Shares of Axonics Inc.
AXNX,
soared 19.2% toward a 13-month high in premarket trading Monday, after the medical technology company focused on treating urinary and bowel dysfunction announced an agreement to be acquired by Boston Scientific Corp.
BSX,
in a cash deal with an equity value of about $3.7 billion. Under terms of deal, Boston Scientific will pay $71 for each Axonics shares outstanding, which represents a 23.3% premium to Friday’s closing price of $57.57. Boston Scientific’s stock tacked on 0.3% ahead of Monday’s open. The deal is expected to close in the first half of 2024. Boston Scientific expects the deal to have an “immaterial” impact on adjusted earnings per share in 2024, but add to earnings thereafter. “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,” said Meghan Scanlon, president of urology at Boston Scientific. “This acquisition also enables our entry into sacral neuromodulation, a high-growth adjacency with opportunities to expand access to care for patients.”
