0112001 Informal Interpretation

Upon further discussion with the writer, the issue became whether the transfer of certain royalty rights from licenses which these . . . were not being transferred for cash consideration constituted the acquisition of an asset. The licenses involved were non-exclusive licenses to the use of I.P for certain pharmaceutical products under development. Advised that the transfer of the royalty rights (essentially a revenue stream that had already been created) for consideration would continue the transfer of an asset for HSR purposes. NOTE: This does not address the transfer of an existing non-exclusive license for consideration.