BSX - Axonics stock jumps on Boston Scientific $71/share acquisition

2024-01-08 07:15:37 ET

Axonics ( NASDAQ: AXNX ) shares jumped over 20% premarket on Monday after Boston Scientific ( NYSE: BSX ) announced a deal to acquire the med-tech firm for $71 per share in cash.

Subject to customary closing conditions, the deal is expected to complete in the first half of 2024 and reflects an equity value of approximately $3.7B and an enterprise value of approximately $3.4B.

Axonics ( AXNX ) is primarily focused on the development and commercialization of differentiated devices to treat urinary and bowel dysfunction. Its product portfolio includes the Axonics R20 and the Axonics F15 Systems used to deliver sacral neuromodulation therapy.

The business is estimated to generate net revenue of approximately $366M (+34% Y/Y) in 2023 that will in turn be highly accretive to the Boston Scientific ( BSX ) Urology business in 2024. The impact to Boston Scientific adjusted earnings per share is expected to be immaterial in 2024 and accretive 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. This acquisition also enables our entry into sacral neuromodulation, a high-growth adjacency with opportunities to expand access to care for patients," said Meghan Scanlon, senior vice president and president, Urology, Boston Scientific.

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