Jefferies analyst Dennis Ding says the lipid nanoparticle claim construction order was posted for the patent infringement case between Roivant Sciences (ROIV) and Arbutus Biopharma (ABUS) versus Moderna (MRNA). The judge sided with Roivant and Arbutus on three of four claims, including the key ‘378 patent, which has a positive read-through to the ongoing Pfizer (PFE) as well, the analyst tells investors in a research note. Jefferies believes the financial implications are material to Roivant since it gets roughly two-thirds damages on royalties applied to $30B-$40B of historical COVID-19 revenue. It expects 5%-10% share upside from today’s order. Today’s order should help improve the chances of a positive outcome, notes Jefferies. It has a Buy rating on Roivant with a $16 price target.
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