Medtronic Settles With Abbott for $400M

(CN) – Medtronic says it will pay $400 million to Abbott Laboratories to settle patent lawsuits involving coronary stents and stent delivery systems.

     Medtronic also will pay $42 million to evYsio Medical Devices, and Medtronic and Abbott agreed not to sue each other for 10 years over coronary stent and stent delivery systems.
     Medtronic said the settlement wraps up all outstanding coronary stent suits between Medtronic and Abbott, dating back to 1998 and including some filed in Europe. Metronic and Abbott sell drug-coated stents, which became one of the fastest-selling medical devices in recent history when they were brought to the market in 2003.

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