06:02 PM EDT, 04/01/2024 (MT Newswires) -- AngioDynamics ( ANGO ) said Monday it agreed to resolve all outstanding patent litigation with Becton, Dickinson ( BDX ) affiliate C.R. Bard.

The $7 million settlement includes a $3 million tranche to be paid within five days and remaining in installments over 12 months, according to the company.

Under the agreement, Becton, Dickinson ( BDX ) will provide AngioDynamics ( ANGO ) with a license for specific port patents, while AngioDynamics ( ANGO ) will grant Becton, Dickinson ( BDX ) a license for designated catheter patents.

AngioDynamics ( ANGO ) will also make a minimum of six annual payments of $2.5 million to Becton, Dickinson ( BDX ) through February 2029.

Becton, Dickinson ( BDX ) will be eligible to receive additional payments if 6% of annual net sales of AngioDynamics' ( ANGO ) port products exceed the minimum payment, the company added.

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