of Being an Emerging Growth Company and a Foreign Private Issuer

We qualify as an “emerging growth company” as defined in the U.S. Jumpstart Our Business Startups Act of 2012, or the JOBS Act. As an emerging growth company, we may take advantage of specified reduced disclosure and other requirements that are otherwise applicable generally to public companies. These provisions include:

☐

the ability to present only two years of audited financial statements in addition to any required interim financial statements and correspondingly reduced “Management’s Discussion and Analysis of Financial Condition and Results of Operations” disclosure; and

☐

an exemption from the auditor attestation requirement in the assessment of its internal control over financial reporting pursuant to the Sarbanes-Oxley Act of 2002.

We may take advantage of these provisions up to the last day of the fiscal year ending after the fifth anniversary of this offering or such earlier time that we are no longer an emerging growth company. We would cease to be an emerging growth company if we have more than $1.07 billion in total annual gross revenue, have more than $700 million in market value of our capital stock held by non-affiliates or issue more than $1.0 billion of non-convertible debt over a three-year period. We may choose to take advantage of some but not all of these reduced burdens.

We report under the Securities Exchange Act of 1934, as amended, or the Exchange Act, as a non-U.S. company with foreign private issuer status. Even after we no longer qualify as an emerging growth company, as long as we qualify as a foreign private issuer under the Exchange Act we will be exempt from certain provisions of the Exchange Act that are applicable to U.S. domestic public companies, including:

•

the sections of the Exchange Act regulating the solicitation of proxies, consents or authorizations in respect of a security registered under the Exchange Act;

•

the sections of the Exchange Act requiring insiders to file public reports of their share ownership and trading activities and liability for insiders who profit from trades made in a short period of time; and

•

the rules under the Exchange Act requiring the filing with the Securities and Exchange Commission, or SEC, of quarterly reports on Form 10-Q containing unaudited financial and other specified information, or current reports on Form 8-K, upon the occurrence of specified significant events.

Both foreign private issuers and emerging growth companies are also exempt from certain more stringent executive compensation disclosure rules. Thus, even if we no longer qualify as an emerging growth company, but remain a foreign private issuer, we will continue to be exempt from the more stringent compensation disclosures required of companies that are neither an emerging growth company nor a foreign private issuer.

THE OFFERING



Common shares offered by us …………………………		7,500,000 shares

Common shares outstanding ……………………………		37,131,262 shares

Use of proceeds …………………………………………		We will not receive any proceeds from the sale of shares in this offering. See “Use of Proceeds.”

Risk factors ……………………………………………		See “Risk Factors” beginning on page 4 and the other information included in this prospectus for a discussion of factors you should carefully consider before deciding to invest in our common shares.

Nasdaq Global Select Market symbol …………………		OBSV

The number of our common shares outstanding is based on 37,131,262 common shares outstanding as of October 24, 2017 and excludes (i) six common shares that may be issued from our authorized share capital, (ii) 4,172,623 common shares that may be issued from our conditional share capital to cover equity grants awarded under our 2017 Equity Incentive Plan and (iii) 5,058,633 common shares that may be issued from our conditional share capital for financing purposes.

RISK FACTORS

Investing in our common shares involves a high degree of risk. You should consider carefully the following risks and uncertainties as well as the risks and uncertainties described in the section entitled “Risk Factors” contained in our Annual Report on Form 20-F for the year ended December 31, 2016, as filed with the SEC on April 21, 2017, which descriptions are incorporated in this prospectus by reference in their entirety, as well as in any prospectus supplement hereto. These risks and uncertainties are not the only risks and uncertainties we face. Additional risks and uncertainties not currently known to us, or that we currently view as immaterial, may also impair our business. If any of the risks or uncertainties described in our SEC filings or any additional risks and uncertainties actually occur, our business, financial condition, results of operations and cash flow could be materially and adversely affected. In that case, the trading price of our common shares could decline and you might lose all or part of your investment.

Risks Related to this Offering

Sales of shares issued in this offering may cause the market price of our shares to decline.

On October 9, 2017, we entered into a securities purchase agreement pursuant to which we issued and sold 5,140,625 common shares and warrants to purchase 2,359,375 common shares in connection with a private placement. All of the warrants were exercised on October 13, 2017 and the holders thereof received an aggregate of 2,359,375 common shares upon such exercise. We have agreed to register for resale with the SEC the common shares purchased in the private placement, including the common shares acquired upon the exercise of the warrants. The registration statement of which this prospectus forms a part has been filed to satisfy this obligation. Upon the effectiveness of the registration statement, the 7,500,000 common shares we issued and sold in the private placement may be freely sold in the open market. The sale of a significant amount of these common shares in the open market, or the perception that these sales may occur, could cause the market price of our common shares to decline or become highly volatile.

We may have to pay liquidated damages to the selling shareholders, which would increase our expenses and reduce our cash resources.

On October 9, 2017 and in connection with the private placement, we entered into a registration rights agreement. Under the terms of the registration rights agreement, subject to certain limited exceptions, if the registration statement of which this prospectus forms a part has not been declared effective within the time periods specified in the registration rights agreement or we otherwise fail to comply with certain provisions set forth in the registration rights agreement, we will be required to pay the investors, as liquidated damages, 1.0% of the amount invested for each 30-day period (or a pro rata portion thereof) during which such failure continues until the shares are sold or can be sold without restriction under Rule 144 promulgated under the Securities Act of 1933, as amended, or the Securities Act. There can be no assurance that the registration statement of which this prospectus forms a part will be declared effective by the SEC or will remain effective for the time periods necessary to avoid payment of liquidated damages. Any payment of liquidated damages would increase our expenses, reduce our cash resources and may limit or preclude us from advancing our product candidates through clinical trials or otherwise growing our business.

SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS

This prospectus, including the information that we incorporate by reference, contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 that involve substantial risks and uncertainties. All statements other than statements of historical facts contained in this prospectus, including statements regarding our future operating results and financial position, business strategy, and plans and objectives of management for future operations, are forward-looking statements. In many cases, you can identify forward-looking statements by terms such as “may,” “should,” “expects,” “plans,” “anticipates,” “could,” “intends,” “target,” “projects,” “contemplates,” “believes,” “estimates,” “predicts,” “potential,” or “continue” or the negative of these terms or other similar expressions.

The forward-looking statements contained in this prospectus reflect our views as of the date of this prospectus about future events and are subject to risks, uncertainties, assumptions, and changes in circumstances that may cause our actual results, performance, or achievements to differ significantly from those expressed or implied in any forward-looking statement. Although we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee future events, results, performance, or achievements. A number of important factors could cause actual results to differ materially from those indicated by the forward-looking statements, including, without limitation, those factors described in “Risk Factors.” Except as required by law, after the date of this prospectus, we are under no duty to update or revise any of the forward-looking statements contained or incorporated by reference herein, whether as a result of new information, future events or otherwise.

You should read this prospectus, including the information that we incorporate by reference, completely and with the understanding that our actual future results may be materially different from what we expect. We qualify all of our forward-looking statements by these cautionary statements.

CAPITALIZATION

The following table sets forth our cash and cash equivalents and our capitalization as of June 30, 2017 on an actual basis.

You should read the information in the following table in conjunction with our consolidated financial statements and the related notes and the section entitled “Operating and Financial Review and Prospects” contained in our Annual Report on Form 20-F for the year ended December 31, 2016 filed with the SEC on April 21, 2017 incorporated by reference in this prospectus.


	As of June 30, 2017
	Actual
	(in thousands, except share data) (unaudited)
Cash and cash equivalents	$	82,077

Shareholders’ equity:
Share capital		2,244
Share premium		160,462
Reserves		6,075
Accumulated losses		(72,461	)

Total shareholders’ equity		96,320

Total liabilities and shareholders’ equity	$	106,146

USE OF PROCEEDS

We are filing the registration statement of which this prospectus forms a part to permit holders of our common shares described in the section entitled “Selling Shareholders” to resell such common shares. We will not receive any proceeds from the resale of any shares offered by this prospectus by the selling shareholders.

PRICE RANGE OF COMMON SHARES

The common shares have been listed on Nasdaq Global Select Market, or Nasdaq, under the symbol “OBSV” since January 26, 2017. Prior to that date, there was no public trading market for common shares. The following tables set forth for the periods indicated the reported high and low sale prices per common share on Nasdaq in U.S. dollars.

Nasdaq Global Select Market


	Per Common Share
	High		Low
Quarterly
First Quarter 2017 (beginning January 26, 2017)	$	14.695	$	10.35
Second Quarter 2017	$	11.69	$	5.00
Third Quarter 2017	$	8.95	$	6.15
Fourth 2017 (through November 7, 2017)	$	12.00	$	8.15
Month Ended:
June 2017	$	9.26	$	5.00
July 2017	$	8.95	$	6.9674
August 2017	$	8.225	$	6.15
September 2017	$	8.2233	$	6.34
October 2017	$	10.99	$	8.15
November 2017 (through November 7, 2017)	$	12.00	$	10.0001

On November 7, 2017, the last reported sale price of our common shares on Nasdaq was $10.87 per share.

PLAN OF DISTRIBUTION

We are registering the common shares previously issued to permit the resale of these common shares by the holders of the common shares from time to time after the date of this prospectus. We will not receive any of the proceeds from the sale by the selling shareholders of the common shares. We will bear all fees and expenses incident to our obligation to register the common shares, except that, if the common shares are sold through underwriters or broker-dealers, the selling shareholders will be responsible for underwriting discounts or commissions or agent’s commissions.

The selling shareholders may sell all or a portion of the common shares beneficially owned by them and offered hereby from time to time directly or through one or more underwriters, broker-dealers or agents. The common shares may be sold in one or more transactions at fixed prices, at prevailing market prices at the time of the sale, at varying prices determined at the time of sale, or at negotiated prices. These sales may be effected in transactions, which may involve crosses or block transactions,

•

on any national securities exchange or quotation service on which the securities may be listed or quoted at the time of sale;

•

in the over-the-counter market;

•

in transactions otherwise than on these exchanges or systems or in the over-the-counter market;

•

through the writing of options, whether such options are listed on an options exchange or otherwise;

•

ordinary brokerage transactions and transactions in which the broker-dealer solicits purchasers;

•

block trades in which the broker-dealer will attempt to sell the shares as agent but may position and resell a portion of the block as principal to facilitate the transaction;

•

purchases by a broker-dealer as principal and resale by the broker-dealer for its account;

•

an exchange distribution in accordance with the rules of the applicable exchange;

•

privately negotiated transactions;

•

short sales;

•

sales pursuant to Rule 144 of the Securities Act;

•

broker-dealers may agree with the selling shareholders to sell a specified number of such shares at a stipulated price per share;

•

through put or call option transactions or other hedging transactions relating to the common shares;

•

a combination of any such methods of sale; and

•

any other method permitted pursuant to applicable law.

If the selling shareholders effect such transactions by selling common shares to or through underwriters, broker-dealers or agents, such underwriters, broker-dealers or agents may receive commissions in the form of discounts, concessions or commissions from the selling shareholders or commissions from purchasers of the common shares for whom they may act as agent or to whom they may sell as principal (which discounts, concessions or commissions as to particular underwriters, broker-dealers or agents may be in excess of those customary in the types of transactions involved). In connection with the sale of our common shares or interests therein, the selling shareholders may enter into hedging transactions with broker-dealers or other financial institutions, which may in turn engage in short sales of our common shares in the course of hedging the positions they assume. The selling shareholders may also sell our common shares short and deliver these securities to close out their short positions, or loan or pledge our common shares to broker-dealers that in turn may sell these securities. The selling shareholders may also enter into options or other transactions with broker-dealers or other financial institutions or the creation of one or more derivative securities which require the delivery to such broker-dealer or other financial institution of shares offered by this prospectus, which shares such broker-dealer or other financial institution may resell pursuant to this prospectus (as supplemented or amended to reflect such transaction).

The selling shareholders may pledge or grant a security interest in some or all of the common shares owned by them and, if they default in the performance of their secured obligations, the pledgees or secured parties may offer and sell the common shares from time to time pursuant to this prospectus or other applicable provisions of the Securities Act, amending, if necessary, the list of selling shareholders to include the pledgee, transferee or other successors in interest as selling shareholders under this prospectus. The selling shareholders also may transfer and donate the common shares in other circumstances in which case the transferees, donees, pledgees or other successors in interest will be the selling beneficial owners for purposes of this prospectus.

The selling shareholders and any broker-dealer participating in the distribution of the common shares may be deemed to be “underwriters” within the meaning of the Securities Act, and any commission paid, or any discounts or concessions allowed to, any such broker-dealer may be deemed to be underwriting commissions or discounts under the Securities Act. At the time a particular offering of the common shares is made, a prospectus supplement, if required, will be distributed which will set forth the aggregate amount of our common shares being offered and the terms of the offering, including the name or names of any broker-dealers or agents, any discounts, commissions and other terms constituting compensation from the selling shareholders and any discounts, commissions or concessions allowed or reallowed or paid to broker-dealers.

Under the securities laws of some states, the common shares may be sold in such states only through registered or licensed brokers or dealers. In addition, in some states the common shares may not be sold unless such shares have been registered or qualified for sale in such state or an exemption from registration or qualification is available and is complied with.

There can be no assurance that any selling shareholder will sell any or all of the common shares registered pursuant to the registration statement, of which this prospectus forms a part.

The selling shareholders and any other person participating in such distribution will be subject to applicable provisions of the Exchange Act, and the rules and regulations thereunder, including, without limitation, Regulation M of the Exchange Act, which may limit the timing of purchases and sales of any of our common shares by the selling shareholders and any other participating person. Regulation M may also restrict the ability of any person engaged in the distribution of the common shares to engage in market-making activities with respect to our common shares. All of the foregoing may affect the marketability of our common shares and the ability of any person or entity to engage in market-making activities with respect to the common shares.

We will pay all expenses of the registration of our common shares pursuant to the registration statement of which this prospectus forms a part, including, without limitation, SEC filing fees and expenses of compliance with state securities or “blue sky” laws; provided, however, that the selling shareholders will pay all underwriting discounts and selling commissions, if any. We will indemnify the selling shareholders against liabilities, including some liabilities under the Securities Act, or the selling shareholders will be entitled to contribution. We may be indemnified by the selling shareholders against civil liabilities, including liabilities under the Securities Act, that may arise from any written information furnished to us by the selling shareholders specifically for use in this prospectus or we may be entitled to contribution.

Once sold under the registration statement of which this prospectus forms a part, the common shares will be freely tradable in the hands of persons other than our affiliates.

SELLING SHAREHOLDERS

Pursuant to a securities purchase agreement with certain accredited investors dated October 9, 2017, we sold in a private placement 5,140,625 common shares at a price per share of $8.00 and warrants to purchase 2,359,375 common shares with an exercise price of $8.00. The warrants were exercised in October 13, 2017. The table below sets forth, to our knowledge, information about the selling shareholders as of October 24, 2017.

