New Company Poised for Future Growth and Continued Industry Leadership
NEW YORK, April 2, 2012 – SK Capital Partners, a U.S. based private investment firm, and IBA (Ion Beam Applications S.A.) announced that they have closed on their previously announced agreement to create IBA Molecular, a jointly-owned company derived from IBA’s worldwide radiopharmaceutical division. IBA Molecular is a worldwide leader in the manufacturing and distribution of 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. The transaction is valued at approximately €180 million ($239 million). SK Capital will own 60% of the recapitalized entity and IBA will retain a 40% stake.
With a disciplined focus on specific industry sectors, SK Capital brings significant investment and operating experience in diagnostic imaging, as well as pharmaceutical manufacturing, development and distribution, all of which will benefit IBA Molecular. SK Capital’s investment goal is 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. This agreement also provides for continued investment in the ongoing development of IBA Molecular’s pipeline of innovative PET and SPECT products.
As an independent, focused radiopharmaceutical company, IBA Molecular will be better able to take advantage of its recently upgraded manufacturing and distribution platform and will seek to expand its research, manufacturing and product partnerships. The company will continue its commitment to deliver value to its customers with innovative marketing programs for molecular imaging and therapy.
Jamshid Keynejad, a Managing Director of SK Capital and new Chairman of IBA Molecular, noted “We are pleased to be involved in this new endeavor and in further developing a company with a solid foundation and significant potential for future growth. The vibrancy and dedication of the people at every level in IBA Molecular is quite distinct. They are clearly on a mission to positively impact healthcare, and we are pleased to join them in that effort.”
Renaud Dehareng, formerly President of the IBA Group radiopharmaceutical division, and now Chief Executive Officer of IBA Molecular, said “The creation of this new company with SK Capital really solidifies our commitment and leadership in the molecular imaging marketplace. SK Capital brings significant operating expertise as well as access to capital, both of which will positively affect our manufacturing, distribution, product pipeline, and customer support.”
About SK Capital
SK Capital is a private investment firm with a disciplined focus on the specialty materials, chemicals and healthcare sectors. Our integrated, multi-disciplinary team utilizes its industry, operating and investment experience to help transform businesses into higher performing organizations. Located in New York, NY and Boca Raton, FL, we are currently investing from SK Capital Partners III, L.P., a $500 million fund of committed capital. Our portfolio companies generate revenues of over $3.0 billion annually and employ more than 3,400 people.
Please visit www.skcapitalpartners.com for more information about SK Capital.
About IBA Molecular
IBA Molecular is a global developer, manufacturer and distributor of radiopharmaceutical products and supporting services used in molecular imaging. IBA Molecular has engineered a strong and unique product portfolio and pipeline of diagnostic and therapeutic tracers aimed at advancing the development of the global movement towards personalized medicine and making molecular imaging/therapy a major discipline in healthcare. The company also provides educational, technical and marketing support to medical specialists worldwide to help better respond to patient needs.
Please visit www.iba-molecular.com for more information about IBA Molecular.