TM Capital Advises Sapheon in its Sale to Covidien

August 2014 | News & Press

In a significant transaction for our healthcare practice, TM Capital served as exclusive advisor to Sapheon Inc., a privately held developer of an innovative venous disease treatment, in its sale to Covidien plc, a global 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 notable assignments in which the principals of TM Capital have assisted growing companies with novel technologies in achieving superior valuations from the world’s largest strategic healthcare acquirers.


– Sapheon developed and manufactures the VenaSeal® Embolization System, a totally novel procedure that 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 return quickly 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; 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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What Our Clients are Saying

“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.

Below are additional transactions in which TM Capital advised innovative healthcare companies in their sale to major strategic acquirers:


Cryocath - Medtronicchestnut medicalAbout TM Capital
TM Capital Corp. is a partner-owned investment banking firm based in New York, Boston and Atlanta, which has completed over 250 transactions with a combined value in excess of $16 billion.  Since 1989, we have advised clients navigating a full range of critical transactions, including complex mergers, acquisitions, debt and equity financings, minority and majority recapitalizations, restructurings, and advisory services including takeover defense, fairness and solvency opinions, valuations, as well as litigation support.  We have built deep industry expertise in key sectors and our team regularly publishes research highlighting current and emerging trends in targeted industries and markets.  TM Capital is a member firm of M&A International Inc., the world’s leading alliance of mid-market investment banks with over 600 M&A professionals in 40 countries.  Members have closed over 1,300 transactions totaling more than $75 billion in value over the past five years. For more information, visit


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