New-York-listed nuclear company, BWX Technologies, is selling its medical business, which includes BWXT Medical and Kinectrics’ stable medical isotopes business, to Sweden-headquartered Nordic Capital, in a deal valued at up to US$800m.
Under Nordic Capital, the medical business is expected to be well-positioned to scale, expand capabilities and advance its market presence in radiopharmaceuticals, including developing, manufacturing and delivering products for diagnostic imaging and radiotherapeutic treatments.
“We are excited about the next step as Nordic Capital sees significant potential to scale the business and expand access to cutting-edge radiopharmaceutical therapy,” said Christian Hedegaard, partner, Nordic Capital Advisors. “Nordic Capital has a long track record of successful investments across both pharmaceuticals and life sciences, and radiopharmaceuticals sit squarely at the intersection of the two.”
BWXT will retain a meaningful minority ownership stake in the divested business and will also continue providing specialised isotope and radiochemical expertise under the agreement.
“Since acquiring the medical business in 2018, we have roughly tripled revenue, improved profitability and significantly expanded the product portfolio, including novel therapeutic isotopes,” said Rex D Geveden, BWXT president and CEO. “As the business enters its next phase, this transaction provides an opportunity for the medical team to grow under an owner deeply committed to the healthcare sector.”
For BWXT, the sale enables it to concentrate resources and capital on accelerating growth in its core nuclear national security and commercial nuclear power markets, areas central to the company’s long-term strategy.
Solomon Partners is exclusive financial advisor to BWXT, and Stikeman Elliott is legal counsel. Kirkland & Ellis and McCarthy Tétrault are legal counsel for Nordic Capital.
Nordic Capital is a member of the European Healthcare Investor Association (EHIA). Investors in Healthcare is the official journal of the EHIA.
Press release: BWXT Selling Medical Business to Nordic Capital in Transaction Valued at up to $800 Million – | People Strong. Innovation Driven.
