CureVac Shares Hit All-Time Low on German Patent Court Ruling
By Dean Seal
Shares of CureVac fell to an all-time low after the company said a German federal court has denied the validity of an intellectual property patent related to messenger ribonucleic acid technology in Covid-19 vaccines.
The stock dropped 41% to a low of $3.41 on Tuesday. Shares have fallen by a third since the start of the year.
The German biopharmaceutical company said the German Federal Patent Court granted a nullity action filed against CureVac's patent by rival BioNTech.
The two competitors are in ongoing patent litigation involving eight CureVac intellectual property rights. Proceedings regarding the seven remaining rights will be decided individually.
CureVac said it will appeal the German court's decision.
Write to Dean Seal at dean.seal@wsj.com
(END) Dow Jones Newswires
December 19, 2023 11:57 ET (16:57 GMT)
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