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Theragenics Acquires Core Oncology’s Prostate Brachytherapy Customer Base
Posted February 20, 2012
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BUFORD, Ga. -- Theragenics Corporation (NYSE: TGX) has purchased Core Oncology's prostate brachytherapy customer base. The asset acquisition was effective on February 17, 2012.
The total purchase price is structured as an "earn-out" equal to one times the actual revenue generated from the acquired customers over the twelve month period beginning September 2012 and ending August 2013 in excess of a $2.5 million threshold amount. Theragenics paid $3.8 million in cash at closing as prepayment of a portion of the earn-out, and will make quarterly earn-out payments thereafter. The Company expects to fund the quarterly earn-out payments from operating cash flow and existing cash balances.
"The Core transaction and additional iodine business demonstrates our continuing commitment to this treatment, the physicians and the patients who depend on it," said M. Christine Jacobs, Chairman and Chief Executive Officer of Theragenics Corporation. "The Core customers are in good hands."
Travis Gay, Chief Executive Officer of Core Oncology, stated, "Theragenics has been recognized as a leader and has been a valued partner of Core's. I am confident that Theragenics will continue the outstanding quality and service to which the Core customers and patients they serve have grown accustomed."
Ms. Jacobs concluded, "Theragenics is a leading manufacturer and provider in the prostate brachytherapy market. Our legacy is improving lives and curing cancer. This transaction enhances the mission and expands our reach."
Theragenics Corporation (NYSE: TGX) operates two business segments: its surgical products business and its brachytherapy seed business. The surgical products business manufactures and distributes wound closure, vascular access, and specialty needle products. Wound closure products include sutures, needles and other surgical products. Vascular access includes introducers, guidewires and related products. Specialty needles include coaxial, biopsy, spinal and disposable veress needles, access trocars, and other needle-based products. The surgical products segment serves a number of markets and applications, including, among other areas, interventional cardiology, interventional radiology, vascular surgery, orthopedics, plastic surgery, dental surgery, urology, veterinary medicine, pain management, endoscopy, and spinal surgery. Theragenics' brachytherapy business manufactures, markets and distributes "seeds" used primarily in the minimally invasive treatment of localized prostate cancer.
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