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Edwards Lifesciences Settles Heart Valve Patent Wars With Medtronic for Over $1 Billion
- Client News
- May 23, 2014
Practices
As reported by The Wall Street Journal, The New York Times, and other news outlets, Paul, Weiss client Edwards Lifesciences Corporation and Medtronic, Inc. have reached a global settlement that resolves all outstanding patent disputes between the parties. The settlement, which is valued in excess of $1 billion, provides Edwards with a one-time payment of $750 million, followed by ongoing royalty payments until April 2022 that will range from $40 million to about $60 million annually. Litigation involving prosthetic heart valve technology commenced between the parties over seven years ago and has included six separate litigations in the United States and five separate litigations in Europe. The parties were also involved in various disputes before the United States Patent Office, European Patent Office and Australian Patent Office. The Paul, Weiss team achieved a string of victories in these matters, including a $74 million jury verdict in April 2010, a $393 million jury verdict in January 2014 and a preliminary injunction in April 2014 that would have limited the manufacture and sale of Medtronic's CoreValve transcatheter heart valve in the United States.
The Paul, Weiss team included, among others, retired litigation partner John Nathan, litigation partner Catherine Nyarady and counsel Brian Egan and Kripa Raman.
