Alphatec Holdings, Inc. Reaches Successful Settlement and Release Agreement to License Pedicle Screw Technology
5/7/2008 10:59:40 AM
CARLSBAD, Calif., May 7, 2008 (PRIME NEWSWIRE) -- Alphatec Holdings, Inc. (Nasdaq:ATEC), a leading medical technology company focused on the design, development, manufacturing and marketing of products for the surgical treatment of spine disorders, announced today that it has reached a successful settlement and release agreement to license pedicle screw technology from DePuy Spine, Inc. and Biedermann Motech GmbH ("DePuy & Biedermann"). Pursuant to the settlement and release agreement among Alphatec and DePuy & Biedermann, Alphatec has obtained a license to intellectual property rights contained in U.S. Patent Number 5,207,678, which is owned by Biedermann and licensed to DePuy. The agreement dismisses the lawsuit between Alphatec and the above-mentioned parties and grants Alphatec the right to continue to manufacture, market and sell its Zodiac and Solanas products. Terms of the agreements include a one-time payment of $11.0 million and an ongoing royalty payable upon future net sales of licensed products.