PRV Purchase definition
Examples of PRV Purchase in a sentence
The consideration to be paid by Novartis to Pharming or its designee in connection with a PRV Purchase (“PRV Consideration”) shall equal: [***].
For the avoidance of doubt, Licensee shall be free to negotiate with one or more Third Parties with respect to sale of the Priority Review Voucher at all times, even if Licensee elects to submit a PRV Purchase Offer.
In the case of the Initial Closing only, the Company shall have entered into the PRV Purchase Agreement.
In the PRV Purchase Offer, Licensor will include a purchase price for the applicable Priority Review Voucher and other material legal and economic terms pursuant to which Licensor would purchase such Priority Review Voucher from Licensee.
If Licensor provides a PRV Purchase Offer to Licensee for a Priority Review Voucher, then Licensee will consider in good faith whether it wishes to sell such Priority Review Voucher to Licensor on terms that will include the terms set forth in the applicable PRV Purchase Offer (or such other terms to which the Parties may agree in writing).
Licensee will not be obligated to accept the terms set forth in the PRV Purchase Offer, or to sell to Licensor any Priority Review Voucher; provided that if Licensee elects not to accept the terms set forth in the PRV Purchase Offer, then, unless otherwise agreed in writing by Licensor, Licensee will not [*] the applicable Priority Review Voucher to [*] for [*] that is [*].