Sequenom (SQNM) Stock Spikes Following NIPT Patent Settlement With Illumina

NEW YORK (TheStreet) -- Sequenom (SQNM) shares are rising sharply, up 23.6% to $3.77 in trading on Wednesday, after the genetics analysis company settled its patent dispute with rival Illumina  (ILMN) over noninvasive prenatal testing (NIPT) products.

The two companies will pool their owned and in-licensed intellectual property as part of the settlement while Illumina will pay Sequenom $50 million up front with undisclosed payments to continue through to 2020.

Illumina will receive exclusive worldwide rights to utilize the pooled intellectual property as part of the settlement as well as the authority to provide third party laboratories with license to to develop and sell their own NIPT devices.

STOCKS TO BUY: TheStreet Quant Ratings has identified a handful of stocks that can potentially TRIPLE in the next 12 months. Learn more.

SQNM Chart SQNM data by YCharts

STOCKS TO BUY: TheStreet Quant Ratings has identified a handful of stocks that can potentially TRIPLE in the next 12 months. Learn more.

More from Markets

Hormel's Jennie-O Recalls 91,388 Pounds of Turkey on Salmonella Fears

Hormel's Jennie-O Recalls 91,388 Pounds of Turkey on Salmonella Fears

Pfizer Plans Price Hikes for 41 Drugs Next Year

Pfizer Plans Price Hikes for 41 Drugs Next Year

Nvidia Shares Tank as Analysts Cut Price Targets

Nvidia Shares Tank as Analysts Cut Price Targets

Homebuilder Stocks Rebound From Dip on Rate Hike Expectations

Homebuilder Stocks Rebound From Dip on Rate Hike Expectations

Dow Ends Higher on Dovish Trump Tariff Comments; Nasdaq Falls

Dow Ends Higher on Dovish Trump Tariff Comments; Nasdaq Falls