logo
Plus   Neg
Share
Email

Varian Medical Systems To Buy Cancer Treatment Services For $283 Mln

Varian Medical Systems (VAR) Monday said it has agreed to acquire Cancer Treatment Services International for $283 million.

The 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.

The deal is expected to accelerate identification of unmet clinical and operational needs to facilitate advances in technology and services.

"At Varian, the patient and clinician are at the center of our thinking as we evolve into a broad-based cancer care solutions company," said Dow Wilson, president and chief executive officer of Varian. "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."

Varian plans to fund the deal with a combination of borrowings under its credit facility and cash on hand. The transaction is anticipated to close in about two weeks.

Looking forward, Varian now expects full year 2019 earnings of $4.55 to $4.70 per share and revenues of $3.09 to $3.18 billion. Previously, the company expected earnings of $4.60 to $4.75 per share.

For comments and feedback contact: editorial@rttnews.com

Business News

Editors Pick
Dunkin' Brands Group said it is rolling out the Beyond Sausage Sandwich to more than 9,000 restaurants nationwide, starting November 6. The sandwich features a plant-based sausage patty from alternative meat maker Beyond Meat. Beyond Meat's breakfast sausage patty is made with plant-based protein and a mix of spices crafted specifically for Dunkin'. Boeing said it understands and regrets the concern caused by the publications of instant messages involving a former test pilot that he "unknowingly" lied to regulators about a flight-control system on the Boeing 737 Max aircraft. The aircraft maker said it especially regrets the difficulties that the release of the messages presented for the U.S. Federal Aviation Administration or FAA. Boeing said Sunday that it had informed the Federal Aviation Administration and international regulators on multiple occasions about the expanded role of the flight-control software in 737 MAX, which was linked to two fatal crashes that killed 346 people.
RELATED NEWS
Follow RTT
>