Apollo And ReShape Swap Bariatric Devices
Apollo Endosurgery sold its surgical product line, including the Lap-Band adjustable gastric banding system and other accessories for laparoscopic bariatric surgery, to ReShape Lifesciences for $17m plus other considerations, including the ReShape endoscopic balloon, the companies announced Dec. 18. The deal will allow Apollo to focus on endo-bariatric procedures while it gives ReShape an instant revenue stream and another product to sell to surgeons, its core customers.
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US FDA has approved updated labeling for Orbera Intragastric Balloon System and the ReShape Integrated Dual Balloon System in the wake of five more patient deaths.
The deal, worth $61m in cash and stock, will add ReShape's Dual Weight Loss Balloon to EnteroMedics' vBloc neurometabolic therapy and Gastric Vest System for the treatment of obesity.
Allergan has found a buyer for its underperforming obesity device business, nearly a year after putting it on the block. Austin, Texas-based Apollo EndoSurgery has definitively agreed to acquire the division, responsible for manufacturing and selling Allergan’s Lap-Band adjustable gastric band system and the Orbera intragastric balloon system, for up to $110m. The final consideration comprises a $75m upfront cash payment, a $15m stake in Allergan, and up to $20m in milestone payments linked to regulatory and sales targets.