Nordion divests Targeted Therapies business.
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.