Covidien buys Vnus Medical Technologies for $470mm cash
Deal summary reprinted from Strategic Transactions - May 2009
Covidien has acquired Vnus Medical Technologies, a company that markets minimally invasive devices to treat venous reflux disease, for $29 in cash per share (a 34% premium), or a total of about $470mm (more than four times its 2008 sales). It will become part of Covidien's medical devices unit. Find out more...
Vnus is Covidien's largest acquisition since it separated from Tyco International in 2007; its 2008 take-over of Tissue Science Laboratories cost less than $80mm. Vnus, which was established in 1995, has created the ClosureFast radiofrequency system that uses a catheter to heat and close diseased varicose veins, a condition that causes pain, swelling, and skin ulcers. The product can be used on a 45cm vein in a procedure that takes less than five minutes to complete and offers an alternative to traditional treatment, which is an open surgical procedure called vein stripping. The deal enables Covidien to expand its vascular market presence, by providing it with products to sell to vascular surgeons and interventional radiologists. Vnus' other devices include ClosureRFS stylet for incompetent perforator veins (that can lead to bulging varicose veins and leg ulcers), VarEx phlebectomy tools, and Veinlite transilluminator and tumescent infiltration pump. The company also distributes Medtronic's U-Clip anastomotic device in the vascular market under a five-year deal signed in 2006.
About Strategic Transactions - The Device Deal Database
Our proprietary database is designed for medical technology professionals and investors that need to stay current on the latest industry alliances, financing, mergers & acquistions and other strategic partnerships.
Find out more about what our Strategic Transactions - The Device Deal Database can do for you.
Strategic Transactions - The Device Deal Database provides expanded information, including:
- Comprehensive Deal Records
- Complete Financial Information
- Extensive Company Profiles
- Access to important SEC Documents
- Links to related articles
Contact: James DeFalco at: +1 (203) 838-4401 x104 or [email protected].
