ObsEva SA (Form: F-3, Received: 02/17/2022 16:15:37)

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As filed with the Securities and Exchange Commission on February 17, 2022

Registration No. 333-

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM F-3

REGISTRATION STATEMENT

UNDER

THE SECURITIES ACT OF 1933

OBSEVA SA

(Exact name of registrant as specified in its charter)

Not Applicable

(Translation of registrant’s name into English)

Switzerland

(State or other jurisdiction of

incorporation or organization)

Not Applicable

(I.R.S. Employer

Identification Number)

Chemin des Aulx, 12

1228 Plan-les-Ouates

Geneva, Switzerland

Tel: +41 22 552 38 40

(Address and telephone number of registrant’s principal executive offices)

Cogency Global Inc.

122 East 42nd Street, 18th Floor

New York, New York 10168

(212) 947-7200

(Name, address and telephone number of agent for service)

Copies of all communications, including communications sent to agent for service, should be sent to:

Divakar Gupta

Ryan Sansom

Cooley LLP

55 Hudson Yards

New York, New York 10001

(212) 479-6000

APPROXIMATE DATE OF COMMENCEMENT OF PROPOSED SALE TO THE PUBLIC: From time to time after the effective date of this registration statement.

If the only securities being registered on this Form are being offered pursuant to dividend or interest reinvestment plans, please check the following box. ☐

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, please 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 registration statement pursuant to General Instruction I.C. or a post-effective amendment thereto that shall become effective on filing with the Commission pursuant to Rule 462(e) under the Securities Act, check the following box. ☐

If this Form is a post-effective amendment to a registration statement filed pursuant to General Instruction I.C. filed to register additional securities or additional classes of securities pursuant to Rule 413(b) under the Securities Act, check the following box. ☐

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 update issued by the Financial Accounting Standards Board to its Accounting Standards Codification after April 5, 2012.

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 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 prospectus is not complete and may be changed. The selling shareholders may not sell these securities until the registration statement filed with the Securities and Exchange Commission is effective. This prospectus is not an offer to sell these securities and it is not soliciting an offer to buy these securities in any state where the offer or sale is not permitted.

SUBJECT TO COMPLETION, DATED FEBRUARY 17, 2022

PROSPECTUS

Up to 7,344,017 Common Shares

LOGO

This prospectus relates to the resale from time to time of up to 7,344,017 common shares of ObsEva SA, or the Company, by the selling shareholders, including their transferees, pledgees or donees, or their respective successors. We are registering these shares on behalf of the selling shareholders, to be offered and sold by them from time to time, to satisfy certain registration rights that we have granted to the selling shareholders. The shares being registered for resale are issuable upon the conversion of our Senior Secured Convertible Note due January 28, 2025, or the Note, and shares issuable upon exercise of a common stock purchase warrant that we issued concurrent with the Note. We will not receive any proceeds from the sale of the shares offered by this prospectus or upon the conversion of the Note.

The selling shareholders identified in this prospectus, or their respective pledgees, donees, transferees and 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. The selling shareholders may resell the common shares directly or through one or more underwriters, broker-dealers or agents. For additional information on the methods of sale that may be used by the selling shareholders, see the section entitled “Plan of Distribution” on page 22. For a list of the selling shareholders, see the section entitled “Selling Shareholders” on page 20.

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 discounts, commissions, fees of underwriters, selling brokers or dealer managers and similar expenses, if any, incurred for the sale of our common shares.

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 listed on the Nasdaq Global Select Market under the symbol “OBSV” and on the SIX Swiss Exchange under the symbol “OBSN.” On February 16, 2022, the last reported sale price of the common shares on the Nasdaq Global Select Market was $1.40 per share.

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.

Our business and an investment in our common shares involve significant risks. These risks are described under the caption “Risk Factors” beginning on page 12 of this prospectus and under similar headings in the documents incorporated by reference into this prospectus.

Neither the U.S. Securities and Exchange Commission nor any U.S. state securities commission has approved or disapproved of these securities or passed upon the adequacy or the accuracy of this prospectus. Any representation to the contrary is a criminal offense.

The date of this prospectus is , 2022.

TABLE OF CONTENTS

Prospectus


ABOUT THIS PROSPECTUS			1
PRESENTATION OF FINANCIAL AND OTHER INFORMATION			2
TRADEMARKS			3
CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS			4
PROSPECTUS SUMMARY			6
RISK FACTORS			12
USE OF PROCEEDS			15
DESCRIPTION OF SHARE CAPITAL			16
SELLING SHAREHOLDERS			20
PLAN OF DISTRIBUTION			22
MATERIAL CHANGES			24
ENFORCEMENT OF JUDGMENTS			25
LEGAL MATTERS			26
EXPERTS			27
WHERE YOU CAN FIND MORE INFORMATION			28
INCORPORATION OF CERTAIN INFORMATION BY REFERENCE			29

ABOUT THIS PROSPECTUS

Neither we nor the selling shareholders or the underwriters, if any, have authorized anyone to provide you with any information or to make any representation other than as may be contained in or incorporated by reference into this prospectus, any prospectus supplement or in any free writing prospectus that we may file with the U.S. Securities and Exchange Commission, or the SEC. We do not, and the selling shareholders or the underwriters, if any, do not, take any responsibility for, and can provide no assurances as to, the reliability of any information that others may provide you. This prospectus and any applicable prospectus supplement or free writing prospectus do not constitute an offer to sell any securities in any jurisdiction where such offer and sale are not permitted. The information contained in or incorporated by reference into this prospectus or any prospectus supplement, free writing prospectus or other offering material is accurate only as of the respective dates of those documents or information, regardless of the time of delivery of the documents or information or the time of any sale of the securities. Neither the delivery of this prospectus or any applicable prospectus supplement nor any distribution of securities pursuant to such documents shall, under any circumstances, create any implication that there has been no change in the information set forth in this prospectus or any applicable prospectus supplement or in our affairs since the date of this prospectus or any applicable prospectus supplement.

This prospectus is part of a registration statement that we filed with the SEC utilizing a shelf registration process or continuous offering process. Under this shelf registration process, the selling shareholders may, from time to time, sell the securities described in this prospectus in one or more offerings. This prospectus provides you with a general description of the securities that may be offered, from time to time, by the selling shareholders. Each time a selling stockholder sells securities, the selling stockholder may be required to provide you with this prospectus and, in certain cases, a prospectus supplement containing specific information about the selling stockholder and the terms of the securities being offered. That prospectus supplement may include additional risk factors or other special considerations applicable to those securities. Any prospectus supplement may also add, update, or change information in the prospectus. If there is any inconsistency between the information in this prospectus and any prospectus supplement, you should rely on the information in that prospectus supplement.

You should read this prospectus and any prospectus supplement for a specific offering of securities, together with additional information described in the sections entitled “Where You Can Find More Information” and “Incorporation by Reference” in this prospectus, before making an investment decision. You should rely only on the information contained in or incorporated by reference into this prospectus, any accompanying prospectus supplement or any free writing prospectus prepared by or on behalf of us to which we have referred you.

Unless otherwise stated, all references in this prospectus supplement and the accompanying prospectus to “we,” “us,” “our,” “ObsEva,” “company” and similar designations refer, collectively, to ObsEva SA.

PRESENTATION OF FINANCIAL AND OTHER INFORMATION

We present our consolidated financial statements in U.S. dollars and in accordance with IFRS. None of the financial statements incorporated by reference into this prospectus were prepared in accordance with generally accepted accounting principles in the United States.

The terms “dollar,” “USD” or “$” refer to U.S. dollars, the terms “Swiss Francs” or “CHF” refer to the legal currency of Switzerland and the terms “€” or “euro” are to the currency introduced at the start of the third stage of European economic and monetary union pursuant to the treaty establishing the European Community, as amended. Unless otherwise indicated, all references to currency amounts in this prospectus are in U.S. dollars.

We have made rounding adjustments to some of the figures included in this prospectus. Accordingly, numerical figures shown as totals in some tables may not be an arithmetic aggregation of the figures that preceded them.

TRADEMARKS

“ObsEva,” the ObsEva logo and other trademarks or service marks of ObsEva SA appearing in this prospectus are the property of ObsEva SA. Trade names, trademarks and service marks of other companies appearing in this prospectus are the property of their respective holders.

CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS

This prospectus and the information incorporated by reference in this prospectus contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, or the Securities Act, and Section 21E of the Securities Exchange Act of 1934, as amended, or the Exchange Act, that involve a number of risks and uncertainties. Although our forward-looking statements reflect the good faith judgment of our management, these statements can only be based on facts and factors currently known by us. Consequently, these forward-looking statements are inherently subject to risks and uncertainties, and actual results and outcomes may differ materially from results and outcomes discussed in the forward-looking statements.

