J&J; Sues Abbott, Boston Scientific on Guidant Bid
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Johnson & Johnson has sued Boston Scientific Corp. and Abbott Laboratories Inc., seeking at least $5.5 billion in damages related to J&J;’s failed bid for medical device maker Guidant Corp.
The lawsuit alleges that Guidant leaked confidential information to Abbott. J&J; claims that was a “material breach of the terms of Guidant’s merger agreement with J&J;” and ultimately led to Boston Scientific’s winning the battle to acquire Guidant for $27 billion.
An Abbott spokeswoman said the lawsuit, filed in U.S. District Court in New York, was without merit.
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