Proton therapy technology developer Ion Beam Applications (IBA) has signed a definitive agreement for the sale of IBA Molecular, which is the remainder of that business after the North American subsidiary was sold earlier this year.
IBA sold its 40% stake in IBA Molecular to funds advised by CapVest Partners, which signed a deal to buy out the rest of the shares in IBA Molecular that had been owned by SK Capital Partners. That agreement is expected to be completed in the first quarter of 2016.
The transaction is estimated to be worth around 55 million euros ($61 million U.S.) to IBA in cash, representing a capital gain of around 30 million euros ($33 million U.S.) based on the current valuation in IBA's books. It is subject to customary closing conditions. The closing of the transaction is expected by the end of the first quarter of 2016.
In August, IBA announced that the U.S. activities of IBA Molecular had been acquired by Illinois Health and Science. The most recent transaction concerns the remainder of the IBA Molecular business, and its closing will complete IBA's exit from this business as IBA focuses on proton therapy.
