IBA, the specialist in proton therapy for cancer treatment from Louvain-la-Neuve, has signed a contract in China worth at least 100 million euros. The company is licensing its Proteus technology for the Chinese market to the Chinese company CGN Dasheng, IBA – which stands for Ion Beam Applications – which was announced on Wednesday.
The Walloon-listed company will shortly receive an initial payment of 20 million euros. Payments are still planned for the next four years.
IBA expects proton therapy in China to increase sharply in the coming years. “China is a market of great strategic importance for the IBA,” said Olivier Legrain in a press release. “We are excited to have such a comprehensive long-term partnership with a large Chinese company.”
The Chinese deal was announced with the publication of the IBA’s half-year results. This means that sales in the first half of the year fell to 109.7 million euros, 14 percent less than in the same period of the previous year. The net loss amounted to 12 million euros and has more than doubled compared to the previous year.
Nevertheless, IBA is confident about the future. “We are seeing encouraging signs that the proton therapy market is maintaining its momentum,” he said. And “our pipeline of other new opportunities is robust and we are in the final stages of negotiating large contracts in the strategically important regions of the US and Asia.”
The results were due to be announced on the Wednesday before the exchange, but the release has been postponed for a few hours. In the meantime, trading in IBA shares on the Brussels Stock Exchange has ceased. Trading will resume at 10:45 a.m. on Wednesday.