Boston Scientific to buy Silk Road Medical in $1.26bn deal

Medical device company Silk Road Medical surged in pre-market trade on Tuesday after saying it had agreed to be bought by Boston Scientific in a $1.26bn deal.

Under the terms of the transaction, Silk Road shareholders will receive $27.50 per share in cash.

In a brief statement, Silk Road said its board of directors had unanimously approved the deal and recommend that shareholders adopt the merger agreement.

The transaction is expected to close in the second half of this year.

At 1230 BST, Silk Road shares were up 23% in pre-market trade at $26.70.