Syncor Announces Two Overseas Acquisitions
(Business Wire)...a high technology medical device capable of delivering an extremely accurate, single dose of radiation in treating lesions, tumors and other abnormalities deep within the brain....- Mar 21 8:55 AM ET
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Posted on: 03/21/2001
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Wednesday March 21, 8:55 am Eastern Time
Syncor Announces Two Overseas Acquisitions
Gamma Knife Venture in Brazil and Radiopharmaceutical Distributor in New Zealand
WOODLAND HILLS, Calif.--(BW HealthWire)--March 21, 2001--Syncor
International Corporation (Nasdaq:SCOR - news) today announced the completion
of two acquisitions by Syncor's international business unit, Syncor
The first is the acquisition of a gamma knife in Brazil, and
includes an agreement with a leading hospital in Brazil to manage its
gamma knife center. This represents Syncor's initial entry into
Brazil. The second acquisition, a radiopharmaceutical distributor in
New Zealand, complements Syncor's existing base of business in that
region. Both transactions are expected to be accretive in 2001.
Gamma Knife Center in Brazil
In Brazil, Syncor entered into an agreement with Hospital Santa
Paula in Sao Paulo to purchase its Leksell gamma knife, a high
technology medical device capable of delivering an extremely accurate,
single dose of radiation in treating lesions, tumors and other
abnormalities deep within the brain.
The technology is a cost-effective, high quality and non-invasive
alternative to patients suffering from cancer, Parkinson's disease and
other neurological disorders. Under the agreement, Syncor will lease
the gamma knife to Hospital Santa Paula and will manage the gamma
knife center at the facility. This gamma knife is currently the only
one in Brazil, out of a total of two in all of South America.
"Our gamma knife venture in Brazil demonstrates our commitment to
provide leading medical technology solutions in every critical step of
the disease management process -- from diagnosis to treatment to
follow-up monitoring -- to providers and patients around the world,"
said Robert Funari, Syncor's president and chief executive officer.
"Our agreement with Hospital Santa Paula marks our first entry
into the Brazilian healthcare market, the largest in all of Latin
America," added Haig Bagerdjian, president and chief executive officer
of Syncor Overseas.
"Our presence in Brazil not only adds to our Latin American
operations in Argentina, Mexico, Colombia, Puerto Rico and Trinidad
and Tobago, but it also opens up new and profitable opportunities for
Syncor to apply its expertise and resources in radiopharmacy, medical
imaging, positron emission tomography (PET) and brachytherapy," said
Acquisition in New Zealand
In New Zealand, Syncor acquired Nuclear Supplies Ltd., a leading
distributor of radiopharmaceuticals. Through the acquisition, Syncor
acquires a distribution network that includes agreements to distribute
radiopharmaceutical products manufactured by DuPont Pharmaceutical
Company and CIS bio international, a subsidiary of Schering AG, and
radiolabelled compounds manufactured by American Radiolabelled
Compounds and ICN Biomedical, among others. Syncor already owns a
medical imaging center and radiopharmacy in New Zealand, as well as
three radiopharmacies in Australia.
"With the acquisition, Syncor expects to consolidate its growing
market position in New Zealand and Australia and to gain access to
existing supply channels as well as new market opportunities in both
countries," said Bagerdjian.
Syncor International Corporation is a leading provider of high
technology health care services concentrating on nuclear pharmacy
services, medical imaging, niche manufacturing and radiotherapy. In
the nuclear pharmacy services business, Syncor compounds and dispenses
radiopharmaceuticals for diagnostic and therapeutic use by nuclear
medicine departments in hospitals and outpatient clinics. Syncor
distributes these time-critical pharmaceuticals through an integrated
network of more than 120 domestic and 19 international nuclear
pharmacies. Medical imaging services are provided through an
integrated network of 58 domestic and 13 international owned or
operated facilities (including two catheterization laboratories
overseas). Domestic medical imaging operations are conducted by
Syncor's wholly owned subsidiary, Comprehensive Medical Imaging Inc.
and international operations are conducted by Syncor Overseas Ltd.
Syncor also owns or operates two domestic and two international
production facilities for positron emission tomography (PET)
radiopharmaceuticals, and is a party to a series of agreements to make
PET technology more accessible to healthcare providers and patients
nationwide. This network also provides information management services
and currently services more than 7,000 customers. Syncor also produces
and markets Iodine-125 brachytherapy seeds used to treat prostate
This news release contains forward-looking statements that involve
risks and uncertainties. These statements are based on current
expectations; actual results may differ materially. Among the factors
that could cause actual results to differ materially from those
projected are the following: the effect of general economic and market
conditions, supply and demand for the company's products, competitor
pricing, maintenance of the company's current market position, the
risk factors reported from time to time in the company's SEC reports,
and other factors. Given these uncertainties, undue reliance should
not be placed on such forward-looking statements.
Syncor International Corporation
Mike E. Mikity, 818/737-4610
Tim G. Guttman, 818/737-4507
News on Demand: 800/546-8172
Web Site: www.syncor.com
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