Bayer Affiliate To Purchase Medical Devices Maker

MINNEAPOLIS, Minn. (AP) — Possis Medical Inc. said Monday it agreed to be bought by an affiliate of German pharmaceutical company Bayer AG for about $344 million.

Bayer's Medrad Inc. agreed to pay $19.50 per share in cash for the Minneapolis maker of medical devices. Medrad makes devices used in medical imaging.

The $19.50 price is a premium of 36 percent over the Possis closing price of $14.35 on Friday. The $344 million price tag is based on Possis's 17.6 million shares outstanding at the end of October. Possis said the deal values the company at $361 million.