NEW BRUNSWICK, N.J. (AP) – Shares of insulin pump maker Animas Corp. soared more than 30 percent Friday after health care conglomerate Johnson & Johnson said it had agreed to acquire the company for about $518 million to capitalize on the growing demand for diabetes treatment.

The acquisition will give Johnson & Johnson immediate entry in the fast-growing insulin delivery pump market, the company said.

“We’re always looking for opportunities,” J&J spokesman Marc Monseau said. “We have a long-term commitment to the treatment of diabetes and Animas represents the next major building block in our strategy.”

Once the acquisition closes, Animas, based in West Chester, Pa., will operate as a stand-alone entity under LifeScan Inc., a J&J subsidiary that sells blood glucose monitoring systems.

Shares of Animas rose $5.83, or 32 percent, to close at $24.03 in trading on the Nasdaq Stock Market, while J&J shares rose 70 cents, or 1.2 percent, to $60.86 on the New York Stock Exchange.

J&J said it would pay $24.50 for each of the 22 million Animas shares outstanding, a 35 percent premium to Animas’ Thursday closing stock price on the Nasdaq. The stock payment would total about $539 million, but J&J will receive Animas’ net cash, totaling about $20 million, reducing the purchase price to $518 million, Monseau said.

The boards of both J&J and Animas have approved the deal, which is expected to close in next year’s first quarter, pending approval from antitrust regulators and Animas shareholders.

The deal comes as Johnson & Johnson and Boston Scientific Corp. are each trying to buy medical device maker Guidant Corp.

Boston Scientific announced this month it would offer $25 billion for Guidant after J&J lowered its initial $25.4 billion bid to $21.5 billion following months of recalls of Guidant products.

Spokesmen for Boston Scientific and Johnson & Johnson both said Friday that there are no new developments in the bidding war. Boston Scientific is continuing its “due diligence” review of Guidant’s finances, said company spokesman Paul Donovan.