Friday, July 15, 2016
MicroVention, Inc., a wholly owned subsidiary of Tokyo-based Terumo Corporation, announced today that Terumo Corporation has completed the acquisition of Sequent Medical, Inc., a privately-held medical device firm based in Aliso Viejo, CA with European operations based in Bonn, Germany. The acquisition of Sequent was previously announced by Terumo Corporation on June 14, 2016. Sequent developed the unique WEB™ Aneurysm Embolization System, the world leader and first commercial device in an important new category of aneurysm embolization systems referred to as intrasaccular flow disruptors.
"We are very pleased to add Sequent Medical, including its outstanding research and development capacity, its unique WEB system and its talented team to the MicroVention family," said MicroVention President and CEO Richard Cappetta. "Our goal is to blend the two companies together seamlessly and to quickly get to work on adding the WEB to our expanding portfolio of neurovascular products."
The plan is to integrate the majority of Sequent Associates, which includes 61 based in Sequent's Aliso Viejo, CA office. MicroVention is currently in the process of building a new worldwide headquarters that will accommodate both companies in Aliso Viejo, expected to be completed in mid-2017.
The WEB is based on Sequent's proprietary MicroBraid™ technology, a dense mesh constructed from a large number of extremely fine wires. The WEB will be a complementary technology to MicroVention's portfolio of neurovascular products and will provide substantial advantages in the marketplace, Cappetta noted. The WEB is intended for the treatment of ruptured and unruptured intracranial aneurysms and other neurovascular abnormalities such as arteriovenous fistulae or AVF.
Sequent obtained CE mark approval in 2010 to commercially sell the WEB in all major markets in Europe. It has already been used to treat more than 3,000 patients worldwide.
MicroVention-Terumo 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 study. Data from the study will be used by the FDA to evaluate the safety and efficacy of the WEB.
The purchase price for Sequent Medical was $280 million up front and up to $100 million to be paid based on the achievement of specific development or commercial milestones.
Source : prnewswire.com
