RaySearch and Siemens terminate development and licensing agreement

In May 2009 RaySearch Laboratories AB (publ.) (STO:RAYB) entered into a long-term development and licensing agreement with Siemens Healthcare. Under the agreement RaySearch provided a number of treatment planning modules for integration in Siemens' syngo® Suite for Oncology, which is Siemens' integrated workflow solution for radiation therapy.

RaySearch and Siemens have now agreed to terminate the development and licensing agreement and end the partnership.

Under the termination agreement, Siemens will pay RaySearch a onetime fee of approximately one million Euros and provide certain IP rights to RaySearch. This fee will be recognized in the fourth quarter of 2012 but the earnings impact will be lower due to a write-down of the capitalized development costs for the software that was developed specifically for Siemens and is not reusable in any other product.