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Medtronic to Pay Edwards to Settle Heart Valve Lawsuit

Medtronic Inc., the world’s biggest maker of heart-rhythm devices, will pay Edwards Lifesciences Corp. at least $1.1 billion to settle a patent dispute over their minimally invasive valves.

Edwards will receive $750 million upfront and royalties of at least $40 million a year through 2022, Minneapolis-based Medtronic said in a statement. The companies agreed to dismiss all pending litigation over the valves and refrain from filing additional lawsuits for the eight years of the agreement.