Sign In  |  Register  |  About Menlo Park  |  Contact Us

Menlo Park, CA
September 01, 2020 1:28pm
7-Day Forecast | Traffic
  • Search Hotels in Menlo Park

  • CHECK-IN:
  • CHECK-OUT:
  • ROOMS:

Apollo Endosurgery (NASDAQ: APEN) Enters Into Agreement to be Acquired by Boston Scientific (NYSE: BSX) for $615 Million

Apollo Endosurgery, Inc. (NASDAQ: APEN) is a medical technology company, which is focused on the research and development of advanced, minimally invasive devices to help treat gastrointestinal conditions. Shares of the medtech company are skyrocketing 66% through early trading on Tuesday, November 29, 2022. Over the past three months, Apollo Endosurgery has seen average daily volume of 103,490 shares. However, volume of 22.34 million shares or dollar volume of around $221.84 million, has already exchanged hands through early trading.

Shares of Apollo Endosurgery are soaring after the company announced it has entered into a definitive merger agreement with Boston Scientific, Inc. (NYSE: BSX). Under the terms of the deal, Boston Scientific will acquire all outstanding shares of Apollo for $10.00 per share in cash. This gives the transaction a total value of $615 million and represents a 67% premium compared to Apollo’s close on November 28th.

The transaction gives Boston Scientific a huge boost in endoluminal surgery, which will feature Apollo Endosurgery’s impressive technologies and devices for related procedures. In total, Apollo Endosurgery is estimated to generate net sales of $76 million for the full-year 2022, which is largely gained from its endoscopic suturing system franchise that includes the OverStitch Endoscopic Suturing System, Overstitch Sx, and the X-Tack Endoscopic HeliX Tacking System.

In July 2022, Apollo received de novo clearance from the U.S. FDA for its Apollo ESG, ESG Sx, REVISE, and Apollo REVISE Sx Systems. The clearance marked the first devices the FDA has authorized for endoscopic sleeve gastroplasty (ESG) and endoscopic bariatric revision procedures.

Overall, the transaction is estimates to be finalized during the first half of 2023 and is subject to Apollo shareholder and regulatory approvals. Boston Scientific says the acquisition will likely have limited impact in 2023 and accretive beyond next year.

“Endoluminal surgery is an emerging field and a core focus for our Endoscopy business,” said Mike Jones, senior vice president and president, Endoscopy, Boston Scientific. “We intend to expand our global capabilities in ELS 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.”

Disclosure: No position. Spotlight Growth has no relationships with any of the companies mentioned in this article and did not receive payment in any form for its creation. This is an opinion article and is not meant to be financial advise. We are not broker-dealers or investment professionals. Please conduct your own due diligence. For more information on our disclosures, please visit: https://spotlightgrowth.com/disclosures/

The post Apollo Endosurgery (NASDAQ: APEN) Enters Into Agreement to be Acquired by Boston Scientific (NYSE: BSX) for $615 Million appeared first on Spotlight Growth.

Data & News supplied by www.cloudquote.io
Stock quotes supplied by Barchart
Quotes delayed at least 20 minutes.
By accessing this page, you agree to the following
Privacy Policy and Terms and Conditions.
 
 
Copyright © 2010-2020 MenloPark.com & California Media Partners, LLC. All rights reserved.