Liquidia Reaches Global Settlement with United Therapeutics, Boosting Share Price

Liquidia Corp. (LQDA) announced a global settlement agreement with United Therapeutics Corp. (UTHR) that resolves all six pending litigation matters between the two companies.

The dispute mainly involved patent conflicts over Liquidia’s YUTREPIA inhaler and United Therapeutics’ treprostinil‑based therapies, together with antitrust claims concerning Treprostinil Injection.

The agreement follows a September 30, 2026 ruling by the U.S. District Court for the District of Delaware, which found two United Therapeutics patent claims valid and determined that Liquidia had infringed them.

Under the settlement, Liquidia will pay a net total of $380.7 million in installments through 2027. The company will continue to commercialize YUTREPIA for pulmonary arterial hypertension (PAH), ensuring patients retain access to the therapy.

YUTREPIA is an inhaled dry‑powder formulation of treprostinil used to treat PAH, a condition marked by elevated blood pressure in the lung arteries.

Financially, Liquidia will make an initial net payment of $175 million to United Therapeutics within 30 business days. This amount reflects United Therapeutics’ prior payments to Liquidia to settle antitrust litigation related to Treprostinil Injection.

Additionally, Liquidia will pay $145.4 million in two equal installments of $72.7 million, due on January 31, 2027 and April 30, 2027.

As part of the settlement, Liquidia has also entered into agreements with parties holding interests in the antitrust litigation concerning Treprostinil Injection, agreeing to pay an aggregate of $60.3 million this month to fully resolve those claims. Liquidia has terminated its promotional agreement tied to Treprostinil Injection and will no longer provide commercial support for that product.

Liquidia intends to fund these payments from ongoing YUTREPIA sales and its existing cash reserves.

Preliminary, unaudited third‑quarter 2026 results showed YUTREPIA net product sales of $222.7 million, contributing to total cash and cash equivalents of $396.1 million as of September 30, 2026.

“We expect to rebuild our cash position and finance our planned clinical studies without needing additional funding,” said Michael Kaseta, Chief Operating Officer and Chief Financial Officer.

Over the past year, LQDA shares have traded between $21.94 and $93.61. The stock closed Tuesday’s session at $26.81, down 3.11 %. In overnight trading, LQDA rose 46.10 % to $39.17.

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