Private equity investment firms RMB Ventures and Bopa Moruo have acquired a majority stake in cancer treatment provider Icon Oncology for an undisclosed sum.

Icon has a national footprint of 26 radiotherapy facilities incorporating 30 state-of-the-art linear accelerators, or Linacs.

The business employs more than 300 clinical professionals who deliver quality, cost-effective care to about 30 000 patients a year. Its subsidiaries are Icon Radiotherapy, Icon Chemotherapy and Icon Managed Care.

In addition to 59 accredited chemotherapy units, Icon manages three compounding pharmacies and a licensed pharmaceutical wholesaler. The group also owns 16 specialised properties incorporating the bunkers from which it operates.

Additionally, Icon Managed Care has a contracted network representing 80% of all oncologists in private practice.

In collaboration with clinicians, and using its significant dataset, the company has developed clinical protocols, formularies and funding models used by more than half of the medical scheme market, the companies point out in a statement.

“It is a privilege to be part of an organisation that makes a significant impact on the lives of thousands of patients and society in general. I am proud of what Icon has achieved. We aim to increasingly improve the quality of treatment that cancer patients receive across the entire care continuum,” says Icon Oncology interim CEO Anthony Pederson.

“We will continue to work closely with clinicians and funders to drive sustainable models in South Africa and elsewhere, as we strive to improve access to care for more patients. We are excited to work with RMB Ventures and Bopa Moruo as we enter the next phase of business expansion and diversification,” he adds.

“RMB Ventures and Bopa Moruo are excited to partner with Icon Oncology, which is a pioneering leader in cancer care. This partnership underscores our commitment to empowering and partnering with leading businesses and to further support innovative healthcare solutions,” comments RMB Ventures senior transactor Sherwin Jagarnath.

“We are focused on investing transformational capital that not only generates investment returns but also has a positive societal impact. Our partnership with Icon Oncology clearly demonstrates our strategy,” adds Bopa Moruo co-managing partner Nthime Khoele.