Minneapolis

At a price tag of about $3.7 billion, Medtronic has agreed to acquire Northridge, Calif.-based MiniMed. In a separate but related transaction, Medtronic also agreed to acquire Medical Research Group, a private company in which MiniMed is a shareholder. The agreements include a cash purchase price of $48 a share for MiniMed and about $420 million in cash and stock for MRG.

“The acquisition of MiniMed and MRG gives additional momentum to both our short- and long-term strategies for growth,” said Medtronic chief executive officer Art Collins. “MiniMed's market leadership in diabetes management offers immediate opportunities for reaching an expanding market that includes more than 16 million people in the U.S. In addition, we believe MRG's implantable glucose monitoring and insulin delivery systems fit Medtronic's longer-term strategic objective of providing lifelong solutions for people with chronic diseases.”

The purchase is subject to approval by shareholders and Hart-Scott-Rodino clearance. The companies expect to conclude the transactions by September, officials said.