Commercialization Event definition

Commercialization Event means either of the following with respect to a Product: (i) entry into a business arrangement with a Third Party (whether through a license and/or development agreement, distribution agreement, joint venture, co-promotion, or other structure) for the further development, clinical testing, marketing and/or sale of such Product in one or more markets, or (ii) decision by the Steering Committee to engage MSS to commercially distribute such Product in one or more markets directly to end users or through distribution channels set up by MSS (rather than through a Third Party).

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Commercialization Event means either of the following with respect to a Product: (i) entry into a business arrangement with a Third Party (whether through a license and/or -------- * Confidential Treatment requested. 2 development agreement, distribution agreement, joint venture, co-promotion, or other structure) for the further development, clinical testing, marketing and/or sale of such Product in one or more markets, or (ii) decision by the Steering Committee to engage MSS to commercially distribute such Product in one or more markets directly to end users or through distribution channels set up by MSS (rather than through a Third Party).

Commercialization Event means either the signing of an out-licensing agreement or the commencement of clinical trials for any of the Hit Series Compounds.

Examples of Commercialization Event in a sentence

MSS shall be the sole and exclusive owner of MSS Innovations, any Product based thereon after a Commercialization Event, the Brand Name(s), and all Intellectual Property Rights in the foregoing, subject to the University's right to share in Net Proceeds generated from the commercialization thereof in accordance with this Agreement.
After a Commercialization Event occurs with respect to a Product and Net Proceeds are being generated, the Steering Committee will determine a percentage of the Net Proceeds that will be directed into an MSS sinking fund out of which future costs that are deductible in computing Net Proceeds in accordance with the definition of "Net Proceeds" in Section 1 above and any liabilities incurred will be paid.
After the Commercialization Event, unless otherwise specified in the revenue-sharing agreement, Recipient will deliver to Foundation each quarter the Commercialization Fee and a written report listing the income from which the Commercialization Fee is calculated.
In consideration of the grant of funds for the Study, upon the earlier of (i) the filing for a patent application for an Invention or (ii) initiating any Commercialization Event with respect to such Invention, Recipient shall enter into a revenue sharing agreement with Foundation on commercially reasonable terms, which shall include a commercialization fee (“Commercialization Fee”) to be paid by the Recipient to the Foundation and other customary terms and conditions.
Pfizer shall pay Icagen, on achievement of each commercialization event set forth below (“Commercialization Event”), the payment listed opposite such Commercialization Event with respect to each Product.
The Purchaser shall notify the Sellers in writing of the occurrence of the Commercialization Event within thirty (30) days after the end of the calendar quarter in which the Commercialization Event occurred.
The Purchaser may in its discretion make such business decisions and take such actions relating to the sale of the Product as the Purchaser shall determine are necessary or desirable, provided that the Purchaser shall (i) use commercially reasonable efforts to commercialize the Product and (ii) without limiting the generality of the foregoing, not take any action in bad faith with the sole intent of avoiding the Commercialization Event.
Notwithstanding anything to the contrary herein, if the Commercialization Event does not occur by the fifth (5th) anniversary of the Closing Date, the corresponding shares of Milestone Stock will be deemed to be forfeited and will not be due or issuable to the Sellers in any respect.
First twelve-calendar-month period in which aggregate annual sales of such Product exceed $[**] $ [**] Pfizer shall promptly notify Icagen of each achievement of a Commercialization Event and, within sixty (60) days after each such achievement, pay to Icagen the corresponding milestone payment amount.
The Purchaser shall maintain complete and accurate records in sufficient detail in relation to this Agreement to permit the Sellers to confirm the achievement of the Commercialization Event and the amount of Royalty and other payments under this Agreement.

More Definitions of Commercialization Event

Commercialization Event means the date on which the Purchaser’s receipt of Gross Revenue meets or exceeds $5,000,000 in the aggregate, and “Gross Revenue” means the gross amount of revenue collected on sales of the Product by the Purchaser (including its Affiliates) or any sub-licensee thereof in accordance with the Purchaser’s then-current revenue recognition policies and procedures. The “Measurement Date” means the date on which the Purchaser’s receipt of Gross Revenue meets or exceeds $4,000,000 in the aggregate. In the event that, prior to the earlier of a Commercialization Event or the fifth (5th) anniversary of the Closing Date, the Purchaser undergoes a take-private or other corporate transaction that results in the Purchaser’s shares of stock no longer being listed on a stock exchange or on the over-the-counter markets, then at the closing of any such corporate transaction, the Purchaser shall place into escrow cash in the aggregate amount of $2,000,000 that shall remain in escrow until either (i) a Commercialization Event occurs, in which case the $2,000,000 shall be released to the Sellers or (ii) a Commercialization Event has not occurred on or before the fifth (5th) anniversary of the Closing Date, in which case the $2,000,000 shall be released to the Purchaser or its successor.

Commercialization Event has the meaning set forth in Section ‎3.6(c)(v)A.

Commercialization Event means a Commercialization Agreement with a non- Affiliated third party concerning one or more of the following events: (i) Sale of LiPlaCis (one-off payment) to a non-Affiliated third party; (ii) sub-licensing of LiPlaCis to a non-Affiliated third party acting as a commercial or development partner; (iii) sale of LiPlaCis as milestone or royalty payment to a non-Affiliated third party; (iv) formation of a joint venture or similar structure with a non-Affiliated third party for the purpose of commercializing LiPlaCis; or (v) any other licensing transaction, asset sale, demerger of ALLARITY with a subsequent sale of shares, merger or consolidation with an exchange of shares, or otherwise relating to LiPlaCis, and notwithstanding whether the Commercialization Proceeds are received by ALLARITY and/or its subsidiaries or direct or indirect shareholders. The Parties agree that the execution of the ▇▇▇▇▇▇ Agreement by ALLARITY shall be considered a Commercialization Event.

Commercialization Event means either of the following with respect to a Product: (i) entry into a business arrangement with a Third Party (whether through a license and/or --------- * Confidential treatment has been requested with respect to portions of this document. Omitted portions have been filed separately with the Securities and Exchange Commission. 2 development agreement, distribution agreement, joint venture, co-promotion, or other structure) for the further development, clinical testing, marketing and/or sale of such Product in one or more markets, or (ii) decision by the Steering Committee to engage MSS to commercially distribute such Product in one or more markets directly to end users or through distribution channels set up by MSS (rather than through a Third Party).