Jury Awards Medtronic $250 Million in Patent Suit Against Boston Scientific
Boston Scientific lost an early round in a patent dispute with Medtronic. A federal jury in Texas awarded Medtronic $250 million in damages late yesterday, saying that the Natick, MA, company infringed on three patents for cardiac stent delivery and balloon catheter technology.
Boston Scientific (NYSE: BSX) said today in a statement that it plans to raise defenses to the U.S. District Court by July 31 that weren’t considered by the jury. Those arguments could persuade the court to set aside the jury’s verdict, the company said. If those arguments fail, Boston Scientific can still make post-trial motions to the court, or appeal to the U.S. Court of Appeals in Washington.
Wall Street wasn’t fazed by the verdict, sending Boston Scientific’s shares down just 8 cents to $13.36 at 11:47 a.m. Eastern Standard time.