News: Smith & Nephew Receives $99 Million Patent Infringement Payment from Arthrex
LONDON, June 17, 2015 /PRNewswire/ -- Smith & Nephew (NYSE: SNN; LSE: SN), the global medical technology business, announced that it has received payment in connection with the recent affirmation by the U.S. Court of Appeals for the Federal Circuit of a $95 million patent infringement judgment against Arthrex, Inc., (Naples, Fla).
Although Arthrex continues to challenge some rulings in the case through appellate courts, Arthrex paid $99 million in satisfaction of the judgment, which includes $4 million in costs and interest payments. Net of various expenses, Smith & Nephew expects to recognize more than half of this amount in its Q2 Trading Report.
The patent in question (which is now expired) pertains to fundamental technology used to implant suture anchors to surgically reattach soft tissue to bone. It is owned by Dr. John O. Hayhurst of Portland, Ore. and exclusively licensed to Smith & Nephew.
The case was first filed in 2004. This latest appeal by Arthrex was from a 2013 U.S. District Court ruling.
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