Apollo Endosurgery, Allergan deal

Allergan sold its obesity intervention business, including its Lap-Band adjustable gastric banding system, to medical device and surgery company Apollo Endosurgery for $75 million in cash up front, a $15 million minority equity interest in Apollo and up to $20 million in potential milestones. The deal is expected to close this quarter. Existing Apollo investors PTV Sciences, H.I.G BioVentures, Remeditex Ventures, Novo A/S and CPMG Inc. provided the equity financing. Oxford Capital Partners, MidCap Financial and Eastwest Financial Services provided Apollo the debt for the deal. The partners did not disclose additional terms. Piper Jaffray was Apollo's financial advisor, and Cooley LLP was the company's legal advisor. Goldman Sachs was Allergan's financial advisor, and Latham & Watkins LLP was Allergan's legal advisor. ...