Commercial Milestone Payments. (a) As additional consideration for the License, Licensee will pay Penn the following commercial milestone payments (each, a “Commercial Milestone Payment”) upon the achievement of the corresponding milestone (each, a “Commercial Milestone”), whether achieved by Licensee or an Affiliate or Sublicensee, or a combination of Licensee, Affiliate or Sublicensee, when aggregate worldwide Net Sales of a Licensed Product in […***…] first reaches the respective thresholds indicated below. Licensee shall promptly notify Penn in writing of the achievement of any such Commercial Milestone and Licensee shall pay Penn in full the corresponding Commercial Milestone Payment within […***…] of such achievement. For clarity, each Commercial Milestone Payment is non-refundable, is not an advance against royalties due to Penn or any other amounts due to Penn. Commercial Milestone Event […***…] […***…] Milestone Payment (U.S. dollars) Worldwide annual Net Sales of royalty bearing Licensed Product first exceeding $[…***…] $[…***…] Worldwide annual Net Sales of royalty bearing Licensed Product first exceeding $[…***…] $[…***…] Worldwide annual Net Sales of royalty bearing Licensed Product first exceeding $[…***…] $[…***…] (b) For clarity, the foregoing Commercial Milestone Payments shall be due […***…].
Appears in 3 contracts
Samples: Research, Collaboration & License Agreement (Ultragenyx Pharmaceutical Inc.), Research, Collaboration & License Agreement (Dimension Therapeutics, Inc.), Research, Collaboration & License Agreement (Dimension Therapeutics, Inc.)
Commercial Milestone Payments. (a) As additional consideration for the License, License [***] Licensee will pay Penn the following commercial milestone payments (each, a “Commercial Milestone Payment”) on a Licensed Product-per-Licensed Product basis upon the achievement of the corresponding milestone (each, a “Commercial Milestone”), whether achieved by Licensee or an Affiliate or SublicenseeAffiliate, or a combination of Licensee, Affiliate or Sublicensee, when aggregate worldwide Net Sales of a Licensed Product in […***…] first reaches the respective thresholds indicated belowLicensee and/or an Affiliate. Licensee shall promptly notify Penn in writing of the achievement of any such Commercial Milestone and Licensee shall pay Penn in full the corresponding Commercial Milestone Payment within […***…] forty-five (45) days of such achievement. For clarity, each Commercial Milestone Payment is non-refundable, refundable and is not an advance against royalties Royalties due to Penn or any other amounts due to Penn. Commercial Milestone Event […***…] […***…] Milestone Payment (U.S. dollars) Worldwide annual Net Sales of royalty bearing a Licensed Product first exceeding $by Licensee and/or Affiliates equal or exceed […***…] $[…US Dollars [ ***…] [ ***] Worldwide annual Net Sales of royalty bearing a Licensed Product first exceeding $by Licensee and/or Affiliates equal or exceed […***…] $[…US Dollars [ ***…] [ ***] Worldwide annual Net Sales of royalty bearing a Licensed Product first exceeding $by Licensee and/or Affiliates equal or exceed […***…] $[…US Dollars [ ***…] [ ***]
(b) For clarity, each of the foregoing Commercial Milestone Payments shall only be due […***…]once per Licensed Product and Net Sales made by any Third Party Sublicensee shall be disregarded in the calculation of the Commercial Milestone event.
Appears in 2 contracts
Samples: Collaboration & License Agreement (BioNTech SE), Collaboration & License Agreement (BioNTech SE)
