Radiopharmaceutical provider Ion Beam Applications (IBA) has sold the assets of its PharmaLogic PET Services of Montreal subsidiary to a private equity firm.
Approximately 85% of the price has been paid for the PharmaLogic assets at closing, and the rest will be paid after a two-year period, IBA said. Payments will then be distributed as dividends to PharmaLogic's shareholders, including IBA.
IBA expects a net total cash inflow from this sale of approximately 7.7 million euros ($10.4 million U.S.).
Olivier Legrain, CEO of IBA, said the sale follows the company's strategy to divest noncore assets to focus IBA on proton therapy and associated technologies.
