ABBOTT PARK, Ill., July 27 /PRNewswire-FirstCall/ -- Abbott (NYSE: ABT) announced today a settlement resolving all outstanding intellectual property litigation between the two parties.
Under the terms of the settlement, Medtronic will pay Abbott $400 million. The settlement also includes a mutual agreement not to pursue additional litigation on current and future vascular products, subject to specific conditions and time limits. Additional terms of the agreement were not disclosed.
The one-time impact of this settlement will be treated as a specified item in the third quarter earnings.
Abbott is a global, broad-based health care company devoted to the discovery, development, manufacture and marketing of pharmaceuticals and medical products, including nutritionals, devices and diagnostics. The company employs more than 72,000 people and markets its products in more than 130 countries.
Abbott's news releases and other information are available on the company's Web site at www.abbott.com.
Copyright©2009 PR Newswire.
All rights reserved