Proton therapy developer Ion Beam Applications (IBA) has completed the divestiture of IBA Molecular North America to Illinois Health and Science.
IBA Molecular North America is the U.S. subsidiary of IBA Molecular. The acquisition by Illinois Health and Science, a nonprofit healthcare system, includes all of IBA Molecular North America's cyclotron sites and research and development facilities.
The proceeds from the divestiture will repay outstanding debt at IBA Molecular and allow for a distribution to shareholders. The transaction is not expected to significantly affect IBA's 2015 profit and loss, but it will generate cash proceeds of approximately 10 million euros ($11 million U.S.) for IBA during the third quarter of 2015, the firm said.
