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FORT MYERS - Fort Myers-based Radiation Therapy Services Inc. (RTSI) an operator of radiation therapy centers, announced a deal to acquire OnCure Holdings Inc. out of bankruptcy for $125 million, according to a news release.
Under the “stalking horse” investment agreement, Radiation Therapy agrees to pay up to $42.5 million in cash and assume up to $82.5 million of OnCure Holding's debt. The transaction is expected to close in October and will require approval by the U.S. Bankruptcy Court. As part of its Chapter 11 bankruptcy reorganization plan, OnCure is soliciting bids from other interested buyers as well.
Colorado-based OnCure runs radiation oncology centers for cancer patients. It provides service to 11 medical groups that treat patients at its 34 treatment centers located in California, Florida and Indiana.
“We are pleased to have entered into an agreement with OnCure to acquire the business,” says Dr. Daniel Dosoretz, president and CEO of Radiation Therapy Services, in the release. “The addition of OnCure, including its partnerships with teams of many of the most highly respected physicians in the industry, will broaden and deepen our ability to provide world-class treatment to patients and offer our integrated cancer care model in key markets across the United States.”
Radiation Therapy Services, which operates 131 cancer-treatment centers in the U.S. and Latin America, posted a net loss of $19.4 million on revenues of $172 million in the first quarter ending March 31.
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