MARSHALL TWP, Allegheny County — MEDRAD, which makes medical equipment, announced this morning it is buying Possis Medial in Minneapolis for $361 million.

The companies have agreed to a cash purchase of $19.50 per share, or about 39 percent above Possis Medical's average closing stock price for the past 30 days.

MEDRAD makes contrast injection systems for cardiovascular and other disease diagnostics. Possis Medical makes mechanical thrombectomy devices for the treatment of narrowed or blocked arteries and veins.

Possis Medical has about 280 employees in Minneapolis.

MEDRAD has about 1,700 worldwide.

Luanne Radermacher, MEDRAD director of corporate relations, said this morning her company hopes the deal will be completed in about three weeks and she would be able to discuss more details at that time.

About three weeks ago, MEDRAD officially opened its newest facility, an equipment packaging plant in Victory Road Business Park, Clinton Township.

More than a year ago, MEDRAD opened its international headquarters in the Tech 21 office park in Marshall.