| OBSERVATION'S |
For a fee payable to licensor, licensee gets exclusive worldwide rights to develop PA-824. If drug proves successful, licensor will receive royalties from sales to developed markets: U.S., Europe, Canada, Japan, Australia & New Zealand. It will not take royalties from sales to countries in which tuberculosis is endemic. However licensor has a "grant-back" option. After certain milestones, it can take back the rights to develop & commercialize the compd by repaying the investments made by licensee up to that point. But the option can be exercised only for the developed markets
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