Boston, MA 06/18/2013 (wallstreetpr) – The share prices of Globus Medical Inc. (NYSE:GMED) had surged by 4.54 percent to close at $15.88 per share for the end of last trading session on Monday. The shares of the company had been trading in the range of $15.21 to $15.93 per share during the day. The shares of Globus Medical Inc. (NYSE:GMED) had recorded 52 week high price of $19.93 per share and 52 week low price level of $10.26 per share.
Globus Medical Inc. (NYSE:GMED) is primarily engaged in the discovery, design, development and commercialization of medical products which are aimed at improving the healing in patients with spine disorders. The leading provider of spinal implant had recently announced the jury verdict in a patent infringement case in the US District Court in Delaware which was DePuy Synthes Products LLC against Globus Medical Inc. (NYSE:GMED).
The jury had found that the prior versions of three products sold by Globus Medical Inc. (NYSE:GMED) had infringed the patents of Synthes and had thereby awarded the company with monetary damages to the amount of $16 million. The jury had further upheld the validity of the three Synthes patents at issue as the same was challenged by the spine implants manufacturer.
As the case and following verdict involved only three products of Globus Medical Inc. (NYSE:GMED) which are no more the part of company’s product portfolio, the verdict will not have any impact on the company’s ability to conduct business or on its future revenues. The company will also not be put in a situation to make any royalty payments to DePuy Synthes on its current or future sales, as the products of patent infringement case are no longer in the sales list of Globus Medical Inc. (NYSE:GMED).
The company had witnessed the trade of 827,464 shares on Monday, while the average trading volume for Globus Medical Inc. (NYSE:GMED) is at 451,907 shares per day.
