Axogen acquires BioCircuit for $200M cash, funds via $208.7M stock offering

Axogen, Inc.

Acquires BioCircuit for $200M cash; $1M withheld for post-closing adjustments; close expected Q4 2026.
Adds NerveTape, first FDA-approved sutureless nerve repair device; spin-out of BioCircuit's electronics business before close.
Priced 4.91M shares at $42.50/share for ~$208.7M gross; underwriters have 30-day option for 736,500 more.
Deal expected accretive to revenue growth, adjusted EBITDA margin, and adjusted EPS in first year post-close.
No regulatory approvals required; financing not conditioned on deal; if deal fails, proceeds for general corporate purposes.

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