AngioDynamics settles litigation with Becton Dickinson

The company stated in an 8-K filing: “As previously disclosed, AngioDynamics (ANGO) and Becton, Dickinson and Company (BDX), C.R. Bard, Inc. and Bard Peripheral Vascular Inc. (collectively, “BD”) are involv ed in certain litigation in the United States District Court for the District of Delaware and the United States Court of Appeals for the Federal Circuit. On March 31, 2024, AngioDynamics and BD entered into a Settlement Agreement to resolve the Actions. Under the terms of the Settlement Agreement, BD will grant a license to AngioDynamics under certain of BD’s port patents and AngioDynamics will grant BD a license under certain of AngioDynamics’ catheter patents. AngioDynamics will make a one-time lump sum payment to BD in the amount of $7 million, $3 million of which will be payable within 5 business days, and the remainder of which will be payable in installments over the next 12 months. AngioDynamics will also make six minimum annual payments to BD of $2.5 million through February, 2029, and potential additional payments if six percent, 6%, of annual net sales of AngioDynamics’ port products exceed the minimum payment. The parties will participate in the pending appeal before the Federal Circuit of the case titled C.R. Bard, Inc. and Bard Peripheral Vascular, Inc. v. AngioDynamics, Inc. and a contingent payment of $3 million will be due from AngioDynamics to BD if the Federal Circuit reverses or vacates the District Court’s findings of invalidity with respect to the patent claims at issue in the case. The agreement contains mutual covenants not to sue and releases.”