By Colin Kellaher

Shares of Silk Road Medical rose sharply in premarket trading Tuesday after the medical-device maker agreed to be acquired by larger peer Boston Scientific for about $1.26 billion.

Boston Scientific is paying $27.50 a share in cash for Silk Road, a 27% premium to Monday's closing price of $21.67 for the Sunnyvale, Calif., company.

Silk Road shares were recently changing hands at $26.60, up nearly 23%, in premarket trading.

The deal, which carries an enterprise value of about $1.16 billion including Silk Road's cash position, is slated to close by the end of the year.

Write to Colin Kellaher at

(END) Dow Jones Newswires

06-18-24 0741ET