Fort Worth-based TPG Capital, through its TPG Growth unit, took a majority stake in Cancer Treatment Services International, which owns and operates a network of cancer treatment facilities primarily focused on India. Terms of the deal 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 seeing a greater need for treatment options, according to a TPG news release. 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 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.
As part of the deal, TPG appointed Lloyd Nazareth as group chief executive of CTSI.
“We’re excited to work with our new partners at TPG Growth,” said Joe Nicholas, president and CEO of CTSI, who will take on the role of executive director. “TPG has a tremendous network of healthcare experts – from physicians to hospital operators to technology professionals who have deep understanding of this sector. Together with TPG, we think we can build what will become the leading care platform for cancer and other complex diseases, in India and beyond.”
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.
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.
“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.