by Lynn Shapiro
, Writer | August 07, 2009
As reported in DOTmed News, Medtronic will pay Abbott Laboratories $400 million as part of a settlement to resolve all outstanding intellectual property litigation over the companies' coronary stents. Adelle Infante, Abbott's manager of external communications, spoke to DOTmed News about it.
Under the settlement, each company has agreed not to sue the other in the field of coronary stent and stent delivery systems for at least 10 years, according to a statement from Medtronic. The agreement includes a $42 million payment to evYsio Medical Devices as part of a Medtronic sublicense to Abbott of evYsio technology.
"We are pleased with the settlement as it allows us to focus our efforts on competing in the marketplace and on developing innovative treatments for patients," Infante told DOTmed. "We were plaintiffs in some cases and they were plaintiffs in other cases," she says.
The continuous litigation was a draining process: expensive, time-consuming and had put a cloud over both companies' stock. Now, the two rivals can get back to business.
Source: Abbott Labs, Medtronic
Read more on DOTmed:
Abbott Will Receive $400 Million Settlement From Medtronic