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SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
______________________________________________________
FORM 8-K
CURRENT REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
______________________________________________________
Date of Report (Date of earliest event reported): April 7, 1997
Commission File Number 0-8640
SYNCOR INTERNATIONAL CORPORATION
(Exact name of registrant as specified in its charter)
Delaware 85-0229124
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
6464 Canoga Avenue, Woodland Hills, California 91367-2407
(Address of principal executive offices) (Zip Code)
(818) 737-4000
(Registrant's telephone number, including area code)
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ITEM 2. ACQUISITION OF ASSETS.
On April 7, 1997, Syncor Pharmaceuticals, Inc., a Delaware corporation
("Pharmaceuticals") and a wholly-owned subsidiary of Syncor International
Corporation, a Delaware corporation ("Syncor"), acquired all of the assets
(the "Assets") of Golden Pharmaceuticals, Inc. ("Golden") relating to the
manufacture and distribution of Iodine-123. The Assets included the New Drug
Application for Iodine-123 capsules, the equipment used to manufacture
Iodine-123 capsules and other equipment related to the Iodine-123
ness, existing inventory of Iodine-123, other New Drug Applications for which
Syncor is currently evaluating potential new business opportunities, and the
building facility and land used to manufacture Iodine-123 capsules.
Pharmaceuticals intends to continue to use the Assets for the production of
Iodine-123 capsules and the development of other Iodine-123-related products.
Pharmaceuticals acquired the Assets for a purchase price of $6,700,000,
of which $6,550,000 was paid in cash and $150,000 is to be paid pursuant to a
promissory note with a term of one year. In connection with the acquisition,
Pharmaceuticals obtained a $6,500,000 unsecured loan from The First National
Bank of Chicago. The repayment of the loan is guaranteed by Syncor.
The purchase price was based on a discounted cash flow analysis of
Golden's Iodine-123 business. The valuation assumed normal growth in the
nuclear medicine industry that would result in a corresponding growth in
demand for Iodine-123 capsules.
Prior to the consummation of the acquisition of the Assets, Syncor was
the principal customer of Golden for its Iodine-123 capsules.
SIGNATURE
Pursuant to the requirements of Section 13 or 15(d) of the Securities
Exchange Act of 1934, the Registrant has duly caused this report to be signed
on its behalf by the undersigned, thereunto duly authorized.
SYNCOR INTERNATIONAL CORPORATION
By: /s/ Haig Bagerdjian
_____________________________
Haig S. Bagerdjian
Senior Vice President, Secretary
and General Counsel
Date: 4/14/97
