Boston Scientific-Axonics Deal Faces More FTC Scrutiny; Closing Date Pushed Back

Boston Scientific revealed that the Federal Trade Commission (FTC) has requested more information concerning its intended $3.7 billion acquisition of Axonics.
 
In an SEC Form 8-K filing, Boston Scientific said both it and Axonics got requests from the FTC. The agency wants to collect more information in its assessment of the merger. A report last month also said that the deal is likely to face scrutiny from the FTC.
 
Boston Scientific announced its intent to buy Axonics in January, which includes both its sacral neuromodulation and urinary incontinence products. At the time, Boston Scientific expected the deal to close within the first half of this year. The company now says that it expects the deal to close in the latter half of 2024.
 
The second request lengthens the waiting period for the merger until 30 days after Boston Scientific and Axonics have complied with the FTC’s request, unless the waiting period is voluntarily extended by the parties or terminated sooner 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 the Form 8-K filing.
 
While this is playing out, Axonics also remains in the midst of ongoing patent litigation with Medtronic over its sacral neuromodulation technology.