Healthcare Industry News: Terumo
News Release - March 30, 2006
MicroVention and Terumo Corporation Announce Completion of MergerInnovative Cerebral Aneurysm Company Closes Merger With International Medical Products Leader
ALISO VIEJO, Calif., March 30 (HSMN NewsFeed) -- MicroVention, Inc., a leading developer, manufacturer and marketer of minimally invasive treatments for cerebral and vascular peripheral diseases, announced today that it has successfully completed the merger with Tokyo-based Terumo Corporation, an international manufacturer and provider of general hospital, cardiac, vascular and home healthcare products. The all-cash acquisition of privately-held MicroVention, which was announced last month, will enable Terumo to immediately expand into the growing worldwide market for the endovascular treatment of cerebral aneurysms.
The current endovascular coiling market is estimated to be $225 million and expected to show double-digit growth over the next several years.
MicroVention and its employees and management will continue to operate out of the Company's headquarters in Aliso Viejo. The existing management team and all MicroVention employees will remain in place and in their current roles.
About MicroVention, Inc.
MicroVention, Inc. (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.
About Terumo Corporation
Terumo Corporation (www.terumo.co.jp), headquartered in Shibuya-ku, Japan, is a leading manufacturer of single-use medical devices, such as syringes, blood bags and IV solutions. Terumo has the largest 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. The company was founded in 1921 and its products are distributed in more than 150 countries world wide.
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