DOW JONES NEWSWIRES 
 

Boston Scientific Corp. (BSX) said it would pay $716 million to Johnson & Johnson (JNJ) to settle more than a dozen patent-infringement lawsuits involving devices to remove blockages in coronary arteries.

The payment is within Boston Scientific's legal reserves and will be made from cash on hand.

"We are pleased we have been able to significantly reduce the amount of outstanding litigation we have with Johnson & Johnson," said Chief Executive Ray Elliott, adding the company will continue to work on resolving other suits.

The medical-device maker has been involved in myriad intricate legal moves over stents, involving the major players in the $4 billion market: J&J, Medtronic Inc. (MDT) and Abbott Laboratories (ABT). The companies have sued to prevent competitors from introducing new stents and to claim royalties on each other's devices.

"We are pleased to resolve several of these patent litigations," said Seth Fischer, chairman of Cordis Corp., the J&J unit involved in the suit.

J&J expects to record most of the settlement payment as a special item in the fourth quarter.

Other companies also have been working to resolve the litigation. In July, Medtronic said it would pay Abbott $400 million to settle all patent fights between the companies and clear the air regarding stents. That followed deals Medtronic reached earlier this year to resolve stent-patent disputes with both Boston Scientific and J&J.

Boston Scientific's shares closed Tuesday at $10.68 and were inactive after hours. The stock is up more than a third this year but is still down 10% from a year ago.

-By Kathy Shwiff, Dow Jones Newswires; 212-416-2357; Kathy.Shwiff@dowjones.com