IBA RadioPharma Solutions

What IBA RadioPharma Solutions does

IBA RadioPharma Solutions is the radiopharmaceutical production equipment business unit of IBA (Ion Beam Applications S.A.), a publicly listed Belgian company (EURONEXT: IBAM) headquartered in Louvain-la-Neuve. Founded in 1989 as a spin-off of the Catholic University of Louvain-la-Neuve, the unit designs, manufactures, and services integrated solutions for radiopharmaceutical production — most notably the Cyclone® family of particle accelerators (cyclotrons) spanning 9.2 MeV compact units (Cyclone® KEY) through to 30-70 MeV high-energy systems (Cyclone® 70), plus the newly launched Cyclone® iKure dedicated to Astatine-211 production. The technology stack includes radiochemistry synthesis modules (NEPTIS®, CASSY®, Synthera®+), target systems (Nirta® liquid, gas, and solid targets), and turnkey integrated radiopharmacy facilities delivered under the IntegraLab® brand.

The company operates a direct enterprise sales model targeting hospitals, commercial radiopharmaceutical manufacturers, CDMOs, and research centers, with stated partnership horizons of 25-30 years and average deal sizes ranging from €5-7M for multi-unit contracts to €15-20M for high-end Cyclone® IKON configurations. Revenue streams include hardware sales (cyclotrons, modules, targets), turnkey IntegraLab® solutions including facility design and GMP qualification, recurring services and maintenance contracts, consumables through wholly-owned subsidiary Fluidomica, and training via IBA Academy. IBA RadioPharma Solutions supports the world's largest installed base with 400+ cyclotrons and 800+ radiosynthesis modules across 21 countries. The ORA acquisition in December 2025 brought the NEPTIS® radiochemistry platform fully in-house, and the Cyclone® iKure launch in June 2026 positions the unit for the emerging targeted alpha therapy market.

Name

IBA RadioPharma Solutions

Legal name

Ion Beam Applications S.A.

Website

https://iba-radiopharmasolutions.com

Company type

Public

Founded year

1989

Operating status

Operating

Headcount range

51–100 employees

Short description

IBA RadioPharma Solutions designs, manufactures, and services cyclotrons, radiochemistry modules, targetry, and turnkey IntegraLab® radiopharmacy facilities for hospitals, commercial manufacturers, and research centers across 21 countries.

Ownership category

akta.pro rank

Product category

Radiopharmaceutical Production Equipment

NAICS

Irradiation Apparatus Manufacturing (334517)

SIC

X-Ray Apparatus & Tubes & Related Irradiation Apparatus (3844)

akta.pro primary industry

Radiopharmaceutical Manufacturing & CDMO (Synthesis, GMP, Packaging, QA/QC) (EUAKAIAC)

akta.pro secondary industries

Theranostic Radiopharmaceutical Platforms (Paired Dx/Tx) (HLAIAGAC), Nuclear Medicine Imaging Tracers & PET/SPECT Supply Chain (FDG, Ga-68, logistics/cold chain) (EUAKAIAE)

Keywords

• Cyclotron systems
• Radiopharmaceutical production
• PET imaging equipment
• Radiochemistry modules
• Radiopharmacy solutions

Headquarters

HQ city

Louvain-la-neuve

HQ country

Belgium

HQ region

Europe

Offices1 record

Markets served

GTM type

B2B

Offering type

Hardware or Manufacturing

Cost components

Technology or R&D, Supply Chain, Personnel, Operations, Infrastructure, Marketing or Sales

Revenue model

1. Cyclotron and Equipment Sales: Direct sales of cyclotrons (Cyclone® KEY, KIUBE, IKON, 30XP, 70, iKure), radiochemistry modules (NEPTIS®, CASSY®, Synthera®+), target systems, and ancillary equipment to hospitals, radiopharmacies, and CDMOs.
2. IntegraLab® Integrated Solutions: Turnkey radiopharmacy solutions including facility design, equipment selection, GMP compliance, installation, integration, and validation services for establishing complete production centers.
3. Services, Maintenance & Upgrades: Full-service packages including 24/7 helpdesk, preventive maintenance, emergency visits, spare parts, digital monitoring, and equipment upgrades through Kare Portal and IBA Store.
4. Consumables: Disposable cassettes for radiosynthesis modules and cyclotron liquid target solutions through Fluidomica brand.
5. Training & Academy: IBA Academy training programs including on-site training, hands-on sessions at Belgium center, and GMP compliance consultancy.

