26 February 2021

EUROPE – Contura Announces Acquisition of Proprietary Product Bulkamid by Axonics

Contura Ltd is pleased to announce the acquisition of Bulkamid by Axonics Modulation Technologies, Inc. (NASDAQ: AXNX) for a total consideration of $200 million USD in cash and stock, plus a potential $35 million USD milestone payment, contingent upon the achievement of $50 million USD of Bulkamid sales in any consecutive 12-month period prior to December 31, 2024.

Headquartered in Irvine, CA, Axonics is a global leader in Sacral Neuromodulation, providing customer-centric solutions to treat urinary and bowel dysfunction and improve quality of life for both patients and their families.

“This acquisition is highly synergistic, leverages our expansive commercial footprint and gives us the opportunity to expand our SNM business around the world,” Axonics CEO Raymond W. Cohen said in regards to the acquisition. “Axonics will provide urogynecologists and urologists with a complete suite of clinically differentiated incontinence solutions for their patients, thereby enhancing Axonics’ value proposition to new and existing customers. Interestingly, in many cases, the patient seeking treatment presents with mixed incontinence, meaning with both SUI and urge urinary incontinence symptoms. “Similar to SNM, we see the highly underpenetrated SUI market as poised for significant and durable growth in the years ahead, driven by outstanding clinical results and increased patient awareness.”

Bulkamid, a urethral bulking agent (UBA) consisting of 2.5% polyacrylamide and 97.5% water, is an injectable hydrogel indicated for the treatment of stress urinary incontinence (SUI), a condition which effects millions of women across the globe annually. The product garnered international sales of approximately $12 million in 2019 and was subsequently approved by the US FDA in Q1 2020.