Iris Acquisition Corp II

IRAB

$10.02

+0.00%

N/A+$0.00

Servicios Financieros

Empresas de Adquisición de Propósito Especial

NYSE

Negociación activa

Iris Acquisition Corp II se centra en celebrar una fusión, intercambio de acciones, adquisición de activos, compra de acciones, recapitalización, reorganización u ...

Cadena de suministro de IRAB

Aguas arriba

Fundiciones, empaquetado, memoria, obleas, componentes y proveedores de insumos.

Aguas arriba

IBA (Ion Beam Applications SA)

Nippon Sanso Holdings Corporation

Merck KGaA (via MilliporeSigma / ISOTEC brand)

Huayi Isotopes Co., Ltd. (HIC)

Siemens Healthineers AG

GE HealthCare Technologies Inc.

Advanced Cyclotron Systems Inc. (ACSI)

Sumitomo Heavy Industries, Ltd.

IBA (Ion Beam Applications SA)

EURONEXT:IBAB

Cyclotron manufacturer and maintenance provider. Supplies the Cyclone 18/9 cyclotron (IRAB's primary production accelerator) and related synthesis modules.

Nippon Sanso Holdings Corporation

TYO:4091

Supplier of Oxygen-18 enriched water (H2¹⁸O), the critical target raw material bombarded in the cyclotron to produce Fluorine-18 for FDG synthesis. One of the largest global O-18 producers.

Merck KGaA (via MilliporeSigma / ISOTEC brand)

ETR:MRK

Supplier of Oxygen-18 enriched water and stable isotope labeled compounds for PET tracer production. ISOTEC is a key global source of O-18 water for FDG manufacturing.

Huayi Isotopes Co., Ltd. (HIC)

China-based manufacturer of Oxygen-18 enriched water. One of the largest O-18 producers in Asia, supplying PET radiopharmaceutical manufacturers globally.

Siemens Healthineers AG

ETR:SHL

Potential supplier of PET/CT imaging equipment, radiopharmacy synthesis modules (e.g., Explora series), and molecular imaging infrastructure. Radiopharma division competes and collaborates in the PET tracer ecosystem.

Aguas abajo

Clientes, distribuidores, OEM y canales que absorben la producción.

Aguas abajo

Hospital del Mar (Barcelona)

Catalan Health Service (CatSalut) / Public Hospitals in Catalonia

Private Hospitals & Clinics (Spain)

Research Institutions & Clinical Research Organizations (CROs)

Curium Pharma

Hospital del Mar (Barcelona)

Primary clinical customer. Located adjacent to IRAB at the Barcelona Biomedical Research Park (PRBB), providing a natural logistical partnership for just-in-time PET tracer delivery (enabled by short 18F half-life of ~110 min).

Catalan Health Service (CatSalut) / Public Hospitals in Catalonia

IRAB serves the public hospital network in Catalonia, supplying FDG and other PET radiopharmaceuticals for oncology, neurology, and cardiology diagnostics. The CNMC identified IRAB as the sole independent cyclotron-based supplier in Catalonia.

Private Hospitals & Clinics (Spain)

IRAB supplies private healthcare providers across Spain with PET radiopharmaceuticals. Private hospital groups and diagnostic imaging centers depend on IRAB as a critical third-party supplier.

Research Institutions & Clinical Research Organizations (CROs)

IRAB provides PET tracers and contract manufacturing services for clinical trials and biomedical research. Partners with research centers within the PRBB ecosystem and other European research institutions.

Curium Pharma

Competitor and former would-be acquirer (blocked by Spanish CNMC antitrust in Oct 2025). Curium is the world's largest radiopharmaceutical company and operates competing cyclotrons in Spain. The CNMC found that combined, Curium and IRAB would have 80-100% market share in certain PET segments in Spain.

Comparables

Empresas cotizadas comparables y valores de seguimiento usados como representantes del análisis.

Comparables

Ion Beam Applications SA (IBA)

Curium Pharma

Cardinal Health, Inc.

Siemens Healthineers AG

Ion Beam Applications SA (IBA)

EURONEXT:IBAB

IBA is IRAB's cyclotron supplier and the leading cyclotron OEM globally. IBA's Radiopharma Solutions segment provides a proxy for cyclotron equipment demand. As a listed pure-play in the radiopharmaceutical production equipment space, IBAB is the closest public proxy for upstream tailwinds.

