Roivant, Genevant, and Arbutus Secure \$2.25 Billion Global Settlement with Moderna
Roivant, Genevant, and Arbutus Secure \$2.25 Billion Global Settlement with Moderna
Roivant Sciences Ltd. announced a landmark settlement between its subsidiary Genevant Sciences, Arbutus Biopharma, and Moderna Inc., resolving all U.S. and international patent enforcement actions regarding Moderna’s use of lipid nanoparticle (LNP) delivery technology in COVID-19 vaccines, including Spikevax®.
Key Points of the Settlement
- Financial Terms: Moderna will pay Genevant and Arbutus a total of \$2.25 billion under the agreement:
- \$950 million upfront, payable in July 2026.
- An additional \$1.3 billion contingent upon a favorable appellate ruling regarding Moderna’s Section 1498 defense. If realized, this would mark the largest disclosed patent settlement in pharmaceuticals, and the second largest in any industry.
- Patent Recognition: Moderna has consented to a judgment of infringement and a judgment of no invalidity for four Genevant/Arbutus patents.
- Licensing and Covenant: Genevant grants Moderna a global non-exclusive license to its LNP technology for SM-102-containing mRNA vaccines for infectious diseases, plus a covenant not to sue for certain patents and products, ending all patent-infringement litigation related to Moderna’s COVID-19 vaccines.
- Pfizer/BioNTech Litigation: The ongoing lawsuit against Pfizer/BioNTech continues after a favorable Markman ruling in September 2025. Notably, Comirnaty sales account for approximately two-thirds of global COVID-mRNA vaccine sales.
Shareholder Highlights and Price-Sensitive Information
- Roivant Share Repurchase: Roivant’s Board has approved a \$1 billion share repurchase program, including a \$500 million authorization from June 2025. This capital return initiative is significant and may positively affect share value.
- Immediate Cash Inflow: The settlement provides Roivant, Genevant, and Arbutus with substantial near-term liquidity, reducing uncertainty and validating their intellectual property estate.
- Potential for Additional Payments: The outcome of Moderna’s Section 1498 appeal could unlock a further \$1.3 billion, representing a major upside for Genevant and Arbutus shareholders.
- Ongoing Litigation with Pfizer/BioNTech: Resolution of the patent dispute with Moderna strengthens the companies’ position in their ongoing litigation against Pfizer/BioNTech, which could yield further financial benefits given the dominance of Comirnaty in global COVID vaccine sales.
Executive Statements
James Heyes, CEO of Genevant Sciences: “We are pleased with this settlement, which allows us to put this lengthy dispute behind us and remain focused on our mission to leverage our world-class nucleic acid delivery systems to bring innovative medicines to people who need them. It is enormously gratifying for the Genevant team to, at long last, be recognized for our pivotal contribution to restoring normalcy around the world.”
Lindsay Androski, President and CEO of Arbutus: “Nobel laureates, industry executives, and prominent researchers have long recognized that Arbutus scientists changed the drug development landscape when they invented LNP delivery technology, enabling nucleic acids including mRNA to be used for medicines. Today, Moderna has finally acknowledged the same. This is a transformative outcome for Arbutus, and a long-overdue recognition that the COVID-19 vaccines would not have reached the world without our seminal work.”
Matt Gline, CEO of Roivant: “This outcome speaks to the fundamental role that Genevant’s foundational LNP technology played in enabling the world’s response to the COVID-19 pandemic. This resolution reduces uncertainty, validates our IP estate, and provides significant near-term cash inflow. We will continue to be capital efficient with these proceeds, with an additional \$500 million authorized by our board for share repurchases.”
Investor Call and Further Information
Roivant will host a live investor conference call and webcast today, March 3, 2026, at 4:45 p.m. ET, to discuss the settlement and its implications. Details are available on Roivant’s investor website.
About the Companies
Roivant Sciences Ltd. (Nasdaq: ROIV) is a biopharmaceutical company with a diversified pipeline, focusing on accelerating the development and commercialization of medicines that matter. Its pipeline includes brepocitinib, IMVT-1402, batoclimab, and mosliciguat, targeting various autoimmune and pulmonary diseases.
Genevant Sciences is a leading nucleic acid delivery company, pioneering LNP technology for over 20 years and enabling systemic RNA-LNP medicines, including patisiran.
Arbutus Biopharma Corporation (Nasdaq: ABUS) focuses on infectious disease, notably developing imdusiran and an oral PD-L1 inhibitor for chronic hepatitis B. Arbutus is actively supporting Genevant in ongoing intellectual property litigation.
Forward-Looking Statements
This article contains forward-looking statements regarding the settlement, ongoing litigation, and future financial performance. Actual results may differ due to risks, uncertainties, and other factors. Investors should consult Roivant’s filings with the SEC for a full list of risk factors.
Contact Information
Disclaimer: This article is for informational purposes only and does not constitute investment advice. All forward-looking statements are subject to risks and uncertainties. Investors should conduct their own due diligence and consult professional advisors before making investment decisions.
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