Common use of Notice of Milestone Achievement Clause in Contracts

Notice of Milestone Achievement. a) Within *** days following the achievement of each milestone set forth in Section 6.3.3 (other than the first two listed milestones in Section 6.3.3(d) with respect to which FivePrime shall notify GSK in writing of the achievement of such milestones within *** days following the achievement of each such milestone), GSK shall notify FivePrime in writing of the achievement of such milestone, after which FivePrime shall invoice GSK for the applicable milestone payment. GSK shall pay the appropriate milestone payment within *** days (or *** days in the event that GSK has notified FivePrime in writing that the Licensed Product has been transferred to a drug development unit within GSK (e.g., GSK’s Medicines Development Centers), or if the Licensed Product is being developed for an Other Indication) after receipt by GSK of an Invoice. The milestone payments set forth in Section 6.3.3 shall be payable only upon the initial achievement of the particular milestone for each Licensed Product, and no amounts shall be due hereunder for subsequent or repeated achievement of the same milestone by the same Licensed Product. b) If any preclinical or clinical development milestone triggering event in Section 6.3.3 is skipped for a particular Licensed Product, the milestone payment that would otherwise have been due for such skipped milestone triggering event shall be due and payable on the occurrence of the next to occur milestone triggering event for such Licensed Product. For example, if GSK conducts a Phase 1 study of Licensed Product, and then chooses not to conduct a Phase 2 study and instead begins a Phase 3 study, both payments associated with the initiation of a Phase 2 and a Phase 3 trial would be due at the initiation of the Phase 3 trial. 6.4 Royalties.

Notice of Milestone Achievement. a) Within *** days following the achievement of each milestone set forth in Section 6.3.3 (other than the first two listed milestones in Section 6.3.3(d) with respect to which FivePrime shall notify GSK in writing of the achievement of such milestones within *** days following the achievement of each such milestone)6.3.3, GSK shall notify FivePrime in writing of the achievement of such milestone, after which FivePrime shall invoice GSK for the applicable milestone payment. GSK shall pay the appropriate milestone payment within *** days (or *** days in the event that GSK has notified FivePrime in writing that the Licensed Product has been transferred to a drug development unit within GSK (e.g., GSK’s Medicines Development Centers), or if the Licensed Product is being developed for an Other Indication) after receipt by GSK of an Invoice. The milestone payments set forth in Section 6.3.3 shall be payable only upon the initial achievement of the particular milestone for each Licensed Product, and no amounts shall be due hereunder for subsequent or repeated achievement of the same milestone by the same Licensed Product. b) If any preclinical or clinical development milestone triggering event in Section 6.3.3 is skipped for a particular Licensed Product, the milestone payment that would otherwise have been due for such skipped milestone triggering event shall be due and payable on the occurrence of the next to occur milestone triggering event for such Licensed Product. For example, if GSK conducts a Phase 1 study of Licensed Product, and then chooses not to conduct a Phase 2 study and instead begins a Phase 3 study, both payments associated with the initiation of a Phase 2 and a Phase 3 trial would be due at the initiation of the Phase 3 trial. 6.4 Royalties.