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.
