Boston Scientific (BSX) Shares Fall After $700 Million Judgement in Favor of Johnson & Johnson (JNJ)

October 1, 2008 1:08 PM EDT

Shares of Boston Scientific Corp. (NYSE: BSX) are trading down over 7% today after the United States District Court in Delaware entered judgment against the Company in a case involving a patent owned by Johnson & Johnson (NYSE: JNJ) and Boston Scientific's NIR stent product.

In the judgment, the judge awarded Johnson & Johnson damages in the amount of $406,670,987 and pre-judgment interest in the amount of $296,140,867. (The original suit was filed in 1997. The Company hasn't sold the NIR stent since 2004)

Boston Scientific said it will appeal the judgment.

Also, Merrill Lynch downgraded Boston Scientific to underperform this morning.

Boston Scientific Corporation is a developer, manufacturer and marketer of medical devices that are used in a b range of interventional medical specialties, including interventional cardiology, cardiac rhythm management, peripheral interventions, electrophysiology, neurovascular intervention, oncology, endoscope, urology, gynecology and neuromodulation. [SM]

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