ROFN Field definition
Examples of ROFN Field in a sentence
Company will have an exclusive right of first negotiation (“ROFN”), exercisable by written notice to University, at any time within thirty (30) days following receipt of University’s notice, to obtain an exclusive license for the ROFN Patent Rights in the ROFN Field, on terms to be negotiated in good faith by the Parties for up to ninety (90) days following exercise of such ROFN.
During the Term, if Selecta intends to grant rights to a Third Party for the Development or Commercialization of any Xork Product in any ROFN Field (as evidenced by the receipt of a term sheet from, offer or any written expression of interest or the intent to send a term sheet or other offer (whether written or oral) to, such Third Party for such grant), then, Selecta shall first provide Astellas with written notice (a “ROFN Notice”).
During the ROFN Period, Sanofi shall have the right, at its sole discretion, to exercise the ROFN with respect to the Product in the ROFN Field throughout the world by giving Provention written notice of such exercise (the “ROFN Exercise Notice”).