Quidel To Pay $17M To Settle Inverness Patent Dispute

Law360, New York (April 27, 2005, 12:00 AM EDT) -- Medical device maker Quidel will pay rival Inverness Medical Innovations, Inc. $17 million plus royalties under a cross-licensing agreement to settle their far-reaching patent dispute over diagnostic tests.

Under the agreement, Quidel will take a license to Inverness patents that cover lateral flow technology for all diagnostic products other than for cardiology testing and for over-the-counter women's health products.

Inverness will receive a net payment of $17 million and net future royalties from Quidel at 8.5% of net revenues from products utilizing the licensed patents, the...
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