Japanese medical device firm Terumo has signed an agreement to acquire the US-based Sequent Medical for $280m.
Terumo will also pay $100m based on the achievement of specific development or commercial milestones.
The acquisition will allow Terumo to expand its global presence in the neurovascular market and other growing markets such as cardiology and endovascular.
Subject to regulatory approval, the deal is expected to complete in July or August of this year.
Established in 2007, Sequent Medical is engaged in the development of new catheter-based neurovascular technologies.
The company has developed the WEB aneurysm embolization system by using its Microbraid technology.
It will be used for the endovascular embolization of ruptured and unruptured intracranial aneurysms and other neurovascular abnormalities such as arteriovenous fistulae (AVF).
MicroBraid technology allows a mix of wire diameters or materials to achieve a balance of compliance, porosity and profile across device sizes.
In 2010, the company received CE mark approval for the WEB system to sell in all major markets in Europe.
Sequent also completed patient enrollment in the WEB-IT investigational device exemption (IDE) pivotal trial.
The data from the trial will be used to obtain approval from the US Food and Drug Administration.
Image: Deployment Illustration of Terumo’s WEB aneurysm embolization system. Photo: courtesy of TERUMO CORPORATION.