First Licensed Product Clause Samples
First Licensed Product. [**], COMPANY shall [**]. [**], COMPANY shall [**]. [**], COMPANY shall [**]. [**], COMPANY shall [**]. [**], COMPANY shall [**]. [**], COMPANY shall [**]. Second LICENSED PRODUCT. [**], COMPANY shall [**]. [**], COMPANY shall [**]. [**], COMPANY shall [**]. [**], COMPANY shall [**]. [**], COMPANY shall [**].
(2) Section 4.1 (f), Milestone Payments, of the Agreement is hereby amended to add the following new paragraph at the end of the Section: For the convenience of the parties, in recognition of the value of the PATENT RIGHTS, LIPID PRODUCTS and LICENSED PROCESSES, and the time it takes to develop LICENSED PRODUCTS, in the event that any one of the milestones in above has not been achieved at least once during the TERM for each of a first LICENSED PRODUCT and a second LICENSED PRODUCT (each an “Unmet Milestone”), the obligation to make milestone payments under this Section 4.1(f) for the first achievement of any such Unmet Milestone for each of a first LICENSED PRODUCT and a second LICENSED PRODUCT shall survive expiration and/or termination of this Agreement as specified in Section 12.6(a).
(3) Section 4.1 (c), Running Royalties, of the Agreement is hereby amended to add the following new paragraph at the end of the Section: For the convenience of the parties, in recognition of the value of the PATENT RIGHTS, LIPID PRODUCTS and LICENSED PROCESSES, and the time it takes to bring LICENSED PRODUCTS to market, notwithstanding and in addition to Section 4.l(f) COMPANY agrees to pay M.I.T. a running royalty of [**] percent ([**]%) of NET SALES for the period commencing at the end of the TERM and ending four (4) years after the end of the TERM. The obligation to pay running royalties on NET SALES under this Section 4.1(c) shall survive expiration and/or termination of this agreement as specified in Section 12.6(a).
(4) Section 12.6(a) of the Agreement is hereby amended to add Sections 4.1(c) and 4.1(f).
(5) Notwithstanding anything to the contrary in Section 2.2(b), COMPANY acknowledges that M.I.T. has received interest from a capable third party with respect to a license under the PATENT RIGHTS to develop and commercialize a LICENSED PRODUCT and/or LICENSED PROCESS for a CODING RNA COMPONENT encoding a CRISPR (Clustered Regularly Interspaced Short Palindromic Repeats) associated endonuclease. At M.I.T.’s written request, COMPANY hereby agrees to enter into good faith sublicense discussions with such third party for the requested PATENT RIGHTS for such LICENSE...
First Licensed Product. Milestone Event Milestone Payment
(i) Administration of the first dose to the last patient to receive a first dose in the PhaseOut DMD Clinical Study* $22,000,000
(ii) [**] [**]
(iii) [**] [**]
(iv) [**] [**] *Patients enrolled as part of the safety arm cohort to the PhaseOut DMD Clinical Study shall not be considered to be patients in the PhaseOut DMD Clinical Study for the purposes of establishing whether the last patient has been dosed in such PhaseOut DMD Clinical Study.
First Licensed Product. Subject to the terms and conditions of this Agreement, Sarepta shall make the non-refundable, non-creditable milestone payments to Summit set forth in TABLE 8.2.1 below, each payable once, no later than forty-five (45) days after the earliest date on which the corresponding milestone event has first been achieved with respect to the first Licensed Product to achieve such milestone event.
2.1: First Licensed Product
(i) Administration of the first dose to the last patient to receive a first dose in the PhaseOut DMD Clinical Study* $ 22,000,000 (ii) [**] [**]
First Licensed Product. Upon the [***], Licensee shall pay to ▇▇▇▇▇▇▇ a one-time milestone payment of $[***]. Such milestone payment will be made in addition to the applicable milestone payment to be made by Licensee to ▇▇▇▇▇▇▇ upon the [***] pursuant to Section 6.2.2(i) (Non-Lead Products; Milestones) or a [***] pursuant to Section 6.2.3(i) (Lead Products; Milestones). For example, if such Licensed Product is a [***], then Licensee would pay to ▇▇▇▇▇▇▇ a total of $[***] upon [***], and if such Licensed Product is a [***], then Licensee would pay to ▇▇▇▇▇▇▇ a total of $[***] upon such [***].
First Licensed Product. Subject to the terms and conditions of this Agreement, Sarepta shall make the non-refundable, non-creditable milestone payments to Summit set forth in TABLE 8.2.1 below, each payable once, no later than forty-five (45) days after the earliest date on which the corresponding milestone event has first been achieved with respect to the first Licensed Product to achieve such milestone event.
First Licensed Product. (1) [**], COMPANY shall [**].
(2) [**], COMPANY shall [**].
(3) COMPANY shall [**].
(4) COMPANY shall [**].
(5) COMPANY shall [**].
(6) COMPANY shall [**].