IBA Molecular finds buyer for Canadian site

Radiopharmaceutical provider IBA Molecular has found a buyer for a Canadian PET radiopharmacy.

The sale was prompted by IBA's decision to form IBA Molecular through a joint venture deal with SK Capital Partners. For legal reasons, IBA Molecular operations in Canada could not be included in the new venture.

In its place, IBA has signed a letter of intent to sell its shares in Pharmalogic PET Services of Montreal for approximately 10.9 million euros ($13.9 million U.S.) to a Canadian private equity firm.

The transaction could close within the next 60 days and result in a profit of approximately 9 million euros ($11.2 million U.S.) for IBA.

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