Ion Beam Applications S.A. (IBA), a Belgium-based developer of radiopharmaceutical products and services, and SK Capital Partners, a US-based private equity firm, have agreed to spin off IBA’s worldwide radiopharmaceutical division.
The transaction is valued at approximately €180m ($239m). The derived company, called IBA Molecular, is jointly owned by SK Capital, which holds a controlling 60% stake in the recapitalized company, and IBA, which retain a 40% stake.
IBA Molecular manufactures and supplies radioactive isotopes used for medical imaging and therapy, with over 50 locations in the U.S., Europe and Asia and employs over 1,000 people.
SK Capital aims to strengthen the company’s radiopharmaceutical capabilities by streamlining its manufacturing operations, enhancing the quality and reliability of its products and services, and expanding its geographic presence. It will also provide resources for continued development of IBA Molecular’s pipeline of innovative PET and SPECT products.
Jamshid Keynejad, a Managing Director of SK Capital, is the new Chairman of IBA Molecular. Renaud Dehareng, former President of the IBA Group radiopharmaceutical division, is now CEO of the company.