(Bloomberg) -- Wallaby Medical, a firm that develops devices to treat strokes, is in advanced talks to buy Germany’s closely held Phenox GmbH, according to people familiar with the matter.

Wallaby, with offices in Shanghai and Laguna Hills, California, is still negotiating final details of a potential transaction, the people said, asking not to be identified because the information is private. A deal could value Phenox at about 500 million euros ($558 million), the people said.

Deliberations are still ongoing and no final decision has been made, the people said, adding a cross-border deal could face delays or even fall apart.

Representatives for Wallaby and Bochum, Germany-based Phenox didn’t immediately respond to requests for comment by phone and email.

Founded in 2015, Wallaby has more than 170 employees. Its products include the Avenir coil system, which helps treat intracranial aneurysms and other neurovascular conditions. The device is sold in more than 20 countries and regions, and the company signed a marketing partnership with Phenox in 2019, according to its website. 

Wallaby’s investors include Citic Med Funds, Maison Capital, Sinovation Ventures and GL Ventures.

Phenox was founded in 2005 and develops technologies and devices to treat neurovascular diseases, including hemorrhagic and ischemic strokes, according to its website.

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