Boston Scientific completes $615M acquisition of Austin-based Apollo Endosurgery
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Boston Scientific's Marlborough headquarters
Boston Scientific Corp., a Marlborough medical device manufacturer with $12.7 billion in annual revenue, on Tuesday completed the acquisition of Apollo Endosurgery Inc., in Austin, Texas for $10 a share. The acquisition represents approximately $615 million in enterprise value.
Boston Scientific announced the intent to acquire Apollo in November, at which time the Marlborough company predicted the deal would be finalized in the first half of 2023.
Apollo Endosurgery specializes in gastrointestinal medical devices for less invasive treatments. The addition of these devices to Boston Scientific’s portfolio intend to enable a move into the endobariatric market, which encompasses bariatric weight-loss procedures, according to a Tuesday press release from Boston Scientific. It will expand Boston Scientific’s realm in technology for the closure and suturing of incisions.
“The close of this acquisition is an exciting step forward in our ability to provide our customers and their patients with a more comprehensive suite of endoluminal surgery and endobariatric solutions,” Michael Jones, senior vice president and president, endoscopy at Boston Scientific, said in the press release announcing the deal.
While Boston Scientific’s revenue neared $13 billion in 2022, up from $11.9 the previous year, its profits decreased by 33% over that period. The company announced or closed five acquisitions in 2022, with nine total during 2021 and 2022.
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