Medtronic paid Johnson & Johnson $270 million in satisfaction of all alleged royalty claims against its products under a 1997 settlement and license agreement between the parties. Medtronic will reflect the settlement as a one-time charge in its fourth fiscal quarter, ending in April 2009.
“Resolving these disputes allows us to focus our resources on the development of new products that will improve the quality of care for people with cardiovascular disease,” said Scott Ward, president of the CardioVascular business and senior vice president at Medtronic.
