California-based Integrated Oncology Network (ION) invested an undisclosed amount in Texas-based Cancer treatment specialists SightLine Health and its subsidiaries, on 2 December, as part of a strategic partnership.
Venture firms Capricorn Investment and Comvest are also backers of SightLine. JMP Securities advised SightLine on the deal.
Jeffrey Goffman, executive chairman of ION, said: "We are excited by the opportunity to partner with TJ Farnsworth [SightLine’s chief executive] and the SightLine management team with a focus on continiuing to integrate multispecialty oncologic physicians in community-based cancer centers. Sightline’s business model as a minority owner is consistent with ION’s strategy and we believe with ION’s core expertise we can add significant value to Sightline as it expands into integrated group practice opportunities."
SightLine, which was founded in 2005, manages and partly owns radiation oncology centres across the USA through its subsidiaries. The bulk of its previous financing was obtained as part of a $23m funding round in 2006, participated in by a fund belonging to financial services firm Morgan Stanley and the retirement trust belonging to pulp and paper company Weyerhaeuser, among others.
SightLine later raised a further $2m the fllowing year, the bulk being invested by Texas-based healthcare firm Atlantic Health Group with the remaining $250,000 coming from an unnamed individual investor.