definiens: means : ( a ) \vith respect to activitics of each Party in thc conduct of any Rcscarch Activities, the eff0l1s and resources reasonably comparable to those undertaken by a company in the research - based pharmaceutical industry in conducting the types of rcscarch activities being conducted by such Party ; ( b ) with rcspect to the activitics of each Party in the Development of any Collaboration Antibody or Development Candidate as part of the Devciopment Program, the eff0l1s and resources typically Llscd by biotechnology or pharmaceutical companies that are comparable in size and of similar operations to such Party in the development of compounds of comparable market pOTential, at the comparable stage of development, as such Collaboration Antibody or Development Candidate ; or ( c ) with respect to the activities of a Sole ADC Palty 111 the Advanced Development or Commercialization of any Licensed Product the efforts and resources typically used by biotechnology or phannaeeutieal companies that are comparable in size and of similar operations to such Party in the Advanced Development or Commercialization of products of comparable market potential as such Licensed Product taking into account all relevant factors including the stage of development, efficacy and safety relative to competitive products in the marketplace, actual or anticipated Regulatory Authority approved labeling, the nature and extent of market exclusivity ( including patent coverage and regulatory exclusivity ), the cost and likelihood of obtaining regulatory approval and actual or projected profitability . For purposes of clarity, Commercially Reasonable Efforts will be detel1nined on a market - b)'-market basis for each Collaboration Antibody, Development Candidate or Licensed Product, and it is anticipated that the level of effort may be different for different markets and may change over time, reflecting changes in the status of each Collaboration Antibody, Development Candidate or Licensed Product involved