IBA closes sale of Cisbio Bioassays

Radiopharmaceutical provider Ion Beam Applications (IBA) has announced the closing of the sale of 100% of its business unit Cisbio Bioassays.

The closing has led to a payment to IBA of 16.3 million euros. The contract includes an earn out of 1 million euros based on Cisbio Bioassays' full year 2013 consolidated results, an earn out of 1.4 million euros if and when certain long-term receivables are collected (expected in 2015), and a vendor loan of 7.5 million euros repayable over a maximum of seven years based on the achievement of certain milestones.

To maintain its focus on its proton therapy, accelerators, and dosimetry activities, IBA has chosen not to exercise its option to keep a minority stake in the Cisbio Bioassays unit, IBA said.

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