We do not know when or in what amounts the selling shareholders may offer shares for sale. The selling shareholders might not sell any or all of the shares registered pursuant to the registration statement of which this prospectus forms a part. Because the selling shareholders may offer all or some of the shares pursuant to the registration statement of which this prospectus forms a part and because there are currently no agreements or understandings with respect to the sale of any shares, we cannot estimate the number of shares that will be held by the selling shareholders after completion of this offering. However, for purposes of this table, we have assumed that, after completion of this offering, none of the shares covered by this prospectus will be held by the selling shareholders.

Beneficial ownership is determined in accordance with the rules of the SEC and includes voting or investment power with respect to shares of our common shares. The number of common shares beneficially owned prior to the offering for each selling shareholder includes (i) all of our common shares held by such selling shareholder prior to the private placement plus (ii) all of our common shares purchased by such selling shareholder pursuant to the private placement and being offered pursuant to the prospectus. The inclusion of any shares in this table does not constitute an admission of beneficial ownership by the person named below.

Throughout this prospectus, when we refer to the common shares being offered by this prospectus on behalf of the selling shareholders, we are referring to the common shares sold in the private placement, unless otherwise indicated.

The selling shareholders may have sold or transferred, in transactions exempt from the registration requirements of the Securities Act, some or all of their common shares since the date on which the information in the table below is presented. Information about the selling shareholders may change over time.


	Prior to Offering ⁽¹⁾							After Offering ⁽¹⁾
Name and Address	Number of Shares Beneficially Owned		Percentage of Shares Beneficially Owned			Number of Shares Offered		Number of Shares Beneficially Owned		Percentage of Shares Beneficially Owned
New Enterprise Associates 15, L.P. ⁽²⁾ c/o New Enterprise Associates, Inc. 1954 Greenspring Drive, Suite 600 Timonium, MD 21093, USA		4,586,563		12.4	%		1,250,000		3,336,563		9.0	%
Sofinnova Venture Partners VIII, L.P. ⁽³⁾ c/o Sofinnova Ventures, Inc. 3000 Sand Hill Road, 4-250 Menlo Park, CA 94025		4,749,623		12.8			1,000,000		3,749,623		10.1
Aisling Capital IV, LP ⁽⁴⁾ 888 Seventh Avenue, 12th Floor New York, NY 10106		1,000,000		2.7			1,000,000		—		—
Omega Fund V, LP ⁽⁵⁾ c/o Omega Fund Management LLC 185 Dartmouth Street, Suite 502 Boston, MA 02116		1,000,000		2.7			1,000,000		—		—
First Health, L.P. ⁽⁶⁾ c/o First Manhattan Co. 399 Park Avenue New York, NY 10022		334,700		*			334,700		—		—
First Health Associates, L.P. ⁽⁶⁾ c/o First Manhattan Co. 399 Park Avenue New York, NY 10022		55,700		*			55,700		—		—


First Health Limited ⁽⁶⁾ c/o First Manhattan Co. 399 Park Avenue New York, NY 10022	122,600	*	122,600	—	—
First BioMed, L.P. ⁽⁷⁾ c/o First Manhattan Co. 399 Park Avenue New York, NY 10022	362,000	1.0	362,000	—	—
First BioMed Portfolio, L.P. ⁽⁷⁾ c/o First Manhattan Co. 399 Park Avenue New York, NY 10022	125,000	*	125,000	—	—
Ghost Tree Master Fund, LP ⁽⁸⁾ c/o Ghost Tree Capital, LLC 150 East 52nd Street, Suite 17001 New York, NY 10022	96,473	*	96,473	—	—
Blue Rock Liquid Alpha Fund, LP ⁽⁸⁾ c/o Ghost Tree Capital, LLC 150 East 52nd Street, Suite 17001 New York, NY 10022	33,489	*	33,489	—	—
NR1 Segregated Portfolio, North Rock, SPC ⁽⁸⁾ c/o Ghost Tree Capital, LLC 150 East 52nd Street, Suite 17001 New York, NY 10022	109,630	*	109,630	—	—
NR2 Segregated Portfolio, North Rock, SPC ⁽⁸⁾ c/o Ghost Tree Capital, LLC 150 East 52nd Street, Suite 17001 New York, NY 10022	223,521	*	223,521	—	—
Schonfeld Fundamental Equity Fund LLC ⁽⁸⁾ c/o Ghost Tree Capital, LLC 150 East 52nd Street, Suite 17001 New York, NY 10022	48,569	*	48,569	—	—
Whitney Capital Series Fund LLC c/o Ghost Tree Capital, LLC ⁽⁸⁾ 150 East 52nd Street, Suite 17001 New York, NY 10022	113,318	*	113,318	—	—
New Leaf Biopharma Opportunities I, L.P. ⁽⁹⁾ 7 Times Square, Suite 3502 New York, NY 10036	890,501	2.4	625,000	265,501	*
Venrock Healthcare Capital Partners II, L.P. ⁽¹⁰⁾ 530 Fifth Avenue, 22nd Floor New York, NY 10036	1,415,139	3.8	418,029	997,110	2.7
VHCP Co-Investment Holdings II, LLC ⁽¹⁰⁾ 530 Fifth Avenue, 22nd Floor New York, NY 10036	573,704	1.5	169,471	404,233	1.1
Sphera Global Healthcare Master Fund ⁽¹¹⁾ c/o Sphera Funds Mgmt. 21 Ha’Arbaah Street Tel Aviv, Israel	530,069	1.4	278,250	251,819	*


HFR HE Sphera Global Healthcare Trust ⁽¹¹⁾ c/o Sphera Funds Mgmt. 21 Ha’Arbaah Street Tel Aviv, Israel	17,628	*	9,250	8,378	—
DAFNA Lifescience Select LP ⁽¹²⁾ 10990 Wilshire Blvd., Suite 1400 Los Angeles, CA 90024	54,500	*	51,000	3,500	*
DAFNA Lifescience LP ⁽¹²⁾ 10990 Wilshire Blvd., Suite 1400 Los Angeles, CA 90024	79,000	*	74,000	5,000	*

*	Represents beneficial ownership of less than 1%.

(1)

This table is based upon information supplied by the selling shareholders, which information may not be accurate as of the date hereof. We have determined beneficial ownership in accordance with the rules of the SEC. Except as indicated by the footnotes below, we believe, based on the information furnished to us, that the selling shareholders named in the table above have sole voting and investment power with respect to all common shares that they beneficially own, subject to applicable community property laws. Applicable percentages are based on 37,131,262 shares outstanding on October 24, 2017, adjusted as required by rules promulgated by the SEC.

(2)

The shares directly held by NEA 15 are indirectly held by NEA Partners 15, L.P., or NEA Partners 15, the sole general partner of NEA 15, NEA 15 GP, LLC, or NEA 15 LLC, the sole general partner of NEA Partner 15 and each of the individual Managers of NEA 15 LLC. The individual Managers of NEA 15 LLC, or collectively, the NEA 15 Managers, are Peter J. Barris, Forest Baskett, Anthony A. Florence, Jr., David M. Mott, Jon Sakoda, Scott D. Sandell, Peter Sonsini and Ravi Viswanathan. NEA 15, NEA Partners 15, NEA 15 LLC and the NEA 15 Managers share voting and dispositive power with regard to our securities directly held by NEA 15. Ed Mathers, a partner of New Enterprise Associates, Inc., is a member of our board of directors.

(3)

Sofinnova Management VIII, L.L.C. is the general partner of Sofinnova VIII, and Anand Mehra, M.D., James Healy, M.D. (a member of our board of directors) and Michael Powell, Ph.D., the managing members of Sofinnova Management VIII, L.L.C., may be deemed to have shared voting and dispositive power with respect to such shares.

(4)

These common shares are owned directly by Aisling Capital IV, L.P. (“Aisling”) and held indirectly by Aisling Capital Partners IV, LP (“Aisling GP”), as general partner of Aisling, Aisling Capital Partners IV LLC (“Aisling Partners”), as general partner of Aisling GP, and each of the individual managing members of Aisling Partners. The individual managing members (collectively, the “Managers”) of Aisling Partners are Dr. Andrew Schiff and Steve Elms. Aisling GP, Aisling Partners and the Managers share voting and dispositive power over the shares directly held by Aisling.

(5)

Omega Fund V GP, L.P. (“Omega V GP LP”) is the general partner of Omega V. Omega Fund V GP Manager, Ltd. (“Omega V GP Ltd”) is the general partner of Omega V GP LP. Otello Stampacchia, Richard Lim, Claudio Nessi and Anne-Mari Paster are all the shareholders and directors of Omega V GP Ltd and have shared voting and investment power over the shares held by Omega V.

(6)

First Health, L.P., First Health Associates, L.P. and First Health Limited are the holders of these shares. First Manhattan Co., Inc. is the sole general partner of First Health, L.P. and First Health Associates, L.P. and First Manhattan Co. is the investment manager of First Health Limited and, as such, has voting power and dispositive power with respect to shares owned by First Health, L.P., First Health Associates, L.P. and First Health Limited. Dr. Samuel Colin, the portfolio manager of First Health, L.P., First Health Associates, L.P. and First Health Limited, may be deemed to have shared voting power and shared dispositive power with respect to shares owned by First Health, L.P., First Health Associates, L.P. and First Health Limited.

(7)

First BioMed, L.P. and First BioMed Portfolio, L.P. are the holders of these shares. First Manhattan Co. is the sole general partner of First BioMed, L.P. and First BioMed Portfolio, L.P. and, as such, has voting power and dispositive power with respect to shares owned by First BioMed, L.P. and First BioMed Portfolio, L.P. Dr. Samuel Colin, the portfolio manager of First BioMed, L.P. and First BioMed Portfolio, L.P., may be deemed to have shared voting power and shared dispositive power with respect to shares owned by First BioMed, L.P. and First BioMed Portfolio, L.P.

(8)

Ghost Tree Capital, LLC is the investment manager of each of Ghost Tree Master Fund, LP, Blue Rock Liquid Alpha Fund, LP, NR1 Segregated Portfolio, North Rock, SPC, NR2 Segregated Portfolio, North Rock, SPC, Schonfeld Fundamental Equity Fund LLC and Whitney Capital Series Fund LLC and, as such, has voting power and dispositive power with respect to shares owned by each of Ghost Tree Master Fund, LP, Blue Rock Liquid Alpha Fund, LP, NR1 Segregated Portfolio, North Rock, SPC, NR2 Segregated Portfolio, North Rock, SPC, Schonfeld Fundamental Equity Fund LLC and Whitney Capital Series Fund LLC.

(9)

New Leaf Biopharma Opportunities I, L.P. (“Opportunities-I”) is a shareholder of the Company. New Leaf BPO Associates I, L.P. (“Associates-I”) is the general partner of Opportunities-I. New Leaf Venture Management III, L.L.C. (“Management-I”) is the general partner of Associates-I. The Members of Management-I are Jeani Delagardelle, Ronald M. Hunt, Vijay K. Lathi and Liam T. Ratcliffe and comprise the investment committee with investment control over Opportunities-I.

(10)

Venrock Healthcare Capital Partners II, L.P. (“VHCP II”) holds directly 1,415,139 common shares and VHCP Co-Investment Holdings II, LLC (“Co-Invest II”) holds directly 573,704 common shares. VHCP Management II, LLC is the sole general partner of VHCP II and the manager of Co-Invest II and may be deemed to beneficially own these shares. Bong Koh and Nimish Shah are members of VHCP Management II, LLC and may be deemed to beneficially own the shares held by VHCP II and Co-Invest II.

(11)	Sphera Global Healthcare Management L.P. has the sole voting and dispositive powers with regards to our securities directly held by each of Sphera Global Healthcare Master Fund and HFR HE Sphera Global Healthcare Trust. Doron Breen is the natural person exercising such control at such entity.

(12)

DAFNA Capital Management LLC is the sole general partner of DAFNA LifeScience, LP and DAFNA LifeScience Select, LP. The Chief Executive Officer and Chief Investment Officer of DAFNA Capital Management LLC are Dr. Nathan Fischel and Dr. Fariba Ghodsian, respectively. These individuals may be deemed to have shared voting and investment power of the shares held by DAFNA LifeScience, LP and DAFNA LifeScience Select, LP.

OFFERING EXPENSES

The following table lists the costs and expenses payable by us in connection with the sale of the common shares covered by this prospectus other than any sales commissions or discounts, which expenses will be paid by the selling shareholders. All amounts shown are estimates except for the SEC registration fee.


SEC registration fee	$	10,066
Legal fees and expenses		105,000
Accounting fees and expenses		12,000
Printing and miscellaneous fees and expenses		35,000

Total	$	162,066

DESCRIPTION OF SHARE CAPITAL

As of October 24, 2017, our issued and fully paid-in share capital consisted of 34,771,887 common shares, par value CHF 1/13 per share, or approximately CHF 0.0769 per share, and no preferred shares. Under our articles of association, our board of directors is authorized at any time until December 6, 2018 to increase our share capital by a maximum aggregate par value of CHF 0.46 through the issuance of not more than six common shares, which would have to be fully paid-in, with a par value of CHF 1/13 per share. In addition, we can increase our share capital from time to time by the issuance of up to 5,058,633 common shares, par value CHF 1/13 per share, upon exercise of option or conversion rights granted in connection with financial instruments issued by us or our subsidiaries and up to 4,172,623 common shares, par value CHF 1/13 per share, in connection with our equity incentive plans.

Our share capital activity was as follows:


Shares (both voting and non-voting) outstanding at January 1, 2016			1,673,790
Non-voting shares, par value CHF 1.00 per share, issued in August 2016			21,500
Series A preferred shares, par value CHF 1.00 per share, issued in October 2016 to one investor in consideration for an in-license			25,000
Non-voting shares, par value CHF 1.00 per share, issued in November 2016			62,884
1:13 share split for each of our issued Series A preferred shares, Series B preferred shares, common shares and non-voting shares
Shares outstanding at December 31, 2016			23,181,262
Common shares issued in January 2017			6,450,000
Common shares issued in October 2017			7,500,000
Common shares outstanding at October 24, 2017			37,131,262

History of Securities Issuances

From January 1, 2014 through October 24, 2017, the following events have changed the number and classes of our issued and outstanding common shares:

•

In November 2015, we sold 11,079,549 Series B preferred shares, par value CHF 1.00 per share, to nine investors at a purchase price of $5.37 per share, for an aggregate purchase price of $59.6 million.

•

In August 2016, we issued 21,500 additional non-voting shares, par value CHF 1.00 per share.

•

In October 2016, we issued 25,000 additional Series A preferred shares, par value CHF 1.00 per share, to one investor in consideration for an in-license.

•

In November 2016, we issued 62,884 additional non-voting shares, par value CHF 1.00 per share.

