Four medical device implant makers will pay about $311 million and agree to federal monitoring and other reforms to settle a government probe into improper consulting contracts with surgeons, federal prosecutors said Thursday.
The financial agreement was reached with Biomet, Johnson & Johnson unit DePuy Orthopaedics, Smith & Nephew and Zimmer Holdings, the office of U.S. Attorney Christopher Christie said in a press release.
A fifth company, Stryker, will pay no civil settlement, but it is part of the pact and has agreed to the reforms, including 18 months of federal monitoring, according to the news release.
Under the pacts, Zimmer will pay $169.5 million, DePuy will pay $84.7 million, Smith & Nephew about $28.9 million and Biomet $26.9 million, according to prosecutors.
On the New York Stock Exchange, Stryker shares rose $1.05 to $68.95; JNJ moved up 19 cents at $65.58; and Zimmer rose 78 cents to $81.92.