Medtronic Inc. said Monday it agreed to pay Abbott Laboratories $400 million to settle patent lawsuits related to the design of artery-opening stents, some of the most lucrative medical devices marketed by either company.
The two companies agreed not to sue each other for at least 10 years over matters related to stents, which are mesh metal tubes used to prop open arteries that have been cleared of fatty plaque. Medtronic said it will take an unspecified charge in its fiscal first quarter. Medtronic will also make a $42 million payment to privately held evYsio Medical Devices, as part of a sublicense to Abbott of evYsio’s stent design.
