US sterilisation services provider Sterigenics to buy Canada's Nordion for $727 mn

US sterilisation services provider Sterigenics, has struck a deal to acquire Canadian medical isotopes supplier Nordion Inc, for $727 million.

Illinois-based Sterigenics, owned by private equity firm GTCR, will pay $11.75 per share, a premium of around 12 per cent to Nordion's closing price of $10.48 per share on the New York Stock Exchange on 27 March.

Post closing, Nordion will operate as a standalone company within Sterigenics and will continue to operate under the Nordion name.

Ottawa-based Nordion is one of the world's leading producers of molybdenum-99, an isotope used in medical imaging.

Nordion is a leading provider of sterilisation technologies and medical isotopes that are used in more than 40 countries around the world for the prevention, diagnosis and treatment of diseases.

Its products are used daily by pharmaceutical and biotechnology companies, medical-device manufacturers, hospitals, clinics and research laboratories.

Over 500 customers use Nordion's isotopes for cardiac imaging, targeted cancer treatments and sterilisation of medical products.

With over 1,300 employees and 39 service centers around the world, Sterigenics is a leader in contract sterilisation solutions to the medical device, pharmaceutical and high performance/specialty materials industries industries.

''Nordion is a recognised global leader in the medical isotopes and sterilisation sectors, sharing a similar mission to improve global public health,'' said Michael Mulhern, CEO of Sterigenics.

''Through this acquisition, our focus is to ensure a stable long-term source of Cobalt-60 that will maintain customer confidence in the future availability and growth of gamma sterilization as one of many sterilization options,'' he added.