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US medical tech giant advised on Aussie acquisition

US medical tech giant advised on Aussie acquisition

US medical tech giant advised on Aussie acquisition

A US-based medical technology company has entered an agreement to acquire an Australian life sciences business.

Firms: Norton Rose Fulbright (Varian Medical Systems); undisclosed (Sirtex Medical Limited)

Deal: Varian Medical Systems (Varian) entered an agreement to acquire Sirtex Medical Limited (Sirtex).

Value: $1.58 billion

Area: M&A

Key players: The Norton Rose Fulbright team advising Varian was led by partner Shaun Clyne and included lawyers from across Australia, Europe and the US.

Deal significance: US-based medical technology company Varian has entered a scheme implementation deed to acquire all the issued share capital of ASX-listed life sciences business Sirtex, according to a statement from NRF.

Varian is listed on the New York Stock Exchange and focuses on cancer care solutions. Sirtex is an Australian-based global developer of innovative interventional oncology treatments using novel small-particle technology, NRF said.

The acquisition is the largest takeover deal announced in Australia so far in 2018.

Varian will acquire Sirtex by way of a scheme of arrangement, which is expected to be implemented around the end of May. The deal is subject to approval from Sirtex shareholders, the Federal Court of Australia, the Foreign Investment Review Board and other regulatory bodies.

The scheme implementation deed was unanimously approved by both companies’ boards and the transaction was unanimously recommended to Sirtex shareholders by the Sirtex board.

Varian will pay Sirtex shareholders $28 per share if the deal goes ahead.

NRF lead partner Shaun Clyne said the firm was pleased to advise Varian with a cross-border team.

“It was pleasing to be able to bring together a large and diverse team from our Australian, European and United States offices to partner with the Varian deal team on this significant acquisition,” he said.

“Varian’s innovative approach to simplifying cancer-fighting solutions intersects with our own commitment to being the market-leader in legal services to the healthcare and technology industries and we look forward to successfully completing this acquisition.”

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