Medtronic To Pay Doctor $1.4B To End Patent Dispute

Law360, New York (April 22, 2005, 12:00 AM EDT) -- Medical device maker Medtronic Inc. has agreed to pay about $1.35 billion to Los Angeles surgeon Gary K. Michelson to end a patent dispute over spinal fusion technologies.

Under the settlement agreement, Michelson and his Karlin Technology Inc. will receive $1.3 billion at closing and $50 million in $10 million installments during five years, Minneapolis said.

The agreement gives Medtronic ownership of Michelson's patents related to spinal treatment, including those he may invent in the next 15 years.

“The acquisition of this intellectual property allows Medtronic...
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