All statements other than present and historical facts and conditions contained in this prospectus and the information incorporated by reference in this prospectus including statements regarding our future results of operations and financial positions, business strategy, plans and our objectives for future operations, are forward- looking statements. The words “anticipate,” “believe,” “can,” “could,” “estimate,” “expect,” “intend,” “is designed to,” “may,” “might,” “plan,” “potential,” “predict,” “objective,” “should,” “would,” or the negative of these and similar expressions identify forward-looking statements. Such statements are subject to risks and uncertainties, and actual results may differ materially from those expressed or implied in the forward-looking statements due to various factors, including, but not limited to, those identified under the section entitled “Item 3.D—Risk Factors” in our Annual Report on Form 20-F for the year ended December 31, 2020 filed with the SEC on March 5, 2021 and our Report on Form 6-K filed with the SEC on November 4, 2021, pursuant to the U.S. Securities and Exchange Act of 1934, as amended. These risks and uncertainties include factors relating to:

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the success, cost, timing and potential indications of our product candidates’ development activities and clinical trials, including our ongoing and future trials of linzagolix and nolasiban;

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our or our partners’ ability to obtain and maintain regulatory approval of our product candidates, including linzagolix and nolasiban, in any of the indications for which we or our partners plan to develop them, and any related restrictions, limitations or warnings in the label of an approved product;

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the results of ongoing or future clinical trials, including of linzagolix and nolasiban;

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our ability to obtain funding for our operations, including funding necessary to complete the clinical trials of any of our product candidates, and the terms on which we are able to raise that additional capital;

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the availability of funds under our convertible note financing agreement or any future financing arrangement;

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our plans to research, develop and commercialize our product candidates;

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the timing of our regulatory filings for our product candidates;

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the clinical utility of our product candidates;

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the size and growth potential of the markets for our product candidates;

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our commercialization, marketing and manufacturing capabilities and strategy;

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our expectations regarding our ability to obtain and maintain intellectual property protection for our product candidates and our ability to operate our business without infringing on the intellectual property rights of others;

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the timing and amount of milestone and royalty payments we are required to make under our in-license agreements;

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the timing and amount of milestone and royalty payments we are entitled to receive under our out-license/sublicense agreements;

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our ability to attract and retain qualified employees and key personnel;

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our ability to contract with third-party suppliers and manufacturers and their ability to perform adequately;

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the activities of our competitors and the success of competing therapies that are or become available;

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our plans to in-license or acquire additional product candidates;

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how long we will qualify as an emerging growth company or a foreign private issuer;

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our estimates regarding future revenue, expenses and needs for additional financing;

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our ability to build our commercialization organization;

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the duration, severity and impact on our operations and clinical trials of the COVID-19 pandemic; and

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regulatory developments in the United States and foreign countries.

The forward-looking statements are subject to a number of risks and uncertainties, including those listed under the caption “Risk Factors” in this prospectus and the information incorporated by reference in this prospectus. As a result of these factors, we cannot assure you that the forward-looking statements in this prospectus and the information incorporated by reference in this prospectus will prove to be accurate. Furthermore, if our forward- looking statements prove to be inaccurate, the inaccuracy may be material. In light of the significant uncertainties in these forward-looking statements, you should not regard these statements as a representation or warranty by us or any other person that we will achieve our objectives and plans in any specified time frame or at all. We undertake no obligation to publicly update any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.

You should read this prospectus and the information incorporated by reference in this prospectus 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.

This prospectus and the information incorporated by reference in this prospectus may contain market data and industry forecasts that were obtained from industry publications. These data involve a number of assumptions and limitations, and you are cautioned not to give undue weight to such estimates. While we believe the market position, market opportunity and market size information included in this prospectus and the information incorporated by reference in this prospectus is generally reliable, such information is inherently imprecise.

PROSPECTUS SUMMARY

This summary highlights certain information about us, this offering and selected information contained elsewhere in or incorporated by reference in this prospectus. This summary is not complete and does not contain all of the information that you should consider before deciding whether to invest in our securities. For a more complete understanding of our company and this offering, we encourage you to read and consider carefully the more detailed information in this prospectus, including the information referred to under the heading “Risk Factors” in this prospectus and under similar headings in our Annual Report on Form 20-F for the year ended December 31, 2020 filed with the Securities and Exchange Commission, or SEC, on March 5, 2021, and our Report on Form 6-K filed with the SEC on November 4, 2021, the information incorporated by reference in this prospectus and the information included in any free writing prospectus that we have authorized for use in connection with this offering before making an investment decision.

Overview

We are a biopharmaceutical company focused on the development and commercialization of novel therapies to improve women’s reproductive health. We are advancing a pipeline of orally-administered innovative new chemical entities, or NCEs, for the treatment of symptoms associated with uterine fibroids, endometriosis, preterm labor and improvement of clinical pregnancy and live birth rates in women undergoing IVF. 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 company focused on conditions where current treatment options are limited and significant unmet needs exist.

Our portfolio currently consists of three in-licensed NCEs in development for four indications intended to address areas that we believe present significant unmet medical needs:

Linzagolix for management of uterine fibroids and endometriosis.

We are developing linzagolix as a novel, oral gonadotropin releasing hormone, or GnRH, receptor antagonist, for the treatment of uterine fibroids and endometriosis in pre-menopausal women.

We have conducted two Phase 3 clinical trials of linzagolix in patients with heavy menstrual bleeding associated with uterine fibroids, PRIMROSE 1 (conducted in the United States) and PRIMROSE 2 (conducted in Europe and the United States). In both trials, patients were administered linzagolix doses of 100 mg or 200mg, both with and without hormonal add back therapy (ABT; estradiol 1 mg and norethindrone acetate 0.5 mg), or placebo. The primary endpoint for both trials was response rate, with response defined as reduction in heavy menstrual bleeding due to uterine fibroids as measured by the alkaline hematin method.

The primary endpoint at week 24 was successfully met in both PRIMROSE 1 and PRIMROSE 2. Furthermore, we believe that based on pooled week 52 clinical data from these two Phase 3 trials linzagolix has the potential for a best-in-class profile, with a pooled response rate of 89.3% in women receiving linzagolix 200 mg with ABT, and 56.4% in women receiving linzagolix 100 mg without ABT. In December 2020, we reported Week 76 results for PRIMROSE 2 (6 months after stopping linzagolix treatment). These results showed continued pain reduction, continued improvement in additional secondary efficacy endpoints, and evidence of bone mineral density, or BMD, recovery after treatment completion at 52 weeks. In May 2021, we reported Week 76 results for PRIMROSE 1. These results were consistent with findings from PRIMROSE 2, showing that off-treatment pain scores remained lower than baseline across all treatment arms. Improvements in other clinically relevant secondary endpoints, including hemoglobin levels and quality of life also persisted off-treatment, supporting the durability of the treatment effect of linzagolix. Furthermore, as observed in PRIMROSE 2, the PRIMROSE 1 DXA bone density scan results at Week 76 showed evidence of BMD recovery.

In November 2020, we submitted a Marketing Authorization Application, or MAA, to the European Medicines Agency, or EMA, for the treatment of uterine fibroids in adult women of reproductive age. In December 2021, the Committee for Medicinal Products for Human Use of the EMA adopted a positive opinion recommending approval of linzagolix. In February 2022, we announced that based on ongoing communications with the EMA, further questions on the MAA for linzagolix may be forthcoming, thereby extending the application timeline. If approved by the European Commission, linzagolix would be the only GnRH receptor antagonist with a non-hormonal option to address the needs of women who cannot or do not want to take hormones.

In September 2021, we submitted a New Drug Application, or NDA, to the U.S. Food and Drug Administration, or FDA, for linzagolix for the treatment of uterine fibroids. The NDA submission includes the positive PRIMROSE 1 and PRIMROSE 2 full data package including week 52 data and post treatment follow-up data up to week 76 for both trials. The NDA for linzagolix has been accepted for review by the FDA, with a target action date of September 13, 2022 under the Prescription Drug User Fee Act (PDUFA).

We are currently conducting an observational study (PRIMROSE 3) of bone mineral density in women who completed at least 20 weeks of treatment in either of the PRIMROSE 1 or 2 studies. Women who enroll in the study will undergo DXA scanning every six months for a total of 24 months following treatment completion in a PRIMROSE study. The objectives of the study are to describe BMD changes up to 24 months following previous treatment with placebo or linzagolix 100 mg or 200 mg with or without hormonal ABT in the context of the PRIMROSE 1 and 2 studies and to evaluate BMD recovery in these women.

In addition to linzagolix for uterine fibroids, we are presently conducting a Phase 3 clinical trial for the treatment of endometriosis associated pain, EDELWEISS 3 (conducted in Europe and in the United States), which was initiated in May 2019. This Phase 3 trial enrolled approximately 450 patients with endometriosis associated pain, with a co-primary endpoint of patients’ response on both dysmenorrhea (menstrual pain), or DYS, and non-menstrual pelvic pain, or NMPP. This trial includes a 75 mg once daily dose without hormonal ABT (1mg E2 / 0.5mg NETA) and a 200 mg once daily dose with concomitant ABT. Subjects who have completed the initial six-month treatment period for the EDELWEISS 3 trial will have the option to enter a 6-month treatment extension.

In January 2022, we announced positive topline results from the EDELWEISS 3 trial. The 200 mg dose with ABT met the co-primary efficacy objectives, demonstrating reductions in DYS and NMPP at 3 months. There were statistically significant and clinically meaningful improvements in the first five ranked secondary endpoints at 6 months: dysmenorrhea, non-menstrual pelvic pain, dyschezia, overall pelvic pain, and ability to do daily activities. The 75 mg dose without ABT demonstrated a statistically significant reduction versus placebo in DYS at 3 months. Although it showed improvement in NMPP at 3 months, it did not reach statistical significance versus placebo, and thus did not meet the co-primary efficacy objective. Improvements were also observed at 6 months in the first five ranked secondary endpoints, as for the 200 mg dose with ABT. Both linzagolix doses were generally well-tolerated with minimal BMD decrease and few adverse events occurring in more than 5% of patients up to 6 months.

