Axonics has announced that it has entered into a definitive agreement to be acquired by Boston Scientific Corporation for US$71 in cash per share, representing an equity value of approximately US$3.7 billion.
Axonics brings a complementary product portfolio to the Boston Scientific Urology business, as stated in an Axonics press release. The company has pioneered and introduced significant enhancements to sacral neuromodulation (SNM) therapy for bladder and bowel dysfunction, and urethral bulking for women with stress urinary incontinence—both of which are among the fastest growing segments in urology, the release adds.
“Since its founding 10 years ago, Axonics has focused on developing best-in-class solutions for people with incontinence, providing clinicians and their patients with strong clinical support, and raising public awareness of our advanced therapies,” said Raymond Cohen, chief executive officer of Axonics. “The success of Axonics is a testament to our mission-driven employees and their commitment to innovation, quality, and teamwork. Our team is looking forward to the global impact we can make as part of Boston Scientific as we endeavour to bring these life-changing therapies to more patients than ever before.”
The boards of directors of Axonics and Boston Scientific have unanimously approved the transaction, which is expected to close in the first half of 2024 after satisfaction of customary closing conditions, including approval of Axonics’ stockholders and receipt of required regulatory approvals. Upon completion of the transaction, Axonics will become a wholly owned subsidiary of Boston Scientific.
JP Morgan Securities is serving as financial advisor and K&L Gates is serving as legal counsel to Axonics.
