Hi AMA,
You got it pretty close.
PDA, is as you stated correctly, an overarching agreement that OBJ executed - allows further ability for OBJ to collaborate, develop and improve new and existing products/ranges within P&G group of brands. Exclusive to Static Micro Array tech, potentially expanding to DCE tech.
Workplans = specific active molecules being targeted to have their efficacy significantly increased, and thereby creating a value proposition for the consumer, allowing increased marketability, clinical claims, with the view to P&G increasing sales volume and therefore profit. Workplans can also be tasks that are NOT specific to products (I.e claims testing), and can also be tasks to be completed for a singular brand, or across multiple P&G brands.
Term Sheet = a negotiation, and then summary of the main commercial terms to which both parties will be held to, if the term sheet is executed/mutually agreed upon - if the term sheet is negotiated successfully a Licensing Agreement will be entered into.
The Term Sheets have been executed.
The legally binding licensing agreement is to be executed within 90days, which ends today, USA time.
((The Licensor is OBJ which is giving the Licensee (P&G) the right to use their patented technologies in the products they sell. ))
The Licensing Agreement execution is what is imminent, to answer your question. This is the final step to enable full commercialisation/product launch.
Hope this helps.
Kiwi.
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