Abbott, Edwards Lifesciences Settle Heart Medical Device Patent Dispute
July 13 2020 - 5:52PM
Dow Jones News
By Kimberly Chin
Abbott Laboratories and Edwards Lifesciences Corp. on Monday
agreed to settle all outstanding patent disputes related to heart
valve repair products.
The dispute was over whether Edwards' Pascal transcatheter valve
repair system operated in a similar way to Abbott's MitraClip
product and infringed on Abbott's patents.
Abbott will receive a one-time payment as part of the
settlement, and Edwards said it will incur a one-time expense in
the quarter ended in June. Abbott will also receive ongoing
payments on Pascal sales through 2025, as well as a possible
sales-milestone payment in 2026. Edwards said it will incur royalty
expenses through May 2024.
The details of the agreement were confidential, the companies
said.
Write to Kimberly Chin at kimberly.chin@wsj.com
(END) Dow Jones Newswires
July 13, 2020 17:37 ET (21:37 GMT)
Copyright (c) 2020 Dow Jones & Company, Inc.
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