Boston Scientific and Medinol Announce Settlement
New York, Sept. 21, 2005 -- Boston Scientific Corporation and Medinol, Ltd. announced today that they have reached a settlement that resolves their existing disputes and establishes a framework for resolving future ones.
Under the terms of the settlement, Boston Scientific will pay Medinol $750 million, and the parties will agree to:
- A mutual release of existing claims against each other, effectively
dismissing all outstanding stent litigation, including all disputes with
respect to the Express™ and TAXUS® Express™ stents.
- A declaration that all agreements between each other, including
the supply agreement, are canceled.
- A covenant by Medinol not to sue Boston Scientific under certain
Medinol patents other than through an established arbitration process.
- The establishment of an arbitration process to be the sole forum
to hear any future disputes that may arise involving certain Medinol
patents,
in which Medinol has agreed to limit any relief it seeks to reasonable
royalties.
Boston Scientific is a worldwide developer, manufacturer and marketer
of medical devices whose products are used in a broad range of
interventional medical specialties. For more information, please
visit: http://www.bostonscientific.com.
Medinol Ltd. is a developer and manufacturer of stents with a wide
portfolio of intellectual property relating to multiple cardiovascular
applications. Medinol is privately held and headquartered in
Tel Aviv, Israel.
This press release contains forward-looking statements. Boston Scientific
and Medinol wish to caution the reader that actual results may
differ from those discussed in the forward-looking statements and
may be
adversely affected by, among other things, risks associated with
new product
development and commercialization, clinical trials, intellectual
property, regulatory approvals, litigation, Boston Scientific's
and Medinol's
overall business strategies, and other factors described in Boston
Scientific's filings with the Securities and Exchange Commission.
CONTACT:
Milan Kofol
508-650-8569 (Office)
617-834-8595 (Mobile)
Investor Relations
Boston Scientific Corporation
Paul Donovan
508-650-8541 (Office)
508-667-5165 (Mobile)
Media Relations
Boston Scientific Corporation
Rory Millson
212-474-1672
Medinol, Ltd.
Source: Boston Scientific Corporation
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