Acquisition · Medical devices (brain blood vessel scans)
Nipro takes full control of brain-imaging device venture G2/Spryte
- Buyer
- Nipro (Osaka)
- Target
- G2/Spryte Holdco (Spryte Medical), remaining 61%, Massachusetts
- Value
- About ¥7.7B (about $51M) for the 61% it did not own
- Status
- Completed December 19, 2025.
- Date
- 2025-10-28
Nipro agreed to buy the 61% it did not own in G2/Spryte Holdco, a Massachusetts company it set up in 2024 with co-investor Adams. Its business, Spryte Medical, is developing an imaging system that looks inside blood vessels in the brain during aneurysm treatment. The price was about ¥7.7 billion; the company had large losses and negative equity.
Why it matters
Nipro is building a US vascular device business; the system entered a US pivotal trial in 2026.
The device
Spryte's nOCT system uses light inside a tiny catheter to take detailed pictures of blood vessel walls in the brain while doctors treat an aneurysm. The FDA approved the start of the INSYTE trial in November 2025. Enrollment of 65 patients at eight centers in three countries finished in July 2026, and the company is preparing its first FDA filing. The system is not yet approved.
The numbers
G2/Spryte had sales of only about ¥757 million in 2024, an operating loss of about ¥6.7 billion and negative net assets of about ¥9.6 billion. Nipro said buying out its partner Adams kept its options open to get the most value from the technology.
Sources
Kakehashi M&A News home
