Johnson & Johnson Inc. suffered a court setback in its bid to get almost $600 million awarded for its stent patents after a federal judge threw out verdicts against Medtronic Inc. and Boston Scientific Corp.
U.S. District Judge Sue Robinson ruled that Minneapolis-based Medtronic didn't infringe patents owned by Johnson & Johnson's Cordis unit, setting aside a $271.1-million jury verdict. She also overturned a $324.4-million damage award against Natick, Mass.-based Boston Scientific, although she upheld an infringement verdict.
New Brunswick, N.J.-based Johnson & Johnson pledged to appeal the judge's rulings.
In New York Stock Exchange trading, shares in Johnson & Johnson fell 34 cents to $64.61, Medtronic shares fell 61 cents to $44.60 and Boston Scientific shares fell 30 cents to $24.79.