Surgalign settles legal dispute with Pioneer
DEERFIELD -- Surgalign Holdings Inc. Wednesday said it has entered into a settlement agreement with Pioneer Surgical Technology Inc., doing business as Resolve Surgical Technologies and RTI Surgical Inc., relating to the sale of its medical parts business to RTI in 2020.
As part of the litigation settlement, the parties have amended various agreements, including the distribution agreements for spinal implants and biologics, Surgalign said.
The amendments released Surgalign from the obligation to cure a purchase shortfall for the current year and reduced the minimum annual purchase requirements.
In addition, the sole-source relationship has been extended for an additional two years with updated supply chain provisions reflecting the separation of Surgalign and Resolve/RTI.
"We are pleased to settle the dispute with Resolve and RTI and look forward to the future business our companies can do together," said Terry Rich, president and CEO of Surgalign. "The negotiations gave us the opportunity to work through post-split issues that we identified over the past two years, following separation. The newly amended contracts are a better fit for our ongoing relationship and our current business."