In October 2021, we announced a strategic relationship with Syneos Health^® (Nasdaq:SYNH), the only fully integrated biopharmaceutical solutions organization, to commercialize linzagolix.

Ebopiprant for the treatment of preterm labor

In July 2021, we and Organon & Co., or Organon, entered into an agreement whereby Organon licensed the global development, manufacturing and commercial rights to ebopiprant (formerly OBE022), an oral and selective prostaglandin F2α receptor antagonist, for preterm labor in weeks 24 to 34 of pregnancy. Organon intends to work with the scientific and medical communities and regulatory authorities in major markets,

including the United States, to advance the clinical development and registration of ebopiprant. Under the terms of the agreement, Organon gained exclusive worldwide rights to develop, manufacture and commercialize ebopiprant. We are entitled to receive tiered double-digit royalties on commercial sales as well as up to $500 million in upfront and milestone payments, including $25 million that was paid at signing, up to $90 million in development and regulatory milestones and up to $385 million sales-based milestones.

Nolasiban for the improvement of pregnancy and birth rates in women undergoing embryo transfer following in-vitro fertilization.

In January 2020, we and Hangzhou YuYuan BioScience Technology Co., Ltd., or YuYuan, entered into a sublicense agreement to develop and commercialize Nolasiban, an oral oxytocin receptor antagonist, to improve clinical pregnancy and live birth rates in women undergoing in-vitro fertilization, or IVF, in the People’s Republic of China. Under the terms of the agreement, YuYuan has the exclusive rights to develop and commercialize nolasiban in China and will fund all development and registration activities in China, starting with the commitment to conduct Phase 1 trials and a Phase 2 proof-of-concept trial in China. We retain all rights to the product outside of China and have agreed to collaborate with YuYuan on its global development. Our development and commercialization partnership with YuYuan continues with steering committee meetings to define the development plan for nolasiban in China for women undergoing embryo transfer following IVF.

Recent Developments

Convertible Note Financing Agreement

In January 2022, we entered into an amendment agreement and an amended and restated securities purchase agreement, or the Second Tranche Amendments, with certain funds and accounts managed by JGB Management, Inc., or JGB, to amend our securities purchase agreement, dated as of October 12, 2021, with JGB, which is structured to provide up to $135 million in borrowing capacity, available in nine tranches. At the initial closing of the securities purchase agreement in October 2021, we received gross proceeds of $30 million from the first tranche. The Second Tranche Amendments adjusted the principal balance payable at maturity for the notes to be issued in the second tranche to $10.5 million ($975,000 of original issue discount) and the conversion price for the notes issued in the second tranche to a price of $1.66 per common share, and accelerated the issuance of the second tranche to January 28, 2022. In addition, as adjusted pursuant to the Second Tranche Amendments, we issued a warrant to purchase 1,018,716 common shares of the Company at an exercise price of $1.87 per share. Additionally, JGB waived certain conditions required to be met to fund the second tranche, including that our volume-weighted average price could not be below $3.00 per share for five or more trading days during the 30 days prior to the funding date for the second tranche, in exchange for a payment of $1.25 million and the amended terms for the notes and warrants issued in the second tranche. In connection with the Second Tranche Amendments, we received net proceeds of $8.25 million from the second tranche, after accounting for expenses and the $1.25 million waiver payment to JGB. Subject to the terms and conditions of the amended and restated securities purchase agreement, including meeting the funding conditions as applicable for each future tranche, the third tranche will be funded on May 25, 2022, and each subsequent tranche will be funded 90 days after the preceding tranche. Except as noted, the terms of the original securities purchase agreement, including with respect to future tranches and the ancillary agreements entered into in connection therewith, remained unchanged, including the initial conversion price for the notes to be issued, which is $3.20 per share, and the exercise price for the warrants to be issued, which is $3.67 per share. The notes and warrants contain provisions prohibiting the selling stockholder from converting the notes or exercising the warrants if after giving effect to such conversion or exercise, the selling stockholder would beneficially own in excess of 4.9% of our outstanding common shares.

Linzagolix License Agreement

On February 10, 2022, we and Theramex HQ UK Limited, or Theramex, entered into a strategic licensing agreement to support the commercialization and market introduction of linzagolix across global markets outside of the U.S., Canada and Asia. Under the terms of the agreement, we are entitled to receive royalties of a mid-thirties percentage on commercial sales, which includes the cost of goods sold to Theramex. Furthermore, the agreement contains up to EUR72.75 million in upfront and milestone payments, including EUR5 million to be paid at signing, up to EUR13.75 million in development and commercial milestones and up to EUR54 million in sales-based milestones.

Going Concern

We have incurred recurring losses since inception, including net losses of $38.3 million for the nine-month period ended September 30, 2021. As of September 30, 2021, we had accumulated losses of $448.3 million, out of which $30.6 million were offset with share premium. We expect to continue to generate operating losses in the foreseeable future, even though certain spending associated with our ongoing clinical trials has been and may be further delayed as a result of the COVID-19 pandemic. As of September 30, 2021, we had cash and cash equivalents of $62.9 million and subsequent to September 30, 2021, we received additional proceeds as part of the securities purchase agreement we entered into with certain funds and accounts managed by JGB. The securities purchase agreement is structured to provide $135 million in borrowing capacity, available in nine tranches, with the first tranche having been funded at the initial closing in October 2021 and the second tranche, as amended pursuant to the terms discussed above, having been funded in January 2022. The subsequent tranches under the securities purchase agreement will be available subject to our meeting certain conditions, including, among others, that our volume- weighted average price is not below $3.00 per share for five or more trading days during the 30 days prior to a tranche funding date, or the Minimum Stock Price. The availability of future funding under the securities purchase agreement is dependent on whether the Minimum Stock Price condition will be met at future tranche dates. Accordingly, these future proceeds from the securities purchase agreement were not considered in our going concern assessment. Without such funding considered, our current cash and cash equivalents will not be sufficient to fund our operations and meet all of our obligations as they fall due for at least one year from the date of the issuance of our unaudited condensed consolidated financial statements for the nine month period ended September 30, 2021, and, as a result, there is substantial doubt regarding our ability to continue as a going concern. Our unaudited condensed consolidated financial statements have been prepared assuming that we will continue as a going concern, which contemplates the realization of assets and the satisfaction of liabilities in the normal course of business. Our future viability is dependent on our ability to raise additional capital to finance our future operations. We will seek additional funding through public or private financings, debt financing or collaboration agreements. The sale of additional equity may dilute existing shareholders and newly issued shares may contain senior rights and preferences compared to currently outstanding common shares. Issued debt securities may contain covenants and limit our ability to pay dividends or make other distributions to shareholders. The inability to obtain funding, as and when needed, would have a negative impact on our financial condition and ability to pursue our business strategies. If we are unable to obtain the required funding to run our operations and to develop and commercialize our product candidates, we could be forced to delay, reduce or eliminate some or all of our research and development programs, product portfolio expansion or commercialization efforts, which could adversely affect our business prospects, or we may be unable to continue operations. Management continues to explore options to obtain additional funding, including through collaborations with third parties related to the future potential development and/or commercialization of its product candidates. However, there is no assurance that we will be successful in raising funds, closing a collaboration agreement, obtaining sufficient funding on terms acceptable to us, or if at all, which could have a material adverse effect on our business, results of operations and financial conditions.

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 agent for service of process in the United States is Cogency Global Inc. We maintain a corporate website at www.obseva.com. Information contained on, or that can be accessed through, our website does not constitute a part of this prospectus. We have included our website address in this prospectus solely as an inactive textual reference.

Our common shares have been listed on the Nasdaq Global Select Market under the symbol “OBSV” since January 26, 2017, and on SIX Swiss Exchange, or SIX, under the symbol “OBSN” since July 13, 2018.

THE OFFERING

Common shares offered by the selling shareholders

7,344,017 common shares.

Terms of the Offering

The selling shareholders, including their transferees, donees, pledgees or successors-in-interest, may sell, transfer or otherwise dispose of any or all of the common shares offered by this prospectus from time to time on the Nasdaq Global Select Market or any other stock exchange, market or trading facility on which the shares are traded or in private transactions. The common shares may be sold at fixed prices, at prevailing market prices, at prices related to prevailing market prices or at negotiated prices. See “Plan of Distribution” on page 22.

Use of Proceeds

We will not receive any proceeds from the sale of the common shares covered by this prospectus. We will receive proceeds from an exercise of warrants by the selling stockholders, which proceeds, if any, will be used for general corporate purposes.

Risk Factors

Investment in our securities involves significant risks. You should read the “Risk Factors” section of this prospectus beginning on page 12 and the risk factors set forth in our Annual Report on Form 20-F for the year ended December 31, 2020 filed with the SEC on March 5, 2021 and our Report on Form 6-K filed with the SEC on November 4, 2021, which are incorporated by reference herein, for a discussion of factors to consider carefully before deciding to invest in our common shares.

