Common use of Election Notice Clause in Contracts

Election Notice. (i) At any time during the Term, upon achievement of the Lead Generation Criteria by GSK for a monoclonal antibody, dAb or Multi-Targeting Antibody directed to an Active Target(s) (as defined in Section 1.1 and as further described in Sections 7.1.3(b), (c), and (d), below) that GSK has decided to Develop and Commercialize, GSK shall provide written notice of such decision to OncoMed, each such notice to include, without limitation: (A) the identity of such Active Target(s); and (B) where OncoMed has the right to Develop such antibody under Sections 7.1.3(b), (c), and (d), GSK shall provide the following: (1) data and information supporting the achievement of the Lead Generation Criteria; (2) the GSK Toxicology Package, as soon as it is available; and (3) sufficient quantities of such antibody to conduct head-to-head xenograft studies, such quantities and studies to be determined by the JSC. OncoMed shall provide data resulting from such studies to the JSC. (ii) Where OncoMed has the right to Develop such product under Sections 7.1.3(b), (c), and (d), beginning with receipt by OncoMed from GSK of notice under this Section 7.1.3(a), and continuing until the later of (A) [***] after receipt by OncoMed from GSK of sufficient quantities of antibody in accordance with Section 7.1.3(a)(i)(B)(3), or (B) [***] after receipt by OncoMed of the GSK Toxicology Package, OncoMed shall have the right to elect to progress such antibody to which such notice applies as a Collaboration Compound through Development and, if applicable, Commercialization in accordance with the terms and conditions of this Agreement.