Out-Licensing Criteria Clause Samples

Out-Licensing Criteria. Unless a Party has Opted-Out, then within [***] following the DC Identification Date, the Parties will review, discuss and determine whether to approve the threshold criteria and terms that an Out-Licensing Transaction must satisfy or include, which criteria and terms will be based on market conditions and attributes of the Licensed Compounds and Licensed Products (the “Out-Licensing Criteria”). The Parties will, unless a Party has Opted-Out or an Out-Licensing Transaction has been entered into, periodically review, discuss and determine whether to approve amendments to such Out-Licensing Criteria, including within [***] following each of (a) Completion of the first Phase 1 Clinical Trial for a Licensed Product, (b) Completion of the first Phase 2 Clinical Trial for a Licensed Product, and (c) Completion of the first Phase 3 Clinical Trial for a Licensed Product.