Belgian cyclotron-maker Ion Beam Applications S.A. and private equity firm SK Capital Partners said Monday they've finalized their agreement to spin off IBA's radiopharmaceutical division.

The new company, IBA Molecular, is jointly owned by IBA and SK Capital, with SK holding a controlling 60 percent stake, according to the companies' announcement of the deal in January.

IBA Molecular develops and sells radioactive agents used to diagnose disease through PET and SPECT imaging. The company says it has 54 PET isotope facilities in Europe, North America and Asia. It also delivers agents for SPECT imaging worldwide.

IBA Molecular has new imaging tracers in the pipeline to help diagnose a variety of ailments, including kidney disease and Alzheimer's. Under the arrangement announced in January, IBA will reap 60 percent of the profit on the new products under development, even though it only owns 40 percent of the company, in recognition of past investments in the research. From here on out, development costs are shared equally, the company said.

Renaud Dehareng, the former boss of IBA's radiopharmaceutical division, is serving as CEO of the new company.

U.S. headquarters are in Dulles, Va.

More Industry Headlines