Pre-Bid now on 2000+ items! Our live auction is happening next Wednesday, November 2nd!

Current Location:
> This Story

Log in or Register to rate this News Story
Forward Printable StoryPrint Comment

Never Miss a Story

Sign Up For Weekly Top Stories


More Industry Headlines

FDA docket workshop day one: no easy answers A range of valid viewpoints were brought to the podium in Silver Springs, Maryland today

Low intensity ultrasound doesn’t improve recovery after surgery: international clinical trial Will this be the end of this popular treatment?

Baystate Health hit by 'phishing' attack Information on 13,000 patients was exposed to the cyber-invaders

Philips submits study to FDA to expand indications for its digital pathology solution Only one percent difference between digital and optical diagnosis

Can MR detect Alzheimer's before symptoms have even appeared? MGH team combines analytics and imaging to make brain asymmetry a dementia biomarker

FDA to radiologists: stop using any Multidata Systems devices At least two devices distributed in U.S. without FDA approval

NJ law mandating dense breasts ultrasound and MR finds more cancer, reduces biopsies Requires insurance companies to pay for supplemental screening

FDA announces effort to 'modernize' device malfunction and injury reporting Curbing 'limited' reporting of adverse incidents

How affordable toxicology, testing fight the drug epidemic More than 28,000 people died from opioid overdose in 2014

Precision medicine is having a big impact on breast cancer chemo decisions: study Test distinguishes high risk of recurrence from low risk

IBA spins off radiopharmaceutical division

by Brendon Nafziger , DOTmed News Associate Editor
New York private equity firm SK Capital Partners bought a controlling stake in Ion Beam Applications S.A.'s radiopharmaceutical division, which is being spun off into its own company, IBA announced Monday. Under the terms of the new deal, SK Capital will own 60 percent of the new business, called IBA Molecular Imaging, and IBA will retain a 40 percent stake.

The transaction, expected to close in the second quarter, is valued at 180 million euros ($229 million). IBA said it expects to net 100 million euros ($127 million) from the deal after debt adjustments, although the sale will result in "significant exceptional loss" for 2011 accounts as the transaction "does not value the IBA radiopharmaceutical business at the level previously booked in its consolidated statements," the company said in a statement.

Story Continues Below Advertisement

Ventilators Plus -The Easy #1 Choice In Ventilator Sales, Rentals & Support

Our name says it all! Ventilators Plus is a full service depot repair facility offering on-site service as well. We BUY, SELL & RENT all models & also have a FULLY STOCKED parts warehouse available online 24/7. Call 888-889-2992.

IBA's stock shot up to a six-month high after the announcement, Reuters reports, rising more than 31 percent and hitting 6.31 euros per share in trading Monday.

Although IBA owns 40 percent of the new company, it will reap 60 percent of the profits for drugs currently under development, in recognition of its past R&D investments, the Belgian company said. In the pipeline are imaging tracers to help diagnose kidney disease and Alzheimer's disease. The development costs of the in-the-works drugs now would be shared equally, the companies said.

Renaud Dehareng, the radiopharmaceutical group's former president, will helm the new entity as CEO, IBA said.

IBA's molecular imaging group employs 1,000 people, has 57 nuclear medicine sites in Europe, the United States and Asia, and runs a manufacturing facility in France. It generates about 175 million euros ($222 million) in yearly revenues, IBA said.

In a separate announcement, IBA said Olivier Legrain, the current chief strategic officer, would be promoted to chief operating officer in preparation for when he takes the reins from CEO Pierre Mottet, who's stepping down in May. However, Mottet will continue with the company as vice-chairman of the board.

IBA, which also makes cyclotrons for proton therapy treatments, is headquartered in Louvain-la-Neuve, Belgium.


Interested in Medical Industry News? Subscribe to DOTmed's weekly news email and always be informed. Click here, it takes just 30 seconds.

You Must Be Logged In To Post A Comment

Increase Your
Brand Awareness
Auctions + Private Sales
Get The
Best Price
Buy Equipment/Parts
Find The
Lowest Price
Daily News
Read The
Latest News
Browse All
DOTmed Users
Ethics on DOTmed
View Our
Ethics Program
Gold Parts Vendor Program
Receive PH
Gold Service Dealer Program
Receive RFP/PS
Healthcare Providers
See all
HCP Tools
A Job
Parts Hunter +EasyPay
Get Parts
Recently Certified
View Recently
Certified Users
Recently Rated
View Recently
Certified Users
Rental Central
Rent Equipment
For Less
Sell Equipment/Parts
Get The
Most Money
Service Technicians Forum
Find Help
And Advice
Simple RFP
Get Equipment
Virtual Trade Show
Find Service
For Equipment
Access and use of this site is subject to the terms and conditions of our LEGAL NOTICE & PRIVACY NOTICE
Property of and Proprietary to DOTmed.com, Inc. Copyright ©2001-2016 DOTmed.com, Inc.