Medtronic acquires Sapiens Steering Brain Stimulation for $200m
2 September 2014
Medtronic has announced that it has acquired privately held Dutch company Sapiens Steering Brain Stimulation for approximately $200 million in an all-cash transaction. The deal strengthens Medtronic's capabilities in the modulation of brain function.
Sapiens SBS, located in Eindhoven, The Netherlands, is developing a deep brain stimulation (DBS) system that features an advanced DBS lead with 40 individual stimulation points. This advanced system is designed to allow more precise stimulation of the intended target in the brain and may potentially result in reduced procedure time and fewer stimulation-induced side effects.
Sapiens SBS was founded in 2011 by Sjaak Deckers, Hubert Martens and Michel Decré as a spin-out from Philips Healthcare. It is backed by Wellington Partners, Edmond de Rothschild Investment Partners, Life Sciences Partners (LSP), the Wellcome Trust, INKEF Capital and Gilde Healthcare.
In a very short time frame, Sapiens confirmed its initial hypothesis in acute human trials in Parkinson patients and became a clear leader in developing significantly improved devices for DBS therapeutic applications. In 2013, medtech veteran Jan Keltjens became the company's CEO and under his leadership the product was further advanced and refined.
Employees at the Eindhoven facility will continue to work toward
bringing this technology to market. In the future, the site will
serve as a global research and development center for Medtronic's
neuromodulation business, complementing its existing R&D operations.
"Since 2011, Sapiens SBS employees have worked tirelessly to develop an advanced deep brain stimulation system," said Jan Keltjens, chief executive officer at Sapiens SBS. "We are excited to join Medtronic, and look forward to collectively working to bring this and other novel technologies and therapies to neuromodulation patients worldwide that could benefit from them."
"In only about 3 years, Sapiens SBS has achieved a lot. Also, the way founders, management, board and investors have worked together in this company is, in my opinion, quite exceptional. Through this trade sale, in addition to making good return for our Limited Partners, it is very satisfying to see now the Sapiens' products integrated into the neurostimulation franchise of the DBS market leader, as it gives this technology the best chances of helping patients in the near future" says Olivier Litzka, Partner at EdRIP.