Illumina gains on Affymetrix settlement
Illumina (NASDAQ:ILMN) gained $9.57 (16%) to $70.02 on Thursday after the microarray and genetic services company agreed to pay Affymetrix (NASDAQ:AFFX) $90 million to resolve the companies' patent litigation relating to methods and apparatuses for analyzing unknown polymer sequences using microarrays of known polymer sequences. Illumina will make the one-time payment, without admitting liability, and Affymetrix will dismiss all lawsuits brought against Illumina and grant Illumina and its customers a perpetual covenant not to sue for making, using or selling any of Illumina's current products, evolutions of those products or related services. Additionally, Affymetrix also agreed not to sue Illumina for four years for making, using or selling products or services that are based on future technology developments. Illumina will dismiss all counterclaims. Affymetrix was down $1.14 to $22.62. ...