US-based biomedical engineering firm Boston Scientific has agreed to acquire Axonics, a medical technology company focused on bladder and bowel dysfunction, for an equity value of around $3.7bn.
Under the terms of the agreement, Boston Scientific will purchase all the shares of Axonics for $71 in cash per share займ безработным, which is a 23.3% premium to Axonics’ share price at last closing.
Axonics is a medical technology company primarily engaged in the development and marketing of different medical devices to treat urinary and bowel dysfunction.
The company develops sacral neuromodulation (SNM) therapy for bladder and bowel dysfunction and urethral bulking for women with stress urinary incontinence.
The boards of directors of both companies have unanimously approved the transaction.
It is expected to be completed in the first half of 2024, subject to certain customary closing conditions, including Axonics’ stockholders’ approval and regulatory approvals.
Upon completion of the transaction, Axonics will become a fully-owned subsidiary of Boston Scientific.
Through the acquisition, Boston Scientific will enter the area of SNM therapy, a minimally invasive procedure used to treat overactive bladder (OAB) and faecal incontinence.
Boston Scientific Urology senior vice president and president Meghan Scanlon said: “We are excited to add Axonics technologies to the Boston Scientific portfolio, a combination that we expect will further strengthen our ability to serve urologists who are treating patients living with these often-chronic conditions.
“This acquisition also enables our entry into sacral neuromodulation, a high-growth adjacency with opportunities to expand access to care for patients.”
The California-based medical technology company said that it will bring a complementary product portfolio to the Boston Scientific Urology business.
Axonics’ portfolio of products includes the Axonics R20TM and the Axonics F15TM Systems, which deliver SNM therapy to provide safe and durable symptom relief.
The portfolio also includes a Bulkamid Urethral Bulking System, which is intended to treat women with stress urinary incontinence.
In clinical studies, Axonics Therapy showed a meaningful improvement in the patient’s quality of life, with no serious device-related adverse events reported.
In January 2023, Axonics received US Food and Drug Administration (FDA) approval for its rechargeable SNM device, Axonics R20 neurostimulator, which comes with over 20 years of battery life.
Axonics CEO Raymond Cohen said: “Since its founding ten 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.
“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.”
