BWXT Selling Medical Business to Nordic Capital in Transaction Valued at up to $800 Million

Key Terms

radiopharmaceutical medical

A radiopharmaceutical is a special type of medicine that contains a small amount of radioactive material, used primarily for medical imaging or treatment. It can be thought of as a tiny, targeted signal that helps doctors see inside the body or deliver therapy directly to affected areas. For investors, understanding radiopharmaceuticals is important because they represent a growing field within healthcare, driven by advancements in diagnostics and personalized treatments.

stable medical isotopes medical

Stable medical isotopes are non-radioactive forms of chemical elements whose atoms have the same number of protons but different numbers of neutrons, used in healthcare, research and manufacturing as tracers, calibrants and building blocks for diagnostics and drug development. Think of them like a harmless, colored dye added to a recipe so scientists can track where materials go or precisely measure instruments. They matter to investors because their supply, production capacity and regulatory use affect costs, service availability and revenue streams across diagnostics, pharmaceuticals and medical-device supply chains.

radiotherapeutic treatments medical

Radiotherapeutic treatments are medical therapies that use controlled beams or particles of radiation to kill, shrink, or damage diseased cells, most often tumors, while sparing nearby healthy tissue. They matter to investors because they drive sales and clinical value for companies that make the machines, radioactive drugs, or delivery services, and their adoption, regulatory approval, reimbursement and clinical results can change market share and future revenues — like a new precision tool replacing older equipment.

radiochemical technical

A radiochemical is a molecule that carries a radioactive atom, used to detect, image, or treat disease by tracing where the radioactive tag goes in the body. Like attaching a tiny glowing tracker to a delivery van, the radioactive label lets doctors and researchers see biological processes or deliver therapeutic radiation to specific cells. Investors care because radiochemicals are central to diagnostic imaging and targeted therapies, and their production, regulation, shelf life, and supply chain affect commercial value and clinical adoption.

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BWXT will retain a minority ownership in the new company

LYNCHBURG, Va.--(BUSINESS WIRE)-- BWX Technologies, Inc. (NYSE: BWXT) announced today it has entered into a definitive agreement to sell its medical business to Nordic Capital, an experienced healthcare investor with broad expertise and a deep understanding of the radiopharmaceutical industry and its value chain. The transaction, valued at up to $800 million, includes BWXT Medical and Kinectrics’ stable medical isotopes business.

The sale will enable BWXT to concentrate resources and capital on accelerating growth in its core nuclear national security and commercial nuclear power markets, areas central to the company’s long-term strategy. Under Nordic Capital’s ownership, the medical business is expected to be well-positioned to scale, expand capabilities and advance its market presence in radiopharmaceuticals, including developing, manufacturing and delivering products for diagnostic imaging and radiotherapeutic treatments.

BWXT remains bullish on long-term growth in the radiopharmaceutical market and will maintain a meaningful minority ownership stake in the divested business. BWXT will also continue providing specialized isotope and radiochemical expertise under the agreement.

“Since acquiring the medical business in 2018, we have roughly tripled revenue, improved profitability and significantly expanded the product portfolio, including novel therapeutic isotopes,” said Rex D. Geveden, BWXT president and chief executive officer. “As the business enters its next phase, this transaction provides an opportunity for the medical team to grow under an owner deeply committed to the healthcare sector, as we concentrate management resources and capital on our core businesses in nuclear national security and nuclear power. We are very pleased to go forward as a minority partner to Nordic Capital in BWXT Medical’s future growth given the expertise and deep resources they bring to this business and the market.”

“We are excited about the next step as Nordic Capital sees significant potential to scale the business and expand access to cutting-edge radiopharmaceutical therapy," said Christian Hedegaard, partner, Nordic Capital Advisors. “Nordic Capital has a long track record of successful investments across both pharmaceuticals and life sciences, and radiopharmaceuticals sit squarely at the intersection of the two. That sector depth, combined with strong conviction in the BWXT Medical team’s capabilities, created a strong foundation for this partnership.”

The transaction is subject to customary regulatory approvals and is expected to close by the end of 2026.

Solomon Partners is serving as exclusive financial advisor to BWXT, and Stikeman Elliott is serving as legal counsel. Kirkland & Ellis LLP and McCarthy Tétrault are legal counsel for Nordic Capital.

Forward-Looking Statements

BWXT cautions that this release contains forward-looking statements, including, without limitation, statements relating to the anticipated benefits of the divestiture of its medical business. These forward-looking statements involve a number of risks and uncertainties, including, among other things, the timing and completion of the transaction; satisfaction of closing conditions and regulatory approvals; realization of anticipated transaction benefits; and potential business disruptions related to the transaction. 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, 2025, 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.

About BWXT

At BWX Technologies, Inc. (NYSE: BWXT), we are People Strong, Innovation Driven. A U.S.-based company with more than 11,000 employees, 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, nuclear medicine, space exploration and environmental restoration. BWXT owns and operates 19 manufacturing facilities globally, and its 14 strategic partnerships support the U.S. and Canadian governments at more than two dozen additional locations.

For more information, visit www.bwxt.com. Follow us on LinkedIn, X, Facebook and Instagram.

About Nordic Capital

Nordic Capital is a leading international private equity investor and subsector specialist dedicated to building stronger, more resilient businesses through transformative, long-term growth in partnership with management teams. With over 35 years of experience, Nordic Capital currently manages approximately EUR 39 billion in assets, investing in middle-market companies across Northern Europe and North America. Rooted in its Nordic heritage and values, it combines global reach with local presence through dedicated sector investment advisory teams, bringing deep expertise across its core sectors: Healthcare, Technology & Payments, Financial Services, and Services & Industrial Tech. Through active ownership, strong operational capabilities, a global network of experts and technology-enabled transformation, Nordic Capital helps companies scale, innovate and become sustainable leaders. For more information, visit www.nordiccapital.com or connect on LinkedIn.

“Nordic Capital” refers to, depending on the context, any, or all, Nordic Capital branded entities, vehicles, structures, and associated entities. The general partners and/or delegated portfolio managers of Nordic Capital’s entities and vehicles are advised by several non-discretionary sub-advisory entities, any or all of which are referred to as “Nordic Capital Advisors”.

View source version on businesswire.com: https://www.businesswire.com/news/home/20260803155801/en/

Media Contact
John Dobken
Senior Manager, Media & Public Relations
202.428.6913
jcdobken@bwxt.com

Investor Contact
Chase Jacobson
Vice President, Investor Relations
980.365.4300
investors@bwxt.com

Media Contact – Nordic Capital
Katarina Janerud
Communications Manager, Nordic Capital Advisors
+46 8 440 50 50
katarina.janerud@nordiccapital.com

Source: BWX Technologies, Inc.