Selection Fee definition
Examples of Selection Fee in a sentence
Upon any such notice, and provided that such MirnaRx Compound is Available at the time notice is given, the MirnaRx Compound shall be deemed a new “Selected MirnaRx Compound”, and MirnaRx shall then be obligated to pay the Selection Fee with respect to the additional Licensed Product containing such new Selected MirnaRx Compound as provided in Section 5.2. MirnaRx may make such selection at any time, [***].
Elanco shall pay the Selection Fee in accordance with Section 5.3(a), and upon Intrexon’s receipt of such Selection Fee such Potential Product Candidate shall become a Product Candidate.
BMS shall have the right to make such selections of Additional Collaboration Targets by: (i) providing written notice to FivePrime, during the Option Period, identifying each such specific Confirmed Hit as an Additional Collaboration Target; and (ii) paying FivePrime the Selection Fee for each such Confirmed Hit pursuant to Section 8.2.1. Upon FivePrime’s receipt of such notice and payment, such Confirmed Hit shall become an Additional Collaboration Target.
In the event GSK exercises its Selection Option with respect to a particular Claimed Target as provided herein, GSK shall pay FivePrime the Selection Fee as set forth in Section 6.3.2.
In the event that GSK has paid a Selection Fee for the Committed Lead Target prior to substituting such Committed Lead Target with a GSK Alternative Committed Lead Target, GSK shall not have an obligation to pay a Selection Fee or to pay any other fee in connection with the substitution of the GSK Alternative Committed Lead Target for the Committed Lead Target.
In the event a Target that was deemed a Compound Target at the time GSK pays such Selection Fee is later deemed a Biologics Target by reason of the activities of GSK, its Affiliates, sublicensees or subcontractors as described in Section 3.4.2(b)(ii) and GSK had previously paid a Selection Fee in the amount of *** dollars (US$***) for such Target, then GSK shall pay to FivePrime a makeup Selection Fee of *** dollars (US$***) as soon as such Target becomes a Biologics Target under Section 3.4.2(b)(ii).
In the event GSK exercises its Selection Option with respect to a particular Claimed Target or GSK Alternative Target as provided herein, GSK shall pay FivePrime the Selection Fee as set forth in Section 6.3.2.
If GSK elects to make such a substitution, GSK will pay the Selection Fee for the Substituted Lead Target, if owed, and shall have a right to offset such Selection Fee against future milestone payments owed by GSK.
For clarity, if both Biologics and Compounds may be suitable pharmaceutical agents for a particular Target, such Target shall be deemed a Biologics Target for purposes of payment of the Selection Fee, and the higher Selection Fee shall apply.
Effective immediately upon payment by LICENSEE of the Selection Fee, to be made within forty-five (45) days of the Selection Confirmation (such date of effectiveness, the “Selection Date”), (i) Schedule 1.119 shall be revised to include such Selected Gene and shall be deemed to be incorporated into and amend this Agreement as of the Selection Date, superseding the previous Schedule 1.119 and (ii) such gene specified on such revised Schedule 1.119 shall be deemed to be a Selected Gene.