Boston Scientific
(NYSE: BSX)
recently withdrew its premerger notification and report form to give the U.S. Federal Trade Commission more time to review the proposed acquisition of Silk Road Medical
(Nasdaq:SILK)
.
The Marlborough, Massachusetts–based company voluntarily withdrew and plans to refile its premerger notification report (HSR) form with the FTC, according to an SEC filing. Silk Road and Boston Scientific initially filed the HSR on July 10. Once the company refiles, a new 30-day waiting period will begin unless it is terminated earlier or extended.
Silk Road Medical and Boston Scientific announced the $1.16 billion deal in June this year. The plan is to merge the two companies in a deal that would allow Silk Road Medical to operate as a wholly-owned subsidiary of Boston Scientific.
Sunnyvale, California–based Silk Road Medical develops products designed to prevent stroke in patients with carotid artery disease. The technology is used in a minimally invasive procedure called transcarotid artery revascularization (TCAR).
TCAR involves accessing the carotid artery through a small incision on the neck and temporarily reversing blood flow away from the brain. This prevents plaque from dislodging and causing a stroke. Patients then have a stent placed at the blockage site for long-term plaque stabilization and future stroke prevention. Silk Road Medical won FDA approval for its TCAR system in 2015.
