Boston Scientific shares rose more than 7 percent Monday after The Wall Street Journal reported rival medical device manufacturer Stryker approached it with a takeover bid.
A deal would unites two medical device giants into a powerhouse with a combined value of more than $110 billion, The Wall Street Journal reported, citing people familiar with the matter. Sources told the publication it was unclear whether Boston Scientific is receptive to the offer.
Boston Scientific has a market capitalization of $47.6 billion. Its stock has risen 38 percent this year. Stryker, with a market capitalization of $64.9 billion, has seen its shares gain about 13 percent his year. They dipped nearly 3 percent Monday.
A Stryker spokesman said as a matter of company policy, Stryker does not comment on potential mergers and acquisitions. Boston Scientific did not immediately responded to CNBC's request for comment.
A combined company would offer a broad range of medical devices. Stryker's lineup includes orthopedic products, such as parts for knee and hip replacements, while Boston Scientific's portfolio includes cardiac products like pacemakers.
There's some overlap between the two companies' offerings, including spinal cord stimulators, which are implantable devices used to treat chronic pain.
A deal could allow the two companies to better compete with Medtronic, a medical device behemoth with a market value of $117.3 billion. The company's shares fell 0.7 percent Monday.