Co-Development Option Termination Sample Clauses

Co-Development Option Termination. PTI will have the right to terminate its rights and obligations with regard to the co-Development of a Co-Development Compound by providing written notice to Biogen Idec within [***] after the issuance of the final clinical trial report for the first Phase II Trial for such Development Compound (the “Phase II PTI Co-Development Termination Option”). Upon PTI providing such notice, the affected Co-Development Compound will be deemed a Sole Development Compound and PTI will have no further obligations hereunder to share in the costs of the Development of such Sole Development Compound that accrue after the effective date of such notice. For avoidance of doubt, nothing in this Section 5.3 will limit PTI’s share of liability under Section 6.7 and Exhibit E for any costs that accrued prior to the effective date of such notice.