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Title: |
Cholesterol Governance Agreement |
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Entities: |
Abbott Laboratories; Amgen, Inc.; Johnson & Johnson; Merck & Co., Inc.; Novo Nordisk AS; Pharmacia Corp.; Schering AG; Schering-Plough Corp.; Schering-Plough Ltd. |
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Date: |
2002 |
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Size: |
Preview shows 9KB of 144KB total |
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Price: |
$44 |
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ID: |
#362112 |
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CHOLESTEROL GOVERNANCE AGREEMENT
BY AND AMONG
MSP DISTRIBUTION SERVICES (C) LLC,
MSP MARKETING SERVICES (C) LLC,
MSP TECHNOLOGY (US) COMPANY LLC,
MERCK CARDIOVASCULAR HEALTH COMPANY,
MERCK TECHNOLOGY (US) COMPANY, INC.,
SCHERING MSP CORPORATION,
SCHERING SALES MANAGEMENT, INC.,
SCHERING SALES CORPORATION,
SCHERING MSP PHARMACEUTICALS L.P.,
MSP CHOLESTEROL LLC,
MSP SINGAPORE COMPANY, LLC,
MSD TECHNOLOGY SINGAPORE Pte. Ltd.,
MSD VENTURES SINGAPORE Pte. Ltd.,
OSAMMOR Pte. Ltd. (to be renamed
SCHERING-PLOUGH (SINGAPORE) Pte. Ltd.),
CITIMERE Pte. Ltd. (to be renamed
SCHERING-PLOUGH (SINGAPORE) RESEARCH Pte. Ltd.),
SCHERING CORPORATION,
SCHERING-PLOUGH CORPORATION,
AND
MERCK & CO., INC.
DATED AS OF
May 22, 2000
{PAGE}
TABLE OF CONTENTS
{TABLE}
{CAPTION}
PAGE
----
{S} {C} {C}
ARTICLE I DEFINED TERMS....................................
Section 1.1. Interpretation...................................
Section 1.2. Definitions......................................
Section 1.3. Headings.........................................
Section 1.4. Intent of the Parties............................
ARTICLE II THE TRANSACTIONS.................................
Section 2.1. Transactions at the Signing......................
Section 2.2. Transactions as of the Effective Date............
ARTICLE III MANAGEMENT.......................................
Section 3.1. Management by the Board of Members...............
Section 3.2. General Manager..................................
Section 3.3. Boards of Members................................
Section 3.4. Committees; Purposes and Principles..............
Section 3.5. Meetings of the Committees.......................
Section 3.6. Committee Decision-Making and Dispute Resolution
Section 3.7. Required Consent.................................
Section 3.8. Deficit Make-Ups.................................
ARTICLE IV EFFECTIVENESS; APPROVAL; EXCLUSIVITY.............
Section 4.1. Effectiveness....................................
Section 4.2. Commercially Reasonable Efforts..................
Section 4.3. Non-Compete......................................
ARTICLE V DEVELOPMENT AND MARKETING........................
Section 5.1. General..........................................
Section 5.2. Product Recalls..................................
Section 5.3. Trademarks.......................................
ARTICLE VI RIGHT OF FIRST OFFER.............................
Section 6.1. Right of First Offer.............................
{/TABLE}
- 2 -
{PAGE}
{TABLE}
{S} {C} {C}
ARTICLE VII DISPUTE RESOLUTION, TERMINATION, DISSOLUTION AND
LIQUIDATION
Section 7.1. Dispute Resolution...............................
Section 7.2. Termination......................................
Section 7.3. Consequences of Termination......................
ARTICLE VIII REPRESENTATIONS, WARRANTIES,
COVENANTS AND INDEMNIFICATION....................
Section 8.1. Representations and Warranties of the Parties....
Section 8.2. Certain Representations..........................
Section 8.3. Certain Covenants................................
Section 8.4. Certain Obligations..............................
