Top Stories
Top Stories
Biotech and Pharma

Abbvie settles Humira patent disputes with Novartis unit 

Key Points
  • Abbvie said it settled all patent disputes with Novartis.
  • The settlement grants Abbvie a non-exclusive license to manufacture and sell a copycat version of blockbuster drug, Humira.
  • Abbvie, however, did not disclose details regarding the royalties it will receive from Novartis generics unit, Sandoz, as part of the agreement.
Humira, the injectable rheumatoid arthritis treatment is pictured in a pharmacy in Cambridge, Massachusetts.
JB Reed | Bloomberg | Getty Images

Abbvie said on Thursday it settled all patent disputes with Novartis, granting it a non-exclusive license to manufacture and sell a copycat version of blockbuster drug, Humira.

Abbvie, however, did not disclose details regarding the royalties it will receive from Novartis generics unit, Sandoz, as part of the agreement.

Shares of Abbvie rose 2.39 percent to $92.87 in after-market trading.

The license period will begin on Sept. 30, 2023 in the United States and on Oct. 16 in most countries in the European Union, Abbvie said in a statement.

Sandoz received marketing approval for its Humira biosimilar from the European Commission in July and had submitted its application to the U.S. health regulator early this year.

Last year, Abbvie reached a settlement with Amgen Inc , delaying Amgen's cheaper biosimilar version of Humira until Jan. 31, 2023.

Humira is the world's best-selling prescription medicine and has long buoyed AbbVie's business, raking in $5.19 billion in second-quarter sales.

But as cheaper biosimilar versions come closer to entering the market, the company has been trying to grow sales from its other medicines, including cancer treatment Imbruvica.

Next Article
Key Points
  • Insuring its 2.2 million workers across the world is Walmart's second-largest expense on its profit and loss statement, behind wages, a company executive says.
  • Rising health-care costs are also cutting into its potential sales as customers have to spend more of their income on medicine and doctor's visits than on backpacks and home goods.