Common use of Clinical and Regulatory Milestones Clause in Contracts

Clinical and Regulatory Milestones. In the event Xxxxxxx exercises the Xxxxxxx Option, Xxxxxxx shall make each milestone payment set forth below to PPD within forty-five (45) days of receipt of an invoice from PPD after the occurrence of the related milestone event. Each such milestone payment shall be payable once under this Agreement, with respect to the first occurrence of the related milestone event for the Licensed Product to achieve such milestone. Xxxxxxx shall give PPD written notice of the occurrence of a milestone event described below within ten (10) business days thereof. [*] [*] dollars ($[*]) [*]* [*] dollars ($[*]) [*]** [*] dollars ($[*]) * If [*], then Xxxxxxx shall, notwithstanding anything to the contrary, pay PPD a milestone payment of [*] dollars ($[*]) within forty-five (45) days of receipt of an invoice from PPD after [*], and Xxxxxxx will then pay PPD a milestone payment of [*] dollars ($[*]) within forty-five (45) days of receipt of an invoice from PPD after [*]. ** If [*], then Xxxxxxx shall, notwithstanding anything to the contrary, pay PPD a milestone payment of [*] dollars ($[*]) within forty-five (45) days of receipt of an invoice from PPD after such [*], and Xxxxxxx will then pay PPD a milestone payment of [*] dollars ($[*]) within forty-five (45) days of receipt of an invoice from PPD after [*]. 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(f)(i) shall not exceed eighty-five million dollars ($90,000,000) in any event.