Medical device maker Boston Scientific Corp said it would buy privately held heart device maker BridgePoint Medical Inc to gain access to its product that restores blood flow in blocked coronary arteries.
Minneapolis, Minnesota-based BridgePoint's catheter-based system is approved by the U.S. Food and Drug Administration and European health regulators to treat chronically occluded coronary arteries -- which are blocked typically for 3 months or longer -- that prevent blood circulation to critical areas of the heart.
These devices are designed to permit endovascular treatment in cases that may otherwise require a patient to undergo surgery.
Financial terms of the deal, which is expected to close in the fourth quarter, were not disclosed by Boston Scientific.
The deal is not expected to impact Boston Scientific's earnings in 2012 and 2013, but will add to earnings after that.
Shares of Natick, Massachusetts-based Boston Scientific were up about 1 percent to $5.79 in morning trade on the Nasdaq.
(Reporting By Vrinda Manocha in Bangalore; Editing by Roshni Menon)