Axonics Modulation Technologies has acquired UK-based Contura and its lead product Bulkamid, a urethral bulking agent used in the treatment of female stress urinary incontinence (SUI).
The transaction includes a total consideration of $200m in cash and stock, along with a potential future milestone of $35m.
Bulkamid is a homogenous non-particulate hydrogel, which is injected into the urethral wall in a minimally invasive office or outpatient facility procedure for restoring the urethra’s natural closing pressure.
The company believes that Bulkamid addresses the defects of the existing particulate-based bulking agents while offering an alternative to patients who wish to avoid sling surgery and opt for a minimally invasive solution.
The hydrogel secured CE Mark approval in 2003 and the US Food and Drug Administration (FDA) approval last year.
Axonics CEO Raymond Cohen said: “This acquisition is highly synergistic, leverages our expansive commercial footprint and gives us the opportunity to expand our SNM business around the world.
“Axonics will provide urogynecologists and urologists with a complete suite of clinically differentiated incontinence solutions for their patients, thereby enhancing Axonics’ value proposition to new and existing customers.
“Interestingly, in many cases, the patient seeking treatment presents with mixed incontinence, meaning with both SUI and urge urinary incontinence symptoms.”
The company noted that the cash for the acquisition is funded through a new $75m term loan from Silicon Valley Bank.
The payment of $35m is subject to the achievement of $50m in Bulkamid sales over any consecutive 12-month period prior to 31 December 2024.