Cordis Corporation
Cordis Corporation Announces Agreement With Boston Scientific To Resolve Certain Coronary Stent Patent Disputes
Published in Surgery Litigation and Law Weekly, February 19th, 2010
Cordis Corporation, a Johnson & Johnson company, announced that it has reached an agreement with Boston Scientific resolving two Delaware litigations related to Cordis's 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 Johnson & Johnson expects to record the majority of this payment as a special item in the first quarter of 2010.
Boston Scientific will pay Cordis $1 billion by close of business today (Feb. 1, 2010) and $725 million on Jan. 3, 2011.
The cases resolved today were pending in Delaware before U.S. District Court Judge Sue Robinson....
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