Pricing tiers

Go-to-market motion1 record

Distribution channels2 records

Marketing channels9 records

Core offering

IBA RadioPharma Solutions designs, manufactures, and services a complete portfolio of equipment for radiopharmaceutical production, including Cyclone® cyclotrons (9.2–70 MeV), NEPTIS®/CASSY®/Synthera®+ radiochemistry synthesis modules, Nirta® target systems, and the IntegraLab® turnkey radiopharmacy solution. The company supplies hospitals, radiopharmaceutical manufacturers, CDMOs, and research centers with the capital equipment, integrated facilities, digital monitoring (Kare Portal), consumables, and 24/7 services needed to produce PET and therapeutic radiopharmaceuticals under cGMP conditions.

Product overview

IBA RadioPharma Solutions provides a comprehensive portfolio of radiopharmaceutical production solutions organized into cyclotron systems, radiochemistry modules, targetry systems, integrated solutions, and digital services. The cyclotron lineup includes six models spanning compact (Cyclone® KEY at 9.2 MeV) to high-energy (Cyclone® 70 at 30-70 MeV), plus the dedicated alpha-therapy Cyclone® iKure (28.5-29.5 MeV for Astatine-211). Radiochemistry is addressed through the NEPTIS® platform family (Perform, DB, LC, xSeed™, SP) plus CASSY® and Synthera®+ for synthesis, purification, and radiolabeling. Targetry includes Nirta® liquid, gas, and solid targets plus Vectio® beam lines. These products are unified under the IntegraLab® integrated solution for turnkey GMP radiopharmacy deployment, supported by Kare Portal for digital monitoring and IBA Academy for training. Fluidomica provides associated consumables.

Differentiator

Problem solved

Functional benefit

Brands

• IntegraLab®: Turnkey integrated radiopharmacy solution combining equipment and services for establishing radiopharmaceutical GMP production centers, from building design through to ongoing production
• Cyclone® KEY
• Cyclone® KIUBE
• Cyclone® IKON
• Cyclone® 70
• Cyclone® iKure
• NEPTIS® Perform
• NEPTIS® DB
• NEPTIS® LC
• NEPTIS® xSeed™
• NEPTIS® SP
• CASSY®
• Synthera®+ Platform
• Kare Portal
• IBA Academy
• Fluidomica
• Nirta®
• Vectio®

