4 July 2005
Smiths Group announces that Smiths Medical has entered into a cross-licensing agreement with Medtronic MiniMed Inc. The agreement terminates all pending litigation between the companies relating to the Deltec Cozmo ® insulin pump, and confirms that no changes are required to the design of the pump, which is one of a range of innovative products driving the growth of Smiths Medical.
Under the terms of the agreement Smiths will make an initial payment to Medtronic 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 Smiths Group's 2005 Accounts. Subject to audit, this charge is expected to be no more than £15 million. The impact of this settlement on the future profits of Smiths Medical is unlikely to be material.
ENDS
General media enquiries
Contact our global media and communications team at:
Please note – the press team can only answer enquiries from accredited members of the press.
Related articles
Smiths Detection secures deal to supply systems to major cruise lines
Find out more
Smiths Interconnect expands EMEA cable harness production capacity
Smiths Interconnect, announces the expansion of its cable harness production capacity at its facility in Tunisia, an investment for growth in support of all its EMEA production sites.
Find out more
Smiths Detection accelerates AI security offering with BigBear.ai collaboration
Read our company news as Smiths Detection accelerates its AI security offering with BigBear.ai
Find out more
