May 20 (Reuters) - Medtronic Inc on Tuesday said it has agreed to pay royalties to rival medical device maker Edwards Lifesciences Corp in a settlement agreement that allows Medtronic to continue to sell its CoreValve replacement heart valves.
The agreement ends years of disputes between the two companies over patents on the technology involved in implanting artificial heart valves in a less-invasive procedure than traditional open-heart surgery.
Medtronic said it will pay Edwards a one-time payment of $750 million, plus ongoing royalty payments through April 2022 based on a percentage of CoreValve sales. Those payments are to be no less than $40 million a year.
Reporting by Susan Kelly in Chicago