Industrial and medical conglomerate Danaher Corp said it will buy diagnostics company IRIS International Inc for $355 million.

Danaher will pay $19.50 in cash for each IRIS share, representing a premium of about 45 percent to the stock's Friday's close.

The deal is expected to close during the fourth quarter of this year, Danaher said.

Danaher shares closed $54.76 on Friday on the New York Stock Exchange.