CO-DEVELOPMENT AND CO-COMMERCIALIZATION OPTIONS Sample Clauses

CO-DEVELOPMENT AND CO-COMMERCIALIZATION OPTIONS. 5.1 Co-Development Option. PTI has an option to co-Develop each Development Compound with Biogen Idec (the “Co-Development Option”). Biogen Idec will prepare and present to PTI an overview of anticipated preclinical, toxicology, and early clinical development studies consistent with Biogen Idec’s standards for programs at a similar stage for each Development Compound within [***] after such Compound has been designated as a Development Compound. To exercise the Co-Development Option with respect to a particular Development Compound, PTI must notify Biogen Idec in writing no later than [***] following such Compound’s designation as a Development Compound (or, if later, [***] following PTI’s receipt of the overview for such Development Compound). Upon exercise of the Co-Development Option for a Development Compound, the Parties will thereafter share proportionally in the costs to Develop and obtain Regulatory Approval for such Co-Development Compound on a worldwide basis through the profit share mechanism described in Section 6.7 for Co-Developed Licensed Products. CERTAIN CONFIDENTIAL PORTIONS OF THIS EXHIBIT WERE OMITTED AND REPLACED WITH “[***]”. A COMPLETE VERSION OF THIS EXHIBIT HAS BEEN FILED SEPARATELY WITH THE SECRETARY OF THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO AN APPLICATION REQUESTING CONFIDENTIAL TREATMENT PURSUANT TO RULE 406 PROMULGATED UNDER THE SECURITIES ACT OF 1933, AS AMENDED.