Medtronic settles heart valve patent fight with rival Edwards

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Medtronic settles heart valve patent fight with rival Edwards

Medtronic Inc agreed to pay more than $1 billion to rival Edwards Lifesciences Corp to settle patent litigation and keep its CoreValve artificial heart valve on the U.S. market. Edwards was first to market with its Sapien technology in 2011 in the United States, while Medtronic received U.S. regulatory approval for CoreValve in January. "We think it is an important breakthrough in many ways for people with this disease, and we are focused on aggressively rolling this out as quickly as we can," Medtronic Chief Executive Omar Ishrak said in an interview. Medtronic, the world's largest standalone medical device maker, also posted fiscal fourth-quarter earnings and gave an initial forecast for its 2015 profit that disappointed some investors.

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