J&J owes over $1B in damages related to 2019 Auris deal, judge rules
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Contributor since / Followers
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3 months ago
JamesBrey
- A judge at the Delaware Court of Chancery ruled on Wednesday that J&J (NYSE:JNJ) owes more than $1B as part of a lawsuit alleging that the healthcare giant breached an agreement related to its 2019 acquisition of robotic surgery company Auris Health.
- The lawsuit filed in 2020 alleged that J&J (JNJ) breached a deal with former Auris shareholders by failing to prioritize the development of two surgical robots it added with the $3.4B acquisition.
- The deal provided for up to ~$2B in additional payments, subject to regulatory approvals for the products. Vice Chancellor Lori W. Will delivered the ruling following an eight-month-long trial.
- Former Auris shareholders include robotic surgery pioneer Frederic Moll, who founded Auris, as well as Intuitive Surgical (ISRG), its rival at the time.