CoDev Option Modification. If Pieris exercises a CoDev Option with respect to the Lead Product or a CoDev Product, then Pieris shall be permitted to modify its selection of the [***] Split Option, or [***] Cap Option with respect to such Product until [***] days after [***] for such Product. Pieris shall only be permitted to modify its selection to choose either the [***] Split Option or the [***] Cap Option (i.e., in the event that Pieris initially selected the [***] Split or [***] Cap Option, it cannot subsequently select the [***] under this Section 4.6, nor can it select the [***] Cap Option or [***] Split Option if it initially selected the [***]). Pieris’ modification of such option shall be effective (and the applicable Product shall be treated accordingly) upon providing written notice to AstraZeneca with its modified selection.
Appears in 2 contracts
Sources: License & Collaboration Agreement (Pieris Pharmaceuticals, Inc.), License & Collaboration Agreement (Pieris Pharmaceuticals, Inc.)