Nasdaq Global Select Market Symbol:

“OBSV”

SIX Swiss Exchange trading symbol

“OBSN”

RISK FACTORS

An investment in our securities involves a high degree of risk. Before deciding whether to purchase our securities, you should carefully consider the risk factors set forth in our Annual Report on Form 20-F for the year ended December 31, 2020 filed with the SEC on March 5, 2021 and our Report on Form 6-K filed with the SEC on November 4, 2021, and the other information contained in this prospectus, as updated by those subsequent filings with the SEC under the Exchange Act, that are incorporated herein by reference. These risks could materially affect our business, results of operations or financial condition and cause the value of our securities to decline, in which case you may lose all or part of your investment. For more information, see “Where You Can Find More Information” and “Incorporation of Information by Reference.”

Risks Related to this Offering

Raising additional capital may cause dilution to our shareholders, restrict our operations or require us to relinquish rights to our product candidates.

Until such time, if ever, as we can generate substantial revenue from the sale of our product candidates, if ever, we expect to finance our operations through a combination of equity offerings, royalty financing, debt financings, and license and development arrangements in connection with any future collaborations. Other than the Note Agreement, we do not have any committed external sources of funds. To the extent that we raise additional capital through the sale of equity securities or convertible debt securities, your ownership interest will be diluted, and the terms of these securities may include liquidation or other preferences that adversely affect your rights as a common shareholder. Royalty financing, if available, may only provide future payments contingent upon development, regulatory or commercial milestones and royalty payments as a percentage of our future sales. Debt financing, if available, could result in increased fixed payment obligations and may involve agreements that include restrictive covenants, such as limitations on our ability to incur additional debt, make capital expenditures, acquire, sell or license intellectual property rights or declare dividends, and other operating restrictions that could hurt our ability to conduct our business.

If we raise additional funds through collaborations, strategic alliances or marketing, distribution or licensing arrangements with third parties, we may be required to relinquish valuable rights to our research programs or product candidates or grant licenses on terms that may not be favorable to us. If we are unable to raise additional funds through equity, royalty or debt financings or other arrangements with third parties when needed, we may be required to delay, limit, reduce or terminate our drug development or future commercialization efforts or grant rights to third parties to develop and market product candidates that we would otherwise prefer to develop and market ourselves.

Future sales of common shares by our shareholders could depress the market price of our common shares.

As of February 15, 2022, 108,620,471 common shares, including 26,487,533 treasury shares, were issued and outstanding. Sales of a substantial number of our common shares in the public market, or the perception that these sales might occur, including with respect to common shares that may be issued upon the conversion of notes or exercise of warrants that may be issued pursuant to our recent convertible note financing agreement, could depress the market price of our securities and could impair our ability to raise capital through the sale of additional equity securities. A substantial number of our common shares are now generally freely tradable, subject, in the case of sales by our affiliates, to the volume limitations and other provisions of Rule 144 under the Securities Act. If holders of these common shares sell, or indicate an intent to sell, substantial amounts of our securities in the public market, the trading price of our common shares could decline significantly.

We have also filed a registration statement with the SEC to register the common shares that may be issued under our equity incentive plans. The common shares subject to outstanding options under our equity incentive plans and common shares reserved for future issuance under our equity incentive plans will become eligible for sale in the public market in the future, subject to certain legal and contractual limitations. Sales of a large number of the

common shares issued under these plans in the public market could have an adverse effect on the market price of our common shares.

Risks Related to Our Business

The availability or incurrence of debt may impact our financial position and may subject us to additional financial and operating restrictions.

In October 2021, we entered into a securities purchase agreement, or the purchase agreement, with JGB (Cayman) Port Ellen Ltd., or JGB, which is structured to provide up to $135 million in borrowing capacity, available in nine tranches. In January 2022, we amended and restated the purchase agreement, primarily to amend certain terms with respect to the second tranche issuable thereunder. The last four tranches under the purchase agreement may be drawn at our option. The availability of each of the subsequent tranches following the initial tranche and the second tranche will be subject to our meeting certain conditions, including, among others, that our volume-weighted average price is not below $3.00 per share for five or more trading days during the 30 days prior to a tranche funding date. The second tranche was funded in January 2022 in connection with the amendments to the purchase agreement. Subject to the terms and conditions of the purchase agreement, including meeting the funding conditions as applicable for each future tranche, the third tranche will be funded on May 25, 2022 and each subsequent tranche will be funded 90 days after the preceding tranche. Our overall leverage and certain covenants and obligations contained in the related documentation could adversely affect our financial health and business and future operations by, among other things:

•

making it more difficult to satisfy our obligations, including under the terms of the purchase agreement;

•

limiting our ability to refinance our debt on terms acceptable to us or at all;

•

limiting our flexibility to plan for and adjust to changing business and market conditions and increasing our vulnerability to general adverse economic and industry conditions;

•

limiting our ability to use our available cash flow to fund future acquisitions and to make dividend payments; and

•

limiting our ability to obtain additional financing for working capital, to fund growth or for general corporate purposes, even when necessary to maintain adequate liquidity.

In addition, the purchase agreement is secured by an account control agreement in favor of JGB, and we are obligated to maintain a minimum cash amount of $25 million in such deposit account, subject to additional incremental increases totaling $27.0 million in aggregate depending on the amount of debt outstanding under the purchase agreement. Our obligations under the notes are guaranteed by all of our subsidiaries pursuant to a corporate guaranty agreement entered into in connection with the purchase agreement. Upon the occurrence and during the continuance of an event of default, JGB may declare all outstanding principal and accrued and unpaid interest under the notes immediately due and payable and exercise the other rights and remedies provided for under the notes, the purchase agreement and related loan documents.

Our recurring losses, negative cash flows and significant accumulated deficit have raised substantial doubt regarding our ability to continue as a going concern.

Since inception, we have experienced recurring operating losses and negative cash flows from operating activities, and have significant accumulated deficit. We expect to continue to generate operating losses for the foreseeable future. As of September 30, 2021, we had cash and cash equivalents of $62.9 million and subsequent to September 30, 2021, we received additional proceeds as part of the purchase agreement we entered into with JGB. The purchase agreement is structured to provide $135 million in borrowing capacity, available in nine tranches, with the first tranche having been funded at the initial closing in October 2021 and the second tranche having been funded in January 2022 in connection with certain amendments to the purchase agreement. The

subsequent tranches under the purchase agreement will be available subject to us meeting certain conditions, including, among others, that our volume-weighted average price is not below $3.00 per share for five or more trading days during the 30 days prior to a tranche funding date, or the Minimum Stock Price. The availability of future funding under the purchase agreement is dependent on whether the Minimum Stock Price condition will be met at future tranche dates. Accordingly, these proceeds from the purchase agreement were not considered in our going concern assessment. Without such funding considered, our current cash and cash equivalents will not be sufficient to fund our operations and meet all of our obligations as they fall due for at least one year from the date of the issuance of our unaudited condensed consolidated financial statements for the nine-month period ended September 30, 2021 and, as a result, there is substantial doubt regarding our ability to continue as a going concern. If we are unable to continue as a going concern, we may have to liquidate our assets and may receive less than the value at which those assets are carried on our consolidated financial statements, and it is likely that investors will lose all or a part of their investment. Future reports from our independent registered public accounting firm may also contain statements expressing doubt about our ability to continue as a going concern. If we seek additional financing to fund our business activities in the future and there remains doubt about our ability to continue as a going concern, investors or other financing sources may be unwilling to provide additional funding on commercially reasonable terms or at all.

USE OF PROCEEDS

The selling shareholders will receive all of the proceeds from their sale from time to time under this prospectus and any accompanying prospectus supplement of the common shares described herein. We will not receive any proceeds from these sales. We will receive proceeds from an exercise of the warrants by the selling stockholders. We will use any such proceeds, if any, for general corporate purposes.

DESCRIPTION OF SHARE CAPITAL

The following description of our share capital summarizes certain provisions of our articles of association. Such summaries do not purport to be complete and are subject to, and are qualified in their entirety by reference to, all of the provisions of our articles of association, a copy of which has been incorporated by reference into the registration statement of which this prospectus supplement forms a part.

The Company

Share Capital

As of September 30, 2021, our issued and fully paid-in share capital registered with the commercial registry of the Swiss canton of Geneva, Switzerland, consisted of 85,220,471 common shares, par value CHF 1/13 per share, and no preferred shares. As of February 15, 2022, our issued and fully paid-in share capital registered with the commercial registry of the Swiss canton of Geneva, Switzerland, consisted of 108,620,471 common shares, par value CHF 1/13 per share, and no preferred shares. As of February 15, 2022, all of our issued shares were registered with the commercial registry of the Swiss canton of Geneva, Switzerland.

Under our articles of association, as amended on February 11, 2022, our board of directors is authorized, at any time until May 28, 2023, to increase our share capital by a maximum aggregate par value of CHF 1,323,865 through the issuance of not more than 17,210,232 common shares, which would have to be fully paid-in, with a par value of CHF 1/13 per share.

Under our articles of association, as amended on February 11, 2022, our share capital may be increased by a maximum aggregate amount of CHF 1,058,316.00 through the issuance of not more than 13,758,108 common shares, par value CHF 1/13 per share, in connection with our equity incentive plans.