Products and services

• Cyclone® KEY Compact fully automated proton acceleration cyclotron (up to 9.2 MeV) for simple yet efficient multiple isotope production including 18F, 13N, and 11C. Designed for small and medium-sized hospitals with one of the smallest footprints of all clinical cyclotrons, producing up to 3Ci 18F and 23 FDG doses per 2-hour run.
• Cyclone® KIUBE World-reference 18 MeV PET cyclotron delivering high performance, reliability, flexibility, and maximized production capacity. Upgradable from 100 µA to 300 µA with up to 8 independent exits, generating up to 38Ci of 18F in a 2-hour dual beam run and up to 380 FDG doses.
• Cyclone® IKON Variable-energy cyclotron (13-30 MeV) offering wide flexibility in accelerated current and energy for broad optimization of isotope production. High-energy, high-capacity cyclotron providing widest energy range for PET and SPECT isotopes with up to 1500 µA extracted proton beam current.
• Cyclone® 30XP Mid-energy cyclotron (15-30 MeV) offering maximal flexibility by accelerating protons, deuterons and alpha particles with extensive configuration possibilities. Vault dimensions 6 x 8 x 3 m with long beam line.
• Cyclone® 70 Multi-target high-energy cyclotron (30-70 MeV) powered by experience, designed for efficient industrial production. Dual-beam extraction enables simultaneous extracted beams with 750 µA production power. Proven expertise with six 70 MeV cyclotrons installed worldwide.
• Cyclone® iKure Dedicated cyclotron for routine Astatine-211 (At-211) production at 28.5-29.5 MeV. Purpose-built for alpha-beam irradiation with consistent high-yield performance, compact 3x3m design, and up to 2x200 µAe production power. Engineered for clinical-scale alpha therapy programs.
• NEPTIS® Perform Versatile radiochemistry workhorse for advanced tracers with onboard HPLC/SPE. Produces widest range of 18F fluoride-based radiotracers via nucleophilic synthesis including those requiring HPLC. Cassette-based setup with browser-based NEPTIS® Control software supporting 18F, 68Ga, and 177Lu isotopes.
• NEPTIS® DB Reference platform for routine production with HPLC-free synthesis. Designed for day-in, day-out 18F synthesis without HPLC for tight turnaround, supporting dual FDG runs at high yield (>70%). Two modules fit in single mini-cell.
• NEPTIS® LC Modular platform for therapeutic agents and smallest NEPTIS® platform. Supports broad portfolio across diagnostics and therapy including 68Ga, 188Re, 177Lu, 89Zr, 90Y, 131I, 225Ac and 99mTc with guided sequences. Up to three LC modules fit in single hot cell.
• NEPTIS® xSeed™ Next-gen R&D focused module for sequence development and optimization. Supports up to four consecutive runs of different sequences with auto-cleaning and cartridge reconditioning. Direct chemistry transfer to NEPTIS® production systems with no rework required.
• NEPTIS® SP Add-on purification module for HPLC purification and SPE reformulation. Turns purification and reformulation into guided workflow controlled by integrated software. Can be used standalone with any synthesizer brand or integrated with NEPTIS® LC for embedded control.
• CASSY® Compact Automated Scalable SYnthesis module for purification and radiolabelling of radiometals. Extremely compact (190x190x245mm) with up to 6 units in single hot cell. Supports 68Ga, 177Lu, 64Cu, 89Zr and more. Uses ready-to-use cassettes from Fluidomica with plug-and-play design.
• Synthera®+ Platform Multi-tracer production platform through consecutive runs with optimized workflows for maximum efficiency. Equipped with unique IFP™ Loader that multiplies capacity by four. Accessory-based platform supporting 18F, 68Ga, Neuraceq® with higher resistance to radiation damage.
• Nirta® Target Systems Liquid, gas, and solid target systems for cyclotron isotope production including Nirta® Helium Cooling Free (HCF) targets achieving up to 20% higher yield per run and 47% less enriched water usage, with up to 5.3Ci/ml in 2-hour run. Gas targets for 15O and 11C radioisotopes and solid targets for 68Ga, 64Cu, 89Zr, 124I.
• Vectio® Beam Lines External beam transport line for high-energy cyclotrons. Ideal solution for high-power solid target stations or R&D applications. Equipped with mobile elements for precise beam shaping and wobbling. Available in multiple sizes and configurations.
• IntegraLab® Turnkey integrated radiopharmacy solution combining equipment and services for establishing radiopharmaceutical GMP production centers. Covers building design, equipment selection and manufacturing, GMP standards, regulatory compliance, integration, operations, and product lifecycle management, customized to each customer's specific needs.
• Kare Portal Centralized one-stop digital platform for production monitoring and support. Provides real-time overview of cyclotron and chemistry module production data, support requests, predictive maintenance alerts, and remote viewing. Integrated mobile app enables anytime anywhere access and includes obsolescence management.
• Services & Upgrades Full lifecycle support including 24/7 helpdesk and remote support, preventive maintenance, emergency visits, spare parts, digital monitoring, and tailored upgrades. Designed to safeguard production with proactive support to avoid downtime across entire radiopharmacy operations.

