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 colin.kellaher@wsj.com

 

(END) Dow Jones Newswires

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

Copyright (c) 2022 Dow Jones & Company, Inc.
Apollo Endosurgery (NASDAQ:APEN)
Historical Stock Chart
From Jan 2023 to Feb 2023 Click Here for more Apollo Endosurgery Charts.
Apollo Endosurgery (NASDAQ:APEN)
Historical Stock Chart
From Feb 2022 to Feb 2023 Click Here for more Apollo Endosurgery Charts.