NuVasive ponies up $45m to settle Medtronic beef

NuVasive Inc. (NSDQ:NUVA) said yesterday that it agreed to pay Medtronic (NYSE:MDT) $45 million to settle their long-running patent infringement beef.

The companies expect to reach a final agreement within 15 days, putting to rest a battle that began when Medtronic subsidiary Warsaw Orthopedic sued NuVasive in 2008. San Diego-based NuVasive counter-sued; in September 2011 a jury split the verdict, awarding $101.2 million in damages to Medtronic and $660,000 to NuVasive.

Last year the U.S. Court of Appeals for the Federal Circuit upheld its decision to award a win to NuVasive and ordered a new trial to determine damages (that trial has not taken place).

“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,” NuVasive CEO Gregory Lucier said in prepared remarks.

“We look forward to continue focusing our efforts on accelerating innovations that transform spine surgery and improve outcomes for more patients,” Medtronic spokesman Eric Epperson told Reuters.

Material from Reuters was used in this report.

The post NuVasive ponies up $45m to settle Medtronic beef appeared first on MassDevice.

from MassDevice http://ift.tt/298blYM