San Diego-based NuVasive settled its patent litigation with Dublin, Ireland-based Medtronic.
Here are six things to know:
1. The two companies will enter into a definitive settlement agreement within 15 days.
2. NuVasive and Medtronic agreed on the settlement terms of patent infringement lawsuits stemming from 2008.
3. NuVasive will make a one-time payment of $45 million to Medtronic and some of its subsidiaries.
4. The settlement releases both companies from any liabilities noted in the litigation.
5. NuVasive and Medtronic also agreed to halt patent litigation and instead, implement a dispute resolution process to deal with any patent infringement allegations in the future.
6. The settlement also offers both companies specific licenses for some products.