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A brand-name pharmaceutical company engaged in patent litigation with a generic competitor settles the dispute by paying the generic competitor a significant sum of money to drop the litigation and stay out of the market until sometime before the brand-name’s patents expire. Because the patent holder is the party paying, rather than the other way around, this type of agreement is called a “reverse-payment.” It’s an intellectual property strategy we’re seeing more and more often within the pharmaceutical industry — at least, we were, until a recent Supreme Court decision.

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