DOW JONES NEWSWIRES
Boston Scientific Corp. (BSX) and Medtronic Inc. (MDT) settled
two patent lawsuits in Texas and agreed not to pursue three others,
ending all litigation between the companies related to
interventional cardiology and endovascular repair.
The agreements not to pursue the three cases are for a limited
time and involve only Medtronic and Boston Scientific.
The suits are among myriad legal moves involving the major
players in the $4 billion stent market: Medtronic, Boston
Scientific, Johnson & Johnson (JNJ) and Abbott Laboratories
(ABT). The companies are embroiled in suits to prevent competitors
from introducing new stents and to claim royalties on each others'
devices.
The terms of the recent settlements weren't disclosed, but
Boston Scientific said the agreements won't have a material impact
on its financial results.
"We are pleased to have reached these agreements which will
allow us to focus our efforts and resources on developing new
products and therapies that improve patients' lives," said Hank
Kucheman, senior vice president at Boston Scientific.
The pact isn't the first of its sort for Boston Scientific,
which in 2006 reached a similar deal with St. Jude Medical Inc.
(STJ) regarding four patents covering cardiac-rhythm devices and
neuromodulation.
In after-hours trading, Boston Scientific shares were unchanged
at $8.50 after rising 6.8% during the regular session. Medtronic
shares fell 0.5% to $33.91, giving back part of a 3.2% intraday
gain.
-By Kathy Shwiff, Dow Jones Newswires; 201-938-5975;
Kathy.Shwiff@dowjones.com
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