Retractable Technologies bails on Abbott deal
This article was originally published in The Gray Sheet
Executive Summary
Abbott Labs will seek legal recourse pursuant to Retractable Technologies, Inc.'s Aug. 15 termination of a five-year distribution contract for VanishPoint safety syringes and blood collection devices. RTI maintains that findings from a Department of Justice investigation into Abbott's Ross Products Division do not correspond with RTI's "high ethical and professional standards" (1"The Gray Sheet" July 28, 2003, p. 7). Abbott insists RTI is "using unrelated recent events in an attempt to extract itself from binding contractual obligations," according to a statement. Sales under the agreement accounted for roughly 49% of RTI's 2002 revenue of $20.3 mil...
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