Terumo Closes USD 280m Acquisition of Aneurysm Embolization System Specialist Sequent Medical.
15 July 2016 - Japanese medical device maker Terumo Corp has closed an agreement to purchase medical device maker Sequent Medical, Inc, the company said.
Sequent Medical is a privately-held firm based in Aliso Viejo, California with European operations based in Bonn, Germany.
The purchase price of USD 280m will be paid at the close of the sale, with up to USD 100m to be paid based on the achievement of specific development or commercial milestones.
Pending regulatory approvals, Terumo-MicroVention expects to complete the acquisition in July or August 2016.
Sequent develops, manufactures and sells the first commercial device in a new category of aneurysm embolization systems referred to as intrasaccular flow disruptors.
The company's device, the WEB Aneurysm Embolization System, is based on Sequent's proprietary MicroBraid technology, a dense mesh constructed from a large number of extremely fine wires.
Sequent obtained CE Mark approval in 2010 to commercially sell the WEB system in all major markets in Europe. It has already been used to treat more than 3,000 patients worldwide.
Terumo and its MicroVention subsidiary will work with the FDA toward the goal of gaining approval to market and sell the WEB System in the US Sequent recently completed patient enrollment in the WEB-IT Investigational Device Exemption pivotal trial. Data from the trial will be used by the FDA to evaluate the safety and efficacy of the WEB system.
The WEB System is based on Sequent's proprietary MicroBraid technology, a dense mesh constructed from a large number of extremely fine wires.
Unlike conventional medical braids, MicroBraid allows for a mix of wire diameters or materials to achieve a tailored balance of compliance, porosity and profile across device sizes.
The WEB System enables physicians to treat wide-neck bifurcation aneurysms with the familiarity of an intrasaccular approach while using established biomaterials.
Tokyo-based Terumo Corp. is one of the world's leading medical device manufacturers with over USD 5bn in sales and operations in more than 160 nations.
Target: Sequent Medical, Inc
Buyer: Terumo Corp
Deal size in USD: 280m
Type: Corporate Acquisition
Buyer advisor: , ,
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|Publication:||M & A Navigator|
|Date:||Jul 18, 2016|
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