Section 8.5. Indemnification..................................
ARTICLE IX MISCELLANEOUS....................................
Section 9.1. Confidentiality..................................
Section 9.2. Publicity........................................
Section 9.3. Further Assurances...............................
Section 9.4. Notices..........................................
Section 9.5. Failure to Pursue Remedies.......................
Section 9.6. Cumulative Remedies..............................
Section 9.7. Assignment; Binding Effect.......................
Section 9.8. Severability.....................................
Section 9.9. Standstill.......................................
Section 9.10. Counterparts.....................................
Section 9.11. Integration......................................
Section 9.12. Governing Law....................................
Section 9.13. Amendments.......................................
Section 9.14. Judicial Proceeding..............................
Section 9.15. Enforcement of Certain Rights....................
Section 9.16. No Third Party Beneficiaries.....................
Section 9.17. Survival.........................................
{/TABLE}
Schedule A - Existing M JVs
Schedule B - Existing S-P JVs
Schedule C - Non-Pharma Companies
Schedule 7.3 - Illustrations of Change of Control Valuation
Schedule 9.4
- 3 -
{PAGE}
This Cholesterol Governance Agreement is dated as of May 22, 2000, by and
among MSP DISTRIBUTION SERVICES (C) LLC ("Distribution LLC"), MSP Marketing
Services (C) LLC ("Marketing LLC"), MSP TECHNOLOGY (US) COMPANY LLC ("Technology
LLC"), MERCK CARDIOVASCULAR HEALTH COMPANY ("M-Cardio Sub"), MERCK TECHNOLOGY
(US) COMPANY, INC., SCHERING MSP CORPORATION ("S-MSP Corp."), SCHERING SALES
MANAGEMENT, INC. ("S-Sales Sub"), SCHERING SALES CORPORATION, SCHERING MSP
PHARMACEUTICALS L.P., MSP CHOLESTEROL LLC ("Cholesterol LLC"), MSP SINGAPORE
COMPANY, LLC (the "Singapore Partnership"), MSD TECHNOLOGY SINGAPORE Pte. Ltd.,
MSD VENTURES SINGAPORE Pte. Ltd., OSAMMOR Pte. Ltd. (to be renamed
SCHERING-PLOUGH (SINGAPORE) Pte. Ltd.), CITIMERE Pte. Ltd. (to be renamed
SCHERING-PLOUGH (SINGAPORE) RESEARCH Pte. Ltd.), Schering Corporation,
Schering-Plough Corporation, a New Jersey corporation ("S-P"), and Merck & Co.,
Inc., a New Jersey corporation ("M").
WHEREAS, S-P and M, through their respective Affiliates, have entered into
limited liability company agreements dated as of the date hereof relating to the
formation of Distribution LLC, Marketing LLC, Technology LLC, Cholesterol LLC
and Singapore Partnership (Distribution LLC, Marketing LLC, Technology LLC,
Cholesterol LLC and Singapore Partnership being collectively referred to herein
as the "Companies", and each, individually, a "Company").
WHEREAS, the Companies have been formed and the Related Agreements have
been entered into for the purposes of, among other things, research, development
and commercialization of (1) the Z/E Combination Product, (2) the M/E
Combination Product and (3) the Ezetimibe Monotherapy.
WHEREAS, the parties hereto have agreed to set forth matters relating to
the governance of the Companies and development and marketing of the Cholesterol
Products.
NOW, THEREFORE, in consideration of the agreements and obligations set
forth herein and for other good and valuable consideration, the receipt and
sufficiency of which are hereby acknowledged, the parties hereto hereby agree as
follows:
ARTICLE I
DEFINED TERMS
Section 1.1. Interpretation. Throughout this Agreement, nouns, pronouns
and verbs shall be construed as masculine, feminine, neuter, singular or plural,
whichever shall be applicable. All references herein to "Articles," "Sections"
and clauses shall refer to corresponding provisions of this Agreement, unless
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