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CALIFORNIA / News and Insight on Business in the Golden
State | THE STATE / MEDICAL IMAGING

Syncor to Buy Two Radiology Networks

January 29, 1998|Bloomberg News

Syncor International Corp. said it will buy the radiology units of International Magnetic Imaging Inc. and TME Inc. for $56 million to expand its presence in the $60-billion medical-imaging market. The Woodland Hills-based radiopharmaceutical products distributor said it plans to pay $41.5 million in cash and assumed debt to acquire International Magnetic, a subsidiary of Consolidated Technology Group Ltd., and $14.5 million for TME. The companies own and operate a combined network of 31 radiology facilities in 10 states. Syncor already operates 131 pharmacy service centers that formulate and dispense radiopharmaceuticals--drugs given to patients before X-rays and scans to make organs and bodily systems more visible on film. Syncor shares fell 63 cents to close at $15.88 on Nasdaq.

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