•

On December 6, 2016, our shareholders approved a 1:13 share split for each of our issued Series A preferred shares, Series B preferred shares, common shares and non-voting shares. On the same date, our shareholders authorized (i) our board of directors to issue up to 5,140,631 common shares, par value CHF 1/13 per share, (ii) the issuance of 7,418,008 common shares, par value CHF 1/13 per share, upon exercise of option or conversion rights granted in connection with financial instruments issued by us or our subsidiaries and (iii) the issuance of 4,172,623 common shares, par value CHF 1/13 per share, in connection with our equity incentive plans.

•

On December 8, 2016, the 1:13 share split of our issued Series A preferred shares, Series B preferred shares, common shares and non-voting shares was recorded in the commercial registry of the Swiss canton of Geneva.

•

On January 30, 2017, we issued 6,450,000 common shares at a price per share of $15.00 in connection with our initial public offering of our common shares on Nasdaq. On the same date, all Series A preferred shares, Series B preferred shares and non-voting shares were converted into common shares.

•

On October 9, 2017, our board of directors decided to increase our share capital through the issuance of 5,140,625 common shares at a price of $8.00 per share and approved the issuance of warrants to purchase an aggregate of 2,359,375 common shares at an exercise price of $8.00 per share.

•

On October 13, 2017, we completed a private placement of 5,140,625 common shares at a price of $8.00 per share and warrants to purchase an aggregate of 2,359,375 common shares with an exercise price of $8.00 per share. The warrants were exercised on October 13, 2017. We received net proceeds of approximately $56.3 million from the private placement.

•

On October 24, 2017, the increase of our share capital, through the issuance of 5,140,625 common shares, par value CHF 1/13 per share, was recorded in the commercial registry of the Swiss canton of Geneva.

DIVIDEND POLICY

Since our incorporation, we have never paid a dividend, and we do not anticipate paying dividends in the foreseeable future. We intend to retain all available funds and any future earnings to fund the development and expansion of our business.

Under Swiss law, any dividend must be proposed by our board of directors and approved by a shareholders’ meeting. In addition, our auditors must confirm that the dividend proposal of our board of directors conforms to Swiss statutory law and our articles of association. A Swiss corporation may pay dividends only if it has sufficient distributable profits brought forward from the previous business years or if it has distributable reserves, each as evidenced by its audited stand-alone statutory balance sheet prepared pursuant to Swiss law and after allocations to reserves required by Swiss law and its articles of association have been deducted. Distributable reserves are generally booked either as “retained earnings” ( réserves issues du bénéfice ) or as “capital reserves” ( réserves issues du capital ). Distributions out of issued share capital, which is the aggregate par value of a corporation’s issued shares, may be made only by way of a share capital reduction. See the information set forth in our prospectus dated January 25, 2017, filed with the SEC pursuant to Rule 424(b), under the heading “Description of Share Capital and Articles of Association.”

LEGAL MATTERS

Cooley LLP, New York, New York, is representing us in connection with this offering. The validity of the common shares and certain other matters of Swiss law will be passed upon for us by Lenz & Staehelin, Geneva, Switzerland.

EXPERTS

The financial statements incorporated in this prospectus by reference from the Company’s Annual Report on Form 20-F for the year ended December 31, 2016 have been so incorporated in reliance on the report of PricewaterhouseCoopers SA, an independent registered public accounting firm, given on the authority of said firm as experts in auditing and accounting.

The current address of PricewaterhouseCoopers SA is Avenue Giuseppe-Motta 50, CH-1211 Geneva, Switzerland.

ENFORCEMENT OF JUDGMENTS

We are organized under the laws of Switzerland and our jurisdiction of incorporation is Geneva, Switzerland. Moreover, a number of our directors and executive officers and a number of directors of each of our subsidiaries are not residents of the United States, and all or a substantial portion of the assets of such persons are located outside the United States. As a result, it may not be possible for investors to effect service of process within the United States upon us or upon such persons or to enforce against them judgments obtained in U.S. courts, including judgments in actions predicated upon the civil liability provisions of the federal securities laws of the United States. We have been advised by our Swiss counsel that there is doubt as to the enforceability in Switzerland of original actions, or in actions for enforcement of judgments of U.S. courts, of civil liabilities to the extent predicated upon the federal and state securities laws of the United States. Original actions against persons in Switzerland based solely upon the U.S. federal or state securities laws are governed, among other things, by the principles set forth in the Swiss Federal Act on International Private Law of 1987, as amended, or PILA. This statute provides that the application of provisions of non-Swiss law by the courts in Switzerland shall be precluded if the result was incompatible with Swiss public policy. Also, mandatory provisions of Swiss law may be applicable regardless of any other law that would otherwise apply.

Switzerland and the United States do not have a treaty providing for reciprocal recognition of and enforcement of judgments in civil and commercial matters. The recognition and enforcement of a judgment of the courts of the United States in Switzerland is governed by the principles set forth in the PILA. This statute provides in principle that a judgment rendered by a non-Swiss court may be enforced in Switzerland only if:

•

the non-Swiss court had jurisdiction pursuant to the PILA;

•

the judgment of such non-Swiss court has become final and non-appealable;

•

the judgment does not contravene Swiss public policy;

•

the court procedures and the service of documents leading to the judgment were in accordance with the due process of law; and

•

no proceeding involving the same position and the same subject matter was first brought in Switzerland, or adjudicated in Switzerland, or was earlier adjudicated in a third state and this decision is recognizable in Switzerland.

WHERE YOU CAN FIND ADDITIONAL INFORMATION

This prospectus is part of the registration statement on Form F-1 we filed with the SEC under the Securities Act and does not contain all the information set forth in the registration statement. Whenever a reference is made in this prospectus to any of our contracts, agreements or other documents, the reference may not be complete and you should refer to the exhibits that are a part of the registration statement or the exhibits to the reports or other documents incorporated by reference into this prospectus for a copy of such contract, agreement or other document.

We are subject to the informational requirements of the Securities Exchange Act of 1934, as amended, applicable to foreign private issuers. We anticipate filing with the SEC, within three months after the end of each fiscal year, an Annual Report on Form 20-F containing financial statements audited by an independent accounting firm. We also furnish or file with the SEC Reports of Foreign Private Issuer on Form 6-K and other information with the SEC as required by the Exchange Act. We, as a “foreign private issuer,” are exempt from the rules under the Exchange Act prescribing certain disclosure and procedural requirements for proxy solicitations, and our officers, directors and principal shareholders are exempt from the reporting and “short-swing” profit recovery provisions contained in Section 16 of the Exchange Act, with respect to their purchases and sales of shares. In addition, we are not required to file annual, quarterly and current reports and financial statements with the SEC as frequently or as promptly as U.S. companies whose securities are registered under the Exchange Act.

You can find, copy and inspect information we file with the SEC (including exhibits to such documents) at the SEC’s Public Reference Room at 100 F Street, N.E., Washington, D.C. 20549. You may obtain additional information about the Public Reference Room by calling the SEC at 1-800-SEC-0330. In addition, the SEC maintains a site on the Internet at http://www.sec.gov which contains reports and other information that we file electronically with the SEC.

We maintain a website at www.obseva.com. Information found on, or accessible through, our website is not a part of, and is not incorporated into, this prospectus, and you should not consider it part of this prospectus.

INCORPORATION OF DOCUMENTS BY REFERENCE

The SEC allows us to “incorporate by reference” the information we file with it, which means that we can disclose important information to you by referring you to those documents. The information incorporated by reference is considered to be part of this prospectus. The documents we are incorporating by reference as of their respective dates of filing are:

•

Our Annual Report on Form 20-F for the year ended December 31, 2016, filed on April 21, 2017;

•

Our Report of Foreign Private Issuer on Form 6-K furnished to the SEC on May 18, 2017, May 23, 2017, June 7, 2017, August 16, 2017 and October 11, 2017; and

•

The description of our common shares contained in our Registration Statement on Form 8-A, filed with the SEC on January 23, 2017, including any amendments or reports filed for the purposes of updating this description.

Any statement contained in a document incorporated by reference herein shall be deemed to be modified or superseded for all purposes to the extent that a statement contained in this prospectus, or in any other subsequently filed document which is also incorporated or deemed to be incorporated by reference, modifies or supersedes such statement. Any statement so modified or superseded shall not be deemed, except as so modified or superseded, to constitute a part of this prospectus.

We will furnish without charge to you, on written or oral request, a copy of any or all of the documents incorporated by reference in this prospectus, including exhibits to these documents. You should direct any requests for documents to ObsEva SA, Attn: Chief Financial Officer, Chemin des Aulx, 12, 1228 Plan-les-Ouates, Geneva, Switzerland; telephone: +41 22 552 38 40.

You also may access these filings on our website at www.obseva.com. We do not incorporate the information on our website into this prospectus or any supplement to this prospectus and you should not consider any information on, or that can be accessed through, our website as part of this prospectus or any supplement to this prospectus (other than those filings with the SEC that we specifically incorporate by reference into this prospectus or any supplement to this prospectus).

LOGO

ObsEva SA

7,500,000 Common Shares

PRELIMINARY PROSPECTUS

, 2017

PART II

INFORMATION NOT REQUIRED IN PROSPECTUS

Item 6. Indemnification of Directors and Officers.

Under Swiss law, a corporation may indemnify its directors or officers against losses and expenses, except for such losses and expenses arising from willful misconduct or negligence (although some legal scholars advocate that at least gross negligence be required), including attorney’s fees, judgments, fines and settlement amounts actually and reasonably incurred in a civil or criminal action, suit or proceeding by reason of having been the representative of, or serving at the request of, the corporation.

Subject to Swiss law, our articles of association provides for indemnification of the existing and former members of our board of directors, executive management, and their heirs, executors and administrators, against liabilities arising in connection with the performance of their duties in such capacity, and permits us to advance the expenses of defending any act, suit or proceeding to members of our board of directors and executive management.

In addition, under general principles of Swiss employment law, an employer may be required to indemnify an employee against losses and expenses incurred by such employee in the proper execution of their duties under the employment agreement with the Company.

We have entered into indemnification agreements with each of the members of our board of directors and executive officers.

Insofar as indemnification for liabilities arising under the Securities Act may be permitted to directors, officers and controlling persons of the Company, the Company has been advised that, in the opinion of the U.S. Securities and Exchange Commission, such indemnification is against public policy as expressed in the Securities Act and is, therefore, unenforceable.

Item 7. Recent Sales of Unregistered Securities.

Set forth below is information regarding share capital issued and options granted by us since January 1, 2014.

Issuances of Shares, Promissory Notes and Warrants

The following list sets forth information regarding all unregistered securities issued by us since January 1, 2014.

1) In November 2015, we sold 11,079,549 Series B preferred shares to nine investors at a purchase price of $5.37 per share, for an aggregate purchase price of $59.6 million.

2) In September 2016, we issued 325,000 additional Series A preferred shares to one investor in consideration for an in-license.

3) On October 13, 2017, we completed a private placement of 5,140,625 common shares at a price per share of $8.00 and prepaid warrants to purchase an aggregate of 2,359,375 common shares with an exercise price of $8.00 per share. The warrants were exercised on October 13, 2017. We received net proceeds of approximately $56.3 million from the private placement.

The offers, sales and issuances of the securities described in the preceding two paragraphs were exempt from registration either (1) under Section 4(a)(2) of the Securities Act in that the transactions were between an issuer and sophisticated investors and did not involve any public offering within the meaning of Section 4(a)(2) or (2) under Regulation S promulgated under the Securities Act in that offers, sales and issuances were not made to persons in the United States and no directed selling efforts were made in the United States.

Issuances Under Our Equity Plans

Since January 1, 2014, we granted to employees, consultants and non-employee directors, pursuant to our equity incentive plans and in exchange for services rendered or to be rendered, an aggregate of 981,339 shares, each with an exercise price of CHF 0.0769 per share, for aggregate proceeds of approximately $77 thousand.

II-1

The offers, sales and issuances of the securities described in the preceding paragraph were exempt from registration either (1) under Section 4(a)(2) of the Securities Act in that the transactions were between an issuer and members of its senior executive management and did not involve any public offering within the meaning of Section 4(a)(2), (2) under Rule 701 promulgated under the Securities Act in that the transactions were under compensatory benefit plans and contracts relating to compensation or (3) under Regulation S promulgated under the Securities Act in that offers, sales and issuances were not made to persons in the United States and no directed selling efforts were made in the United States.

Item 8. Exhibits and Financial Statement Schedules

(a) Exhibits


		Incorporated by Reference
Exhibit	Description	Schedule/ Form	File Number	Exhibit	File Date

3.1*	Articles of Association of the Registrant

4.1	Registration Rights Agreement by and among the Registrant and certain holders of its capital shares, dated as of January 17, 2017	Form F-1/A	333-215383	4.1	01/23/2017

4.2	Series B Shareholders Agreement by and among the Registrant and certain holders of its capital shares, dated as of November 19, 2015	Form F-1	333-215383	4.2	12/30/2016

4.3	Registration Rights Agreement, dated October 9, 2017, by and between the Registrant and the investors named therein	Form 6-K	001-37993	99.2	10/11/2017

5.1*	Opinion of Lenz & Staehelin, Swiss counsel of the Registrant, as to the validity of the common shares

10.1#	License Agreement, by and between the Registrant and Ares Trading S.A., dated as of August 28, 2013	Form F-1	333-215383	10.1	12/30/2016

10.2#	License Agreement, by and between the Registrant and Ares Trading S.A., dated as of June 10, 2015, as amended	Form F-1	333-215383	10.2	12/30/2016

10.3#	Exclusive License Agreement, by and between the Registrant and Kissei Pharmaceutical Co., Ltd., dated as of November 19, 2015	Form F-1	333-215383	10.3	12/30/2016

10.4#	Cost Splitting Agreement, by and between the Registrant and Kissei Pharmaceutical Co., Ltd., dated as of February 6, 2017	Form 20-F	001-37993	4.6	4/21/2017

10.5	English language translation of Lease Agreement between the Registrant and Eldista GmbH, dated as of July 1, 2013, as amended	Form F-1	333-215383	10.4	12/30/2016

10.6†	Form of Indemnification Agreement between the Registrant and each of its executive officers and directors	Form F-1/A	333-215383	10.5	01/17/2017

10.7†	Incentive Plan (including form of Issuance Agreement)	Form F-1/A	333-215383	10.6	01/06/2017

10.8†	2017 Equity Incentive Plan	Form F-1/A	333-215383	10.7	01/17/2017

10.9†	Form of Stock Option Grant Notice and Stock Option Agreement under 2017 Equity Incentive Plan	Form F-1/A	333-215383	10.8	01/17/2017

10.10	Securities Purchase Agreement, dated October 9, 2017, by and between the Registrant and the investors named therein.	Form 6-K	001-37993	99.1	10/11/2017

II-2



21.1	List of subsidiaries of the Registrant	Form F-1	333-215383	21.1	12/30/2016

23.1*	Consent of PricewaterhouseCoopers SA

23.2*	Consent of Lenz & Staehelin (included in Exhibit 5.1)

24.1*	Power of Attorney (included on signature page)

*	Filed herewith.

†	Indicates a management contract or any compensatory plan, contract or arrangement.

