by
Brendon Nafziger, DOTmed News Associate Editor | October 07, 2011
Varian Medical Systems, a maker of X-ray products and radiation therapy systems, said this week it signed an $88 million deal to install its ProBeam system in the Scripps Proton Therapy Center, under development in San Diego.
The 102,000-square foot, $225 million center is already 80 percent complete, and is expected to open in 2013, Varian said. The five-room project is a joint effort from Scripps Health, Scripps Clinic Medical Group and Advanced Particle Therapy LLC, a proton consultant group in San Diego.
Varian, based in Palo Alto, Calif., said it has also signed a 10-year deal, valued at $60 million, to service the system.
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Varian said it teamed up with Orix Capital Markets in Dallas to come up with $165 million to finance the project. Varian has offered a $115 million loan commitment through a Swiss subsidiary, and Orix is covering $50 million. Advanced Particle Therapy has also raised $60 million in equity funding through Williams Financial Group in Dallas, Varian said.
Advanced Particle Therapy said once the center's fully up and running, it should be able to treat 2,400 patients a year.
