Boston Scientific Corporation (“Boston Scientific”) announced on January 8 that it has entered into a definitive agreement to acquire Axonics, Inc. (“Axonics”) for an equity value of approximately $3.7 billion. The timing of the announcement coincided with the start of the 42nd Annual J.P. Morgan Healthcare Conference in San Francisco, which also saw the announcement of major acquisitions by large players in the pharmaceutical space.
Meghan Scanlon, President of Boston Scientific Urology, commented: “This acquisition also enables our entry into sacral neuromodulation, a high-growth adjacency with opportunities to expand access to care for patients.”
According to the corresponding press release from Axonics, Axonics has “pioneered and introduced significant enhancements to sacral neuromodulation therapy for bladder and bowel dysfunction and urethral bulking for women with stress urinary incontinence, both of which are among the fastest growing segments in urology.”
Raymond W. Cohen, CEO of Axonics, stated: “Our team is looking forward to the global impact we can make as part of Boston Scientific as we endeavor to bring these life-changing therapies to more patients than ever before.”
The deal is expected to close in the first half of 2024. Axonics expects a total company net revenue of about $366 million in 2023.
Axonics is currently in litigation with Medtronic. Medtronic sued Axonics in a federal court in California in 2019, alleging infringement of seven patents. The litigation has been stayed pending the outcome of continued IPR proceedings at the Patent Trial and Appeal Board of the U.S. Patent and Trademark Office.