Examples of BII Product in a sentence
For the avoidance of doubt, BII is permitted to suspend or stop the development of a BII Product for a period that does not exceed [***] months even as such suspension or stoppage would be a breach of BII’s obligation to use Commercially Reasonable Efforts.
After the Closing Date until the [***] anniversary of the Closing Date, MABVAX undertakes to BII that it shall not, and shall procure that its Affiliates shall not, directly or indirectly conduct any activity involving the research, development, commercialization or other exploitation of a [***] Program and/or any product competing with a BII Product, or fund, authorize or assist any such activity.
BII shall use Commercially Reasonable Efforts to advance the development of at least one (1) BII Product into a Phase I Clinical Trial.
During the applicable Earn-Out Period, if a BII Product sold in a country in the Territory is not covered by a Valid Claim in such country at the time of its sale, then the Earn-Out Payment for such BII Product in such country shall be reduced by [***] percent ([***]%) as determined pursuant to Section 5.4.1.
No multiple Earn-Out Payments shall be payable because a BII Product, its manufacture, use or sale is or shall be covered by more than one Valid Claim included in the [***] Program Patents or more than one patent under the [***] Program Patents.
BII shall endeavour to achieve (a) Start of Development of a BII Product within approximately [***] months after the Effective Date, and (b) Initiation of the first Phase I Clinical Trial of a BII Product approximately [***] months after the effective date of the Agreement, it being understood by the Parties these timelines are anticipated timelines only and are neither binding nor enforceable under this Agreement.
Milestone Event Milestone Payment Start of Development of the first BII Product [***] Initiation of first Phase I Clinical Trial [***] [***] Initiation of first Phase III Clinical Trial [***] [***] First Commercial Sale [***]in a Major Market [***] The Milestone Payment for the First Commercial Sale [***] in a Major Market shall be payable [***], for the first Calendar Year in which the First Commercial Sale milestone event is achieved [***].
When used in the singular, “Target Project” means either the [**] target project (including any Joint Compound or Joint Product) or the [**] target project (including any BII Compound or BII Product), as the context requires.
If BII elects not to defend or control the defense of the BII Product Patents in a suit brought in the Territory, or otherwise fails to initiate and maintain the defense of any such claim, suit or proceeding, then Epizyme, in consultation with the Patent Liaisons, may conduct and control the defense of any such claim, suit, or proceeding at its own expense.
BII, in consultation with the Patent Liaisons, shall have the sole right to defend and control the defense of the validity and enforceability of the BII Patents (other than the BII Product Patents, which are handled pursuant to Section 8.5.4 (BII Product Patents)) at its own expense in the Territory.