Press Release - Ad-hoc announcement pursuant to Art. 53 LR
Medacta Group SA announces the final settlement in the Microport case
CASTEL SAN PIETRO, 13 July 2021 - With reference to its media release of February 19, 2020 and note 6.24 of its 2020 Financial Statements, Medacta Group SA ('Medacta', SIX:MOVE) announces today that its subsidiary Medacta USA, Inc. and Medacta International SA have entered into an agreement with MicroPort Orthopedics, a subsidiary of MicroPort Scientific Corporation, to settle a suit accusing of patent infringement and tortious interference with contract. The settlement also resolves MicroPort's claims against its former distributor, Advanced Surgical Devices, Inc. Accordingly, all matters referred to as 'the Microport Matter' in note 6.24 of the 2020 Financial Statements are fully, finally and completely settled.
According to the agreement, Medacta USA will pay to MicroPort Inc. the sum of $7 million by five days after the signature of the agreement, the sum of $5 million over a term of seven years. In addition, the settlement agreement contemplates the contribution by Medacta of marketing activities in a low single digit amount over a period of four years.
Medacta International SA
Gianna La Rana, Head of Investor Relations
Phone: +41 91 696 14 95
Medacta is an international company specializing in the design, production, and distribution of innovative orthopaedic products, as well as in the development of accompanying surgical techniques. Established in 1999 in Switzerland, Medacta is active in joint replacement, spine surgery, and sports medicine. Medacta is committed to improving the care and well-being of patients and maintains a strong focus on healthcare sustainability. Medacta's innovation, forged by close collaboration with surgeon leaders globally, began with minimally invasive surgical techniques and has evolved into personalized solutions for every patient. Through the M.O.R.E. Institute, Medacta supports surgeons with a comprehensive and tailored program dedicated to the advancement of medical education. Medacta is headquartered in Castel San Pietro, Switzerland, and operates in over 40 countries.