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Apollo financing

Apollo Endosurgery completes US$50 million financing

Most of the proceeds with repay borrowings used to acquire the obesity intervention division of Allergan

Apollo Endosurgery has closed a $50 million secured term loan provided by Athyrium Capital Management through its Athyrium Opportunities Fund II. The secured term loan was used to repay previous borrowings used by Apollo to acquire the obesity intervention division of Allergan, in December of 2013 and the remaining net proceeds will be used for general corporate purposes.

“The Athyrium financing better aligns our capital structure to the ambitious growth goals we have for Apollo’s business,” said Todd Newton, CEO of Apollo. “It is also affirming to us to establish a relationship with such a well-known and respected provider of growth capital to the healthcare industry through this transaction.”

Richard Pines, a Partner at Athyrium, said “Athyrium is excited to partner with Apollo during this transformative time in the company’s life. Apollo’s unique portfolio of minimally invasive products addresses the unmet need for treatments that are both more efficacious and safer in the large, growing global obesity market.”

Apollo Endosurgery was cofounded with the Apollo Group, a unique collaboration of physicians from the Mayo Clinic, Johns Hopkins University, Medical University of South Carolina, the University of Texas Medical Branch and the Chinese University of Hong Kong. This collaboration developed a broad portfolio of patents in the field of endoscopic surgery that became the foundation of Apollo Endosurgery.

 

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