BRUSSELS, Nov 18 (Reuters) – Belgian IBA said on Monday it had completed the sale of its drug discovery arm Cisbio Bioassays business to private equity group Argos Soditic in a deal valuing the business at 25 million euros ($33.7 million).
IBA said in a statement that the closing had led to it receiving a payment of 16.3 million euros, with an additional 1 million euros due to Cisbio Bioassays 2013 results.
There would be a further 1.4 million euros due, likely in 2015, when certain long-term receivables are collected, and a vendor loan of 7.5 million euros repayable over a maximum seven years based on an allocation of 60 percent of earnings before interest and tax (EBIT) above a certain threshold.
IBA said it had decided not to keep a minority stake in the business to allow it to focus on its proton therapy, accelerator and dosimetry activities.