Nordion, Inc. has entered into an agreement to divest its Targeted Therapies business to BTG plc, a specialist healthcare company based in London, for $200 million in cash. The transaction is expected to close by the end of June 2013.
BTG will acquire TheraSphere, a targeted liver cancer therapy, and Nordion has agreed to continue manufacturing TheraSphere under a Manufacturing and Support Agreement for three years, plus a two-year extension at BTG’s option. Approximately 40 Nordion employees are expected to join BTG.
“Nordion built TheraSphere into a valuable product over the past decade and has positioned it for future growth and development. Given BTG’s position as a leader in interventional medicine, we believe it is an ideal home for TheraSphere and the talented people that support it,” said Steve West, chief executive officer, Nordion. “We also believe this transaction provides value for our shareholders and leaves Nordion with a focused specialty isotopes business. We intend to continue our strategic review process which includes an assessment of potential uses for the cash proceeds from this sale.”