MARLBOROUGH, Mass., Nov. 15,
2024 /PRNewswire/ -- Boston Scientific Corporation
(NYSE: BSX) today announced the close of its
acquisition of Axonics, Inc. (Nasdaq: AXNX), a medical
technology company focused on the development and commercialization
of differentiated devices to treat urinary and bowel
dysfunction.
"Over the last decade, it has been impressive to see the
meaningful innovations Axonics has delivered for patients with
overactive bladder and incontinence," said Meghan Scanlon, senior vice president and
president, Urology, Boston Scientific. "By closing this
acquisition, we're pleased to welcome the Axonics team into Boston
Scientific. The addition of the Axonics product portfolio enables
us to expand into sacral neuromodulation, a high-growth adjacency
for our Urology business, while bringing a comprehensive portfolio
of products to patients around the world who are seeking tailored
treatment options based on their life stage and incontinence
severity."
The purchase price of $71 cash per
share represents an equity value of $3.7
billion and an enterprise value of $3.3 billion.1 The transaction is
expected to be immaterial to adjusted earnings per share in 2024
and 2025 and accretive thereafter. On a GAAP basis, the transaction
is expected to be less accretive, or more dilutive, due to
amortization expense and acquisition-related charges.
Additional information about this transaction is available on
the Events and Presentations section of the Boston Scientific
investor relations website.
About Boston Scientific
Boston Scientific transforms lives through innovative medical
technologies that improve the health of patients around the world.
As a global medical technology leader for more than 45 years, we
advance science for life by providing a broad range of
high-performance solutions that address unmet patient needs and
reduce the cost of health care. Our portfolio of devices and
therapies helps physicians diagnose and treat complex
cardiovascular, respiratory, digestive, oncological, neurological
and urological diseases and conditions. Learn more at
www.bostonscientific.com and connect on LinkedIn and
X, formerly Twitter.
Cautionary Statement Regarding Forward-Looking Statements
This press release contains forward-looking statements within
the meaning of Section 27A of the Securities Act of 1933 and
Section 21E of the Securities Exchange Act of 1934. Forward-looking
statements may be identified by words like "anticipate," "expect,"
"project," "believe," "plan," "estimate," "intend" and similar
words. These forward-looking statements are based on our beliefs,
assumptions and estimates using information available to us at the
time and are not intended to be guarantees of future events or
performance. These forward-looking statements include, among other
things, statements regarding the financial and business impact of
the transaction and anticipated benefits of the transaction, our
business plans and strategy, and product performance and impact. If
our underlying assumptions turn out to be incorrect, or if certain
risks or uncertainties materialize, actual results could vary
materially from the expectations and projections expressed or
implied by our forward-looking statements. These factors, in some
cases, have affected and in the future (together with other
factors) could affect our ability to implement our business
strategy and may cause actual results to differ materially from
those contemplated by the statements expressed in this press
release. As a result, readers are cautioned not to place undue
reliance on any of our forward-looking statements.
Factors that may cause such differences include, among other
things: future economic, political, competitive, reimbursement and
regulatory conditions; geopolitical events; manufacturing,
distribution and supply chain disruptions and cost increases;
disruptions caused by cybersecurity events; disruptions caused by
extreme weather or other climate change-related events; labor
shortages and increases in labor costs; variations in outcomes of
ongoing and future clinical trials and market studies; new product
introductions; expected procedural volumes; demographic trends; the
closing and integration of acquisitions, including our ability to
achieve the anticipated benefits of the transaction and
successfully integrate Axonics' operations; business disruptions
(including disruptions in relationships with employees, customers
and suppliers) following the announcement and/or closing of the
transaction; intellectual property; litigation; financial
market conditions; the execution and effect of our business
strategy, including our cost-savings and growth initiatives; and
future business decisions made by us and our competitors. All of
these factors are difficult or impossible to predict accurately and
many of them are beyond our control. For a further list and
description of these and other important risks and uncertainties
that may affect our future operations, see Part I, Item 1A – Risk
Factors in our most recent Annual Report on Form 10-K filed with
the Securities and Exchange Commission, which we may update in Part
II, Item 1A – Risk Factors in Quarterly Reports on Form 10-Q we
have filed or will file hereafter. We disclaim any intention or
obligation to publicly update or revise any forward-looking
statements to reflect any change in our expectations or in events,
conditions or circumstances on which those expectations may be
based, or that may affect the likelihood that actual results will
differ from those contained in the forward-looking statements,
except as required by law. This cautionary statement is applicable
to all forward-looking statements contained in this document.
CONTACTS:
Nate Gilbraith
Media Relations
+1 (701) 212-9589
nate.gilbraith@bsci.com
Jon Monson
Investor Relations
+1 (508) 683-5450
BSXInvestorRelations@bsci.com
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1 Equity
value based on total fully diluted share count of approximately
51.7 million shares including management incentives; Enterprise
value is equal to Equity value minus net cash and short-term
investments of approximately $0.4 billion as of September 30,
2024.
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SOURCE Boston Scientific Corporation