Conformis entered into a settlement and license agreement with Zimmer Biomet, resolving all patent disputes between the companies.
Both entities agreed not to commence litigation in the future with respect to Conformis' commercialized knee and hip replacement products and Zimmer Biomet's commercialized knee, shoulder and hip replacement products. Additionally, Conformis and Zimmer have cross-licensed their respective technology.
Zimmer will pay $9.6 million in total to Conformis in consideration of the licenses, releases and other immunities granted by Conformis to Zimmer. No payment is due from Conformis to Zimmer.
“We are glad to have reached a mutually productive settlement of all current patent litigation with Zimmer Biomet and are pleased to have the company become a licensee,” said Mark Augusti, President and Chief Executive Officer. “Through this settlement, we have once again monetized our patient-specific instrument patents and steadfastly protected our core business of patient-specific implants.”