Varian Medical Systems has agreed to acquire Cancer Treatment Services International (CTSI) in a deal valued at around $283m (£222.5m).
Image: Varian corporate headquarters. Photo: courtesy of Varian Medical Systems, Inc.
Established in 2006, CTSI provides comprehensive clinical and administrative solutions for the treatment of cancer and other complex diseases.
The company owns and manages an expanding network of cancer treatment facilities with primary focus on treating patients in India and South Asia.
CTSI offers technologically advanced treatment solutions through an IT-based model, which enables integration and centralization of core services.
Varian president and CEO Dow Wilson said: “Our acquisition of CTSI is consistent with this strategy and will allow us to better support oncology centers globally, accelerate access to technology-driven care and build a feedback loop that will drive cost-effective innovation.”
CTSI operates the American Oncology Institute in Hyderabad and 10 multidisciplinary radiation, medical and surgical oncology cancer centers across the Indian subcontinent.
It also operates US-based Oncology Solutions division, which offers cancer care professional services for healthcare providers across the world.
According to Varian, the combined companies will create new multidisciplinary solutions based on robust clinical information benefiting oncologists and resulting in better care for patients.
CTSI reported annual revenues of $43.5m in the fiscal year ended 31 March 2019.
The acquisition of CTSI will help Varian to enhance its expertise in cancer center operations and establish new partnerships globally to provide value-based care in developed and emerging markets.
Subject to the satisfaction of customary closing conditions, the deal is expected to be completed in around two weeks.
CTSI co-founder and executive director Andrew Shogan said: “We are excited to continue our mission to address the growing global incidence of cancer and the disparity in access to treatment between the developed and emerging markets.
“Together with Varian, we will be better equipped to provide new solutions that empower more patients globally to fight cancer.”
Based in Palo Alto, California, Varian is involved in the development and delivery of cancer care solutions to its customers. The company employs around 7,000 people across the world.