Competition Bureau expands its investigation into BWX Technologies' acquisition of Kinectrics

Bureau obtains court orders from more market participants

GATINEAU, QC, Nov. 19, 2025 /CNW/ - As part its ongoing investigation into BWX Technologies' acquisition of Kinectrics, the Competition Bureau has obtained court orders to gather information from Novartis and certain subsidiaries. Novartis, along with the merged firm, is involved in the manufacture and sale of nuclear medicine products in Canada.

The Bureau is examining whether the transaction is likely to substantially lessen or prevent competition in Canada's nuclear medicine sector. BWX Technologies and Kinectrics provide products and services at various stages of the medical isotope value chain. The investigation is looking into whether the transaction could reduce supply or increase prices for life-saving medical isotopes, which are critical for Canadians seeking certain cancer treatments.

The latest court orders, granted by the Federal Court of Canada, expand the investigation, and require Novartis to provide records and information relevant to the inquiry. This follows the court orders the Bureau obtained for other market participants who are suppliers of inputs used to develop nuclear medical isotopes.

BWX Technologies announced that it closed the transaction on May 20, 2025. The investigation is ongoing and no conclusions have been made at this time. 

Quick facts 

• BWX Technologies is a publicly-traded, US-based company involved in nuclear medicine sector with operations and offices in Ontario and British Columbia. The company processes medical isotopes and manufactures finished drug products. BWX Technologies partners with Ontario Power Generation to produce medical isotopes.
• Kinectrics, a Canada-based company, and its stake in its joint venture in Isogen, also based in Canada, were acquired by BWX Technologies on May 20, 2025. Kinectrics, through Isogen, partners with Bruce Power to produce medical isotopes.
• Novartis, a Swiss multinational pharmaceutical company, develops and manufactures a wide range of prescription drug products, and is active in the nuclear medicine sector including through its subsidiary Advanced Accelerator Applications, which manufactures certain treatments for sale in Canada. Novartis' Canadian subsidiary, Novartis Canada, is located in Montreal.

Associated links

• Overview of the merger review process
• Merger Enforcement Guidelines
• Changes to the provisions on mergers, restrictive trade practice and abuse of dominance with amendments to the Competition Act in 2022-2024 
• Information Bulletin on the Communication of Confidential Information Under the Competition Act

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The Competition Bureau is an independent law enforcement agency that protects and promotes competition for the benefit of Canadian consumers and businesses. Competition drives lower prices and innovation while fueling economic growth.

SOURCE Competition Bureau

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