APEN Apollo Endosurgery Inc

By Colin Kellaher

Boston Scientific Corp. on Tuesday said it agreed to buy smaller medical-technology company Apollo Endosurgery Inc. for an enterprise value of about $615 million in a deal that bolsters its endoluminal surgery portfolio.

Boston Scientific, based in Marlborough, Mass., said it would pay $10 a share in cash for Apollo, a roughly 67% premium to Monday's closing price of $6 for the Austin, Texas, company.

Boston Scientific said endoluminal surgery is an emerging field and a core focus for its endoscopy business, adding that the Apollo deal offers a new adjacency in the endobariatric market.

Apollo's 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.

The deal's $615 million enterprise value is based on a total fully diluted share count of about 64.8 million Apollo shares, minus the company's roughly $33 million of net cash.

Boston Scientific said it expects to complete the acquisition in the first half of 2023.

Apollo shares surged nearly 63% to $9.76 in premarket trading Tuesday.

Write to Colin Kellaher at colin.kellaher@wsj.com

(END) Dow Jones Newswires

November 29, 2022 07:33 ET (12:33 GMT)

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