Mitsubishi Chemical has agreed to acquire the thermoplastic polyurethane elastomer (TPU) business of US-based AdvanSource Biomaterials (ASB). The transaction will be concluded by Mitsubishi’s US subsidiary Mitsubishi Chemical Performance Polymers and is scheduled to be completed in January 2020. Financial terms of the deal have not been revealed.

The TPU products of ASB are used mainly for medical devices such as cardiovascular catheters.

Mitsubishi said that the share of TPU in the US market has been expanding over years. TPU’s characteristics, such as biocompatibility, antimicrobial properties, and flexibility, make this product indispensable in the use and applications such as cardiovascular catheters and other devices designed for body insertion, the company added.

The acquisition is part of the Mitsubishi’s strategy to further expand its product portfolio to TPU technologies and accelerate market development of existing business by acquiring material certifications and sales channels in the US medical device market.