Medical device maker Medtronic said Monday it would buy HeartWare International, a company best known for its HVAD heart pump designed to help with heart failure for $1.1 billion. The mechanical pump requires less invasive surgery than other treatments for heart failure.
At $58 per share, the deal is nearly double the $29.98 HeartWare closed at on Friday. HeartWare shares ended trading Monday up $27.81, or 93%, to close at $57.79. Medtronic fell $0.88 to $82.38.