Provider of radiation therapy products and services North American Scientific has signed an agreement to sell its Nomos Radiation Oncology business to Best Medical International in a transaction valued at $3.6 million.
Under the terms of the deal, Best Medical will purchase Nomos Corporation assets, including stock of Nomos subsidiaries, Nomos GmbH and Nomos China USA. The purchase price is $500,000 cash at closing, plus assumption of certain obligations and liabilities, including $3.1 million of liabilities for warranty and maintenance agreements and Nomos facility lease in Cranberry. CIBC World Markets acted as the company’s financial advisor.
John Rush, president and chief executive of North American Scientific, said: “Our agreement with Best Medical represents the achievement of a major milestone in our strategy to build shareholder value through the focus on our core brachytherapy business.”
Krishnan Suthanthiran, president of Best Medical, added: “We are very excited about this acquisition. We wish to thank the Nomos and NASI team for concluding this agreement that is beneficial for all involved. The acquisition of Nomos Radiation Oncology business fits our strategy of expanding our product line in diagnostic and therapeutic radiology. We remain committed to the radiation oncology customers and look forward to integrating Nomos into the Best Medical family of companies.”
The deal is expected to close by September 17, 2007.