Boston Scientific Corp. (NYSE: BSX), the medical solutions company announced on Monday that it will acquire Apollo Endosurgery (APEN) for a cash price of $10 per share, implying an enterprise value of around $615 million.
Shares of APEN surged more than 60% in pre-market trading on Monday following the news. APEN’s product portfolio includes devices used during endoluminal surgery (ELS) procedures to close gastrointestinal defects and manage gastrointestinal complications.
BSX expects to close the acquisition in the first half of next year.
BSX scores a Strong Buy from Wall Street analysts with a unanimous 13 Buys.