Global, Healthcare | Mergers & Acquisitions

Sapheon Acquired by Covidien plc

  • TM Capital served as exclusive financial advisor to Sapheon Inc., a developer of venous disease treatments, in its sale to Covidien plc, a world leader in the treatment of peripheral vascular disease, for $108 million in cash at closing and additional contingent consideration of up to $130 million
  • This is the latest in a series of assignments in which TM Capital has assisted young companies with novel technologies in achieving extraordinary values from major strategic healthcare acquirers before significant revenues or earnings have been realized
  • Sapheon developed and manufactures the VenaSeal® Embolization System, which uses a proprietary adhesive to close the saphenous vein in patients with varicose veins and chronic venous insufficiency; the procedure is performed in a minimally invasive process, enabling patients to quickly return to normal activity
  • Sapheon has completed enrollment and follow-up of its clinical trial in the U.S. and has submitted documentation to the FDA in support of a PMA; and TM Capital was successful in negotiating a value that recognized the significant potential for the VenaSeal product once FDA approval is obtained
  • Covidien plc (COV:NYSE), headquartered in Ireland, is a leading global medical device and healthcare supply company with a market capitalization of approximately $40 billion

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Client Testimonial

“TM Capital has worked with us as a trusted adviser for several years. The TM Capital team has deep experience in the medical device sector and strong relationships and credibility with potential buyers. Their counsel proved to be perceptive on many occasions and they have been invaluable in helping us achieve an attractive transaction with Covidien. Throughout the process, they were at our side whenever needed and we really enjoyed the opportunity to have them on our team.””
Don Crawford, President and CEO, Sapheon Inc.