Radiotherapy and radioisotope developer Eckert & Ziegler Isotope Products has made a $74 million offer to purchase brachytherapy seed manufacturer Theragenics.
The deal represents a total equity value of approximately $74 million and a premium of 38.4% over Theragenics' closing stock price on March 16. The offer also represents a premium of 15.8% over the 52-week high for Theragenics stock, according to Eckert & Ziegler.
Eckert & Ziegler made the nonbinding offer on February 8, which Theragenics rejected on March 11. Eckert & Ziegler has reiterated the offer in a letter sent today to Theragenics' board of directors. Theragenics has been unwilling to engage in discussions with Eckert & Ziegler, the company said.
