Australian company buys health care firm, plans $300M investment

FORT MYERS — Australian cancer treatment company GenesisCare is making a big entry into the United States, by acquiring Fort Myers-based 21st Century Oncology.

GenesisCare officials say the deal, to combine one of the largest cancer treatment firms in Australia and Europe with one of the largest in the United States, in 21st Century, will benefit from massive economies of scale. For 21st Century Oncology, less than two years removed from emerging from Chapter 11 bankruptcy, the deal is a major victory. 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.