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Universal Display +23.8% on LG Display deal

Universal Display (NASDAQ:OLED) has struck an OLED patent licensing deal with LG Display (NYSE:LPL) that runs through the end of 2022. Universal will also supply LG with phosphorescent OLED materials.
The licensing deal features license fees and running royalties. Universal CEO Steven Abramson: "We are excited to enter into these agreements with our long-term partner LG Display, a global technology innovator who is leading the charge for OLED TVs, evidenced by its recent CES showcase of new 4K models ranging from 55, 65 and 77 in flexible, curved and flat form factors."
Depending on LG's production ramp, the deal could lower Universal's dependence on top customer Samsung, which recently opted not to use Universal's host materials in new hardware. Universal has risen to $35 in premarket trading.