AngioDynamics Announces Settlement of All Patent Litigation with C.R. Bard, Inc.
April 01 2024 - 5:26PM
Business Wire
AngioDynamics, Inc. (NASDAQ: ANGO), a leading and transformative
medical technology company focused on restoring healthy blood flow
in the body’s vascular system, expanding cancer treatment options
and improving patient quality of life, today announced that it has
entered into a settlement agreement with Becton, Dickinson and
Company (“BD”) to resolve all outstanding patent litigation with
C.R. Bard, Inc., an affiliate of BD.
Under the terms of the settlement, BD will grant a license to
AngioDynamics under certain of BD’s port patents and AngioDynamics
will grant BD a license under certain of AngioDynamics’ catheter
patents. AngioDynamics will make a one-time lump sum payment to BD
in the amount of $7 million, $3 million of which will be paid
within five days and the balance of which will be payable of
installments over the next 12 months.
AngioDynamics will also make six minimum annual payments to BD
of $2.5 million through February 2029, and potential additional
payments if six percent (6%) of annual net sales of AngioDynamics’
port products exceed the minimum payment. The parties will
participate in the pending appeal before the Federal Circuit of the
case titled C.R. Bard, Inc. and Bard Peripheral Vascular, Inc. v.
AngioDynamics, Inc. (C.A. 15-00218–JFB; and CAFC appeal No.
23-2056) and a contingent payment of $3 million will be due from
AngioDynamics to BD if the Federal Circuit reverses or vacates the
District Court’s findings of invalidity with respect to the patent
claims at issue the case. The agreement contains mutual covenants
not to sue and releases. Neither party admitted any liability in
connection with the settlement agreement.
The agreement concludes a multi-year patent dispute between the
parties.
“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,” commented
Jim Clemmer, President and Chief Executive Officer of
AngioDynamics, Inc. “The settlement essentially allows us to spread
what would have been two years of future legal fees over the course
of six years. Today’s settlement also provides us with additional
clarity and certainty and enables our team to remain focused on our
top priorities – driving innovation and profitable growth in
attractive end markets and delivering value to our
shareholders.”
About AngioDynamics, Inc.
AngioDynamics is a leading and transformative medical technology
company focused on restoring healthy blood flow in the body’s
vascular system, expanding cancer treatment options and improving
patient quality of life.
The Company’s innovative technologies and devices are chosen by
talented physicians in fast-growing healthcare markets to treat
unmet patient needs. For more information, visit
www.angiodynamics.com.
Safe Harbor
This release contains forward-looking statements within the
meaning of the Private Securities Litigation Reform Act of 1995.
All statements regarding AngioDynamics’ expected future financial
position, results of operations, cash flows, business strategy,
budgets, projected costs, capital expenditures, products,
competitive positions, growth opportunities, plans and objectives
of management for future operations, as well as statements that
include the words such as “expects,” “reaffirms,” “intends,”
“anticipates,” “plans,” “believes,” “seeks,” “estimates,”
“projects,” “optimistic,” or variations of such words and similar
expressions, are forward-looking statements. These forward-looking
statements are not guarantees of future performance and are subject
to risks and uncertainties. Investors are cautioned that actual
events or results may differ materially from AngioDynamics’
expectations, expressed or implied. Factors that may affect the
actual results achieved by AngioDynamics include, without
limitation, the scale and scope of the COVID-19 global pandemic,
the ability of AngioDynamics to develop its existing and new
products, technological advances and patents attained by
competitors, infringement of AngioDynamics’ technology or
assertions that AngioDynamics’ technology infringes the technology
of third parties, the ability of AngioDynamics to effectively
compete against competitors that have substantially greater
resources, future actions by the FDA or other regulatory agencies,
domestic and foreign healthcare reforms and government regulations,
results of pending or future clinical trials, overall economic
conditions (including inflation, labor shortages and supply chain
challenges including the cost and availability of raw materials),
the results of on-going litigation, challenges with respect to
third-party distributors or joint venture partners or
collaborators, the results of sales efforts, the effects of product
recalls and product liability claims, changes in key personnel, the
ability of AngioDynamics to execute on strategic initiatives, the
effects of economic, credit and capital market conditions, general
market conditions, market acceptance, foreign currency exchange
rate fluctuations, the effects on pricing from group purchasing
organizations and competition, the ability of AngioDynamics to
obtain regulatory clearances or approval of its products, or to
integrate acquired businesses, as well as the risk factors listed
from time to time in AngioDynamics’ SEC filings, including but not
limited to its Annual Report on Form 10-K for the year ended May
31, 2023. AngioDynamics does not assume any obligation to publicly
update or revise any forward-looking statements for any reason.
AngioDynamics, the AngioDynamics logo and Auryon are trademarks
and/or registered trademarks of AngioDynamics, Inc., an affiliate
or subsidiary. All other trademarks are property of their
respective owners.
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version on businesswire.com: https://www.businesswire.com/news/home/20240401305298/en/
Investor Contact: Stephen Trowbridge Executive Vice
President & CFO 518-795-1408 strowbridge@angiodynamics.com
Media Contact: Saleem Cheeks Vice President,
Communications 518-795-1174 scheeks@angiodynamics.com
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