OraSure Settles HIV Test Patent Lawsuit

BETHLEHEM, Pa. (AP) ¿ 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.

Copyright 2009 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

More from Investing

Novo Nordisk Stock Rises 4% Over 2 Sessions

Novo Nordisk Stock Rises 4% Over 2 Sessions

This Is What's Hot Thursday - Stocks Slide, Intel's CEO Woes & Major Movers

This Is What's Hot Thursday - Stocks Slide, Intel's CEO Woes & Major Movers

Daimler's Profit Warning Should Terrify Traders Before Earnings Season Begins

Daimler's Profit Warning Should Terrify Traders Before Earnings Season Begins

Starbucks Stock Performance in 2018: -12%

Starbucks Stock Performance in 2018: -12%

Online Retailers Hit by Supreme Court Ruling Requiring Sales Tax Collection

Online Retailers Hit by Supreme Court Ruling Requiring Sales Tax Collection