Healthcare Industry News: drug-eluting stent
News Release - July 27, 2009
Medtronic and Abbott Laboratories Resolve Global Vascular Patent Disputes
MINNEAPOLIS--(HSMN NewsFeed)--Medtronic, Inc. (NYSE:MDT ) today announced global resolution of all outstanding intellectual property litigation with Abbott Laboratories.Terms of the agreement stipulate that neither party will sue each other in the field of coronary stent and stent delivery systems for a period of at least 10 years, subject to certain conditions. The agreement includes a $400 million settlement payment to be made to Abbott and also results in a $42 million success payment to evYsio Medical Devices, LLC, as part of a Medtronic sublicense to Abbott of the evYsio stent design technology. In connection with the settlement, Medtronic expects to report in its first quarter financial results a special charge to be calculated in accordance with generally accepted accounting principles.
Following the resolution of these disputes with Abbott, Medtronic has now resolved or settled substantially all intellectual property litigation affecting the stent design and stent delivery systems of its bare metal and drug-eluting stent franchise. As a result, Medtronic will now focus more resources on efforts to improve health care for patients with vascular disease.
About Medtronic
Medtronic, Inc. (www.medtronic.com), headquartered in Minneapolis, is the global leader in medical technology – alleviating pain, restoring health and extending life for millions of people around the world.
Any forward-looking statements are subject to risks and uncertainties such as those described in Medtronic’s Annual Report on Form 10-K for the year ended April 24, 2009. Actual results may differ materially from anticipated results.
Source: Medtronic
Issuer of this News Release is solely responsible for its
content.
Please address inquiries directly to the issuing company.
Related News Items
Medtronic appoints Thierry Piéton as Chief Financial OfficerMedtronic Achieves CE Mark Approval for BrainSense Adaptive Deep Brain Stimulation and Electrode Identifier, a Groundbreaking Advance In Personalized, Sensing-Enabled Care for People with Parkinson's Through Innovative Brain-Computer Interface Technology
Medtronic Receives FDA Clearance for New InPen(TM) App, Paving the Way for its Smart MDI System Launch with Simplera(TM) CGM
