The Ticker

Boston Scientific settles with J&J for $600M

Boston Scientific will pay $600 million to settle with drugmaker Johnson & Johnson over the medical device maker's $27 billion acquisition of Guidant Corp. in 2006.

Boston Scientific said yesterday that Johnson & Johnson had wanted $7 billion in damages, but will dismiss its lawsuit. Under the settlement, Boston Scientific also won't sue Johnson & Johnson over several stent products. Johnson & Johnson confirmed the terms of the settlement.

Natick-based Boston Scientific Corp. shares rose $1.65, or 11 percent, to $16.49 in aftermarket trading. Johnson & Johnson shares were unchanged at $100.44.

After Johnson & Johnson lost a bidding war for Guidant, it sued Boston Scientific and Abbott Laboratories, accusing them of interfering with its Guidant deal. New Brunswick, N.J.-based Johnson & Johnson said Boston Scientific and Abbott induced Guidant to breach its deal agreement with the health and medical product company.

Analyst: Uber hurting medallion prices

Uber, the popular ride-hailing app, is hitting taxicabs where it hurts: the medallion business.

Taxi companies make money by charging drivers for medallions, or licenses to drive their cabs.

In a note to investors yesterday, Jefferies analyst Sean Darby said taxi medallions are not the "safe haven" in terms of investing that they used to be as taxi companies face increasing competition from Uber and similar services.

"After many years of rising prices due to limited supply, the average price of a single (New York City) taxi medallion fell around 20 percent from its peak in 2013" because of the growing popularity of Uber and other car-hailing apps, he wrote. He said the situation is similar in Boston and Chicago.

He said it might be time to bet against taxi medallions in 2015.

Today

• Labor Department releases the Producer Price Index for January.
• Commerce Department releases housing starts for January.
• Federal Reserve releases industrial production for January.
• Federal Reserve releases minutes from January interest-rate meeting.

TOMORROW

• Labor Department releases weekly jobless claims.
• Freddie Mac, the mortgage company, releases weekly mortgage rates.
• Secretary of Administration and Finance Kristen Lepore has named Carol Gladstone as commissioner of the state's Division of Capital Asset Management and Maintenance. Gladstone, who has more than 35 years of real estate experience, has spent the past two years working with nonprofit and government organizations as a principal at Stantec Consulting, an international architecture and engineering firm.

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