St. Jude Medical Inc. agreed to buy Thoratec Corp., a maker of implants that aid failing hearts, for $3.4 billion in cash.

The offer of $63.50 a share represents a 40 percent premium over Thoratec’s average trading price in the 30-day period that ended last week, the companies said Wednesday in a statement. The deal will add to St. Jude’s adjusted earnings beginning next year, the company said.

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