Radiation oncology firm Varian Medical Systems' proposed acquisition of Sirtex Medical has fallen through.
The company received notice from Sirtex on June 14 that it is terminating the deal and will pay a reimbursement fee of $16 million Australian ($12 million U.S.) to Varian.
Varian made a purchase offer to Sirtex in January for approximately $1.6 billion Australian ($1.2 billion U.S.). In May, Sirtex received a bid from Chinese alternative asset manager CDH Investments for $1.9 billion Australian ($1.4 billion U.S.); Varian declined to make a counteroffer, it said.
Sirtex plans to move ahead with the proposal with the Chinese investment group.
