Apollo Endosurgery to be Acquired by Boston Scientific
Boston Scientific to acquire Apollo for $10.00 per share in cashAUSTIN, TX / ACCESSWIRE / November 29, 2022 / Apollo Endosurgery, Inc. ("Apollo") (NASDAQ:APEN), a leading minimally invasive medical device company for gastrointestinal and bariatric …
Boston Scientific to acquire Apollo for $10.00 per share in cash
AUSTIN, TX / ACCESSWIRE / November 29, 2022 / Apollo Endosurgery, Inc. ("Apollo") (NASDAQ:APEN), a leading minimally invasive medical device company for gastrointestinal and bariatric procedures, announced today it has entered into a definitive merger agreement to be acquired by Boston Scientific Corporation ("Boston Scientific"), a global medical technology leader, in an all-cash transaction with an enterprise value of approximately $615 million. This transaction has been unanimously approved by the Apollo Board of Directors.
The acquisition price of $10.00 per share represents an approximate 67% premium to the closing price of Apollo's common stock on November 28, 2022 and the volume weighted average closing price of Apollo's common stock in the three months prior to announcement of the transaction.
The transaction is subject to the satisfaction of customary closing conditions, including approval by a majority of Apollo's stockholders and applicable regulatory approval, and is expected to close in the first half of 2023. Certain stockholders representing 8.4% of Apollo's outstanding shares of common stock have agreed to vote their shares in favor of the transaction.
Upon the completion of the transaction, Apollo will become a wholly-owned subsidiary of Boston Scientific.
Piper Sandler & Co. is serving as financial advisor and Cooley LLP is serving as legal advisor to Apollo.
Apollo Endosurgery, Inc. is a medical technology company focused on development of next-generation, minimally invasive devices to advance therapeutic endoscopy designed to treat a variety of gastrointestinal conditions, including closure of gastrointestinal defects, managing gastrointestinal complications, and weight loss as a treatment of obesity. Apollo's device-based therapies are an alternative to invasive surgical procedures, thus lowering complication rates and reducing total healthcare costs. Apollo's products are offered in over 75 countries today and include the OverStitch® Endoscopic Suturing System, the OverStitch SxTM Endoscopic Suturing System, the Orbera® Intragastric Balloon System, the X-Tack® Endoscopic HeliX Tacking System, as well as the Apollo ESGTM, Apollo ESG SxTM, Apollo REVISETM and Apollo REVISE SxTM Systems. For more information, visit www.apolloendo.com.