Baxter International Inc. (NYSE:BAX) agreed to pony up $28 per share, or $325 million, for Synovis Life Technologies, Inc. (NSDQ:SYNO) and its lines of soft tissue repair and microsurgery products.

News of the deal sent SYNO shares up nearly 49 percent to $27.78 from yesterday’s close. BAX shares ticked up 0.3 percent to $49.93 as of about noon today.

Synovis, which posted sales of about $70 million last year, saw its profits soar during the third quarter. Earnings jumped 33 percent to $2 million, or 17 cents per share, for the St. Paul, Minn.-based company. Sales rose 19 percent to $21 million for the quarter.

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Baxter said it believes the deal, expected to close during the first quarter next year, could dilute full-year EPS next year by about 4 cents, be earnings-neutral in 2013 and “increasingly accretive” after that. Adjusted for net cash, the deal is worth about $260 million.

“The medical device business that Synovis has built, and its technical capabilities to develop and manufacture surgical products, is highly complementary to Baxter’s existing offering of bio-surgery products,” Baxter BioScience president Ludwig Hantson said in prepared remarks.

“We are enthusiastic about this transaction not only because it is beneficial to our shareholders and employees, but also because the combination of Baxter’s and Synovis’ product portfolios will greatly expand the combined entity’s presence in the exciting and expanding soft tissue repair market, benefiting patients worldwide,” added Synovis president & CEO Richard Kramp.