One Time Program Switch Right Sample Clauses

One Time Program Switch Right. After Roche’s receipt of the first Option Data Package for a Collaboration Target or at the end of the Option Period for the first Collaboration Target, Roche shall have a one-time right to exercise its Option Right for such Collaboration Target by declaring such Collaboration Target as “Program 2”, thereby declaring the next most advanced Collaboration Target as designated by the JRC or JDC (as applicable) as “Program 1” (the “Switch”). If Roche elects to make the Switch, then Roche shall provide written notice to BPM prior to expiration of the Option Period for the first Collaboration Target of Roche’s election to make the Switch and identify the Collaboration Target that will be “Program 2” and the Collaboration Target that will be “Program 1”. If Roche makes the Switch, then Roche shall pay both the Program 1 Option Exercise Fee and the Program 2 Option Exercise Fee as set forth in Section 12.4, subject to the limitations in the following paragraph. In the event that Products for Program 1 and Program 2 are each being developed or planned to be developed in Phase I Studies as Products for a […***…] pursuant to Section 5.1.3, then, simultaneously with the Switch, Roche shall exercise its Option Right with respect to the next most advanced Collaboration Target as designated by the JRC or JDC (as applicable) making it “Program 1”. The Program 1 Option Exercise Fee shall be payable as set forth in Section 12.4, i.e. […***…] within […***…] after Roche exercises its Option Right and receipt of an invoice from BPM. If such next most advanced Collaboration Target has reached MTD more than […***…] prior to the Switch election, then the Program 2 Option Exercise Fee (i.e., […***…]) shall be payable at the same time as the Program 1 Option Exercise Fee. If such next most advanced Collaboration Target has either not yet reached MTD or not reached MTD within […***…] preceding the Switch, then the Program 2 Option Exercise Fee (i.e., […***…]) shall be payable only (i) after BPM has provided Roche with the Option Data Package for the Collaboration Target declared as Program 1 as per the Switch, and Roche has determined, within […***…] after Roche receives the Option Data Package, to not exercise its termination right with respect to the Collaboration Target declared as Program 1 as per the Switch, or (ii) upon Roche Initiating a Clinical Study of a Product or Licensed Product against the Collaboration Target declared as Program 1 as per the Switch. For clarity, if ei...
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Related to One Time Program Switch Right

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