April 28 (Reuters) - Abbott Laboratories said it agreed to buy medical device maker St. Jude Medical Inc for $25 billion.

St. Jude shareholders will receive $46.75 in cash and 0.8708 Abbott shares, representing total consideration of about $85 per share.

The offer represents a 37 percent premium to St. Jude's Wednesday closing.

(Reporting by Amrutha Penumudi in Bengaluru; Editing by Saumyadeb Chakrabarty)