Cordis Corporation, a Johnson & Johnson company, announced today 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 and $725 million on Jan. 3, 2011.

The cases resolved today were pending in Delaware before U.S. District Court Judge Sue Robinson. The disputes involved several coronary stent products including Cordis's Cypher stent and Boston Scientific's Liberte, Taxus Liberte and Taxus Express stents.

"We are very pleased to resolve these long-standing patent disputes," said Seth Fischer, Company Group Chairman, Cordis Corporation.

Other litigation between the two companies will not be affected by this settlement, including the Cordis lawsuits against Boston Scientific's Promus Stent products.

Source
Cordis Corporation