IBA spins out radiopharma division

Ion Beam Applications (IBA) has spun off its radiopharmaceutical business into a standalone firm, with a majority interest in the company controlled by SK Capital Partners, a New York City-based private investment firm. The firms are renaming the new company as IBA Molecular Imaging.

SK Capital Partners will own 60% and IBA 40% of the jointly owned new company derived from IBA's molecular imaging division. It will also be headquartered at Louvain-La-Neuve in Belgium.

The enterprise value used as the basis for the transaction is approximately 180 million euros ($234 million U.S.), an amount that exceeds the current market capitalization of IBA, according to the companies.

Both companies have agreed to equally share development costs of new molecules. IBA will receive 60% of profits in view of its prior investment, and SK Capital will receive the remainder. The closing is expected to be completed by second quarter 2012, subject to antitrust and regulatory approvals. Former IBA radiopharmaceutical division president Renaud Dehareng will be CEO.

In unrelated news, IBA also announced two executive changes. Oliver Legrain has been named chief operating officer, and will retain his current position as chief strategic officer. He is expected to become the CEO of the company on 9 May 2012, replacing Pierre Mottet. Mottet will be appointed vice chairman of the company's board at this time, in preparation for becoming its chairman in May 2013.

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