Boston-based dialysis products and services provider Fresenius Medical Care announced the acquisition of medical technology company NxStage Medical Inc. (NXTM) - Get Report for $2 billion Monday. 

Fresenius paid $30 per common share in the transaction for the company, which reported $366 million in revenue in 2016. 

"The acquisition supports our 2020 strategic initiative of driving growth in the core business with innovation, better clinical outcomes through Care Coordination and improving the patient experience," said CEO Rice Powell. "Combining our two companies would strengthen and diversify our business in the U.S. and help meet the evolving needs of our patients."

NxStage shares were up 27.87% to $29.59 in premarket trading Monday. 

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