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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
With four decades of experience in journalism, Peter J. Brennan has built a career that spans diverse news topics and global coverage. From reporting on wars, narcotics trafficking, and natural disasters to analyzing business and financial markets, Peter’s work reflects a commitment to impactful storytelling. Peter’s association with the Orange County Business Journal began in 1997, where he worked until 2000 before moving to Bloomberg News. During his 15 years at Bloomberg, his reporting often influenced financial markets, with headlines and articles moving the market caps of major companies by hundreds of millions of dollars. In 2017, Peter returned to the Orange County Business Journal as Financial Editor, bringing his heavy business industry expertise. Over the years, he advanced to Executive Editor and, in 2024, was named Editor-in-Chief. Peter’s work has been featured in prestigious publications such as The New York Times and The Washington Post, and he has appeared on CNN, CBC, BBC, and Bloomberg TV. A Kiplinger Fellowship recipient at The Ohio State University, he leads the Business Journal with a dedication to uncovering stories that matter and shaping the local business community and beyond.
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