After taking a severe hit over the past few months, Ibio Inc (NYSEAMERICAN:IBIO) is back in action in the extended trading session. The stock is making a big notable move this evening after concluding litigation with Faunhofer US and enters into a license agreement.
Late Tuesday, the company said that it has successfully resolved its lawsuit with Fraunhofer USA. The parties’ settlement confirms iBio’s ownership of certain intellectual property related to plant-based biopharmaceutical production. As part of the settlement, iBio granted Fraunhofer USA a fully paid-up license to use the recombinant protein manufacturing technologies that were the subject of litigation.
The settlement concludes the lawsuit that began in March 2015 in the Delaware Court of Chancery. In addition to an initial payment at signing which will cover iBio’s significant legal fees and expenses, Fraunhofer USA will make additional cash payments to iBio in March 2022 and March 2023. Certain details of the settlement are confidential.
IBIO stock is up 31% at $1.69. The stock has fallen over 50% from its February’s high.
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