Collaboration and License Agreement
|9 Months Ended|
Sep. 30, 2021
|Organization, Consolidation and Presentation of Financial Statements [Abstract]|
|Collaboration and License Agreement||
4. Collaboration and License Agreement
Janssen Pharmaceutical NV and Janssen Pharmaceuticals, Inc.
In June 2006, the Company entered into an exclusive, worldwide, royalty-bearing license to seladelpar and certain other PPAR
dcompounds (the PPAR
dProducts) with Janssen Pharmaceutical NV (Janssen NV), with the right to grant sublicenses to third parties to make, use and sell such PPAR
dProducts. Under the terms of the agreement, the Company has full control and responsibility over the research, development and registration of any PPAR
dProducts and is required to use diligent efforts to conduct all such activities. Janssen NV has the sole responsibility for the preparation, filing, prosecution, maintenance of, and defense of the patents with respect to, the PPAR
dProducts. Janssen NV has a right of first negotiation under the agreement to license the PPAR
dProducts from the Company in the event that the Company elects to seek a
corporate partner for the research, development, promotion, and/or commercialization of such PPAR
dProducts. Under the terms of the agreement Janssen NV is entitled to receive up to an 8.0% royalty on net sales of PPAR
dProducts. No amounts were incurred or accrued for this agreement as of and for the three and nine months ended September 30, 2021 and 2020.
The entire disclosure for collaborative arrangements in which the entity is a participant, including a) information about the nature and purpose of such arrangements; b) its rights and obligations thereunder; c) the accounting policy for collaborative arrangements; and d) the income statement classification and amounts attributable to transactions arising from the collaborative arrangement between participants.
Reference 1: http://www.xbrl.org/2003/role/disclosureRef