Small Biotech Promosome Drops Lawsuit Against Pfizer, BioNTech in COVID-19 Vaccine Patent Dispute

Biotech firm Promosome has agreed to end the lawsuit, which accused the COVID-19 vaccine manufacturers, Pfizer Inc (NYSE: PFE) and BioNTech SE (NASDAQ: BNTX), of patent infringement related to messenger RNA technology. 

However, the financial terms of the agreement were not disclosed.

This development follows Promosome's earlier decision to drop a similar lawsuit against COVID-19 vaccine producer Moderna Inc (NASDAQ: MRNA).

In June, Promosome initiated legal action against Pfizer, BioNTech, and Moderna, alleging that these companies had copied its technology for creating mRNA doses suitable for safe and effective use in vaccines.

According to the lawsuits, Promosome had engaged in discussions regarding its technology with representatives from Moderna and BioNTech between 2013 and 2016. 

Additionally, Promosome had sought a share of royalties from the vaccine sales. 

Both Pfizer and BioNTech had vehemently denied the allegations, contending that Promosome had withheld crucial information from the U.S. Patent Office during the patent application process, rendering it invalid.

The legal battle between Moderna and Pfizer/BioNTech over patents remains ongoing.

In April, Arbutus Biopharma Corporation (NASDAQ: ABUS) and its licensee Genevant Sciences sued Pfizer and BioNTech in the U.S. District Court for the District of New Jersey, seeking damages for infringement of five U.S. patents.

Price Action: PFE shares are up 0.36% at $33.41, and BNTX shares are down 0.50% at $109.68.

Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.