The agreement facilitates identification of unmet clinical needs to drive the development of new technology-enabled services.
Taking an important step to accelerate innovation of new multidisciplinary solutions to address the growing global cancer burden, Varian Medical Systems (NYSE: VAR) announced it’s entrance into a definitive agreement to acquire 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 centres 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 the identification of unmet clinical and operational needs to facilitate advances in technology and services. 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 oncology systems business.
“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. We look forward to pooling the ingenuity of our combined team with the power of data, technology and clinical insights to achieve new victories against cancer, especially for the millions of patients globally without access to appropriate care.”
“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.”