EQS Group-Ad-hoc: Medacta Group SA / Key word(s): Agreement
Press Release - Ad-hoc announcement pursuant to Art. 53 LR
Medacta Group SA announces the final settlement in the Microport case
CASTEL SAN PIETRO, 13 July 2021 - With reference to its media release of February 19, 2020 and note 6.24 of its 2020 Financial Statements, Medacta Group SA ("Medacta", SIX:MOVE) announces today that its subsidiary Medacta USA, Inc. and Medacta International SA have entered into an agreement with MicroPort Orthopedics, a subsidiary of MicroPort Scientific Corporation, to settle a suit accusing of patent infringement and tortious interference with contract. The settlement also resolves MicroPort's claims against its former distributor, Advanced Surgical Devices, Inc. Accordingly, all matters referred to as "the Microport Matter" in note 6.24 of the 2020 Financial Statements are fully, finally and completely settled.
According to the agreement, Medacta USA will pay to MicroPort Inc. the sum of $7 million by five days after the signature of the agreement, the sum of $5 million over a term of seven years. In addition, the settlement agreement contemplates the contribution by Medacta of marketing activities in a low single digit amount over a period of four years.
End of ad hoc announcement
|Company:||Medacta Group SA|
|6874 Castel San Pietro|
|Phone:||+41 91 696 6060|
|Listed:||SIX Swiss Exchange|
|EQS News ID:||1217998|
|End of Announcement||EQS Group News Service|
1217998 13-Jul-2021 CET/CEST