Theragenics to acquire Massachusetts needle technology firm in $48M deal

BUFORD, Ga. — Theragenics (NYSE: TGX), a medical device firm that includes technology for treating prostate cancer, is acquiring NeedleTech products in a deal worth $47.8 million.

Needletech, which is privately held, is based in Massachusetts. The company develops and sells a variety of needles and other devices for medical uses.

The deal is expected to close in the third quarter.

One of Theragenics’ devices, TheraSeed, is used to treat prostate cancer through implanted radiation therapy.

NeedleTech generated $16.9 million in revenue in 2007.

“NeedleTech is a good fit, offering products that complement our existing product lines in both our surgical products and brachytherapy businesses,” said M. Christine Jacbos, chairman and chief executive officer of Theragenics. Brachytherapy involves placing a radioactive source in or next to an area needing treatment.

“This acquisition will also advance our strategy to provide an ever growing array of high quality, 'Made in the USA' products and systems to large players in the medical device field,” Jacobs added.

Theragenics will pay $47.8 million in cash plus related transaction costs.