A jury awards $15 million to bone cement maker Pabban Development, ruling that Medtronic broke the terms of its deal to acquire Pabban, which could have been worth up to $50 million.
Medtronic (NYSE:MDT) owes $15.4 million to bone cement maker Pabban Development for breaking the terms their 2008 acquisition deal, a federal jury in California ruled last week.
Irvine, Calif.-based Pabban, which developed a bone cement system for spinal surgeries called Natrix, claimed the technology had key improvements over other bone cements at the time, according to court documents. That aroused Medtronic’s interest after the Federal Trade Commission ruled that its July 2007 acquisition of Kyphon could only go through if Kyphon sold off its bone cement delivery system, according to the documents (Johnson DePuy subsidiary acquired the Kyphon system for roughly $100 million in 2008, according to the documents).
