Nordion has entered into an agreement to divest its targeted therapies business to BTG, an international healthcare company based in London, for $200 million U.S. (154 million euros) in cash.
Nordion expects to realize proceeds of approximately $185 million (142.4 million euros) on closing, which could be completed by the end of June.
Nordion manufactures and markets TheraSphere, a targeted liver cancer therapy and the only product in the targeted therapies business. If and when the transaction is completed, Nordion has agreed to continue manufacturing TheraSphere for three years, with a two-year extension at BTG's option.
Approximately 40 Nordion employees are expected to join BTG after the deal closes. It remains subject to closing conditions and approval by BTG shareholders.
According to Nordion, the decision to divest its targeted therapies business was made as part of its ongoing strategic review with the assistance of the company's financial advisor.
