First Commercial Sale means, with respect to any Licensed Product, the first sale for use or consumption by the general public of such Licensed Product in any country in the Territory after Approval of such Licensed Product has been granted, or such marketing and sale is otherwise permitted, by the Regulatory Authority of such country.

First Commercial Sale means the first sale of a Product by Buyer or an Affiliate of Buyer to a Third Party in a country following Regulatory Approval of such Product in that country. Sales or transfers of reasonable quantities of a Product for research, proof of concept studies or other clinical trial purposes, or for compassionate or similar use, shall not be considered a First Commercial Sale.

First Commercial Sale means the initial transfer by or on behalf of Licensee or its sublicensees of Licensed Products or the initial practice of a Licensed Process by or on behalf of Licensee or its sublicensees in exchange for cash or some equivalent to which value can be assigned for the purpose of determining Net Sales.

Examples of First Commercial Sale in a sentence

As of the First Commercial Sale of the Licensed Products, Royalties owed by the Licensee to the Licensor during the Term shall be due within sixty (60) days following the Licensee’s filing with the respective local taxation authority for the calendar year in which such Net Sales occurred.

More Definitions of First Commercial Sale

First Commercial Sale means, with respect to a Product and country, the first sale to a Third Party of such Product in such country after Regulatory Approval has been obtained in such country.

First Commercial Sale means the first sale to a Third Party of a Product in a given regulatory jurisdiction after Regulatory Approval has been obtained in such jurisdiction.

First Commercial Sale means, with respect to any Product, the first sale of such Product after all applicable marketing and pricing approvals (if any) have been granted by the applicable governing health authority of such country.

First Commercial Sale means, with respect to a Licensed Product and a country, the first sale for monetary value for use or consumption by the end user of such Licensed Product in such country after Regulatory Approval for such Licensed Product has been obtained in such country. Sales prior to receipt of Regulatory Approval for such Licensed Product, such as so-called “treatment IND sales,” “named patient sales,” and “compassionate use sales,” shall not be construed as a First Commercial Sale.

First Commercial Sale means the date of the first sale or other disposal of Product for consideration by the Licensee or its sublicensee.

First Commercial Sale means, with respect to any Product, the first sale for use or consumption by the general public of such Product.

First Commercial Sale means, with respect to the Product in any country, the first sale for end use or consumption of the Product in such country after Marketing Approval has been granted in such country.