A Medical Device Daily
Abaxis (Union City, California), a medical products company manufacturing point of care instruments and consumables for the medical, research, and veterinary markets, reported that a settlement had been reached in its lawsuit with Cepheid (Sunnyvale, California) over several Abaxis patents relating to reagent and chemical compositions and processes.
As part of the agreement, Cepheid will pay Abaxis $17.25 million, and all claims asserted against Cepheid in the pending litigation have been dismissed.
“This will allow both companies to move forward with ongoing activities in sales, development and manufacturing without the distraction of protracted litigation,“ said Clint Severson, CEO and Chairman of Abaxis. “We are pleased with the outcome of this agreement, and pleased that at Abaxis we can now all concentrate our activities in our core business areas: point of care testing and veterinary laboratory services.“