- iBio (NYSE:IBIO) shares climb nearly 20% during after-market trading on resolving its lawsuit with Fraunhofer USA.
- The settlement confirms iBio’s ownership of certain intellectual property related to plant-based biopharmaceutical production.
- As part of the settlement, iBio granted Fraunhofer a fully paid-up license to use the recombinant protein manufacturing technologies that were the subject of litigation.
- In addition to an initial payment at signing which will cover iBio's legal fees and expenses, Fraunhofer will make additional cash payments in March 2022 and March 2023.
- The company did not provide further details on the settlement as they were confidential.