Abbott announced that the company and Medtronic reached an agreement to settle all outstanding intellectual property litigation between the two parties.
Under the terms of the settlement, Medtronic will pay Abbott $400 million. The settlement also includes a mutual agreement not to pursue additional litigation on current and future vascular products, subject to specific conditions and time limits. Additional terms of the agreement were not disclosed.
The one-time impact of this settlement will be treated as a specified item in the third quarter earnings.