Boston Scientific will pay Johnson & Johnson $600M
NEW YORK (AP) — Boston Scientific says it will pay $600 million to settle with drugmaker Johnson & Johnson over the medical device maker's $27 billion acquisition of Guidant Corp. in 2006.
Johnson & Johnson, which lost a bidding war for Guidant, Boston Scientific and Abbott Laboratories, accusing them of interfering with its Guidant deal.
To avoid antitrust problems, Boston Scientific had sold Guidant's stent and vascular unit to Abbott for $4.1 billion plus a $900 million loan.
Boston Scientific said Tuesday that Johnson & Johnson had wanted $7 billion in damages but will dismiss its lawsuit. Under the settlement, Boston Scientific also won't sue Johnson & Johnson over several stent products.
Johnson & Johnson did not immediately respond to messages.
Boston Scientific Corp. shares rose 9.5 percent in aftermarket trading.