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Shares in Arbutus Biopharma (NASDAQ:ABUS) soared more than 20% on Wednesday, April 3, after the company received permission to pursue a claim against Moderna Inc (NASDAQ:MRNA) in court.
What Happened: Arbutus first filed its patent infringement complaint against Moderna, over the messenger-RNA technology used in the Covid vaccine developed by Moderna, in February 2022
However, the case has since been tied up in legal disputes over several technical issues and terminologies.
In April 2023, an appeals court sided with Moderna, but at a Markman hearing — a judicial procedure that deals with patent infringement claims — in February, the judge remained split over two of the claims filed against Moderna.
On Wednesday, however, the U.S. District Court for Delaware Judge Mitchell S. Goldberg allowed Arbutus’ claim that “wherein at least 70% /at least 80% / about 90% of the mRNA in the formulation is fully, as distinct from partially, contained inside the lipid vesicles.”
Although technical, it was an important win for Arbutus in the claim.
Rangeley Capital’s Chris DeMuth told Seeking Alpha: “Today's claim construction order was virtually identical with Arbutus' proposals for the disputed terms.
“This is a big problem for Moderna heading into a trial that will now literally be fought on Arbutus' terms. I should disclose that ABUS/ROIV is a top three exposure for me. Today's opinion is consistent with our thesis that this is valuable intellectual property that ABUS will successfully defend.”
It is not known when the case will go to trial or be settled following the court’s order.
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