Fisher & Paykel, ResMed settle global patent disputes; shares jump
(Adds shares, background on complaints)
Feb 21 (Reuters) - New Zealand medical device maker Fisher & Paykel Healthcare Corp Ltd and U.S. rival ResMed Inc have agreed to settle patent infringement disputes, ending a three-year tussle that spanned the globe and cost each side millions of dollars in legal fees.
In a joint statement on Thursday, the companies agreed to end all ongoing infringement cases and said neither would admit liability or make any payment.
Fisher & Paykel shares were 6.9 percent higher after the announcement, reaching a more than four-month peak, whereas ResMed's Australian depository receipts were 1.1 percent firmer.
The pair had been at loggerheads in several countries, including the United States, Australia and the United Kingdom, with each alleging the other had infringed its patents.
The tussle began when Fisher & Paykel filed a case against ResMed in 2016 related to devices for treating sleep apnea. That was followed by ResMed's counter claim alleging Fisher & Paykel's masks for treating the condition violated its patented technology.
In September, Fisher & Paykel said it had filed another complaint, alleging ResMed infringed five patents related to sleep apnea devices.
That complaint came a week after Fisher & Paykel cut its fiscal 2019 net profit forecast due to expected legal costs.
Fisher & Paykel, in a separate statement on Thursday, said the settlement will not impact its latest profit guidance.
(Reporting by Aditya Soni and Nikhil Kurian Nainan in Bengaluru; Editing by Kirsten Donovan and Christopher Cushing)
