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Why iBio Stock Soared Today

TheMotleyFool

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Shares of iBio (NYSEMKT: IBIO) surged on Wednesday after the biologics manufacturer announced it had successfully resolved a multiyear lawsuit with Fraunhofer USA. By the close of trading, iBio's stock price was up 14.7% after rising as much as 32.6% earlier in the day.

The settlement confirmed iBio's ownership of key intellectual property related to its plant-based biopharmaceutical-production system. The agreement will also see iBio grant Fraunhofer USA a license to use its protein-manufacturing technology. Fraunhofer USA, in turn, will cover iBio's legal fees and send it unspecified cash payments in 2022 and 2023.

Investors cheered iBio's legal settlement. Image source: Getty Images.

Source Fool.com

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