$1.58 billion Sirtex takeover
ASX listed liver cancer biotechnology specialist Sirtex Medical is set to be acquired by Varian Medical Systems with an allcash offer priced at $28 per share.
Sirtex develops oncology treatments using “microspheres”, with the firm saying Varian’s offer was one of several unsolicited bids in the last year.
The offer is a 49% premium on the Sirtex share price, with ceo Andrew McLean saying under new ownership the business is set to further expand.
Varian has about 6,500 staff and specialises in radiotherapy and proton therapy cancer treatments.
The deal is the culmination of a roller-coaster ride for Sirtex which last year wrote down the value of its intangible clinical assets by $90 million and saw its chief medical officer depart the company.
Varian ceo Dow Wilson said buying the Australian business was the latest step in Varian’s long-term strategy to become “a global leader in multi-disciplinary integrated cancer care solutions”.