Nordion sells Belgian operation

Published: 22-Feb-2011
Finance Cleaning Analysis

Best Medical to buy MDS Nordion, terms not revealed

Nordion sells Belgian operation
Nordion, a Canadian provider of medical isotopes and sterilisation technologies for the prevention, diagnosis and treatment of cancer, has sold its loss-making Belgian operation, MDS Nordion, to Best Medical Belgium.

Financial terms were not disclosed, although Nordion will leave an estimated US$18m in the company.

Best Medical has acquired all of MDS Nordion, with the exception of the TheraSphere business, which develops liver cancer therapeutics.

The firm bought another Nordion company, Ottawa-based Theratronics, four years ago.

Nordion made a decision in the 2010 financial year to restructure or exit this business, stating that it wanted to reduce complexity, manage costs and focus on growing areas of the business.

The 55 employees at MDS Nordion will transfer to Best Medical, which will also acquire the Belgian production facilities.

Nordion expects the transaction to be completed in the next few months.

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