definiens: means any transaction in which a Party : ( a ) sells, conveys or otherwise disposes of allor substantially all of its property or business ; or ( b)(i ) merges, consolidates with, acquires or is acquired by any other Person(other than a wholly - owned subsidiary of such Party ) ; or ( ii ) effects any other transaction or series of transactions ; in each caseof clause ( i ) or ( ii ), such that the stockholders of such Party ( or the Person acquired by such Party ) immediately prior thereto, in the aggregate, no longer own, directly or indirectly, beneficially or legally, at least fifty percent ( 50 % ) of the outstandingvoting securities or capital stock of the surviving Person following the closing of such merger, consolidation, othertransaction or series of transactions . As used in this Section 1.8, means any corporation, firm, partnership or otherlegal entity . Notwithstanding the foregoing, the transaction or transactions whereby PDL completes a Separation Transactionpursuant to Section 14.18 shall not be a 1.9 means the costs incurred by a Party or for its account, during the term and pursuant to thisAgreement, in connection with clinical studies of a Product, whether alone or in combination with another product or agent, including the following : ( a ) the preparation for and conduct of clinical trials ( except for related Manufacturing Costsotherwise included in Development Costs ) ; ( b ) data collection and analysis, and report writing ; and ( c ) clinical laboratorywork . The Clinical Costs shall exclude costs incurred in connection with Phase IV Clinical Trials and investigator * Certain information on this page has been omitted and filed separately with the SEC . Confidential treatment has beenrequested with respect to the omitted portions