Boston Scientific Corp. agreed to buy rival BTG Corp. for 3.3 billion pounds ($4.2 billion) to expand its offering of medical devices to treat cancer and other disorders.

Boston Scientific, a maker of stents that hold open damaged blood vessels, will pay 840 pence in cash per share, a 37 percent premium over BTG’s Monday closing price, according to a statement. BTG surged a record 35 percent to 830 pence, reaching their highest level in almost four years in London trading.

London-based BTG makes medical technology for physicians, such as cryoablation products to freeze and destroy diseased cells or radiotherapy that delivers radiation straight to tumors. The company also makes medicines and antidotes against snake venom for emergency care. BTG garnered $496 million in revenue in the first half of the year.

The acquisition will “will augment our capabilities in important areas of unmet need” such as cancer and harmful blood clots, Boston Scientific Chief Executive Officer Michael Mahoney said in the statement.

The transaction would be funded with a combination of cash on hand and proceeds from debt financing. Boston Scientific said it would likely add two to three cents its adjusted earnings per share next year and more thereafter. Investors with 33 percent of BTG’s outstanding shares have pledged to vote in favor of the deal, the company said.

The purchase is Boston Scientific’s biggest since 2005, when it acquired device maker Guidant for $25.2 billion, according to data compiled by Bloomberg. The company traces its origins to the U.K.’s National Research Development Corp., which was set up in the 1940s to commercialize publicly funded research. It was privatized in 1992.

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