Boston Scientific Settles J&J Lawsuit Over Guidant

Boston Scientific Corp. said after the close Tuesday that it had reached a $600 million settlement with health-care behemoth Johnson & Johnson over the deal in which the former Guidant Corp. was acquired nearly a decade ago. J&J had tried to acquire Guidant in 2004, but that deal later was nixed when J&J lowered its bid and Boston Scientific followed up with a higher offer. J&J had sued when Guidant allowed due diligence to be done on a portion of its business during negotiations, which J&J contended was a violation of its merger pact. J&J had sought more than $7 billion in damages. Boston Scientific shares jumped after the close by more than 8% to $16.09.

Copyright © 2015 MarketWatch, Inc.