Covidien buys venous disease treatment developer Sapheon for undisclosed sum
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By: Katie Bell
Ref: MarketWatch
Published: 08/28/2014
Covidien announced Thursday the acquisition of venous disease treatment company Sapheon, gaining the latter's VenaSeal system, which uses a medical adhesive to close the great saphenous vein in patients with varicose veins and chronic venous insufficiency. Brian Verrier, president of Covidien's Peripheral Vascular unit, noted that "Sapheon’s technology is complementary to our current portfolio." Financial terms of the deal were not disclosed
Mark Turco, Covidien's chief medical officer of Vascular Therapies, remarked that "the VenaSeal system is a minimally invasive technology, and unlike open surgery and other more invasive procedures, patients are often able to quickly regain their lifestyle." The system is approved in Canada, Europe and Hong Kong, and cleared for investigational use in the US. In addition, Sapheon has completed enrollment and follow-up of its VeCLOSE trial of the device in the US and submitted documentation to the FDA in support of a premarket approval.
Covidien said it will report the Sapheon business as part of its Peripheral Vascular product line. The company added that the transaction will be slightly dilutive to adjusted earnings, but it is not expected to be material to results.
In June, Covidien entered a definitive agreement to be acquired by Medtronic in a cash-and-stock transaction valued at $93.22 per share, or about $42.9 billion.
Mark Turco, Covidien's chief medical officer of Vascular Therapies, remarked that "the VenaSeal system is a minimally invasive technology, and unlike open surgery and other more invasive procedures, patients are often able to quickly regain their lifestyle." The system is approved in Canada, Europe and Hong Kong, and cleared for investigational use in the US. In addition, Sapheon has completed enrollment and follow-up of its VeCLOSE trial of the device in the US and submitted documentation to the FDA in support of a premarket approval.
Covidien said it will report the Sapheon business as part of its Peripheral Vascular product line. The company added that the transaction will be slightly dilutive to adjusted earnings, but it is not expected to be material to results.
In June, Covidien entered a definitive agreement to be acquired by Medtronic in a cash-and-stock transaction valued at $93.22 per share, or about $42.9 billion.