Nordic Capital plans to acquire BWXT’s medical business, including Kinectrics’ stable medical isotopes unit, in a transaction valued up to $800 million. The deal covers BWXT Medical and the isotope business that supplies core components for radiopharmaceuticals used in cancer diagnosis and treatment. Based in Lynchburg, Virginia, BWXT serves nuclear medicine, global security, clean energy, space exploration and environmental restoration markets, operating 19 facilities worldwide and maintaining 14 strategic partnerships across two dozen sites in the U.S. and Canada.

Nordic says it will help BWXT Medical scale its capabilities and market presence in radiopharmaceuticals, supporting development, manufacturing and delivery of diagnostic imaging and radiotherapeutic products. BWXT will remain a minority investor and continue to provide isotope and radiochemical expertise. Rex Geveden, BWXT president and CEO, noted that since acquiring the medical business in 2018 the company has tripled revenue, improved profitability and expanded its product portfolio, including novel therapeutic isotopes. He added that the transaction offers the medical team a partner deeply committed to healthcare, allowing focus on core nuclear national security and nuclear power businesses.

The closing is expected by the end of 2026.