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Biotech / Medical : Munch-a-Biotech Today
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From: Doc Bones8/31/2007 6:15:21 AM
   of 3158
 
J&J’s ‘Broken Heart’ Lawsuit Rolls On

Posted by Jacob Goldstein
August 30, 2007, 12:28 pm

Boston Scientific took on a crushing debt load to snatch Guidant from the arms of Johnson & Johnson last year, and the company’s been rewarded with worse-than-expected sales from Guidant’s defibrillator business.

As a bonus, Boston Scientific is also getting sued over the deal by Johnson & Johnson — and now a judge has denied Boston Scientific’s motion to dismiss the case.

The details of the case (explained in this Dow Jones story)

online.wsj.com

aren’t worth getting into here — suffice it to say they also involve Abbott, which bought Guidant’s endovascular business, and allegations that Guidant improperly leaked info when all the wheeling and dealing was going on.

U.S. District Judge Gerard E. Lynch in Manhattan did dismiss a few of J&J’s claims against Boston Scientific, and the company’s claims against Abbott. But he allowed the breach-of-contract case against Boston Scientific to proceed.

The judge also saw fit to add a bit of levity to the proceedings: “This case arises from a proposed merger that left plaintiff Johnson & Johnson with a broken heart,” he said, according to Dow Jones. Maybe so. But the Health Blog suspects J&J’s corporate heart may be eased a bit by all the troubles the Guidant tie-up has brought to its long-time rival.

blogs.wsj.com
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