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Shares of Edward Lifesciences Corp. (EW - Get Report) surged nearly 8% on Tuesday after the company agreed to pay rival Boston Scientific Corp. (BSX - Get Report) $180 million to settle long-standing patent disputes over heart valve replacement devices.

At midday, Edwards Lifesciences' stock rose 8.4% to $162.09 at the close of trading on the New York Stock Exchange. Earlier shares rose as high as $162.19.

"All pending cases or appeals in courts and patent offices between the two companies will be dismissed, and the parties will not litigate patent disputes related to current portfolios of transcatheter aortic valves, certain mitral valve repair devices, and left atrial appendage closure devices. Any injunctions currently in place will be lifted," the companies said in a statement.

Boston Scientific and Edwards Lifesciences have been embroiled in a number of legal cases over the years involving heart valve replacement systems, including transcatheter aortic valves, in the U.S. and Europe. The valves are used in a relatively new procedure called transcatheter aortic valve replacement, or TAVR, in which the original heart valve is not surgically removed.

Boston Scientific shares also gained on the announcement, rising more than 3%, or $1.33, to $36.64 on the New York Stock Exchange.

Boston Scientific produces medical technology and devices for patients. Edwards Lifesciences, based in Irvine, Calif., is the global leader in patient-focused medical innovations for structural heart disease, as well as critical care and surgical monitoring.