Apollo Endosurgery Shares Hit 52-Week High on Boston Scientific Deal

By Colin Kellaher

Shares of Apollo Endosurgery Inc. surged to a 52-week high on Tuesday after the medical-technology company agreed to be acquired by Boston Scientific Corp. in a cash deal valued at about $615 million.

Apollo investors will receive $10 a share in the deal, a 67% premium to Monday's closing price of $6.

Shares of the Austin, Texas, company were recently changing hands at $9.87, up nearly 65%, after hitting a 52-week high of $9.88 earlier in the session.

Marlborough, Mass., medical-device maker Boston Scientific said the Apollo deal adds to its portfolio of endoluminal surgery devices.

Analysts at Needham, who have a buy recommendation on Boston Scientific shares, said in a research note that the acquisition leverages the company's gastroenterologist call point while offering expansion potential into surgical endoscopy and bariatric surgery.

Shares of Boston Scientific, which expects to complete the acquisition of Apollo in the first half of 2023, edged up 0.8% to $44.16.

Write to Colin Kellaher at [e-mail]

(END) Dow Jones Newswires

November 29, 2022 10:51 ET (15:51 GMT)

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