Conceptus (NSDQ:CPTS) agreed to a buyout by Bayer (PINK:BAYRY) in a deal valued at $1.1 billion.

Bayer will pay $31 per share for the Mountain View, Calif.-based medical device company, representing a nearly 20% premium on Conceptus’ $25.90 closing price April 26.

The deal was announced in conjunction with Conceptus’ release of its 1st-quarter earnings results.

Conceptus reported profits of $1.9 million, 6¢ per share, on sales of $34 million during the 3 months ended March 31, reversing a $2.8 million net loss (9¢ per share) on sales of $29 million during the same period last year.

Conceptus has reported just 2 years of profitability since its 1992 inception, accumulating a deficit of more than $154.9 million, according to regulatory filings. The company’s flagship Essure procedure, which received FDA approval in 2002, is a surgery and hormone-free permanent birth control method, which can be performed in a physician’s office without general anesthesia or tubal ligation.

Conceptus and Essure were "an excellent fit" for Bayer’s HealthCare business unit in the U.S., Bayer AG CEO Marijn Dekkers said in prepared remarks.

The deal is expected to close by the middle of the year, according to a press release.