On 25 March 2021, the European Court of Justice ("ECJ") dismissed all the appeals against the European Commission's decision to fine Lundbeck and several other companies for entering into anti-competitive patent settlement agreements. [1] The judgments largely repeat the position taken by the ECJ in its January 2020 Paroxetine judgment. They notably confirm that: the concept of a restriction by object of Article 101 should be interpreted narrowly; patent settlement agreements cannot automatically be considered a restriction by object, even if they include a value transfer from the originator to the generic; however, where the value transfers cannot have any explanation other than as a reflection of the commercial interests of the parties not to compete, the agreement can restrict

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