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Guidant Corp

BUSINESS
July 23, 2005 | From Reuters
A recall by Guidant Corp. of certain heart pacemakers has been classified as the most serious type of recall, the Food and Drug Administration said. Guidant's action, announced July 18, was deemed a Class 1 recall, reserved for when there is "a reasonable probability that the malfunctioning device will cause serious adverse health consequences or death."
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BUSINESS
July 21, 2005 | From Bloomberg News
Guidant Corp. won a ruling that upholds a patent related to implantable pacemakers and defibrillators, a victory in its bid for royalties from Medtronic Inc., a rival medical device maker. U.S. District Judge Sue Robinson in Wilmington, Del., upheld the validity of the patent. Medtronic filed suit in August 2003 to have the patent invalidated.
BUSINESS
June 18, 2005 | Lisa Girion, Times Staff Writer
Under pressure after malfunctions in at least 45 implanted defibrillators, including two that are suspected in patient deaths, Guidant Corp. on Friday recalled nearly 50,000 of the devices worldwide. For the Indianapolis-based company -- its stock price dropped nearly 2% on the news -- the recall means a financial blow as it prepares to be acquired by health giant Johnson & Johnson. For many patients, it means surgery to replace suspect devices.
BUSINESS
June 3, 2005 | From Associated Press
Medical device maker Guidant Corp. on Thursday stood by its decision to continue selling an implantable heart defibrillator for months after a potential flaw prompted a redesign, saying the original device was still reliable. "The reliability data showed that the original Ventak Prizm 2 DR, like the enhanced version, was a highly reliable lifesaving product," said Steve Tragash, Guidant's director of corporate communications. "Current data continues to support the reliability of this product."
BUSINESS
May 25, 2005 | From Reuters
Guidant Corp. said it had notified regulators about problems with its defibrillators and said it was working with the Food and Drug Administration. Guidant, in a letter to doctors dated May 23, said a line of its implantable defibrillators contained a flaw that had caused a small number of them to malfunction, but it did not recommend the products be replaced. Guidant said the clinical performance of its device, the Ventak Prizm 2 DR ICD, "continues to exceed design expectations."
BUSINESS
January 20, 2005 | From Bloomberg News
Johnson & Johnson said it would return about $11 billion in foreign profit to the U.S., the first company to declare it will take advantage of a one-year tax holiday. The New Brunswick, N.J.-based maker of a variety of products including Band-Aids and heart stents would record a fourth-quarter cost of $800 million in federal and state taxes to bring home the money, it said in a filing with the Securities and Exchange Commission on Wednesday.
BUSINESS
December 16, 2004 | From Bloomberg News
Johnson & Johnson, the world's biggest maker of medical devices, said late Wednesday that it agreed to buy defibrillator maker Guidant Corp. for $25.4 billion to gain electrical devices for treating heart disease. In the deal, which had been rumored since last week, New Brunswick, N.J.-based J&J would pay $76 for each share of Indianapolis-based Guidant, 40% of it in cash and the balance in stock, J&J said in a statement. The price for Guidant shares is 10.5% more than on Dec.
BUSINESS
September 3, 2003 | From Reuters
Guidant Corp., a medical device company, said it would pay $35 million in cash to acquire the rights to technology from MediVas for use in its drug-coated stent program. In connection with the deal, Indianapolis-based Guidant said it would take a third-quarter charge that would trim earnings by 11 cents a share.
BUSINESS
August 27, 2003 | From Reuters
Guidant Corp. forecast strong quarterly sales of heart-regulating devices Tuesday and said clinical trial results of a treatment for clogged arteries would be ready in time for a key meeting of heart specialists. The Indianapolis-based company, which makes pacemakers, defibrillators and other treatments for heart disease, backed its 2003 sales and earnings forecasts and said it would buy back as much as $250 million of its shares during the next year. J.P.
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