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Abbott Labs, Edwards Lifesciences settle patent dispute over heart valve products
Law Law Headlines News
Abbott Laboratories and Edwards Lifesciences Corp. said late Monday they settled a patent dispute with each other over certain heart valve repair products. The two medical device makers have been embroiled in a legal dispute for more than a year over whether Edwards's Pascal valve products infringe the patents of Abbott's MitraClip products. While both companies said details of the 10-year agreement were confidential, Edwards said it will book a one-time settlement expense in the June-ending quarter and will pay royalties to Abbott through May 2024. Abbott said it will receive a one-time payment and "ongoing payments" based on Pascal sales through 2025 along with a possible milestone payment in 2026.