Under our articles of association, as amended on February 11, 2022, our share capital may be increased by a maximum aggregate amount of CHF 1,757,855 and 9/13th of a Swiss franc through the issuance of not more than 22,852,124 common shares, which would have to be fully paid-in, with a par value of CHF 1/13 each, by the exercise of option and conversion rights granted in connection with convertible bonds or similar instruments of the Company or one of our subsidiaries.

Our share capital activity is as follows:


Common shares registered in the commercial registry at January 1, 2017			23,181,262
Common shares registered in the commercial registry in January 2017			6,450,000
Common shares registered in the commercial registry in October 2017			5,140,625
Common shares registered in the commercial registry in December 2017			2,359,375
Common shares registered in the commercial registry at December 31, 2017			37,131,262
Common shares registered in the commercial registry in March 2018			3,499,990
Common shares registered in the commercial registry in June 2018			4,750,000
Common shares registered in the commercial registry at December 31, 2018			45,381,252
Common shares registered in the commercial registry in March 2019			110,364
Common shares registered in the commercial registry in July 2019			3,064,048
Common shares registered in the commercial registry at December 31, 2019			48,555,664
Common shares registered in the commercial registry in April 2020			3,320,337
Common shares registered in the commercial registry on September 8, 2020			7,810,266
Common shares registered in the commercial registry on September 29, 2020			516,352
Common shares registered in the commercial registry at December 31, 2020			60,202,619
Common shares registered in the commercial registry at February 1, 2021			6,020,248
Common shares registered in the commercial registry on February 15, 2021			14,997,604
Common shares registered in the commercial registry on July 13, 2021			4,000,000
Common shares registered in the commercial registry at December 31, 2021			85,220,471
Common shares registered in the commercial registry on February 14, 2022			23,400,000
Common shares registered in the commercial registry at February 15, 2022			108,620,471

From January 1, 2017 through February 15, 2022, the following events have changed the number of our issued common shares:

•

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 $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 with the commercial registry of the Swiss canton of Geneva.

•

On December 7, 2017, our articles of association were amended in order to reflect the increase of our share capital by 2,359,375 common shares, issued on October 13, 2017 upon exercise of warrants. These changes were recorded with the commercial registry of the Swiss canton of Geneva, on December 13, 2017.

•

During an extraordinary general meeting of shareholders, held on January 26, 2018, our shareholders voted to amend our articles of association in order to authorize our board of directors, at any time until January 26, 2020, to increase our share capital by a maximum aggregate par value of CHF 1,428,125 through the issuance of not more than 18,565,625 common shares, which would have to be fully paid-in, with a par value of CHF 1/13 per share. In addition, our shareholders voted to amend our articles of association in order to enable the increase of our share capital from time to time by the

issuance of up to 14,393,002 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. Our revised articles of association were recorded with the commercial registry of the Swiss canton of Geneva on January 31, 2018.

•

On March 12, 2018, our board of directors decided to issue 3,499,990 common shares at par value, by way of self-subscription for the purpose of rebuilding our pool of treasury shares. The increase of our share capital was recorded with the commercial registry of the Swiss canton of Geneva, on March 31, 2018.

•

During our 2018 annual general meeting of shareholders, held on May 9, 2018, our shareholders decided to amend the articles of association of the company in order to authorize our board of directors, at any time until May 9, 2020, to increase our share capital by a maximum aggregate par value of CHF 1,562,740 through the issuance of not more than 20,315,620 common shares, which would have to be fully paid-in, with a par value of CHF 1/13. In addition, our shareholders decided to amend the articles of association of the company in order to enable the increase of our share capital from time to time by the issuance of up to 5,922,618 common shares, par value CHF 1/13 per share, upon exercise of options or pre-emptive rights thereof, which have been issued or granted to employees, directors or consultants of our company or of one of our subsidiaries under the terms of our equity plans. Our revised articles of association were recorded with the commercial registry of the Swiss canton of Geneva on May 11, 2018.

•

On June 20, 2018, our board of directors decided to increase our share capital through the issuance of 4,750,000 common shares at a price of $15.39 per share.

•

On June 22, 2018, we completed a public offering of 4,750,000 common shares at a price of $15.39 per share. We received net proceeds of $68.0 million from the public offering. The increase of our share capital, through the issuance of 4,750,000 common shares, par value CHF 1/13 per share, was recorded with the commercial registry of the Swiss canton of Geneva, on June 22, 2018.

•

On March 26, 2019, our articles of association were amended in order to reflect the increase of our share capital by 110,364 common shares, issued upon exercise of stock options under our equity plans. These changes were recorded with the commercial registry of the Swiss canton of Geneva, on March 27, 2019.

•

During our 2019 annual general meeting of shareholders, held on May 8, 2019, our shareholders decided to amend the articles of association of the company in order to authorize our board of directors, at any time until May 8, 2021, to increase our share capital by a maximum aggregate par value of CHF 1,749,677 through the issuance of not more than 22,745,801 common shares, which would have to be fully paid-in, with a par value of CHF 1/13 per share. In addition, our shareholders decided to amend the articles of association of the company in order to enable the increase of our share capital from time to time by the issuance of up to 16,933,553 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. Our revised articles of association were recorded with the commercial registry of the Swiss canton of Geneva on May 9, 2019.

•

On July 17, 2019, our board decided to issue 3,064,048 common shares, at par value, which were subscribed for by our U.S. wholly-owned subsidiary, ObsEva USA Inc., for the purpose of rebuilding our pool of treasury shares. The increase of our share capital was recorded with the commercial registry of the Swiss canton of Geneva, on July 19, 2019.

•

On April 10, 2020, our board decided to issue 3,308,396 common shares, at par value, which were subscribed for by our U.S. wholly-owned subsidiary, ObsEva USA Inc., for the purpose of rebuilding our pool of treasury shares. The increase of our share capital was recorded with the commercial registry of the Swiss canton of Geneva, on April 28, 2020.

•

On April 14, 2020, our articles of association were amended in order to reflect the increase of our share capital by 11,941 common shares, issued upon exercise of stock options under our equity plans. These changes were recorded with the commercial registry of the Swiss canton of Geneva, on April 28, 2020.

•

During the 2020 Annual General Meeting, our shareholders decided to amend the articles of association of the company in order to authorize our board of directors, at any time until June 9, 2022, to increase our share capital by a maximum aggregate par value of CHF 1,995,230 through the issuance of not more than 25,937,990 common shares, which would have to be fully paid-in, with a par value of CHF 1/13 per share. In addition, our shareholders decided to amend the articles of association of the company in order to enable the increase of our share capital from time to time by the issuance of up to 9,004,437 common shares, par value CHF 1/13 per share, upon exercise of options or pre-emptive rights thereof, which have been issued or granted to employees, directors or consultants of our company or of one of our subsidiaries under the terms of our equity plans. Our revised articles of association were recorded with the commercial registry of the Swiss canton

•

In September, 2020, we completed an underwritten offering of 6,448,240 units at an effective price of $2.869 per unit, with each unit comprised of one common share (or pre-funded warrant) and one 15-month purchase warrant to purchase one common share at an exercise price of $3.43 per share. In this context, our board decided, on September 3, 2020, to issue 5,490,000 common shares for the purpose of the underwritten offering and 2,320,266 common shares, at par value, which were subscribed for by our U.S. wholly-owned subsidiary, ObsEva USA Inc., for the purpose of rebuilding our pool of treasury shares. The increase of our share capital was recorded with the commercial registry of the Swiss canton of Geneva, on September 8, 2020.

•

In September 2020, we completed a private placement of 516,352 units at an effective price of $2.905 per unit, with each unit comprised of one common share and one 15-month purchase warrant to purchase one common share at an exercise price of $3.43 per share. In this context, our board of directors decided, on September 18, 2020, to issue 516,352 common shares. The increase of our share capital was recorded with the commercial registry of the Swiss canton of Geneva, on September 29, 2020.

•

On January 27, 2021, our board decided to issue 6,020,248 common shares, at par value, which were subscribed for by our U.S. wholly-owned subsidiary, ObsEva USA Inc., for the purpose of rebuilding our pool of treasury shares. The increase of our share capital was recorded with the commercial registry of the Swiss canton of Geneva, on February 1, 2021.

•

On February 10, 2021, our board decided to issue 11,591,124 common shares, at par value, which were subscribed for by our U.S. wholly-owned subsidiary, ObsEva USA Inc., for the purpose of rebuilding our pool of treasury shares. The increase of our share capital was recorded with the commercial registry of the Swiss canton of Geneva, on February 15, 2021.

•

On February 12, 2021, our articles of association were amended in order to reflect the increase of our share capital by 3,406,480 common shares, issued upon exercise of options granted in connection with financial market instruments. These changes were recorded with the commercial registry of the Swiss canton of Geneva, on February 15, 2021.

