Boston Scientific To Acquire Axonics For $71/shr In All-cash Deal Valued At About $3.7 Bln

(RTTNews) - Medical technology company Boston Scientific Corp. (BSX) announced Monday it has entered into a definitive agreement to acquire peer Axonics, Inc. (AXNX) for $71 per share in an all-cash deal valued at approximately $3.7 billion.

The acquisition will expand Boston's urology portfolio with differentiated technologies to treat urinary and bowel dysfunction.

The Axonics product portfolio includes the Axonics R20TM and the Axonics F15TM Systems used to deliver sacral neuromodulation (SNM) therapy, which is a minimally invasive procedure used in the treatment of overactive bladder (OAB) and fecal incontinence.

Boston Scientific expects to complete the transaction in the first half of 2024, subject to customary closing conditions. 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. The impact to Boston Scientific adjusted earnings per share is expected to be immaterial in 2024 and accretive thereafter.

The impact to GAAP earnings per share is expected to be less accretive, or more dilutive, due to amortization expense and acquisition-related net charges.