Common use of Option Evaluation Clause in Contracts

Option Evaluation. In the event that Licensee provides Merck with an Option Notice, Licensee shall provide Merck with a reasonably detailed summary of all information in Licensee’s or its Affiliates’ possession with regard to any preclinical and clinical development of the Licensed Products that are the subject of the Option Notice, including all information relating to the safety and efficacy of the applicable Licensed Products (“Option Information Package”). Merck shall have thirty (30) days from the date it receives the Option Information Package, or as extended as mutually agreed by the Parties, (“Evaluation Period”) in which to evaluate such information and to notify Licensee of its intent to exercise its first right of negotiation by providing written notice to that effect. During the Evaluation Period, Licensee shall, upon request of Merck, provide Merck with reasonable access to all other information and data in its or its Affiliates’ Control reasonably requested by Merck and relating to the Licensed Products that are the subject of the Option Notice. All information provided by Licensee pursuant to this Section 3.07(b) shall constitute Proprietary Information of Licensee subject to Article IX.

Option Evaluation. In the event that Licensee provides Merck with an Option Notice, Licensee shall provide Merck with a reasonably detailed summary of all information in Licensee’s or its Affiliates’ possession with regard to any preclinical and clinical development of the Licensed Products that are the subject of the Option Notice, including all information relating to the safety and efficacy of the applicable Licensed Products (“Option Information Package”). Merck shall have thirty (30) days from the date it receives the Option Information Package, or as extended as mutually agreed by the Parties, (“Evaluation Period”) in which to evaluate such information and to notify Licensee of its intent to exercise its first right of negotiation by providing written notice to that effect. During the Evaluation Period, Licensee shall, upon request of Merck, provide Merck with reasonable access to all other information and data in its or its Affiliates’ Control reasonably requested by Merck and relating to the Licensed Products that are the subject of the Option Notice. All information provided by Licensee pursuant to this Section 3.07(b3.06(b) shall constitute Proprietary Information of Licensee subject to Article IX.