By Ben Glickman

Shares of Axonics rose on Monday after the company agreed be acquired for $3.7 billion in cash by Boston Scientific.

The stock was up 20% to $69.25, its highest intraday level since December 2022. Shares are up about 26% in the last year.

Boston Scientific said before the open it would pay $71 per share in cash for Axonics, which is focused on developing products to address bladder and bowel issues. Axonics will become a wholly-owned subsidiary of Boston Scientific.

The deal is expected to close in the first half of this year.

Axonics said Monday it now expects fourth-quarter revenue of $109.3 million to $109.7 million. Analysts polled by FactSet expected fourth-quarter revenue of $105.6 million.

Write to Ben Glickman at ben.glickman@wsj.com

(END) Dow Jones Newswires

January 08, 2024 11:21 ET (16:21 GMT)

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