ImClone Systems Inc (formerly IMCL)

[biophud]

BMY developing an anti EGFR adnectin made me look at the original BMY agreement.

RESTRICTION ON COMPETING PRODUCTS. During the period from the date of the
Commercial Agreement until September 19, 2008, the parties have agreed not to,
directly or indirectly, develop or commercialize a competing product (defined as
a product which has as its only mechanism of action an antagonism of the EGF
receptor) in any country in the Territory. In the event that any party proposes
to commercialize a competing product or purchases or otherwise takes control of
a third party which has developed or commercialized a competing product, then
such party must either divest the competing product within 12 months or offer
the other party the right to participate in the commercialization and
development of the competing product on a 50/50 basis (provided that if the
parties cannot reach agreement with respect to such an arrangement, the
competing product must be divested within 12 months).

A few qustions-->Why the 2008 deadline? What is the legal definition of "indirectly, develop or commercialize a competing product"? By developing an anti-EGFR adnectin, could BMY be in breech of the agreement? Comments?