Houston-based Northstar Healthcare will acquire certain ownership interests in four physician-owned radiation therapy cancer treatment centers from radiation oncologist Chris Phan, MD, according to a news release.
Northstar's will acquire interests between 13 and 36 percent of the treatment centers in Corpus Christi, Texas; San Antonio; west Houston; and north Houston. The remaining interests will be held by physician partners.
The purchase price, including Northstar's assumed debt, is estimated to be approximately $5.6 million, 77 percent of which will be paid over the next two years. Excluding assumed debt, the purchase price consideration of $2.7 million includes $1.8 million in cash, $400,000 in convertible promissory notes and $500,000 in common stock of Northstar.
Dr. Phan, founder and CEO of Expert Oncology Network Solutions, will become president of Northstar's new cancer division. He and Northstar will manage the acquired cancer centers.
The acquisition is expected to be completed in June 2011.
Read the release on Northstar Healthcare and radiation therapy cancer treatment centers.
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Northstar's will acquire interests between 13 and 36 percent of the treatment centers in Corpus Christi, Texas; San Antonio; west Houston; and north Houston. The remaining interests will be held by physician partners.
The purchase price, including Northstar's assumed debt, is estimated to be approximately $5.6 million, 77 percent of which will be paid over the next two years. Excluding assumed debt, the purchase price consideration of $2.7 million includes $1.8 million in cash, $400,000 in convertible promissory notes and $500,000 in common stock of Northstar.
Dr. Phan, founder and CEO of Expert Oncology Network Solutions, will become president of Northstar's new cancer division. He and Northstar will manage the acquired cancer centers.
The acquisition is expected to be completed in June 2011.
Read the release on Northstar Healthcare and radiation therapy cancer treatment centers.
Related Articles on Northstar Healthcare:
Northstar Healthcare Revenue Declines as Company Experiences 'Transitional Quarter'
Northstar Healthcare Announces Syndication of MicroSurgery Institute of Houston
Northstar Healthcare Revenue Drops on Decrease in Case Volume