Varian Signs Agreement to Acquire Sirtex
January 30, 2018—Varian Medical Systems, which is focused on medical devices and software for treating and managing cancer, announced it has signed an agreement to acquire all the outstanding shares of Sirtex Medical Limited, an Australia-based global life sciences company focused on interventional oncology therapies. Varian is headquartered in Palo Alto, California.
Sirtex's lead product, SIR-Spheres Y-90 resin microspheres, is a targeted internal radiation therapy for certain liver cancers. It is approved in the United States, European Union, and Australia and has been used to treat patients in more than 40 countries. Sirtex has manufacturing capabilities in the United States, Singapore, and Germany.
Varian will purchase Sirtex, which is listed on the Australian Securities Exchange, for A$28 per share in cash, representing a total equity purchase price of approximately A$1.585 billion (approximately US$1.28 billion).
The transaction, which is expected to close in late May 2018, is subject to the approval of the Sirtex shareholders, the Federal Court of Australia and other customary closing conditions, including applicable regulatory approvals.
Varian stated that the acquisition has been unanimously approved by the Board of Directors of each company and the Sirtex Board of Directors has agreed to unanimously recommend that Sirtex shareholders approve the transaction, provided that an independent expert, to be retained by Sirtex, considers the transaction to be in the best interests of Sirtex shareholders and in the absence of a superior offer.