Common use of New Product Technology Clause in Contracts

New Product Technology. Impax shall promptly disclose to Medicis all New Product Technology. Medicis shall solely own all right, title and interest in and to the New Product Technology and all patent and other intellectual property rights therein. Impax hereby assigns to Medicis all of its right, title and interest in and to the New Product Technology and all patent and other intellectual property rights therein. Impax shall perform, during and after the term of this Agreement, all acts that Medicis reasonably deems necessary or desirable to permit and assist Medicis, at Medicis’ expense, in obtaining, perfecting and enforcing the full benefits, enjoyment, rights and title throughout the world in the New Product Technology and all patent and other intellectual property rights therein. If Medicis is unable for any reason, after commercially reasonable efforts, to secure Impax’s signature to any document required to file, prosecute, register or memorialize the assignment of any rights to the New Product Technology as provided under this Agreement, Impax hereby irrevocably designates and appoints Medicis and Medicis’ duly authorized officers and agents as Impax’s agents and attorneys-in-fact to act for and on Impax’s behalf and instead of Impax to take all lawfully permitted acts to further the filing, prosecution, registration, memorialization of assignment, issuance and enforcement of such rights, all with the same legal force and effect as if executed by Impax. The foregoing is deemed a power coupled with an interest and is irrevocable. Medicis shall have the world-wide right to control the drafting, filing, prosecution, maintenance and enforcement of patents covering the New Product Technology.