Radiation Care agreed to sell its 17 radiation therapy centers to Oncology Therapies, a privately held Baltimore company controlled by healthcare entrepreneur Abraham Gosman, for $27 million.
Atlanta-based Radiation Care will then take its four remaining diagnostic imaging centers and merge with a newly formed company controlled by its founder and chairman, Thomas Haire.
The new company-which will be privately held-will remain named Radiation Care. Mr. Haire will own all of the new company's stock.
The deal is expected to be completed by the end of the year.
It's part of the company's attempt to maximize Radiation Care's shareholder value, which had fallen on hard times over the past two years after the company was named the subject of a federal probe.
Last month, T2 Medical-the other healthcare company owned by Mr. Haire-agreed to pay the federal government $500,000 and stop its controversial business arrangements with physicians to settle federal fraud charges leveled against the company (See related story, p. 18).
However, Radiation Care remained under investigation, and Mr. Haire will assume any liabilities from that probe, officials said.