Shares of iBio (NYSEMKT: IBIO) surged on Wednesday after the biologics manufacturer announced it had successfully resolved a multiyear lawsuit with Fraunhofer USA. By the close of trading, iBio's stock price was up 14.7% after rising as much as 32.6% earlier in the day.
The settlement confirmed iBio's ownership of key intellectual property related to its plant-based biopharmaceutical-production system. The agreement will also see iBio grant Fraunhofer USA a license to use its protein-manufacturing technology. Fraunhofer USA, in turn, will cover iBio's legal fees and send it unspecified cash payments in 2022 and 2023.
Investors cheered iBio's legal settlement. Image source: Getty Images.
Source Fool.com