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Tuesday, September 29, 2009
Report: Boston Scientific, Johnson & Johnson Settle Stent Lawsuits
By Kathryn Glass
FOXBusiness
Boston Scientific Corp. (BSX) has agreed to pay Johnson & Johnson (JNJ) a settlement of $716 million to put to rest several lawsuits alleging patent infringement in regard to medical stents made by the companies.
Stents, or medical devices used to remove coronary artery blockages, have become the subject of much litigation, as several firms in the medical device market have launched patent infringement suits to prevent the launch of new stents by competitors, the paper said.
Johnson & Johnson announced in a press release that it would record the payment as a special item in its fourth quarter.
"We are pleased to resolve several of these patent litigations," said Seth Fischer, Cordis Corporation chairman, the division of Johnson & Johnson involved in the litigation, in a press release from the company.
Shares of Boston Scientific fell 13 cents or 1.2% to $10.68 per share, as Johnson & Johnson shares fell 34 cents or 0.55% to close at $60.93 per share on Tuesday.
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