US medical devices maker Boston Scientific Corp today said it will pay $1.73 billion to settle three patent disputes with healthcare firm Johnson & Johnson (J&J).
The disputes, which date back to 2003, are related to the intellectual property rights in the cardiovascular area. The firm would pay $1.725 billion to J&J in connection with the settlement, the Boston Scientific Corp said today in a statement.
As part of the settlement, the American company would pay $1 billion immediately while the balance would be paid on or before the first week of January 2011.
"In the past year, we have significantly reduced the volume of outstanding litigation, having now settled 17 law suits with J&J, as well as disputes with other competitors and the government," the company President and Chief Executive Officer Ray Elliott said.
"...While we still have a number of litigation matters remaining, this recent settlement has materially reduced our financial risks going forward," Elliott noted.
