Sam Brusco, Associate Editor11.29.22
Boston Scientific has begun a deal to acquire Apollo Endosurgery for a cash price of $10 a share, valuing the deal at about $615 million.
Apollo Endosurgery’s portfolio includes devices used in endoluminal surgery (ELS) to close gastrointestinal (GI) defects, manage GI complications, and help patients suffering from obesity to achieve weight loss. ELS is a less invasive alternative to open and laparoscopic surgery for these conditions.
"Endoluminal surgery is an emerging field and a core focus for our Endoscopy business," Mike Jones, Boston Scientific’s senior VP and president of Endoscopy told the press. "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."
Apollo is expected to have net sales of about $76 million this year according to its Q3 2022 financial results due to growth in its OverStitch and OverStitch Sx endoscopic suturing systems, as well as its X-Tack endoscopic HeliX tacking system.
In July Apollo gained FDA de novo clearance for its Apollo ESG, Apollo ESG Sx, Apollo REVISE and Apollo REVISE Sx systems. These were the first devices FDA authorized for endoscopic sleeve gastroplasty (ESG) and endoscopic bariatric revision procedures.
Boston Scientific expects to complete the deal in the first half of 2023.
Apollo Endosurgery’s portfolio includes devices used in endoluminal surgery (ELS) to close gastrointestinal (GI) defects, manage GI complications, and help patients suffering from obesity to achieve weight loss. ELS is a less invasive alternative to open and laparoscopic surgery for these conditions.
"Endoluminal surgery is an emerging field and a core focus for our Endoscopy business," Mike Jones, Boston Scientific’s senior VP and president of Endoscopy told the press. "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."
Apollo is expected to have net sales of about $76 million this year according to its Q3 2022 financial results due to growth in its OverStitch and OverStitch Sx endoscopic suturing systems, as well as its X-Tack endoscopic HeliX tacking system.
In July Apollo gained FDA de novo clearance for its Apollo ESG, Apollo ESG Sx, Apollo REVISE and Apollo REVISE Sx systems. These were the first devices FDA authorized for endoscopic sleeve gastroplasty (ESG) and endoscopic bariatric revision procedures.
Boston Scientific expects to complete the deal in the first half of 2023.