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Biotech / Medical : Biotech Valuation
CRSP 57.54+0.9%3:59 PM EST
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To: rkrw who wrote (22230)12/14/2006 3:35:15 PM
From: Biomaven  Read Replies (1) of 52153
 
Well there is something of a loophole in the agreement as best I can make out looking at the redacted version:

1.31. "Sublicensee" shall mean a Third Party to which GPC has
sublicensed rights under the NEOTHERAPEUTICS Licensed Technology or J-M Licensed
Technology for the commercialization of Covered Products.

1.32. "Sublicense Fees" shall mean all payments made to GPC from a
Sublicensee that relate specifically to the sublicense of rights granted to GPC
hereunder, excluding (i) payments made in consideration of research and
development efforts undertaken by GPC, (ii) payments made to reimburse GPC for
expenses previously incurred by GPC in connection with the development of
Covered Products, (iii) payments made in consideration of the purchase of equity
of GPC by a Sublicensee to the extent that such payments do not exceed the fair
market value of such equity, (iv) payments made in consideration of the
manufacture or supply of Covered Products by GPC to the extent that such
payments do not exceed GPC's costs of such manufacture and supply, (v) loans
made to GPC or (vi) Sublicense Royalties.

1.33. "Sublicense Royalties" shall mean royalty payments made to GPC
based on sales of Covered Products by a Sublicensee.

So I guess GPC might argue that these Pharmion payments all fell into the exclusion clause. Probably something of a stretch on GPC's part?

Peter
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