Benzinga - by Vandana Singh, Benzinga Editor.
A Delaware District Court sided with Arbutus Biopharma Corporation (NASDAQ:ABUS) and Genevant Sciences in their ongoing patent infringement case against Moderna Inc (NASDAQ:MRNA) COVID-19 vaccine.
The companies jointly submitted a claim construction brief to the Delaware district court, seeking clarification on the patent’s contested terms. They aim to define the meaning and extent of their patent claims precisely.
The District Court of Delaware released its decision on Wednesday, April 3.
Through the order, Judge Mitchell S. Goldberg broke down the language and the science used in each of the three claims, landing on definitions that served to strengthen the plaintiff’s case by essentially rejecting Moderna’s proposed constructions.
In 2022, Arbutus Biopharma and Genevant sued Moderna for infringing on their patent on a lipid nanoparticle platform that they say was crucial to the delivery of Moderna’s widely-used COVID-19 vaccine.
Arbutus and Genevant Sciences are seeking fair compensation for Moderna’s use of its patented lipid nanoparticle (LNP) technology, without which Moderna’s COVID-19 vaccine would not have been successful, the company said.
JMP writes that the rest of the year consists of continued discovery and expert testimony, with a potential summary judgment in December, according to the current schedule.
JMP Securities reiterates the Market Outperform rating with a price target of $4 on Arbutus Biopharma.
Price Action: ABUS shares are up 3.25% at $3.02, and MRNA stock is up 3.89% at $105.2 on the last check Thursday.
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