Common use of Milestone Payments for Licensed Products Clause in Contracts

Milestone Payments for Licensed Products. Pfizer shall pay Rigel, within sixty (60) days of the completion of each event set forth below ("Event"), the payment listed opposite that Event. Payments shall be made in U.S. dollars by wire transfer in immediately available funds to a U.S. bank account designated by Rigel, or other mutually acceptable means. Pfizer shall be obligated to make each payment only once with respect to each Licensed Product affected by an Event and such payment for such Event shall not be due with respect to any subsequent Licensed Product directed to a Molecular Target and indication which has previously been the subject of the same Event. With the exception of any such milestone paid to Rigel for the occurrence of the earlier of Submission of IND or initiation of human (Section 3.12.1(i)) or animal (Section 3.12.2(i)) clinical trials, payments made by Pfizer pursuant to this Section 3.12 with respect to a Licensed Product shall be credited against sums due to Rigel pursuant to Section 3.8 of this Agreement with respect to Net Sales of such Licensed Product. Fifty percent (50%) of the milestone payment paid to Rigel for commencement of Phase III human clinical trials (Section 3.12.1(ii)) and submission of NADA for animal use (Section 3.12.2 (ii)) shall be credited against royalty payments and one hundred percent (100%) of milestone payments paid to Rigel for NDA/PLA filing for human use (Section 3.12.1 (iii)) and for NADA/PLA approval in any country for animal use (Section 3.12.2 (iii)); PROVIDED, HOWEVER, that the sums due pursuant to Section 3.8 in any calendar year with respect to such Licensed Product shall not be reduced by virtue of this credit by more than fifty percent (50%):

Milestone Payments for Licensed Products. Pfizer shall pay Rigel, within sixty (60) days of the completion of each event set forth below ("Event"), the payment listed opposite that Event. Payments shall be made in U.S. dollars by wire transfer in immediately available funds to a U.S. bank account designated by Rigel, or other mutually acceptable means. Pfizer shall be obligated to make each payment only once with respect to each Licensed Product affected by an Event and such payment for such Event shall not be due with respect to any subsequent Licensed Product directed to a Molecular Target and indication which has previously been the subject of the same Event. With the exception of any such milestone paid to Rigel for the occurrence of the earlier of Submission of IND or initiation of human (Section 3.12.1(i)) or animal (Section 3.12.2(i)) clinical trials, payments made by Pfizer pursuant to this Section 3.12 with respect to a Licensed Product shall be credited against sums due to Rigel pursuant to Section 3.8 of this Agreement with respect to Net Sales of such Licensed Product. Fifty percent (50%) [ * ] of the milestone payment paid to Rigel for commencement of Phase III human clinical trials (Section 3.12.1(ii)) and submission of NADA for animal use (Section 3.12.2 (ii)) shall be credited against royalty payments and one hundred percent (100%) [ * ] of milestone payments paid to Rigel for NDA/PLA filing for human use (Section 3.12.1 (iii)) and for NADA/PLA approval in any country for animal use (Section 3.12.2 (iii)); PROVIDED, HOWEVER, that the sums due pursuant to Section 3.8 in any calendar year with respect to such Licensed Product shall not be reduced by virtue of this credit by more than fifty percent (50%):[ * ]:

Milestone Payments for Licensed Products. Pfizer shall pay Rigel, within sixty (60) days of the completion of each event set forth below ("Event"), the payment listed opposite that Event. Payments shall be made in U.S. dollars by wire transfer in immediately available funds to a U.S. bank account designated by Rigel, or other mutually acceptable means. Pfizer shall be obligated to make each payment only once with respect to each Licensed Product affected by an Event and such payment for such Event shall not be due with respect to any subsequent Licensed Product directed to a Molecular Target and indication which has previously been the subject of the same Event. With the exception of any such milestone paid to Rigel for the occurrence of the earlier of Submission of IND or initiation of human (Section 3.12.1(i)) or animal (Section 3.12.2(i)) clinical trials, payments made by Pfizer pursuant to this Section 3.12 with respect to a Licensed Product shall be credited against sums due to Rigel pursuant to Section 3.8 of this Agreement with respect to Net Sales of such Licensed Product. Fifty percent (50%) of the milestone payment paid to Rigel for commencement of Phase III human clinical trials (Section 3.12.1(ii)) and submission of NADA for animal use (Section 3.12.2 (ii)) shall be credited against royalty payments and one hundred percent (100%) of milestone payments paid to Rigel for NDA/PLA filing for human use (Section 3.12.1 (iii)) and for NADA/PLA approval in any country for animal use (Section 3.12.2 (iii)); PROVIDED, HOWEVER, that the sums due pursuant to Section 3.8 in any calendar year with respect to such Licensed Product shall not be reduced by virtue of this credit by more than fifty percent (50%):): 3.12.1