AngioDynamics Inc. announced that they have reached a settlement agreement with Becton, Dickinson and Company, also known as "BD", resolving all outstanding patent litigation with C.R. Bard Inc., a BD subsidiary. This agreement marks the end of a prolonged patent dispute between the two companies.
According to the terms of the settlement, BD will grant a license to AngioDynamics for some of BD's port patents. In return, AngioDynamics will grant BD a license for some of its catheter patents.
Presently, AngioDynamics will make a single payment of $7 million to BD. Of this amount, $3 million will be paid within the next five days, while the remaining balance will be remitted in installments over the following 12 months.
Additionally, AngioDynamics is obliged to make six annual minimum payments to BD of $2.5 million, which will continue through February 2029. If the annual net sales of AngioDynamics' port products surpass the minimum payment, further potential payments could be expected.
The companies will collaborate in the ongoing appeal with the Federal Circuit involving the case C.R. Bard Inc. and Bard Peripheral Vascular Inc. vs. AngioDynamics, Inc. There is a contingent payment of $3 million expected from AngioDynamics to BD, if the Federal Circuit overturns or voids the District Court's invalidity findings concerning the patent claims in the case. Both companies have agreed on a mutual covenant not to sue and releases are included in the agreement.