•

During the 2021 Annual General Meeting, our shareholders decided to amend the articles of association of the company in order to authorize our board of directors, at any time until May 28, 2023, to increase our share capital by a maximum aggregate par value of CHF 3,123,864 through the issuance of not more than 40,610,232 common shares, which would have to be fully paid-in, with a par value of CHF 1/13 per share. In addition, our shareholders decided to amend the articles of association of the company in order to enable the increase of our share capital from time to time by the issuance of up to 13,758,108 common shares, par value CHF 1/13 per share, upon exercise of options or pre-emptive rights thereof, which have been issued or granted to employees, directors or consultants of our company or of one of our subsidiaries under the terms of our equity plans. Further, our shareholders

decided to amend the articles of association of the company in order to enable the increase of our share capital from time to time by the issuance of up to 22,852,124 common shares, par value CHF 1/13 per share, by the exercise of option and conversion rights granted in connection with convertible bonds or similar instruments of the Company or one of our subsidiaries. Our revised articles of association were recorded with the commercial registry of the Swiss canton of Geneva, on July 13, 2021.

•

On June 30, 2021, our articles of association were amended in order to reflect the issuance of 4,000,000 additional common shares out of our conditional capital for financing purposes, further to the exercise of outstanding warrants issued in the context of the underwritten offering of September 2020. These changes were recorded with the commercial registry of the Swiss canton of Geneva, on July 13, 2021.

•

On January 28, 2022, our board decided to issue 23,400,000 common shares, at par value, which were subscribed for by our U.S. wholly-owned subsidiary, ObsEva USA Inc., for the purpose of rebuilding our pool of treasury shares. The increase of our share capital was recorded with the commercial registry of the Swiss canton of Geneva, on February 14, 2022.

Listing

Our common shares are listed on the Nasdaq Global Select Market under the symbol “OBSV” and on the SIX Swiss Exchange under the symbol “OBSN.”

The Depository Trust Company

Initial settlement of any common shares to be issued pursuant to this prospectus will take place through The Depository Trust Company, or DTC, in accordance with its customary settlement procedures for equity securities. Each person owning common shares held through DTC must rely on the procedures thereof and on institutions that have accounts therewith to exercise any rights of a holder of the shares.

Transfer Agent and Registrar

Our share register is currently kept by American Stock Transfer & Trust Company, LLC, which acts as transfer agent and registrar. The share register reflects only record owners of our shares. Swiss law does not recognize fractional share interests.

SELLING SHAREHOLDERS

The common shares being offered by the selling shareholders are those issuable to the selling shareholders upon conversion of our Senior Secured Convertible Note due January 28, 2025, or the Note, and shares issuable upon exercise of a common stock purchase warrant, or the Warrant, that we issued concurrent with the Note. For additional information regarding the issuance of the Senior Secured Convertible Note and Warrants, see “Recent Developments” in the Prospectus Summary above. We are registering the common shares in order to permit the selling shareholders to offer the shares for resale from time to time.

The table below lists the selling shareholders and other information regarding the beneficial ownership of the common shares by each of the selling shareholders. The second column lists the number of common shares beneficially owned by each selling stockholder, based on its ownership of the common shares, the Note and the Warrant, as of February 15, 2022, assuming full conversion of the Note and full exercise of the Warrant held by the selling shareholders on that date, after taking into account contractual limitations on conversion or exercise on the selling stockholder.

In accordance with the terms of registration rights agreements with the selling shareholders, this prospectus generally covers the resale of that number of common shares equal to the number of common shares issuable

upon conversion of the Note, determined as if the Note were converted in full, or upon exercise of the Warrant, in each case as of the trading day immediately preceding the date this registration statement was initially filed with the SEC. Notwithstanding the foregoing, the maximum number of shares that may be resold under this prospectus may be limited unless and until our shareholders approve the issuance of a greater number of shares in accordance with listing standards of The Nasdaq Stock Market LLC.

For purposes of this prospectus, “selling shareholders” includes the shareholders listed below and their permitted pledgees, donees, transferees or successors-in-interest who may acquire securities through a pledge, gift, partnership distribution or other non-sale related transfer from the selling shareholders. Our registration of the resale of the common shares issuable upon conversion of the Note or upon exercise of the Warrant does not necessarily mean that the selling shareholders will sell all or any of such common shares. The following table sets forth certain information as of February 15, 2022 concerning the common shares that may be offered from time to time by each selling stockholder with this prospectus. The information is based on information provided by or on behalf of the selling shareholders. Information about the selling shareholders may change over time. Any changed or new information given to us by the selling shareholders will be set forth in supplements to this prospectus or amendments to the registration statement of which this prospectus is a part, if and when necessary.

Shares Beneficially Owned
Prior to the Offering

Number of
Shares
Being
Offered
for Resale

Shares Beneficially
Owned After the Offering

Name and Address of Selling Stockholder

Shares

Percentage⁽¹⁾

Shares⁽²⁾

Percentage⁽¹⁾

JGB (Cayman) Port Ellen Ltd.⁽³⁾

18,821,413

⁽⁴⁾

22.9

%⁽⁵⁾

7,344,017

11,477,396

14.0

(1)	Percentage is based on 82,132,938 common shares, excluding 26,487,533 treasury shares, outstanding as of February 15, 2022.

(2)	Assumes the sale of all shares offered pursuant to this prospectus and treats all such shares as outstanding for the purpose of calculating the beneficial ownership percentage.

(3)

JGB (Cayman) Port Ellen Ltd., as the selling shareholder, exercises voting and investment control over these shares. The address of the selling stockholder is c/o Harneys Services (Cayman) Limited, 4th Floor, Harbor Place, 103 South Church Street, PO Box 10240, Grand Cayman, Cayman Islands KY1-1002.

(4)

Consists of (i) 6,325,301 common shares issuable upon full conversion of the Note, (ii) 1,018,716 shares issuable upon full exercise of the Warrant, and (iii) 11,477,396 common shares issuable upon full conversion of an outstanding note and full exercise of an outstanding warrant issued in October 2021.

(5)	The Note and Warrant contain provisions prohibiting the selling stockholder from converting the Note or exercising the Warrant if after giving effect to such conversion or exercise, the selling stockholder would beneficially own in excess of 4.9% of our outstanding common shares.

PLAN OF DISTRIBUTION

We are registering the common shares covered by this prospectus on behalf of the selling shareholders, to permit the resale of these common shares by the selling shareholders 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.

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. 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 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 under the Securities Act of 1933, as amended;

•

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

•

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). Underwriters, broker-dealers or agents who may become involved in the sale of common shares may engage in transactions with, and perform other services for, us in the ordinary course of their business for which they receive compensation. In connection with sales of the common shares or otherwise, the selling shareholders may enter into hedging transactions with broker-dealers, which may in turn engage in short sales of the common shares in the course of hedging in positions they assume. The selling shareholders may also sell common shares short and deliver common shares covered by this prospectus to close out short positions and to return borrowed shares in connection with such short sales. The selling shareholders may also loan or pledge common shares to broker-dealers that in turn may sell such shares.

The selling shareholders may pledge or grant a security interest in some or all of the common shares of 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 any amendment to this prospectus under Rule 424(b)(3) or other applicable provision of the Securities Act of 1933, as amended, 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.

Any broker-dealers 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-dealers 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 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 shelf 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 Securities Exchange Act of 1934, as amended, 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 the 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 the common shares. All of the foregoing may affect the marketability of the 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 the common shares pursuant to the registration rights agreement, estimated to be $3,000 in total, including, without limitation, SEC filing fees and expenses of compliance with state securities or “blue sky” laws; provided, however, that a selling shareholder 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, in accordance with the registration rights agreements, 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 shareholder specifically for use in this prospectus, in accordance with the related registration rights agreement, or we may be entitled to contribution.

Once sold under the shelf 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.

MATERIAL CHANGES

Except as described above or otherwise described in our Annual Report on Form 20-F for the fiscal year ended December 31, 2020 and in our Form 6-Ks incorporated by reference into this prospectus, no reportable material changes have occurred since December 31, 2020.

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 (or another law closely connected to the action) 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.

LEGAL MATTERS

The validity of the common shares being offered hereby will be passed upon for us by Lenz & Staehelin, Geneva, Switzerland. Any underwriters will also be advised about the validity of the shares of common stock and other legal matters by their own counsel, which will be named in the applicable prospectus supplement.

EXPERTS

The financial statements incorporated in this Prospectus by reference to the Annual Report on Form 20-F for the year ended December 31, 2020 have been so incorporated in reliance on the report (which contains an emphasis of matter paragraph relating to the Company’s requirement for additional financing to fund future operations as described in Note 23 to the financial statements) 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.

WHERE YOU CAN FIND MORE INFORMATION

We are subject to the information reporting requirements of the Exchange Act applicable to foreign private issuers and under those requirements we file reports with the SEC. Those reports may be inspected without charge at the locations described above. As a foreign private issuer, we are exempt from the rules under the Exchange Act related to the furnishing and content of proxy statements, and our officers, directors and principal shareholders will be exempt from the reporting and short-swing profit recovery provisions contained in Section 16 of the Exchange Act. In addition, we are not be required under the Exchange Act to file periodic reports and financial statements with the SEC as frequently or as promptly as United States companies whose securities are registered under the Exchange Act.

The SEC maintains an Internet website at www.sec.gov that contains reports, proxy and information statements and other information regarding issuers, such as us, that file electronically with the SEC.

