US-based radiotherapy systems developer Accuray has formed a joint venture (JV) with China Isotope and Radiation Corporation (CIRC) to manufacture and sell radiation oncology systems in China.
The deal has been signed by Accuray unit Accuray Asia and China Isotope division CNNC High Energy Equipment, which will own 49% and 51% of the JV, respectively.
The new entity will operate as CNNC Accuray Medical Technology in Tianjin, China. It will cater to emerging radiation oncology systems market and longer-term unmet needs in the country.
In addition, the JV will leverage both Accuray and CIRC capabilities to offer locally branded and manufactured radiation therapy products.
CNNC Accuray Medical Technology will focus on delivering a complete suite of radiation therapy and radiosurgery treatments for Chinese medical professionals and patients.
Accuray president and CEO Joshua Levine said: “Today’s announcement, which follows an extensive, 18-month evaluation process, advances Accuray’s mission to bring innovative, life-saving radiation products to cancer patients.
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“We believe that by uniting CIRC’s strong market access, significant local manufacturing experience and extensive infrastructure in China combined with Accuray’s precise, innovative treatment solutions, the JV will be ideally positioned to effectively address unmet patient needs and improve lives in the world’s largest market for radiation oncology.”
The JV is scheduled to start sales operations by the end of the calendar year 2019. Until then, Accuray’s existing Chinese distributor will be responsible for orders and revenue.
Accuray primarily develops, manufactures and sells radiation oncology systems for the treatment of cancer. The company offers treatment delivery technologies that are designed to enable precision.