Shares of Angiotech Pharmaceuticals (ANPI) gained 5.5% after a Dutch court ruled in favor of the company and partner Boston Scientific (BSX - Get Report) in a patent dispute with Conor Medsystems (CONR).
Angiotech gained 47 cents to $9.07 Wednesday morning.
The lawsuit claims that Conor's CoStar drug-eluting stent infringes a patent held by Angiotech in Europe. The devices are used to prop open arteries cleared of plaque. The patent is part of a worldwide patent portfolio exclusively licensed to Boston Scientific.
"This is a significant victory in a key area of our intellectual property," said Angiotech. "Conor's attempt to design around our patented technology has failed. Not only did the court uphold Angiotech's patent rights in the Netherlands, it also ruled that Conor's stent infringes upon that intellectual property."Angiotech expects reviews and hearings on the patent claims to continue and says Conor is likely to appeal the court decision. Conor fell 7 cents to $32.86 and Boston Scientific dropped 8 cents to $18.04.