SAN FRANCISCO — Medtronic Inc. and Edwards Lifesciences Corp. have reached a global settlement of their patent litigation, wiping out two large jury awards that had raised the threat of an injunction against potentially lifesaving heart valve technology.

Medtronic, which had been hit with infringement verdicts of $74 million in 2010 and $394 million in January, agreed to pay Edwards $750 million up front and royalties of at least $40 million a year for the next eight years.