Post-IND Option Exercise Clause Samples
The Post-IND Option Exercise clause defines the rights and procedures for a party to exercise an option to license or acquire certain rights after the filing of an Investigational New Drug (IND) application. Typically, this clause outlines the timeframe in which the option can be exercised, the process for notification, and any conditions that must be met, such as milestone payments or regulatory approvals. Its core function is to provide a clear mechanism for transitioning a development-stage asset into a formal partnership or license once it reaches a key regulatory milestone, thereby reducing uncertainty and aligning incentives for both parties.
Post-IND Option Exercise. On a Program-by-Program basis and after Celgene’s exercise of its IND Option with respect to such Program, enforcement of the Prothena Collaboration Patents and Program Patents for such Program in the United States shall be in accordance with the applicable U.S. License Agreement for such Program. In the event that a given Prothena Collaboration Patent or Program Patent relates to multiple Programs, then the provisions of this Section 7.8.2 shall control over the provisions of Section 7.8.1.