US-based Varian Medical Systems has entered an agreement to purchase all outstanding shares of Australian life sciences firm Sirtex Medical for about A$1.58bn ($1.28bn).
The deal is in line with Varian’s strategy for long-term growth and is expected to strengthen the firm’s position in radiation medicine and interventional oncology segments.
Varian plans to combine its expertise in treatment planning and delivery, image guidance and processing, oncology practice management software, and radiation safety with Sirtex’s interventional oncology platform to deliver better care solutions for cancer patients.
Varian Medical Systems CEO Dow Wilson said: “This acquisition is the latest step in Varian’s long-term strategy to become a global leader in multi-disciplinary integrated cancer care solutions.
“The combination of the two companies will expand the reach of the Sirtex platform by making it more broadly available to the clinical community.
“Our companies share a common vision of a world without fear of cancer, and we look forward to completing this acquisition and positively impacting more patients’ lives around the world.”
Sirtex’s lead product SIR-Spheres Y-90 resin microspheres is a targeted internal radiation therapy indicated for certain types of liver cancers in more than 40 countries.
With operations in the US, Europe, and Asia, the firm has reported annual revenues of A$234m ($189.13m) in the fiscal year ending on 30 June 2017.
Set to be completed in late May this year, the transaction is subject to shareholders and regulatory approvals, as well as other customary closing conditions.