Align Technology, Inc.
Align Technology Announces Settlement with Ormco to End Patent Litigation
Published in Law and Health Weekly, September 5th, 2009
Align Technology, Inc. (NASDAQ:ALGN) announced that it has reached a settlement with Ormco Corporation (Ormco), a subsidiary of Danaher Corporation (NYSE:DHR), to end all pending litigation between the parties and to begin a new strategic collaboration. As part of the settlement, Align will make a cash payment of approximately $13 million to Ormco and issue approximately 7.6 million shares of Align's Common Stock to Danaher Corporation, Ormco's ultimate parent, that after issuance will be equal to approximately ten percent ownership interest in Align. Based on the closing price of Align's Common Stock on Friday, August 14, 2009 the value of the shares is approximately $77 million. The...
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