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ABBVIE (ABBV)
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AbbVie : Announces Global Resolution of HUMIRA Patent Disputes with Amgen

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10/02/2017 | 10:18am CEST

Release date- 29092017 - NORTH CHICAGO, Ill. - AbbVie (NYSE: ABBV) announced today a global resolution of all intellectual property-related litigation with Amgen over Amgen's proposed biosimilar adalimumab product.

Under the terms of the settlement agreements, AbbVie will grant to Amgen a non-exclusive license to AbbVie's intellectual property relating to HUMIRA beginning on certain dates in certain countries in which AbbVie has intellectual property. The license period will begin on Jan. 31, 2023 in the U.S., on Oct. 16, 2018 in most countries in the European Union, and on other dates in various countries in which AbbVie has intellectual property. Amgen will pay royalties as specified under the agreements. The precise terms are confidential between the parties. All litigation pending between the parties will be dismissed, and Amgen has acknowledged the validity of AbbVie's intellectual property related to HUMIRA.

'We are pleased to have reached this settlement with Amgen which respects the breadth and strength of our intellectual property portfolio,' said Laura Schumacher, executive vice president, external affairs, general counsel and corporate secretary, AbbVie. 'As an innovation driven bio-pharmaceutical company, we believe intellectual property is essential to protect the investment in science and advance novel cures for the toughest health challenges. In reaching this agreement, we have achieved the balance between protecting investment in innovation and providing access to biosimilars, which will play an important role in our health care system. We will continue to defend our intellectual property and to reinvest in further advancements in medicine to bring choices to patients in need.'

About AbbVie

AbbVie is a global, research-driven biopharmaceutical company committed to developing innovative advanced therapies for some of the world's most complex and critical conditions. The company's mission is to use its expertise, dedicated people and unique approach to innovation to markedly improve treatments across four primary therapeutic areas: immunology, oncology, virology and neuroscience. In more than 75 countries, AbbVie employees are working every day to advance health solutions for people around the world.

Important Safety Information

HUMIRA is a TNF blocker medicine that affects the immune system and can lower the body's ability to fight infections.

Serious infections have happened in people taking HUMIRA. These serious infections include tuberculosis (TB) and infections caused by viruses, fungi, or bacteria that have spread throughout the body. Some people have died from these infections. People should be tested for TB before HUMIRA use and monitored for signs and symptoms of TB during therapy, even if their TB test was negative. People at risk of TB may be treated with medicine for TB. Treatment with HUMIRA should not be started in a person with an active infection, unless approved by a doctor. HUMIRA should be stopped if a person develops a serious infection. People should tell their doctor if they live in or have been to a region where certain fungal infections are common, as these infections may happen or become more severe if people use HUMIRA. People should tell their doctor if they have had TB or hepatitis B, are prone to infections, or have symptoms such as fever, fatigue, cough, or sores.

For people taking TNF blockers, including HUMIRA, the chance of getting lymphoma or other cancers may increase. Some people have developed a rare type of cancer called hepatosplenic T-cell lymphoma. This type of cancer often results in death. If using TNF blockers, including HUMIRA, the chance of getting two types of skin cancer (basal cell and squamous cell) may increase. These types are generally not life-threatening if treated.

Other possible serious side effects with HUMIRA include hepatitis B infection in carriers of the virus; allergic reactions; nervous system problems; blood problems; certain immune reactions, including a lupus-like syndrome; liver problems and new or worsening heart failure or psoriasis. The use of HUMIRA with anakinra or abatacept is not recommended. People using HUMIRA should not receive live vaccines. Children should be brought up to date on all vaccines before starting HUMIRA.

Common side effects of HUMIRA include injection site reactions (redness, rash, swelling, itching, or bruising), upper respiratory infections (including sinus infections), headaches, rash, and nausea.

HUMIRA is given by injection under the skin.

The benefits and risks of HUMIRA should be carefully considered before starting therapy.

Forward-Looking Statements

Some statements in this news release may be forward-looking statements for purposes of the Private Securities Litigation Reform Act of 1995. The words 'believe,' 'expect,' 'anticipate,' 'project' and similar expressions, among others, generally identify forward-looking statements. AbbVie cautions that these forward-looking statements are subject to risks and uncertainties that may cause actual results to differ materially from those indicated in the forward-looking statements. Such risks and uncertainties include, but are not limited to, challenges to intellectual property, competition from other products, difficulties inherent in the research and development process, adverse litigation or government action, and changes to laws and regulations applicable to our industry.

Additional information about the economic, competitive, governmental, technological and other factors that may affect AbbVie's operations is set forth in Item 1A, 'Risk Factors,' in AbbVie's 2016 Annual Report on Form 10-K, which has been filed with the Securities and Exchange Commission. AbbVie undertakes no obligation to release publicly any revisions to forward-looking statements as a result of subsequent events or developments, except as required by law.

Contact:

Tel: (847) 937-4111

(c) 2017 Electronic News Publishing -, source ENP Newswire

Stocks mentioned in the article
ChangeLast1st jan.
ABBVIE -3.29% 87 Delayed Quote.-6.99%
AMGEN -0.70% 190.35 Delayed Quote.10.27%
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Financials ($)
Sales 2018 32 939 M
EBIT 2018 14 305 M
Net income 2018 10 787 M
Debt 2018 29 248 M
Yield 2018 4,01%
P/E ratio 2018 13,02
P/E ratio 2019 11,62
EV / Sales 2018 5,44x
EV / Sales 2019 5,03x
Capitalization 150 B
Chart ABBVIE
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AbbVie Technical Analysis Chart | ABBV | US00287Y1091 | 4-Traders
Technical analysis trends ABBVIE
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Income Statement Evolution
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Mean consensus OUTPERFORM
Number of Analysts 22
Average target price 113 $
Spread / Average Target 26%
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Managers
NameTitle
Richard A. Gonzalez Chairman & Chief Executive Officer
Azita Saleki-Gerhardt Senior Vice President-Operations
William J. Chase Chief Financial Officer & Executive Vice President
Michael E. Severino Chief Scientific Officer & Executive VP
Robert J. Alpern Independent Director
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