Terumo Corporation Completes Acquisition Of Sequent Medical
Unique Aneurysm Embolization Device Complements MicroVention's Neurovascular Product Portfolio
Tustin, CA. and Aliso Viejo, CA /PRNewswire/ - 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.
About the WEB™ Aneurysm Embolization System
The WEB 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 enables physicians to treat wide-neck bifurcation aneurysms with the familiarity of an intrasaccular approach while using established biomaterials.
The WEB 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 $4.8 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.
Source: MicroVention, Inc.Copyright 2016 PR Newswire. All Rights Reserved