Ireland-based Covidien has acquired venous disease treatments developer Sapheon, for an undisclosed amount.
US-based Sapheon develops and manufactures VenaSeal system, which uses specially formulated medical adhesive to close the great saphenous vein in patients with varicose veins and chronic venous insufficiency (CVI).
Covidien will operate the acquired business as part of the peripheral vascular product line in the medical devices segment.
The VenaSeal system has been approved in Canada, Europe and Hong Kong, which was used to treat around 2,000 patients until now.
Sapheon also initiated VeCLOSE randomized pivotal clinical trial in the US and submitted documentation to the US Food and Drug Administration for premarket approval.
Covidien noted that the system is currently limited to investigational use in the US.
Covidien peripheral vascular president Brian Verrier said that Sapheon will significantly increase firm’s peripheral vascular business by offering additional treatment options for physicians and their patients who suffer from CVI.
"Sapheon’s technology is complementary to our current portfolio, and this acquisition further demonstrates Covidien’s leadership in the CVI space" Verrier added.
Covidien, which reported around $10.2bn in 2013, has operations in around 150 countries.
Image: Covidien has acquired venous disease treatments developer Sapheon. Photo: courtesy of cooldesign/ FreeDigitalPhotos.net.