Apr 28 2010
Synergetics USA, Inc., (NASDAQ: SURG) announced today the signing of a pair of agreements with Alcon Laboratories, Inc. granting Alcon a license to sell certain products manufactured by Synergetics for worldwide distribution on a co-exclusive basis throughout the extensive Alcon network and covering the terms of supply of such products to Alcon by Synergetics. The agreements also settle all litigation between Synergetics and Alcon.
“We are pleased to be able to enter into a long term business relationship with Alcon, and settle all litigation between the companies”
As provided by the Settlement & License Agreement and Supply Agreement, Alcon will pay Synergetics approximately $32 million for the right to sell certain Synergetics' patented products worldwide and to settle all pending litigation between the companies. These Agreements also provide for the resolution of any future disputes through a well-defined mediation process.
"We are pleased to be able to enter into a long term business relationship with Alcon, and settle all litigation between the companies," commented Robert Dick, Chairman of the Synergetics' Board. Bob went on to say, "Synergetics welcomes the opportunity to work with Alcon to provide ophthalmic surgeons throughout the world with select instruments to enhance their armamentarium in the treatment of vitreoretinal diseases."