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The stock price of Medamicus Inc. has been on a nice run the past few months, as investors have flocked to the medical device manufacturer.
Medamicus' stock closed Oct. 31 at a 52-week high of $12.72 per share, compared to $6.50 per share a year ago.
The run-up coincides with the Plymouth-based company's largest acquisition since its founding in 1981.
Medamicus closed Oct. 23 on its $18 million purchase of Bloomington-based Biomec Cardiovascular Inc., a division of a medical technology incubator called Biomec Inc. in Cleveland. The deal was first announced in July.
Medamicus' work force increased from 140 to 220 with the deal.
The purchase was extraordinary because it almost doubles the size of Medamicus, said Dennis Nielsen, an analyst at Minneapolis-based Feld & Co. "this is a big chunk for them to chew," he said.
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