Genus says ABS on hook to pay more royalties following ruling on damages related to patent infringements
StockMarketWire.com - Animal genetics company Genus said a US court reached a decision on damages that flow from the ABS Global's infringement of two patents asserted by Inguran and Cytonome. The decision arrived a day after a jury confirmed ABS should pay royalties on additional patent infringement.
The jury held that ABS should pay a royalty of $2.60 per straw sold for the infringement of US patents '476 and '309 for 3,295,355m straws sold by ABS up to 30 June 2019.
The decision arrived a day after the jury confirmed ABS' existing obligation to pay a royalty of $1.25 for each straw of sexed semen produced in the US for the infringing patent '987.
On 9 September 2019, the jury held that ABS Global's sales of Genus' sexing semen technology under the IntelliGen brand infringed three patents asserted by Inguran and Cytonome – collectively known as ST. ABS said it was considering its options for appeal.
At 9:49am: (LON:GNS) Genus PLC share price was +20p at 2874p
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