Investors Eye Patents After ‘Extraordinary’ Damage Awards Run

A series of head-turning damages awards in patent infringement cases against companies including Cisco Systems Inc. and Apple Inc. may spur additional investment in intellectual property portfolios.

Centripetal Networks Inc. was awarded $1.9 billion last month after a Virginia district court judge found Cisco copied patented cybersecurity features. Centripetal said the award may climb as high as $3.25 billion with additional royalties, although Cisco has asked for a new trial.

The award is one of several initial damages awards topping $100 million—and totaling over $5 billion—that have been issued during the past 12 months. Jurors said Apple and Broadcom Inc. ...