US-based Varian Medical Systems has agreed to acquire Australian firm Sirtex Medical for around $1.3bn.
The acquisition will help Varian to expand its capability in radiation medicine and interventional oncology.
Varian is planning to leverage its capabilities in treatment planning and delivery, image guidance and processing, oncology practice management software, and radiation safety in combination with Sirtex's interventional oncology platform to offer customers a range of cancer care solutions.
Sirtex produces SIR-Spheres Y-90 resin microspheres, which is a targeted radioactive treatment for liver cancer.
The company has supplied around 80,000 doses of SIR-Spheres Y-90 resin microspheres to treat liver cancer patients in more than 1,090 medical centres in over 40 countries.
The product secured PMA approval from the US Food & Drug Administration and CE mark approval in the European Union. It was also approved by Australia's Therapeutic Goods Administration.
SIR-Spheres Y-90 resin microspheres will deliver targeted internal radiation therapy directly to liver tumors through the hepatic artery.
With around 300 employees across the globe, Sirtex primarily carries out sales and distribution operations in the US, Europe and Asia.
Subject to customary closing conditions, the deal is expected to complete by the end of May this year.
Varian CEO Dow Wilson said: "This acquisition is the latest step in Varian's long-term strategy to become a global leader in multi-disciplinary integrated cancer care solutions.
“The combination of the two companies will expand the reach of the Sirtex platform by making it more broadly available to the clinical community.”
Image: Varian Medical Systems to acquire Sirtex Medical. Photo: courtesy of adamr / FreeDigitalPhotos.net.