Candidate Selection Option Sample Clauses

Candidate Selection Option. The following milestones shall apply in the event that GSK exercises the Candidate Selection Option with respect to a Collaboration Compound resulting from Project 1. [***] [***] THE SYMBOL [***] IS USED TO INDICATE THAT A PORTION OF THE EXHIBIT HAS BEEN OMITTED AND FILED SEPARATELY WITH THE COMMISSION. CONFIDENTIAL TREATMENT HAS BEEN REQUESTED WITH RESPECT TO THE OMITTED PORTION.

Candidate Selection Option. The following milestones shall apply in the event that GSK exercises the Candidate Selection Option with respect to a Collaboration Compound resulting from Project 1. [***]

Candidate Selection Option. On a Target–by-Target basis, if GSK has timely paid the milestone payment(s) pursuant to Section 6.2.1 due upon achievement of the applicable Lead Declaration Criteria, Pharmacopeia shall notify the JSC when it believes it has successfully developed a compound that meets the Candidate Selection Criteria. If the JSC agrees that such compound is a Candidate Selection Compound, subject to Section 4.2, GSK shall have the exclusive option (“Candidate Selection Option”), exercisable in its sole discretion within sixty (60) days after the written declaration by the JSC that the compound is a Candidate Selection Compound, to select and progress such Candidate Selection Compound (and, at GSK’s sole discretion, any corresponding Back-up Compounds) for all further development and commercialization, subject to the requirements that GSK use commercially reasonable diligence efforts as set forth for GSK in this Agreement, and subject to GSK’s obligation to pay the milestone payments set forth in Sections 6.2.1(b) and 6.2.2.