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Arbutus Biopharma's shares fell 19% after the European Patent Office revoked one of its key patents, EP2279254. The decision raises uncertainty around the company's intellectual property portfolio and its leverage in future negotiations with Moderna. Arbutus retains a broader portfolio of patents, but investors reacted sharply to the immediate setback. The company ended Q3 with $93.7 million in cash and cash equivalents.

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