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Boston Scientific said it will buy Axonics, a device company treating urinary and bowel disorders, on Monday. The deal is worth $3.7 billion.

It’s the first billion-dollar medical device deal of 2024 — a rare occurrence in 2023, which saw just a handful of medtech acquisitions reaching the billion threshold. Boston Scientific said it expects to close the deal in the first half of this year. Axonics’ stock increased by 20% in light of the news; Boston Scientific’s dropped slightly.

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Boston Scientific has acquired companies across all medtech sectors in the past year. The device maker bought Apollo Endosurgery, a company selling surgical tools to combat obesity, for $615 million in 2023. In September of 2023, Boston Scientific bought pain relief company Relievant for $850 million.

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