Varian Medical Systems has agreed to acquire interventional oncology therapy provider Sirtex Medical for approximately $1.3 billion in cash.
Sirtex's lead product, SIR-Spheres yttrium-90 (Y-90) resin microspheres, provides internal radiation therapy for certain liver cancers. The company said it has supplied approximately 80,000 doses of SIR-Spheres for liver cancer treatment at more than 1,090 medical centers in over 40 countries. Sirtex also has manufacturing capabilities in the U.S., Singapore, and Germany.
For Varian, the deal extends its position in radiation medicine and marks its expansion into interventional oncology, according to the vendor. Varian said it plans to leverage its capabilities in treatment planning and delivery, image guidance and processing, oncology practice management software, and radiation safety in combination with Sirtex's interventional oncology platform.
The deal is expected to be completed in May, subject to the approval of Sirtex shareholders, the Federal Court of Australia, and other customary closing conditions such as applicable regulatory approvals. Varian expects the acquisition will be accretive to earnings per share in the first full fiscal year after closing.
