Axonics Inc. Acquisition by Boston Scientific Corp.
Shares of Axonics Inc. soared 19.2% towards a 13-month high in premarket trading Monday, following the announcement of a cash deal with Boston Scientific Corp. The medical technology company, specializing in treating urinary and bowel dysfunction, is set to be acquired for an equity value of approximately $3.7 billion.
Acquisition Agreement Details
Under the terms of the deal, Boston Scientific will pay $71 for each outstanding share of Axonics. This price represents a 23.3% premium to the previous day's closing price of $57.57. The stock of Boston Scientific also experienced a modest increase of 0.3% prior to Monday's opening.
A Positive Outlook
The acquisition is expected to be finalized in the first half of 2024. Although Boston Scientific foresees an "immaterial" impact on adjusted earnings per share in 2024, they anticipate an overall positive effect on earnings going forward.
Strengthening Capabilities for Urologists
Even more exciting is the opportunity to enhance the range of services provided to urologists and their patients with chronic conditions related to urinary and bowel dysfunction. Meghan Scanlon, president of urology at Boston Scientific, expressed enthusiasm about the integration of Axonics' technologies within the company’s portfolio. This acquisition also paves the way for Boston Scientific's entry into sacral neuromodulation, indicating significant growth potential and expanded access to care for patients.
The acquisition of Axonics Inc. by Boston Scientific Corp. marks a significant milestone in the advancement of medical technology.
All Rights Reserved © 2024
Post a comment