By Kimberly Chin
Abbott Laboratories and Edwards Lifesciences Corp. on Monday agreed to settle all outstanding patent disputes related to heart valve repair products.
The dispute was over whether Edwards' Pascal transcatheter valve repair system operated in a similar way to Abbott's MitraClip product and infringed on Abbott's patents.
Abbott will receive a one-time payment as part of the settlement, and Edwards said it will incur a one-time expense in the quarter ended in June. Abbott will also receive ongoing payments on Pascal sales through 2025, as well as a possible sales-milestone payment in 2026. Edwards said it will incur royalty expenses through May 2024.
The details of the agreement were confidential, the companies said.
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