Today Boston Scientific Corp. and Edwards Lifesciences Corp. announced their agreement to settle all outstanding patent disputes around the world. The companies have a past history of ongoing patent disputes surrounding various heart valve products. This agreement means all pending cases or appeals in courts and patent offices between Boston Scientific and Edwards will be dismissed. The companies will also forgo litigating the patent disputes related to current portfolios of transcatheter aortic valves, mitral valve repair devices and left atrial appendage closure devices. As a result of the agreement Edwards paid Boston Scientific $180 million. Other terms of the agreement are confidential.
Following the announcement on Tuesday morning, both companies enjoyed a boost during early trading on the stock market, with Edwards Lifesciences up 6% and Boston Scientific up 3.4%.