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Edwards Lifesciences (EW): Appeals Court Affirms Infringement Judgment Against Medtronic (MDT)

 November 13, 2012 02:33 PM

(By Balachander) Edwards Lifesciences Corp. (NYSE: EW) said an appeals court confirmed that Medtronic Inc.'s (NYSE: MDT) CoreValve system is illegally using Edwards' transcatheter valve technology.

The appeals court upheld the judgment by a federal court in Delaware that Medtronic's device infringed Edwards' transcatheter valve technology. The appeals court affirmed the federal jury's verdict awarding an initial payment of $74 million in damages to Edwards, which covers infringement through early 2010.

In addition, the appeals court ordered the trial court to reconsider Edwards' request for a permanent injunction that would prohibit the manufacture and sale of the CoreValve System in the United States.

[Related -Medtronic, Inc. (MDT): Turning The Beat Around?]

Edwards expects that further proceedings by the U.S. District Court for the District of Delaware will require Medtronic to pay substantial additional damages accumulated after the verdict was issued.

The patent involved in this suit is part of the Andersen family of patents, which relates to a valve prosthesis for implantation by means of a catheter.

EW shares traded 1.66 percent higher at $88.10 on Tuesday. MDT shares added 0.41 percent.

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