Inflation Reduction Act. If, during the Royalty Term for a Licensed Product in the U.S., such Licensed Product is designated as a Selected IRA Drug by the Secretary of the U.S. Department of Health and Human Services, and Novartis, its Affiliate or its or their Sublicensee is required to negotiate, and is ultimately subject to, a maximum fair price under the Inflation Reduction Act that will apply to sales of such Licensed Product during the price applicability period, then, for the purposes of Section 9.3(a), the royalty rate applicable to the Net Sales of such Licensed Product in the U.S. during [**] shall be reduced [**], [**] of the applicable rates set forth in Section 9.3(a), [**]. (iv)
Inflation Reduction Act. If, during the Term, a Licensed Product is selected under the Inflation Reduction Act of 2023, as amended from time to time (the “IRA”), for price negotiation, then, for the remainder of the Royalty Term for such Licensed Product in the U.S., the royalty rates set forth in Section 8.6(a) or Section 8.6(b), as applicable, shall be reduced by [***].
Inflation Reduction Act. If, on a Royalty Product-by-Royalty Product basis, there is application of a maximum fair price under the Inflation Reduction Act in the U.S. with respect to a Royalty Product (an “IRA Impact”) [**].
Inflation Reduction Act. If, during the Royalty Term for an Optioned Product, such Optioned Product is designated as a Selected Drug by the Secretary of the U.S. Department of Health and Human Services, and Gilead is required to negotiate, and is ultimately subject to, a Maximum Fair Price that will apply to sales of such Optioned Product during the Price Applicability Period, then the applicable Royalty rate set forth in Section 12.6(a) payable to Assembly for the Included Net Sales of such Optioned Product in the United States during the Price Applicability Period shall be reduced by [***].
