(Corrects the first paragraph to indicate the federal court denied California's request to temporarily block the planned separation.)

Corteva (CTVA) said Thursday that a federal court denied California's request to temporarily block the planned separation of its seed business into a new publicly traded company, Vylor (VYLR).

In a separate announcement, Vylor said it completed its separation from Corteva and will begin trading as an independent public company on the New York Stock Exchange.

Corteva shares slumped 84% as intraday trading volume catapulted to nearly 63.5 million from a daily average of about 4.45 million.

Foghorn Therapeutics (FHTX) and Eli Lilly (LLY) have decided not to advance FHD-909 (LY4050784) into the clinical development expansion phase after reviewing clinical data from a phase 1 dose escalation trial.

Foghorn shares sank 20% as intraday trading volume soared to nearly 11.8 million from a daily average of roughly 380,000.

Paramount Skydance (PSKY) CEO David Ellison has asked CNN CEO Mark Thompson to continue after Paramount completes its acquisition of Warner Bros. Discovery (WBD), The Wall Street Journal reported Thursday, citing people familiar with the matter.

Paramount shares declined 8.4%, with intraday trading volume rising to over 29.4 million from a daily average of more than 15 million.