Fort Lauderdale, Fla.-based MAKO Surgical (NASDAQ: MAKO ) shares were surging today on news that the company has settled its patent infringement dispute with Stanmore Implants Worldwide.
In a press release Tuesday, the robotic-surgery company announced that it has withdrawn its complaint against Stanmore and agreed to buy Stanmore's Sculptor Robotic Guidance Arm assets, including intellectual property, for a cash payment. Part and parcel of the settlement is Stanmore's agreement to stop doing business in the field of robotics -- removing a competitor to MAKO absolutely.
MAKO CEO Dr. Maurice R. Ferre, M.D., noted that acquiring Stanmore's robotics business not only removes a competitive threat to MAKO but also "improves MAKO's intellectual property position in robotically assisted orthopedic surgery."
MAKO shares are up 5.8% on the news, recently trading around $11.20.