AXNX - Why Axonics Stock Soared Today
2024-01-08 19:38:18 ET
Shares of Axonics (NASDAQ: AXNX) were up 20.5% on Monday after the urology company agreed to be acquired by Boston Scientific (NYSE: BSX) . Boston Scientific shares were also up around half a percent on the news today.
More specifically, Axonics agreed to be acquired by Boston Scientific for $71 per share in cash, good for an equity value of $3.7 billion and (excluding Axonics' net cash and short-term investments) an enterprise value of $3.4 billion. Axonics shares have traded in a relatively tight range for the past few years leading up to the announcement and were up only slightly over the last year as of Friday's close.
Axonics CEO Raymond Cohen noted his company has built best-in-class solutions for people with incontinence since it was founded a decade ago. He elaborated that his team "is looking forward to the global impact we can make as part of Boston Scientific as we endeavor to bring these life-changing therapies to more patients than ever before."
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Why Axonics Stock Soared Today