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news.OraSure Technologies has said that an agreement has been reached on the principal terms to settle its pending patent infringement litigation against Schering-Plough Healthcare Products. The settlement is subject to completion and execution of a final settlement agreement.
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Under the terms of the settlement, Schering-Plough will receive a license to OraSure’s patents in the US over-the-counter (OTC) market and OraSure will receive payments of past and future royalties.
The litigation was commenced in 2004 when OraSure filed a lawsuit in the US District Court for the Eastern District of Pennsylvania alleging that Schering-Plough’s manufacture and sale of its Dr Scholls Freeze Away cryosurgical wart removal product in the US OTC market infringed several OraSure patents. Because an agreement on settlement terms has been reached, this matter was administratively dismissed by the District Court.
Douglas Michels, president and CEO of OraSure, said: “We are pleased that a settlement has been reached in our pending litigation with Schering-Plough.”