Nordion shares jump 11 percent after news on sale of division

Thu May 23, 2013 10:12am EDT
 
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May 23 (Reuters) - Shares of Canada's Nordion Inc, a major provider of isotopes used in medical imaging, jumped as much as 11 percent on Thursday, after it said it will sell its targeted therapies division.

Nordion said early Thursday that it agreed to sell the division, which includes the liver cancer therapy TheraSphere, for $200 million in cash to British health care company BTG PLC .

In early trading in Toronto, Nordion shares were up 59 Canadian cents or 8.1 percent, at C$7.90, pulling back from earlier highs.

Ottawa-based Nordion hired a financial advisor earlier this year to examine options for its future.

The company is one of the world's leading producers of molybdenum-99, used in medical imaging, and it depends on raw material from an aging facility of the state-owned Atomic Energy of Canada Ltd (AECL) in Chalk River, Ontario.

($1=$1.03 Canadian) (Reporting by Rod Nickel in Winnipeg, Manitoba; Editing by Nick Zieminski)