Effects of Target Substitution. If any Targets are substituted for a Selected Target in accordance with the foregoing (each, a “Substitute Target”) such Substitute Target shall be automatically deemed a Selected Target under this Agreement, and the Selected Target that such Target substituted shall be deemed a Discontinued Target and subject to the provisions of Section 15.2. In addition, the Parties shall update the Research Plan as necessary to reflect such substitution of the Substitute Target for the Discontinued Target.
Effects of Target Substitution. Following any Target Substitution as set forth in this Section 3.2, the applicable Substitute Target will become a Collaboration Target hereunder effective as of the newly established Target Acceptance Date for such Substitute Target and, effective as of such newly established Target Acceptance Date, (a) the Parties will have all rights and obligations under this Agreement in connection with such Substitute Target as a Collaboration Target and (b) the replaced Modulator Target shall become a Terminated Target and shall no longer be a Collaboration Target. Following any Target Substitution, Genentech shall grant, and hereby does grant, effective upon the applicable Target Acceptance Date for the new Modulator Target, to BicycleTx and its Affiliates, as applicable, an Unblocking License for the applicable Terminated Target.
