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CHATSWORTH - 11/13/03 - Seeking to cover more parts of the body, and the world, North American Scientific Inc. (NASI) has acquired rival Nomos Corp. in a cash-and-stock deal valued at $56 million.

According to the Los Angeles Daily News, NASI shareholders will control 62.5% of the combined company, while Nomos' owners will hold the remaining 37.5%. Nomos will continue to run as an independent subsidiary, without major changes to staff or operations.
 
The purchase more than doubles NASI's work force to 220 employees, and will give the company an international presence, which it hopes to leverage to facilitate future growth.

NASI hopes to use Nomos' international presence, with sales centers in Europe, China and Australia, to springboard its business abroad.

"It's a transformational acquisition," Alan Edrick, NASI's senior vice president and chief financial officer told the paper. "We think it'll triple our revenues in the first year. It's big, a really complimentary fit."

According to NASI, Nomos, based in Cranberry Township, PA, generated $31 million in revenue in the last 12 months. This puts it considerably above its new owner, which reported August 28 that total sales for the first nine months of fiscal 2003 amounted to  $11 million, down from $15 million in the same period a year ago.

Both companies focus on nontraditional radiotherapy, with NASI using radioactive seeds to treat tumors, while Nomos uses a directed beam technology known as intensity modulated radiation therapy.
 
NASI's seeds are used in brachytherapy, generally employed to treat prostate, breast and types of ocular cancers, while radiologists use Nomos' IMRT systems to attack tumors in the head and neck, with the occasional prostate patient.

The two occasionally crossed paths in the radiotherapy world, with client hospitals sometimes using both technologies for treatment. With both companies looking to grow, the merger allows for a quick acceleration by both.

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