Quantifiable outcome

• Up to 380 FDG doses per 2-hour run with Cyclone® KIUBE
• +8 more outcomes

Named customers10 records

Segments5 records

Ideal customer profiles4 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration3 records

AI capability2 records

Feature10 records

Partnerships

Twelve partnerships are on record, tiered core and major.

• FramatomecoreStrategic or Co-development Partner · 1 June 2026Strategic partnership to explore a transatlantic Astatine-211 production network. Part of IBA's three-pillar strategy for At-211 including purpose-built product (Cyclone® iKure), ecosystem leadership (ACCELERATE.EU initiative), and production capacity.
• ACCELERATE.EU ConsortiumcoreStrategic or Co-development Partner · 1 June 2026Industry co-leader in ACCELERATE.EU initiative to build the complete European At-211 value chain. Multi-stakeholder consortium addressing fragmentation across the radiopharmaceutical value chain from radionuclide production through clinical development.
• Telix Pharmaceuticals LimitedcoreTechnology or Integration · 20 March 2026Telix, a precision oncology company (ASX: TLX, NASDAQ: TLX), ordered four Cyclone® KIUBE cyclotrons for installation at RLS Radiopharmacies sites in the United States. Systems equipped with QUANTM® Irradiation System (QIS®) from ARTMS (Telix subsidiary) for cGMP production of Gallium-68, Zirconium-89, Technetium-99m, and Copper-64. Partnership strengthens Telix's U.S. manufacturing footprint and supply chain resilience.
• Shreeji (Shreeji Imaging and Diagnostic Centre Pvt. Ltd.)coreStrategic or Co-development Partner · 19 February 2026Multi-site agreement for four Cyclone® KIUBE 300 cyclotrons deployed in Ahmedabad, Nagpur, Kochi, and Bhubaneswar, India for industrial-scale F-18 production. Contract valued at €5–7 million. Partnership expands IBA's presence in India's growing PET imaging market.
• ORAcoreStrategic or Co-development Partner · 19 December 2025Acquisition of ORA, a global trailblazer in radiochemistry based in Belgium, for €15-20 million. ORA's NEPTIS® technology strengthens IBA's radiochemistry portfolio. Vincent Tadino continues as CTO of ORA. Transaction immediately accretive to revenue and EBITDA.
• CuriummajorStrategic or Co-development Partner · 26 May 2025Successful start of operations of CE-marked Cyclone® IKON at Curium's North American headquarters in St. Louis, US. Secures large-scale production of novel radioisotopes for radiopharmaceutical solutions for patients worldwide.
• PET Pharm BiomajorStrategic or Co-development Partner · 21 May 2025Contract to install Cyclone® IKON in Taipei, Taiwan for PET and SPECT isotope production including Germanium-68, Iodine-123, Thalium-201, Zirconium-89, and Copper-64. Includes beam lines, solid targets, and radiochemistry solutions with IntegraLab® design services.
• FluidomicacoreTechnology or Integration · 13 May 2025Integrated IBA company specializing in development, production, and sale of disposable cassettes for radioisotopes and radiopharmaceuticals manufacturing. Provides ready-to-use cassettes for CASSY® and other IBA radiochemistry platforms including plug-and-play approach with all necessary components.
• iThemba LABS (South Africa)majorStrategic or Co-development Partner · 23 January 2024Cyclone® 70 system installed at iThemba Laboratory for Accelerator Based Sciences in Cape Town, South Africa (research facility of National Research Foundation). Dedicated to production of Strontium-82 for cardiovascular disease diagnosis and Germanium-68 for PET imaging.
• Sweden Ghana Medical Centre (SGMC)majorStrategic or Co-development Partner · 13 October 2022IntegraLab® PLUS contract for radiopharmaceutical GMP production center in Accra, Ghana. Includes Cyclone® KIUBE 100 with Synthera® Extension, Synthera®+ HPLC and IFP loader. Supports cancer diagnostics and treatment access in West Africa.
• PanTeracoreStrategic or Co-development Partner · 13 October 2022Co-founding of PanTera for production of Actinium-225 (Ac-225), a key alpha-emitting isotope for targeted radiotherapies. Complements IBA's theranostics portfolio expansion.
• CNRT (Chengdu New Radiomedicine Technology Co., Ltd)majorStrategic or Co-development Partner · 30 August 2022Collaboration agreement to install Cyclone® IKON in Chengdu, Sichuan Province, China for production of Germanium-68, Iodine-123, and Copper-64 for theranostics and targeted therapies. First Cyclone® IKON installation in China, expected to be operational by 2025.

