M&A · Healthcare · Surgical & Medical Instruments & Apparatus
Boston Scientific Corp to acquire Apollo Endosurgery, Inc.
Announced Nov 29, 2022 · Closed Apr 4, 2023
Deal value$615MEV $615M
Premium67.0%To unaffected price
EV / Adj. EBITDA—8.6x EV / Revenue
ConsiderationAll cash$10.00 per share
Transaction
- Acquirer
- Boston Scientific Corp (BSX)
- Target
- Apollo Endosurgery, Inc. (APEN)
- Buyer type
- Strategic
- Offer price per share
- $10.00
- Enterprise value
- $615M
- Status
- Closed Apr 4, 2023
Deal protections
- Break fee (target pays)
- $19.0M · 3.1%
- Reverse fee (buyer pays)
- $50.0M · 8.1%
- Go-shop
- No-shop
- Financing
- —
Advisors
- To the acquirer
- Not disclosed
- To the target
- Piper Sandler
- Piper Sandler fee
- $12.2M
Sector context · Healthcare
- Comparable deals
- 73 in the prior 24 months
- Premium
- 67.0% vs. 47.0% sector median
- EV / Adj. EBITDA
- Sector median 18.4x
- Break fee
- 3.1% vs. 3.4% sector median
Timeline
- AnnouncedNov 29, 2022
- Proxy filedDec 30, 2022
- Definitive proxyJan 10, 2023
- Shareholder voteFeb 9, 2023
- ClosedApr 4, 2023
Valuation · fairness opinions
Precedent transactions$8.09$8.41
Discounted cash flow$5.31$6.87
52-week trading range$3.49$9.11
52-week trading range$3.49$7.27
Offer $10.00
Implied value per Apollo Endosurgery, Inc. share by analysis, from Piper Sandler · DCF discount rate 11.8%–12.8%.