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Accuray, Inc. (ARAY) Acquires TomoTherapy, Inc. (TOMO) to Boost Industry Offerings and Opportunity

Radiation oncology company Accuray, Inc. today announced it has completed its acquisition of TomoTherapy, Inc. to create a premier radiation oncology company with best-in-class technologies to fight cancer.

The combined company will focus on the development, manufacturing and selling of personalized, leading-edge treatment solutions, including high-precision radiosurgery and image-guided, intensity modulated radiation therapy.

“The successful closing of this transaction is a significant accomplishment and an important milestone in Accuray’s history. Scale is important in the capital equipment industry, and today Accuray’s installed base more than doubles, generating greater opportunity for service revenue and for replacement business over time to customers who have purchased these best-in-class technologies,” Euan S. Thomson, Ph.D., president and CEO of Accuray stated in the press release.

Accuray said that by integrating the expertise and complementary resources of both companies, Accuray is positioned to grow and invest in the R&D that will keep it on the leading edge of innovation.

Derek Bertocci, senior vice president and CFO of Accuray, said the acquisition will equip Accuray with a more predictable revenue channel and assist the TomoTherapy with becoming more efficient and ultimately profitable.

The transaction also nearly doubles Accuray’s installed base to more than 500 systems in 32 countries, and doubles employees to more than 1,000 worldwide. While corporate headquarters will remain in Sunnyvale, Calif., the newly created company will maintain a presence in Madison, Wis., where TomoTherapy’s headquarters were located.

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