definiens: means, with respect to a Party in the performance of its obligations hereunder in relation to the Licensed P roducts, the application by or on behalf of such Pa rty of a level of efforts that a [ … * * * … ] pharmaceutical or b iotechnology company, as the case may be, would app ly to such activities in relation to a similar pharmaceut ical or biologic product, as applicable, owned by i t or to which it has exclusive rights, which product is at a simi lar stage in its development or product life and is of similar market potential and strategic value ( in each case as compared to the Licensed Product ) taking into ac count efficacy, safety, expected and actual Regulatory Au thority approved labeling, the competitiveness of a lternative products in the marketplace and market conditions, the patent, regulatory ( i.e. regulatory exclusivity ) and other proprietary position of the Licensed Product, the l ikelihood of regulatory approval of the Licensed Pr oduct given the regulatory structure involved, the expected and actual profitability of the Licensed Product ( excl uding [ … * * * … ] ), and other relevant factors, based on cond itions then prevailing