Jul. 18, 2014, 10:45 AM
- Moody's rates the debt Sterigenics will use to buy Nordion (NDZ +0.1%) B2 with a Loss Given Default (LGD) 3 score, which reflects Moody's opinion about the expected loss given default on fixed income obligations expressed as a percent of principal and accrued interest at the resolution of default. LGD3's projected loss range is >= 30% and < 50%. The rating outlook is negative.
Jul. 11, 2014, 9:06 AM
- The FTC terminates its waiting period and the Canadian Competition Bureau issues a no-action letter regarding Sterigenics' proposed acquisition of Nordion (NDZ). The two actions satisfy closing conditions of the merger. The transaction remains subject to certain other closing conditions including approval under the Investment Canada Act. It is expected to close in 2H 2014.
Jun. 6, 2014, 12:44 PM
- At least 2/3 of Nordion (NDZ +0.1%) shareholders approve the special resolution authorizing the company's acquisition by Sterigenics for $13/share. A hearing on the final order before the Ontario Superior Court of Justice will be held on June 11.
- The transaction is contingent on NDZ having a cash balance of $300M at closing. At present, the company has $344M of cash and equivalents. The deal is expected to close in 2H 2014.
Jun. 2, 2014, 2:34 PM
- Citing insufficient shareholder support, Sterigenics increases its cash offer for Nodion (NDZ +7.5%) from $12.25 to $13.00 in order to secure the minimum 2/3 shareholder approval to OK the deal. The increase trumps a competing $12.50 offer received by Nordion on May 30 from an undisclosed third party. The revised offer values NDZ at $805M.
Jun. 2, 2014, 2:01 PM
- Nordion (NDZ +7.5%) total revenues up 33% to $74.7M; non-GAAP EPS up 175% to $0.22; cash & equiv: $332.7M (+308%); CF Ops: $16.2M vs ($5.1M).
- Sterilization Technologies: $33.8M (+67%); Medical Isotopes: $40.9M (+80%); Contract Manufacturing: $4.7M (+163%).
Jun. 2, 2014, 11:53 AM
- Nordion Inc. (NDZ): FQ2 EPS of $0.22 misses by $0.04.
- Revenue of $74.7M (+33.2% Y/Y) beats by $9.45M.
- Shares +7.7%.
May 5, 2014, 9:11 AM
Mar. 28, 2014, 5:09 PM
- Private sterilization services firm Sterigenics is acquiring Nordion (NDZ) for $727M, or $11.75/share. The price represents a 13% premium to Nordion's Friday close of $10.41.
- Sterigenics will pay for the deal using cash, equity and debt financing, and a portion of Nordion's cash on hand. The deal features a $12M termination fee, and is expected to close in 2H14.
Mar. 7, 2014, 7:07 AM
- Nordion (NDZ): FQ1 EPS of $0.59 beats by $0.37.
- Revenue of $70.8M (+32% Y/Y) beats by $4.25M.
Jan. 9, 2014, 7:03 AM
- Nordion (NDZ): FQ4 EPS of $0.15 misses by $0.03.
- Revenue of $51.3M (-31% Y/Y) misses by $0.39M. (PR)
Sep. 5, 2013, 12:25 PM
- Nordion (NDZ +1.8%) gains after posting a solid FQ4 earnings beat this morning.
- Net profit surged, thanks to the sale of one of its business units. In July the company sold its targeted-therapies unit to BTG PLC for $190M, resulting in a gain of about $182M.
- Total revenue grew by 6.8% Y/Y, while gross margin was flat at 55%.
- Medical-isotopes segment sales +9% Y/Y.
- Sterilization-technologies sales +14%.
Sep. 5, 2013, 7:04 AM
- Nordion (NDZ): FQ3 EPS of $0.20 beats by $0.02.
- Revenue of $71.7M (+7% Y/Y) beats by $10.58M. (PR)
Aug. 20, 2013, 11:23 AM
- Nordion (NDZ +7%) gains after announcing it's settled a dispute with isotope supplier Atomic Energy of Canada, receiving C$15M in cash.
- Under the terms of the agreement, Atomic Energy has also released its C$47M claim against NDZ for arbitration costs while NDZ dropped its countersuit.
- The two parties have also agreed on a new isotope supply agreement running through October 31, 2016.
Jun. 5, 2013, 6:02 PM
Nordion (NDZ) posts a mixed FQ2, missing on a per share basis but beating on revenue. Total sales rose by 12% Y/Y, but net profit fell 77% as the medical-technology company posted significantly higher selling and administrative expenses. Targeted-therapies revenue was up 6.1%, while sterilization-technologies sales jumped 36%. Sales in the medical-isotopes segment however, were roughly flat. Total costs and expenses grew 17%, as SG&A costs rose 58%.| Jun. 5, 2013, 6:02 PM
May 23, 2013, 11:38 AM
Nordion (NDZ +9%) ramps higher this morning after the company says it will divest its Target Therapies business to BTG for around $200M. That means, after fees, NDZ should rake-in nearly $185M on the closing. The sale its part of the company's larger strategic reorganization, and it's hefty price tag for a business whose sole product is its targeted liver cancer therapy, TheraSphere.| May 23, 2013, 11:38 AM
May 16, 2013, 10:16 AM
Navidea Biopharmaceuticals (NAVB) says it's entered into an agreement with Nordion (NDZ -1%) to produce and supply its (123) labeled I-drug NAV5001 for late-phase clinical trials. NDZ will manufacture and supply of NAV5001 clinical trial material by radiolabeling NAVB's precursor drug product with Iodine-123 to form (123)I NAV5001, and then manage the logistics and shipping arrangements to third-party clinical trial sites. The agreement could be a precursor to a commercial supply arrangement in the future.| May 16, 2013, 10:16 AM