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New York (AP)

Medtronic to settle Abbott suit for $400 million

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Medtronic Inc. said Monday it agreed to pay Abbott Laboratories $400 million to settle patent lawsuits related to the design of vascular stents.

As part of the settlement, the two companies agreed not to sue each other over matters related to stents or stent delivery systems for the next 10 years. Medtronic said it will take a $400 million charge in the first quarter. Medtronic will also make a $42 million payment to privately held evYsio Medical Devices.

Stents are mesh metal tubes used to prop open arteries that have been cleared of fatty plaque.

Minneapolis-based Medtronic said the agreement settles all outstanding coronary stent litigation between the companies.

Abbott, of North Chicago, said it will record a one-time gain in the third quarter from the settlement.