4th Jul 2005 17:23
Smiths Group PLC04 July 2005 Smiths Medical settles Cozmo Pump litigation Smiths Group announces that Smiths Medical has entered into a cross-licensingagreement with Medtronic MiniMed Inc. The agreement terminates all pendinglitigation between the companies relating to the Deltec Cozmo (R) insulin pump,and confirms that no changes are required to the design of the pump, which isone of a range of innovative products driving the growth of Smiths Medical. Under the terms of the agreement Smiths will make an initial payment toMedtronic and will pay a royalty on future sales of the current model. The costs of the settlement will be treated as an exceptional charge in SmithsGroup's 2005 Accounts. Subject to audit, this charge is expected to be no morethan £15 million. The impact of this settlement on the future profits of SmithsMedical is unlikely to be material. -o- Media: Investors:Chris Fox Russell Plumley+44 (0) 20 8457 8403 +44 (0) 20 8457 [email protected] [email protected] This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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