Summary
Boston Scientific Corporation (BSX) announced on May 28, 2008, that a U.S. District Court jury in Texas has rendered a verdict in a patent infringement lawsuit filed by Medtronic. Medtronic had alleged that certain Boston Scientific balloon catheters and stent delivery systems infringed on four of its patents. The jury found in favor of Medtronic, determining that the patents are valid and that some BSX products infringed them, awarding Medtronic $250 million in damages. While this verdict is significant, it is not final. Boston Scientific has several defenses that the District Court will consider on July 31, 2008. The company intends to vigorously pursue post-trial motions and a potential appeal to the U.S. Court of Appeals for the Federal Circuit, expressing confidence in its position and belief that the jury's verdict is not supported by the evidence or the law. Investors should monitor the upcoming court proceedings closely.
Key Highlights
- 1Jury verdict reached in patent infringement suit filed by Medtronic against Boston Scientific.
- 2Medtronic alleged infringement by certain BSX balloon catheters and stent delivery systems.
- 3Jury found Medtronic's patents valid and infringed by BSX products.
- 4Jury awarded $250 million in damages to Medtronic.
- 5Boston Scientific has additional defenses to be heard by the District Court on July 31, 2008.
- 6BSX plans post-trial motions and potential appeal, expressing confidence in prevailing.
- 7The company believes the jury verdict is unsupported by evidence and law.