IND-Ready Option Sample Clauses

IND-Ready Option. If Targacept elects to provide AstraZeneca with an IND-Ready Option for an Option Compound, Targacept shall, subject to Section 5.10.2(c), provide AstraZeneca with written notice when and if such Option Compound becomes IND-Ready, which notice shall, at a minimum, (i) identify the Option Compound and describe Targacept’s assessment of the Option Compound Profile at that time, (ii) include [********] studies and assessments on such Option Compound completed by or on behalf of Targacept, (iii) include a summary of the status of existing Patent Rights with respect to such Option Compound, whether Controlled by Targacept or controlled by a Third Party, Known to Targacept, (iv) include a description of all license agreements regarding, and other agreements relating to Targacept’s Control of (including any financial or other obligations with respect thereto) such Option Compound and (v) specify the specific Option Indication for which Targacept then intends to develop and commercialize such Option Compound (the “IND-Ready Notice”). AstraZeneca shall thereafter have the option to designate such Option Compound as a Candidate Drug (the “IND-Ready Option”). AstraZeneca shall notify Targacept if it desires to conduct due diligence at Targacept’s offices with respect to such Option Compound and, if so, the Business Day(s) on which it will do so during normal business hours; provided that such date(s) shall be at least three (3) Business Days following the date of Targacept’s receipt of such notice from AstraZeneca. Each IND-Ready Option shall expire on the later of [********] following the date that the corresponding IND-Ready Notice is delivered to AstraZeneca and, if any Pre-IND Studies are conducted with respect to such Option Compound, [********] after the date that any such Pre-IND Studies are completed and the data and results thereof delivered to AstraZeneca, or such later date as the Parties may agree in writing (such period, the “IND-Ready Option Period”); provided if AstraZeneca requests further information relating to such Option Compound as permitted by the next sentence, and all such information is not provided within [********] of any such request, then the IND-Ready Option Period with respect to such Option Compound shall be extended for any such delay in responding to such request (for example, if AstraZeneca requests certain information and that information is not completely provided until [********] after the request, then the IND-Ready Option perio...
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Related to IND-Ready Option

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  • Data for Option W1 W1.1 The Adjudicator the person selected from the ICE-SA Division (or its successor body) of the South African Institution of Civil Engineering Panel of Adjudicators by the Party intending to refer a dispute to him. (see ▇▇▇.