OraSure settles HIV test patent lawsuit

AP News
|
Posted: Nov 19, 2009 12:30 PM

OraSure Technologies Inc., which makes diagnostic kits to detect HIV and drug use, said Thursday it will pay Inverness Medical $3 million to settle a patent dispute over HIV tests.

Under the deal, OraSure settles the lawsuit filed against the company by Inverness and Church & Dwight Co., with Inverness receiving $3 million in cash.

The companies are also granting each other distribution rights to certain products, including HIV hepatitis C tests, and flu tests.

OraSure now expects a fourth-quarter loss of 10 cents to 11 cents per share because of the legal charge.

On average, analysts surveyed by Thomson Reuters forecast a quarterly loss of 8 cents per share. The estimates typically exclude one-time charges.

Shares of OraSure fell 15 cents, or 3.5 percent, to $4.19 in midday trading. The stock has traded between $2.16 and $4.55 over the last 52 weeks.