Common use of Prior to Exercise of Product Option Clause in Contracts

Prior to Exercise of Product Option. Prior to GSK’s exercise of its Product Option, ChemoCentryx shall have the primary right, but not the obligation, to institute, prosecute, and control any action or proceeding with respect to any such Competitive Infringement, by counsel of its own choice, and GSK shall have the right, at its own expense, to be represented in that action by counsel of its own choice. If ChemoCentryx fails to bring any such action or proceeding within a period of one hundred twenty (120) days after first being notified of such Competitive Infringement, then GSK shall have the right, but not the obligation, to bring and control any such action by counsel of its own choice, and ChemoCentryx shall have the right to be represented in any such action by counsel of its own choice at its own expense.

Prior to Exercise of Product Option. Prior to GSK’s exercise of its Product Option, ChemoCentryx shall have the primary right, but not the obligation, to institute, prosecute, and control any action or proceeding with respect to any such Competitive Infringement, by counsel of its own choice, and GSK shall have the right, at its own expense, to be represented in that action by counsel of its own choice. If ChemoCentryx fails to bring any EXECUTION VERSION such action or proceeding within a period of one hundred twenty (120) days after first being notified of such Competitive Infringement, then GSK shall have the right, but not the obligation, to bring and control any such action by counsel of its own choice, and ChemoCentryx shall have the right to be represented in any such action by counsel of its own choice at its own expense.