Koo - Your definition of an option is a very narrow one regarding equities, etc. Below is Investopedia's definition of a ROFR. Notice that it states that a ROFR is similar to a Call Option. I could cite other definitions that actually call it a Call Option. It doesn't have to be for a fixed price but does have to be according to some predetermined conditions being in this case, the right to buy for the price a 3rd party buyer offers.  

"Right of first refusal (ROFR or RFR) is a contractual right that gives its holder the option to enter a business transaction with the owner of something, according to specified terms, before the owner is entitled to enter into that transaction with a third party. A first refusal right must have at least three parties: the owner, the third party or buyer and the option holder. In general, the owner must make the same offer to the option holder before making the offer to the buyer. The right of first refusal is similar in concept to a call option."

As far as a $multibillion dollar transaction. You are speaking of a different item. The ROFR is not but the purchase of a US license with BoM success might be. That is what I was saying when comparing $10 million to a $multibillion puchase that they could give up the ROFR to. 

In reading the NR again, you are correct that after sixty days, HL can terminate the contract by themselves without RVX's consent. Even though I am not really concerned about this, I find it not overly responsible for RVX management to obligate a broke company to pay $8 million at the whim of another party. They would probably say they have a good relationship with HL but in business, good relationships are often not as solid as hoped for. The Medison deal also might be a very good deal but with what management will release to us for information , it isn't. They gave away a lot and received no cash back. We can only hope it is good but won't be shown that it is. This happened at a time that RVX badly needed cash. It is possible also that financing isn't always as available as we hope or we probably would never have been into the Third Eye Loan.