In this article, we consider some recent high-profile cases in the EU and the US where intellectual property (IP) rights and competition policy intersect, and discuss the impact of IP rights on the competitive assessment. We begin with reverse payment agreements, and consider the Court of Justice of the European Union (CJEU) judgements in Paroxetine and Lundbeck. Next, we discuss the US Court of Appeals for the Ninth Circuit judgement in FTC v. Qualcomm and the court’s insights on how to assess the competitive effects of licensing practices. We then consider the European Commission’s (the “Commission’s”) recent Aspen investigation and excessive pricing assessments. Finally, we turn to merger control, and describe the role of IP rights in vertical mergers. We conclude by noting rising concerns about transactions that may have an adverse effect on future competition.