$1.58 bil­lion Sir­tex takeover

Pharmacy Daily - - Front Page -

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”.

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