Medical device manufacturer Boston Scientific Corp. said Wednesday it will pay $60 million in cash to buy Intelect Medical, a company that makes brain stimulation technology.

Boston Scientific said the all-cash acquisition is expected to increase earnings per share beginning in 2014.

The purchase of Boston-based Intelect expands Boston Scientific's presence in the market for so-called neurostimulation devices, which is currently valued at $400 million, with projections to grow to more than $1.5 billion by 2010, according to the company.

The market is currently dominated by competitor Medtronic Inc., the largest medical device maker in the world. A pacemaker-like generator is implanted in the chest and sends electrical pulses to electrodes in the brain that target centers of mood and movement. Such devices are approved to treat Parkinson's disease and are being studied to treat severe forms of depression.

Boston Scientific is conducting clinical trials of its Vercise stimulator to treat Parkinson's disease. Intelect makes a deep brain stimulation guidance system that helps physicians target certain parts of the brain.

"The GUIDE DBS system promises to be a major advance in deep brain stimulation therapy, especially when used in conjunction with our Vercise DBS System," said Michael Onuscheck, Boston Scientific senior vice president, in a statement.

Shares of Boston Scientific Corp. rose 5 cents to close at $7.53.