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California-based Varian Medical Systems has reached an agreement to acquire Cancer Treatment Services International (CTSI) for $283 million.
Privately-held CTSI operates the American Oncology Institute in Hyderabad and 10 multidisciplinary cancer centres across the Indian subcontinent as well as a US-based division, Oncology Solutions.
“Our acquisition of CTSI will allow us to better support oncology centres globally,” said Dow Wilson, President and CEO of Varian, in a press release.
Varian will finance the acquisition with a combination of borrowings under its credit facility and cash on hand.
CTSI generated annual revenues of $43.5 million in FY19, said the statement.
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