In 1996, Johnson & Johnson was the undisputed king of bare-metal stents. Stents are the mesh tubes that prevent arterial collapse after balloon angioplasty, the principal treatment for atherosclerosis: A balloon is inserted into an artery to clear away plaque and is removed. Then a stent containing another balloon is inserted into the artery. The balloon is inflated to open the blocked artery and push the stent against the arterial walls; this balloon is then deflated and removed. J&J held a strong patent portfolio that gave it dominance in the U.S. stent market. It also led in Europe, where it faced stiffer competition.

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