Concord Medical Acquires Additional Ownership Interest in UT's MD Anderson Cancer Center Proton Therapy Center
On August 12, 2015, Concord Medical Services Holdings Limited, a leading specialty hospital management solution provider and operator of the largest network of radiotherapy and diagnostic imaging centers in China, announced that it has acquired additional ownership interest in the Proton Therapy Center at The University of Texas MD Anderson Cancer Center. The purchase price of the all-cash transaction was not disclosed. Wilson Sonsini Goodrich & Rosati represented Concord Medical in the transaction.
The latest transaction represents one of the first occasions in which a China-based company has acquired a significant equity interest in a major U.S. hospital. It is also the second ownership acquisition transaction involving Beijing-based Concord Medical and the MD Anderson Proton Therapy Center. In December 2012, Concord Medical acquired 19.98 percent of indirect ownership of the center. In both transactions, Concord Medical purchased interests from an existing owner of the general partner, and neither transaction affected MD Anderson's majority ownership in the Proton Therapy Center. With the closing of the most recent transaction, Concord Medical is the controlling shareholder of PTC-Houston Management, LP (PTCHM), the general partner of the MD Anderson Proton Therapy Center.
Concord Medical Chairman and CEO Dr. Jianyu Yang commented: "We're very excited to strengthen our partnership with MD Anderson Proton Therapy Center, one of the leading proton treatment centers in the world. We will continue to directly assist PTCHM and MD Anderson to expand its business and market reach in China, the fastest growing healthcare market in the world."
As of March 31, 2015, Concord Medical operated a network of 132 centers with 77 hospital partners that spanned 54 cities and 25 provinces and administrative regions in China.
For more information, please see the official press release.