As per terms of the deal, BTG is expected to gain TheraSphere, which is the sole targeted liver cancer therapy product of Targeted Therapies business that is manufactured and commercialized by Nordion.
Nordion has agreed to continue its TheraSphere manufacture under a Manufacturing and Support Agreement as part of a contract span of three years, which includes an additional two-year extension at BTG’s option.
Subject to customary closing conditions and approval by BTG shareholders, the transaction is expected to complete by the end of June 2013.
Nordion CEO Steve West said, "We intend to continue our strategic review process which includes an assessment of potential uses for the cash proceeds from this sale."
Jefferies LLC has served as the financial advisor to Nordion in relation to the sale.