University of Michigan Sues St. Jude Medical (STJ) for Breach of Contract
7/10/2012 9:10:22 AM
The University of Michigan is suing St. Jude Medical, alleging breach of their contract giving St. Jude the exclusive right to a patent covering technology used in St Jude's Epic and Trifecta cardiovascular valves. The University of Michigan is suing St. Jude Medical (NYSE:STJ), accusing the medical device maker of failing to pay $4.3 million in royalties on sales of St. Jude's Epic and Trifecta cardiovascular valves. The university said its deal with the St. Paul, Minn.-based company grants St. Jude the exclusive right to use a Michigan patent covering a "Method of Making Calcification-Resistant Bioprosthetic Tissue," including certain technology described in the patent. In return, the company is to pay a 5% royalty on net sales of the Epic and Trifecta devices.