And Medtronic licenses it back to Titan... Very common arrangement. I had a similar agreement between my own software company and one of our clients that funded an app development. Wording is nearly identical. Per my lawyer at the time, it doesn’t matter much who owns the IP as long as the licensing language is favorable and clear. Joint ownership is typically a mess and avoided in these types of agreements.
4.1 Medtronic, on behalf of itself and its Affiliates, hereby grants to Titan and its Affiliates a worldwide, perpetual, non-exclusive, royalty-free, fully paid up, non-transferable except as permitted under 17.10, license under the Joint Developed Intellectual Property to develop, make, use, offer for sale, sell, import, export, and sell [Redacted] and their component parts thereof, including any replacement, reposable, and disposable components, and any accessories for any of the foregoing, for use solely with robotic surgical systems for [Redacted] Single Port Surgery [Redacted], and to sublicense such rights to business partners, distributors, suppliers, vendors, consultants, contractors, contract manufacturers and the like.
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