Nordic Capital to carve out BWXT’s medical business in $800m transaction

• The acquisition involves both BWXT Medical and Kinectrics’ stable medical isotopes business.
• BWXT serves the nuclear medicine, global security, clean energy, space exploration and environmental restoration markets.
• BWXT will remain a minority investor in the medical business. 

Nordic Capital has announced an agreement to acquire the medical business of nuclear services and products provider BWX Technologies (BWXT) for up to $800 million.

The transaction includes both BWXT Medical and Kinectrics’ stable medical isotopes business, a producer of the core components used in the production of radiopharmaceuticals for diagnosing and treating cancer.

Based in Lynchburg, Virginia, BWXT provides components, microreactors and engineering and nuclear fuel services for nuclear medicine, global security, clean energy, space exploration and environmental restoration. It operates 19 manufacturing facilities worldwide and has 14 strategic partnerships that support the U.S. and Canadian governments in over two dozen additional locations.

Nordic expects to help BWXT Medical scale its capabilities and market presence in radiopharmaceuticals. This includes support its development, manufacturing and delivery of products for diagnostic imaging and radiotherapeutic treatments.

BWXT will remain a minority investor in the medical business and continue to provide specialized isotope and radiochemical expertise.

“Since acquiring the medical business in 2018, we have roughly tripled revenue, improved profitability and significantly expanded the product portfolio, including novel therapeutic isotopes,” said Rex Geveden, BWXT president and chief executive officer, in a statement. “As the business enters its next phase, this transaction provides an opportunity for the medical team to grow under an owner deeply committed to the healthcare sector, as we concentrate management resources and capital on our core businesses in nuclear national security and nuclear power.

The transaction is expected to close by the end of 2026.