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A German court ruled against Medtronic Inc in the latest round of its patent fight with Edwards Lifesciences on Friday, judging the U.S. medical device maker's transcatheter heart valve technology infringes a patent owned by Edwards.
Shares of Edwards were up 3.7 percent at $68.25 in early afternoon trading on the New York Stock Exchange, while shares of Medtronic were down 1.4 percent at $53.01.
The German court decision immediately bars sales of Medtronic's CoreValve and CoreValve Evolut systems in that country, requires their recall from the market and payment of damages.
"Germany is the second largest market for transcatheter valves outside of the U.S.," said Jefferies & Co analyst Raj Denhoy. The Medtronic devices are not yet being sold in the United States, where Edwards is pursuing patient litigation to keep its competitor from entering the market.
Medtronic said in a statement that it "respectfully disagrees" with the Mannheim court's decision and intends to appeal.
The validity of the patent, known as the Spenser patent, is also being contested at the European patent office.
The artificial valves, threaded into the heart with a catheter through an artery, are designed to spare patients from chest cracking, open heart surgery.
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