Development Milestone Fees Clause Samples
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Development Milestone Fees. (a) As partial consideration for the licenses and other rights granted in this Agreement, and to fund Alnylam’s Development Costs under the Initial Development Plan up to the Development Costs Cap under this Agreement, MedCo shall make the non-refundable, non-creditable milestone payments to Alnylam set forth below no later than [***] days after the earliest date on which MedCo becomes aware that the corresponding milestone event has first been achieved with respect to a Licensed Product.
Development Milestone Fees. (a) Kyowa Hakko shall make the non-refundable, non-creditable milestone payments to Alnylam set forth below no later than [**] days after the earliest date on which the corresponding milestone event has first been achieved with respect to the Licensed Product; provided, however, that such schedule shall not apply in the event the criteria set forth in Section 7.2(b) are satisfied, in which case milestone fees shall be paid in accordance with Section 7.2(b). [**] $ [**] [**] $[**] [**] $ [**] [**] $ [**] [**] $ [**] [**] $[**] [**] $[**]
(b) If (i) Kyowa Hakko is required by the Japanese Regulatory Authorities to conduct [**] in Japan in order to obtain Regulatory Approval of the Licensed Product in Japan, (ii) a [**] meeting the requirements set forth in this Agreement is not feasible, and (iii) Kyowa Hakko’s reasonable [**] expenses actually incurred with respect to such Clinical Studies, [**] (collectively, “Clinical Study Expenses”) exceed $[**], then the following milestone schedule shall apply: [**] $ [**] [**] $[**] [**] $ [**] [**] $ [**] [**] $ [**] [**] $ [**] [**] $ [**] [**].
(c) Each milestone payment by Kyowa Hakko to Alnylam hereunder shall be payable only once, regardless of the number of times achieved with respect to the Licensed Product. For clarity, Kyowa Hakko shall not be obligated to make any payments with respect to milestones achieved by the Replacement Product for which Kyowa Hakko has already made a milestone payment with respect to the Lead Product. If any of the foregoing milestones are not achieved, but a subsequent milestone is achieved, then the milestone payment for the milestone(s) not achieved shall be due and payable to Alnylam concurrently with the milestone payment for the milestone that has been achieved. For example, under the milestone schedule set forth in Section 7.2(a), if Kyowa Hakko [**], then Kyowa Hakko will owe Alnylam an aggregate milestone payment of $[**].
Development Milestone Fees. Genzyme shall make the non-creditable milestone payments to Alnylam set forth below, each payable once, no later than [**] days after either the earliest date on which the corresponding milestone event has first been achieved with respect to a Licensed Product, with respect to milestone events achieved by Genzyme or its Related Parties, or the date on which Genzyme receives notice from Alnylam of completion of the milestone event, with respect to milestone events achieved by Alnylam or its Related Parties.
Development Milestone Fees. Genzyme shall provide Alnylam with written notice of the achievement by Genzyme or any of its Related Parties of any development milestone event set forth below in this Section 8.1 and Alnylam shall provide Genzyme with written notice of the achievement by Alnylam or any of its Related Parties of any development milestone event set forth below in this Section 8.1, in each case within [***] days after such event has occurred; provided, however, that the notifying Party shall inform the other Party of such event prior to any public disclosure of such event by the notifying Party. Alnylam shall invoice Genzyme within [***] days of receipt of such written notice by either Party, and Genzyme shall remit the associated development milestone payment within [***] days of the receipt of such invoice. Each development milestone payment by Genzyme to Alnylam hereunder shall be payable only once with respect to each Co-Co Licensed Product, regardless of the number of times a development milestone event is achieved with respect to such Co-Co Licensed Product.
Development Milestone Fees