12/3/2013 11:14:41 AM
AUSTIN, Texas, Dec. 2, 2013 /PRNewswire/ -- Apollo Endosurgery, Inc., a leading developer of medical devices for endoscopic surgical procedures, today announced the completion of the acquisition of the obesity intervention division of Allergan, Inc., which manufactures and sells weight loss solutions comprised of the LAP-BAND® adjustable gastric banding system and the ORBERA intra-gastric balloon system.
"With worldwide obesity numbers reaching epidemic levels, the acquisition of the LAP-BAND® and ORBERA technologies places Apollo Endosurgery in a leadership position to provide surgeons and patients with innovative and less invasive solutions in the fight against obesity," said Dennis McWilliams, President and CEO of Apollo Endosurgery. "By expanding both our product portfolio and adding talent to our team, this acquisition will be a catalyst for growth as we continue to advance technologies in the fields of bariatric and minimally invasive surgery."
About the Acquisition
Apollo announced the acquisition on October 29, 2013, for a purchase price of up to $110 million. This total includes an upfront cash payment of $75 million, a minority equity interest in Apollo by Allergan of $15 million, and up to $20 million in additional contingent consideration to be paid upon achievement of certain regulatory and sales milestones.
Piper Jaffray & Co. served as exclusive financial advisor and Cooley LLP served as legal counsel to Apollo Endosurgery in connection with the transaction. Current Apollo investors PTV Sciences, H.I.G. BioVentures, Remeditex Ventures, Novo A/S and CPMG, Inc. provided the equity financing of the acquisition. Debt financing was led by Oxford Finance LLC, who was joined by MidCap Financial, LLC and EastWest Financial Services.
About Apollo Endosurgery, Inc.
Apollo Endosurgery, Inc. is dedicated to revolutionizing patient care through the adoption of less invasive bariatric and endoscopic surgical solutions. Apollo Endosurgery was cofounded with the Apollo Group, a unique collaboration of physicians from the Mayo Clinic, Johns Hopkins University, Medical University of South Carolina, the University of Texas Medical Branch and the Chinese University of Hong Kong. This collaboration developed a broad portfolio of patents in the field of endoscopic surgery that became the foundation of Apollo Endosurgery. For more information regarding Apollo Endosurgery, go to www.apolloendo.com.
Apollo Endosurgery, LAP-BAND, and ORBERA are trademarks of Apollo Endosurgery, Inc.
SOURCE Apollo Endosurgery, Inc.
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