Ion Beam Applications SA Signs Term Sheet For Disposal Of Cisbio Bioassays SAS
Ion Beam Applications SA announced that it has signed a term sheet for the sale of its Business Unit Cisbio Bioassays SAS. Following the Company's decision to refocus on its core businesses in radiation therapy (proton therapy, dosimetry) and accelerators for radiopharmaceuticals and industrial applications, the Company made the decision to dispose of its Bioassays division. The Company's Board held on May 8, 2013 has approved the signature of a term sheet with a European private equity firm. The projected value of the transaction is approximately EUR 25 million, a price close to the current book value of the Bioassays net assets in the Company's consolidated Financial Statement for 2012. As per the term sheet, the Bioassays business will be sold to a new company in which the Company would keep a minority stake of approximately 15%. Financing will be secured by the seller through a vendor note for an amount of EUR 7.5 million, the closing of the transaction is therefore not subject to bank financing.
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