IMO BP will pay IPIX the dollar cost for a P2A in return for the First Right To Negotiate.
After P2A is complete, they will be first to negotiate, before AlfaSigma can attempt to match.
Don't think AlfaSigma can use the First Right of Refusal here, as this is not a negotiating offer for a license yet.
It is just a First Right to Negotiate granted to a BP in return for funding a P2A.
After the P2A, then the BP that funded P2A can have first right of negotiation to make an offer to license the product.
A right of first negotiation is a contractual commitment on the research institution's part not to license the technology and/or IP to anybody else before giving the other party the "first" right to negotiate for the license.
After P2A is complete, they will be first to negotiate, before AlfaSigma can attempt to match.
Don't think AlfaSigma can use the First Right of Refusal here, as this is not a negotiating offer for a license yet.
It is just a First Right to Negotiate granted to a BP in return for funding a P2A.
After the P2A, then the BP that funded P2A can have first right of negotiation to make an offer to license the product.
A right of first negotiation is a contractual commitment on the research institution's part not to license the technology and/or IP to anybody else before giving the other party the "first" right to negotiate for the license.
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