Video-capsule endoscopy developer Given Imaging has inked a deal with Olympus to settle patent litigation between the two firms.
The agreement includes worldwide cross-licenses under which each party receives a royalty-free license for the other's respective existing capsule endoscopy products. Both companies have also agreed not to sue each other on currently available medical device products, and agreed to release all past causes of action.
In addition, the agreement includes a cross-license under existing and future patents for future capsule endoscopy products, which may include royalty payments by either company at a rate determined through an agreed-upon mechanism, according to Given of Yoqneam, Israel.
The agreement also calls for Olympus of Tokyo to pay $2.3 million to Given and future cooperation by both companies in mutually beneficial joint market development projects.
The settlement will become final upon signing a formal written agreement. Other terms and conditions were not disclosed.
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