OTTAWA, Ontario--(BUSINESS WIRE)--BWX Technologies, Inc. (NYSE: BWXT) announced today that subsidiary BWXT Medical Ltd. has executed a commercial agreement with Bayer AG (Bayer) to supply high-purity Actinium-225 (Ac-225).
Today’s announcement follows the agreement reached by the two companies in September 2021. Under the terms of the commercial agreement, Bayer will purchase high-purity Ac-225 from BWXT Medical at pre-determined prices. The parties expect supply to commence later this year.
Ac-225 is a highly powerful radioisotope used in targeted alpha therapies (TATs). This emerging field combines Ac-225 with specific tumor-seeking targeting moieties, which deliver alpha radiation directly to tumors.
BWXT Medical is a global supplier of medical isotopes and radiopharmaceuticals. Bayer is a global enterprise with core competencies in the life science fields of healthcare and nutrition.
“We are very pleased to enter into this agreement with Bayer, one of the global leaders in the rapidly emerging field of targeted radionuclide therapies,” said Martyn Coombs, president of BWXT Medical. “Targeted radionuclide therapies are developed to improve outcomes for patients with different types of cancers. We will leverage our nuclear medicine strengths to collaborate with Bayer over the long term.”
Forward Looking Statements
BWXT cautions that this release contains forward-looking statements, including statements relating to expectations for the development, production, performance, demand, timing and impact of Ac-225. These forward-looking statements involve a number of risks and uncertainties, including, among other things, changes in market demand, delays in the development and automation of our production, regulatory approvals and competitive actions. If one or more of these or other risks materialize, actual results may vary materially from those expressed. For a more complete discussion of these and other risk factors, please see BWXT’s annual report on Form 10-K for the year ended December 31, 2021 and subsequent quarterly reports on Form 10-Q filed with the Securities and Exchange Commission. 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.
At BWX Technologies, Inc. (NYSE: BWXT), we are People Strong, Innovation Driven. Headquartered in Lynchburg, Virginia, BWXT is a Fortune 1000 and Defense News Top 100 manufacturing and engineering innovator that provides safe and effective nuclear solutions for global security, clean energy, environmental remediation, nuclear medicine and space exploration. With approximately 6,700 employees, BWXT has 14 major operating sites in the U.S., Canada and the U.K. In addition, BWXT joint ventures provide management and operations at more than a dozen U.S. Department of Energy and NASA facilities. Follow us on Twitter at @BWXT and learn more at www.bwxt.com.