Boston Scientific Corporation has announced that this company has entered into an agreement to buy shares of Apollo endosurgery inc. at a price of $10 per share, which will raise the enterprise value to approximately $615 million.
Because of this reason, today on 29 November 2022, the stock of Apollo Endosurgery inc is seeing a rise of 66%.
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.
Boston Scientific’s (Mike Jones) senior vice president and president said that “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.”
The deal is expected to close in the first half of 2023.
About Boston Scientific (NYSE: BSX):
Boston Scientific Corporation inc (“BSC”), incorporated in Delaware, is a biomedical/biotechnology engineering firm and multinational manufacturer of medical devices used in interventional medical specialties, including interventional radiology, interventional cardiology, peripheral interventions, neuromodulation, neurovascular intervention, electrophysiology, cardiac surgery, vascular surgery, endoscopy, oncology, urology and gynecology. Boston Scientific is widely known for the development of the Taxus Stent, a drug-eluting stent which is used to open clogged arteries. With the full acquisition of Cameron Health in June 2012, the company also became notable for offering a minimally invasive implantable cardioverter-defibrillator (ICD) which they call the EMBLEM subcutaneous implantable defibrillator (S-ICD).
For More Information Visit Website: bostonscientific.com
About Apollo Endosurgery (NASDAQ: APEN):
Apollo Endosurgery inc makes devices used in endoluminal surgery procedures to close gastrointestinal defects, manage gastrointestinal complications and aid in weight loss for patients suffering from obesity.
For More Information Visit Website: apolloendo.com
The views expressed in this post are the opinion of the author.
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