RMB Ventures and Bopa Moruo Private Equity, alongside management, has acquired a majority stake in cancer treatment provider Icon Oncology Holdings. The acquisition for an undisclosed sum has been approved by the Competition Commission.

Since inception, Icon and its subsidiaries Icon Radiotherapy, Icon Chemotherapy and Icon Managed Care have pioneered the move to value-based care in cancer treatment in South Africa.

Icon has a national footprint of 26 radiotherapy facilities incorporating 30 state-of-the-art linear accelerators (Linacs). The business employs more than 300 clinical professionals who deliver quality, cost-effective care to approximately 30,000 patients annually. 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.

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.

Anthony Pederson, interim CEO of Icon, says: “It is a privilege to be part of an organisation that makes such a significant impact on the lives of thousands of patients and society in general. I am incredibly proud of what Icon has achieved. We aim to increasingly improve the quality of treatment that cancer patients receive across the entire care continuum. We will continue to work closely with clinicians and funders to drive sustainable models both in South Africa and elsewhere, as we strive to improve access to care for more patients. We are excited to be working with RMB Ventures and Bopa Moruo as we enter the next phase of business expansion and diversification.”

Sherwin Jagarnath, senior transactor at RMB Ventures, comments: “RMB Ventures and Bopa Moruo are excited to partner with Icon Oncology, 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.”

Nthime Khoele, co-managing partner at Bopa Moruo, says: “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.”