Common use of Collaboration Target Clause in Contracts

Collaboration Target. In the event that, for a given Collaboration Target, there is any Collaboration Development Candidate for which Licensee delivers to Licensor an Option Declination Notice stating that Licensee reverts its rights relating to such Collaboration Target to Licensor, or such rights otherwise lapse and expire in accordance with Section 3.2(c)(iii)(B), then, in such case, all Options with respect to such Collaboration Target (including all related Collaboration Development Candidates) shall lapse and expire upon Licensor’s receipt of such Option Declination Notice or expiration pursuant to Section 3.2(c)(iii)(B) for such Collaboration Target and all rights to such Collaboration Target (including all related Collaboration Development Candidates) will revert to Licensor; provided, however, that such rights will not revert if the Option Declination Notice for such Collaboration Development Candidate states that Licensee retains its rights relating to such Collaboration Target, in which case, subject to the limitations on the obligations of Licensor as set forth in Section 2.5, Licensor will continue to Develop new Collaboration Development Candidates for such Collaboration Target, at Licensee’s expense, and Licensee shall retain exclusivity of such Collaboration Target. For the avoidance of doubt, regardless of the reversions of any rights pursuant to this Section 3.2(d)(i), Section 4.3 shall apply pursuant to its terms.