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QIAGEN N.V. (NYSE: QGEN) and Becton, Dickinson and Company (NYSE: BDX) have settled a patent infringement lawsuit concerning QIAGEN’s NeuMoDx™ PCR systems. The settlement, resolving all claims, mandates a one-time payment of $53 million to BD. Notably, this agreement does not alter QIAGEN's expected net sales or adjusted earnings outlook for Q4 and full-year 2021. QIAGEN continues to offer innovative solutions for molecular diagnostics.
Positive
Settlement of patent infringement lawsuit provides legal clarity.
No impact on QIAGEN's financial outlook for Q4 and full-year 2021.
Negative
One-time payment of $53 million may affect liquidity.
VENLO, the Netherlands--(BUSINESS WIRE)--
QIAGEN N.V. (NYSE: QGEN, Frankfurt Stock Exchange: QIA) and BD (Becton, Dickinson and Company) (NYSE: BDX) announced today that they have reached a settlement in the patent infringement lawsuit related to QIAGEN’s NeuMoDx™ 96 and NeuMoDx™ 288 clinical PCR systems that QIAGEN acquired from NeuMoDx Inc. in 2020.
Under terms of the agreement, all pending patent and non-patent claims have been resolved between BD and QIAGEN and the co-defendants who were former officers of NeuMoDx in the lawsuit in the U.S. District Court for the District of Delaware. BD will receive a one-time, lump-sum payment of $53 million. The settlement includes general releases of all parties with no admissions of wrongdoing.
This agreement does not affect QIAGEN’s outlook for net sales and adjusted earnings per share (EPS) for the fourth quarter and full-year 2021.
About QIAGEN
QIAGEN N.V., a Netherlands-based holding company, is the leading global provider of Sample to Insight solutions that enable customers to gain valuable molecular insights from samples containing the building blocks of life. Our sample technologies isolate and process DNA, RNA, and proteins from blood, tissue, and other materials. Assay technologies make these biomolecules visible and ready for analysis. Bioinformatics software and knowledge bases interpret data to report relevant, actionable insights. Automation solutions tie these together in seamless and cost-effective workflows. QIAGEN provides solutions to more than 500,000 customers around the world in Molecular Diagnostics (human healthcare) and Life Sciences (academia, pharma R&D, and industrial applications, primarily forensics). As of September 30, 2021, QIAGEN employed approximately 6.000 people in over 35 locations worldwide. Further information can be found at https://www.qiagen.com.
Forward-Looking Statement
Certain statements contained in this press release may be considered forward-looking statements within the meaning of Section 27A of the U.S. Securities Act of 1933, as amended, and Section 21E of the U.S. Securities Exchange Act of 1934, as amended. To the extent that any of the statements contained herein relating to QIAGEN's products, collaborations markets, strategy, or operating results, including without limitation its expected adjusted net sales and adjusted diluted earnings results, are forward-looking, such statements are based on current expectations and assumptions that involve a number of uncertainties and risks. Such uncertainties and risks include, but are not limited to, risks associated with management of growth and international operations (including the effects of currency fluctuations, regulatory processes, and dependence on logistics), variability of operating results and allocations between customer classes, the commercial development of markets for our products to customers in academia, pharma, applied testing and molecular diagnostics; changing relationships with customers, suppliers and strategic partners; competition; rapid or unexpected changes in technologies; fluctuations in demand for QIAGEN's products (including fluctuations due to general economic conditions, the level and timing of customers' funding, budgets and other factors); our ability to obtain regulatory approval of our products; difficulties in successfully adapting QIAGEN's products to integrated solutions and producing such products; the ability of QIAGEN to identify and develop new products and to differentiate and protect our products from competitors' products; market acceptance of QIAGEN's new products and the integration of acquired technologies and businesses. For further information, please refer to the discussions in reports that QIAGEN has filed with, or furnished to, the U.S. Securities and Exchange Commission (SEC).
