Liquidia Surges 42% After $380.7M Deal Ends Years of Legal Conflict With United Therapeutics

Liquidia Corporation shares rocketed 42% on October 14 after the company announced a $380.7 million settlement with United Therapeutics that resolves the prolonged patent and antitrust litigation surrounding YUTREPIA, Liquidia's inhaled treprostinil therapy for pulmonary arterial hypertension. The deal clears the most significant legal overhang on Liquidia's commercial ambitions for YUTREPIA, which had been blocked or constrained by United Therapeutics' patent infringement suits dating back to March 2020. The stock closed around $38.30 on the day, up from roughly $26.81 the session prior.

In a separate development, Pharming Group reported positive topline results from a Phase II study evaluating leniolisib in patients with genetically identifiable primary immunodeficiencies associated with immune dysregulation linked to altered PI3Kdelta signaling. Leniolisib was generally well-tolerated and showed clinical improvements across multiple measures of immune dysregulation, including reductions in lymphoproliferation. Pharming said the data were accepted as a late-breaking abstract at ESID 2026, and the company separately expects to report topline results from a Phase II trial of leniolisib in common variable immunodeficiency in the fourth quarter of 2026.

Also notable, Zevra Therapeutics president and CEO Neil F. McFarlane sold approximately $224,948 worth of company stock on October 10, as disclosed in a Form 4 filing. Directors at AN2 Therapeutics, Kabeer Aziz and Gilbert Lynn Marks, also filed Form 4 disclosures covering transactions on October 12.