$HIMS (-1,38%)
$NOVO B (+2,52%)
According to documents filed with the Canadian Patent Database, Novo held a patent for semaglutide, but the last time the company paid the annual maintenance fee was in 2018.
Novo Nordisk's lawyers requested a refund of the 2017 maintenance fee of 250 Canadian dollars (about 185 US dollars) because the company wanted more time to decide whether it wanted to pay the fee, according to letters attached to the documents.
Two years later, the office sent a letter stating that the fee - which had grown to a total of 450 Canadian dollars with a late payment surcharge - had not been received on time.
Novo Nordisk had a grace period of one year to make up the payment, but never did. The patent therefore expired in Canada. It expired in 2020 because the payment was not made, but does not officially expire until January.
The Canadian authorities confirmed in their correspondence: "Once a patent has lapsed, it cannot be revived."
"Making affordable, holistic obesity treatments accessible has the potential to strengthen the local healthcare system and enable millions of Canadians to lead healthier, more fulfilling lives," said David Meinertz, Managing Director of the International Obesity and Healthcare Business Unit.
Source: Hims & Hers offers generic semaglutide as Novo Nordisk patent lapses
Fun FactDavid Meinertz ex Zava CEO, is now responsible for global expansion
