Boston Scientific to Buy Device Maker

Boston Scientific Corp. said it agreed to acquire Target Therapeutics Inc. in a stock swap valued at $1.1 billion, the medical device manufacturers said in a joint statement. Under terms of the tax-free transaction, Boston Scientific would swap 1.07 shares of its common shares for each Target common share. The deal, subject to approval by regulators and Target shareholders, is expected to close during the second quarter, the companies said. Fremont-based Target Therapeutics makes catheter-based disposable and implantable medical devices used to treat neurovascular diseases. Boston Scientific, headquartered in Natick, Mass., also makes medical devices. Analysts said the acquisition would give Boston Scientific a strong footing in the interventional neural radiology market. Target shares zoomed up $10.25 to $57 before trading was halted prior to the announcement. Boston shares lost $4.625 to close at $66.875 on the New York Stock Exchange.