NuVasive Agrees to Pay $45 Million to Settle Patent Dispute With Medtronic -- Update
June 30 2016 - 6:21PM
Dow Jones News
By Tess Stynes
NuVasive Inc. (NUVA) agreed to pay $45 million to Medtronic PLC
(MDT) in a preliminary settlement of a long-running patent dispute
between the medical device makers.
In a regulatory filing on Thursday, NuVasive said the settlement
covers issues arising from litigation that Medtronic filed against
the company in 2008. As part of the settlement agreement, the
companies agreed to grant each other certain global nonexclusive
royalty-free licenses to related some product lines.
The accord between the companies also includes an agreement not
to make patent infringement claims--generally for spinal implants,
biologics and neuromonitoring--for seven years except through a
specified resolution process.
In a statement Thursday, Medtronic said it was pleased to reach
a mutually agreeable settlement with NuVasive and it looks forward
to focusing its efforts on ways to accelerate improvements in spine
surgery and outcomes for patients.
NuVasive said that as of March 31, its litigation liability
reserve more than exceeded the settlement amount.
Write to Tess Stynes at tess.stynes@wsj.com
(END) Dow Jones Newswires
June 30, 2016 18:06 ET (22:06 GMT)
Copyright (c) 2016 Dow Jones & Company, Inc.
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