Boston Scientific buys Apollo Endosurgery, led by Twin Cities exec, for $615M

Boston Scientific Corp. is buying Apollo Endosurgery, a medtech company based in Austin, Tex., in a $615 million deal.

Apollo makes devices used during endoluminal surgery procedures to close gastrointestinal defects and help with weight loss for obese patients.

Boston Scientific Endoscopy President Mike Jones said in a statement that the acquisition enables them to enter the endobariatric market, which he called "an emerging field and a core focus for our endoscopy business."

Apollo CEO Chas McKhann is based in St. Paul and has a local profile for having worked with several medtech startups.

When McKhann was named Apollo CEO in February 2021 the company touted his experience with both large and early-stage medtech companies.

For 10 months he served as chief commercial officer for Shoreview-based Torax Medical, which developed a device to treat gastroesophageal reflux disease. Torax Medical was acquired by a Johnson & Johnson subsidiary in 2017.

McKhann, who was not available for comment, served as chief commercial officer for California-based Intersect ENT, a maker of products for sinus procedures, in 2015 and 2016. Medtronic just completed its $1.2 billion acquisition of Intersect ENT in May.

McKhann previously worked for Boston Scientific from 2007 to 2010, ultimately serving as vice president of marketing for the company's cardiac rhythm management division.

Boston Scientific employs about 8,400 people in Minnesota and 2,300 in Massachusetts, the site of its world headquarters .

Apollo is expected to have sales of about $76 million this year. Boston Scientific anticipates closing the deal in the first half of 2023.