BioCentury
ARTICLE | Company News

Ion Beam Applications deal

November 25, 2013 8:00 AM UTC

The management of Cisbio Bioassays S.A.S., a business unit of Ion Beam Applications, completed a buyout of the unit, financed by private equity firm Argos Soditic. The deal is valued at €26.2 million ($35.4 million), comprised of a €16.3 million ($22 million) payment upon closing, a €1 ($1.4 million) million earn-out payment based on 2013 consolidated results, a €1.4 million ($1.9 million) earn-out payment if undisclosed long-term receivables are collected and a vendor loan of €7.5 million ($10.1 million). The loan is repayable over up to seven years based on an allocation of 60% of the EBIT above an undisclosed threshold. Ion Beam said it is not exercising an option to keep a minority stake in Cisbio Bioassays to focus on its proton therapy, accelerators and dosimetry activities. Ion Beam reported €33.6 million ($44.3 million) in Cisbio revenues last year (see BioCentury, May 20). ...