For more than eight years, Johnson & Johnson has pursued billions of dollars in damages against Boston Scientific Corp after the latter won a controversial - and ultimately ill-fated - bidding war for device maker Guidant. Now the dispute lies in the hands of a federal judge after lawyers for both companies made final presentations on Wednesday at the close of a non-jury trial in New York federal court.J&J is seeking more than $7.2 billion in damages and interest from Boston Scientific as Guidant's successor, an amount that one analyst has characterized as a "major near-term risk" for a company with a market capitalization of about $19 billion as of Wednesday.U.S. District Judge Richard Sullivan, who oversaw the trial, did not indicate when he would rule.The dispute stems from 2005, when J&J agreed to purchase Guidant for $21.5 billion. Under the deal, Guidant was permitted to consider unsolicited competing bids.
Boston Scientific Corporation is a developer, manufacturer and marketer of medical devices that are used in a range of interventional medical specialties. Shares of BSX traded higher by 0.42% or $0.06/share to $14.39. In the past year, the shares have traded as low as $11.10 and as high as $14.82. On average, 13187000 shares of BSX exchange hands on a given day and today's volume is recorded at 7515948.
Johnson & Johnson is a holding company engaged in the research and development, manufacture and sale of a broad range of products in the health care field. Shares of JNJ traded higher by 0.6% or $0.61/share to $101.90. In the past year, the shares have traded as low as $86.09 and as high as $109.49. On average, 8042980 shares of JNJ exchange hands on a given day and today's volume is recorded at 11702890.
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