Nordion to sell Targeted Therapies business to BTG for $200 million
Canada’s Nordion (TSX: NDN), a provider of products and services for the prevention, diagnosis and treatment of disease, has entered into an agreement to divest its Targeted Therapies business to UK-based BTG (LSE: BTG) for a cash purchase price of $200 million. Net of cash taxes and transaction costs, Nordion expects to realize around $185 million on closing. The transaction is anticipated to be completed by the end of June 2013.
Nordion manufactures and commercializes TheraSphere, a targeted liver cancer therapy that consists of millions of small glass beads containing radioactive yttrium-90 and the sole product in its Targeted Therapies business. The firm’s first-quarter 2013 Targeted Therapies division grew by 9% year-over-year, generating revenues of C$12 million and C$48.5 million for the whole of last year.
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