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Accuray completes TomoTherapy buy

by Brendon Nafziger, DOTmed News Associate Editor | June 13, 2011
Accuray Inc. said Monday morning it had completed its purchase of TomoTherapy Inc., a fellow maker of radiation oncology equipment, after the company's shareholders approved the deal last week.

"Scale is important in the capital equipment industry, and today Accuray's installed base more than doubles," Euan S. Thompson, Accuray's president and CEO, said in a statement. The two companies have a combined installed base of 550 units in 32 countries, according to a release earlier in the year.

With the buyout, Accuray plans to save $25 million on operating expenses by fiscal 2013, primarily from efficiencies with overhead and marketing, said Derek Bertocci, Accuray's chief financial officer.

The mixed cash and stock deal, originally valued at $277 million, was announced in March. At the time, Thompson and TomoTherapy CEO Dr. Frederick A. Robertson discussed the merger and the future potential for the two companies with DOTMed News.

Sunnyvale, Calif.-based Accuray, which makes the CyberKnife radiosurgery platform, and TomoTherapy, which makes a computed tomography-guided intensity-modulated radiation therapy system, had combined sales of $400 million last year.

TomoTherapy will be de-listed from Nasdaq by June 13.

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