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Waltham biotech Augmenix Inc. has inked a deal with California med tech giant Varian Medical Systems Inc. in which Varian will pay $15 million for a minority stake in Augmenix.

The strategic investment also gives Varian (NYSE: VAR) an exclusive option to buy the rest of Augmenix for an undisclosed final price if certain agreed-upon milestones have been met. Varian makes medical devices and software for treating cancer and other medical conditions with radiotherapy, radiosurgery and brachytherapy. The lead product for Augmenix is a hydrogel-based product called the SpaceOAR System which helps shield nearby tissue when a patient is undergoing radiation therapy for prostate cancer.

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