Licensing intellectual property enables a third party to practise the technology covered by it, typically in return for a royalty stream. In general, the intellectual property owner will only be able to negotiate such a deal if the intellectual property is of particular use to a commercial licensee, or alternatively in the case of patents prevents a potential licensee from engaging in a business without taking a licence. Such a situation may well arise after a successful collaboration between a life sciences company and its prospective licensee. Granting a licence in respect of a particular field of use is a . . .

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