Covidien signs agreement with B and W
27 January 2009 00:00 in Medical Company Financials
Covidien has signed an agreement with Babxock & Wilcox Technical Services Group (B&W).
The deal will see the development and manufacture of molybdenum-99, which is used for molecular imaging and nuclear medicine procedures.
Under the agreement, Covidien's subsidiary Mallinckrodt will collaborate with B&W in developing solution-based reactor technology that can be used for medical isotope production.
It is hoped the partnership will allow for the establishment of a large-scale US supply of medical isotopes, which are currently 100 per cent imported.
Timothy Wright, president of Covidien's pharmaceutical products and imaging subsidiary, said the deal is "another demonstration" of the organisation's commitment to innovation.
He added it is "laying the foundation for significant advances in medical imaging".
In November, Covidien revealed it had licensed rights from Depomed to use the company's AcuForm gastric retentive drug delivery technology.
The company noted it will use the method to develop four products.
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Story collated for Zenopa by the Adfero News Agency