Preclinical Compound definition
Examples of Preclinical Compound in a sentence
Furthermore, if a Development Milestone Event is achieved for a given Preclinical Compound before a prior Development Milestone Event (“prior” and “subsequent” referring to a lower number in the table above, e.g., Development Milestone Event 2 being “prior” to Development Milestone Event 3), then all such prior Development Milestone Events shall be deemed achieved upon achievement of the subsequent Development Milestone Event.
Following expiration of the Research Term and on the anniversary of the Expiration Date, ONO shall provide Receptos with annual update summarizing ONO’ s, and its Affiliates’, Licensees’, and Research Partners’ ongoing, active research, development and commercialization activities of any Lead Compound, Preclinical Compound and Product for Collaboration Target (“Annual Update”).
The following milestone amounts (the “Development Milestone Payments”) shall be paid upon the achievement by ONO, its Affiliates, or Licensees of the milestone events relating to Preclinical Compound (the “Development Milestone Events”) as set forth in the table below, provided that the amount of the Development Milestone Payment shall be determined with reference to whether Condition I or Condition II is satisfied as set forth in the table below.
The Development Milestone Payments shall be payable only once by ONO with respect to Collaboration Target upon the first achievement of the applicable Development Milestone Event whenever it occurs, regardless of subsequent or repeated achievement of such milestone event by any Preclinical Compound or Product.
If a milestone payment under Section 6.2(b) or Section 6.2(c) has been paid by YAMANOUCHI with respect to a Preclinical Compound that is abandoned by YAMANOUCHI and YAMANOUCHI subsequently elects to develop and commercialize one of its Back-up Compounds in the applicable Field, for the same primary indication and in the applicable Territory, then such milestone payment shall not be payable by YAMANOUCHI with respect to such Back-up Compound.
YAMANOUCHI may elect, at any time during the period beginning on the Effective Date and, unless extended by mutual agreement of the Parties on a compound-by-compound basis, ending on [**] (the “Clinical Compound Selection Period”), to develop and commercialize each Primary Field Preclinical Compound as a Clinical Compound in the Entire World in the Primary Field and in Asia in the Secondary Field.
No ICAgen Compound or YAMANOUCHI Compound may be designated by the Joint Research Committee as a Lead Compound after the end of the Research Program or as a Preclinical Compound more than [**] after the end of the Research Program.
The Party selecting a Back-up Compound shall have exclusive rights to such Back-up Compound to the same extent such Party has exclusive rights to the elected Preclinical Compound, for so long as such Party continues to develop and commercialize the elected Preclinical Compound in the applicable Field, for the applicable indication or indications and in the applicable Territory.
If a Party elects to develop and commercialize a Back-up Compound in the place of a Preclinical Compound for which it has given an abandonment notice, then such Party shall be entitled to select a new Back-up Compound to replace the Back-up Compound elected for development and commercialization.
If pursuant to Section 2.12(a) or (b) either Party elects to develop and commercialize a Preclinical Compound and thereafter at any time ceases, in all Major Countries in the applicable Territory, to use commercially reasonable efforts (as specified in Section 4.1) to develop and commercialize a Clinical Compound and a Product based thereon, it shall promptly so notify the other Party (a “YAMANOUCHI Abandonment Notice” or an “ICAgen Abandonment Notice”, as the case may be).