Stryker subsidiary Howmedica Osteonics, an orthopedics manufacturer, settled a trade secret disagreement with Zimmer Biomet, according to Life Sciences Intellectual Property Review.
Here are five insights:
1. Howmedica sued Zimmer Biomet in March alleging the device company improperly used Stryker's confidential information solicited from former Stryker employees.
2. The claim, which was filed at the U.S. District Court for the Southern District of Texas, stated Zimmer Biomet solicited Stryker employees to develop competing foot and ankle products.
3. Under Stryker's employment contract, sales representatives are not to solicit Stryker customers one year following termination of employment. Additionally, the employees agree to not disclose the company's confidential information.
4. Howmedica identified two employees that left the company to join Zimmer Biomet's team to sell foot and ankle products to their previous Stryker customers. Zimmer Biomet responded that the former Stryker employees would abide by the terms of their agreement.
5. On Nov. 28, the district judge signed a conditional order of dismissal, stating all parties must bring settlement documentations to court within 60 days.