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11/7/2016, 9:31 AM (Source: TeleTrader)
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Philips, Masimo partner, end pending lawsuits

Koninklijke Philips N.V. said on Monday it agreed to a multi-year partnership deal with Masimo Corporation regarding select therapy solutions and patient monitoring. The companies also agreed to terminate all pending lawsuits between them.

The Dutch health technology company will not pay the $467 million it was order to pay by a court in 2014, but it will instead give $300 million to Masimo by the end of the year. Phillips said the agreement will have minimal impact on operating income in the fourth quarter of this year.

Philips must fulfill additional marketing and product integration commitments expected to be implemented over the coming years. The two entities will conduct joint marketing and sales programs in the North America as well as in some Asian and European markets. Products such as Masimo's sensor technologies and Philips' patient monitoring solutions will be covered by this agreement, according to a joint statement from the companies.

In Europe, Philips stocks increased 1.68% at 9:14 a.m. CET.

Breaking the News / RV