Boston Scientific to acquire Axonics for $71 per share in cash, or $3.4B EV

Boston Scientific (BSX) announced it has entered into a definitive agreement to acquire Axonics (AXNX), a publicly traded medical technology company primarily focused on the development and commercialization of differentiated devices to treat urinary and bowel dysfunction. The purchase price is $71 in cash per share, reflecting an equity value of approximately $3.7B and an enterprise value of approximately $3.4B. 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 $366M 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.