July 13, 2016
Terumo Completes Acquisition of Sequent Medical
July 14, 2016—MicroVention, Inc., a wholly owned subsidiary of Tokyo-based Terumo Corporation, announced that Terumo Corporation has completed the acquisition of Sequent Medical, Inc., a privately held medical device firm based in Aliso Viejo, California, with European operations based in Bonn, Germany.
The acquisition of Sequent was first announced by Terumo Corporation on June 14, 2016. Sequent developed the Web aneurysm embolization system, which is an intrasaccular flow disruptor. 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.
MicroVention is currently in the process of building a new worldwide headquarters that will accommodate both companies in Aliso Viejo. It is expected to be completed in mid-2017.
The Web device is intended for the endovascular embolization of ruptured and unruptured intracranial aneurysms and other neurovascular abnormalities such as arteriovenous fistulas. Sequent obtained European CE Mark approval in 2010. The Web device is not yet available for sale or distribution in the United States. MicroVention-Terumo will work with the US Food and Drug Administration toward the goal of gaining approval to sell the Web system in the United States.
In March, Sequent Medical announced the completion of patient enrollment in its WEB-IT investigational device exemption pivotal trial to evaluate the safety and effectiveness of the Web aneurysm embolization system.