NuVasive Agrees to Pay $45 Million to Settle Patent Dispute With Medtronic -- Update

   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 [e-mail]

(END) Dow Jones Newswires

June 30, 2016 18:06 ET (22:06 GMT)

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