(Reuters) -British American Tobacco and Philip Morris International Inc have reached a global settlement resolving all ongoing patent infringement litigations between them related to heated tobacco and vapour products.
The settlement, which includes non-monetary provisions between BAT and PMI, prevents future claims against current heated tobacco and vapour products, said BAT, owner of brands such as Vuse and glo.
The settlement also allows each party to innovate and introduce product iterations, the companies said in separate statements.
Shares in BAT briefly spiked after the news. They were up 1.3% at 1211 GMT. PMI’s stock was nearly flat in thin premarket trading.
(Reporting by Yadarisa Shabong in Bengaluru; Editing by Shinjini Ganguli)
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