Boston Scientific
(NYSE: BSX)
said today that the FTC requested additional information regarding its planned $3.7 billion acquisition of Axonics (Nasdaq:AXNX).
In an SEC filing, Boston Scientific said both it and Axonics received requests from the FTC (U.S. Federal Trade Commission). The agency seeks to gather more information in connection with its review of the merger. Reports last month suggested that the deal might face scrutiny from the government due to potential antitrust concerns.
In January, Boston Scientific announced its plans to buy Axonics and its neuromodulation and hydrogel technologies. Axonics stockholders approved the deal on March 25. The companies said at the time that they expected the deal to close in the first half of this year. Boston Scientific said in the SEC filing that it now expects the deal to close in the second half of 2024.
Shouts of potential anticompetitive activity came as a result of the combination of the market-leading urinary incontinence products. Boston Scientific’s leading vaginal mesh and the Axonics Bulkamid urethral bulking agent supposedly triggered the FTC’s concern.
Boston Scientific said the second request extends the waiting period for the acquisition until 30 days after both the company and Axonics have substantially complied with the FTC’s request, received on April 3, unless the waiting period is extended voluntarily by the parties or terminated earlier by the FTC.
“The company and Axonics expect to promptly respond to the second request and to continue to work cooperatively with the FTC in its review of the merger,” Boston Scientific said in its SEC Form 8-K.
Meanwhile, Axonics remains embroiled in an ongoing patent spat over its SNM technology with medtech giant Medtronic.
