Lantheus Medical Imaging said yesterday it sold its radiopharmacy and Canadian Gludef manufacturing and distribution businesses to Isologic Radiopharmaceuticals for $9m.
As part of the sale, Lantheus and Isologic inked a long-term supply deal which positions Lantheus to supply Isologic with its products on commercial terms, with a set of product purchase commitments included.
“We are simplifying our distribution model in the Canadian market to improve operational efficiencies and streamline our Canadian operations. This step reflects an evolution in our business strategy that enables Lantheus to continue providing industry-leading nuclear medicine products and contrast agents to patients and healthcare providers in this important international market,” Lantheus CEO Mary Anne Heino said in an SEC filing.
The sale included 3 radiopharmacies owned by Lantheus in Dorval and Quebec City, Quebec, and Mississauga, Ontario, as well as a Lantheus-operated radiopharmacy in Vancouver, British Columbia.
Each radiopharmacy included prepares individualized doses of radiopharmaceuticals sold to healthcare providers, the company said. Through the deal, Lantheus’ products will continue to be available through previously established channels.
“We are committed to working closely with Isologic to execute a seamless transition for customers, patients and employees. Through our new long-term partnership with Isologic, we will continue to meet the unit dose needs of the Canadian healthcare community with our products,” Heino said in prepared remarks.
The sale did not include Lantheus’ Canadian bulk radiopharma company, which supplies TechneLite generators, nuclear medicine products, cold kits and its Definity contrast agent.
Details of the transaction will be discussed in the company’s next quarterly earnings call.