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Orthofix, Medtronic end marketing services agreement
By Elaine Rigoli
Tampa, Fla., Aug. 14 - Orthofix International NV and Medtronic Sofamor Danek USA, Inc. have mutually agreed to terminate the parties' marketing services agreement.
Under the agreement, Orthofix will make monthly payments to Medtronic of $673,050 through April 30, 2007.
Accordingly, Orthofix will record an accrual of $6.1 million in the third quarter of 2006.
The agreement was entered into on May 1, 2005 and had a two-year term. Orthofix said it does not expect that the termination of the marketing services agreement will have a material adverse effect on its financial condition or future results of operations.
Based in Curacao, Netherland Antilles, Orthofix develops orthopedic medical devices.
Medtronic is a medical technology company with headquarters in Minneapolis.
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