Shares of Theragenics rose Monday after the Buford-based maker of medical devices and cancer therapy agreed to be acquired by a private equity firm for about $68 million in cash.
Juniper Investment Co., which owns 7 percent of Theragenics, will acquire all of the outstanding common stock for $2.20 per share.
Theragenics’ business consists of two areas: wound closure devices such as sutures and needles, and its brachytherapy unit, which produces radiation therapy “seeds” that can be delivered to the body to help fight prostate cancer.
On the same day the acquisition was announcement, Theragenics said it signed a supplier and reseller agreement that will help expand its brachytherapy products in Europe, Australia and New Zealand. Under the three-year deal with Accelyon Ltd, Theragenics will supply its AgX100 iodine seeds to Accelyon, which will load the seeds into prescription needles to be distributed overseas. The company said the deal will generate up to $1 million in the second year.
The deal with Jupiter is expected to close in the fourth quarter, but Theragenics said it will consider competing offers through Sept. 6.
The company said M. Christine Jacobs, chairman, chief executive officer and president, will retire after the deal closes. Chief Financial Officer Frank J. Tarallo will become CEO.
In a statement, Jacobs said, “Theragenics will be well positioned to continue to serve the needs of its customers without the significant burden of public company costs.”
Theragenics’ stock was at $2.19 in Monday trading, up 17 cents, or 8 percent.
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