Align Settles Orthodontics Patent War In $90M Deal
Law360 (August 17, 2009, 12:35 PM EDT) -- Align Technology Inc. and Ormco Corp. have agreed to settle all pending patent litigation in a cash-and-stock deal worth approximately $90 million and will launch a collaborative effort to develop a new orthodontic product, the companies announced Monday.
As part of the settlement, Align, the maker of clear orthodontic braces called Invisalign, will make a cash payment of approximately $13 million to Ormco and issue approximately 7.6 million shares of Align's common stock to Ormco's parent, Danaher Corp., which after issuances will be equal to approximately 10 percent ownership interest in Align.
Align said in a statement Monday that based on...
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