Updated on 15 June 2016
Singapore: Japan's leading medical device manufacturer Terumo Corporation has entered into an agreement to purchase Sequent Medical Inc, a privately-held California-based firm developing a new medical device for aneurysm embolization.
The purchase price of $280 million will be paid at closing, with up to $100 million more to be paid based on the achievement of specific development or commercial milestones, indicates the press release.
Terumo says that this acquisition is a key element in the company's new growth strategy to establish and expand its global presence in the neurovascular market and other rapidly growing markets. Terumo has also identified the cardiology and endovascular markets as potential areas for growth.
Sequent provides Terumo the opportunity to bring an important new device to the US market and improve its presence in the neurovascular device market, which is expected to grow significantly.