Moderna Inc shares slipped nearly 4% to $76.06 in early trading on Tuesday after the European Patent Office said a contested mRNA patent owned by Moderna is invalid, Reuters reported.
The media outlet noted the ruling is a victory for BioNTech and its partner Pfizer Inc (NYSE:PFE) in a patent dispute between the biggest coronavirus vaccine makers.
In a statement, a Moderna spokesperson said the company disagreed with the office's decision and would lodge an appeal.
BioNTech, meanwhile, called the patent office's decision "an important one, as we believe that this and others of Moderna's patents do not meet the requirements for grant and should never have been granted."
Moderna sued BioNTech in Germany and other countries, alleging that it had copied mRNA technology that Moderna had patented well before COVID-19 emerged in 2019, according to Reuters.
Nasdaq-listed shares of BioNTech were also down nearly 3% at $96.36 in early Tuesday trading.
Contact Sean at sean@proactiveinvestors.com