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Axonics to be Acquired by Boston Scientific 

Shares soar 20% on $3.7B offer 

Axonics Inc. (Nasdaq: AXNX), an Irvine-based medical device maker of products to treat incontinence, today announced that it has entered into a definitive agreement to be acquired by Boston Scientific Corp. (NYSE: BSX) for $3.7 billion.

The offer, $71 in cash per share, caused the shares to jump 20% to $69 each and a $3.5 billion market cap. The Orange County Business Journal named Chief Executive and co-founder Raymond Cohen its executive of the year in healthcare. For more, see this week’s print edition.

“The success of Axonics is a testament to our mission-driven employees and their commitment to innovation, quality and teamwork,” Cohen said in a statement today.

The boards of directors of Axonics and Boston Scientific have unanimously approved the transaction, which is expected to close in the first half of 2024.

K&L Gates Orange County partners Michael Hedge and Jason Dreibelbis were the lead legal counsels for Axonics. J.P. Morgan Securities LLC is serving as financial advisor.

Separately, Axonics reported preliminary fourth-quarter revenue grew 27% to $109.3 million to $109.7 million. Analysts on average expected $105.3 million.

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Peter J. Brennan
Peter J. Brennan
Peter J. Brennan has been a journalist for 40 years. He spent a decade in Latin America covering wars, narcotic traffickers, earthquakes, and business. His resume includes 15 years at Bloomberg News where his headlines and articles sometimes moved the market caps of companies he covered by hundreds of millions of dollars. His articles have been published worldwide, including the New York Times and the Washington Post; he's appeared on CNN, CBC, BBC, and Bloomberg TV. He was awarded a Kiplinger Fellowship at The Ohio State University.
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