BWXT SIGNS MEDICAL ISOTOPE DEVELOPMENT AGREEMENT WITH BRUCE POWER
(LYNCHBURG, Va. – July 12, 2018) – BWX Technologies, Inc. (NYSE:BWXT) announced that a subsidiary has signed an agreement with Bruce Power that will enable the two companies to collaborate on the development and supply of medical isotopes.
Under the terms of the agreement, the parties will identify market opportunities for medical isotopes, with the intention of negotiating an irradiation services agreement for one or more medical isotopes in the future.
Earlier this year, BWXT announced its intention to acquire Sotera Health’s Nordion medical isotope business. The acquisition, which is expected to close by the end of 2018, subject to required regulatory reviews and approvals, would leverage BWXT’s current competencies in radiochemical processing to expand into the medical isotope market.
“As North America’s largest nuclear power facility, Bruce Power has more commercial nuclear reactors at one site than any other on the continent with the potential for isotope irradiation and development,” said Rex D. Geveden, BWXT’s president and chief executive officer. “We are extremely pleased to be working collaboratively with Bruce Power to create innovative solutions for the medical isotope market.”
“The announcement today builds on a strong collaborative history between BWXT and Bruce Power,” said Mike Rencheck, Bruce Power’s president and chief executive officer. “The use of medical isotopes for therapeutic treatments is at the forefront of healthcare innovation, and through this agreement we will expand on the nuclear industry’s role in this important field of work.”
BWXT and Bruce Power are proud members of the Canadian Nuclear Isotope Council, which is an organization that is working together to foster innovation and help ensure Canada remains a world leader in radioisotope production.
BWXT has been a supplier of critical components and services to Bruce Power since the 1970s.
Forward Looking Statements
BWXT cautions that this release contains forward-looking statements, including, without limitation, statements relating to the development and supply of medical isotopes; our ability to realize the anticipated benefits of the new medical isotope business; the closing of the acquisition of the Nordion medical isotope business; future revenues from the medical isotope business; and finalization of a definitive irradiation services agreement with Bruce Power. These forward-looking statements are based on management’s current expectations and involve a number of risks and uncertainties, including, among other things, our ability to obtain any necessary regulatory approvals, licenses and permits in a timely manner or at all; the ability to consummate the proposed transactions; competition in an environment of rapid technological change; and the enforcement and protection of our intellectual property rights. If one or more of these risks or other risks materialize, actual results may vary materially from those expressed. For a more complete discussion of other risk factors that impact our business, financial condition and results of operations, see BWXT’s filings with Securities and Exchange Commission, including our annual report on Form 10-K for the year ended December 31, 2017 and subsequent quarterly reports on Form 10-Q. BWXT cautions not to place undue reliance on these forward-looking statements, which speak only as of the date of this release, and undertakes no obligation to update or revise any forward-looking statement, except to the extent required by applicable law.
Headquartered in Lynchburg, Va., BWX Technologies, Inc. (NYSE:BWXT) is a leading supplier of nuclear components and fuel to the U.S. government; provides technical and management services to support the U.S. government in the operation of complex facilities and environmental remediation activities; and supplies precision manufactured components, services and fuel for the commercial nuclear power industry. With approximately 6,100 employees, BWXT has nine major operating sites in the U.S. and Canada. In addition, BWXT joint ventures provide management and operations at more than a dozen U.S. Department of Energy and two NASA facilities. Follow us on Twitter @BWXTech and learn more atwww.bwxt.com.
Communications Manager, BWXT Canada Ltd.
Vice President and Chief Investor Relations Officer