Aurora Cannabis Inc. (NASDAQ:ACB) (TSX:ACB) announced Tuesday that it had successfully completed a confidential settlement resolving an ongoing patent litigation with Willow Biosciences Inc. (OTCQB:CANSF) (TSX:WLLW).
Aurora undertook the patent infringement action in July 2021, alleging that Willow's biosynthetic process for synthesizing cannabinoids infringed Aurora's exclusive rights to patents co-owned by the University of Saskatchewan and the National Research Council (NRC).
The technology of the asserted patents was invented by Anandia co-founder and former chief science officer at Aurora, Jonathan Page and his colleagues, following their work at the University of Saskatchewan and the NRC. They identified key enzymes and corresponding genes in the biosynthetic pathways of cannabis plants.
In December 2022, Willow announced that it had consolidated its R&D operations, transferring equipment and key personnel from its Canadian facilities to Mountain View, California.
"We are pleased with the negotiated settlement, which provides Aurora a favorable resolution that ensures our Canadian cannabis-related patent rights are respected," Miguel Martin, CEO of Aurora said. "Aurora is a pioneer in terms of the company's genetics work in the Canadian cannabis industry and will not hesitate to continue to take the steps necessary, including legal action, to protect and enforce our intellectual property rights when necessary."
ACB Price Action
Aurora's shares traded 0.8728% higher at $0.4276 per share at the time of writing on Tuesday morning.
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