February 28, 2006
Terumo Announces Acquisition of MicroVention
Acquisition to facilitate Terumo's entry into the high growth market of catheter-based technologies for the treatment of cerebral vascular disease
Terumo Corporation (Shibuya-ku, Tokyo Japan; CEO Takashi Wachi ), a leading
provider of general hospital, cardiac and vascular, and home healthcare
products, today announced that it has entered into a definitive agreement
to acquire MicroVention Inc. (California, USA), a privately held medical
device company focused on endovascular coils and related products for
the treatment of cerebral aneurysms. A majority of MicroVention's shareholders
have agreed to vote in favor of the transaction and it is expected to
close by March 31, 2006 subject to the required regulatory clearance.
Founded in 1997 and headquartered in Aliso Viejo, California, MicroVention
develops and commercializes novel and proprietary hydrogel-coated and
bare platinum coils and related devices for the minimally invasive, endovascular
treatment of cerebral vascular aneurysms. MicroVention's HydroCoilO Embolic
System and MicroPlexTM coil system are based on best of breed technology
and have proved to be highly effective for the treatment of cerebral aneurysms.
In addition, MicroVention recently launched its V-Trak detachment system,
a device used to smoothly detach coils from the delivery device in the
brain. MicroVention markets and sells its products worldwide through its
direct sales force and distributor network.
The worldwide market for the endovascular treatment of cerebral aneurysms,
currently estimated at over $200M for endovascular coils, is expected
to show a double-digit growth over the next several years. Historically,
cerebral aneurysms were treated via a surgical clipping procedure which
required a craniotomy. These procedures carry a significant risk and require
lengthy patient recovery periods. In an endovascular coiling procedure,
vascular access is gained by the femoral artery, through which guidewires
and catheters are placed and fed to the site of the cerebral aneurysm.
Endovascular treatment of cerebral aneurysms is substantially less invasive
than surgical clipping with improved patient outcomes.
"As Terumo continues to expand its cardiac and vascular businesses,
we believe that the acquisition of MicroVention provides a great strategic
opportunity for Terumo to further strengthen our intervention business
by entering the high growth area of endovascular coiling," said Takashi
Wachi, Terumo's Chief Executive Officer. "The experience and capabilities
Terumo expects to gain from this transaction can significantly contribute
to Terumo's sustained success in this key market segment."
"This is a tremendous opportunity for MicroVention to be a part
of a much larger and very highly respected international organization
and to accelerate MicroVention's growth through a broader platform for
bringing novel interventional products to the market," said R. Michael
Kleine, President of MicroVention. "This is a great day for MicroVention
and everyone who is part of our business family, and we are pleased to
be joining a company that shares our vision, passion and competitive spirit."
About Terumo Corporation
Terumo Corporation, headquartered in Shibuya-ku, Japan, (www.terumo.com)
is a leading manufacturer of single-use medical devices, such as syringes,
blood bags and IV solutions. Terumo has the biggest share of the world
markets for angiography guide wires and perfusion products and is a leading
developer of interventional products, such as catheters and stents.
About MicroVention, Inc.
MicroVention, Inc., in California, USA, (www.microvention.com)
is a privately held medical device company dedicated to the development
and commercialization of new catheter-based technologies for the endovascular
treatment of cerebral and peripheral vascular diseases. The company has
received 510(k) clearance and CE Mark for both its MicroPlex Coil System
and the HydroCoil Embolization System to treat cerebral aneurysms. MicroVention
sells its products through its direct sales force in the U.S., Canada,
France, Germany and the United Kingdom and through distributors in other
countries.
(Note) Forward-looking statements included in this release were determined by Terumo based on the best information available at the time of writing and are subject to potential risks and uncertainties. Therefore, please note that, due to various factors, the actual implementation may differ from what is described here.
