Corteva Settles Seed IP Lawsuit With Inari; Inari to Destroy Material, Assign Patents

Corteva Inc. (CTVA) and Inari reached a confidential settlement resolving a lawsuit Corteva filed in September 2023 in the U.S. District Court for the District of Delaware over access to Corteva's biological material from seed depositories and related intellectual property. Under the agreement, Inari will destroy Corteva material obtained from seed depositories and any material developed from those deposits, and will assign to Corteva intellectual property covering its edited versions of Corteva events. The companies also agreed to negotiate certain licensing arrangements. Corteva had alleged Inari illegally obtained seed technologies for gene editing; Inari disputed the claims. Financial terms were not disclosed and remaining specifics stay confidential. CTVA closed at $77.74 on Monday, down 0.99%, and was at $77.73 in overnight trading.