Corteva & Inari Reach Settlement In Seed Deposit And IP Dispute
(RTTNews) – Corteva, Inc. (CTVA) and Inari, the SEEDesign company, have reached a confidential settlement agreement to resolve a lawsuit filed by Corteva in September 2023 in the U.S. District Court for the District of Delaware.
The lawsuit stemmed from a dispute over access to Corteva’s biological material from seed depositories and related intellectual property.
Corteva had alleged that Inari illegally obtained seed technologies and used them for gene editing, while Inari disputed the allegations and challenged Corteva’s claims.
Under the settlement, Inari has agreed to destroy Corteva material it accessed from seed depositories, as well as material developed from those deposits. Inari will also assign to Corteva the intellectual property related to its edited versions of Corteva events.
In addition, the companies have agreed to negotiate certain licensing arrangements. Corteva and Inari said the rulings in the case reinforce applicable rights concerning seed deposits and the importance of complying with patent and other laws and contracts governing deposited materials.
The financial terms of the settlement were not disclosed, while the companies said the remaining specifics remain confidential.
CTVA closed Monday’s trade at $77.74, down 0.99%.
In the overnight market, shares are down 0.01% at $77.73.