#	Confidential treatment has been granted from the Securities and Exchange Commission as to certain portions of this document.

(b) Financial Statement Schedules

Financial statement schedules have been omitted, as the information required to be set forth therein is included in the consolidated financial statements or notes thereto incorporated by reference into the prospectus forming part of this registration statement.

Item 9. Undertakings

(a) The undersigned registrant hereby undertakes:

(1) To file, during any period in which offers or sales are being made, a post-effective amendment to this registration statement:

(i) To include any prospectus required by Section 10(a)(3) of the Securities Act of 1933;

(ii) To reflect in the prospectus any facts or events arising after the effective date of the registration statement (or the most recent post-effective amendment thereof) which, individually or in the aggregate, represent a fundamental change in the information set forth in the registration statement. Notwithstanding the foregoing, any increase or decrease in volume of securities offered (if the total dollar value of securities offered would not exceed that which was registered) and any deviation from the low or high end of the estimated maximum offering range may be reflected in the form of prospectus filed with the Commission pursuant to Rule 424(b) if, in the aggregate, the changes in volume and price represent no more than a 20% change in the maximum aggregate offering price set forth in the “Calculation of Registration Fee” table in the effective registration statement; and

(iii) To include any material information with respect to the plan of distribution not previously disclosed in the registration statement or any material change to such information in the registration statement;

(2) That, for the purpose of determining any liability under the Securities Act of 1933, each such post-effective amendment shall be deemed to be a new registration statement relating to the securities offered therein, and the offering of such securities at that time shall be deemed to be the initial bona fide offering thereof.

(3) To remove from registration by means of a post-effective amendment any of the securities being registered which remain unsold at the termination of the offering.

(4) To file a post-effective amendment to the registration statement to include any financial statements required by Item 8.A. of Form 20-F at the start of any delayed offering or throughout a continuous offering. Financial statements and information otherwise required by Section 10(a)(3) of the Securities Act need not be furnished, provided, that the registrant includes in the prospectus, by means of a post-effective amendment, financial statements required pursuant to this paragraph (a)(4) and other information necessary to ensure that all other information in the prospectus is at least as current as the date of those financial statements. Notwithstanding the foregoing, with respect to registration statements on Form F-3, a post-effective amendment need not be filed to include financial statements and information required by Section 10(a)(3) of the Act or Rule 3-19 of this chapter if such financial statements and information are contained in periodic reports filed with or furnished to the Commission by the registrant pursuant to Section 13 or Section 15(d) of the Securities Exchange Act of 1934 that are incorporated by reference in the Form F-3.

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(5) That, for the purpose of determining liability under the Securities Act of 1933 to any purchaser, each prospectus filed pursuant to Rule 424(b) as part of a registration statement relating to an offering, other than registration statements relying on Rule 430B or other than prospectuses filed in reliance on Rule 430A, shall be deemed to be part of and included in the registration statement as of the date it is first used after effectiveness; provided, however, that no statement made in a registration statement or prospectus that is part of the registration statement or made in a document incorporated or deemed incorporated by reference into the registration statement or prospectus that is part of the registration statement will, as to a purchaser with a time of contract of sale prior to such first use, supersede or modify any statement that was made in the registration statement or prospectus that was part of the registration statement or made in any such document immediately prior to such date of first use.

(b) The undersigned registrant hereby undertakes that, for purposes of determining any liability under the Securities Act of 1933, each filing of the registrant’s annual report pursuant to Section 13(a) or Section 15(d) of the Securities Exchange Act of 1934 (and, where applicable, each filing of an employee benefit plan’s annual report pursuant to Section 15(d) of the Securities Exchange Act of 1934) that is incorporated by reference in the registration statement shall be deemed to be a new registration statement relating to the securities offered therein, and the offering of such securities at that time shall be deemed to be the initial bona fide offering thereof.

(c) Insofar as indemnification for liabilities arising under the Securities Act of 1933 may be permitted for our directors, officers and controlling persons of the Registrant pursuant to our Articles of Incorporation or Amended and Restated Bylaws, or otherwise, the registrant has been advised that in the opinion of the Securities and Exchange Commission such indemnification is against public policy as expressed in the Act and is, therefore, unenforceable. In the event that a claim for indemnification against such liabilities (other than the payment by the Registrant of expenses incurred or paid by a director, officer, or controlling person in the successful defense of any action, suit or proceeding) is asserted by such director, officer, or controlling person in connection with the securities being registered, the registrant will, unless in the opinion of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the question whether such indemnification by the registrant is against public policy as expressed in the Act and will be governed by the final adjudication of such issue.

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SIGNATURES

Pursuant to the requirements of the Securities Act of 1933, the Registrant certifies that it has reasonable grounds to believe that it meets all of the requirements for filing on Form F-1 and has duly caused this Registration Statement to be signed on its behalf by the undersigned, thereunto duly authorized, in Geneva, Switzerland, on November 9, 2017.


OBSEVA SA

By:		/s/ Ernest Loumaye
		Ernest Loumaye Chief Executive Officer

KNOW ALL BY THESE PRESENTS, that each person whose signature appears below hereby constitutes and appoints Ernest Loumaye and Timothy Adams, and each of them, his or her true and lawful agent, proxy and attorney-in-fact, with full power of substitution and resubstitution, for and in his or her name, place and stead, in any and all capacities, to (1) act on, sign and file with the Securities and Exchange Commission any and all amendments (including post-effective amendments) to this Registration Statement together with all schedules and exhibits thereto and any subsequent registration statement filed pursuant to Rule 462(b) under the Securities Act of 1933, as amended, together with all schedules and exhibits thereto, (2) act on, sign and file such certificates, instruments, agreements and other documents as may be necessary or appropriate in connection therewith, (3) act on and file any supplement to any prospectus included in this Registration Statement or any such amendment or any subsequent registration statement filed pursuant to Rule 462(b) under the Securities Act of 1933, as amended, and (4) take any and all actions which may be necessary or appropriate to be done, as fully for all intents and purposes as he or she might or could do in person, hereby approving, ratifying and confirming all that such agent, proxy and attorney-in-fact or any of his or her substitutes may lawfully do or cause to be done by virtue thereof.

Pursuant to the requirements of the Securities Act of 1933, this Registration Statement has been signed by the following persons in the capacities and on the dates indicated.


Signature	Title	Date

/s/ Ernest Loumaye Ernest Loumaye	Chief Executive Officer and Director (Principal Executive Officer)	November 9, 2017

/s/ Timothy Adams Timothy Adams	Chief Financial Officer (Principal Financial Officer and Principal Accounting Officer)	November 9, 2017

/s/ Frank Verwiel Frank Verwiel	Chairperson of the Board of Directors	November 9, 2017

/s/ Annette Clancy Annette Clancy	Director	November 9, 2017

/s/ Barbara Duncan Barbara Duncan	Director	November 9, 2017

/s/ James I. Healy James I. Healy	Director	November 9, 2017

/s/ Ed Mathers Ed Mathers	Director	November 9, 2017

/s/ Rafaèle Tordjman Rafaèle Tordjman	Director	November 9, 2017

/s/ Jacky Vonderscher Jacky Vonderscher	Director	November 9, 2017

Cogency Global Inc.

By: /s/ Colleen A. De Vries Name: Colleen A. De Vries Title: Senior Vice President	Authorized Representative in the United States	November 9, 2017

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Exhibit 3.1



STATUTS DE ObsEva SA (ObsEva Ltd) (ObsEva AG)		ARTICLES OF ASSOCIATION OF ObsEva SA (ObsEva Ltd) (ObsEva AG)

TITRE I: RAISON SOCIALE - SIEGE - BUT - DUREE		TITLE I: CORPORATE NAME - REGISTERED OFFICE - PURPOSE - DURATION

Article 1: Raison sociale		Article 1: Corporate Name

Il existe sous la raison sociale ObsEva SA (ObsEva Ltd) (ObsEva AG) une société anonyme qui est régie par les présents statuts et, pour tous les cas qui n’y sont pas prévus, par le titre XXVI du Code suisse des obligations (“ CO ”).		There exists under the name ObsEva SA (ObsEva Ltd) (ObsEva AG) a company limited by shares which is governed by these articles of association and for any situation not provided herein by the Title XXVI of the Swiss Code of Obligations (“ CO ”).

Article 2: Siège		Article 2: Registered Office

La société a son siège à Plan-les-Ouates (GE).		The registered office of the company is in Plan-les-Ouates (GE).

Article 3: But		Article 3: Purpose

La société a pour but toutes activités et services dans les domaines de la recherche, du développement, de la fabrication, de l’enregistrement, de la promotion et de la commercialisation de produits biotechniques et pharmaceutiques.		The purpose of the company is all activities and services in the domains of research, development, fabrication, registration, promotion and commercialization of biotechnological and pharmaceutical products.

La société peut effectuer toute transaction commerciale et financière, directement ou indirectement liée à son but. Elle peut faire inscrire des succursales et des filiales en Suisse et à l’étranger, ainsi qu’acquérir, détenir, gérer et vendre des immeubles.		The company may carry out all commercial and financial transactions which are directly or indirectly related to its purpose. The company may establish branch offices and subsidiaries in Switzerland and abroad as well as acquire, manage, hold and sell real estate.



La société peut accorder des prêts ou tout autre forme de financement à des sociétés du même groupe, ainsi que donner des sûretés de tout genre, au bénéfice direct ou indirect de sociétés du même groupe ou de tiers, en particulier sous la forme de garanties, gages ou sûretés sur les actifs de la société.		The company may grant loans and other forms of financing to other group companies and provide security of any sort for the direct or indirect benefit of group companies or third parties, in particular in the form of guarantees, pledges or fiduciary assignments of assets of the company.

Article 4: Durée		Article 4: Duration

La durée de la société est indéterminée.		The duration of the company is indefinite.

TITRE II: CAPITAL-ACTIONS ET ACTIONS		TITLE II: SHARE CAPITAL AND SHARES

Article 5: Montant nominal et division		Article 5: Par value and number of shares

Le capital-actions est fixé à la somme de CHF 2’674’760 et 7/13 de franc (2’674’760.54), entièrement libéré.		The share capital of the company is set at the amount of CHF 2,674,760 and 7/13 of a franc (2,674,760.54) fully paid up.

Il est divisé en 34’771’887 actions d’une valeur nominale de 1/13 de franc chacune.		It is divided into 34’771’887 shares with a par value of 1/13 of a franc each.

Article 5a: Capital-actions autorisé		Article 5a: Authorized share capital

Le conseil d’administration est autorisé à augmenter jusqu’au 6 décembre 2018 le capital-actions d’un montant de CHF 6/13 d’un franc (CHF 0.46) au plus, par l’émission d’un maximum de 6 actions nominatives, entièrement libérées, d’une valeur nominale de CHF 1/13 chacune.		The board of directors is authorized at any time until December 6, 2018 to increase the share capital by a maximum aggregate amount of CHF 6/13 of a franc (CHF 0.46) through the issuance of not more than 6 registered shares, which will have to be fully paid-in, with a par value of CHF 1/13 of a franc each.

Des augmentations partielles sont autorisées. Le conseil d’administration peut également émettre de nouvelles actions par voie de prise ferme ou d’autres formes de souscription par une ou plusieurs banques avec offre subséquente aux actionnaires ou à des tierces personnes. Le conseil d’administration détermine la nature des apports, le prix d’émission et la date de l’émission, les conditions d’exercice des droits préférentiels de souscription, l’allocation des droits préférentiels de souscription qui n’ont pas été exercés et la date à laquelle débute le droit au dividende. Le conseil d’administration peut permettre, restreindre ou exclure la négociation des droits préférentiels de souscription.		Increases in partial amounts are permitted. The board of directors may issue new shares also by means of underwriting or in any other manner by one or more banks and subsequent offer to shareholders or third parties. The board of directors shall determine the type of contributions, the issue price, the time of the issue, the conditions for the exercise of the pre-emptive rights, the allocation of pre-emptive rights which have not been exercised, and the date on which the dividend entitlement starts. The board of directors is authorized to permit, to restrict or to exclude the trading of pre-emptive rights.



Si des droits préférentiels de souscription sont octroyés mais pas exercés, le conseil d’administration les utilise dans l’intérêt de la société.		If pre-emptive rights are granted, but not exercised, the board of directors shall use the relevant shares in the interest of the company.

Le conseil d’administration peut limiter ou supprimer les droits préférentiels de souscription des actionnaires et attribuer ces droits à des personnes tierces ou à la société elle-même lorsque les actions sont émises pour l’un des buts suivants: a) l’élargissement de l’actionnariat de la société dans certains marchés financiers ou dans la perspective d’une cotation, d’une admission au négoce ou d’un enregistrement de nouvelles actions à des bourses nationales ou étrangères; b) l’octroi d’une option de surallocation (“greenshoe”) à un ou plusieurs souscripteurs en relation avec un placement d’actions; c) des placements d’actions si le prix d’émission est déterminé par référence au prix du marché; d) l’intéressement des employés, des membres du conseil d’administration ou de consultants de la société ou de l’une de ses filiales selon un ou plusieurs plans d’intéressement adoptés par le conseil d’administration; e) l’acquisition de sociétés, d’actifs de sociétés, de participations, de produits, de droits de propriété intellectuelle, de licences ou de nouveaux projets d’investissement ou encore pour des placements d’actions privés ou publics à des fins de financement et/ou refinancement de telles transactions; f) la levée de fonds propres de façon rapide et flexible, lorsqu’une telle transaction ne pourrait pas être réalisée, ou ne pourrait être réalisée qu’à des conditions moins favorables, sans l’exclusion du droit préférentiel de souscription des actionnaires existants; ou g) l’acquisition d’une participation dans la société par un partenaire stratégique (y compris dans le cas d’une offre publique d’acquisition).		The board of directors is authorized to withdraw or limit the pre-emptive rights of the shareholders, and to allocate them to third parties or to the company, in the event of use of the shares for the purpose of: a) expanding the shareholder base in certain capital markets or in the context of the listing, admission to official trading or registration of the shares at domestic or international stock exchanges; b) granting an over-allotment option (“greenshoe”) to one or several underwriters in connection with a placement of shares; c) share placements, provided the issue price is determined by reference to market price; d) the participation of employees, members of the board of directors or consultants of the company or of one of its subsidiaries according to one or several equity incentive plans adopted by the board of directors; e) the acquisition of companies, company assets, participations, the acquisition of products, intellectual property rights, licenses or new investment projects or for public or private share placements for the financing and/or refinancing of such transactions; f) for raising equity capital in a fast and flexible manner as such transaction would be difficult to carry out, or could be carried out only at less favorable terms, without the exclusion of the pre-emptive rights of the existing shareholders; or g) the acquisition of a participation in the company by a strategic partner (including in the case of a public takeover offer).

