May 20 Medtronic Inc on Tuesday said it
has agreed to pay royalties to rival medical device maker
Edwards Lifesciences Corp in a settlement agreement that
allows Medtronic to continue to sell its CoreValve replacement
The agreement ends years of disputes between the two
companies over patents on the technology involved in implanting
artificial heart valves in a less-invasive procedure than
traditional open-heart surgery.
Medtronic said it will pay Edwards a one-time payment of
$750 million, plus ongoing royalty payments through April 2022
based on a percentage of CoreValve sales. Those payments are to
be no less than $40 million a year.
(Reporting by Susan Kelly in Chicago)