M&A · Healthcare · Surgical & Medical Instruments & Apparatus
Boston Scientific Corp to acquire Axonics, Inc.
Announced Jan 8, 2024 · Closed Nov 15, 2024
Deal value$3.70BEV $3.55B
Premium23.3%To unaffected price
EV / Adj. EBITDA—10.4x EV / Revenue
ConsiderationAll cash$71.00 per share
Transaction
- Acquirer
- Boston Scientific Corp (BSX)
- Target
- Axonics, Inc. (AXNX)
- Buyer type
- Strategic
- Offer price per share
- $71.00
- Enterprise value
- $3.55B
- Status
- Closed Nov 15, 2024
Deal protections
- Break fee (target pays)
- $75.0M · 2.0%
- Reverse fee (buyer pays)
- $140M · 3.8%
- Go-shop
- No-shop
- Financing
- —
Advisors
- To the acquirer
- Not disclosed
- To the target
- JPMorgan
Sector context · Healthcare
- Comparable deals
- 103 in the prior 24 months
- Premium
- 23.3% vs. 53.0% sector median
- EV / Adj. EBITDA
- Sector median 17.1x
- Break fee
- 2.0% vs. 3.5% sector median
Timeline
- AnnouncedJan 8, 2024
- Proxy filedFeb 7, 2024
- Definitive proxyFeb 22, 2024
- Shareholder voteMar 22, 2024
- ClosedNov 15, 2024
Valuation · fairness opinions
Discounted cash flow$44.25$75.25
52-week trading range$47.99$67.34
Analyst price targets$55.00$79.00
Analyst price targets$49.50$71.25
Offer $71.00
Implied value per Axonics, Inc. share by analysis, from JPMorgan · DCF discount rate 9.5%–11%.