Article 5b: Capital conditionnel en vue de financement		Article 5b: Conditional share capital for financing purposes

Le capital-actions de la société peut être augmenté d’un montant maximum total de cinq cent septante mille six cent seize francs (CHF 570’616) par l’émission d’un maximum de sept millions quatre cent dix-huit mille huit (7,418,008) actions nominatives ordinaires,		The company’s share capital shall be increased by a maximum aggregate amount of five hundred seventy thousand six hundred sixteen francs (CHF 570,616) through the issuance of not more than seven million four hundred eighteen thousand eight (7,418,008) registered ordinary shares, which will



d’une valeur nominale de 1/13 de franc chacune, à libérer entièrement, suite à l’exercice de droits de conversion et/ou d’option accordés en relation avec des obligations, d’autres formes comparables de titres de dette, des emprunts ou d’autres instruments similaires du marché des capitaux ou des obligations contractuelles de la société ou de l’une de ses filiales, et/ou par l’exercice de droits d’option émis par les sociétés ou l’une de ses filiales (les “instruments financiers”). Le droit préférentiel de souscription des actionnaires est exclu. Le droit de souscrire les nouvelles actions appartient aux détenteurs des instruments financiers. Le conseil d’administration fixe les conditions des instruments financiers .		have to be fully paid-in, with a par value of 1/13 of a franc each, by the exercise of option and conversion rights which are granted in connection with bonds, similar debt instruments, loans or other financial market instruments or contractual obligations of the company or one of its subsidiaries, and/or by the exercise of option rights issued by the companies or one of its subsidiaries (“financial instruments”). The pre-emptive rights of shareholders are excluded. The right to subscribe for the new shares shall be held by the holders of the financial instruments. The board of directors shall determine the terms of the financial instruments.

Lors de l’émission d’instruments financiers, le conseil d’administration peut limiter ou exclure les droits des actionnaires de souscrire les instruments financiers par préférence dans les cas suivants:		When issuing financial instruments, the board of directors shall have the right to limit or exclude the right of shareholders to subscribe for the financial instruments by preference:

a) pour financer ou refinancer l’acquisition d’entreprises ou de parts d’entreprise, ou de nouvelles participations, produits, droits de propriété intellectuelle, licences, ou pour favoriser des coopérations ou nouveaux plans d’investissements de la société;		a) for the purpose of financing or refinancing the acquisition of enterprises, divisions thereof, or of participations, products, intellectual property rights, licenses, cooperations or of newly planned investments of the company;

b) si l’émission se fait sur des marchés internationaux des capitaux, y compris par placement privé; ou		b) if the issuance is made on domestic or international capital markets, including by means of private placements; or

c) en vue de la souscription des instruments financiers par une institution bancaire ou un consortium de banques avec offre publique subséquente.		c) for purposes of an underwriting of the financial instruments by a banking institution or a consortium of banks with subsequent offering to the public.

Si le droit des actionnaires de souscrire aux instruments financiers par préférence est exclu, (i) les instruments financiers doivent être attribués aux conditions du marché; (ii) la période d’exercice, la période d’échange ou la période de conversion des instruments financiers ne doit pas dépasser 10 ans à partir de la date à laquelle ces instruments sont émis; et (iii) le prix de conversion, le prix d’échange ou tout autre prix d’exercice des instruments financiers doit être fixé par référence aux conditions du marché.		To the extent that the right of shareholders to subscribe for the financial instruments by preference is excluded, (i) the financial instruments shall be placed at market conditions; (ii) the exercise period, the conversion period or the exchange period of the financial instruments shall not exceed 10 years as of the date of the issue; and (iii) the conversion price, the exchange price or other exercise price of the financial instruments shall be determined by reference to market prices.


Article 5c: Capital conditionnel pour les plans d’intéressement		Article 5c: Conditional share capital for equity plans

Le capital-actions de la société peut être augmenté d’un montant maximum total de trois cent vingt mille neuf cent septante et un francs (CHF 320’971) par l’émission d’un maximum de quatre millions cent septante-deux mille six cent vingt-trois (4’172’623) actions nominatives ordinaires, entièrement libérées, d’une valeur nominale d’1/13 de franc chacune, lors de l’exercice de droits d’option ou de souscription accordés ou attribués à des employés, membres du conseil d’administration ou consultants de la société ou de l’une de ses filiales selon les termes d’un ou de plusieurs plans d’intéressement ou règlements adoptés par le conseil d’administration. Le droit préférentiel de souscription des actionnaires est exclu à l’égard de ces actions. Le conseil d’administration fixe les conditions des plans d’intéressement et des règlements, ainsi que de l’émission des actions.		The company’s share capital shall be increased by a maximum aggregate amount of three hundred twenty thousand nine hundred seventy-one francs (CHF 320,971)through the issuance of not more than four million one hundred seventy-two thousand six hundred twenty-three (4,172,623) registered ordinary shares, which shall be fully paid-in, with a par value of 1/13 of a franc each, by issuance of shares upon the exercise of options or pre-emptive rights thereof, which have been issued or granted to employees, members of the board of directors or consultants of the company or of one of its subsidiaries under the terms of one or more equity incentive plans or regulations adopted by the board of directors. The pre-emptive rights of shareholders are excluded. The board of directors shall determine the terms of the equity incentive plans or regulations and of the issuance of the shares.

Article 6: Espèces d’actions		Article 6: Type of shares

Les actions sont nominatives.		The shares shall be registered.

Par une modification des statuts, l’assemblée générale peut en tout temps convertir des actions nominatives en actions au porteur et des actions au porteur en actions nominatives.		The general meeting of shareholders may, at any time, by modifying these articles of association, convert the registered shares into bearer shares and convert bearer shares into registered shares.

Par une modification des statuts, l’assemblée générale peut aussi en tout temps convertir des actions d’une catégorie en actions d’une autre catégorie, ou encore des bons de participation en actions. L’art. 654 CO et les dispositions de ces statuts sont réservés.		The general meeting of shareholders may also, at any time, by modifying these articles of association, convert shares of one class into shares of another class, or non-voting shares into voting shares. Article 654 CO and the provisions of these articles of association are reserved.

Sous réserve du paragraphe ci-dessous, les actions nominatives de la société sont émises sous forme de droits-valeur (tels que définis par le CO) et de titres intermédiés (tels que définis par la Loi fédérale suisse sur les titres intermédiés).		Subject to the paragraph below, the registered shares of the company will be uncertificated securities (in terms of the CO) and intermediated securities (in terms of the Swiss Federal Intermediated Securities Act).



Suite à son inscription au registre des actions, un actionnaire peut demander en tout temps à la société d’établir un relevé des actions nominatives qu’il détient. Il n’a cependant pas de droit à exiger l’impression et la livraison de certificats d’actions. En revanche, la société peut à tout moment imprimer et livrer des certificats incorporant des actions nominatives. La société peut aussi, à son choix, retirer les actions nominatives revêtant la forme de titres intermédiés des divers organismes de dépôt auprès desquelles elles ont été enregistrées, et avec le consentement de l’actionnaire, annuler sans les remplacer les certificats d’action qui lui auront été remis.		A shareholder registered in the company’s shareholders’ register may request from the company a statement of the shareholder’s registered shares at any time. Shareholders do not have a right to the printing and delivery of share certificates. The company may, however, print and deliver certificates for shares at any time at its option. The company may also, at its option, withdraw uncertificated shares from the custodian system where they have been registered and, with the consent of the shareholder, cancel issued certificates that are returned to the company.

Si la société décide d’imprimer et de livrer des certificats d’actions, ces derniers doivent porter la signature de deux signataires autorisés de la société, dont l’un au moins doit être membre du conseil d’administration. Les signatures peuvent être apposées par facsimilé.		If the company decides to print and deliver share certificates, the share certificates shall bear the signatures of two duly authorized signatories of the company, at least one of which shall be a member of the board of directors. These signatures may be facsimile signatures.

Article 7: Droits et obligations des actionnaires		Article 7: Shareholders’ rights and duties

Chaque action est indivisible à l’égard de la société, qui ne reconnaît qu’un propriétaire pour une action.		Each share shall be indivisible towards the company, which only recognizes one legal owner for each share.

Chaque action donne droit à une part proportionnelle du bénéfice résultant du bilan et du produit de la liquidation en proportion des versements opérés au capital-actions.		Each share confers the right to a portion of the profit resulting from the balance sheet and the proceeds of liquidation, in proportion to the payments made to pay-in the share capital.

Les actionnaires ne sont tenus que des prestations statutaires. Ils ne répondent pas personnellement des dettes sociales.		The obligations of the shareholders are limited to those specified in these articles of association. The shareholders are not personally liable for the debts of the company.

Article 8: Transfert des actions		Article 8: Transfer of shares

Le transfert de la propriété des actions émises sous forme de papier-valeur requiert la remise du titre endossé à l’acquéreur.		The transfer of ownership of certificated shares shall require delivery of the properly endorsed share certificate to the purchaser.

Le transfert de la propriété d’actions détenues sous forme de titres intermédiés s’opère conformément aux dispositions de la Loi fédérale suisse sur les titres intermédiés.		The transfer of ownership of shares held as book entry securities shall be carried out according to the provisions of the Swiss Federal Intermediated Securities Act.



Les actions nominatives non incorporées dans un papier-valeur et qui ne sont pas détenues sous la forme de titres intermédiés, respectivement les droits y afférents, eux-mêmes non incorporés dans un papier-valeur, ne peuvent être transférés que par cession. La cession n’est valable que si elle est notifiée à la société.		Registered shares not incorporated into a certificate and that are not held as book entry securities as well as the respective rights associated therewith which are not incorporated into any certificate may be transferred only by assignment. Such assignment shall be valid only if the company has been notified thereof.

Article 9: Registre des actions		Article 9: Share register

La société tient un registre des actions qui mentionne le nom et l’adresse des propriétaires et des usufruitiers des actions nominatives.		The company shall keep a share register, which shall contain the names and addresses of the owners of the shares or the persons benefiting from an usufruct interest in the shares.

Est considéré comme actionnaire ou usufruitier à l’égard de la société celui qui est inscrit au registre des actions. Un actionnaire peut demander à la société une confirmation qu’il est dûment inscrit au registre des actions.		Only the persons registered in the share register shall be considered shareholders or holders of a usufruct interest in the shares towards the company. A shareholder may request from the company a confirmation that he is duly registered in the share register.

Si un actionnaire change d’adresse, il doit en informer la société. Tant qu’il ne l’aura pas fait, toute communication sera valablement faite à sa dernière adresse inscrite au registre des actions.		Should a shareholder change his address, he must so inform the company. As long as a shareholder has not provided notice of a change of address to the company, any communication shall be validly made to his last address entered in the share register.

TITRE III: ORGANISATION DE LA SOCIETE		TITLE III: ORGANIZATION OF THE COMPANY

A. ASSEMBLEE GENERALE		A. GENERAL MEETING

Article 10: Droits intransmissibles		Article 10: Non-transferable rights

L’assemblée générale des actionnaires est le pouvoir suprême de la société.		The general meeting of shareholders is the highest authority of the company.

Elle a les droits intransmissibles:		It has the non-transferable rights:

1. d’adopter et de modifier les statuts;		1. to adopt and amend the articles of association

2. de nommer les membres du conseil d’administration, de l’organe de révision, le président du conseil d’administration, les membres du comité de rémunération et le représentant indépendant des actionnaires;		2. to elect the members of the board of directors, the auditors, the chairman of the board of directors, the members of the compensation committee and the independent representative of shareholders;



3. d’approuver le rapport annuel et les comptes consolidés de la société;		3. to approve the business report and the consolidated financial statements of the company;

4. d’approuver les comptes annuels et de déterminer l’emploi du bénéfice résultant du bilan, en particulier de fixer le dividende;		4. to approve the annual statutory financial statements of the company and to decide upon the allocation of profits as shown on the balance sheet, in particular with regard to dividends;

5. sur proposition du conseil d’administration, d’approuver la rémunération des membres du conseil d’administration et du comité exécutif;		5. on proposal of the board of directors, to approve the compensation of members of the board of directors and of executive committee;

6. de donner décharge aux membres du conseil d’administration;		6. to discharge the members of the board of directors from liability; and

7. de prendre toutes les décisions qui lui sont réservées par la loi et ces statuts.		7. to decide on all matters reserved to it by law and by these articles of association.

Article 11: Assemblées générales ordinaires et extraordinaires		Article 11: Annual and extraordinary general meetings

L’assemblée générale ordinaire a lieu chaque année dans les six mois qui suivent la clôture de l’exercice; des assemblées générales extraordinaires sont convoquées aussi souvent qu’il est nécessaire, notamment dans les cas prévus par la loi.		The annual general meeting of shareholders shall be held every year within six months following the end of the business year; extraordinary general meetings of shareholders may be convened as often as necessary, in particular in the cases provided by law.

L’assemblée générale se réunit au lieu désigné par le conseil d’administration.		The general meeting of shareholders shall meet at the place determined by the board of directors.

Article 12: Convocation de l’assemblée générale		Article 12: Invitation to the general meeting

L’assemblée générale est convoquée par le conseil d’administration et, dans les cas prévus par la loi ou ces statuts, par l’organe de révision, les liquidateurs ou, le cas échéant, les représentants des obligataires.		The general meetings of shareholders shall be called by the board of directors or, if required by law or these articles of association, by the auditors, the liquidators of the company or the representatives of the bond holders, if any.

Un ou plusieurs actionnaires représentant ensemble 10 pour cent au moins du capital-actions peuvent aussi requérir la convocation de l’assemblée générale. Des actionnaires qui représentent des actions totalisant une valeur nominale de un million de Francs suisses peuvent requérir l’inscription d’un objet à l’ordre du jour. La convocation et l’inscription d’un objet à l’ordre du jour doivent être requises par écrit 60 jours au moins avant la date de l’assemblée et inclure une courte description des points à porter à l’ordre du jour et les propositions.		One or several shareholders, holding together at least ten per cent of the share capital, may also request that a general meeting be convened. Shareholders representing shares of a total par value of one million Swiss Francs may require that items be included on the agenda of the meeting. Such requests must be made in writing not less than 60 days ahead of the meeting and shall include a brief description of the items to be discussed and the proposals.



Article 13: Mode de convocation		Article 13: Notice of Meeting

Les assemblées générales ordinaires ou extraordinaires sont convoquées par publication dans la Feuille officielle suisse du commerce au moins vingt jours avant la date prévue pour la réunion.		Annual or extraordinary general meetings of shareholders shall be called by notice in the “Swiss Official Gazette of Commerce” not less than twenty days before the date fixed for the meeting.

Une assemblée générale des actionnaires peut également être convoquée par communication écrite à chacun des actionnaires à l’adresse figurant au registre des actions. Dans un tel cas, le délai de convocation de vingt jours mentionné ci-dessus débute le jour suivant la date à laquelle la communication écrite a été expédiée.		A general meeting of shareholders may also be called by means of a notice sent to the shareholders at their address registered in the share register. In such a case, the twenty-day notice period referred to above shall begin on the day following the date on which the notices shall have been mailed.

