Boston Scientific Corp. announced on Thursday in a Form 8-K filing with the U.S. Securities and Exchange Commission that both it and Axonics have been asked for more information by the U.S. Federal Trade Commission. This request is part of the Commission's ongoing examination of the proposed merger between the two companies.
The request triggers an extension of the waiting period stipulated by the HSR Act. This period will now last for 30 days from when the requested information is supplied in full by both companies. The waiting period may be extended further if the companies agree to it or if the FTC decides to terminate the period early.
Both Boston Scientific and Axonics plan to respond promptly to the request from the FTC. They also aim to continue working closely with the Commission during its review of the proposed merger.
The completion of the merger is currently projected for the second half of 2024. This timeline is conditioned upon the termination or expiration of the HSR Act waiting period and the fulfilment (or waiver) of other standard closing conditions.
Earlier on January 8, Boston Scientific entered into a merger agreement with Sadie Merger Sub, Inc., and Axonics, Inc. The terms of the agreement state that Merger Sub will merge into Axonics, which will then become a completely owned subsidiary of Boston Scientific following the merger.
