Spinal implant manufacturer Globus Medical may have to pay $16 million after a jury decided that three of its products infringed on the patents held by DePuy Synthes Products LLC, a unit of Johnson & Johnson Inc.
Globus said that the jury in the U.S. District Court in Delaware made its decision Monday. However, a formal judgment has not been entered in the case and there are a number of motions and hearings still to be resolved.
The Audubon, Pa.-based company said it will seek to overturn the verdict in post-trial motions or the appeals process.
Globus does not expect the verdict will affect its ability to conduct its business or affect future revenue because it no longer sells the products involved.
Globus said it believes the facts and the law do not support the jury's findings of infringement and patent validity and will seek to overturn the verdict in post-trial motions with the District Court and, if necessary, through appeal.
DePuy Synthes, which was acquired by Johnson & Johnson last year, said in an emailed statement that it is pleased with the jury's verdict and that it affirmed the validity of its patents.
Investors appeared cheered by the resolution, and Globus shares jumped more than 4 percent to $15.86 by midday. Its stock remains in the middle of its 52-week trading range of $10.26 to $19.93.