Medtronic, Inc. (Medtronic) announced global resolution of all outstanding intellectual property litigation with Abbott Laboratories (Abbott). As part of settlement agreement, Medtronic will pay $400 milion to Abbott. The company will also pay $42 million to evYsio Medical Devices LLC, as part of a Medtronic sub-license to Abbott of the evYsio stent design technology.
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.
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.