Radiopharmaceutical provider Ion Beam Applications (IBA) and investment partner SK Capital Partners have reached an agreement to settle their outstanding disputes.
As part of the settlement, IBA and SK Capital have agreed on the way they will co-manage their joint participation in IBA Molecular Compounds Development Sàrl, a unit of IBA Molecular that develops and licenses new molecules. IBA Molecular was created in 2012 through an agreement between IBA and SK Capital, with IBA owning 40% and SK owning 60% of the venture. IBA and SK had been feuding over funding of IBA Molecular Compounds Development Sàrl.
IBA will also sell the 10 million euro bridge note it had received as part of the deferred price it had received for the sale of IBA Molecular for one euro to SK Rose SARL. The agreement remains subjective to the approval of the final documentation by each firm's respective boards of directors.
The write-off of the bridge note, combined with the re-evaluation of other assets still owned by IBA and future expected expenses will lead to an exceptional loss of around 5 million euros, IBA said. Management still confirms its guidance, however, for a positive result for 2013.
