Apollo Endosurgery

History

2022: Boston Scientific bought Apollo Endosurgery for $615 million

On November 29, 2022, medical equipment and surgical supplies manufacturer Boston Scientific announced an agreement to acquire Apollo Endosurgery.

Under the terms of the contract, Boston Scientific will pay $10 for each Apollo Endosurgery share, which is approximately 67% more than the value of the company's securities as of November 28, 2022. The total amount of the transaction will be $417 million, or approximately $615 million, including debt. The merger is scheduled to be completed in the first half of 2023 after obtaining the necessary approvals from regulators. The impact of the transaction on Boston Scientific's adjusted earnings per share in 2023 is expected to be negligible.

Boston Scientific bought Apollo Endosurgery for $615 million

Apollo Endosurgery specializes in the development of tools for endoscopic surgery - operations through a flexible endoscope (endoluminal interventions). It is a less invasive alternative to open and laparoscopic surgery. Apollo Endosurgery products are used to eliminate gastrointestinal defects, as well as to treat morbid obesity, a chronic disease that is genetic in nature and can threaten the patient's life.

Apollo Endosurgery, in particular, supplies the OverStitch and OverStitch Sx stitching systems, as well as the X-Tack Endoscopic HeliX Tackling System. In July 2022, the company received approval from the US Food and Drug Administration (FDA) for its Apollo ESG, Apollo ESG Sx, Apollo REVISE and Apollo REVISE Sx products, which are designed for endoscopic sleeve gastroplasty - a bariatric procedure aimed at treating obesity. Apollo Endosurgery is projected to sell about $76 million in 2022.^[1]

Notes

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