Concord Medical Services Holdings Limited, operator of the largest network of radiotherapy and diagnostic imaging centers in China, has closed the acquisition of 19.98% of indirect ownership of The University of Texas MD Anderson Cancer Center Proton Therapy Center. The signing was initially announced in December 11, 2012.
After the closing, Concord Medical becomes the second largest owner of the MD Anderson Proton Therapy Center, behind MD Anderson Cancer Center, after paying an undisclosed amount in cash to purchase a minority interest under the terms of the agreement.
Concord Medical will join both the Board of Directors of the PTC-Houston Management, LP, the general partner of the center, and the center's Advisory Committee, and will be entitled to receive both management fees and cash distribution.
"The transaction solidifies CCM's position as a leading radiotherapy operator in China," said Dr. Jianyu Yang, CCM Chairman and CEO, in the press release. “We look forward to working closely with MD Anderson Proton Therapy Center in multiple areas."
Concord Medical plans to invest and operate two proton centers in China. This acquisition will enable Concord Medical to prepare for the operation of future proton centers.