News | Radiation Therapy | May 21, 2019

Varian Acquiring Cancer Treatment Services International

India-based CTSI operates American Oncology Institute and 10 multidisciplinary cancer centers across Indian subcontinent, plus U.S.-based Oncology Solutions division

Varian Acquiring Cancer Treatment Services International

May 21, 2019 — Varian Medical Systems announced it has entered into a definitive agreement to acquire India’s Cancer Treatment Services International (CTSI) for $283 million. Privately held, CTSI operates the American Oncology Institute in Hyderabad and 10 multidisciplinary — radiation, medical and surgical oncology — cancer centers across the Indian subcontinent, as well as a U.S.-based Oncology Solutions division that provides cancer care professional services to healthcare providers worldwide.

This transaction will accelerate identification of unmet clinical and operational needs to facilitate advances in technology and services, according to Varian. As a result, the combined companies will be positioned to create new multidisciplinary solutions based on robust clinical information benefiting oncologists, and ultimately resulting in better care for patients. These fast-growing offerings will allow Varian to expand its solutions, while helping to support the continued growth trajectory of the company's oncology systems business.

This transaction will increase Varian's expertise in cancer center operations, allowing for new partnerships globally to deliver value-based care in developed and emerging markets. In addition, the transaction expands the scope and geographic reach of CTSI's technology-enabled clinical solutions.

"Effectively addressing the growing global cancer burden requires not just new technology and research, but also new ways of collaborating and partnering," said Stanley M. Marks, M.D., co-founder of CTSI and chairman of UPMC Hillman Cancer Center.  "This acquisition should now expand the development and implementation of new solutions for cancer care around the world."

Varian will finance the acquisition with a combination of borrowings under its credit facility and cash on hand. The transaction is anticipated to close in approximately two weeks, subject to the satisfaction of customary closing conditions.

For more information: www.varian.com

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