Ion Beam Applications (IBA) is trading charges with investment partner SK Capital over funding of a joint-venture firm dedicated to developing new molecular compounds.
The firms have partnered in funding IBA Molecular Compounds Development Sàrl, a unit of IBA Molecular that is in charge of developing and licensing 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 is questioning whether to invest additional funds into IBA Molecular Compounds Development Sàrl, due to "disappointing progress" in the development of new molecules. In response, SK Capital has charged IBA with breaching the IBA Molecular acquisition contract, and has filed claims for 17 million euros.
IBA has rejected SK Capital's assertions, and is investigating making claims of its own against the investment firm. Legal proceedings have not yet been filed however, as the firms pursue a global settlement agreement, according to IBA.
