Boston Scientific to acquire Apollo Endosurgery for $10.00 per share

Boston Scientific (BSX) announced it has entered into a definitive agreement to acquire Apollo Endosurgery (APEN) for a cash price of $10 per share, reflecting an enterprise value of approximately $615M. Apollo Endosurgery is expected to generate net sales of approximately $76M in 2022,5 as a result of the expected growth in its endoscopic suturing system franchise, including its OverStitch Endoscopic Suturing System, OverStitch Sx Endoscopic Suturing System and X-Tack Endoscopic HeliX Tacking System. Boston Scientific expects to complete the transaction in the first half of 2023, subject to satisfaction of customary closing conditions. The impact to Boston Scientific’s adjusted earnings per share is expected to be immaterial in 2023, and accretive thereafter. The impact to GAAP earnings per share is expected to be less accretive, or more dilutive, as the case may be, due to amortization expense and acquisition-related net charges.