Orange County Business Journal

Edwards Rises on CoreValve Ruling

Kari Hamanaka Monday, April 14, 2014

Irvine-based heart valve maker Edwards Lifesciences Corp. shot up on Monday after it said that a U.S. District Court judge granted a preliminary injunction on rival Medtronic Inc.'s CoreValve in the U.S.

Edwards said in a statement Friday that the ruling goes into effect in seven business days.

Edwards filed a lawsuit against Medtronic in 2008 and a jury ruled in 2010 that CoreValve infringed on Edwards' Andersen transcatheter aortic valve replacement patent.

Edwards shares were up about 12.5% in afternoon trading Monday to a market value of $8.81 billion.

Medtronic shares were down about 2% to a market value of $58.07 billion.