Allergan sells obesity business to Apollo Endosurgery
Apollo Endosurgery, Inc., a leading developer of medical devices and endoscopic surgical procedures, has announced that it has entered into a definitive agreement to purchase the obesity intervention division of Allergan, Inc. for up to $110 million. The total includes an upfront cash payment of $75 million, minority equity interest of $15 million, and up to $20 million in additional contingent consideration to be paid upon achievement of certain regulatory and sales milestones. The obesity intervention division is responsible for manufacturing and marketing the LAP-BAND adjustable gastric band system and the ORBERA intra-gastric balloon system.
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