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Ion Beam Applications SA Closes Sale of Its Cisbio Bioassays Business Unit

Monday, 18 Nov 2013 01:00am EST 

Ion Beam Applications SA announced the closing of the sale of 100% of its business unit Cisbio Bioassays. The closing has led to a payment to the Company of EUR 16.3 million. In addition, the contract includes an earn out of EUR 1 million based on Cisbio Bioassays' full year 2013 consolidated results, an earn out of EUR 1.4 million if and when certain long term receivables are collected (expected in 2015) and a vendor loan of EUR 7.5 million repayable over a maximum of seven years based on an allocation of 60% of the EBIT above a certain threshold. The vendor loan will accrue interest at market conditions. Any unpaid balance after seven years is lost. Cisbio Bioassays activity, and impacts of the transactions, will have a positive effect on the Company's 2013 net results of approximately EUR 3 million. In order to maintain its focus on its proton therapy, accelerators and dosimetry activities, the Company has chosen not to exercise its option to keep a minority stake in the Cisbio Bioassays activity.