Covidien has entered into an agreement to sell its network of 37 Mallinckrodt radiopharmacies in the U.S. to Triad Isotopes, Inc. based in Orlando, FL. According to Covidien, the decision is in line with the company’s strategy to streamline its portfolio and reallocate resources to its faster-growing, higher-margin businesses.
Triad operates a network of 26 nuclear radiopharmacies and six cyclotron facilities in the southeast United States. Triad will integrate Covidien’s pharmacies into its existing operation and retain Covidien employees, according to information released to the media by Covidien.
In 2009, Covidien’s radiopharmacy net sales were approximately $180 million. Financial terms of the transaction were not disclosed. Completion of the deal is subject to customary closing conditions, with closing anticipated during the second quarter of 2010.
(Source: Press Release)
