TOKYO -- Medical device manufacturerTerumohas agreed to purchase an American producer of cranial catheters for roughly 40 billion yen ($375 million), aiming for the top of a fast-growing global market.
All shares of California-based Sequent Medical will be acquired through a U.S. subsidiary of Terumo in a transaction expected to close this July. The deal marks the Japanese group's biggest next to the roughly 210 billion yen purchase in 2011 of what is now Terumo BCT, which builds devices for blood transfusions.
Established in 2007, Sequent develops and sells next-generation equipment for treating cerebral aneurysms. It obtained approval in 2010 to manufacture and market the devices in Europe. The products have already been used in about 3,000 cases and are undergoing clinical trials in the U.S., where Sequent aims to receive approval in a few years.