NuVasive and Medtronic reached agreement on terms for the settlement of the previously disclosed patent infringement lawsuits between the companies, as well as the withdrawal from related proceedings in the United States Patent and Trademark Office.
The Company and Medtronic intend to enter into a definitive settlement agreement within 15 days, after which the Company will make a one-time payment of $45 million to Medtronic, and the parties will release each other from any and all liabilities arising out of the litigation.
As part of the settlement and in exchange for the one-time payment, NuVasive and Medtronic also agreed to certain licenses and other rights, including a standstill of patent litigation and a dispute resolution process to address allegations of patent infringement going forward.
The Company filed a Current Report on Form 8-K with the Securities and Exchange Commission today with additional information regarding the settlement.
"We are very pleased to have negotiated a mutually agreeable settlement that removes the ongoing burden of this litigation and provides for a framework for resolution of potential patent disputes in the future," said Gregory T. Lucier, chairman and chief executive officer of NuVasive.
NuVasive is a world leader in minimally invasive, procedurally-integrated spine solutions. From complex spinal deformity to degenerative spinal conditions, NuVasive is transforming spine surgery with innovative technologies designed to deliver reproducible and clinically proven surgical outcomes.
NuVasive’s highly differentiated, procedurally-integrated solutions include access instruments, implantable hardware and software systems for surgical planning and reconciliation technology that centers on achieving the global alignment of the spine.
