August 27, 2014
Covidien Acquires Sapheon
August 28, 2014—Covidien announced that it has acquired Sapheon, Inc., a privately held developer of venous disease treatments based in Morrisville, North Carolina. 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.
According to Covidien, the VenaSeal procedure is performed with a minimally invasive catheter technique under ultrasound guidance in an office or outpatient setting. The company noted that in many cases, patients are able to resume normal activity immediately after the procedure. Additionally, the procedure requires no tumescent anesthesia and often results in less bruising than traditional thermal energy treatment.
The VenaSeal system is currently approved in Canada, Europe, and Hong Kong. The VenaSeal system is currently limited to investigational use in the United States, where Sapheon has completed enrollment and follow-up of its VeCLOSE randomized pivotal clinical trial. The company has submitted documentation to the US Food and Drug Administration in support of a premarket approval.
The Sapheon business will be part of Covidien’s peripheral vascular product line in the medical devices segment. Financial terms of the transaction were not disclosed.