Ibio (NYSEAMERICAN:IBIO) stock is on the rise Wednesday after announcing an end to its legal battle with Fraunhofer USA.
The end of the lawsuit comes as the two companies have reached a settlement agreement. This has the court confirming that certain intellectual properties at the heart of the matter do belong to iBio.
To go along with this, iBio has granted Fraunhofer USA a fully paid-up license to use the recombinant protein manufacturing technologies brought up in the lawsuit. It also has Fraunhofer USA covering the legal expenses in the lawsuit.
The settlement also requires Fraunhofer USA to make cash payments to iBio in March 2022 and March 2023. There are other stipulations of the settlement that weren’t made public due to them being confidential.
Tom Isett, chairman and CEO of iBio, said this about the lawsuit sending the company’s stock higher.
“We are pleased to see this matter resolved and to receive compensation for the use our intellectual property. iBio remains committed to relentlessly innovating in the area of plant-made biologics, while respecting fair competition and protecting our IP. As a result, this settlement gives assurance to our licensees and clients that they can continue to depend upon us to develop and enhance our FastPharming® Technologies to provide them with the speed, scalability, and eco-friendly advantages of plant-based biologics development and manufacturing from iBio.”
IBIO stock is seeing heavy trading on today’s news. As of this writing, more than 124 million shares have changed hands. That’s a massive increase over its daily average trading volume of 7.5 million shares.
IBIO stock was up 33.6% as of Wednesday morning.
Ibio isn’t the only company making massive moves today.
Several others are also seeing an increased interest from traders. That includes Social Capital Hedosophia Holdings VI (NYSE:IPOF), Palantir Technologies (NYSE:PLTR), and Honest Company. Investors can learn more at these links.
More Wednesday Stock News
- IPOF Stock: What to Know About the New Equinox SPAC Merger Rumors
- PLTR Stock: 3 Big Reasons Why Palantir Is Climbing Again Today
- Honest Company IPO: 8 Things for Potential HNST Stock Investors to Know as Shares Begin Trading
On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article.
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