Kensey Nash Corporation (KNSY) Settles Angio-Seal License Disputes With St. Jude Medical (STJ)
3/19/2012 7:50:31 AM
Kensey Nash Corp. (KNSY: News ) announced that it has entered into a settlement agreement with St. Jude Medical Inc. (STJ: News ) which resolves all disputes between the two companies relating to the Angio-Seal vascular closure device licenses, as well as other related claims. As part of the settlement agreement, the companies also agreed to extend their collagen supply agreement through 2017 and expand the minimums to be provided over the contract term to five million units. As per the terms of the agreement, Kensey Nash will receive $39 million from St. Jude, payable in 12 equal quarterly payments beginning March 31, 2012, in lieu of all future royalties for the Angio-Seal and all other related claims.