Medical device maker Possis acquired by Bayer
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(AP) - Shares of Coon Rapids-based medical device maker Possis were at a four-year high Tuesday morning on news the company would be acquired.
The company's stock jumped more than a third to $19.36 on Monday when it was announced that German pharmaceutical company Bayer AG would pay about $344 million.
Bayer's Medrad Inc. affiliate agreed to pay $19.50 per share in cash for Possis, which makes a device that removes blood clots from arteries.
Medrad makes devices used in medical imaging. It says the buyout helps it expand into the heart invention field.
The board of directors of Possis Medical unanimously approved the transaction and says it will recommend the offer to its shareholders.
Possis is the fourth major medical company in Minnesota to be sold in recent months. The others are: MGI Pharma, AppTec Laboratory Services, and Lifecore Biomedical.
(Copyright 2008 by The Associated Press. All Rights Reserved.)
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