Boston Scientific Closes $3.7B Deal for Axonics

Boston Scientific has closed its acquisition of Axonics, a company that develops and commercializes devices to treat urinary and bowel dysfunction.

Axonics’ purchase price of $71 cash per share reflects an equity value of $3.7 billion and an enterprise value of $3.3 billion. The transaction is expected to be immaterial to adjusted earnings per share (EPS) in 2024 and 2025, and accretive thereafter.

Boston Scientific began the acquisition deal for Axonics in January 2024. The deal underwent significant scrutiny from the Federal Trade Commission (FTC), delaying its close past the initial expectation of H1 2024.

Axonics focuses primarily on devices to treat urinary and bowel dysfunction. The company’s portfolio includes the Axonics R20 and R15 systems, which deliver sacral neuromodulation therapy (SNM). SNM therapy treats overactive bladder (OAB) and fecal incontinence by delivering mild electrical pulses to the sacral nerve to restore communication between the brain and bladder.

“Over the last decade, it has been impressive to see the meaningful innovations Axonics has delivered for patients with overactive bladder and incontinence,” said Meghan Scanlon, senior vice president and president, Urology, Boston Scientific. “By closing this acquisition, we’re pleased to welcome the Axonics team into Boston Scientific. The addition of the Axonics product portfolio enables us to expand into sacral neuromodulation, a high-growth adjacency for our Urology business, while bringing a comprehensive portfolio of products to patients around the world who are seeking tailored treatment options based on their life stage and incontinence severity.”