definiens: means, with respect to the efforts to be expended by a Party pertaining to aparticular objective, the objective, reasonable, diligent, good faith efforts to accomplish such objective in an active andongoing program as a similarly situated ( with respect to size, stage of development, and assets ) biotechnology orpharmaceutical company, as the case may be, would use to accomplish a similar objective under similar circumstancesexercising reasonable business judgment, taking into account the following factors to the extent applicable : stage ofdevelopment, [ * ] efficacy and safety issues, characteristics of competitive products in or anticipated to be in the marketplace, [ * ] Third Party intellectual property rights, actual or anticipated [ * ], the nature and extent of market exclusivity ( includingpatent coverage and regulatory exclusivity ), cost and likelihood of obtaining Regulatory Approval, and projected or actualeconomic return ( without taking into consideration the economic terms in this Agreement in comparison with other programsof such Party ) . Commercially Reasonable Efforts shall be determined on a market - by - market and indication - by - indicationbasis for a particular Product, and it is anticipated that the level of effort may be different for different markets, and maychange over time, reflecting changes in the status of each such Product and the market(s ) involved