Moderna Drops as It Loses Appeals on Arbutus Patents (1)

(Updates to add share price move in the headline and first paragraph.)

Moderna drops as much as 8.1% after the U.S. Court of Appeals for the Federal Circuit affirmed a patent review board’s findings that upheld parts of two Arbutus patents on drug-delivery technology because Moderna has no standing to appeal.

• Moderna had argued the patents should be invalidated because they could make its Covid-19 vaccine vulnerable to infringement suits
• The opinion was issued Wednesday by a three-judge panel of the appeals court in Washington
• The patents cover lipid nanoparticles -- tiny balls of fat that protect genetic material as ...