Boston Scientific’s corporate headquarters in Marlborough, MA, US. Credit: Boston Scientific Corporation.

Boston Scientific has signed a definitive agreement to buy minimally invasive medical device company Apollo Endosurgery in a deal valued at nearly $615m.

Apollo Endosurgery is focused on developing next-generation, less invasive devices to advance therapeutic endoscopy, which is designed for the treatment of different gastrointestinal conditions.

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Its product portfolio includes devices leveraged in endoluminal surgery (ELS) procedures to manage gastrointestinal complications, close gastrointestinal defects, and support weight loss for obesity patients.

ELS offers a less-invasive alternative to open and laparoscopic surgeries for gastrointestinal tract or obesity patients.

It offers the potential for quicker recovery and reduces surgical complications risks.

The company noted that the deal could expand Boston Scientific’s endoluminal surgery portfolio and add different technologies for endobariatric procedures.

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Boston Scientific Endoscopy senior vice-president and president Mike Jones said: “Endoluminal surgery is an emerging field and a core focus for our Endoscopy business.

“We intend to expand our global capabilities in ELS with the differentiated innovation that Apollo Endosurgery offers, and we will continue to focus on procedural adoption as well as professional education in this exciting space.

“This acquisition also enables us to enter a new adjacency – the endobariatric market – and deliver strong, continued growth across our business.”

The transaction is still subject to satisfaction of customary closing conditions but has received unanimous approval from the Apollo Board of Directors. It is anticipated to be concluded in the first half of next year.

Apollo will become Boston Scientific’s wholly owned subsidiary once the transaction concludes. This year, Apollo Endosurgery anticipates net sales of nearly $76m.