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Marlborough medical-device giant Boston Scientific Corp. has entered into a definitive agreement to acquire Texas-based Apollo Endosurgery Inc., for $10 a share or approximately $615 million.
Shares of Apollo Endosurgery had been trading on the Nasdaq for $6 at Monday’s close. Shares shot up 63% in pre-market trading on Tuesday. Boston Scientific shares were up about 1% to $44.13 per share in early trading Tuesday on the New York Stock Exchange.
The Apollo Endosurgery product portfolio includes devices used during endoluminal surgery procedures to close gastrointestinal defects, manage gastrointestinal complications and aid in weight loss for patients suffering from obesity, according to a Tuesday press release by Boston Scientific.
"We intend to expand our global capabilities in endoluminal surgery with the differentiated innovation that Apollo Endosurgery offers, and we will continue to focus on procedural adoption as well as professional education in this exciting space. This acquisition also enables us to enter a new adjacency – the endobariatric market – and deliver strong, continued growth across our business,” Michael Jones, Boston Scientific’s senior vice president and president, endoscopy, said in the press release.
Apollo received in July regulatory clearance for a suite of devices, the first of their kind, related to weight-loss surgeries. The company is expected to generate $76 million in sales in 2022.
The deal is expected to close in the first half of 2023.
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