Axonics
shares rose sharply after the medical-device maker said it had agreed to be acquired by
Boston Scientific
for $71 in cash a share in a deal valued at about $3.7 billion.
Axonics
stock jumped 20% to $68.99 in Monday trading, while shares of fellow medical device maker
Boston Scientific
were up 0.1%.
The acquisition will expand Boston Scientific’s portfolio in its urology business through Axonics’ slate of products for bladder and bowel dysfunction.
The transaction was unanimously approved by the boards of both companies and is expected to close in the first half of this year, the release says. After that is completed, Axonics will become a wholly owned subsidiary of Boston Scientific.
Shares of other medical stocks were trading mixed.
Abbott Laboratories
was down 0.4%,
Medtronic
PLC and Stryker were flat, while
Edwards Lifesciences
rose 0.9% in premarket trading.
Write to Emily Dattilo at [email protected]
Read the full article here