Titan Medical Signs Asset Purchase and License Agreement with Medtronic

Titan Medical Inc. has announced that the company has entered into an asset purchase and license agreement (“Agreement”) with Medtronic for an upfront payment of US$8.0 million in respect of certain intellectual property (“IP”) of Titan.

Under the terms of the Agreement, Titan has (i) sold to Medtronic the patents previously exclusively licensed by Titan to Medtronic under a license agreement dated June 3, 2020 and under a development and license agreement dated June 3, 2020 (“Acquired Rights”), and (ii) granted Medtronic a non-exclusive license to certain other Titan intellectual property, excluding the Acquired Rights (“Licensed IP”). Medtronic has granted Titan a limited non-exclusive license back to the Acquired Rights and Titan retains ownership of the Licensed IP, along with the associated rights including the right to continue to develop and commercialize the technologies covered by the Licensed IP and the right to further license the Licensed IP to other third parties.

Source: Titan Medical