Edwards Lifesciences Corporation (NYSE: EW), the global leader in patient-focused innovations for structural heart disease and critical care monitoring, today announced that it has reached an agreement with Abbott to settle all outstanding patent disputes between the companies in cases related to transcatheter mitral and tricuspid repair products. Edwards considers this agreement a positive development, as it allows the company to fully dedicate time and resources to helping patients.
The agreement will result in the dismissal of all pending cases or appeals in courts and patent offices worldwide, and includes a provision that the parties will not litigate patent disputes with each other in the field of transcatheter mitral and tricuspid repair and replacement products for the 10-year duration of the agreement. Any injunctions currently in place will be lifted.
In connection with this agreement, Edwards will record a one-time settlement expense in the quarter ended June 30, 2020. In addition, Edwards will incur royalty expenses through May 2024.
Details of the settlement are confidential.