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Lindon, good article and I hope GSK read it and take note. As I stated earlier I have witnessed 'politically' driven legal steps that defied common sense. We shall see what happens - the fact that there has been no 'we shall appeal' immediate response this morning suggests they are thinking.
How awarded damages could even triple if it goes to appeal!
A review of enhanced damages since Halo: Minimizing potential exposure to enhanced damages
In Halo Elecs., Inc. v. Pulse Elecs., Inc., the U.S. Supreme Court reaffirmed the principle that “[a]wards of enhanced damages … are not to be meted out in a typical infringement case, but are instead designed as a ‘punitive’ or ‘vindictive’ sanction for egregious infringement behavior.”
For more...
https://www.ipwatchdog.com/2017/09/14/enhanced-damages-since-halo/id=87716/
Imo the "intentional" and 'wilful' allegations made by the jury could put a much more serious perspective on their verdict. I believe those allegations will give GSK serious pause for thought in considering the liklyhood of any appeal being successful. If they lose an appeal they could well stand a good chance of having the 'damages' very substantially increased. Sometimes when you've dug yourself into a hole it's good policy to stop digging! We will have to await development but if the verdict holds... it should give the sp another increase and well deserved uplift.
Very likely, if for nothing more than to show anyone else watching just what you are up against if you take them on. The risk is never over for small complainants until the last bit of litigation is over. GSK can afford the loss but many small Companies who have there IP infringed cannot afford the risk of taking big Companies on because of the existential risk, however small that might be.
AIMHO and DYOR
is my guess hence they have made no announcement as to whether they will appeal imv
The wilful nature of the infringement opens the door for exemplary damages and imo that should prove rather interesting. Also the current expiry date for this deal was 2021.... another couple of years worth of sales so we are probably talking somewhere in the region of another similar $90 million in expected royalties by then. Add all this to the current cash pile and VEC has to be seen as a very tempting target.... and I would imagine... a re-rate over the next couple of weeks.
I have twice witnessed people extending a legal process when they knew they had lost the arguement , just for political reasons in the workplace , so that may be the case at gsk - I hope not but we shall see,
Fantastic outcome & I presume we will be awarded costs too,which won't be insubstantial.
Not only does this result improve our cash balance by about £70mill but it also removes a major uncertainty overhanging us for a long period & perhaps The Market will now view us as prospective winners & now a much more viable takeover target .I have a large holding from my SKP holdings & I have added @ under 80p & now believe it could become the decent investment I expected after the takeover,particularly as the final Pacira milestone of $32mill is now more likely following substantial growth in Exparel.Interesting to see how our SP responds on Tuesday & what our Board decide to do with our cash pile.
Tweet from VECs web page,
https://www.vectura.com/news-and-media/vectura-news/vectura-wins-us-gsk-patent-litigation-and-awarded-897m-damages-jury
Tuesday should be very interesting to see how the sp reacts, what will happen to any shorters? it would be really nice to be on the end of parabolic price surge, and at the very least this decision lifts some of negatively around VEC which has been lingering for some time.
Then add to this as stated in other posts speculation, will VEC become a target? rumours could and should start to resurface again which will give us some publicity and ramp up the sp, will we become a partner of choice for future projects from GSK?
.... if GSK want to protect their future $multi-billion earning plans for their upcoming Ellipta range which make use of VEC's inhaler tech.... perhaps now they'll be thinking more about removing VEC from the game board sooner rather than later!?
Bloomberg report:
https://news.bloomberglaw.com/pharma-and-life-sciences/glaxo-is-on-hook-for-89-7-million-to-vectura-over-inhaler-1-1
Glaxo Is on Hook for $89.7 Million to Vectura Over Inhalers (2)
Posted May 3, 2019, 7:51 PM Updated May 3, 2019, 10:49 PM
Delaware jury finds patent was intentionally infringed
Jurors take less than two hours; reject claim patent invalid
GlaxoSmithKline Plc was ordered by a jury to pay Vectura Group Plc $89.7 million in royalties for infringing a patent on inhalers used to treat chronic lung disease.
Breo, Anoro and Incruse, which Glaxo began selling in 2013 as part of its Ellipta suite of treatments, have technology owned by Vectura that helps disperse the medicine deep inside the lungs, according to the jury in Wilmington, Delaware.
Jurors, who deliberated on May 3 for less than two hours, also found...
raxfactor, yes... GSK's deep pockets could possibly keep any USA court appeal procedures running till the costs outweigh the monies owed.
IMO though... I don't think so.... I think on balance it's unlikely GSK will want to go down that route. Apart from this issue they actually have a good relationship with VEC. I think that in the event this doesn't prove to be the last we hear of this story... any further moves are more likely to be of an agreed settlement type. I feel it's probably gone on long enough for both companies and they'll both be glad to see the back of it!
Well, well, well I never expected this news, although I assume it will not be a case of that's it VEC win, will there be some form of appeal? I hope not. Nevertheless as it stands this is great news.
https://www.law360.com/trials/articles/1156339/breaking-glaxosmithkline-hit-with-89-7m-verdict-for-inhaler-ip
BREAKING: GlaxoSmithKline Hit With $89.7M IP Verdict For Inhaler IP.
Law360 (May 3, 2019, 1:46 PM EDT) -- A federal jury in Delaware found Friday that GlaxoSmithKline LLC and Glaxo Group Ltd. owe $89.7 million to UK-based Vectura Ltd. for infringing a single claim of a patent covering features...
why the fall today?
James & Paul were awarded approaching 2 mill shares today & I hope they make a very large amount of money from them as that would give we mere morals the chance of some profit & a gracious exit, eventually.
There is no posssibility of VEC making any kind of direct divi payments because the corporate governance accountancy rules forbid it.
Companies are barred from making divi payments whilst there are outstanding lossses (including any historical/legacy losses) yet to be cleared from the accounts. VEC will be continuing doing that for a few more years yet.
The only way companies in VEC's position can legally try to return value to their shareholders is by allocating distributal monies to share buy back schemes.
On the plus side, losing is fully assumed in the current price and even that result would end the uncertainty, likely giving a bounce. Any win, wizz......
Regardless, I am surprised the price has remained so low given the clear indication in the results of a special dividend, or possible commencement of dividends, in the apparent absence of M&A targets and the cash pile. This remains an incredible bargain at the moment taking a medium term perspective, in my view.
Trial is scheduled to begin on April 29, 2019.
https://law.justia.com/cases/federal/district-courts/delaware/dedce/1:2016cv00638/59932/272/
Click 'download PDF' to read.
just added a few more.
The write downs and headline loss are main news stories although cash and cash equivalents of £103.7m at the start of the year and then increasing to £108.2m seems to being missed, perhaps a buying opportunity is unfolding.
willhopefully result in a significant sp gain
Seems it's a similar to that which happened over the UK case. Some kind of legal summary prelim to the main event in order to to try have a 'no case to answer' judgement made. VEC lost in that in London and went on to also lose the main event. Thet appear to have won the prelim here so the signs look good. The main jury trial should now begin soon.
Conclusion from Memorandum opinion dated 18 March 2019
From Delaware court
IV. CONCLUSION
For the foregoing reasons, Plaintiffs motion for partial summary judgment is GRANTED and Defendants' motion for summary judgment of invalidity is DENIED.
An accompanying order will be entered.
Thanks Lindon - yes does appear that way, though exactly to what degree remains unclear to me!
Hopefully a set of strong results tomorrow (materially above market expectations, as the pre-close statement suggested), along with some positive litigation news with spring this back to where it should be! Fingers crossed for that.