Oncolytics Biotech Inc T.ONC

is it or isn't it?

[itntdf]

the license, development, supply and distribution agreement signed nov. 16, 2017, took great pains to say the following:

27.

NATURE OF THIS AGREEMENT

27.1

The Parties are independent contractors and none of the provisions of this Agreement shall be deemed to constitute a partnership or joint venture between the Parties. Neither Party shall have any authority to bind the other in any way.

 

Yet, in the January, 2023 Investor Presentation, oncy states:

 

Successful partnership with Adlai Nortye

• China, Hong Kong, Macau, Singapore, South Korea

and Taiwan

• Upfront and milestone payments of up to $86.6M

• $21M in milestone payments largely under

Oncolytics’ control, with double-digit royalties

• $65M tied to potential development expansion

wonder why?  is it a partnership or isn't it?  a partnership certainly has legal ramifications so wonder if there was some confidential change to the agreement.  there are certainly a number of confidential provisions in the agreement, maybe this was changed without notification.

seems odd.

[TitanBrawler]

Maybe we'll get a 50 billion dollar buyout next week Or next month or next year.. Just Keep buying more shares . LoL 

[westcoast1000]

Here is the key sentence: "Neither Party shall have any authority to bind the other in any way." In other words, they do not have linked, combined governance of some entity that can lead to commitments made by one party on behalf of the other party. A partnership could be defined in collquial, every day terms as an agreement to cooperate under the terms of the agreement. That is

[itntdf]

yes, but a partnership does not "jointly pay taxes": A partnership must file an annual information return to report the income, deductions, gains, losses, etc., from its operations, but it does not pay income tax. Instead, it "passes through" profits or losses to its partners. Each partner reports their share of the partnership's income or loss. i just