La convocation à une assemblée mentionne les objets portés à l’ordre du jour, ainsi que les propositions du conseil d’administration et des actionnaires qui ont demandé la convocation de l’assemblée générale ou requis l’inscription d’un objet à l’ordre du jour.		The notice of a meeting shall state the items on the agenda and the proposals of the board of directors and of the shareholders who requested that a general meeting be convened or that items be included in the agenda.

Aucune décision ne peut être prise sur des objets qui n’ont pas été dûment portés à l’ordre du jour, à l’exception des propositions déposées par un actionnaire dans le but de convoquer une assemblée générale extraordinaire, d’instituer un contrôle spécial ou d’élire des auditeurs.		No resolution shall be passed at a general meeting of shareholders on matters which do not appear on the agenda except for a resolution convening an extraordinary general meeting, the setting up of a special audit or the election of auditors.

Il n’est pas nécessaire d’annoncer à l’avance les propositions entrant dans le cadre des objets portés à l’ordre du jour ni les délibérations qui ne doivent pas être suivies d’un vote.		No prior notice is required to bring motions related to items already on the agenda or for the discussion of matters on which no resolution is to be taken.

Article 14: Légitimation des actionnaires		Article 14: Representation of shareholders

Tout actionnaire qui ne participe pas à l’assemblée générale des actionnaires en personne peut faire représenter ses actions à l’assemblée par le représentant indépendant ou par une autre personne ou entité qui ne doit pas nécessairement être un actionnaire. Le conseil d’administration règle les exigences régissant la participation et la représentation à l’assemblée générale.		Each shareholder who does not attend the general meeting of shareholders in person may have his shares represented at the meeting by the independent representative or by another person or entity, who does not have to be a shareholder. The board of directors shall determine the requirements regarding participation and representation in the general meeting of shareholders.



Sauf dispositions contraires de ces statuts, une assemblée générale des actionnaires est dûment convoquée et apte à statuer quel que soit le nombre d’actions représentées.		Subject to provisions to the contrary in these articles of association, a general meeting of shareholders is duly convened and capable of passing resolutions regardless of the number of shares represented.

Article 15: Présidence; procès-verbal		Article 15: Acting chair; minutes

L’assemblée générale des actionnaires est présidée par le président du conseil d’administration, le vice-président ou par toute autre personne désignée à cet effet par le conseil d’administration. A leur défaut, la personne désignée par l’assemblée générale des actionnaires préside.		The general meeting of shareholders is chaired by the chairman of the board of directors, the vice-chairman or by any other person designated to that effect by the board of directors. In the absence of such persons, the person appointed by the general meeting of shareholders shall take the chair.

Le président désigne le secrétaire de l’assemblée et les scrutateurs, qui ne doivent pas nécessairement être actionnaires.		The chairperson shall appoint the secretary of the meeting and the vote counters, none of whom need to be a shareholder.

Le président a les pouvoirs et compétences nécessaires et suffisantes pour assurer le bon déroulement de l’assemblée générale des actionnaires.		The chairperson shall have all powers and authority necessary and appropriate to ensure the orderly conduct of the general meeting of shareholders.

Les procès-verbaux de l’assemblée générale des actionnaires sont signés par le président et le secrétaire de l’assemblée.		The minutes of the general meeting of shareholders shall be signed by the chairman and the secretary of the meeting.

Article 16: Droit de vote		Article 16: Voting right

Chaque action donne droit à une voix.		Each share shall convey the right to one vote.

Article 17: Décisions et élections		Article 17: Resolutions and elections

Sauf disposition contraire de la loi ou de ces statuts, l’assemblée générale prend ses décisions et procède aux élections à la majorité absolue des voix exprimées.		Unless required otherwise by law or these articles of association, the general meeting of shareholders shall make resolutions and proceed to elections by an absolute majority of the votes cast.

En cas de partage égal des voix, celle du président est prépondérante.		In the event the votes are evenly split, the chairman shall have a casting vote.

Une décision de l’assemblée générale recueillant au moins les deux tiers des voix attribuées aux actions représentées et la majorité absolue des valeurs nominales représentées est nécessaire pour:		A resolution of the general meeting of shareholders approved by at least two-thirds of the votes allotted to the shares represented at the meeting, and the absolute majority of the aggregate par value of the shares represented is necessary to:

1. la modification du but social;		1. amend the purpose of the company;



2. l’introduction d’actions à droit de vote privilégié;		2. create shares with privileged voting rights;

3. la restriction de la transmissibilité des actions nominatives;		3. restrict the transferability of the registered shares;

4. l’augmentation autorisée ou conditionnelle du capital-actions;		4. authorize or conditionally authorize an increase in share capital;

5. l’augmentation du capital-actions au moyen des fonds propres, contre apport en nature ou en vue d’une reprise de biens et l’octroi d’avantages particuliers;		5. increase the share capital through the conversion of capital surplus, through contribution in kind or for purposes of an acquisition of assets, or the granting of special privileges;

6. la limitation ou la suppression du droit préférentiel de souscription		6. withdraw or limit pre-emptive rights;

7. le transfert du siège de la société;		7. relocate the registered office of the company;

8. la dissolution de la société.		8. dissolve the company;

9. abroger ou modifier l’article 20 al. 1, de ces statuts; ou		9. abrogate or amend Article 20 para. 1 of these articles of association; or

10. révoquer un membre en fonction du conseil d’administration.		10. remove a serving member of the board of directors.

Toute décision relative à la fusion, la scission ou la transformation de la société sera prise en conformité avec les dispositions de la loi fédérale suisse sur la fusion, la scission, la transformation et le transfert de patrimoine.		Any decision related to a merger, demerger or conversion of the company shall be taken in accordance with the Swiss Federal Act on Mergers, De-mergers, Transformations and Transfers of Businesses.

B. REPRESENTANT INDEPENDANT DES ACTIONNAIRES		B. THE INDEPENDENT REPRESENTATIVE OF SHAREHOLDERS

Article 18. Election, durée du mandat et révocation		Article 18. Election, office and removal

L’assemblée générale des actionnaires élit le représentant indépendant des actionnaires.		The general meeting of shareholders elects the independent representative of shareholders.

Sont éligibles les personnes physiques ou morales ou les sociétés de personnes.		Natural or legal persons or partnerships may be elected.

L’art. 728 al. 2 à 6 CO s’applique par analogie au représentant indépendant.		Article 728 para. 2 to 6 CO applies by analogy to the independent representative.

Les fonctions du représentant indépendant s’achèvent à la fin de l’assemblée générale ordinaire suivante.		The independent representative shall hold office until the end of the next annual general meeting.



L’assemblée générale des actionnaires peut révoquer le représentant indépendant pour la fin de l’assemblée.		The general meeting of shareholders may remove the independent representative with effect at the end of the meeting.

Lorsque la société n’a pas de représentant indépendant, le conseil d’administration le désigne en vue de la prochaine assemblée générale des actionnaires.		If the company has no independent representative, the board of directors appoints one for the next general meeting of shareholders.

B. CONSEIL D’ADMINISTRATION		B. BOARD OF DIRECTORS

Article 19: Composition et durée des fonctions		Article 19: Composition and term of office

Le conseil d’administration de la société est composé de huit membres au plus qui sont élus individuellement par l’assemblée générale des actionnaires pour une durée de fonctions s’achevant à la fin de l’assemblée générale ordinaire suivante. Ils sont rééligibles indéfiniment.		The board of directors of the company shall be composed of not more than eight members, who shall be elected individually by the general meeting of shareholders for a term of office expiring after completion of the subsequent annual general meeting and who shall be indefinitely re-eligible.

Le président du conseil d’administration est élu par l’assemblée générale pour une durée de fonctions s’achevant à la fin de l’assemblée générale ordinaire suivante. Il est rééligible indéfiniment.		The chairman of the board of directors shall also be appointed by the general meeting for a term of office expiring after completion of the subsequent annual general meeting and who shall be indefinitely re-eligible.

Article 20: Mandats externes		Article 20: Outside mandates

Aucun membre du conseil d’administration ne peut exercer plus de 6 mandats additionnels dans des organes supérieurs de direction ou d’administration de sociétés dont les titres de participation sont cotés en bourse et 10 mandats additionnels dans des organes supérieurs de direction ou d’administration d’autres sociétés.		No member of the board of directors may hold more than 6 additional mandates in the highest supervisory or management bodies of third party companies whose equity securities are listed on a stock exchange and 10 additional mandates in the highest management bodies of other companies.

Les mandats suivants ne sont pas sujets aux limitations précitées:		The following mandates are not subject to these limitations:

a) les mandats dans des sociétés qui sont contrôlées par la société ou qui contrôlent la société;		a) mandates in companies which are controlled by the company or which control the company;

b) les mandats dans des organes supérieurs de direction ou d’administration d’organisations caritatives, de fondations, de trusts et d’institutions de prévoyance en faveur du personnel. Aucun membre du conseil d’administration n’exercera plus de 10 mandats à ce titre.		b) mandates in the highest supervisory or management bodies of associations, charitable organizations, foundations, trusts and employee welfare foundations. No member of the board of directors shall hold more than 10 such mandates.



Article 21: Organisation		Article 21: Organization

Sauf disposition contraire de la loi ou de ces statuts, le conseil d’administration se constitue lui-même. Il peut désigner, parmi ses membres, un ou plusieurs vice-présidents qui assument la responsabilité de président du conseil d’administration en cas d’incapacité de ce dernier.		Unless provided otherwise in the law or these articles of association, the board of directors shall organize itself. It may elect, among its members, one or more vice-chairpersons, who shall assume the responsibilities of the chairman of the board of directors if the latter is incapacitated.

Article 22: Convocation		Article 22: Notice of meeting

Le conseil d’administration est convoqué par le président aussi souvent que les affaires l’exigent.		Meetings of the board of directors shall be convened by the chairman as often as business requires.

Les délibérations et les décisions du conseil d’administration sont consignées dans un procès-verbal signé par le président et le secrétaire.		Minutes of the business discussed and resolutions carried by the board of directors shall be kept and signed by the chairman and secretary.

Article 23: Décisions		Article 23: Resolutions

Les décisions du conseil d’administration sont prises à la majorité des membres présents. Le règlement d’organisation adopté par le conseil d’administration peut prévoir un quorum de présence pour certaines décisions. Aucun quorum de présence n’est requis pour les décisions concernant l’exécution d’une augmentation de capital décidée antérieurement et pour la modification des statuts résultant d’une telle augmentation de capital.		Resolutions of the board of directors shall be made with a majority of the members present. The organizational regulations adopted by the board of directors may impose presence quorums for certain resolutions. No quorum requirement applies for resolutions regarding the completion of a previously decided capital increase and the amendment of the articles of association evidencing such capital increase.

Les décisions peuvent aussi être prises en la forme d’une approbation donnée par écrit à une proposition, à moins qu’une discussion ne soit requise par l’un des membres du conseil d’administration. Les approbations données par écrit sont consignées dans le procès-verbal de la séance suivante.		Resolutions may also be made by written consent to a proposed motion, provided no member requests that it be debated orally. Such resolutions by written consent shall be entered in the minutes of the next meeting.

Article 24: Compétences		Article 24: Powers

Le conseil d’administration peut prendre des décisions sur toutes les affaires qui ne sont pas attribuées à l’assemblée générale ou à un autre organe par la loi ou ces statuts.		The board of directors may pass resolutions on all matters not reserved to the general meeting or another corporate body by law or these articles of association.



Sous réserve de l’art. 716 a CO, le conseil d’administration peut déléguer tout ou partie de la gestion de la société à un ou plusieurs de ses membres ou à des tiers, conformément aux dispositions du règlement d’organisation qu’il aura adopté à cette fin.		Subject to Article 716 a CO, the board of directors may delegate the management of all or part of the company’s business to one or more of its members or to third parties, under the terms of organizational regulations that it shall have adopted for that purpose.

COMITE DE REMUNERATION		D. COMPENSATION COMMITTEE

Article 25: Composition et organisation		Article 25: Composition and organisation

Le comité de rémunération se compose de deux membres au moins du conseil d’administration, qui sont élus individuellement par l’assemblée générale.		The compensation committee shall be composed of two or more members of the board of directors who shall be individually elected by the general meeting of shareholders.

Lorsque le comité de rémunération n’est pas complet, le conseil d’administration désigne les membres manquants pour la période allant jusqu’à la fin de la durée de fonctions.		If the compensation committee is not complete, the board of directors nominates the missing members for the remaining period of office.

Le conseil d’administration désigne le président parmi les membres du comité de rémunération.		The board of directors elects the chair from the members of the compensation committee.

Pour le surplus, le comité de rémunération se constitue lui-même.		Otherwise, the compensation committee shall constitute itself.

Article 26: Durée du mandat		Article 26: Term of office

Les membres du comité de rémunération sont élus pour la période s’écoulant jusqu’à la fin de l’assemblée générale ordinaire suivante.		The members of the compensation committee shall hold office until the end of the next annual general meeting.

Ils sont indéfiniment rééligibles.		They shall be eligible for re-election indefinitely.

Article 27: Compétences du comité de rémunération		Article 27: Compensation committee’s powers

Le comité de rémunération assiste le conseil d’administration dans l’établissement et l’examen périodique de la stratégie de rémunération, des directives qui s’y rapportent et des objectifs de performance, ainsi que pour la préparation des propositions à soumettre à l’assemblée générale des actionnaires pour la rémunération du conseil d’administration et du comité exécutif. Il peut soumettre des propositions au conseil d’administration sur d’autres questions relatives à la rémunération.		The compensation committee shall support the board of directors in establishing and reviewing the company’s compensation strategy, guidelines and the performance targets, as well as in preparing the proposals to the general meeting of shareholders regarding the compensation of the board of directors and of the executive committee. It may submit proposals to the board of directors in other compensation-related issues.



Le conseil d’administration détermine dans le règlement d’organisation (i) pour quelles fonctions du conseil d’administration et du comité exécutif le comité de rémunération fait des propositions au conseil d’administration pour ce qui concerne la rémunération et (ii) pour quelles autres fonctions le comité de rémunération fixe lui-même la rémunération conformément à ces statuts et aux directives concernant la rémunération.		The board of directors shall set out in the organizational regulations (i) for which positions of the board of directors and of the executive committee the compensation committee shall submit proposals for the compensation, and (ii) for which positions the compensation committee shall determine such compensation in accordance with these articles of association and the compensation guidelines.

Le conseil d’administration peut déléguer au comité de rémunération d’autres tâches définies dans le règlement.		The board of directors may delegate further tasks to the compensation committee that shall be determined in regulations.

E. COMITE EXECUTIF		E. EXECUTIVE COMMITTEE

Article 28: Composition et organisation		Article 28: Composition and organisation

Le conseil d’administration élit les membres du comité exécutif.		The board of directors shall elect the members of the executive committee.

Sauf dans les cas prévus par la loi, seules des personnes physiques peuvent être élues au comité exécutif.		Unless specifically permitted by law, only natural persons may be elected in the executive committee.

