Examples of MTPC Agreement in a sentence
Either party may terminate the MTPC Agreement upon the material breach of the other party that is not cured within a specified time period or upon the insolvency of the other party.
MTPC may terminate the MTPC Agreement upon twelve months’ notice at any time after the second anniversary of the effective date of the MTPC Agreement.
Unless earlier terminated, the MTPC Agreement will continue in effect on a country-by-country basis until the later of the following: expiration of the last-to-expire patent covering vadadustat in such country in the MTPC Territory; expiration of marketing or regulatory exclusivity in such country in the MTPC Territory; or ten years after the first commercial sale of vadadustat in such country in the MTPC Territory.
Once a Head Agreement has been entered into, a separate Schedule for each new Participant must be attached to the Head Agreement.
The Company and MTPC have established a joint steering committee pursuant to the MTPC Agreement to oversee development and commercialization of vadadustat in the MTPC Territory, including approval of any development or commercialization plans.
In consideration for the exclusive license and other rights contained in the MTPC Agreement, MTPC was also obligated to make a $20.0 million upfront payment as well as a payment of $20.5 million for Phase 2 studies in Japanese patients completed by the Company and reimbursable by MTPC.
Pursuant to the MTPC Agreement, MTPC has an exclusive license to develop and commercialize vadadustat in the Territory.
Revenue RecognitionThe Company evaluated the elements of the MTPC Agreement in accordance with the provisions of ASC 606 and concluded that the contract counterparty, MTPC, is a customer.
The parties entered into the MTPC Agreement in 2004 and amended it in 2009.
In consideration for the exclusive license and other rights contained in the MTPC Agreement, under the Local Scenario Japanese patients would not be included in the Phase 3 program and MTPC would make payments totaling up to $245.0 million based on the achievement of certain development, regulatory and sales milestones, as well as tiered double-digit royaltypayments up to 20% on sales of vadadustat in the Territory.