definiens: means ( i ) all Intellectual Property ( excluding ( A ) the Pre - ProjectCompound Intellectual Property, ( B ) the Acquirer Intellectual Property of any Acquirer of Isis, ( C ) theIsis/ [ * * * ] Collaboration Intellectual Property and ( D ) the Regulus Intellectual Property ) ( 1 ) owned by, orlicensed to, Isis or any of its Affiliates as of the Original Effective Date or ( 2 ) acquired by, or licensed to, Isisor any of its Affiliates from a Third Party after the Original Effective Date and ( ii ) all Intellectual Propertyconceived, discovered, invented, made or first reduced to practice by, or on behalf of, Isis or any of itsAffiliates after the Original Effective Date ( other than ( X ) in the course of Isis ’ conduct of the Project or(Y ) under the 2007 Research Agreement )