AorTech International, the former darling of Scotland’s life sciences sector, has settled its long-running dispute with customer St Jude Medical.
Under the agreement, which resolves an argument over the supply of Aortech’s “Elast-Eon” plastics for use in St Jude’s medical devices, Aortech will receive a total of $3.9 million (£2.4m), with $3.4m being paid now and a further $500,000 on 31 March. St Jude’s will also buy some of Aortech’s assets for a further $250,000.
Aim-quoted Aortech is still registered in Glasgow but its head office is in Utah and its UK operations are run from Surrey.
