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.
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