Illumina Inc. (ILMN) Stock Surges on Settlement
Shares of genetic research tools company Illumina Inc. jumped to a record high Thursday after the company settled a patent lawsuit with Affymetrix Inc.
Shares of San Diego-based Illumina jumped to a record high of $75.20 early in the session, after rival Affymetrix agreed to dismiss its lawsuit against the company. By midday, the stock was up $11.95, or 19.8 percent, to $72.40.
Affymetrix will receive $90 million as part of the settlement. However, Santa Clara, Calif.-based Affymetrix will be unable to sue Illumina over current products on the market or for those based on future technology developments over the next four years, according to the settlement.
Shares of San Diego-based Illumina jumped to a record high of $75.20 early in the session, after rival Affymetrix agreed to dismiss its lawsuit against the company. By midday, the stock was up $11.95, or 19.8 percent, to $72.40.
Affymetrix will receive $90 million as part of the settlement. However, Santa Clara, Calif.-based Affymetrix will be unable to sue Illumina over current products on the market or for those based on future technology developments over the next four years, according to the settlement.
Labels: Illumina Inc., ILMN
posted by Stock Administrator @ 12:34 PM
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