Key Developments: Nordion Inc (NDZ)
7.77USD
24 May 2013
$-0.25 (-3.12%)
$8.02
$7.96
$7.96
$7.62
318,964
249,441
$10.96
$5.51
Latest Key Developments (Source: Significant Developments)
Nordion Inc Enters Into Agreement To Divest Targeted Therapies Business To BTG Plc
Nordion Inc announced that it has entered into an agreement to divest its Targeted Therapies business to BTG Plc for a cash purchase price of USD200 million. Net of cash taxes and transaction costs, Nordion expects to realize approximately USD185 million on closing. The transaction is anticipated to be completed by the end of June 2013. Nordion manufactures and commercializes TheraSphere, a targeted liver cancer therapy, the sole product in its Targeted Therapies business. Under the terms of the transaction agreements, BTG is expected to acquire TheraSphere and Nordion has agreed to continue manufacturing TheraSphere under a Manufacturing and Support Agreement with a contract term of three years, plus a two-year extension at BTG`s option. Approximately 40 Nordion employees are expected to join BTG following the completion of this transaction. Full Article
Nordion Inc, Navidea Sign Contract Manufacturing Deal-Canada Stockwatch
Canada Stockwatch reported that Nordion Inc. has signed a contract manufacturing agreement with Navidea Biopharmaceuticals, a biopharmaceutical company focused on precision diagnostic radiopharmaceuticals. Under terms of the agreement, Nordion will manufacture [123I] NAV5001, a diagnostic imaging agent used to detect Parkinson's syndrome and dementia with Lewy bodies. The scope of the agreement includes two phases: a facility preparation and readiness phase and a clinical trial supply phase. Full Article
Nordion Inc and Dr. Reddy’s Laboratories Settle Claims
Nordion Inc announced that it has settled claims filed against Nordion by Dr. Reddy`s Laboratories Ltd. and certain affiliated companies (Dr. Reddy`s). Details of the settlement are confidential. During fiscal 2009, Nordion was served with a Complaint from Dr. Reddy`s related to repeat study and mitigation costs of $10 million and lost profits of $70 million. This legal action, commenced by Dr. Reddy`s in New Jersey, related to certain bioequivalence studies carried out by the former MDS Pharma Services business unit from January 1, 2000 to December 31, 2004. The settlement is expected to result in a loss of USD1.4 million for the Company after taking into account financial reserves maintained by the Company in relation to the claim. The settlement, most of which is covered by insurance, will result in a net cash outflow of USD17 million that includes insurance proceeds received to date. Nordion intends to report these items in its quarterly reporting for its second fiscal quarter of 2013. Full Article
Nordion Inc Cancels Normal Course Issuer Bid
Nordion Inc announced that it confirmed that it will cease repurchasing shares under the Normal Course Issuer Bid (NCIB) which will be cancelled effective as of September 19, after close of markets. The NCIB had been approved by the Toronto Stock Exchange (TSX) and commenced January 31, 2012 through the facilities of the TSX and the New York Stock Exchange (NYSE), or other alternative trading systems, if eligible. Nordion had been authorized by the TSX to purchase for cancellation up to 3,105,901 common shares of its 62,118,021 common shares outstanding as of January 24, 2012, which represented approximately 5% of its outstanding common shares on that date. Annual purchases under the NCIB were permitted to begin on February 2, 2012 for a one-year period, subject to cancellation. As of the date of cancellation of the NCIB, Nordion had purchased 71,120 common shares under the NCIB, representing approximately 0.11% of the 62,118,021 common shares outstanding as of January 24, 2012. Full Article
Nordion Inc Announces Strategic Realignment Of Business And New Appointment To Board Of Directors
Nordion Inc announced a strategic realignment of the business designed to focus on improving the execution of Nordion’s business strategy. The plan includes transitioning Nordion to a Business Unit model with two distinct Business Units: Targeted Therapies and Specialty Isotopes, each of which will be supported by centralized corporate functions. The Specialty Isotopes business will include two segments: Sterilization Technologies and Medical Isotopes. The Company also announced the appointment of Jeff Brown, Chief Executive Officer (CEO) and founding member of Brown Equity Partners, LLC, to its Board of Directors. Full Article
Nordion Inc Announces Update On Europe-Focused Phase III Clinical Trial For TheraSphere Yttrium-90 Liver Cancer Treatment
Nordion Inc announced that it has provided an update on its YES-P clinical trial for TheraSphere, the Company’s Yttrium-90 (Y-90) glass microsphere liver cancer treatment, by naming the principal investigators (PI) and contract research organization (CRO) for the study. The trial will be conducted in collaboration with Theorem Clinical Research, a global full-service CRO, which is also conducting Nordion’s two other Phase III clinical trials – EPOCH and STOP-HCC. YES-P is a randomized, multi-centre Phase III clinical trial to evaluate the safety and efficacy of TheraSphere vs. sorafenib in the treatment of patients with portal vein thrombosis (PVT) associated with unresectable hepatocellular carcinoma (HCC), the common form of primary liver cancer. Full Article
Nordion Inc Declares Quarterly Dividend
Nordion Inc announced that it declared a quarterly dividend of USD0.10 per share on the outstanding common shares of the Company. The dividend is payable on July 3, 2012 to shareholders of record at the close of business on June 18, 2012. Full Article
Nordion Inc. Declares Quarterly Dividend Of USD0.10 per Share
Nordion Inc. announces a quarterly dividend of USD0.10 per share on the outstanding common shares of the Company. The dividend is payable on July 5, 2011, to shareholders of record at the close of business on June 17, 2011. Full Article
Nordion Inc. Secures New Three-Year USD75 Million Revolving Credit Facility
Nordion Inc. announced that it has entered into a three-year US$75 million revolving committed credit facility with Toronto-Dominion Bank as its lead lender. Nordion plans to use the credit facility to reissue existing letters of credit, which would in turn release approximately US$20 million in restricted cash, to issue future letters of credit, and to provide an additional source of liquidity. Full Article
UPDATE 1-BTG says interventional medicine buys could boost sales to $1 bln
* Buys EKOS Corp, Nordion unit for combined initial $380 mln
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