Boston Scientific to buy Apollo Endosurgery for $417 million

REUTERS/Lukas Barth

Nov 29 (Reuters) - Boston Scientific Corporation (BSX.N) said on Tuesday it will buy medical technology firm Apollo Endosurgery Inc (APEN.O) for $417 million to expand its portfolio of gastric devices.

With debt, the deal is valued at about $615 million.

The offer of $10 per share in cash for Apollo Endosurgery represents a premium of nearly 67% to the stock's last close. Its shares were up 63% in premarket trading.

Apollo Endosurgery makes devices used in surgeries to manage gastrointestinal complications and aid in weight loss for patients suffering from obesity.

The deal is expected to close in the first half of 2023.

Reporting by Raghav Mahobe in Bengaluru; Editing by Shinjini Ganguli and Devika Syamnath

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