Varian Medical (NYSE:VAR) said this week that it purchased two companies – Endocare and Alicon – to add to its cancer care solutions portfolio.
The $185 million acquisition was financed with cash and proceeds from borrowings. Combined, Endocare and Alicon reeled in $30 million in revenues last year.
Texas-based Endocare provides hardware and softwre for cryoablation and microwave ablation. The company’s lead product, Cryocare CS, incorporates planning, placement and treatment to simplify cryotherapy.
Alicon, which is based in China, makes embolic therapy for treating liver cancer. The company’s lead product, Caligel, is used in over 1,000 hospitals in China, according to Varian.
“Together, our acquisitions of Endocare and Alicon are an important step in Varian’s long-term strategy to become a global leader in multidisciplinary, integrated cancer solutions,” Varian’s president & CEO Dow Wilson said in prepared remarks.
“We are confident that the portfolio of products and both companies’ dynamic R&D pipelines will unlock new growth for Varian and expand our clinical partners’ treatment options in the years to come. Varian is uniquely positioned to create an interventional oncology platform that combines software and services for treatment planning with advanced interventional treatment delivery,” Wilson added.
“We are excited about the opportunity to join Varian,” David Chen, CEO of Endocare and Alicon, said. “Endocare, Alicon, and Varian share a common goal of delivering innovative cancer care solutions, and this transaction will advance a united ability to develop the solutions necessary to achieve that goal. On a personal note, I am deeply proud of the products the Endocare and Alicon teams have developed, and I look forward to expanding our global patient impact together with Varian.”
Earlier this year, Varian inked a $283 million deal to acquire Cancer Treatment Services International.
