definiens: means, with respect to the performance of Development or Commercialisation activities with respect tothe [COMPANY] Licensed Compound or Licensed Product by Anebulo, directly or through its Aﬃliates or Sublicensees, the carrying out of suchactivities in a sustained and diligent manner using such eﬀorts and resources as would be applied to the research, development andcommercialisation of pharmaceutical products by a similarly situated biopharmaceutical company for compounds or products of similar marketpotential, proﬁt potential and strategic value at a similar stage in development or product life, taking into consideration the payments due toVernalis under this Agreement and all other relevant factors, including the nature of the product, expected and actual cost and time to develop, the clinical setting in which it is expected to be used, stage of development, mechanism of action, eﬃcacy and safety relative to competitiveproducts in or expected to be introduced into the marketplace, diﬃculties associated with technology transfer, process development, scale- upor manufacturing, safety issues, the nature and extent of market exclusivity ( including patent coverage and regulatory exclusivity ), expectedand actual cost and likelihood of obtaining regulatory approval, and projected economic return . shall bedetermined on a market - by - market and indication - by - indication basis, and will change over time, reﬂecting changes in the status of the productand the markets involved