RaySearch Laboratories and Siemens healthcare dissolve partnership
Jan 02, 2013 (M2 EQUITYBITES via COMTEX) --
Medical technology company RaySearch Laboratories AB (STO:RAYB) announced today the mutual termination of its development and licensing agreement and end of partnership with Siemens Healthcare.
In May 2009, the company entered into a long-term development and licensing agreement with Siemens Healthcare under which RaySearch provided a number of treatment planning modules for integration in Siemens' syngo Suite for Oncology, which is Siemens' integrated workflow solution for radiation therapy.
Under the termination agreement, Siemens will pay RaySearch a onetime fee of approximately EUR1.0m and provide certain IP rights to RaySearch. This fee will be recognised by RaySearch in the fourth quarter of 2012 but the earnings impact is expected to be lower due to a write-down of the capitalised development costs for the software that was developed specifically for Siemens and is not reusable in any other product.
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