Best Medical International Inc. prospective buyer of Nordion Belgium operations
OTTAWA, Dec. 2 /CNW/ - Nordion Inc. (TSX: NDN; NYSE: NDZ), a leading provider of products and services to the global health science market, today announced it has signed a non-binding letter of agreement with Best Medical International Inc. for the divestiture of MDS Nordion S.A.
The MDS Nordion S.A. operations currently support four lines of business out of the Fleurus, Belgium location.
- Agiris - Non-destructive testing equipment and sources
- Glucotrace - FDG imaging agent
- TheraSphere - Targeted liver cancer radiotherapeutic
- Radiochemical business - Generic cyclotron and reactor isotopes
The Letter of Agreement for the divestiture will include three lines of business and exclude the TheraSphere business which will be retained by Nordion Inc. It is expected that proceeds received for the divested operations will be nominal and that Nordion will leave sufficient working capital in the business to support its operations through an initial transition period.
During this process, MDS Nordion S.A. remains focused on continuing to deliver quality product to its customers and managing the business operations.
In July, 2010, Nordion initiated an Intention to Restructure of its operations in Fleurus, Belgium. This announcement triggered a process required under Belgium law to be conducted prior to any restructuring activity decisions being taken. With the signing of this recent agreement, the Intention to Restructure process will be paused until the negotiations with the potential acquirer have concluded at which time a decision will be made in the best interest of the Company and its employees.
About Nordion Inc.
Nordion Inc. (TSX: NDN; NYSE: NDZ) is a global health science company that provides market-leading products and services used for the prevention, diagnosis and treatment of disease. We are a leading provider of innovative technologies for use in medical imaging and radiotherapeutics, and sterilization technologies benefiting the lives of millions of people in more than 60 countries around the world. Our products and services are used daily by pharmaceutical and biotechnology companies, medical-device manufacturers, hospitals, clinics and research laboratories. Nordion has more than 600 highly skilled employees in four locations. Find out more at www.nordion.com.
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