Lumenis Ltd. (Nasdaq: LUMEE) and Syneron Medical Ltd. today announced that they have agreed to a settlement and license agreement resolving the litigation between them that has been carried out in Israeli and US courts.
Under the terms of the agreement, which commenced January 1, 2004, Lumenis grants Syneron unlimited non-exclusive worldwide licenses for Lumenis patents relating to the use of incoherent light in aesthetic and medical applications, including all of its IPL related patents.
Syneron will pay Lumenis royalties up to a predetermined cap with an upfront payment of $1.5 million.
The two parties said that they had reached agreement in order to avoid the cost of ongoing litigation, and agreed that there would be no admission of wrongdoing or liability on the part of either company. The settlement and licensing agreement includes certain other confidential terms.
Avner Raz, President and Chief Executive Officer of Lumenis and Moshe Mizrahy, Chief Executive Officer of Syneron Medical, said: "We are happy we have reached an agreement which allows both companies to resolve the costly litigation on fair terms. We look forward to moving onward and further strengthening the market position of both our companies."
Published by Globes [online] - www.globes.co.il - on Tuesday, January 20, 2004