Scale indicators8 records

Recent moves6 records

Expansion highlights7 records

Direct peers

• GE HealthCare: GE HealthCare manufactures the PETtrace line of medical cyclotrons, directly competing with IBA's Cyclone® family in PET radiopharmaceutical production equipment. Both target hospital radiopharmacies and commercial CDMOs with similar energy ranges and use cases, making PETtrace IBA's principal head-to-head competitor in the clinical cyclotron market.
• Best Cyclotron Systems: Best Cyclotron Systems (BCS) manufactures medical cyclotrons ranging from low to high energy, directly competing with IBA's Cyclone® KEY through Cyclone® 70 product line. The two companies routinely compete on commercial cyclotron bids for hospital and research center installations.
• Sumitomo Heavy Industries: Sumitomo Heavy Industries (via subsidiary Japan Steel Works / Sumitomo particle accelerator business) manufactures cyclotrons used in radiopharmaceutical production, directly competing with IBA in medical and research-grade cyclotrons, particularly in the Asian market where Sumitomo has strong distribution.
• Advanced Cyclotron Systems: Advanced Cyclotron Systems is a Canadian manufacturer of PET and SPECT cyclotrons, directly competing with IBA in compact and mid-energy cyclotron sales. The two compete for similar hospital and research center contracts.
• Trasis: Trasis is a Belgian-based manufacturer of automated radiochemistry synthesis modules (AllinOne, AiO, etc.), directly competing with IBA's NEPTIS® and Synthera®+ product lines for radiopharmaceutical production customers. Similar product/customer overlap and Belgian headquarters.
• Elysia-Raytest: Elysia-Raytest (formerly Raytest) manufactures radiochemistry modules, radiolabeling systems, and PET/SPECT QC equipment, directly competing with IBA's NEPTIS® and CASSY® radiochemistry modules and serving overlapping hospital radiopharmacy and CDMO customers.

Broad incumbents

• Siemens Healthineers: Siemens Healthineers historically operated the Eclipse/HP Cyclotron business and the PETNET Solutions radiopharmacy network. While Siemens has reduced emphasis on cyclotron manufacturing, it remains a broad incumbent in radiopharmacy distribution and imaging, with overlapping customer relationships to IBA.

Others

• PETNET Solutions (Siemens Healthineers): PETNET Solutions operates the largest U.S. radiopharmacy distribution network, supplying FDG and other PET tracers to hospitals. While not a cyclotron competitor, PETNET is both a customer of IBA (and a competitor cyclotron buyer) and operates as part of the broader radiopharmacy ecosystem IBA enables.
• Curium Pharma: Curium is one of the world's largest nuclear medicine manufacturers with a North American radiopharmaceutical manufacturing facility operating an IBA Cyclone® IKON system (operational since 2025). Although Curium is an IBA customer/partner, it operates overlapping downstream radiopharma capabilities and is a key reference customer.
• Telix Pharmaceuticals: Telix Pharmaceuticals is a precision oncology company that ordered four IBA Cyclone® KIUBE cyclotrons (March 2026) for its RLS Radiopharmacies U.S. network. While primarily a downstream radiopharma company, Telix is IBA's largest recent strategic partner and a representative large customer of the equipment platform.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat6 records

Key risks7 records

Key highlights8 records

Customer concentration

• LinkedInlinkedin.com/company/iba-worldwide
• Xx.com/iba_radiopharma

Compliance2 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles7 records

Subsidiaries3 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about IBA RadioPharma Solutions