logo-loader
viewGenus plc

Genus ordered to pay US$2mln after cow semen court case

The court ruled, in addition to royalty payments, Genus must pay US$750,000 and US$500,000 for each patent, as well as US$750,000 damages.

A cow licking its chops
The tech allows farmers to select preferred female sperm cells from bull studs.

Animal genetics group Genus plc (LON:GNS) has been ordered by the court to pay at least US$2mln to Sexing Technologies following a court case over its sexed bovine semen processing technology.

The US District Court of Wisconsin ruled that in addition to the upfront payments of US$750,000 and US$500,000 for the two patents, Genus would have to pay on-going royalties of US$1.25 and US$0.50 per straw (unit of cow semen) on commercialisation of its two technology patents to Sexing Technologies.

In respect of the breach of the confidentiality obligations under the 2012 semen sorting agreement between the parties, damages were determined by the jury to be US$750,000.

However, the jury determined that the group had proved that Sexing Technologies had wilfully maintained monopoly power in the market for sexed bovine semen processing in the US since July 2012.

But the jury found that Genus had not proved that it had suffered injury to date as a result of the wilful maintenance of monopoly power.

Genus has now sought an injunction from the court to allow it to terminate the 2012 semen sorting agreement on ninety days’ notice and to provide relief from the restrictive provisions under that agreement.

Genus plans to commercialise its sexed semen technology in the US and globally, thereby introducing competition into the market.

Its technology for sexing bovine semen differs from other methods as it does not subject the sperm cells to high pressures and forces.

It allows farmers to select preferred female sperm cells from bull studs for use in artificial insemination of dairy cows. 

Quick facts: Genus plc

Price: 3000 GBX

LSE:GNS
Market: LSE
Market Cap: £1.95 billion
Follow

Add related topics to MyProactive

Create your account: sign up and get ahead on news and events

NO INVESTMENT ADVICE

The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is...

FOR OUR FULL DISCLAIMER CLICK HERE

Watch

Global Energy Metals in London discussing plans to develop cobalt projects...

Global Energy Metals Corporation (CVE:GEMC) (OTCMKTS:GBLEF) CEO Mitchell Smith caught up with Proactive's Andrew Scott while in London to update shareholders on progress within its portfolio of cobalt and battery metal projects. Smith says the firm's well-placed to take advantage of the...

7 hours, 58 minutes ago

2 min read