By Ian Walker

Koninklijke Philips N.V. (PHIA.AE) said Monday it and Masimo Corp. (MASI) have signed a multi-year partnership agreement in patient monitoring and select therapy solutions, and agreed to end all pending lawsuits between them.

As part of the deal, Philips, a health technology company, has been released from paying the $467 million awarded by a jury in October, 2014 and will now pay $300 million to Masimo in the fourth quarter of this year. It will also make certain marketing and product integration commitments into the partnership over the coming years.

The partnership includes joint marketing and sales programs in North America and certain markets in Asia and Europe for Masimo's non-invasive sensor technologies, such as its rainbow and SET platforms, in conjunction with Philips' patient monitoring and select therapy solutions, the companies said in a joint statement.

Philips said the partnership agreement has minimal impact on income from operations in the fourth quarter of 2016.

Write to Ian Walker at ian.walker@wsj.com; @IanWalk40289749

(END) Dow Jones Newswires

November 07, 2016 02:36 ET (07:36 GMT)

Copyright (c) 2016 Dow Jones & Company, Inc.
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