Daily News: January 9, 2012

SK Capital, IBA Join to Accelerate Growth of IBA Molecular Imaging


SK Capital Partners, a New York-based private investment firm, has signed a definitive agreement to create IBA Molecular Imaging, a jointly owned new company derived from the radiopharmaceutical division of IBA (Ion Beam Applications S.A.). ING is leading the debt financing of the transaction.

IBA Molecular Imaging is a provider in the manufacturing and distribution of radioactive isotopes used for medical imaging, with over 50 locations in Europe, the U.S. and Asia, and employs over 1,000 people. The transaction is valued at approximately $234 million. SK Capital will own 60% of the recapitalized entity and IBA will retain a 40% stake.

Jamshid Keynejad, a managing director of SK Capital, said, “We are excited to have been chosen as a partner by IBA in the continuing growth and development of their radiopharmaceutical business. We believe we can build upon a solid business foundation by leveraging SK Capital’s unique strengths and capabilities to drive future value by enhancing its manufacturing assets, expanding its geographic coverage, and investing in new product development.”

Pierre Mottet, CEO of IBA group, said “Today marks a major achievement for IBA. With SK Capital as our new partner, we ensure that IBA Molecular Imaging can strengthen its leadership position in the nuclear medicine market and reach its full potential of providing patients with early detection, better characterization, and real-time monitoring of cancer and other major diseases.”

Aaron Davenport, a managing director of SK Capital added “IBA Molecular Imaging fits extremely well with the prior experience of the SK Capital team, which includes investment and operating experience in diagnostic imaging; pharmaceutical manufacturing, development, and distribution; and pharmacy operations.”

Former IBA radiopharmaceutical division President Renaud Dehareng will continue to lead the business as CEO of IBA Molecular Imaging, where he will oversee an experienced management team with extensive industry expertise.

Pending regulatory approval, the transaction is expected to close by the second quarter. UBS Limited (UBS) acted as sole financial advisor to IBA on the transaction. Houlihan Lokey and ING were financial advisors to SK Capital.

SK Capital is a private investment firm with a disciplined focus on the specialty materials, chemicals and healthcare sectors.

IBA Group develops and markets leading edge technologies, pharmaceuticals and tailor-made solutions for healthcare with a focus on cancer diagnosis and therapy.