Summary
Boston Scientific Corporation (BSX) has filed an 8-K report detailing a material definitive agreement. On September 21, 2005, the company reached a settlement with Medinol Ltd. to resolve all outstanding litigation between them. This settlement is significant as it dismisses all stent litigation, including disputes related to the Express™ and TAXUS® Express™ stents. As part of the agreement, Boston Scientific will pay Medinol $750 million.
Key Highlights
- 1Boston Scientific and Medinol Ltd. have settled all outstanding litigation.
- 2The settlement resolves disputes concerning the Express™ and TAXUS® Express™ stents.
- 3Boston Scientific will pay Medinol $750 million as part of the settlement.
- 4All existing claims between the two parties will be mutually released.
- 5Existing agreements between Boston Scientific and Medinol, including their supply agreement, have been canceled.
- 6Medinol has agreed not to sue Boston Scientific under certain patents except through an established arbitration process.
- 7A new arbitration process will be the sole forum for future disputes involving specific Medinol patents, with Medinol limiting relief to reasonable royalties.