AbbVie issued the following announcement on Nov. 30.
AbbVie (NYSE: ABBV) announced today patent license agreements with Pfizer over its proposed biosimilar adalimumab product. Under the terms of the agreements, AbbVie will grant Pfizer a non-exclusive license on specified dates to AbbVie's intellectual property relating to HUMIRA in the United States and in various other countries around the world in which AbbVie has intellectual property:
- Pfizer's U.S. license will begin on November 20, 2023, and will not be accelerated by the entry of companies who have already taken a license.
- In the European Union, Pfizer can launch upon approval from the European Medicines Agency.
Pfizer will pay royalties to AbbVie for licensing its HUMIRA patents and acknowledges the validity of the licensed patents. AbbVie will make no payments to Pfizer. The precise terms are confidential between the parties.
Original source can be found here.