A Medical Device Daily

Varian (Palo Alto, California) reported acquiring Oxford Diffraction (OD; Abingdon, UK), a privately owned company that develops X-ray crystallography technology used by scientists in pharmaceutical research and other research laboratories to determine the structure of both small molecules and large molecules such as proteins.

Varian acquired OD for about $37 million in cash and assumed net debt (subject to certain asset adjustments). The transaction includes an opportunity for additional milestone payments over three years, based on financial performance. Future payments could total up to $10 million if "aggressive performance targets" are achieved.

OD generated revenues of about $15 million for the 12 months ended March 31, 2008.

"The acquisition of Oxford Diffraction is key to Varian's goal of broadening its range of information-rich detection products for life science research," said Garry Rogerson, president/CEO of Varian. "Oxford Diffraction products will now be distributed on a global basis via Varian's worldwide distribution network."

Varian is a supplier of scientific instruments and vacuum technologies for life science and industrial applications.

Parker Hannifin (Cleveland), a developer of motion and control technologies, reported acquiring all issued and outstanding shares of the capital stock of HTR Holding and its subsidiaries. Terms of the deal were not disclosed.

The acquired companies operate under their own names and under the trade names Hi-Tech Group, A.C. Hoffman Engineering and Infinity Plastics. HTR Holding sales for its fiscal year ended Dec. 31, 2007, were about $93 million.

Hi-Tech Group companies provide precision plastic and elastomeric components for medical devices such as intravenous equipment, drug infusion pumps, masks, septums, respirator hoses, catheters and diaphragms sold directly to original equipment manufacturers. Hi-Tech also produces components for various pump valves, liquid control valves and other non- medical devices.

The acquired business will be integrated as a new division, called the Medical Systems Division, within Parker's Seal Group.

In other dealmaking news:

• Alliance Imaging (Anaheim, California) reported that its subsidiary, Alliance Radiosurgery, has purchased the assets of six stereotactic radiosurgery facilities operating the CyberKnife Robotic Radiosurgery System located in California, Maryland, New Jersey and Tennessee, from Accuray (Sunnyvale, California). Terms were not disclosed.

"This acquisition and the opportunity to develop a strategic relationship with Accuray provides Alliance's national team of business development, marketing and operations personnel with an attractive opportunity to partner with the growing number of hospitals interested in establishing stereotactic radiosurgery programs," said Paul Viviano, CEO/chairman of Alliance.

Alliance is a provider of shared-service and fixed-site diagnostic imaging services.

• Immunicon (Huntingdon Valley, Pennsylvania) reported that it is "exploring and evaluating" various alternatives for the company, including the sale of some or all of its businesses.

Immunicon reported retaining Stifel, Nicolaus & Company as its advisor to assist in exploring the alternatives, adding that there is assurance that its retention of Stifel, Nicolaus & Company will result in any specific transaction. It said it will not comment further on these alternatives unless a specific transaction is approved by its board.

Immunicon makes cell- and molecular-based diagnostic and life science research products with initial focus on the management of cancer.