Le conseil d’administration désigne le président du comité exécutif (CEO). Il fixe l’organisation du comité exécutif dans le règlement d’organisation. Pour le reste, le comité exécutif se constitue lui-même.		The board of directors shall appoint the head of the executive committee (CEO). It shall determine the organization of the executive committee in the organization regulations. For the rest, the executive committee shall constitute itself.

Article 29: Rapports contractuels		Article 29: Contractual relationships

Les contrats de durée déterminée entre des membres du comité exécutif, d’une part, et la société ou des sociétés contrôlées par la société, d’autre part, au sujet de leur rémunération, ne peuvent pas excéder un an. De tels contrats peuvent être renouvelés.		Fixed-term agreements entered into by the company or companies controlled by the company, on the one hand, and members of the executive committee, on the other hand, with regard to their compensation cannot exceed one year. Such fixed-term agreements can be renewed.

Si les contrats mentionnés à l’alinéa 1 sont conclus pour une durée indéterminée, le délai de congé ne peut excéder un an.		If agreements within the scope of the prior paragraph are entered into for an indefinite period of time, their notice period cannot exceed one year.



Article 30: Mandats externes		Article 30: Outside mandates

Aucun membre du comité exécutif ne peut exercer plus de 6 mandats dans des organes supérieurs de direction ou d’administration de sociétés tierces dont les titres de participation sont cotés en bourse et 10 mandats additionnels dans des organes supérieurs de direction ou d’administration d’autres sociétés. L’acception de tels mandats par un membre du comité exécutif requiert l’accord préalable du conseil d’administration.		No member of the executive committee may hold more than 6 additional mandates in the highest supervisory or management bodies of third party companies whose equity securities are listed on a stock exchange and 10 additional mandates in the highest supervisory or management bodies of other companies. Members of the executive committee shall only accept such mandates with the prior consent of the board of directors.

Les mandats suivants ne sont pas sujets aux limitations précitées:		The following mandates are not subject to these limitations:

a) les mandats dans des sociétés qui sont contrôlées par la société ou qui contrôlent la société;		a) mandates in companies which are controlled by the company or which control the company;

b) les mandats dans des organes supérieurs de direction ou d’administration d’organisations caritatives, de fondations, de trusts et d’institutions de prévoyance en faveur du personnel. Aucun membre du comité exécutif n’exercera plus de 10 mandats à ce titre.		b) mandates in the highest governing bodies of associations, charitable organizations, foundations, trusts and employee welfare foundations. No member of the executive committee shall hold more than 10 such mandates.

F. ORGANE DE REVISION		F. AUDITORS

Article 31: Organe de révision		Article 31: Auditors

L’assemblée générale élit un ou plusieurs réviseurs comme organe de révision. Elle peut désigner des suppléants.		The general meeting of shareholders shall elect one or several auditors. It may also elect deputy auditors.

Au moins l’un des réviseurs doit avoir en Suisse son domicile, son siège ou une succursale inscrite au registre du commerce.		At least one auditor must have in Switzerland its domicile, registered office or branch registered in the commercial registry.

Les réviseurs doivent satisfaire les exigences de qualification et d’indépendance prévues par la loi.		The auditors shall satisfy the qualification and independence requirements contemplated by law.

L’organe de révision exerce les attributions prévues par la loi, notamment les art. 728 a à 728 c CO.		The auditors shall carry out their duties and report in accordance with the law, in particular Articles 728 a to 728 c CO.



La durée de fonction des réviseurs est d’une année. Elle se termine à la fin de l’assemblée générale qui approuve les comptes annuels sur lesquels porte leur rapport. Ils sont immédiatement rééligibles.		The term of office of the auditors is one year. It expires at the end of the general meeting of shareholders, which approves the annual statutory financial statements to which their audit relates. They shall be immediately eligible for re-election.

Les réviseurs sont tenus de participer à l’assemblée générale ordinaire.		The auditors shall be bound to attend the annual general meeting of shareholders.

TITRE IV. REMUNERATION DES MEMBRES DU CONSEIL D’ADMINISTRATION ET DU COMITE EXECUTIF		TITLE IV. COMPENSATION OF THE MEMBERS OF THE BOARD OF DIRECTORS AND OF THE EXECUTIVE COMMITTEE

Article 32: Principes de rémunération		Article 32: Compensation principles

La rémunération des membres du conseil d’administration se compose d’une rémunération fixe et d’indemnités de présence. Les membres exécutifs du conseil d’administration peuvent, en outre, se voir attribuer des éléments de rémunération des membres du comité exécutif.		The compensation of the members of the board of directors shall consist of a fixed compensation and attendance allowances. Executive members of the board of directors can, in addition, receive compensation elements applicable with respect to members of the executive committee.

La rémunération des membres du comité exécutif comprend des éléments de rémunération fixes et variables. La rémunération fixe comprend le salaire de base et d’autres éléments de rémunération. La rémunération variable peut comprendre des éléments de rémunération à court et à long terme. La rémunération totale prend en compte la position et le niveau de responsabilité du bénéficiaire.		The compensation of the members of the executive committee consists of fixed and variable compensation elements. Fixed compensation comprises the base salary and other compensation elements. Variable compensation may comprise short-term and long-term compensation elements. The total compensation shall take into account position and level of responsibility of the recipient.

Les éléments de rémunération variable à court terme sont régis par des mesures de performance qui prennent en compte la performance de la société et de tout ou partie de ses filiales, la performance du marché, d’autres sociétés ou éléments de référence comparables et/ou d’objectifs de performance personnels quantitatifs et qualitatifs.		Short-term variable compensation elements shall be governed by performance metrics that take into account the performance of the company and some or all of its subsidiaries, market performance, other companies or comparable benchmarks and/or individual quantitative and qualitative performance targets.

Les éléments de rémunération variables à long terme sont régis par des mesures de performance qui prennent en compte des objectifs stratégiques et/ou financiers, ainsi que des éléments de rétention.		Long-term variable compensation elements shall be governed by performance metrics that take into account strategic and/or financial objectives, as well as retention elements.



Le conseil d’administration, le comité de rémunération ou tout autre organe auquel cette compétence a été déléguée détermine les mesures de performance, les objectifs de performance, ainsi que leur accomplissement.		The board of directors or, to the extent delegated to it, the compensation committee or another body shall determine the performance metrics, the target levels as well as their achievement.

La rémunération peut être versée en espèces ou sous d’autres formes. Elle peut être versée sous forme d’actions, d’options ou d’autres instruments financiers. Le conseil d’administration ou le comité de rémunération, si cette compétence lui a été déléguée, détermine les conditions d’octroi, d’acquisition ( vesting ), d’exercice et de déchéance. Il peut en particulier prévoir la continuation, l’accélération ou la suppression des conditions d’acquisition ( vesting ) et d’exercice, le paiement ou l’attribution d’une rémunération lors de l’atteinte des objectifs ou encore la déchéance des droits, dans chaque cas lors d’événements prédéterminés tels qu’un changement de contrôle ou la fin d’un contrat de travail ou de mandat. La société peut se procurer les actions requises par le biais d’achats sur le marché, directement ou par l’intermédiaire de sociétés qu’elle contrôle, ou par l’émission d’actions nouvelles.		Compensation may be paid in the form of cash or in the form of other types of benefits. It can be paid by the grant of shares, stock options or other financial instruments. The board of directors or, to the extent delegated to it, the compensation committee shall determine grant, vesting, exercise and forfeiture conditions. In particular, they may provide for continuation, acceleration or removal of vesting and exercise conditions, for payment or grant of compensation based upon assumed target achievement, or for forfeiture, in each case in the event of pre-determined events such as a change-of-control or termination of an employment or mandate agreement. The company may procure the required shares through purchases in the market, either directly or through companies controlled by it, or by issuing new shares.

Les membres du conseil d’administration et/ou du comité exécutif peuvent participer à des plans de souscription d’actions établis par la société ou par des sociétés contrôlées par celle-ci, lesquels peuvent permettre aux employés éligibles d’affecter une partie de leur rémunération à l’acquisition d’actions de la société à un prix inférieur à celui du marché.		Members of the board of directors and/or executive committee may participate in share purchase plans established by the company or companies controlled by it, under the terms of which eligible employees may allocate a portion of their compensation to the purchase of shares of the company at a discount to market price.

La rémunération peut être versée par la société ou par une société qu’elle contrôle.		Compensation may be paid by the company or companies controlled by it.

La société ou les sociétés qu’elle contrôle remboursent les frais encourus par les membres du conseil d’administration ou du comité exécutif. Les frais remboursés ne font pas partie de la rémunération.		The company or companies controlled by it shall reimburse the expenses incurred by the members of the board of directors or executive committee. Expenses reimbursements are not part of the compensation.

Article 33: Prêts, crédits et prestations de prévoyance		Article 33: Loans, credits and retirement benefits

Sous réserve de l’article 34 para. 5, la société n’accorde pas de prêts ou de crédits aux membres du conseil d’administration ou aux membres du comité exécutif.		Subject to Article 34 para. 5, the company shall not grant loans or credit facilities to members of the board of directors or members of the executive committee.



Les cotisations de retraite et les prestations de prévoyance sont effectuées selon les règles applicables aux plans de pension auxquels participe, en Suisse ou à l’étranger, la société ou les sociétés contrôlées par celle-ci.		Pension contributions and post-retirement benefits shall be made or provided in accordance with the regulations applicable to the pension schemes in which the company or the companies controlled by it participate in Switzerland or abroad.

Article 34: Vote de l’assemblée générale sur les rémunérations		Article 34: Vote of the general meeting of shareholders on the compensation

Sur proposition du conseil d’administration, l’assemblée générale des actionnaires approuve annuellement et séparément:		Following a proposal by the board of directors, the general meeting of shareholders annually and separately approves:

1. la rémunération totale du conseil d’administration pour la période allant jusqu’à l’assemblée générale ordinaire suivante; et		1. the aggregate compensation of the board of directors until the next annual general meeting; and

2. la rémunération totale du comité exécutif pour l’exercice annuel suivant.		2. the aggregate compensation of the executive committee for the following business year.

Le conseil d’administration peut soumettre à l’assemblée générale des propositions de rémunération portant sur des périodes différentes et se rapportant à l’ensemble des membres du conseil d’administration ou du comité exécutif ou à certains d’entre eux seulement.		The board of directors can submit compensation proposals to the general meeting of shareholders for other periods and for all members of the board of directors or executive committee or some of them only.

Le vote de l’assemblée générale des actionnaires sur les propositions de rémunération a un caractère contraignant.		The vote of the general meeting of shareholders on the compensation proposals shall be binding.

Si l’assemblée générale des actionnaires n’approuve pas une proposition de rémunération faite par le conseil d’administration, ce dernier convoque une assemblée générale extraordinaire.		If the general meeting of shareholders does not approve a compensation proposal made by the board of directors, the board of directors shall convene an extraordinary general meeting.

Des rémunérations peuvent être payées avant approbation de l’assemblée générale des actionnaires, celles-ci devant toutefois être sujettes à approbation ultérieure et à restitution en l’absence d’une telle approbation ultérieure.		Compensation may be paid out prior to approval by the general meeting of shareholders, subject to subsequent approval and, absent such subsequent approval, to restitution to the company.



Si le montant global maximal de la rémunération déjà approuvé par l’assemblée générale des actionnaires n’est pas suffisant pour couvrir la rémunération fixe d’une personne devenant membre du comité exécutif après que l’assemblée générale a approuvé la rémunération du comité exécutif pour la période visée (nouveau membre), la société ou toute autre société qu’elle contrôle peut verser à ce ou à ces nouveaux membres un montant complémentaire pour la période de rémunération déjà approuvée. Le montant complémentaire ne doit pas dépasser (i) pour le président du comité exécutif (CEO), 140% de la rémunération annuelle totale de l’ancien CEO et (ii) pour tout autre nouveau membre, 140% de la rémunération annuelle totale la plus élevée d’un membre du comité exécutif en fonction autre que le CEO.		If the maximum aggregate amount of compensation already approved by the general meeting of shareholders is not sufficient to also cover the compensation of one or more persons who become members of the executive committee during a compensation period for which the general meeting of shareholders has already approved the compensation of the executive committee (new hire), the company or companies controlled by it shall be authorized to pay an additional amount with respect to the compensation period already approved. Such additional amount shall not exceed (i) for the head of the executive committee (CEO), 140% of the total annual compensation of the former CEO and (ii) for any new hire other than the CEO, 140% of the highest total annual compensation of any member of the executive committee in office other than the CEO.

Article 35: Indemnisation		Article 35: Indemnification

Dans toute la mesure permise par la loi, la société indemnisera et relèvera les membres actuels et anciens du conseil d’administration, du comité exécutif, ainsi que leurs héritiers, exécuteurs et administrateurs, de tous dommages, pertes, responsabilités et frais résultant d’actions, procédures ou enquêtes annoncées, pendantes ou conclues, que ces dernières soient civiles, pénales, administratives ou de toute autre nature (y compris en particulier de toute responsabilité contractuelle, délictuelle, légale ou résultant de législations ou réglementations étrangères applicables, ainsi que de tous frais ou dépenses légaux ou autres raisonnablement encourus) que l’un ou l’ensemble d’entre eux ou leurs héritiers, exécuteurs ou administrateurs auront encouru ou supporté du fait de: a) tout acte commis ou prétendument commis, perpétré ou prétendument perpétré ainsi que toute omission ou prétendue omission intervenus dans l’exercice de leurs obligations ou de leurs prétendues obligations; ou b) l’exercice de leur fonction de membre du conseil d’administration ou du comité exécutif de la société; ou c) l’exercice, sur requête de la société, de la fonction d’administrateur, d’organe, d’employé ou de représentant d’une autre personne morale, société de personnes, trust ou de toute autre entreprise.		The company shall indemnify and hold harmless, to the fullest extent permitted by law, the current and former members of the board of directors, the executive committee, and their heirs, executors and administrators out of the assets of the company from against all damages, losses, liabilities and expenses in connection with threatened, pending or completed actions, proceedings or investigations, whether civil, criminal, administrative or other (including, but not limited to, liabilities under contract, tort and statute or any applicable foreign law or regulation and all reasonable legal and other costs and expenses properly payable) which they or any of them, their heirs, executors or administrators, shall or may incur or sustain by or reason of a) any act done or alleged to be done, concurred or alleged to be concurred in or omitted or alleged to be omitted in or about the execution of their duty, or alleged duty; or b) serving as a member of the board of directors or member of the executive committee of the company; or c) serving at the request of the company as director, officer, or employee or agent of another corporation, partnership, trust or other enterprise.



Cette indemnisation ne s’étendra pas aux circonstances dans lesquelles l’une des personnes susmentionnées aura été reconnue avoir violé ses obligations de membre du conseil d’administration ou du comité exécutif intentionnellement ou par une négligence grave par un jugement ou une décision finale émanant d’une autorité judiciaire, d’un tribunal arbitral, d’une autorité gouvernementale ou administrative et non susceptible de recours.		This indemnity shall not extend to any matter in which any of the said persons is found, in a final judgment or decree of a court, arbitral tribunal or governmental or administrative authority of competent jurisdiction not subject to appeal, to have committed an intentional or grossly negligent breach of said person’s duties as member of the board of directors or member of the executive committee.

