On June 5, 2023, Titan announced it had entered into an asset purchase and license agreement with Medtronic (NYSE: MDT) for an upfront payment of US$8.0 million. Under the agreement Titan (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.
On May 26, 2023, Titan announced it had entered into a license agreement with Intuitive Surgical, Inc. (“Intuitive”) (Nasdaq: ISRG) for an upfront payment of US$7.5 million in respect of certain intellectual property of Titan (“IP”). Titan has granted Intuitive a non-exclusive license to all of the Company’s IP, with the exception of the IP that is exclusively licensed to another party under a June 2020 license agreement. 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 license the IP to other third parties.