Option Territories definition
Examples of Option Territories in a sentence
PNG agrees that as of the Effective Date, and at any time prior to the exercise by Lundbeck of its option to obtain a license to market one or more Other Products in certain territories under the Lundbeck Agreement (the "Lundbeck Option"), Prana and Lundbeck can directly negotiate a deal resulting in Lundbeck not exercising the Lundbeck Option in all or part of the Option Territories as stipulated in the Lundbeck Agreement, subject to the terms of the Lundbeck Agreement.
Schedule 2.2(a) lists all Patent Rights in the Lundbeck Territories as of the Effective Date (to be updated pursuant hereto), and Schedule 2.2(b) lists all Patent Rights in the Option Territories as of the Effective Date (to be updated pursuant hereto).
In the event Lundbeck does not elect to exercise its option to obtain a license to market one or more Other Products in any country within the Option Territories pursuant to Section 3 of Addendum I and Addendum II of the Lundbeck Agreement, PNG shall notify Prana in writing of such rejection within thirty (30) days.
If VERTEX elects not to supply Bulk Drug Substance under Section 4.2 hereof for the manufacture of a Drug Product sold in the Supply Option Territories, SCHERING shall pay to VERTEX a royalty of [***] of Net Sales of that Drug Product in the Supply Option Territories in lieu of the amount set forth in Section 6.2.1 hereof.
If VERTEX exercises the Bulk Commercial Supply Option set forth in Section 4.2, the supply price for a unit of Bulk Drug Substance supplied by VERTEX for the manufacture of a Drug Product sold in the Supply Option Territories shall be determined as a fraction (the "Applicable Percentage," as determined below) of the Net Sales price of Drug Product sold in the Supply Option Territories containing an equivalent unit of Bulk Drug Substance.
Such royalties shall equal fifteen percent of aggregate total Net Sales of Licensed Product by VaxGen and its sublicensees on a country-by-country basis (including the Option Territories if Genentech does not timely exercise its option to market in the Option Territories).
SCHERING shall have the right to manufacture or have manufactured Bulk Drug Substance to meet its requirements for Drug Product sales in Europe, the Middle East and Africa, and, subject to VERTEX's rights under Section 4.2, in the Supply Option Territories.
If Licensee exercises its option within the two (2) year period, this License shall be extended to the Option Territories for the Licensed Products and Licensee shall pay Licensor as provided in Section 6 hereof.
Supply Price for Bulk Drug Substance in the Supply Option Territories......................................
InhibRx, or Chiesi, as applicable, will inform the Joint Steering Committee immediately if it learns of any enabling technologies that are reasonably necessary for the Development or Commercialization of the Product in the Option Territories.