Boston Scientific will pay Johnson & Johnson $600M to end lawsuit over 2006 Guidant purchase

MarketsAssociated Press

Boston Scientific says it will pay $600 million to settle with drugmaker Johnson & Johnson over the medical device maker's $27 billion acquisition of Guidant Corp. in 2006.

Johnson & Johnson, which lost a bidding war for Guidant, Boston Scientific and Abbott Laboratories, accusing them of interfering with its Guidant deal.

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To avoid antitrust problems, Boston Scientific had sold Guidant's stent and vascular unit to Abbott for $4.1 billion plus a $900 million loan.

Boston Scientific said Tuesday that Johnson & Johnson had wanted $7 billion in damages but will dismiss its lawsuit. Under the settlement, Boston Scientific also won't sue Johnson & Johnson over several stent products.

Johnson & Johnson did not immediately respond to messages.

Boston Scientific Corp. shares rose 9.5 percent in aftermarket trading.