Siemens Healthineers is acquiring Varian for $16.4 billion in perhaps one of the largest medtech deals in the pandemic era to date. The merger would give Erlangen, Germany -based Siemens Healthineers a broader reach into cancer care.

The all-cash transaction is set to close in the first half of 2021. Siemens would pick up all Varian shares for $177.50 each in cash. This represents a 24% premium to Palo Alto, CA-based Varian's closing price on Friday.