Abbott and Medtronic Reach Agreement on Global Patent Disputes
July 27, 2009
Abbott Park, Illinois (NYSE: ABT) - Abbott announced today a settlement resolving all outstanding intellectual property litigation between the two parties.
Under the terms of the settlement, Medtronic will pay Abbott $400 million. The settlement also includes 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.
The one-time impact of this settlement will be treated as a specified item in the third quarter earnings.
Abbott (NYSE: ABT) 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.