Medical devices maker Boston Scientific Corp. (BSX) Wednesday, announced that the U.S. District Court for the District of Delaware has found all four patents in a suit involving Johnson & Johnson (JNJ) to be invalid.
As part of a 2007 suit, Johnson & Johnson had alleged that Boston Scientific's PROMUS Everolimus-Eluting Coronary Stent System infringed these four patents, known as the Wright/Falotico patents. The patents relate to coatings, drug and polymer, for drug-eluting stents.
The court ruled that a trial on the four patents, which was scheduled to begin February 9, will not proceed.
Ray Elliott, President and Chief Executive Officer of Boston Scientific said, "We are pleased with the court's finding that all four Johnson & Johnson patents are invalid. Boston Scientific will continue to vigorously defend against any charges of infringement. We continue to attempt to resolve remaining outstanding matters with Johnson & Johnson."
BSX closed Wednesday's regular trading at $9.48 down $0.14 or 1.46% on a volume of 33.138 million shares on the NYSE. In the after hour trading the stock value further decreased to $9.40 down $0.08 or 0.84%.
JNJ closed Wednesday's regular trading at $65.15 down $0.20 or 0.31% on a volume of 13.025 million shares on the NYSE.
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