Global Access. Royalties shall not be due to M.I.T. on NET SALES made at a COST BASED PRICE in DEVELOPING COUNTRIES. As used in this subsection, the term “COST BASED PRICE” shall mean, in respect of each LICENSED PRODUCT, a price not exceeding that which fairly reflects the direct cost of manufacture of such LICENSED PRODUCT plus a typical margin for a generic pharmaceutical product for the respective market (i.e., priced to enable availability and accessibility to people most in need), as will be mutually agreed by the parties.
Appears in 2 contracts
Sources: Exclusive Patent License Agreement (Visterra, Inc.), Exclusive Patent License Agreement (Visterra, Inc.)