Radiopharmaceutical developer Ion Beam Applications (IBA) has signed a deal to sell its Cisbio Bioassays business unit to a European private equity firm in a deal valued at 25 million euros.
IBA said it elected to divest Cisbio Bioassays following its decision to refocus on its core businesses in radiation therapy and accelerators for radiopharmaceuticals and industrial applications. The business will be sold to a new company in which IBA would keep a minority stake of approximately 15%.
Because financing will be secured by the seller through a vendor note for 7.5 million euros, closing of the transaction is not subject to bank financing, IBA said. The term sheet is nonbinding and grants the potential investor a period of exclusivity for the conduct of an extensive due diligence of the business.
The transaction is expected to close this summer, IBA said.