This prospectus and any prospectus supplement are part of a registration statement on Form F-3 that we filed with the SEC and do not contain all of the information in the registration statement. The full registration statement may be obtained from the SEC or us, as provided below. Forms of the documents establishing the terms of the offered securities are or may be filed as exhibits to the registration statement of which this prospectus forms a part. Statements in this prospectus or any prospectus supplement about these documents are summaries and each statement is qualified in all respects by reference to the document to which it refers. You should refer to the actual documents for a more complete description of the relevant matters. You may inspect a copy of the registration statement through the SEC’s website, as provided above.

We also maintain a website at www.obseva.com through which you can access our SEC filings. The information set forth on our website is not part of this prospectus.

INCORPORATION OF CERTAIN INFORMATION BY REFERENCE

The SEC allows us to “incorporate by reference” the information we have filed with the SEC. This means that we can disclose important information by referring you to another document filed separately with the SEC. The information incorporated by reference is considered to be a part of this prospectus, and information that we file later with the SEC will also be deemed to be incorporated by reference into this prospectus and to be a part hereof from the date of filing of such documents and will automatically update and supersede previously filed information, including information contained in this document.

We incorporate by reference into this prospectus and any accompanying prospectus supplement the following documents that we have filed with the SEC:

•

our Annual Report on Form 20-F for the fiscal year ended December 31, 2020, filed with the SEC on March 5, 2021;

•

our Reports on Form 6-K furnished to the SEC on January 4, 2021, January 4, 2021 (Form 6-K/A), January 11, 2021, January 13, 2021, January 19, 2021 (Form 6-K/A), January 28, 2021, February 10, 2021, February 11, 2021, February 17, 2021, March 5, 2021, March 5, 2021 (second Form 6-K filed on such date), March 31, 2021, April 22, 2021, May 6, 2021, May 6, 2021 (second Form 6-K filed on such date), May 20, 2021, May 25, 2021, June 1, 2021, July 27, 2021, August 5, 2021, October 13, 2021, October 13, 2021 (Form 6-K/A), October 29, 2021, November 4, 2021, November 22, 2021, December 10, 2021, December 13, 2021, December 17, 2021, January 6, 2022, January 28, 2022, February 1, 2022, February 4, 2022 and February 10, 2022;

•

the description of our common shares contained in our Annual Report on Form 20-F, filed with the SEC on March 5, 2021, including any amendments or reports filed for the purposes of updating this description.

We are also incorporating by reference all subsequent annual reports on Form 20-F that we file with the SEC and those of our current reports on Form 6-K that we furnish to the SEC that we specifically identify in such form as being incorporated by reference into this prospectus after the date hereof and prior to the completion of an offering of securities under this prospectus.

We will furnish without charge to each person, including any beneficial owner, to whom a prospectus is delivered, 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, either in writing to ObsEva SA, Attn: Chief Financial Officer, Chemin des Aulx, 12, 1228 Plan-les-Ouates, Geneva, Switzerland or by telephone at +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 and you should not consider any information on, or that can be accessed through, our website as part of this prospectus (other than those filings with the SEC that we specifically incorporate by reference into this prospectus).

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

Up to 7,344,017 Common Shares

LOGO

PROSPECTUS

, 2022

PART II

INFORMATION NOT REQUIRED IN PROSPECTUS

Item 8. 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 9. Exhibits.

The following exhibits are filed with this registration statement or are incorporated herein by reference.

Incorporated by Reference

Exhibit
Number

Exhibit Description

Form

File Number

Exhibit

File Date

4.1*

Articles of Association

4.2

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

4.3

Registration Rights Agreement, by and between the Registrant and the investors named therein, dated as of October 9, 2017

Form 6-K

001-37993

99.2

10/11/2017

4.4

Registration Rights Agreement, dated as of October 12, 2021, by and between the Company and the Purchasers.

Form 6-K

001-37993

99.5

10/13/2021

4.5

Amended and Restated Securities Purchase Agreement, deemed dated as of October 12, 2021, by and among the Company and the Purchasers.

Form 6-K

001-37993

99.3

01/28/2022

5.1*

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

II-1

23.1*

Consent of PricewaterhouseCoopers SA, independent registered public accounting firm.

23.2*

Consent of Lenz & Staehelin (included in Exhibit 5.1).

24.1*

Powers of Attorney (included on the signature page of this registration statement).

107*

Filing Fee Table

*	Filed herewith.

Item 10. 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 20 percent 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;

provided, however, that paragraphs (a)(1)(i), (a)(1)(ii), and (a)(1)(iii) above do not apply if the information required to be included in a post-effective amendment by those paragraphs is contained in 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 registration statement, or is contained in a form of prospectus filed pursuant to Rule 424(b) that is a part of 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 of 1933 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.

II-2

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 Securities Act of 1933, or Item 8.A of Form 20-F 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.

(5) That, for the purpose of determining liability under the Securities Act of 1933 to any purchaser:

(i) Each prospectus filed by the registrant pursuant to Rule 424(b)(3) shall be deemed to be part of the registration statement as of the date the filed prospectus was deemed part of and included in the registration statement; and

(ii) Each prospectus required to be filed pursuant to Rule 424(b)(2), (b)(5), or (b)(7) as part of a registration statement in reliance on Rule 430B relating to an offering made pursuant to Rule 415(a)(1)(i), (vii), or (x) for the purpose of providing the information required by section 10(a) of the Securities Act of 1933 shall be deemed to be part of and included in the registration statement as of the earlier of the date such form of prospectus is first used after effectiveness or the date of the first contract of sale of securities in the offering described in the prospectus. As provided in Rule 430B, for liability purposes of the issuer and any person that is at that date an underwriter, such date shall be deemed to be a new effective date of the registration statement relating to the securities in the registration statement to which that prospectus relates, and the offering of such securities at that time shall be deemed to be the initial bona fide offering thereof. 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 effective date, 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 effective date.

(6) That, for the purpose of determining liability of the registrant under the Securities Act of 1933 to any purchaser in the initial distribution of the securities:

The undersigned registrant undertakes that in a primary offering of securities of the undersigned registrant pursuant to this registration statement, regardless of the underwriting method used to sell the securities to the purchaser, if the securities are offered or sold to such purchaser by means of any of the following communications, the undersigned registrant will be a seller to the purchaser and will be considered to offer or sell such securities to such purchaser:

(i) Any preliminary prospectus or prospectus of the undersigned registrant relating to the offering required to be filed pursuant to Rule 424;

(ii) Any free writing prospectus relating to the offering prepared by or on behalf of the undersigned registrant or used or referred to by the undersigned registrant;

(iii) The portion of any other free writing prospectus relating to the offering containing material information about the undersigned registrant or its securities provided by or on behalf of the undersigned registrant; and

(iv) Any other communication that is an offer in the offering made by the undersigned registrant to the purchaser.

(7) 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 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.

II-3

(8) Insofar as indemnification for liabilities arising under the Securities Act of 1933 may be permitted to directors, officers and controlling persons of the Registrant pursuant to the foregoing provisions, 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 Securities 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 of the Registrant 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 it is against public policy as expressed in the Securities Act and will be governed by the final adjudication of such issue.

II-4

SIGNATURES

Pursuant to the requirements of the Securities Act of 1933, as amended, the registrant certifies that it has reasonable grounds to believe that it meets all of the requirements for filing on Form F-3 and has duly caused this Registration Statement to be signed on its behalf by the undersigned, thereunto duly authorized, in San Diego, California on February 17, 2022.


OBSEVA SA

By:		/s/ Brian O’Callaghan
Name:		Brian O’Callaghan
Title:		Chief Executive Officer

POWER OF ATTORNEY AND SIGNATURES

We, the undersigned directors, officers and/or authorized representative in the United States of ObsEva SA, hereby severally constitute and appoint Brian O’Callaghan and Will Brown, and each of them singly, our true and lawful attorneys, with full power to any of them, and to each of them singly, to sign for us and in our names in the capacities indicated below the registration statement on Form F-3 filed herewith, and any and all pre-effective and post-effective amendments to said registration statement, and any registration statement filed pursuant to Rule 462(b) under the Securities Act of 1933, as amended, in connection with the registration under the Securities Act of 1933, as amended, of securities of ObsEva SA, and to file or cause to be filed the same, with all exhibits thereto and other documents in connection therewith, with the Securities and Exchange Commission, granting unto said attorneys, and each of them, full power and authority to do and perform each and every act and thing requisite and necessary to be done in connection therewith, as fully to all intents and purposes as each of them might or could do in person, and hereby ratifying and confirming all that said attorneys, and each of them, or their substitute or substitutes, shall do or cause to be done by virtue of this Power of Attorney.

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


Name	Title	Date

/s/ Brian O’Callaghan Brian O’Callaghan	Chief Executive Officer and Director (Principal Executive Officer)	February 17, 2022

/s/ Will Brown Will Brown	Chief Financial Officer (Principal Financial Officer and Principal Accounting Officer)	February 17, 2022

/s/ Frank Verwiel Frank Verwiel	Chairperson of the Board of Directors	February 17, 2022

/s/ Ernest Loumaye Ernest Loumaye	Director	February 17, 2022

/s/ Annette Clancy Annette Clancy	Director	February 17, 2022

/s/ Anne VanLent Anne VanLent	Director	February 17, 2022

II-5


Name	Title	Date

/s/ Ed Mathers Ed Mathers	Director	February 17, 2022

/s/ Catarina Edfjäll Catarina Edfjäll	Director	February 17, 2022

II-6

Exhibit 4.1


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 8’355’420 et 11/13 de franc, entièrement libéré.		The share capital of the company is set at the amount of CHF 8,355,420 and 11/13 of a franc, fully paid up.

