IBA plans to buy CIS Bio International for $28 million

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Radiopharmaceutical firm Ion Beam Applications (IBA) of Louvain-la-Neuve, Belguim, is planning to acquire CIS Bio International (CISBIO), by expanding its current holdings of the biomedical technology company to 100 percent.

CISBIO specializes in in vitro medical diagnostics and radioactive marking of molecules used in nuclear medicine therapy and imaging, and is headquartered in Saclay, France. In 2006, its revenue was 120.4 million euros ($166.8 million U.S.).

IBA initially gained the 20 percent of its current holdings in CISBIO when the Fleurus, Belguim-based Institut National des Radioéléments (IRE), an IBA shareholder, and IBA bought them from Schering in 2006. At present, IRE possesses the additional 80 percent.

IRE and IBA are negotiating the terms of the CISBIO buyout, which should be finalized in the first half of 2008, and will be subject to the usual regulatory approvals.

IBA reported that the price is expected to be around 20 million euros ($27.7 million U.S.), and to be paid in cash and IBA shares.