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Alcon Announces Settlement of Litigation Related to Femtosecond Laser Assisted Cataract Surgery Devices
Rhea-AI Impact
(Neutral)
Rhea-AI Sentiment
(Neutral)
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Rhea-AI Summary
Alcon, a leader in eye care, has reached a settlement with J&J Surgical Vision, Inc. to resolve ongoing legal disputes over femtosecond laser assisted cataract surgery devices, particularly the LenSx® device. As part of this agreement, Alcon will pay USD 199 million to J&J for cross-licenses of certain intellectual property and to settle various worldwide intellectual property disputes. This settlement aims to mitigate legal uncertainties and enhance Alcon's operational focus, allowing it to continue its mission to improve global eye care.
Positive
Settlement reached with J&J Surgical Vision reduces legal uncertainties and potential future litigation costs.
Cross-licensing agreement may enhance Alcon's product development capabilities.
Negative
One-time payment of USD 199 million may impact cash reserves or financial performance in the short term.
Ad Hoc Announcement Pursuant to Art. 53 LR
GENEVA--(BUSINESS WIRE)--
Alcon Inc. ("Alcon") (SIX/NYSE: ALC), the global leader in eye care dedicated to helping people see brilliantly, today announced that it has entered into a settlement agreement with J&J Surgical Vision, Inc. to resolve their pending legal proceedings relating to femtosecond laser assisted cataract surgery devices, including Alcon’s LenSx® device, which Alcon acquired as part of its purchase of LenSx Lasers, Inc. in 2010. As part of the resolution of this matter, the parties have exchanged cross-licenses of certain intellectual property and other mutually agreed covenants and releases, and Alcon will make a one-time payment to J&J Surgical Vision, Inc. of USD 199 million for those rights and to resolve various worldwide intellectual property disputes relating to this matter.
About Alcon
Alcon helps people see brilliantly. As the global leader in eye care with a heritage spanning over 75 years, we offer the broadest portfolio of products to enhance sight and improve people’s lives. Our Surgical and Vision Care products touch the lives of more than 260 million people in over 140 countries each year living with conditions like cataracts, glaucoma, retinal diseases and refractive errors. Our more than 24,000 associates are enhancing the quality of life through innovative products, partnerships with Eye Care Professionals and programs that advance access to quality eye care.
What was the recent settlement announced by Alcon regarding ALC?
Alcon announced a settlement with J&J Surgical Vision to resolve legal disputes concerning femtosecond laser cataract surgery devices, involving a payment of USD 199 million.
How does the settlement impact Alcon's stock ALC?
The settlement could lead to short-term financial impacts due to the one-time payment, but may alleviate legal uncertainties, potentially benefiting ALC's long-term stability.
What are the terms of Alcon's agreement with J&J Surgical Vision?
The agreement includes cross-licenses of intellectual property and a one-time payment of USD 199 million.
Why is Alcon's legal settlement with J&J Surgical Vision significant for ALC investors?
The resolution of legal disputes may improve Alcon's operational focus and reduce risks associated with ongoing litigation, which is positive for ALC investors.
