Biotech Values

[mcbio]

Re: ITMN 10-K

Roche may terminate the Collaboration Agreement in its entirety, in any country, subject to certain limitations for major countries, or with respect to any product or product candidate licensed under the Collaboration Agreement for any reason on six months’ written notice.

Absent any additional language in the 10-K spelling out more specific info on the exclusive nature of the HCV PI deal between Roche and ITMN, I'd say the "subject to certain limitations for major countries" is the key language here. Presumably the "certain limitations" refers to costs Roche would owe ITMN if it licensed another HCV PI outside of their agreement.