The judgment of the Court of Justice in Perindopril (Servier), case AT.39612: a comment on the KRKA licensing agreement,

- The settlement agreement between Servier and KRKA did not involve a monetary transfer as inducement to delay entry but a licence to enter markets earlier than what would have happened in the counterfactual (no agreement). - The Commission found that this agreement involved a restriction by object. - The GC found, among other, that the Commission had not established the existence of an inducement from Servier for KRKA to withdraw from the market so that it could not be characterized as a restriction by object; whereas the ECJ essentially followed the Commission and confirmed a restriction by object. - In our view, even if inducing delay of entry in some markets, such agreements may allow earlier entry in others, such that they should not be treated as restriction by object.