Axogen Acquires BioCircuit for $200 Million to Expand Sutureless Nerve Repair Technology
Axogen Inc., a medical technology company, has agreed to acquire privately held BioCircuit Technologies Inc. in a cash deal valued at $200 million. The acquisition brings the FDA-approved sutureless nerve repair device, NerveTape, into Axogen's portfolio of surgical solutions for peripheral nerve function restoration. To fund this purchase, Axogen is conducting an underwritten public offering of 4.91 million shares priced at $42.50 per share, expected to raise approximately $208.7 million in gross proceeds. The company plans to use the remaining funds for general corporate purposes and capital expenditures. Axogen anticipates that NerveTape will enhance its product offerings by providing a faster alternative to traditional microsutures, broadening access to nerve repair procedures across more medical facilities. Management expects this acquisition to boost revenue growth, earnings per share, and EBITDA margins in the first year post-closure.
Tickers: $AXGN
Topics: Capital raising FDA-approved products Medical devices Nerve repair technology