AngioDynamics Settles All Patent Litigation With C.R. Bard

(RTTNews) - AngioDynamics Inc. (ANGO) said that it has reached a settlement agreement with Becton, Dickinson and Company or "BD" to resolve all outstanding patent litigation with C.R. Bard Inc., an affiliate of BD. The agreement concludes a multi-year patent dispute between the companies.

As per the terms of the settlement, BD will grant a license to AngioDynamics under certain of BD's port patents and AngioDynamics will grant BD a license under certain of AngioDynamics' catheter patents.

AngioDynamics will make a one-time lump sum payment to BD in the amount of $7 million, $3 million of which will be paid within five days and the balance of which will be payable of installments over the next 12 months.

AngioDynamics will also make six minimum annual payments to BD of $2.5 million through February 2029, and potential additional payments if six percent of annual net sales of AngioDynamics' port products exceed the minimum payment.

The companies will participate in the pending appeal before the Federal Circuit of the case titled C.R. Bard Inc. and Bard Peripheral Vascular Inc. v. AngioDynamics, Inc. and a contingent payment of $3 million will be due from AngioDynamics to BD if the Federal Circuit reverses or vacates the District Court's findings of invalidity with respect to the patent claims at issue the case. The agreement contains mutual covenants not to sue and releases.