definiens: means : 1.32.1 with respect to the obligations of a Part y under this Agreement relating to Development activities, of a Licensed Product, the level of eff orts and expenditure of resources typically devoted in the research - based biopharmaceutical industry by a comp any to Development, of a product of similar commerc ial potential at a similar stage in its development or product life, in each case taking into account the Relevant Factors and as measured by the facts and circumstan ces at the time such efforts are due ; 1.32.2 with respect to the level of obligations of a Party under this Agreement relating to other Exploitation activities, the level of efforts and e xpenditure of resources typically devoted in the re search - based biopharmaceutical industry by a company to a [ * * * ] Confidential treatment requested pursuant to a request for confidential treatment filed with the Securities and Exchange Commission . Omitted portions have been filed separately with the Commission