Cisbio Bioassays is becoming independent today as a result of a management buyout. IBA has closed the sale of 100% of its business unit Cisbio Bioassays to an Argos Soditic fund.
The closing led to IBA being paid EUR 16.3 million ($22 million). The contract also includes an earnout of EUR 1 million ($1.35 million) based on Cisbio Bioassays’ full year 2013 consolidated results, an earnout of EUR 1.4 million ($1.89 million) if and when certain long-term receivables are collected (expected in 2015), and a vendor loan of EUR 7.5 million ($10.15 million) repayable over a maximum of seven years.
"We are delighted to have completed the disposal of Cisbio Bioassays in line with our strategy to divest noncore assets in order to focus the company on proton therapy and associated technologies," said Olivier Legrain, CEO of IBA, in a statement. "We wish the management of Cisbio Bioassays and Argos Soditic all future success and thank all Cisbio Bioassays staff for their hard work and commitment over the years with IBA."
Cisbio Bioassays, which specializes in in vitro diagnostics and pharmaceutical research, considers this acquisition a major step forward, enabling the company to strengthen its market positions. Argos Soditic will be helping the management team implement its strategic plan, which is focused on launching new products, innovation, and international development.
"With [Argos'] more-than-20 years of investment experience, proven success with their funds, and their highly dedicated team, we feel well supported in reaching for our goal to be a recognized global leader in specialized diagnostic biomarkers and innovative solutions for the discovery of new therapeutic drugs," Berthold Baldus, Cisbio Bioassays' CEO, said.