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Abbott Will Receive $400 Million Settlement From Medtronic

by Joan Trombetti, Writer | July 27, 2009
Abbott and Medtronic
put to rest IP quarrel
Abbott has announced a settlement with Medtronic resolving all outstanding intellectual property litigation between the two parties. The terms of the settlement include a payment of $400 million to Abbott by Medtronic and a mutual agreement not to pursue additional litigation on current and future vascular products, subject to specific conditions and time limits.

Additional terms of the agreement were not disclosed.

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Abbott is a global, broad-based health care company devoted to the discovery, development, manufacture and marketing of pharmaceuticals and medical products, including nutritionals, devices and diagnostics. The company employs more than 72,000 people and markets its products in more than 130 countries.

Abbott's news releases and other information are available on the company's Web site at www.abbott.com.