Endo (ENDP) Bids $2.9b for (AMMD)

Shares of American Medical Systems (NASDAQ:AMMD) are skyrocketing on news Endo Pharmaceuticals (NASDAQ:ENDP) made a bid of $30 a share for the company.

According to Endo, once the deal is closed it will increase the diversification of the company in services and medical devices. Combined revenue of the new entity will be approximately $3 billion.

American Medical will add products and services in gynecology and urology to Endo's drugs which treat cancer, pain and low testosterone.

The deal is expected to close in the latter part of the third quarter.

Endo was trading at $42.34, gaining $1.49, or 3.65 percent, as of 12:26 PM EDT. AMMD was trading at $29.46, up $7.13, or 31.93 percent.