Kensey Nash, St. Jude settle royalty dispute
(Reuters) - Medical device maker Kensey Nash Corp KNSY.O said it entered into a settlement agreement with St. Jude Medical Inc (STJ.N), resolving a royalty-related dispute on its vascular closure device.
Kensey will receive $39 million from St. Jude, payable in 12 quarterly payments starting March 31, Kensey said in a statement on Friday.
For 2012, the company also forecast earnings per share of $1.51 to $1.55, on revenue of $87.9 million to $89.1 million.
In March 1999, St. Jude acquired the license for Angio-Seal, which was originally developed by Kensey.
The device helps to quickly seal femoral artery punctures following catheterization procedures, allowing for early hospital discharge.
Shares of Kensey closed at $24.59 on Friday on the Nasdaq.
(Reporting by Kavyanjali Kaushik in Bangalore; Editing by Supriya Kurane)
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