Axonics (NSDQ: AXNX) announced today that it acquired Contura and its flagship Bulkamid product for up to $235 million.
London-based Contura’s Bulkamid is a urethral bulking agent for women with stress urinary incontinence (SUI). It is a next-generation hydrogel injected into the urethral wall in a minimally invasive office or outpatient facility procedure to restore the natural closing pressure of the urethra.
It has been clinically proven to retain its bulking characteristics and maintain efficacy over many years, according to a news release. Bulkamid has held CE Mark approval since 2003 and garnered FDA premarket approval in February 2020 before a limited U.S. rollout in mid-2020.
The acquisition includes a total consideration of $200 million in cash and stock, plus a potential future milestone of $35 million. The upfront consideration is comprised of $141.25 million in cash, plus nearly 1.1 million shares of Axonics stock. The cash is funded wi…