VC-backed Apollo Endosurgery and Lpath to merge
Apollo Endosurgery Inc and Lpath Inc have agreed to merge, forming a medical device company focused on treating obesity. According to terms of the deal, Apollo will become the majority owner of Lpath, acquiring a 95.8 percent stake of the combined company while Lpath will own about 4.2 percent. Apollo's backers, which include PTV Healthcare Capital, H.I.G. BioHealth Partners, Remeditex Ventures, Novo A/S and CPMG Inc, will invest $29 million in equity in the combined company upon the closing. Also, Lpath, which is currently public on the NASDAQ, will be renamed Apollo Endosurgery, Inc. The merged company plans on applying for a new listing on the NASDAQ under a new ticker.
8 September 2016•6 mins read
