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Shares of Edwards Lifesciences Corp. (NYSE: EW) climbed after the largest publicly traded company based in Orange County reached a settlement with rival Boston Scientific Corp. (NYSE: BSX).
The two companies settled all outstanding patent disputes between them in all venues around the world.
“All pending cases or appeals in courts and patent offices between the two companies will be dismissed,” the companies said in a joint statement.
Any injunctions currently in place will be lifted and the parties will not litigate patent disputes related to current portfolios of transcatheter aortic valves, certain mitral valve repair devices and left atrial appendage closure devices.
Irvine-based Edwards agreed to make a one-time payment of $180 million to Boston Scientific. No further royalties will be owed by either party under the agreement. All other terms remain confidential.
Edwards shares climbed 7.5% to $160.65 and a $33.6 billion market cap. Shares of Marlborough, Mass.-based Boston Scientific increased 3.7% to $36.60 and a $50.7 billion market cap.