Main Line Equity Partners Investment Company Sapheon Acquired by Covidien
Transaction expands product suite for global healthcare leader with next generation technology for treatment of varicose veins
Sapheon, a developer and manufacturer of venous disease treatments featuring the VenaSeal® system and an investment company of Main Line Equity Partners, was recently acquired by Covidien, a $10 billon healthcare company.
Main Line Equity Partners initiated the investment in Sapheon in 2013 as part of its continued healthcare technology investment strategy in finding medical device companies that can easily demonstrate innovative solutions that address growing problems.
With full EU regulatory approval already in place, Sapheon’s approach to treating veins is poised to disrupt a $1 billion worldwide market. The VenaSeal System uses a proprietary medical adhesive to close the saphenous vein, eliminating the need for surgery, ablation, anesthesia, or the use of harsh chemicals. Sapheon is actively preparing for U.S. clinical trials and FDA approval of the VenaSeal Sapheon Closure System.
“With the healthcare industry focused on achieving the triple aim of improving the experience of care, improving health, and reducing costs, the business case for innovation is stronger than ever,” said Jim Mayhall, Managing Director at Main Line Equity Partners. “We are excited that the Sapheon team has achieved their goals in finding the right partner to deliver their technology to patients worldwide in need of better treatment procedures for vascular conditions.”
Financial details of the Covidien transaction are not available.
Sapheon Inc. is a privately held medical device company whose mission is to develop new approaches and disruptive technologies for the treatment of vascular disease. The Company’s current focus is on an advanced treatment alternative for venous reflux disease, a condition requiring over 550,000 surgical procedures worldwide in 2012. The VenaSeal System uses a proprietary medical adhesive to close the saphenous vein, eliminating the need for surgery, ablation, sedatives, anesthesia, and the use of harsh chemicals. The VenaSeal Sapheon Closure System is not commercially available in the United States.