NATICK, Mass. (AP) -- Medical device maker Boston Scientific Corp. said Friday it will buy Sadra Medical Inc. for $386 million, adding a potential heart valve replacement product to its array of heart devices.
Boston Scientific already owns a 14 percent stake in Sadra. It will pay $193 million upfront and up to $193 million in potential milestones.
Sadra, based in Los Gatos, Calif., is developing a repositionable device for heart valve replacement procedures.
Boston Scientific, based in Natick, Mass., said it expects the buyout to dilute earnings per share by up to 2 cents in 2011, 2012, and 2013.
The company expects the deal to close during fourth quarter or the first quarter.
Shares of Boston Scientific rose 17 cents, or 2.6 percent, to $6.73 in afternoon trading. The stock has traded between $5.04 and $9.79 over the last 52 weeks.