As part of the settlement deal Apple and Elan will also cross-license certain patents, according to Reuters.
Elan filed its patent infringement lawsuit against Apple in early 2009 following a breakdown in negotiations between the two companies.
The company followed up in March 2010 by filing a complaint with the U.S. International Trade Commission in an effort to block the import and sale of the iPhone, iPad and iPod touch. The ITC ruled Apple hadn’t violated trade laws and didn’t issue a approve Elan’s requested injunction.
Apple has not commented on the deal.