- Boston Scientific (NYSE:BSX) announced an agreement on Tuesday to acquire MedTech company Apollo Endosurgery (NASDAQ:APEN) for nearly $615M or $10 per share in an all-cash deal expected to close in 1H 2023.
- Apollo (APEN) shares climbed ~63% pre-market in reaction to the news, while Boston Scientific (BSX) added ~1%.
- Austin, Texas-based Apollo (APEN) develops products used in endoluminal surgery (ELS), a less-invasive option to open and laparoscopic surgery in patients with gastrointestinal disorders and morbid obesity.
- According to forecasts, the company is expected to bring ~$76M in net sales in 2022. The transaction is expected to be insignificant to Boston Scientific’s (BSX) adjusted per-share earnings in 2023 and accretive after that.
- However, the impact on GAAP earnings per share is expected to be less accretive or more dilutive given the amortization and acquisition-related charges, Boston Scientific (BSX) said.
- Read: Anglo-Swedish pharma giant AstraZeneca (AZN) also announced an agreement to acquire the cancer-focused biotech Neogene Therapeutics on Tuesday.
Boston Scientific to acquire MedTech firm Apollo Endosurgery for $10/ share
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