Medical device maker Medtronic said Monday it had agreed to acquire HeartWare International for about $1.1 billion, adding diagnostic tools and treatments for heart failure to its portfolio.

The $58-per-share cash offer represents a premium of 93.5% to HeartWare’s Friday close of $29.98. On news of the deal, the stock jumped more than 92% to $57.64.

HeartWare’s flagship product, the HVAD System, is a ventricular assist device that mimics the heart’s blood-pumping function. Medtronic estimates the global VAD market is roughly $800 million currently and worldwide is expected to grow in the mid-to-high single digits through 2017, and accelerate to high-single/low-double digits beyond that.

“The addition of HeartWare’s innovative portfolio adds to our expanding portfolio of diagnostics, therapeutics and services that address heart failure patients,” Mike Coyle, Medtronic’s executive vice president and president of the cardiac and vascular Group, said in a news release.

As Fortune reports, Medtronic has been investing in medical technology companies that make less-invasive surgical devices. Last month, it purchased a stake in Israel’s Mazor Robotics and acquired Smith & Nephew’s gynecology unit.

HeartWare also has multiple technologies in development designed to offer progressively less-invasive mechanical circulatory support options for patients with end-stage heart failure.

“Combining the unique capabilities of the HeartWare team, which has been entirely focused on mechanical support technologies, with the broad strength of the Medtronic organization provides a unique opportunity to enhance growth in the mechanical circulatory support market,” HeartWare CEO Doug Godshall said.

Medtronic, for its fiscal year ended April 29, reported earnings of $3.54 billion on revenue of $28.83 billion. HeartWare, in its most recent fiscal year ended Dec. 31, had a loss of $72.8 million on revenue of $276.8 million.

“Before Monday, HeartWare’s stock had fallen 60% over the past year amid declining sales, problems with product studies and an acquisition — later terminated — that was seen as dilutive to HeartWare,” The Wall Street Journal said.

In trading Monday, Medtronic shares fell 0.8% to $82.57.

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