Boston Scientific Corporation BSX gained more than 12 percent Wednesday after a federal judge won't be deciding after all whether the company owes more than $7 billion to Johnson & Johnson JNJ.
The two companies settled the case late Tuesday, with Boston Scientific agreeing to fork over $600 million to Johnson & Johnson.
Boston Scientific said it will take a fourth-quarter charge for the full amount, putting to rest a 2006 lawsuit in which Johnson & Johnson alleged that Guidant breached the merger agreement it had with Johnson & Johnson.
Closing arguments in the long-standing disputes were made last month before U.S. District Judge Richard Sullivan in New York, who had been expected to issue a ruling shortly.
Shares of Boston Scientific closed at $16.68, up 12.4 percent.
Shares of Johnson & Johnson closed at $99.96, down 0.48 percent.
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