TPG Growth Acquires Majority Stake in Cancer Treatment Services International
Leading healthcare investor to help drive growth for top cancer treatment network in India
Fort Worth, Texas and San Francisco — April 27, 2016 — TPG Growth, the middle market and growth equity investment platform of TPG, a leading global private investment firm, today announced it will acquire a majority stake in Cancer Treatment Services International (CTSI), a leader in the comprehensive treatment of cancer. Additional details of the transaction were not disclosed.
CTSI owns and operates an expanding network of cancer treatment facilities primarily focused on India, where an increased rate of cancer is met with a significant lack of treatment options. CTSI was co-founded by Dr. Stanley Marks, who is also Chairman of UPMC CancerCenter, one of the leading oncology treatment networks in the U.S., and a seasoned group of physicians and industry experts. The company uses its evidence-based delivery model to improve accessibility to, and affordability of, quality cancer care that is on par with leading global healthcare institutions.
“CTSI is in a position to address a real and growing need for quality cancer care in India, where a million new patients are getting diagnosed with the disease every year,” said Matthew Hobart, Partner at TPG Growth. “They are bringing diverse capabilities in oncology diagnostics and treatment from the U.S. to markets where there is a significant demand and not enough supply. Working together, we believe the Company will emerge as a leader in oncology, bringing more and better care options to patients across India and the region.”
CTSI has a strategic partnership with GE Healthcare, the world’s largest provider of radiology equipment. The partnership, which includes an investment in CTSI’s international brand American Oncology Institute (AOI), is focused on the development and implementation of innovative technology solutions for diagnostic and therapeutic oncology.
“The partnership between GE and CTSI reflects our shared commitment to tackling cancer early, while making the highest quality of care accessible and affordable,” said Milan Rao, President and CEO, GE Healthcare, South Asia and India. “We at GE have made early screening of cancer and access to therapy an important part of our mission, and have been working closely with CTSI to set up a complete oncology ecosystem.”
CTSI also has a partnership with UPMC CancerCenter for clinical and operational support. UPMC CancerCenter offers cutting-edge cancer treatments and technologies through a network of more than 35 locations in the U.S., as well as Italy and Ireland.
“Our partnerships add world-class technical and clinical capabilities to CTSI’s integrated oncology operating platform,” said Andrew Shogan, CTSI’s Chief Operating Officer. “We support our operations with technical know-how, training programs, and clinical decision support tools in order to deliver consistent, standardized, high-quality services to our patients.”
“Cancer has become a leading healthcare issue in India, and the disease is expected to rise five fold by 2025. CTSI has a compelling value proposition with their talented leadership team, experience, and powerful global partnerships. We see tremendous growth opportunity in the cancer care platform CTSI has built thus far,” said Vishal Bali, Senior Healthcare Advisor for TPG Growth in Asia.
CTSI is the latest in a series of healthcare companies that TPG Growth has partnered with, in India and the surrounding region. Last year, TPG Growth invested in Asiri Hospitals Group, a leading hospital network in Sri Lanka. TPG Growth has also been working with Sutures India to expand the manufacturer and exporter of surgical sutures from a single product company in India to a global, diversified medical consumables platform. TPG Capital also invested in Manipal Health Enterprises, a leading hospital network in India, last year.
“India is a priority market for TPG, and one where we feel we are uniquely suited to make impactful investments,” said Puneet Bhatia, Managing Director and Country Head for TPG in India. “As the economy continues to grow and reveal new consumer needs, our investment team in India continues to work with TPG’s network globally to find businesses that are uniquely positioned to grow.”
As part of the investment, TPG brings on board Dr. Lloyd Nazareth, who has more than 20 years of operating experience in healthcare delivery in India, to take on the role of Group CEO of CTSI. His roles have spanned a variety of large hospital networks such as NH Healthcare, Fortis Hospitals and Wockhardt Hospitals.
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About UPMC CancerCenter
About GE Healthcare
In India, GE Healthcare is focusing on some of the country’s toughest healthcare challenges– lowering maternal and infant deaths, enabling early detection of cancer and addressing heart diseases early. GE Healthcare pioneered innovation of healthcare imaging technologies ‘In India for India and the world’ to enhance access to quality healthcare at affordable costs to more people.GE Healthcare operates in India through a joint venture- Wipro GE Healthcare Private Limited. For the latest news, please visit http://newsroom.gehealthcare.com