Collaboration Candidate Option Sample Clauses

Collaboration Candidate Option. With respect to each Collaboration Candidate, Licensee shall have the right, upon written notice given to Licensor at any time during the Collaboration Candidate Option Period for such Collaboration Candidate and without additional up-front consideration to Licensor, to have such Collaboration Candidate deemed a Licensed Compound for all purposes of this Agreement (such Collaboration Candidate, along with any metabolite, salt, hydrate, solvate, enantiomer, free acid form, free base form, crystalline form, co-crystalline form, amorphous form, pro-drug (including ester pro-drug) form, racemate, polymorph, chelate, stereoisomer, tautomer, or optically active form thereof, a “Collaboration Compound”), and upon delivery of such notice (i) such Collaboration Compound shall constitute a Licensed Compound for all purposes of this Agreement, (ii) the applicable Collaboration Candidate Development Plan and Budget shall thereafter be deemed a Development Plan and Budget for Joint Development Activities, and (iii) the Development activities to be undertaken thereunder after delivery of such notice shall be deemed to be Joint Development Activities for all purposes of this Agreement, including Section 3.2. and 3.4.1(ii); and (iv) Licensee shall become liable for payment of prior Development activities in accordance with Section 3.7.5.