NEW YORK, Jan 8 – Aclara Biosciences and Caliper technologies have reached a settlement agreement on three lawsuits, and have agreed to cross-license their microfluidics technologies, Aclara announced late Sunday.
Under the settlement, Aclara will license Caliper’s plastic chip technology, Caliper will license Aclara’s glass chip technology, and Aclara will issue 900,000 shares of its common stock to Caliper. The companies have also set up a private dispute resolution process to handle any future conflicts.
If Caliper's shares of Aclara’s stock do not reach a total value of $32 million, or $36.11 per share in 18 months, Aclara will also make a cash payment to Caliper to make up for the difference between $32 million and the stock value. On Monday morning, Aclara’s stock was trading at 14 ½, up 2 7/8 since Friday’s close.
This settlement comes after a long, complex battle in which a jury granted Caliper $52 million in damages against Aclara for misappropriating its trade secrets. A judge reduced these damages by $17 million. Meanwhile, Caliper had sued Aclara for infringing its lab-on-chip technology, and Aclara had sued Caliper for infringing on its microfluidics methods. These suits are dismissed as a result of the settlement.
" We are pleased to have a comprehensive resolution to this litigation, and believe that this settlement is positive for Aclara, our partners and our shareholders,” Aclara CEO Joseph Limber said in a statement. “[T]his settlement will allow Aclara's management and scientific resources to focus on product development and commercialization, which is how we intend to deliver value to our shareholders."Caliper could not immediately be reached for comment.