Any existing Intellectual Property owned or controlled as of the Effective Date (“Background IP”) by PURCHASER, SELLER, or their Affiliates shall remain their separate and absolute unencumbered property and any improvements or continuations in part to Background IP shall be owned by the same Party who owned such Background IP regardless of which Party invented or created such improvement. In connection with this Agreement and other than improvements and continuations in part to Background IP, each Party shall be the owner of any Intellectual Property its personnel or agents invents or creates as a matter of law under applicable intellectual property laws. If the Parties have jointly created any new Intellectual Property then the Parties shall jointly own such Intellectual Property. PURCHASER shall own all arising Intellectual Property rights related to the Drug Product and any New Molecules it invents or creates in connection with this Agreement and any devices it invents or creates other than a Device (and, for clarity, without using any of SELLER’s Intellectual Property or confidential information). SELLER shall own all arising Intellectual Property rights related to the Device (which, for clarity, could include any New Devices).