Novo Nordisk A/S said it settled a patent lawsuit against Teva Pharmaceutical Industries Ltd., which was looking to a launch a generic version of diabetes drug Victoza in the U.S.

Under the deal, the Danish drugmaker gave Israel-based generic-medicine maker Teva a license to launch a generic version of Victoza on Dec. 22, 2023.

Teva can launch the copycat earlier in certain cases, but not before March 22, 2023. It may launch its medicine sooner if Victoza's patents are declared invalid or a rival generic version of the drug enters the market.

The agreement, whose terms are confidential, is subject to review by the U.S. Federal Trade Commission and the U.S. Department of Justice.

Novo Nordisk's Victoza, also known as liraglutide, generated 2018 sales of 24.33 billion Danish kroner.

As of March 15, US$1 was equivalent to 6.59 Danish kroner, according to S&P Global Market Intelligence.