U.S. Nuclear Tracer Company Sells Off Assets
December 18, 2009 - The U.S. radiopharmacy network currently owned by Covidien is being sold to Triad Isotopes in a deal announced today.
Covidien said it decided to divest its network of 37 Mallinckrodt radiopharmacies after evaluating the radiotracer market. The company said it wants to streamline its portfolio and concentrate resources in its faster-growing, higher-margin businesses.
Triad said the addition will make it the second largest radiopharmacy network in the United States. The company currently owns and operates 26 radiopharmacies and six cyclotron facilities located throughout the Southeast. The new, combined radiopharmacy and cyclotron network will have just over 800 employees.
Completion of the transaction is subject to customary closing conditions, as well as receipt by Triad of necessary state and federal licenses, with closing expected during the second calendar quarter of 2010.
The terms of the agreement were not released. Covidien's annual revenues from its radiotracer business are about $180 million annually.
For more information: www.triadisotopes.com, www.covidien.com