Il est divisé en 108’620’471 actions d’une valeur nominale de 1/13 de franc chacune.		It is divided into 108,620,471 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 28 mai 2023 le capital-actions d’un montant de CHF 1’323’864 au plus, par l’émission d’un maximum de 17’210’232 actions nominatives, entièrement libérées, d’une valeur nominale de CHF 1/13 chacune. 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.		The board of directors is authorized at any time until 28 May 2023 to increase the share capital by a maximum aggregate amount of CHF 1,323,864 through the issuance of not more than 17,210,232 registered shares, which will have to be fully paid- in, with a par value of CHF 1/13 of a franc each. 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. 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).		If pre-emptive rights are granted, but not exercised, the board of directors shall use the relevant shares in the interest of the company. 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 CHF 1’757’855 et 9/13 de franc, par l’émission d’un maximum de 22’852’124 actions nominatives ordinaires, 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 la société 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.		The company’s share capital shall be increased by a maximum aggregate amount of CHF 1,757,855 and 9/13 of a franc, through the issuance of not more than 22,852,124 registered shares, which will 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 company 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 CHF 1’058’316 par l’émission d’un maximum de 13’758’108 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 CHF 1,058,316 through the issuance of not more than 13,758,108 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. 716a 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 716a 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. 728a à 728c CO.		The auditors shall carry out their duties and report in accordance with the law, in particular Articles 728a to 728c 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.

Plan-les-Ouates, le 11 fevrier 2022

David LACIN, notaire :

Exhibit 5.1

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Lenz & Staehelin

Route de Chêne 30

CH-1211 Geneva 6

Tel: +41 58 450 70 00

Fax: +41 58 450 70 01

Brandschenkestrasse 24

CH-8027 Zurich

Tel: +41 58 450 80 00

Fax: +41 58 450 80 01

Avenue de Rhodanie 40C

CH-1007 Lausanne

Tel: +41 58 450 70 00

Fax: +41 58 450 70 01

www.lenzstaehelin.com

ObsEva SA

Chemin des Aulx 12

1228 Plan-les-Ouates

Switzerland

Geneva, February 17, 2022

20156.012 / M1.9069870_1 HUYNV

ObsEva SA – Registration Statement on Form F-3

Ladies and Gentlemen,

We have acted as special Swiss counsel to ObsEva SA (the “Company”) in connection with the filing of (i) a registration statement on Form F-3 (the “Registration Statement”), including the prospectus set forth therein (the “Prospectus”) for the purpose of registering under the United States Securities Act of 1933, as amended (the “Securities Act”), up to 7,344,017 common shares, par value of CHF 1/13 each (the “Offered Shares”), of the Company, consisting of (i) 6,325,301 common shares issuable pursuant to the conversion of USD 10,500,000 of principal of convertible notes held by or issuable to JGB (Cayman) Port Ellen Ltd., and (ii) 1,018,716 common shares underlying warrants to purchase common shares, as further described in the Registration Statement.

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

1.	REVIEWED DOCUMENTS

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

(i)	the Registration Statement;

(ii)	the Prospectus;

Partners Geneva: Shelby R. du Pasquier · Guy Vermeil · François Rayroux · Jean-Blaise Eckert · Daniel Tunik · Olivier Stahler · Andreas Rötheli ·

Xavier Favre-Bulle · Benoît Merkt · David Ledermann · Jacques Iffland · Daniel Schafer · Miguel Oural · Fedor Poskriakov · Frédéric Neukomm ·

Cécile Berger Meyer · Rayan Houdrouge · Floran Ponce · Valérie Menoud · Hikmat Maleh · Sevan Antreasyan · Roman Graf ·

Zurich: Patrick Hünerwadel · Stefan Breitenstein · Matthias Oertle · Martin Burkhardt · Heini Rüdisühli · Marcel Meinhardt ·Patrick Schleiffer · Thierry Calame · Beat Kühni · Lukas Morscher · Tanja Luginbühl · Prof. Jürg Simon · Matthias Wolf · Hans-Jakob Diem ·Prof. Pascal Hinny · Harold Frey · Marcel Tranchet · Tino Gaberthüel · Astrid Waser · Stephan Erni · Dominique Müller · Alexander Greter ·Peter Ling · Simone Ehrsam · Fabiano Menghini

Lausanne: Lucien Masmejan

Admitted to the Bar

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(iii)

a copy of the articles of association of the Company, as at February 11, 2022, as downloaded from the website of the Canton of Geneva (https://www.ge.ch/recherche-entreprises-dans-registre-du-commerce-geneve) on February 16, 2022 at 2:35 pm CET (the “Articles of Association”); and

(iv)	a certified copy of an extract from the Commercial Register of the Canton of Geneva, dated February 14, 2022, in respect of the Company (the “Register Extract”).

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.

2.	ASSUMPTIONS

In rendering the opinion below, we have assumed:

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

(b)	that the Articles of Association are in all respect similar to a certified copy of such document which would have been issued by the Commercial Registry of the Canton of Geneva;

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

(d)

that (i) the number of Offered Shares will not exceed the number of common shares that may be issued under the Articles of Association (as may be amended from time to time), (ii) the Registration Statement will be effective, (iii) the Prospectus will be effective, (iv) the issuance of and payment for the Offered Shares will be made in compliance with the Articles of Association (as may be amended from time to time), the Registration Statement and the Prospectus, (v) the consideration received by the Company for the issuance of the Offered Shares will be fully paid and will not be less than the par value of such Offered Shares, (vi) to the extent applicable, the Offered Shares will be issued in accordance with articles 647 – 652h, 931a – 937 and 973c of the Swiss Code of Obligations as well as the relevant intermediated securities regulations and commercial registry regulations, and (vii) the issuance and payment of the Offered Shares will be made in accordance with the Articles of Association (as may be amended from time to time) and organizational regulations of the Company, any applicable law or any requirement or restriction imposed by any court or governmental body having jurisdiction on the Company;

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(e)

that prior to the delivery of any Offered Shares, the board of directors of the Company shall have duly authorized the issuance of such Offered Shares in accordance with the Articles of Association (as may be amended from time to time), that such authorization shall not have been amended or rescinded, and that all necessary corporate actions of the Company to approve the issuance and sale of the Offered Shares shall have been performed in accordance with the Articles of Association (as may be amended from time to time); and

(f)	that all Offered Shares will be sold in the manner stated in the Registration Statement and the Prospectus.

3.	OPINION

Based upon the foregoing and subject to the qualifications set out below, we are of the opinion that the Offered Shares, if and when issued, will be validly issued, fully paid-in and non-assessable.

4.	QUALIFICATIONS

The above opinion is subject to the following qualifications:

(a)	This 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 this 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 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 or the Prospectus.

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(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 incorporation by reference of this opinion in the Registration Statement, and to the references to us under the heading “Legal Matters” contained in the Prospectus. 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,

Lenz & Staehelin

Exhibit 23.1

CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

We hereby consent to the incorporation by reference in this Registration Statement on Form F-3 of ObsEva SA of our report dated March 5, 2021relating to the financial statements, which appears in ObsEva SA’s Annual Report on Form 20-F for the year ended December 31, 2020. We also consent to the reference to us under the heading “Experts” in such Registration Statement.

/s/ PricewaterhouseCoopers SA

Geneva, Switzerland

February 17, 2022

Exhibit 107

Calculation of Filing Fee Table

Form F-3

(Form Type)

ObsEva SA

(Exact Name of Registrant as Specified in its Charter)

Table 1: Newly Registered Securities

Security Type

Security

Class

Title

Fee

Calculation

Rule

Amount

Registered⁽¹⁾⁽²⁾

Proposed

Maximum

Offering

Price Per

Unit

Maximum

Aggregate

Offering

Price

Fee

Rate

Amount of

Registration

Fee⁽⁶⁾

Equity

Common Shares, par value CHF 1/13 per share

457(c)

7,344,017

$1.33⁽³⁾

$9,767,542.61

$0.0000927

$905.45

Total Offering Amounts

$9,767,542.61

—

Net Fee Due

$905.45

(1)

Amount includes (i) 6,325,301 common shares, which is the maximum number of shares that can be issued pursuant to the conversion of $10,500,000 of principal of convertible notes held by or issuable to the selling shareholders and (ii) 1,018,716 common shares underlying warrants to purchase common shares.

(2)	Pursuant to Rule 416 under the Securities Act, the common shares being registered hereunder include such indeterminate number of ordinary shares as may be issuable with respect to the common shares being registered hereunder as a result of stock splits, stock dividends or similar transactions.

(3)

Estimated solely for the purpose of computing the amount of the registration fee pursuant to Rule 457(c) under the Securities Act of 1933, as amended. The calculation of the proposed maximum aggregate offering price of the common shares is based on the average of the high and low price for the common shares on February 14, 2022, as reported on the Nasdaq Global Select Market.

Cogency Global Inc.

/s/ Colleen A. DeVries

Authorized Representative in the United States

February 17, 2022

Colleen A. DeVries

Senior Vice-President

on behalf of Cogency Global Inc.