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Visx, Summit Settle Suits, End Partnership

June 09, 1998|Bloomberg News

Visx Inc. said it will pay Summit Technology Inc. $35 million as the medical-laser companies settle lawsuits against each other and end their partnership. Santa Clara-based Visx and Summit, of Waltham, Mass., make lasers used to treat eye problems such as nearsightedness and farsightedness. Under their 1992 agreement, they were paying into a partnership and sharing revenue from eye operations using their lasers. The settlement ends months of legal wrangling over royalty payments. Both Summit and Visx keep rights to license their own patents to other companies. As part of the settlement, each company granted the other a royalty-free cross license for their patented technologies involving the removal of cornea tissue. Visx shares rose $2 to close at $56.88 on Nasdaq. Summit shares rose $1 to close at $6, also on Nasdaq.

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