definiens: means, with respect to activities of a Party related to Ivory under this Agreement, the efforts and resources typically used by that Party ( or, if a Party does not engage in that activity for other productsor compounds, by biotechnology and/or pharmaceutical companies that are similar in size and financial resources tosuch Party ) in the conduct of such activities with respect to products of comparable market potential, taking intoaccount all relevant factors including, as applicable, stage of development, efficacy and safety relative to competitiveproducts in the marketplace, actual or anticipated Governmental Authority approved labeling, the nature and extent ofmarket exclusivity ( including patent coverage and regulatory exclusivity ), cost and likelihood of obtainingRegulatory Approval, and actual or projected profitability . For purposes of clarity, Commercially Reasonable Effortswill be determined on a market - by - market basis within the Expansion Territory, and it is anticipated that the level ofeffort may be different for different markets and may change over time, reflecting changes in the status of Ivory and themarket(s ) involved