Boston Scientific to purchase California bowel dysfunction treatment firm for $3.7B

A building with blue tinted windows sits behind a patio with chairs and umbrellas.

Photo | Courtesy Boston Scientific Boston Scientific headquarters, Marlborough

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Marlborough medical device manufacturer Boston Scientific has reached agreement to purchase Axonics Inc., a publicly traded company based in California specializing in devices used to treat urinary and bowel dysfunction.

The purchase price for the transaction is $71 per share, showing an equity value of $3.7 billion, according to a release issued by Boston Scientific on Monday. This transaction will help Boston Scientific to scale up its urology business.

"We are excited to add Axonics technologies to the Boston Scientific portfolio, a combination that we expect will further strengthen our ability to serve urologists who are treating patients living with these often-chronic conditions," Meghan Scanlon, senior vice president and president of urology at Boston Scientific, said in the release. "This acquisition also enables our entry into sacral neuromodulation, a high-growth adjacency with opportunities to expand access to care for patients."

Axonic’s portfolio includes devices that utilize sacral neuromodulation therapy, a minimally invasive procedure using mild electrical pulses to treat bladder and bowel conditions. The company received U.S. Food and Drug Administration approval for a fourth-generation of one of its neurostimulators.

Axonic is expecting a net revenue of approximately $366 million in 2023, a 34% growth over the prior fiscal year.

Boston Scientific expects the transaction to complete in the first half of this year.