Medtronic Inc. said on Friday it agreed to buy out patents for spinal implant technology for $1.35 billion in a move that settles a long-running legal battle, Reuters reported.
The deal with inventor and surgeon Gary Michelson and Karlin Technology Inc. will transfer ownership of over 100 issued U.S. patents, over 110 pending U.S applications and roughly 500 foreign counterparts to Medtronic, valued at about $800 million. The price also includes royalties and damages the company was ordered to pay by the court.
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