Apollo Endosurgery Receives $50 Million in Financing

Apollo Endosurgery has received $50 million round of debt financing from Oxford Finance LLC.
Other investors in the deal for the Austin-based company included MidCap Financial and East West Bancorp.
Proceeds of the term loan are being used to acquire the obesity intervention division of Allergen and for business expenses.
Earlier this month, Apollo Endosurgery, which makes medical devices for endoscopic surgical procedures, completed the acquisition of the obesity intervention division of Allergan, which makes and sells weight loss solutions such as the LAP-BAND, adjustable gastric banding system and the ORBERA, intra-gastric balloon system.
“The acquisition of Allergan’s obesity intervention division is an excellent opportunity for Apollo to expand its product line,” Christopher A. Herr, managing director for Oxford Finance, said in a statement. “This savvy business decision also will enhance the market potential for Apollo’s novel endoscopic surgical tools.”