Pillcam developer Given Imaging Ltd. (Nasdaq: GIVN; TASE: GIVN) reported that it signed a final settlement agreement with Olympus Corp., ending patent litigation between the two companies.
In April, Given said it reached a settlement with Olympus related to capsule endoscopy products sold in the U.S. Given said the settlement calls for all past legal actions to be dropped and including a deal to not file lawsuits over current products.
Each company will receive a cross license, related to future pill-sized cameras.
As part of the deal, Olympus will also pay Given $2.33 million. Given said it will review the tax consequences of the payment, and if necessary, will revise 2008 fiscal-year earnings guidance when it releases its second-quarter results.
Given shares rose 4.1% to $16 in Nasdaq trading yesterday, reflecting a market cap of $468 million.
Published by Globes [online], Israel business news - www.globes-online.com - on June 18, 2008
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