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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