Shearman & Sterling advised Boston Scientific Corporation in connection with its recently announced proposed acquisition of Apollo Endosurgery (Nasdaq: APEN) for a cash price of $10 per share, reflecting an enterprise value of approximately $615 million.
The Apollo Endosurgery product portfolio includes devices used during endoluminal surgery (ELS) procedures to close gastrointestinal defects, manage gastrointestinal complications and aid in weight loss for patients suffering from obesity. ELS provides a less-invasive alternative to open and laparoscopic surgery for patients with diseases in the gastrointestinal tract or morbid obesity, while providing the potential for quicker recovery and minimizing the risks of surgical complications.
Boston Scientific Corporation, headquartered in Marlborough, MA, develops, manufactures and markets medical devices for use in various interventional medical specialties worldwide. It operates through three segments: MedSurg, Rhythm and Neuro, and Cardiovascular.
Boston Scientific expects to complete the transaction in the first half of 2023, subject to the satisfaction of customary closing conditions.
The Shearman & Sterling team included associatesSteven Sklyarevskiy, Justin Yang, Eva Wang, Sam Stuckey and Melina Stavropoulos.