definiens: means any event, occurrence, condition, change, cir cumstance, development, effect or state of facts that has had or would reasonably be expected to have, individual ly or in the aggregate, materially adverse to [ * * * ] ; provided, h owever, that shall not in clude the effect of any event, occurrence, condition, change, circumstance, development, effect or state of fact s arising out of or attributable to any of the following, either alone or in combination : [ * * * ], in each case of cla uses ( i ), ( ii ) or ( iv ) only to the extent such event, occurrence, con dition, change, circumstance, development, effect o r state of facts has a disproportionate effect on a Party or i ts Affiliates as compared to other participants ope rating in the biopharmaceutical industry in the same markets in w hich such Party or its Affiliates conduct their bus inesses