Sapheon's venaseal system is a minimally invasive technology
Covidien, a global leader in manufacturing medical devices announced that it has acquired Sapheon, a US-based medical device company focused on manufacturing devices for venous disease treatments.
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 (CVI). It is currently approved in Canada, Europe, and Hong Kong. More than 2,000 patients have been treated with the system. The VenaSeal system is a minimally invasive technology, and unlike open surgery and other invasive procedures, patients are often able to quickly restart their regular routine.
"Sapheon will significantly enhance Covidien's global peripheral vascular business by providing additional treatment options for physicians and their patients who suffer from CVI. It's technology is complementary to our current portfolio, and this acquisition further demonstrates Covidien's leadership in the CVI space. Our technologies are supported by industry leading clinical evidence, robust global physician training and a superior customer support infrastructure." said Mr Brian Verrier, president, peripheral vascular, Covidien.
The company will report the Sapheon business as a part of its peripheral vascular product line in the medical devices segment.
The financial details of the deal were not disclosed.