by Thomas Dworetzky
, Contributing Reporter | July 26, 2018
Croton Healthcare subsidiary York Instruments has signed a deal for Elekta's magnetoencephalography (MEG) business, according to a company statement.
The acquisition is a good fit for buyer York. Says its CEO Gordon Baltzer, "the combination of Elekta's experience and York Instruments' advanced technology provides an exciting new future for MEG.
Plans call to serve existing customers while expanding its business “beyond its current borders," he added.
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According to Elekta, the deal is part of a plan to strategically prioritize its treatment solutions and oncology informatics portfolio.
Elekta has been developing the MEG business for the last decade, but with the company's new strategic direction it was no longer a good fit, according to Elekta head of Portfolio and Chief Strategy Officer, Maurits Wolleswinkel.
“Consequently, we have been looking to divest MEG and are really pleased to have found a new home for it and its team at York Instruments,” he explained, adding that during the sale period, Elekta “will continue to be engaged in sales and support to ensure a smooth transition.”
The divestment is set to close in the first quarter of Elekta's fiscal year 2018/19.
In the year prior the MEG business had net sales of about $11 million.
No other financial details of the deal were disclosed.
Elekta made news in April, when Proton Partners International (PPI) Ltd. agreed to buy and install
its MR-linac systems at a network of cancer centers under development in the U.K.
The British healthcare enterprise plans to acquire five systems for an order value of £25 million ($34,915,950) and begin installation of the first in about 12 months. Installation of all five is expected to take place over a period of three years.
In March, the company paired with IBM
to set out to bridge inconsistent care gaps in cancer care globally, through a partnership combining Elekta’s MOSAIQ Oncology Information System and IBM’s Watson for Oncology platform.
The two, who discussed their endeavor at HIMSS 2018 in Las Vegas, are prepping to grow and install their technologies at various sites worldwide in an effort to place radiotherapy and oncology treatment in developing nations on the same level as those in high-end markets, such as the U.S. and countries in Western Europe.
“If we look at all cancers in terms of effective treatment and five-year survival, in a high market like the U.S. or Western Europe, we’re expecting about a fifty percent survival rate,” Andrew Wilson, vice president of Elekta’s global marketing digital portfolio, said during his presentation. "Standardization of oncology care means closing the oncology treatment gap for all ... But if you look at different countries with lower GDP, these are when co-statistics start to drop, and in some articulate disease areas it’s very evident of the inequality that exists across different markets.”
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