Axonics (NASDAQ:AXNX) stock is rising higher on Monday following news that Boston Scientific (NYSE:BSX) is acquiring the company for $3.7 billion.
That has Boston Scientific agreeing to purchase Axonics for $71 in cash per share. That represents a roughly 23% premium over the stock’s closing price on Friday.
Axonics CEO Raymond Cohen said the following about the deal with Boston Scientific:
“The success of Axonics is a testament to our mission-driven employees and their commitment to innovation, quality and teamwork. Our team is looking forward to the global impact we can make as part of Boston Scientific as we endeavor to bring these life-changing therapies to more patients than ever before.”
Details of the AXNX Stock Deal
The Axonics Board of Directors and Boston Scientific Board of Directors have both given their unanimous support to the deal. Now, the deal just needs to complete customary closing conditions and get approval from investors in AXNX stock.
If all goes well, the acquisition should be completed in the first half of 2024. When the deal closes, Axonics will become a wholly owned subsidiary of Boston Scientific.
Today’s news brings with it heavy trading of AXNX stock. That has more than 6.7 million shares changing hands as of this writing. For the record, that’s well above its daily average trading volume of about 545,000 shares.
AXNX stock is up 20% as of Monday morning.
Investors seeking out more of the latest stock market stories will want to stick around!
We have all of the hottest stock market stories worth reading about on Monday! Among that is what’s happening with shares of Nio (NYSE:NIO) stock, NuScale (NYSE:SMR) layoffs and Boeing (NYSE:BA) troubles. You can catch up on these matters at the following links!
More Monday Stock Market News
- Why Is NIO Stock Down Today?
- NuScale Layoffs 2024: What to Know About the Latest SMR Job Cuts
- Can Boeing (BA) Stock Survive the Latest 737 Max 9 Issues?
On the date of publication, William White did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
