Tokyo-based medical device maker Terumo Corp. is set to acquire Medeon Biodesign Inc.'s vascular surgery device for $20 million upfront.
Medeon, a Taiwan-based medical device maker, will also receive future milestone payments related to clinical and regulatory developments.
The device called XPro System is an automated stitching device used in different types of cardiac and vascular surgeries to stop bleeding at the puncture sites.
The device is undergoing evaluation for CE mark certification in Europe.
