J&J unit Cordis to get $1.73 billion settlement from Boston Scientific to resolve some stent patent disputes
There was a pleasant financial surprise yesterday for US health care giant Johnson & Johnson, after its subsidiary - Cordis - announced that it has reached a deal with Boston Scientific resolving two Delaware litigations related to Cordis' Palmaz and Gray patents and Boston Scientific's Jang patents. Under the terms of the agreement, Cordis will receive $1.725 billion from Boston Scientific and J&J expects to record the majority of this payment as a special item in the first quarter of 2010.
Boston Scientific and J&J expects to record the majority of this payment as a special item in the first quarter of 2010.
Boston Scientific was due to pay Cordis $1 billion by close of business on February 1, and $725 million on January 3, 2011.
This article is accessible to registered users, to continue reading please register for free. A free trial will give you access to exclusive features, interviews, round-ups and commentary from the sharpest minds in the pharmaceutical and biotechnology space for a week. If you are already a registered user please login. If your trial has come to an end, you can subscribe here.
Login to your accountTry before you buy
Free
7 day trial access
- All the news that moves the needle in pharma and biotech
- Exclusive features, podcasts, interviews, data analyses and commentary from our global network of life sciences reporters.
- Receive The Pharma Letter daily news bulletin, free forever.
Become a subscriber
£820
Or £77 per month
- Unfettered access to industry-leading news, commentary and analysis in pharma and biotech.
- Updates from clinical trials, conferences, M&A, licensing, financing, regulation, patents & legal, executive appointments, commercial strategy and financial results.
- Daily roundup of key events in pharma and biotech.
- Monthly in-depth briefings on Boardroom appointments and M&A news.
- Choose from a cost-effective annual package or a flexible monthly subscription
The Pharma Letter is an extremely useful and valuable Life Sciences service that brings together a daily update on performance people and products. It’s part of the key information for keeping me informed
Chairman, Sanofi Aventis UK
Today's issue
Company Spotlight
More Features in Pharmaceutical
| Headless Content Management with Blaze