Proton therapy developer Ion Beam Applications (IBA) has received the first payment of 20 million euros ($23.3 million U.S.) from its strategic licensing deal with CGN Nuclear Technology Development in China.
Under the deal signed on August 26, CGN Nuclear Technology Development and its wholly owned subsidiary CGN Dasheng received exclusive rights to distribute IBA's Proteus Plus proton therapy technology in the People's Republic of China, excluding Hong Kong, Taiwan, and Macau. The contract has a minimum value of 100 million euros ($116.6 million), IBA said.
IBA noted that it has retained the rights to complete up to five direct ProteusPlus contracts that are currently being negotiated in China.
