AngioDynamics Settles Multi-Year Patent Dispute with Becton Dickinson & Co
By Sabela Ojea
AngioDynamics entered a settlement agreement with Becton Dickinson & Co. to resolve multi-year patent litigation with its affiliate C.R. Bard.
Under the settlement, BD will grant a license to AngioDynamics under some of its port patents and AngioDynamics will grant BD a license under certain of AngioDynamics' catheter patents.
The provider of medical devices has agreed to pay a one-time lump sum payment to BD of $7 million and six minimum annual payments of $2.5 million, with potential additional payments if 6% of annual net sales of AngioDynamics' port products exceed the minimum payment.
"We are pleased to bring this long-standing litigation to a successful conclusion that will reduce our ongoing legal spend and lift a more than ten-year distraction to the Company," Chief Executive Jim Clemmer said.
Write to Sabela Ojea at sabela.ojea@wsj.com; @sabelaojeaguix
(END) Dow Jones Newswires
April 01, 2024 18:08 ET (22:08 GMT)
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