Vimian reaches settlement agreement with one of the sellers in the indemnification process relating to the US patent dispute

Regulatory press release
Feb 26 2024

Vimian reaches settlement agreement with one of the sellers in the indemnification process relating to the US patent dispute

Vimian Group AB (publ)’s subsidiaries, part of Vimian’s MedTech segment, have reached a settlement agreement with Dr. Brian Beale, one of the four sellers of Veterinary Orthopedic Implants, LLC (“VOI”). Dr. Beale has agreed to compensate Vimian for his entire pro rata share, which amounts to five per cent, of the USD 70 million settlement payment to DePuy Synthes, corresponding to a total value of USD 3.5 million.

Following the USD 70 million settlement with DePuy Synthes in the US patent dispute in April 2023, Vimian initiated the process to retrieve compensation from the sellers of Vimian’s subsidiary VOI as per the indemnification in the purchase agreement from the acquisition of VOI. Today, three of Vimian subsidiaries have reached a settlement agreement with Dr. Brian Beale, one of the four sellers of VOI, corresponding to his five per cent share of the USD 70 million settlement payment to DePuy Synthes.

The settlement agreement implies that Dr. Beale, in line with the indemnification clause set out in the purchase agreement for VOI, takes full responsibility for his share of the DePuy Synthes settlement. Vimian continues the legal process to retrieve compensation from the remaining sellers of VOI.

More background on the US patent dispute can be found in Vimian’s Annual Report for 2022.