Organization: MDS Inc

Justin Leushner

Justin Leushner has been appointed CEO of the Centre for Imaging Technology Commercialization (CIMTEC)…

MDS Inc’s R&D outlays and revenue decline

MDS Inc‘s third quarter financial results show substantial declines in overall revenue and R&D spending as the firm continues to divest many of its business units. For the three months ending July 31st, the Toronto-based firm registered revenue of $192 million down 21% from $244 million in the same period last year. R&D also declined…

MDS sells Phase II-IV operations to INC Research

MDS Inc has sold its MDS Pharma Services late stage operations to INC Research Inc, Raleigh NC, for $50 million and is continuing to seek a buyer for its Central Labs operations. The divestitures are part of the Mississauga-based firm’s ongoing strategic review process. The late stage Phase II-IV operations employ 800 people in 25…

MDS Inc scales back, sharpens core focus

MDS Inc has announced a major overhaul of its various business lines that sees a reduction in its divisions to focus on its core life sciences activity, layoffs of 500 employees and a focus on near-term improvement of financial performance. MDS will retain MDS Pharma Services (contract research), MDS Nordion (molecular imaging and radio-therapeutics) and…

MDS aims to stem losses in MDS Proteomics

MDS Inc and MDS Proteomics (MDSP) are working to develop a new business plan and execute a financial reorganization for the troubled proteomics subsidiary. The moves will see MDS Inc’s holdings in MDSP decrease to less than 50% and its funded debt converted into equity. MDS will inject $15 million into MDSP in return for…

Hemosol sells tax losses to MDS for $16 million

Hemosol Inc has once again sidestepped insolvency through a complex agreement with MDS Inc that will see the Toronto-based firm receive $16 million for the sale of accumulated tax losses and other tax assets. The agreement — subject to approval by the Ontario courts and shareholder consideration — will see the creation of Hemosol Corp…

MDS outsources IT needs to IBM Canada

MDS Inc has signed a seven-year technology outsourcing agreement worth up to $260-million with IBM Canada Ltd. The deal will see IBM provide MDS with its PCs, servers, helpdesk and networking requirements and is part of the company’s strategic initiative to change the way it does business. MDS says the IT outsourcing agreement will allow…

MDS Nordion brings third cyclotron on line

MDS Nordion Inc has officially launched its third cyclotron at TRIUMF on the campus of the Univ of British Columbia. The TR-30-2 cyclotron has begun commercial production of medical isotopes following authorization by the Canadian Nuclear Safety Commission. The $20-million project, which includes an expansion of the site’s production facility and new development space, will…

MDS raises US $311 million to repay bank debt

MDS Inc has concluded a US $311-million private debt placement consisting of five series of guaranteed senior unsecured notes. The notes vary in size from $17 million to $156 million with terms ranging from four to 10 years., The Toronto-based life sciences company says the financing represents a long-term solution to its financing needs. The…

MDS reorganizes itslife sciences division

MDS Inc has completed the integration of its life sciences businesses aimed at improving efficiency and overall profitability. The move is highlighted by the discontinuation of MDS Pharmacologies, a novel approach to funding drug development off-balance sheet for pharmaceutical customers. The Toronto-based firm says the venture was not financeable in the current market but it…