Liquidia（LQDA.O）股价周三盘前交易中飙升近40%，此前该药企与United Therapeutics（UTHR.O）就其肺病药物达成了多年法律纠纷的和解。
Liquidia (LQDA.O) shares jumped nearly 40% in premarket trading on Wednesday after the drugmaker settled a years-long legal dispute with United Therapeutics (UTHR.O) over its lung disease drug.
该和解于周二晚间宣布，终结了围绕Liquidia的Yutrepia（一种吸入性干粉形式的treprostinil药物）的专利、商业秘密、合同及反垄断索赔的六起诉讼。
The settlement, announced late on Tuesday, ends six lawsuits over patents, trade secrets, contracts and antitrust claims related to Liquidia's Yutrepia, an inhaled dry-powder form of the drug treprostinil.
Yutrepia获批用于治疗肺动脉高压（PAH）和与间质性肺病相关的肺高压（PH-ILD），并在市场上与United Therapeutics的Tyvaso竞争。
Yutrepia is approved to treat pulmonary arterial hypertension (PAH) and pulmonary hypertension linked to interstitial lung disease (PH-ILD), and competes in the market with United Therapeutics' Tyvaso.
作为和解的一部分，Liquidia将停止推广其药物用于PH-ILD，但将继续用于PAH的销售。此外，Liquidia还将通过分期付款方式在2027年前向United Therapeutics支付约3.807亿美元。
As part of the settlement, Liquidia will stop promoting its drug for PH-ILD, but will keep selling it for PAH. It will also pay United Therapeutics about $380.7 million in installments through 2027.
“我们预计将通过Yutrepia的持续销售及手头现金来支付上述款项，”首席财务官Michael Kaseta表示。
"We expect to fund the outlined payments from the ongoing sales of Yutrepia and cash on hand," Chief Financial Officer Michael Kaseta said.
该协议消除了Liquidia的一项主要法律风险。该公司股价因上月不利的法院裁决而曾跌失超过一半的价值；同时，该和解也削弱了United Therapeutics的Tyvaso在市场上的竞争压力。
The deal removes a major legal risk for Liquidia, whose shares had lost more than half their value after an adverse court ruling last month, while narrowing the competition for United Therapeutics' Tyvaso.
“随着法律压力的消除，我们现在认为Liquidia主要是PAH领域Yutrepia增长的故事，标签扩展带来的上升空间以及L606带来的显著管线机遇将进一步提升其价值，”Jefferies分析师Manoj Eradath表示。L606是Liquidia正在后期开发的实验性肺病药物。
"With the legal overhang removed, we now view Liquidia primarily as a Yutrepia growth story in PAH, with upside from label expansion plus significant pipeline opportunities from L606," Jefferies analyst Manoj Eradath said. L606 is Liquidia's experimental lung disease drug, currently in late-stage development.
Liquidia表示，将不再上诉该裁决，并已请求美国食品药品监督管理局（FDA）从Yutrepia的说明书中删除PH-ILD适应症。
Liquidia will not appeal the ruling and has asked the US Food and Drug Administration to remove PH-ILD from Yutrepia's label, the drugmaker said.
J.P. Morgan分析师Jessica Fye表示，虽然该结果符合投资者预期，但约3.8亿美元的付款对United Therapeutics而言是“超出预期”的。
J.P. Morgan analyst Jessica Fye said while the outcome was on par with investor expectations, the roughly $380 million payment was "better than expected" for United Therapeutics.
Jefferies分析师Roger Song表示，该和解有望提升对Tyvaso在PH-ILD领域未来增长的可见性。
The settlement would likely improve visibility into future Tyvaso growth in PH-ILD, Jefferies analyst Roger Song said.
联合疗法公司在一份监管文件中表示，利奇迪亚将终止研究肺动脉高压伴间质性肺病（PH-ILD）的试验队列，并作为和解的一部分停止发布相关数据。
United Therapeutics said in a regulatory filing that Liquidia would terminate trial cohorts studying PH-ILD and cease publication of related data as part of the settlement.