In a groundbreaking move set to reshape the landscape of urology, Boston Scientific Corp. announced on Monday its monumental agreement to acquire Axonics Inc. for an astronomical $3.7 billion. The strategic acquisition aims to catapult Boston Scientific into the forefront of medical technology, particularly in the treatment of urinary and bowel dysfunction.
Boston Scientific To Buy Axonics In $3.7B Deal : Boston’s Bold Bid
The colossal purchase, priced at $71 per share in cold, hard cash, translates into an equity value of approximately $3.7 billion and an enterprise value of about $3.4 billion. The bombshell disclosure fueled an electric surge in Axonics’ share price, soaring an impressive 20% to hit $69.10 on Monday.
Boston Scientific To Buy Axonics In $3.7B Deal : Legal Titans at Play
Legal heavyweights are orchestrating this epoch-making deal, with K&L Gates LLP stepping in as Axonics’ representation. Meanwhile, Latham & Watkins LLP assumes the role of legal maestro for J.P. Morgan Securities LLC, the financial adviser to Axonics. Boston Scientific remains tight-lipped about its counsel information, leaving intrigued minds in suspense.
Timeline of Transformation
Boston Scientific envisions completing this transformative transaction in the first half of 2024, contingent upon customary closing conditions, regulatory approvals, and the nod from Axonics’ stockholders. The unanimously approved deal by both company boards sets the stage for a seismic shift in the urology sector.
Urological Imperatives
Highlighting the urgency of this deal, Boston Scientific emphasizes that nearly 30 million adults aged 40 and older grapple with overactive bladder symptoms, while 19 million adults endure the challenges of fecal incontinence. Meghan Scanlon, President of Urology at Boston Scientific, affirms, “We expect [the transaction] will further strengthen our ability to serve urologists who are treating patients living with these often-chronic conditions.”
Axonics’ Triumphs and Prospects
Axonics, a trailblazer in medical innovation, gained FDA approval for its fourth-generation Axonics R20 neurostimulator in January 2023. The device offers minimally invasive stimulation for overactive bladder issues, positioning Axonics at the forefront of cutting-edge solutions. Projected net revenue for fiscal year 2023 is an impressive $366 million, showcasing a remarkable 34% growth over the previous year. Upon sealing the deal, Axonics is slated to metamorphose into a wholly owned subsidiary of Boston Scientific.
Boston Scientific To Buy Axonics In $3.7B Deal : Visionary Voices
Raymond W. Cohen, Axonics’ CEO, lauds the success of the company’s mission-driven journey over the past decade. “The success of Axonics is a testament to our mission-driven employees and their commitment to innovation, quality, and teamwork,” Cohen declared. He added, “Our 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.”
Boston Scientific To Buy Axonics In $3.7B Deal : Legal Symphony
Behind the scenes, the Latham team, spearheaded by corporate partners Charles Ruck and Luke Bergstrom, along with associate Eric Czubiak, orchestrates the legal symphony representing J.P. Morgan Securities. Their role in this transformative deal reflects the strategic intricacies and legal brilliance fueling the unprecedented acquisition.
