Why Is COVID-19 Vaccine Player CureVac Stock Plummeting Today?
A German court has invalidated a patent central to CureVac N.V's (NASDAQ: CVAC) lawsuit against BioNTech SE (NASDAQ: BNTX) related to seeking fair compensation for infringement of a portfolio of CureVac's intellectual property rights utilized in Comirnaty, BioNTech, and Pfizer Inc's (NYSE: PFE) mRNA COVID-19 vaccine.
The ruling represents the first decision on validity in ongoing patent litigation between CureVac and BioNTech in Germany, involving eight CureVac intellectual property rights.
Proceedings continue regarding the seven remaining rights, for which validity, infringement, and potential damages will be decided individually.
Following the decision, a ruling on infringement of the German part of EP 1 857 122 B1, scheduled for December 28, 2023, before the Regional Court Düsseldorf, will likely be postponed.
The stakes remain high for CureVac in this legal conflict, Reuters highlighted, citing analysts, the potential transformation of its financial status if even a fraction of the revenues were awarded.
Earlier, a regional German court halted a separate patent infringement trial brought by CureVac against BioNTech, awaiting decisions from German and European patent offices regarding the validity of CureVac's intellectual property rights, indicating the complexities and delays in the legal proceedings.
CureVac and Pfizer/BioNTech are in a legal tussle over the vaccine patent in the U.S. as well.
In May, CureVac was granted to transfer the ongoing patent litigation filed by Pfizer/BioNTech in the federal district court of Massachusetts to the Eastern District of Virginia. The transfer is expected to significantly accelerate the progress of the litigation, allowing for a likely 2024 trial date.
Last month, Acuitas Therapeutics filed a lawsuit in Virginia federal court against Germany-based CureVac, accusing it of failing to credit Acuitas on patents related to COVID-19 vaccines.
Price Action: CVAC shares are down 33.9% at $3.848, and BNTX stock is up 2.69% at $106.36 on the last check Tuesday.
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