Covidien to sell radiopharmacy business

Healthcare technology firm Covidien of Dublin, Ireland, has decided to sell its U.S. radiopharmacy business, the company reported.

Covidien will divest its network of 37 Mallinckrodt radiopharmacies to Triad Isotopes of Orlando, FL. Triad operates a network of 26 nuclear radiopharmacies and six cyclotron facilities in the southeastern U.S. Financial terms of the transaction were not disclosed.

Covidien's radiopharmacy net sales were $180 million in fiscal 2009.

Covidien attributed the decision to its strategy to streamline its portfolio and use its resources for faster-growing, higher-margin businesses, where it has or can develop a global competitive advantage.

The deal is expected to close during the second calendar quarter of 2010; it will not affect Covidien's operating income or earnings per share for fiscal 2010 or 2011, the company said.

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