MicroVention, a fully-owned unit of Japan-based Terumo Corporation, has completed the purchase of Sequent Medical , a privately-held medical device firm based in Aliso Viejo, California.
Terumo paid $280m to Sequent Medical and up to $100m will be paid based on the achievement of specific developments.
Sequent has European operations based in Bonn, Germany.
The purchase of Sequent was earlier announced on 14 June, 2016.
Sequent developed the WEB Aneurysm Embolisation System, a commercial device in a new category of aneurysm embolisation systems referred to as intrasaccular flow disruptors.
Terumo subsidiary MicroVention president and CEO Richard Cappetta said: "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.
"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."
Terumo intends to integrate most of Sequent Associates into it. Currently, MicroVention is in the process of building a new worldwide headquarters that will house both the companies in Aliso Viejo.
The building is expected to be completed in mid-2017.
The WEB is based on Sequent’s proprietary MicroBraid technology, which is a dense mesh constructed from a large number of extremely fine wires.
This device will be a complementary technology to MicroVention’s portfolio of neurovascular products.
The WEB is intended for treatment of ruptured and unruptured intracranial aneurysms and other neurovascular abnormalities such as arteriovenous fistulae or AVF.
Sequent secured CE mark approval in 2010 to sell the the technology in all major markets in Europe.
It has already been used to treat over 3,000 patients. With this acquisition, MicroVention-Terumo will work for securing FDA approval to sell the WEB system in the US.