Boston Scientific has signed an agreement to acquire medical technology company Axonics in a deal valued at approximately $3.7bn, to expand its urology portfolio.

Axonics is focused on developing and commercialising devices for the treatment of urinary and bowel dysfunction.

As part of the deal, Boston Scientific will pay $71 in cash per share.

This represents a 23.3% premium to the last close of Axonics, Reuters reported.

Axonics’ product range includes the Axonics R20 and F15 systems, which are designed to deliver sacral neuromodulation (SNM) therapy, a minimally invasive treatment for overactive bladder (OAB) and faecal incontinence.

The US Food and Drug Administration (FDA)-approved Axonics R20 neurostimulator is a fourth-generation rechargeable SNM device and has a battery life exceeding 20 years.

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Axonics also offers the Bulkamid urethral bulking system to treat female stress urinary incontinence.

The company is expected to generate net revenue of around $366m last year, a 34% increase from the previous fiscal year.

This revenue growth is projected to significantly benefit Boston Scientific’s Urology business this year.

Boston Scientific urology senior vice-president and president Meghan Scanlon said: “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.

“This acquisition also enables our entry into sacral neuromodulation, a high-growth adjacency with opportunities to expand access to care for patients.”

Upon completion of the deal, Axonics will become Boston Scientific’s wholly owned subsidiary.

The transaction is planned to close in the first half of 2024, pending customary closing conditions.

Axonics CEO Raymond Cohen said: “Since its founding ten years ago, Axonics has focused on developing best-in-class solutions for people with incontinence, providing clinicians and their patients with strong clinical support, and raising public awareness of our advanced therapies.

“Our team is looking forward to the global impact we can make as part of Boston Scientific as we endeavour to bring these life-changing therapies to more patients than ever before.”