Genus PLC FINAL JURY DECISIONS IN US LITIGATION (1228H)
August 15 2016 - 2:00AM
UK Regulatory
TIDMGNS
RNS Number : 1228H
Genus PLC
15 August 2016
For immediate release 15 August 2016
Genus plc ('Genus')
final jury Decisions in US Litigation
Genus plc (LSE: GNS), a global pioneer in animal genetics,
following the announcements last week, can now report the final
jury verdicts in its litigation against Inguran LLC, operating as
Sexing Technologies ('ST'), relating to ABS's Genus Sexed Semen
('GSS') processing technology.
At the trial, in the US District Court for the Western District
of Wisconsin where the jury damages verdict was announced late on
Friday 12 August, the jury found that Genus should pay ST an
upfront payment of $750,000 and an ongoing royalty of $1.25 per
straw on commercialisation of the GSS technology for the use of
ST's US patent numbers 8,206,987, and $500,000 upfront and $0.50
per straw royalty for the 8,198,092 patent, both of which had been
determined by the jury to be valid and infringed. In respect of
ABS's breach of the confidentiality obligations under the 2012
semen sorting agreement between the parties, damages were
determined by the jury to be $750,000.
In a verdict delivered on 10 August, the jury determined that
ABS and Genus had proved that ST had wilfully maintained monopoly
power in the market for sexed bovine semen processing in the US
since July 2012. The jury also found that Genus had not proved that
it had suffered injury to date as a result of ST's wilful
maintenance of monopoly power. Following the verdict on wilful
maintenance of monopoly power by ST, Genus has now sought an
injunction from the court to allow, among other things, ABS 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 GSS technology in the
US and globally and introduce competition into the market.
GSS is a novel technology for sexing bovine semen that does not
subject the sperm cells to high pressures and forces. Dairy farmers
have a preference for female calves, and the use of gender skewed
sexed semen in artificial insemination provides customers with
female calves from ABS's elite genetic lines. The commercial launch
of GSS product would provide ABS customers and third party bull
studs with an alternative service provider and increased
competition in the market for the processing of sexed bovine
semen.
Genus is now awaiting the court's decision on its request for an
injunction and is considering other post verdict motions. Genus
will update the market as further court rulings are made.
For further information:
Genus:
Karim Bitar, Chief Executive +44 (0)1256 345 970
Stephen Wilson, Group Finance Director +44 (0)1256 345 970
Dan Hartley, Group General Counsel & Company Secretary (for
legal enquiries) +44 (0)1256 345 970
Buchanan:
Charles Ryland / Vicky Hayns +44 (0) 207 466 5000
About Genus:
Genus creates advances to animal breeding and genetic
improvement by applying biotechnology and sells added value
products for livestock farming and food producers. Its technology
is applicable across all livestock species and is currently
commercialised by Genus in the dairy, beef and pork food production
sectors.
Genus's worldwide sales are made in over seventy-five countries
under the trademarks 'ABS' (dairy and beef cattle) and 'PIC' (pigs)
and comprise semen, embryos and breeding animals with superior
genetics to those animals currently in production. Genus's
customers' animals produce offspring with greater production
efficiency, and quality, and use these to supply the global dairy
and meat supply chain.
The Group's competitive edge has been created from the ownership
and control of proprietary lines of breeding animals, the
biotechnology used to improve them and its global supply chain,
technical service and sales and distribution network.
With headquarters in Basingstoke, United Kingdom, Genus
companies operate in over twenty-five countries on six continents,
with research laboratories located in Madison, Wisconsin, USA.
This information is provided by RNS
The company news service from the London Stock Exchange
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