Pfizer stock dipped again Wednesday after German biotech CureVac sued its Covid vaccine partner, BioNTech, for patent infringement.
CureVac said Tuesday it filed a lawsuit in the German Regional Court in Dusseldorf against BioNTech and two of its subsidiaries. The lawsuit claims BioNTech violated four of its patents by manufacturing and selling Comirnaty, the Pfizer-partnered Covid shot.
The lawsuit seeks "fair compensation," but no legal action "that impedes the production, sales or distribution of Comirnaty by BioNTech and its partner Pfizer."
In early trades on the stock market today, Pfizer stock fell a fraction near 51.30, continuing a 1.3% drop during the regular session on Tuesday. BioNTech, which gained 2.2% on Tuesday, toppled 1.5% near 158.60 in premarket action Wednesday. CureVac stock rose about 1% near 14.20.
Pfizer Stock Tied To Covid Efforts
CureVac says its intellectual property "protects multiple inventions that are considered essential to the design and development" of Comirnaty. The intellectual property relates to the engineering of the messenger RNA molecules, modifications to enhance and stabilize the proteins involved, and the formulations specific to the Covid vaccine.
The company lauded the rapid development of the Covid vaccines. Developing the vaccine has helped Pfizer stock mostly trend higher over the last two years.
But the company also said "CureVac's intellectual property rights need to be acknowledged and respected in the form of a fair compensation to reinvest into future advancement of mRNA technology and the ongoing development of new classes of lifesaving medicines."
BioNTech, though, said its work is "original and we will vigorously defend it against all allegations of patent infringement."
However, we are aware that it is not unusual that other companies in the pharmaceutical industry, having witnessed the success of Comirnaty, are now suggesting that the vaccine potentially infringes their intellectual property rights," BioNTech said in a written statement.
Other Patent Suits In Play
CureVac is far from the only biotech to sue one of the Covid vaccine makers.
Both Moderna and Pfizer are facing rivals in court over the delivery mechanisms for their Covid vaccines. The vaccines use fatty droplets called lipid nanoparticles to deliver instructions to the immune system. Arbutus Biopharma and Alnylam Pharmaceuticals say these delivery systems violate their patents.
Despite the downward pressure Tuesday, Pfizer stock is still consolidating with a buy point at 61.81, according to MarketSmith.com.
Representatives of Pfizer didn't return a request for comment from Investor's Business Daily.
Follow Allison Gatlin on Twitter at @IBD_AGatlin.
