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Lee-Collier-Charlotte
Business Observer Friday, May 15, 2020 11 months ago

Medical giant completes acquisition of area cancer services firm

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GenesisCare has plans for a major investment in equipment for 21st Century Oncology

A billion-dollar plus deal an Australian company made late last year to acquire Fort Myers-based integrated cancer care provider 21st Century Oncology is now official.

GenesisCare, which bought 21st Century, will now be one of the largest networks of integrated oncology care in the world, with treatment centers and clinics across the U.S., Australia, the U.K. and Spain, according to a statement. The combined group of more than 5,000 doctors, specialists and team will reach over 400,000 patients across 440 locations internationally each year, the statement adds.

Financial terms of the deal weren’t disclosed in the statement that announced the purchase in December. Australian newspaper Financial Review, also in December, reported GenesisCare paid $1.5 billion for 21st Century, which has 124 radiation oncology treatment centers and 170 clinical offices.

The acquisition is also notable because it comes two years after 21st Century emerged from Chapter 11 bankruptcy. A group of hedge funds and private equity firms took over ownership of the firm post-bankruptcy, after 21st Century had reduced more than half of its $1.1 billion in debt.

“GenesisCare is delighted to partner alongside the leading physicians and specialist teams at 21st Century Oncology,” GenesisCare CEO Dan Collins says in the latest statement. “Together, we can deliver a profound positive impact for cancer patients, not only across America, but around the world.”

GenesisCare has committed to installing 10 state-of-the-art linear accelerators in the first 100 days, which, the firm says in the statement, are critical to the delivery of highly targeted radiation therapy at locations across Florida, South Carolina, North Carolina and Rhode Island.

Company officials, in the statement, note employee and patient safety has been critical to ensuring GenesisCare’s ability to treat patients during the coronavirus pandemic. “Cancer doesn’t stop, and we haven’t either,” Collins says on the release. “We couldn’t be prouder of our fantastic teams who have adapted to new ways of working, including even greater safety measures, use of digitally enabled care, and other innovative solutions to keep our teams and patients safe and our centers open when it matters most.”

21st Century Oncology CEO Kim Commins-Tzoumakas welcomed the combination with GenesisCare.

“Our physicians and team have been waiting for this day to realize a whole range of wonderful initiatives very quickly which will further enhance quality of care and access for cancer patients across the country,” Commins-Tzoumakas says in the statement. “GenesisCare has proven its credentials as a trusted partner in Australia and Europe, and cancer care in the U.S. will now be transformed.

“Following a transition over the next few months,” she adds, “I am thrilled to hand over the reins to the GenesisCare team and my very strong leadership team while I move to a board role with GenesisCare in the United States.”

 

 

 

 

 

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