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Varian, Inc. attracted to MR supplier

This article was originally published in The Gray Sheet

Executive Summary

$32 mil. purchase of UK-based Magnex Scientific follows September acquisition of Digilab spectroscopy assets for $14 mil., marking step toward Varian's goal of executing $150 mil. in combinations over three years, Palo Alto firm says Oct. 11. Over that period, Varian aims to generate $1 bil. in annual revenue from scientific instruments and grow operating margins from 11% to 15%. "A trend of MR imaging has been ever-increasing field strength that requires larger and larger magnets," CEO Garry Rogerson explains. "If we are to integrate the magnets into the total system, we need to have control of the development and cost." The Magnex deal includes potential milestone payments for three years. Varian estimates Magnex shipments will total $25 mil.-$28 mil. over 12 months, with roughly 7%-8% likely to support scientific instruments R&D...

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