Radiopharmaceutical firm Syncor International has signed an agreement to acquire Inovision Radiation Measurements and its affiliate, Victoreen. Both Inovision and Victoreen manufacture radiation measurement equipment and related accessories for use in medical imaging and radiation therapy.
Syncor had been using Yorba Linda, CA-based Inovision's products in its nuclear pharmacies for many years, said Syncor president and CEO Robert Funari. With the acquisition, Syncor will no longer need to purchase these products from outside vendors, thus improving the efficiencies of its service network, Funari said.
Woodland Hills, CA-based Syncor expects the acquisition to close before the end of July and to be immediately accretive to earnings. Terms of the deal were not released.
In other Syncor news, the company this week reported record earnings on strong sales growth in its second quarter (end-June 30). For the period, Syncor posted revenues of $187.7 million, up 22% compared with $154.4 million in the same period the year before. The company's second-quarter net income was $11 million, compared to $9.1 million in the second quarter of 2000.
By AuntMinnie.com staff writersJuly 25, 2001
Related Reading
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Syncor, AmeriNet expand contract, July 23, 2001
DuPont pharma divestiture could cast ripples in imaging, June 22, 2001
Syncor, HCI form alliance to foster PET services, May 3, 2001
Syncor net income surges in Q1, April 25, 2001
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