Common use of Clinical and Regulatory Milestones Clause in Contracts

Clinical and Regulatory Milestones. Subject to Section 4.7(d), in the event PPD exercises the PPD Option, PPD shall make each milestone payment set forth below to Xxxxxxx within forty-five (45) days of receipt of an invoice from Xxxxxxx after the occurrence of the related milestone event with regard to the first Licensed Product to achieve such milestone. Each such milestone payment shall only be payable once under this Agreement, with respect to the first occurrence of the related milestone event for the Licensed Products to achieve such milestone. PPD shall give Xxxxxxx written notice of the occurrence of a milestone event within ten (10) business days of the occurrence of such milestone event. [*] [*] dollars ($[*]) [*] [*] dollars ($[*]) [*] [*] dollars ($[*]) [*] [*] dollars ($[*]) [*] [*] dollars ($[*]) Regardless of the number of Licensed Products or indications, each Milestone will be paid only once and the total amount payable under this Section 5.2(e)(i) shall not exceed fifty million dollars ($50,000,000) in any event.