BWX Technologies, Inc. (NYSE: BWXT) announced today that its BWXT Medical Ltd. subsidiary (BWXT Medical) has entered into an agreement with Bayer AG (Bayer) to develop Actinium-225 (Ac-225) supply and further partnering opportunities on finished products as both companies broaden their respective commercialization strategies for targeted radionuclide therapies (TRTs) and other innovative products.

Ac-225 is a highly powerful radioisotope used in targeted alpha therapies (TATs), an emerging class of radionuclide therapy for various tumors with a high unmet medical need, delivering alpha radiation directly to tumors either via its bone-seeking properties (radium-223) or by combining alpha radionuclides such as Ac-225 with specific tumor-seeking targeting vectors.

BWXT Medical is a global supplier of medical isotopes and radiopharmaceuticals. Bayer is a global enterprise with core competencies in the life science fields of health care and nutrition. The oncology franchise at Bayer includes six marketed products including Xofigo™ (radium-223 dichloride, the first and only approved TAT) and several other TATs in different stages of development, including an investigational Ac-225 labeled differentiated prostate-specific membrane antigen (PSMA) small molecule for the treatment of prostate cancer.

BWXT Medical plans to utilize its deep relationships with strategic partners in irradiation services and development of Ac-225. Much like BWXT Medical’s other products, processing and manufacturing would then be conducted at BWXT Medical facilities. Bayer and BWXT Medical have structured the evolution of their relationship to progress over stages, and the complete terms of the commercial agreements will be finalized at a later date.

“Bayer has long been a leader in targeted alpha therapies with Xofigo, and we share their aspiration of making a significant difference in the lives of people suffering from cancer,” said Martyn Coombs, president of BWXT Medical. “Targeted radionuclide therapies are anticipated to be a significant growth market in the future, and we plan to leverage our differential strengths in nuclear medicine to be a strong partner to Bayer for Ac-225-based products and other opportunities.”

Forward Looking Statements

BWXT cautions that this release contains forward-looking statements, including statements relating to expectations for the development, production, performance, demand, timing and impact of Ac-225. These forward-looking statements involve a number of risks and uncertainties, including, among other things, changes in market demand, delays in the development and automation of our production, regulatory approvals and competitive actions. If one or more of these or other risks materialize, actual results may vary materially from those expressed. For a more complete discussion of these and other risk factors, please see BWXT’s annual report on Form 10-K for the year ended December 31, 2020 and subsequent quarterly reports on Form 10-Q filed with the Securities and Exchange Commission. BWXT cautions not to place undue reliance on these forward-looking statements, which speak only as of the date of this release, and undertakes no obligation to update or revise any forward-looking statement, except to the extent required by applicable law.

About BWXT

At BWX Technologies, Inc. (NYSE: BWXT), we are People Strong, Innovation Driven. Headquartered in Lynchburg, Va., BWXT provides safe and effective nuclear solutions for national security, clean energy, environmental remediation, nuclear medicine and space exploration. With approximately 6,700 employees, BWXT has 12 major operating sites in the U.S. and Canada. In addition, BWXT joint ventures provide management and operations at more than a dozen U.S. Department of Energy and NASA facilities. Follow us on Twitter at @BWXT and learn more at www.bwxt.com.

Media Contact Natalie Cutler Director, Communications, BWXT Canada Ltd. 519-620-5288 nacutler@bwxt.com

Investor Contact Mark Kratz Vice President, Investor Relations 980.365.4300 investors@bwxt.com

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