Date: 2014-08-28
Type of information: Company acquisition
Acquired company: Sapheon
Acquiring company: Covidien (Ireland)
Amount: undisclosed
Terms: * On August 28, 2014, Covidien announced that it has acquired Sapheon, a privately-held developer of venous disease treatments. Financial terms of the transaction were not disclosed.While the transaction will be slightly dilutive to adjusted earnings, it is not expected to be material to results. Covidien will report the Sapheon business as part of its Peripheral Vascular product line in the Medical Devices segment.
Details: Based in Morrisville, N.C., Sapheon develops and manufactures the VenaSeal® system, which uses a specially formulated medical adhesive to close the great saphenous vein in patients with varicose veins and chronic venous insufficiency. The procedure is performed with a minimally invasive catheter technique under ultrasound guidance in an office or outpatient setting. In many cases, patients are able to resume normal activity immediately after the procedure. Additionally, the procedure requires no tumescent anesthesia (a technique that requires multiple injections to deliver local anesthesia) and often results in less bruising than traditional thermal energy treatment.
The VenaSeal system is currently approved in Canada, Europe and Hong Kong, and more than 2,000 patients have been treated with the system. Additionally, Sapheon successfully completed enrollment and follow-up of its VeCLOSE randomized pivotal clinical trial in the United States and submitted documentation to the FDA in support of a Premarket Approval. The VenaSeal system is currently limited to investigational use in the United States.
Related: Cardiovascular diseases Medical devices
