Maya Medical

In 2010, the medical device incubator Shifamed spun out its second portfolio company, Maya Medical. The company focused on developing a novel treatment for uncontrolled hypertension. Their product was a percutaneous catheter, the OneShot system, which used a balloon-based irrigated technology to ablate renal sympathetic nerves, a procedure aimed at controlling high blood pressure. The company moved quickly. By February 2012, Maya Medical's OneShot system had already earned a CE Mark in Europe, signaling that the product complied with European health and safety standards. This rapid development and regulatory success did not go unnoticed. Just two months later, in April 2012, the global healthcare product provider Covidien acquired the young company. The acquisition deal was structured with a significant upfront payment and future incentives. Covidien paid $60 million in cash initially. The agreement also included the potential for an additional $170 million based on Maya Medical achieving specific regulatory and sales milestones, bringing the total possible value of the deal to $230 million. This acquisition marked a swift and successful exit for the startup, folding its innovative hypertension treatment into the portfolio of a major industry player.