TUSTIN, Calif., June 15, 2016 /PRNewswire/ -- MicroVention, Inc., a wholly owned subsidiary of Terumo Corporation, today announced that Terumo Corporation has entered into an agreement to purchase Sequent Medical, Inc, a privately-held firm based in Aliso Viejo, CA with European operations based in Bonn, Germany.
The purchase price of $280 million will be paid at the close of the sale, with up to $100 million 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 a unique device that is the world leader and first commercial device in an important new category of aneurysm embolization systems referred to as intrasaccular flow disruptors. Sequent'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 MicroVention will work with the FDA toward the goal of gaining approval to market and sell the WEB System in the U.S. 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 acquisition of Sequent Medical by our parent company gives MicroVention the opportunity to market an important new device that is already being sold in Europe, and to the U.S. market at some point in the future," said MicroVention President and CEO Richard Cappetta. "The WEB System is intended especially for ruptured and unruptured intracranial aneurysms and other neurovascular abnormalities such as arteriovenous fistulae or AVF. Importantly, it adds another unique and complementary technology to our portfolio of neurovascular products that provides us substantial advantages in the marketplace."
Cappetta added that MicroVention's established tradition of innovation and development of new products internally will continue. Sequent Medical is headquartered in Aliso Viejo, CA, which is very close to MicroVention's new worldwide headquarters currently under construction in Aliso Viejo and expected to be completed in mid-2017.
"Sequent is in many ways a natural fit for MicroVention and this acquisition makes sense on a variety of operational and strategic levels," Cappetta added.
About the WEB™ Aneurysm Embolization 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.
The WEB System is commercially available and has already been used to treat more than 3,000 patients worldwide. The WEB System is not yet available for sale or distribution in the United States.
The WEB Aneurysm Embolization System is intended for the endovascular embolization of ruptured and unruptured intracranial aneurysms and other neurovascular abnormalities such as arteriovenous fistulae (AVF).
About MicroVention, Inc.
MicroVention, Inc. is a U.S. subsidiary of Terumo Corporation with its corporate headquarters in Tustin, California, and manufacturing and administrative facilities in Santa Ana and Aliso Viejo, California, and San José, Costa Rica. MicroVention® is a developer, manufacturer and marketer of innovative neuroendovascular technologies for the treatment of vascular diseases in small vessels. MicroVention® products are sold throughout the world in more than 75 countries. For more information, visit www.microvention.com
About Terumo Corporation
Tokyo-based Terumo Corporation is one of the world's leading medical device manufacturers with over $5 billion in sales and operations in more than 160 nations. Founded in 1921, the company develops, manufactures and distributes world-class medical devices including products for use in cardiothoracic surgery, interventional procedures and transfusion medicine; the company also manufactures a broad array of syringe and hypodermic needle products for hospital and physician office use. Terumo contributes to society by providing valued products and services to the health care market and by responding to the needs of health care providers and the people they serve. Terumo Corporation's shares are listed on the first section of the Tokyo Stock Exchange (No. 4543, Reuters symbol <4543.T>, or Bloomberg 4543: JP) and is a component of the Nikkei 225, Japan's leading stock index.
Sr. Director, Corporate Communications
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SOURCE MicroVention, Inc.