system: You are a contract-analysis assistant performing a span-extraction task. You are given an excerpt from a commercial contract and the name of a clause type to locate within it.

Return the exact text of the requested clause, copied verbatim from the excerpt — identical wording and punctuation, with no paraphrasing, summarising, explanation, or added commentary.

The excerpt is one window of a much longer contract and often will not contain the requested clause. If the requested clause does not appear in this excerpt, respond with exactly: Not found.

Output only the extracted clause text, or the exact string `Not found.` — nothing else.

user: Contract excerpt:
"""
Exhibit 10.21 Certain information has been excluded from this agreement (indicated by "[***]") because such information (i) is not material and (ii) would be competitively harmful if publicly disclosed. EXECUTION VERSION CO-DEVELOPMENT AGREEMENT This Co-Development Agreement ("Agreement"), made effective as of January 9, 2020 (the "Effective Date"), is by and between PhaseBio Pharmaceuticals Inc., a Delaware corporation, with a principal place of business at 1 Great Valley Parkway, Suite 30, Malvern, Pennsylvania 19355, USA ("PB"), and SFJ Pharmaceuticals X, Ltd. ("SFJ"), an SFJ Pharmaceuticals Group company and corporation organized and existing under the laws of the Cayman Islands, having its principal place of business at SIX, 2nd Floor, Cricket Square PO Box 2681, Grand Cayman, KY1-1111 Cayman Islands (each, a "Party" and collectively, the "Parties"). WHEREAS, SFJ is in the business of facilitating, among other things, the development and approval of pharmaceutical products and desires to provide financing and participate in conducting the Clinical Trials for the development of the Product as a treatment of patients for the reversal of the effects of the Ticagrelor Compound; and WHEREAS, PB has rights to the Product, is conducting clinical trials of the Product in the United States and the European Clinical Trial Countries, and would like to enter into an agreement with SFJ to provide operational support for the conduct of clinical trials of the Product in the European Clinical Trial Countries, to conduct clinical trials of the Product in the Designated Asian Countries, and to provide global financing for the continued development of the Product. NOW THEREFORE, in consideration of the mutual agreements contained herein and other good and valuable consideration, the sufficiency of which is hereby acknowledged, the Parties agree as follows: ARTICLE 1 DEFINITIONS 1.1 Defined Terms. Initially capitalized terms will have the meaning ascribed to such terms in this Agreement, including the following terms which will have the following respective meanings: 1.1.1 "Account" is any "account" as defined in the UCC with such additions as such term may hereafter be made and includes, without limitation, all accounts receivable and other sums owing to PB. 1.1.2 "Affiliate" means, with respect to a party, a business entity under common control with, or controlling or controlled by, such party, with "control" meaning direct or indirect ownership of 50% or more of the voting interest in such other entity, and in the case Source: PHASEBIO PHARMACEUTICALS INC, 10-K, 3/30/2020 of a partnership, control of the general partner. Notwithstanding the foregoing, neither The Blackstone Group Inc. nor any of its divisions, including Blackstone Life Sciences, shall be deemed to be an "Affiliate" of SFJ. 1.1.3 "Alliance Manager" has the meaning ascribed to such term in Section 5.1.5. 1.1.4 "Anti-Corruption Laws" means the U.S. Foreign Corrupt Practices Act, as amended, the UK Bribery Act 2010, as amended, and any other applicable anti-corruption laws and laws for the prevention of fraud, racketeering, money laundering or terrorism. 1.1.5 "Applicable Law" means the applicable laws, rules and regulations, including any rules, regulations, guidelines, or other requirements of any Governmental Authorities (including any Regulatory Authorities), to the extent legally binding, that may be in effect from time to time in any country or regulatory jurisdiction of the Territory. For clarity, Applicable Laws will include the FFDCA, the PHSA, the Anti-Corruption Laws, and all laws, regulations and legally binding guidelines applicable to the Clinical Trials, including GCP, GLP, GMP and ICH guidelines. 1.1.6 "Approval Buy-Out Payment" has the meaning ascribed to such term in Section 6.7.1. 1.1.7 "Approval Payments" has the meaning ascribed to such term in Section 6.1. 1.1.8 "Approved CRO" has the meaning ascribed to such term in Section 2.4.1. 1.1.9 "Approved Third Party Vendor Costs" has the meaning ascribed to such term in Section 5.2.2.2(g). 1.1.10 "Approved Vendor" has the meaning ascribed to such term in Section 2.4.2. 1.1.11 "AstraZeneca Product" has the meaning ascribed to such term in the AZ License. 1.1.12 "AstraZeneca Product Improvements" has the meaning ascribed to such term in the AZ License. 1.1.13 "AstraZeneca Product Know-How" has the meaning ascribed to such term in the AZ License. 1.1.14 "AstraZeneca Product Patents" has the meaning ascribed to such term in the AZ License. Source: PHASEBIO PHARMACEUTICALS INC, 10-K, 3/30/2020 1.1.15 "AstraZeneca Product References" has the meaning ascribed to such term in the AZ License. 1.1.16 "AZ License" means the License Agreement between MedImmune and PB dated November 21, 2017, a copy of which is attached hereto as Exhibit L, as amended by that certain First Amendment to License Agreement dated January 9,
"""

Extract the exact clause related to "Parties" from the excerpt above.

assistant: SFJ Pharmaceuticals X, Ltd.