What happened In response to announcing collaboration deals with Elekta and Medtronic (NYSE: MDT) as well as a common stock offering, shares of ViewRay (NASDAQ: VRAY), a seller of innovative radiation therapy machines, jumped 31% as of 11:15 a.m. EST on Tuesday. So what Here are the key terms of the deals: ViewRay signed a nonbinding collaboration deal with Elekta AB that is designed to "advance the knowledge and use of [magnetic resonance]-guided radiation therapy." As part of the deal, Elekta has agreed to invest capital in ViewRay that could represent up to a 9.9% minority interest position. ViewRay also has signed a nonbinding memorandum of understanding with Medtronic, which has also committed to taking a minority interest in ViewRay. ViewRay's largest shareholder has also announced its intention to invest additional capital that would enable it to maintain its current ownership percentage. Elekta and Medtronic stated that they won't invest unless the total equity capital raise is at least $75 million. ViewRay announced its intention to raise $75 million from a common stock offering. The underwriters of the deal have a 30-day option to purchase up to an additional $11.25 million in stock at the offering price. Image source: Getty Images. Given the news, it's easy to understand why shares are flying high today. Now what ViewRay CEO Scott Drake stated: We are pleased to announce these important collaborations and investments in ViewRay. Our goal is to concurrently prove the value of MR-guided radiation therapy and strengthen our balance sheet. We are well-positioned to drive MRIdian to standard of care. The ability to see clearly during the procedure, track tumors and soft tissues, and auto-gate the beam is integral to delivering highly precise, personalized medicine." 2019 has been a rough year for ViewRay's investors, but these collaboration deals and big capital raise could help to jump-start this growth stock's turnaround. ViewRay is still a very risky investment, but there's no doubt that winning the thumbs-up from both Elekta and Medtronic gives this company a much-needed credibility boost. 10 stocks we like better than ViewRay, Inc.When investing geniuses David and Tom Gardner have a stock tip, it can pay to listen. After all, the newsletter they have run for over a decade, Motley Fool Stock Advisor, has quadrupled the market.* David and Tom just revealed what they believe are the ten best stocks for investors to buy right now... and ViewRay, Inc. wasn't one of them! That's right -- they think these 10 stocks are even better buys. See the 10 stocks *Stock Advisor returns as of June 1, 2019 Brian Feroldi has no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy.Source