NuVasive (NUVA) agreed to settle its ongoing patent litigation with Medtronic (MDT) and certain MDT subsidiaries.
NUVA and MDT will enter into a definitive settlement agreement within 15 days. Subsequently, NUVA will make a one-time payment of US $45MM to MDT. As part of the settlement and in exchange for the one-time payment, the companies have agreed to certain licenses and other rights, including a standstill of patent litigation and a dispute resolution process to address allegations of patent infringement moving forward.
Source: NuVasive, Inc.
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