NATICK, Mass. (AP) - Boston Scientific Corp. plans to spend $275 million to buy the electrophysiology business of fellow medical device maker C.R. Bard Inc. and strengthen its stake in a $2.5 billion global market.
Boston Scientific, which is based in Natick, Mass., said the deal supports its push to offer a "robust portfolio" of tools to diagnose and treat conditions in which the heart beats abnormally.
Murray Hill, N.J.-based C.R. Bard's electrophysiology business employs about 180 people and makes advanced therapeutic and diagnostic catheters, electrophysiology recording systems and other devices. It generated $111 million in revenue last year.
Boston Scientific expects the deal to close later this year.
Shares of Boston Scientific rose 13 cents to $9.35 in morning trading Friday while C.R. Bard rose 94 cents to $109.49. Meanwhile, the Standard & Poor's 500 index fell less than 1 percent.