UPDATE: Wunderlich Securities Raises PT to $18 on Conceptus; Hologic Settlement
Wunderlich Securities comments, "On Monday, Conceptus (CPTS) and Hologic (HOLX-NR) announced that their on-going patent infringement litigation has been settled. Under the terms of the settlement, Hologic's Adiana Permanent Contraception System will be removed from the market by May 18, 2012. Meanwhile, CPTS has agreed to drop its previously jury-awarded $18.8 million which was decided last October. This settlement ends all continuing litigation which includes all the prior appeals. In addition to the settlement, Hologic announced today its acquisition of Gen-Probe Incorporated (GPRO-NR) for $3.75 billion in cash. While not directly related, we believe this may have contributed to HOLX's decision to exit the permanent contraception market."
CPTS closed at $18.77 on Monday.
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