Stradling represented Sequent Medical, Inc. in its merger with a U.S. subsidiary of Terumo Corporation, a global medical device company. Under the terms of the deal, Terumo acquired Sequent in an all-cash transaction for $380 million ($280 million up front and up to an additional $100 million if certain milestones are achieved). The transaction closed on July 13, 2016.
Based in Aliso Viejo, Sequent develops next-generation interventional devices for treating cerebral aneurysms. Terumo reportedly commands a 16% market share in catheters used to treat cerebral aneurysms, making it the third-largest in the field. Terumo intends to merge Sequent and MicroVention, a California-based maker of coils that Terumo acquired in 2006, to strengthen its product development.
The Stradling team representing Sequent included Larry Cohn, Bruce Feuchter, Jeff Estes, and Sonya Attal. Williana Chang advised on employee benefits matters, and Kristin Larson advised on environmental matters.