Accuray, China Isotope and Radiation Corporation announce new joint venture

Accuray Asia Limited, a subsidiary of Sunnyvale, California-based Accuray, has entered into a joint venture with CNNC High Energy Equipment, a subsidiary of Tianjin, China-based China Isotope and Radiation Corporation (CIRC), to sell radiation oncology systems throughout China.

CIRC’s subsidiary will own 51 percent of the new joint venture—operating under the name CNNC Accuray (Tianjin) Medical Technology—and Accuray’s subsidiary will own the other 49 percent. It will be located in Tianjin, and sales operations are scheduled to begin in the second half of 2019.

A seven-member board of directors will govern the joint venture, with four members being appointed by CIRC and the other three being appointed by Accuray.

“Today's announcement, which follows an extensive, 18-month evaluation process, advances Accuray's mission to bring innovative, life-saving radiation products to cancer patients,” Joshua H. Levine, president and CEO of Accuray, said in a prepared statement. “We believe that by uniting CIRC's strong market access, significant local manufacturing experience and extensive infrastructure in China combined with Accuray's precise, innovative treatment solutions, the joint venture will be ideally positioned to effectively address unmet patient needs and improve lives in the world's largest market for radiation oncology.”