Illinois-based medical technology giant Abbott will acquire New Brighton-based medical device company Cardiovascular Systems Inc., the companies announced Wednesday.

Under the terms of the agreement, Cardiovascular Systems stockholders will receive $20 per common share. This is expected to total approximately $890 million, according to a news release announcing the deal.

Lisa Earnhardt, Abbott’s executive VP of medical devices, said in the news release that the acquisitions will add new, complementary technologies to Abbott’s current vascular device offerings.

Cardiovascular Systems’ profile includes the Diamondback 360° system, a product used to conduct a minimally invasive procedure that cuts plaque from the walls of a blood vessel. This procedure is called atherectomy and is used in addition to or as an alternative to balloon angioplasty. The company also has an early-stage pipeline of complementary vascular intervention devices in development.

Abbott’s portfolio includes technology for angioplasty and stents. Angioplasty opens clogged arteries, allowing blood to flow freely through them using a catheter and a balloon. A stent, which is a mesh-like tube of thin wire, is inserted after the balloon is inflated, and helps support the inner walls of the artery as it heals.

“CSI has a talented and experienced team and a leading atherectomy system that will allow Abbott to provide physicians more tools to help patients live fuller lives,” Earnhardt said.

After the announcement was made, Cardiovascular Systems shares went up 48% to $19.70. Abbott shares were down 0.3% to $110.

Though it’s based in Illinois, Abbott has a significant presence in Minnesota, employing about 5,000 workers here.

“We are pleased to have reached an agreement with a leading global company that shares our passion for the development and commercialization of innovative solutions for treating complex peripheral vascular disease and coronary artery disease,” Scott Ward, Cardiovascular Systems’ chairman, president, and CEO, said in the news release. “We believe combining with Abbott delivers value to our patients, physician customers, employees and stockholders while continuing our work to save limbs and save lives every day.”

Formed in 1989, Cardiovascular Systems didn’t achieve its first annual net profit until 2018.

Analysts with global financial services firm BTIG were positive about the acquisition, according to medical device news site Mass Device. BTIG analysts Marie Thibault and Sam Eiber described the deal as a “prudent purchase” that would enable Abbott to take advantage of adjacent market opportunities.