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June 30, 2014
07:43 EDTPODD, BDXInsulet enters settlement and license agreement with Becton Dickinson
Insulet disclosed in a regulatory filing Friday night that on June 23 the company entered into a settlement and license agreement with Becton, Dickinson and Company (BDX) to settle the pending patent infringement lawsuit brought by BD against the company. In exchange for a release of claims, covenant not to sue and license to the patents in suit from BD, the settlement agreement provides that the company will make a one-time payment of $5M to BD and give BD a license to a single company patent relating to an environmental seal for a fluid delivery device. In addition to the settlement payment, it is expected that the company’s legal and other expenses associated with the lawsuit will be up to approximately $2.0M in the second quarter. Following the company’s payment of the settlement payment, the parties will promptly move to dismiss the pending lawsuit by BD, Insulet noted.
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