Nonobstant ce qui précède, la société avancera le montant des frais judiciaires et des honoraires d’avocat se rapportant aux procédures civiles, pénales, administratives ou aux enquêtes mentionnées à l’alinéa précédent. La société pourra refuser et/ou obtenir le remboursement de telles avances si un tribunal ou une autorité gouvernementale ou administrative compétente constate dans une décision non susceptible de recours que le membre du conseil d’administration ou du comité exécutif concerné a violé ses obligations de membre du conseil d’administration ou du comité exécutif intentionnellement ou par une négligence grave. La société pourra souscrire une assurance responsabilité en faveur des membres du conseil d’administration et des membres du comité exécutif. Les primes de cette assurance seront mises à la charge et payées par la société ou par l’une de ses filiales.		Without limiting the foregoing, the company shall advance to existing and former members of the board of directors and executive committee court costs and attorney fees in connection with civil, criminal, administrative or investigative proceedings as described in the preceding paragraph. The company may reject and/or recover such advanced costs if a court or governmental or administrative authority of competent jurisdiction not subject to appeal holds that the member of the board of directors or member of the executive management in question has committed an intentional or grossly negligent breach of his statutory duties as a member of the board of directors or member of the executive committee. The company may procure directors’ and officers’ liability insurance for members of the board of directors and members of the executive committee of the company. The insurance premiums shall be charged to and paid by the company or its subsidiaries.

TITRE V. ANNEE SOCIALE – REPARTITION DU BENEFICE		TITLE V. BUSINESS YEAR – ALLOCATION OF PROFITS

Article 36: Année sociale		Article 36: Business year

Le conseil d’administration détermine l’année sociale.		The board of directors shall determine the business year.

Article 37: Distribution du bénéfice		Article 37: Allocation of profit

Chaque année, 5% du bénéfice de l’exercice sont affectés à la réserve générale jusqu’à ce que celle-ci atteigne 20 % du capital-actions libéré. Si, par la suite, la réserve générale n’atteint plus la limite légale de 20 %, des affectations supplémentaires devront être effectuées jusqu’à ce que cette limite soit à nouveau atteinte.		Each year 5% of the annual net profit must be transferred to a general reserve until this fund amounts to 20% of the paid-in capital. Whenever the general reserve falls below 20%, additional transfers shall be made until the 20% limit is once again reached.



Le solde du bénéfice résultant du bilan est, sur proposition du conseil d’administration, réparti conformément aux décisions de l’assemblée générale des actionnaires dans les limites des dispositions impératives de la loi concernant la réserve légale.		The remainder of the net profit shall be allocated in the manner decided by the general meeting of shareholders, following a proposal by the board of directors and subject, however, to the mandatory provisions of the law concerning the general reserve.

Article 38: Dividende		Article 38: Dividends

Le paiement du dividende a lieu à l’époque fixée par le conseil d’administration. Tout dividende qui n’a pas été réclamé dans les cinq ans dès son exigibilité revient de plein droit à la société.		Dividends shall be paid at such time as the board of directors shall determine. Any dividend not claimed within five years of it becoming due shall be forfeited to the company.

TITRE VI. LIQUIDATION DE LA SOCIETE		TITLE VI. LIQUIDATION OF THE COMPANY

Article 39: Liquidation		Article 39: Liquidation

Lorsque la dissolution de la société est décidée, la liquidation est menée par le conseil d’administration, à moins que l’assemblée générale des actionnaires ne désigne d’autres liquidateurs.		In the event that it is decided to dissolve the company, the liquidation thereof shall be carried out by the board of directors, unless the general meeting of shareholders appoints other liquidators.

L’un au moins des liquidateurs doit être domicilié en Suisse et avoir qualité pour représenter la société. Les liquidateurs décident du mode de signature.		At least one of the liquidators shall be domiciled in Switzerland and shall have the right to represent the company. The liquidators shall determine the signature rights.

Article 40: Compétences pendant la liquidition		Article 40: Powers during the liquidation

Pendant la liquidation, les pouvoirs des organes sociaux sont restreints aux actes qui sont nécessaires à cette opération et qui, de par leur nature, ne sont pas du ressort des liquidateurs.		During the liquidation, the powers of the corporate bodies of the company shall be restricted to operations that are necessary for the liquidation, but which, by their nature, lie outside the scope of the function of the liquidators.

L’assemblée générale des actionnaires conserve le droit d’approuver les comptes de la liquidation et de donner décharge aux liquidateurs.		The general meeting of the shareholders shall retain the right to approve the accounts of the liquidation and to discharge the liquidators from liability.

Après paiement des dettes, l’actif disponible de la société dissoute est réparti entre les actionnaires de la société au prorata des apports effectués.		The available assets, after discharge of liabilities, shall be distributed to the shareholders of the company in proportion to the paid-in contributions.



TITRE VII. PUBLICATIONS – DROIT APPLICABLE – FOR		TITRE VII. ANNOUNCEMENTS – GOVERNING LAW – JURISDICTION

Article 41: Publications		Article 41: Announcements

Sauf disposition contraire de ces statuts, les communications de la société aux actionnaires sont faites par avis écrit aux actionnaires inscrits au registre des actions ou, si le conseil d’administration le décide, par publication dans la Feuille officielle suisse du commerce.		Unless these Articles provide otherwise, company notices to shareholders shall be sent out in writing to shareholders entered in the Share Register or, if the board of directors so decides, shall be published in the Swiss Official Gazette of Commerce.

L’organe de publication est la Feuille officielle suisse du commerce.		The journal for publishing notices shall be the Swiss Official Gazette of Commerce.

Article 42: Droit applicable et for		Article 42: Governing law and jurisdiction

Une action en justice contre la société, les personnes chargées de l’administration, de la gestion, de la révision et de la liquidation peut être ouverte devant le juge ordinaire du siège de la société; le droit suisse est applicable.		All disputes and proceedings against the company, its directors, executive officers, auditors, or liquidators shall be subject to the jurisdiction of the ordinary courts of the place of the registered office of the company; Swiss law shall apply.

La version anglaise de ces statuts est une traduction de l’original en langue française. En cas de contradiction entre la version française et la version anglaise de ces statuts, la version française fait foi.

The English version of these articles of association is a translation of the original version in French. In the event of any discrepancies between the French and English versions, the French version shall prevail.

Genève, le 23 octobre 2017

(Signé) : Mariella Vallery-Spaethe, notaire

Exhibit 5.1

ObsEva SA

Chemin de Aulx 12

1228 Plan-les-Ouates

Switzerland

Geneva, November 9, 2017

ObsEva SA – Registration Statement on Form F-1

Ladies and Gentlemen,

We have acted as special Swiss counsel to ObsEva SA (the “ Company ”) in connection with the filing of a registration statement on Form F-1, including the preliminary prospectus set forth therein (the “ Registration Statement ”) for the purpose of registering 7,500,000 common shares with a par value of CHF 1/13 each (the “ Common Shares ”) under the United States Securities Act of 1933, as amended (the “ Securities Act ”). The 7,500,000 Common Shares set forth in the Registration Statement have been issued (i) pursuant to the terms of a securities purchase agreement dated October 9, 2017 between the Company, on the one hand, and the buyers listed in the Schedule of Buyers attached thereto, on the other hand (each a “ Buyer ” and collectively the “ Buyers ”) (the “ Securities Purchase Agreement ”) and (ii) further to the exercise of warrants to purchase Common Shares (each a “ Warrant ”), which were issued under the Securities Purchase Agreement.

As such counsel, we have been requested to render an opinion as to certain matters of Swiss law.

I.	REVIEWED DOCUMENTS

For the purpose of giving this opinion, we have only examined the following documents (the “ Documents ”):

(i)	a draft of the Registration Statement;

(ii)	a copy of the Securities Purchase Agreement;

(iii)

a copy of the registration rights agreement dated October 9, 2017 between the Company, on the one hand, and the Buyers, on the other hand;

(iv)	a copy of the Warrants;

(v)	a copy of the exercise notices relating to the Warrants dated on or around October 13, 2017;

(vi)	a certified copy dated November 3, 2017 of the articles of association of the Company dated October 23, 2017 (the “ Articles of Association ”), as registered with the Commercial Register of the Canton of Geneva;

(vii)

a certified extract dated November 3, 2017 from the Commercial Register of the Canton of Geneva relating to the Company (the “ Extract ”);

(viii)

a copy of the minutes of a meeting of the board of directors of the Company held on October 9, 2017 evidencing resolutions, among other things, (i) to increase the share capital of the Company pursuant to Section 5 a of the Articles of Association through the issuance of 5,140,625 Common Shares at a price of USD 8.00 per share (the “ Authorized Share Capital Increase ”) and (ii) to issue Warrants to purchase an aggregate of 2,359,375 Common Shares at an exercise price of USD 8.00 per share (the “ Board Resolution 1 ”);

(ix)	a copy of the report of the board of directors of the Company dated October 20, 2017 regarding the Authorized Share Capital Increase (the “ Board Report ”);

(x)	a copy of subscription forms dated on or about October 9, 2017 and signed by each of the Buyers, relating to the subscription of the Common Shares to be issued in connection with the Authorized Share Capital Increase (the “ Subscription Forms ”);

(xi)	a copy of certain declarations of the Company vis-à-vis the Commercial Register of the Canton of Geneva ( attestation générale de non reprise et attestation générale de non reprise au regard de la LFAIE ) dated October 23, 2017 (the “ Declarations ”);

(xii)

a copy of the notarized minutes of a meeting of the board of directors of the Company held on October 23, 2017, acknowledging the completion of the Authorized Share Capital Increase (the “ Board Resolution 2 ” and, together with the Board Resolution 1, the “ Board Resolutions ”);

(xiii)

a copy of a bank statement issued by Credit Suisse (Suisse) SA (“ Credit Suisse ”) dated October 20, 2017 acknowledging the credit of USD 41,125,130 on a blocked bank account opened with Credit Suisse in the name of the Company in connection with the Authorized Share Capital Increase (the “ Bank Confirmation 1 ”);

(xiv)

a copy of a bank statement issued by Credit Suisse dated October 20, 2017 acknowledging the credit of USD 18,875,130 on a blocked account opened with Credit Suisse in the name of the Company in connection with the issuance of Common Shares further to the exercise of the Warrants (the “ Warrant Shares ”) (the “ Bank Confirmation 2 ” and, together with the Bank Confirmation 1, the “ Bank Confirmations ”);

(xv)	a copy of the audit confirmation of PricewaterhouseCoopers SA on the Board Report, dated October 23, 2017 (the “ Audit Confirmation ”);

(xvi)

a copy of the Company’s register of uncertificated securities dated October 25, 2017 evidencing the creation of 5,140,625 uncertificated securities of the Company in connection with the Authorized Share Capital Increase; and

(xvii)

a copy of the Company’s register of uncertificated securities dated October 25, 2017 evidencing the creation of 2,359,375 uncertificated securities of the Company further to the issuance of the Warrant Shares.

No documents have been reviewed by ourselves in connection with this opinion other than those listed above. Accordingly, our opinion is limited to the above Documents and their legal implications under Swiss law.

II.

ASSUMPTIONS

In rendering the opinion below, we have assumed:

(a)	the genuineness of all signatures;

(b)	the accuracy, completeness and authenticity of all Documents submitted to us as originals;

(c)	the completeness of and conformity to the originals of all Documents submitted to us as copies;

(d)	the due incorporation and valid existence of each of the parties to the Documents under applicable law (except the due incorporation and valid existence of the Company);

(e)	that the Registration Statement has been duly filed by the Company;

(f)	that the Board Resolutions have been adopted on the occasion of duly convened meetings of the board of directors of the Company and that the minutes of these meetings accurately reflect the resolutions and other matters stated therein, and have not been amended or rescinded;

(g)	that the Board Report, the Declarations and the Audit Confirmation have not been rescinded or amended;

(h)	that the execution and delivery of the Subscription Forms are within the capacity and power of, and have been validly authorized and executed by, each of the respective Buyers; and

(i)	to the extent relevant for purpose of this opinion, that all factual information contained in, or material statements given in connection with, the Documents are true, complete and accurate.

III.

OPINION

Based upon the foregoing and subject to the qualifications set out below, we are of the opinion that the 7,500,000 Common Shares referred to in the Registration Statement are validly issued, fully paid-in and non-assessable.

IV.

QUALIFICATIONS

The above opinion is subject to the following qualifications:

(a)	Our opinion is limited to Swiss law as existing and interpreted on the date hereof. We have abstained from examining any issues of any other jurisdiction and therefore no opinion on matters other than Swiss law is to be inferred from our opinion.

(b)	In this opinion, Swiss legal concepts are expressed in the English language and not in their original language. These concepts may not be identical to the concepts described by the same English language terms as they exist under the laws of other jurisdictions.

(c)	This opinion is based on the current provisions of the laws of Switzerland and the regulations thereunder in effect on the date hereof and only as currently interpreted in Switzerland. Such laws and their interpretation are subject to change.

(d)	We express no opinion as to the accuracy or completeness of the information contained in the Registration Statement.

(e)

We express no opinion as to any commercial, calculating, auditing or other non-legal matters, including for what regards the decisions of the board of directors to cancel pre-emptive rights of existing shareholders. Further, this opinion does not cover any matter relating to Swiss or foreign taxes. This opinion is also confined to the matters stated herein and is not to be read as extending, by implication or otherwise, to any other matter.

We have rendered this opinion as of the date hereof and we assume no obligation to advise you of changes that may thereafter be brought to our attention.

We hereby consent to the filing of this opinion as an exhibit to the Registration Statement and to the references to us under the heading “Legal Matters” contained in the Registration Statement. In giving such consent, we do not thereby admit that we are in the category of persons whose consent is required under Section 7 of the Securities Act.

This opinion shall be governed by and construed in accordance with the laws of Switzerland.

Sincerely yours,

/s/ Jacques Iffland

Lenz & Staehelin

Exhibit 23.1

LOGO

CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

We hereby consent to the use in this Registration Statement on Form F-1 of ObsEva SA of our report dated April 21, 2017 relating to the consolidated financial statements, which appears in such Registration Statement. We also consent to the reference to us under the heading “Experts” in such Registration Statement.

PricewaterhouseCoopers SA


/s/ Michael Foley		/s/ Corinne Pointet Chambettaz

Michael Foley		Corinne Pointet Chambettaz

Geneva, Switzerland
November 9, 2017

PricewaterhouseCoopers SA, avenue Giuseppe-Motta 50, Case postale, CH-1211 Genève 2, Switzerland

Telephone: +41 58 792 91 00, Facsimile: +41 58 792 91 10, www.pwc.ch

PricewaterhouseCoopers SA is a member of the global PricewaterhouseCoopers network of firms, each of which is a separate and independent legal entity.

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