Align Technology and Straumann Group Settle Global ClearCorrect Patent Disputes and Sign Non-Binding Letter of Intent for Str...
March 28 2019 - 5:00PM
Align Technology, Inc. (NASDAQ: ALGN) and Straumann Group (SIX:
STMN) announced today that they have reached an agreement to settle
all currently outstanding patent disputes in the U.S., the U.K. and
Brazil, including those involving ClearCorrect, a subsidiary of
Straumann Group. Under the terms of the settlement, Straumann will
pay Align $35 million.
Align and Straumann also signed a non-binding
letter of intent for a 5-year global development and distribution
agreement whereby Straumann would distribute 5,000 iTero Element
scanners which would be fully integrated into the Straumann/Dental
Wings CARES®/DWOS® workflow. This device would offer users access
to the Straumann CARES digital workflow, Straumann’s CoDiagnostix
guided implant surgery and ClearCorrect, in addition to the
Invisalign workflow. Additionally, the parties are considering
exploring the possibility of offering existing iTero users access
to Straumann’s prosthetic and surgical planning workflows.
If for any reason the companies choose not to
enter into the development and distribution agreement within 90
days of the Settlement Agreement’s effective date, Straumann will
pay Align an additional $16 million in lieu of the development and
distribution agreement. Other terms of the settlement agreement are
confidential.
“This agreement brings an end to a series of
patent disputes and allows both Align and Straumann to avoid the
expense, uncertainty and distraction of continued litigation,” said
Roger George, Align Technology senior vice president and general
counsel. “We can now turn our attention to the potential of an
exciting new channel for iTero scanners and a digital integration
partner in Straumann, recognized as a world leader in digital
dentistry.”
About Align Technology,
Inc.Align Technology designs and manufactures the
Invisalign® system, the most advanced clear aligner system in the
world, and iTero® intraoral scanners and services. Align's products
help dental professionals achieve the clinical results they expect
and deliver effective, cutting-edge dental options to their
patients. Visit www.aligntech.com for more information.
For additional information about the Invisalign
system or to find an Invisalign doctor in your area, please visit
www.invisalign.com. For additional information about the iTero
digital scanning system, please visit www.itero.com.
About StraumannThe Straumann
Group (SIX: STMN) is a global leader in tooth replacement and
orthodontic solutions that restore smiles and confidence. It unites
global and international brands that stand for excellence,
innovation and quality in replacement, corrective and digital
dentistry, including Straumann, Neodent, Anthogyr, Medentika,
ClearCorrect, Dental Wings, and other fully/partly owned companies
and partners. In collaboration with leading clinics, institutes and
universities, the Group researches, develops, manufactures and
supplies dental implants, instruments, CADCAM prosthetics,
biomaterials and digital solutions for use in tooth replacement and
restoration or to prevent tooth loss.
Headquartered in Basel, Switzerland, the
Straumann Group currently employs more than 6000 people worldwide
and its products, solutions and services are available in more than
100 countries through a broad network of distribution subsidiaries
and partners.
Align Technology |
|
Ethos Communication |
Madelyn Homick |
|
Shannon Mangum
Henderson |
(408) 470-1180 |
|
(678) 417-1767 |
mhomick@aligntech.com |
|
align@ethoscommunication.com |
Align Technology (NASDAQ:ALGN)
Historical Stock Chart
From Mar 2024 to Apr 2024
Align Technology (NASDAQ:ALGN)
Historical Stock Chart
From Apr 2023 to Apr 2024