* Medtronic, Abbott agree not to sue each other again
* Medtronic says it will take Q1 charge for settlement
(Adds details of agreement)
CHICAGO, July 27 Medtronic Inc (MDT.N) said on
Monday it would pay $400 million to Abbott Laboratories Inc(ABT.N) as part of an agreement to settle a legal dispute over
heart stent technology.
The settlement resolves all outstanding intellectual
property litigation between the two medical device makers, who
agreed not to sue each other again in the area of coronary
stent and stent delivery systems for at least 10 years.
Medtronic said it will also pay $42 million to evYsio
Medical Devices as part of a sublicense to Abbott of evYsio's
Stents are wire-mesh tubes inserted into clogged arteries
to improve blood flow.
Medtronic said it expects to report a special charge
against its first-quarter financial results for the settlement
(Reporting by Susan Kelly, editing by Gerald E. McCormick)