Axonics (Nasdaq:AXNX) announced that its stockholders voted to adopt its $3.7 billion merger agreement with Boston Scientific
(NYSE: BSX)
.
Boston Scientific announced its intent to buy Axonics on Jan. 8. Irvine, California-based Axonics develops neuromodulation systems for treating urinary and bowel dysfunction. Its fourth-generation R20 rechargeable sacral neuromodulation (SNM) system received FDA approval around a year ago. Axonics also launched the recharge-free F15 SNM system in mid-2022.
However, questions arose around potential legal scrutiny over the deal earlier this month. Bloomberg reported that the U.S. Federal Trade Commission (FTC) may look into the deal, with Boston Scientific’s leading vaginal mesh and Axonics’ Bulkamid potentially garnering significant interest. The report said that Boston Scientific owning the market’s top mesh and bulking agent could cause antitrust concerns.
The company is also embroiled in an ongoing patent spat over its SNM technology with medtech giant Medtronic.
Axonics stockholders voted in a special meeting held on Friday, March 22. According to preliminary voting results, a majority of shares of Axonics common stock voted in favor of adopting the merger agreement.
The companies expect the transaction to close in the first half of 2024, subject to certain conditions. That includes regulatory approvals or clearances or the expiration, termination or waiver of applicable waiting periods under U.S. and foreign antitrust laws.
“We want to thank Axonics’ stockholders for their strong support of our transaction with Boston Scientific,” said Raymond W. Cohen, CEO of Axonics. “Our team is looking forward to the global impact we can make as part of Boston Scientific as we endeavor to bring our life-changing therapies to more patients than ever before.”
