21st Century Oncology Holdings Inc has formed a joint venture with Northwest Cancer Clinic LLC in which 21st Century will own an 80 percent interest. The financial details of the transaction were not disclosed. 21st Century, a physician-led provider of integrated cancer care services, said the partnership with Northwest Cancer Clinic will allow it to enter a new market in the Northwestern United States. Last September, the U.S. company received a $325 million investment from Canada Pension Plan Investment Board (CPPIB). It is also backed by U.S. private equity firm Vestar Capital Partners.
21st Century Oncology Announces Acquisition of Northwest Cancer Clinic
Partnership with Highly Respected Industry Leader
FORT MYERS, Fla., Jan. 6, 2015 (GLOBE NEWSWIRE) — 21st Century Oncology Holdings, Inc. (“21C Holdings” or the “Company”), the largest global, physician led provider of integrated cancer care (“ICC”) services, announced that it and its wholly owned subsidiary, 21st Century Oncology of Washington, LLC (“21C”), entered into a joint venture with Northwest Cancer Clinic, LLC (“NWCC”) on January 2, 2015. 21C will own 80% in a newly formed joint venture entity, and NWCC’s current physician leader, Sheila Rege, M.D., will hold a 20% equity interest in the newly-formed entity.
Dr. Daniel Dosoretz, Founder and Chief Executive Officer, commented, “We are excited about the strategic alliance with NWCC and our partnership with its highly regarded physicians in a joint effort to continue to provide superior quality cancer care to patients in the Tri-Cities area. This is a tremendous opportunity to both expand 21C’s geographical reach into a new market, further broadening our ability to deliver best-in-class cancer care, and to align ourselves with key physicians who share our vision. Through the alliance in a radiation oncology facility located in Kennewick, WA, 21C will enter into a new market in the Northwestern U.S., one of the fastest growing regions in the country, with future expansion opportunities via satellite offices in the region.”
Dr. Dosoretz continued, “NWCC’s current physician leader, Dr. Sheila Rege, in addition to providing patient care in the Tri-Cities for over 17 years, has a long history of medical leadership. She has been an active voice within the state and also within radiation oncology and other national committees. Her current appointments are positions on the Physicians Insurance Board, American College of Radiation Oncology Board whereby she serves as a specialty advisor to the AMA RUC committee, and the medical association. Our NWCC partnership will enable us to deliver the best integrated cancer care at academic quality while providing unparalleled value to our growing patient population worldwide. We are pleased to have been able to utilize capital from one of our cornerstone investors, Canada Pension Plan Investment Board (CPPIB), for this partnership transaction.”
About 21st Century Oncology Holdings, Inc.
21st Century Oncology Holdings, Inc. is the largest global, physician led provider of integrated cancer care services. The Company offers a comprehensive range of cancer treatment services, focused on delivering academic quality, cost-effective patient care in personal and convenient settings. As of December 31, 2014, the Company operated 181 treatment centers, including 145 centers located in 16 U.S. states. The Company also operates 36 centers located in six countries in Latin America. (Source: 21st Century Oncology Holdings, Inc.)
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Act of 1934, as amended. Statements preceded by, followed by or that otherwise include the words “believes”, “expects”, “anticipates”, “intends”, “projects”, “estimates”, “plans”, “may increase”, “forecast” and similar expressions or future or conditional verbs such as “will”, “should”, “would”, “may” and “could” are generally forward-looking in nature and not historical facts. Forward-looking statements are based on management’s current expectations or beliefs about the Company’s future plans, expectations and objectives, including, but not limited to, certain expected financial results and estimates. These forward-looking statements are not historical facts and are subject to risks and uncertainties that could cause the actual results to differ materially from those projected in these forward-looking statements including, but not limited to reductions in Medicare reimbursement, healthcare reform, decreases in payments by managed care organizations and other commercial payers and other risk factors that may be described from time to time in the Company’s filings with the Securities and Exchange Commission. Readers of this release are cautioned not to place undue reliance on forward-looking statements contained herein, which speak only as of the date stated, or if no date is stated, as of the date of this press release. The Company undertakes no obligation to publicly update or revise the forward-looking statements contained herein to reflect changed events or circumstances after the date of this release, unless required by law.
21st Century Oncology Contact:
SVP, CFO for U.S. Operations
The Ruth Group
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