Michael Jones Shares his Views on the Closing of Acquisition of Apollo Endosurgery

Shots:

Michael discussed the closure of its acquisition of Apollo Endosurgery. He emphasized how this acquisition will broaden Boston Scientific's ELS portfolio, particularly in closure and suturing, while entering the endobariatric market
He also talked about how the Apollo Endosurgery products will be integrated into Boston Scientific's existing endoluminal surgery (ELS) portfolio
The interview shows Boston Scientific’s vision to develop innovative medical solutions that improve the health of patients around the world

Smriti: Can we please start by talking about Boston Scientific's recent announcement to acquire Apollo Endosurgery, Inc. (deal terms and other financial details)?

Michael Jones: In early April, we acquired Apollo Endosurgery, a publicly traded medical technology company primarily focused on the design, development and commercialization of next-generation, less invasive medical devices to advance gastrointestinal therapeutic endoscopy and endobariatrics. The agreement consisted of a purchase price of $10 per share, reflecting an enterprise value of approximately $615 million.

Smriti: Tell us in brief about Apollo Endosurgery's product portfolio.

Michael Jones: The Apollo Endosurgery product portfolio includes devices that may be used during endoluminal surgery (ELS) procedures to close gastrointestinal defects, manage gastrointestinal complications and aid in weight loss for patients suffering from obesity.

Smriti: How does Boston Scientific think that Apollo Endosurgery’s offerings were complementary to Boston’s existing portfolio?

Michael Jones: We offer a range of technologies used in ELS procedures – from an electrosurgical knife to defect closure devices to ancillary technologies like injection needles, snares and retrieval nets. The addition of the Apollo Endosurgery portfolio will support our growth strategy in ELS, particularly in the areas of closure and suturing, while enabling a measured entry into the endobariatric market. This is an exciting step forward in our ability to provide our customers and their patients with a more comprehensive and clinically differentiated suite of ELS and endobariatric solutions.

Smriti: How do you plan to integrate Apollo Endosurgery's products and technologies into Boston Scientific's existing portfolio?

Michael Jones: The Apollo Endosurgery products will be integrated into our existing ELS portfolio to provide additional clinically differentiated solutions for gastroenterologists and surgeons. We also plan to support the continued execution of the Apollo Endosurgery business priorities for 2023, including the launch of the Apollo ESG and Apollo REVISE systems in the U.S.

Smriti: As endoluminal surgery is an emerging field, what benefits do you expect this acquisition to bring to Boston Scientific in the short and long term?

Michael Jones: We’ve been increasing our product offerings in the ELS space for some time now. With the addition of the Apollo Endosurgery devices to our portfolio, we will be able to offer a continuum of products based on defect complexity. From a durability and complexity of defect closure perspective, the OverStitch™ Endoscopic Suturing System is suited for the largest, most complicated defects, followed by the X-Tack™ system for large, irregularly shaped defects.These endoscopic suturing technologies provide different mechanisms of closure, allowing physicians more options to manage complicated defects.

In the long term, we’re excited to work alongside new talent from Apollo Endosurgery to build on the amazing work they’ve done over the years. While still in the early days of integration, it’s clear we have a complimentary culture and shared mission to bring innovative solutions to physicians and their patients.

Smriti: What are the upcoming products/devices in Boston Scientific’s pipeline?

Michael Jones: We are always looking to invest in innovative technologies within our pipeline or through mergers and acquisitions like Apollo. For now, we’re focused on Apollo integration efforts with the newly acquired technologies and plans for offering these products alongside our existing portfolio.

Smriti: How do you see the medical devices industry evolving in the next few years, and how is Boston Scientific positioning itself to stay?

Michael Jones: At Boston Scientific, we cultivate an environment that encourages next-generation advances by listening to direct feedback from physicians. We’re currently seeing the growing importance of minimally invasive approaches that help reduce the burden on the health care systems. We are continuing to invest in novel approaches that may help to not only save physician and hospital staff time but also contribute to shorter surgery times, hospital stays and recovery time.

Image source: Canva

About the Author:

Michael Jones

Michael Jones is the Senior Vice President and President, Endoscopy at Boston Scientific. In this role he is responsible for the Endoscopy business, leading development and bringing to market devices to diagnose and treat a broad range of gastrointestinal and pulmonary conditions, with innovative, less invasive technologies. He joined Boston Scientific in 1995 as a territory manager before assuming management‐level positions of increasing responsibility. Michael serves as the executive sponsor of our VETS employee resource group, which is focused on cultivating gratitude and service to others, particularly active-duty veterans and their families. He earned a B.A. in Business from Colorado State University.