Benzinga - by Vandana Singh, Benzinga Editor.
Boston Scientific Corporation (NYSE: BSX) has agreed to acquire Axonics Inc (NASDAQ: AXNX) for $71 in cash per share, representing an enterprise value of approximately $3.4 billion and an equity value of approximately $3.7 billion.
The Axonics product portfolio includes the Axonics R20TM and the Axonics F15TM Systems used to deliver sacral neuromodulation (SNM) therapy.
SNM therapy is a minimally invasive procedure used in the treatment of OAB and fecal incontinence.
It delivers mild electrical pulses to the sacral nerve to restore communication between the brain and the bladder.
In clinical studies, Axonics Therapy has demonstrated a meaningful improvement in patient's quality of life in follow-up out to two years, with no serious device-related adverse events reported.
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.
Axonics expects to deliver net revenue of approximately $366 million in 2023, representing 34% growth over the prior fiscal year.
Axonics' revenue growth profile is anticipated to be highly accretive to the Boston Scientific Urology business in 2024.
Concurrently, Axonics reports interim FY23 revenues of approximately $366.1 million, up 34% Y/Y compared to the consensus of $362.27 million.
The company sees Q4 revenues of $109.3 million-$109.7 million, up 27% Y/Y versus consensus of $105.56 million.
Price Action: AXNX shares are up 20.20% at $69.21 on the last check Monday. BSX shares are down 0.62% at $57.80.
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