Triad Isotopes enters into agreement to acquire the U.S. radiopharmacy network

Triad Isotopes, Inc., a portfolio company of Parthenon Capital Partners, today announced that it has entered into an agreement to acquire the U.S. radiopharmacy network currently owned and operated by Covidien, a leading global healthcare products company based in Dublin, Ireland. This acquisition continues Triads Isotopes’ aggressive growth and investment in the radiopharmaceutical industry.

Under the agreement, Triad will acquire 37 Mallinckrodt radiopharmacies, located in the United States, with net sales of approximately $180 million in fiscal 2009.

“Our purpose, as a company, is to advance the diagnosis and treatment of disease through the use of radiopharmaceuticals,” said Dom Meffe, CEO of Triad. “We are pleased to welcome the Mallinckrodt radiopharmacies with their outstanding pharmacy and support staff to the Triad family. This addition will make Triad the second largest radiopharmacy network in the U.S. and will better allow us to make a difference in the lives of the people we touch.”

The combined radiopharmacy and cyclotron network will have just over 800 employees. Triad expects to double the size of its downtown home office as corporate support services move to Orlando.

Completion of the transaction is subject to customary closing conditions, as well as receipt by Triad of necessary state and federal licenses, with closing expected during the second calendar quarter of 2010.