Vancouver-based biotech Angiotech Pharmaceuticals Inc. (TSX:ANP; Nasdaq:ANPI) has reached a settlement with Johnson & Johnson subsidiary Conor Medsystems over a stent patent.
The issue centred on an alleged patent infringement relating to Conor's CoStar paclitaxel stent. Terms of the settlement were not disclosed.
Angiotech had been fighting with Conor in several countries over paclitaxel stents Conor was developing around Angiotech's technology.
Conor had lost several court decisions over the past year. In January, the Dutch court ruled in favour of Angiotech, and in March the European Patent Office sided with Angiotech. Last week, New Zealand's Intellectual Property Office upheld Angiotech's stent patents.
Angiotech's share price range during the past week: between $6.54 and $6.61.