United Therapeutics (UTHR) wins patent ruling against Liquidia (LQDA): UTHR +12.6%, LQDA -57%
What happened
U.S. District Judge Richard G. Andrews (Delaware) ruled Wednesday afternoon that rival Liquidia infringed claims 1 and 14 of United Therapeutics' U.S. Patent No. 11,826,327 — covering inhaled treprostinil for pulmonary hypertension associated with interstitial lung disease (PH-ILD), including dry-powder delivery — while invalidating the four other claims United had asserted. The judge ordered both sides to file proposed final judgments and remedies within one week; United has already sought an injunction that could restrict Yutrepia sales. Stocks diverged sharply: United Therapeutics jumped 12.6% to $541.89 (near its 52-week high of $596.76), Liquidia collapsed 57.2% to $30.26, and MannKind, partnered with United on Tyvaso, popped 16.8%. Leerink Partners analyst Roanna Ruiz called the ruling 'a positive upside surprise for UTHR.' Liquidia CEO Roger Jeffs said the company disagrees and will 'pursue all available appellate options.'
Why it matters & what’s next are part of Pro, along with the audio summary.
Start your free 14-day trialWho’s affected & sources
Who’s affected
- United Therapeutics (UTHR, +12.6% to $541.89, retaking its 21/50/200-day lines) — Tyvaso franchise protected from dry-powder competition. Liquidia (LQDA, -57.2% to $30.26, worst day ever, undercutting its 200-day average) — faces potential removal of its PH-ILD indication or broader sales curbs. MannKind (MNKD, +16.8%), which is partnered with United on Tyvaso. Specialty biotech/pharma (XBI) — a sharp reminder of Hatch-Waxman patent risk for drug companies.