Covidien and VNUS Buyout
Covidien the medical device maker and healthcare company has announced they have completed their buyout of VNUS Medical Technologies for $440 million. VNUS is a San Jose based company that makes products for treating varicose veins. Covidien has said they are hoping to expand their presence in the venous disease market and buying VNUS is part of their expansion strategy.
CNBC said, "The acquisition of VNUS will expand our vascular product line and is consistent with our strategy of becoming a leading partner with interventional radiologists and vascular surgeons," said Joe Almeida, president of medical devices for Covidien, in a statement Wednesday."
The venous disease treatment industry is said to be dramatically expanding due to innovation in technologies and demand from the 40 million people with varicose veins. It is a lucrative market to be involved in at the moment.
