Bulletin: Boston Scientific Corp.'s Planned Acquisition Of Axonics Is Within The Capacity Of The Current Rating And Outlook

TORONTO (S&P Global Ratings) Jan. 8, 2024--S&P Global Ratings said today that Boston Scientific Corp.'s (BBB+/Stable/A-2) plan to acquire Axonics Inc. for $3.7 billion is within the capacity of the current ratings and outlook on the company. The acquisition expands Boston Scientific's urology franchise, adding key products such as Axonic R20 and Axonic F15 for the minimally invasive treatment of overactive bladder and bowel dysfunctions. The acquisition is also consistent with the company's strategy of pursuing midsize acquisitions to further expand its portfolio and balance growth across its cardiovascular and medical surgical franchises. Axonics is expected to generate roughly $366 million in revenue for 2023, up 34% from the previous year but with limited immediate benefit to Boston Scientific's EBITDA

...January 8, 2024 TORONTO (S&P Global Ratings) Jan. 8, 2024--S&P Global Ratings said today that Boston Scientific Corp.'s (###+/Stable/A-2) plan to acquire Axonics Inc. for $3.7 billion is within the capacity of the current ratings and outlook on the company. The acquisition expands Boston Scientific's urology franchise, adding key products such as Axonic R20 and Axonic F15 for the minimally invasive treatment of overactive bladder and bowel dysfunctions. The acquisition is also consistent with the company's strategy of pursuing midsize acquisitions to further expand its portfolio and balance growth across its cardiovascular and medical surgical franchises. Axonics is expected to generate roughly $366 million in revenue for 2023, up 34% from the previous year but with limited immediate benefit to Boston Scientific's EBITDA and cash flows. Our ratings and outlook are unchanged. After the acquisition, which is expected to close by midyear 2024, adjusted net leverage rises to roughly 3.2x, before...

Bulletin