Belgian healthcare company IBA said on Monday that it had compeleted the sale of its drug discovery arm Cisbio Bioassays. IBA sold its business unit to private equity firm Argos Soditic for EUR25 million (USD33.7 million).

In a statement released to Reuters, IBA said that it received a partial payment of EUR16.3 million after closing the deal. It also received an additional EUR1 million for Cisbio Bioassays' 2013 consolidated results. The Brussels-based company will receive another EUR1.4 million after long-term receivables have been collected in 2015.

According to the report, the buyout deal also included a vendor loan of EUR7.5 million payable over a maximum of seven years. It will be based on an allocation of 60% of earnings before interest and tax (EBIT) above a certain threshold.  

IBA had chosen to not keep a minority stake in the business in order to maintain its focus on proton theraphy, accelerators and dosimerty activities, Reuters said.

Argos Soditic is an investment firm based in Paris. It has a total of EUR675 million assets under management, the statement said.