Curium Pharma

Unconfirmed

Curium is the world's largest radiopharmaceutical company and IRAB's primary competitor. While privately held (backed by CapVest, with TPG/ICG/CVC in a $7B continuation vehicle), Curium's growth trajectory is a direct proxy for the Spanish/European radiopharma market.

Cardinal Health, Inc.

NYSE:CAH

Cardinal Health operates the PETNET radiopharmacy network in the US, providing a public proxy for the PET radiopharmaceutical distribution and contract manufacturing business model similar to IRAB's European operations.

Siemens Healthineers AG

ETR:SHL

Siemens Healthineers' Radiopharma division is a global leader in PET radiopharmaceutical manufacturing and distribution. As a large-cap public company with molecular imaging exposure, SHL provides a liquid proxy for the broader radiopharmaceutical ecosystem.

Geografía

Exposiciones regionales que pueden distorsionar la red de suministro.

Geografía

Spain / Catalonia

Europe (Oxygen-18 supply chain)

Belgium (IBA cyclotron OEM)

Catalan Health Service (CatSalut)

Curium Pharma

Nippon Sanso Holdings Corporation

Merck KGaA

Huayi Isotopes Co., Ltd.

IBA (Ion Beam Applications SA)

Spain / Catalonia

Regulatory concentration and single-market dependence

Catalan Health Service (CatSalut)Primary public payer and customer base

Curium PharmaDominant competitor; blocked acquisition created market tension

Europe (Oxygen-18 supply chain)

Dependence on O-18 imports from Japan, China, Germany, and South Korea

Nippon Sanso Holdings CorporationTYO:4091O-18 water supplier (Japan)

Merck KGaAETR:MRKO-18 water supplier via ISOTEC (Germany)

Huayi Isotopes Co., Ltd.O-18 water supplier (China)

Belgium (IBA cyclotron OEM)

Single-source equipment dependency; servicing/parts from Belgium

IBA (Ion Beam Applications SA)EURONEXT:IBABCyclotron OEM and maintenance provider

Concentración

Exposiciones de concentración de clientes, proveedores o socios que pueden distorsionar la red de suministro.

Equipment

Critical

Single cyclotron dependency. IRAB operates a single IBA Cyclone 18/9 cyclotron. Any prolonged downtime (maintenance, failure, regulatory shutdown) would halt all production, as there is no redundant cyclotron capacity on site.

Raw Material

High

Dependence on Oxygen-18 enriched water supply. The FDG supply chain relies on a concentrated global O-18 market (limited to ~5 major producers: Nippon Sanso, Merck/Isotec, Huayi Isotopes, QuTope, and a few others). Any supply disruption would halt FDG production.

Customer

High

Geographic concentration in Catalonia / Spain. IRAB's cyclotron-produced tracers have very short half-lives (18F: 110 min, 11C: 20 min, etc.), limiting distribution radius to ~2-3 hours transport. This makes IRAB heavily dependent on the Catalonian and Spanish healthcare market.

Composición de ingresos

Cómo la composición de ingresos se traduce en apalancamiento y dependencia en la cadena de suministro.

18F-FDG (Fluorodeoxyglucose) PET Radiopharmaceuticals

70.0%

FDG accounts for ~65-70% of all PET tracer usage in clinical oncology. Production depends on reliable supply of Oxygen-18 enriched water (critical raw material) and cyclotron availability.

Non-FDG PET Radiopharmaceuticals (PSMA, F-DOPA, F-Choline, Amyloid tracers, etc.)

20.0%

Growing segment for prostate cancer (PSMA), neurology, and cardiology imaging. Requires specialized precursor chemicals and synthesis modules. Higher margin but more complex supply chain.

Contract Manufacturing & Research Services (CRO/clinical trials)

10.0%

IRAB operates as the sole independent contract manufacturer with cyclotron capacity for third parties in Catalonia. Services research institutions and pharma companies for clinical trials.

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Iris Acquisition Corp II

Cadena de suministro de IRAB

Aguas arriba

IBA (Ion Beam Applications SA)

Nippon Sanso Holdings Corporation

Merck KGaA (via MilliporeSigma / ISOTEC brand)

Huayi Isotopes Co., Ltd. (HIC)

Siemens Healthineers AG

GE HealthCare Technologies Inc.

Advanced Cyclotron Systems Inc. (ACSI)

Sumitomo Heavy Industries, Ltd.

View More

Aguas abajo

Hospital del Mar (Barcelona)

Catalan Health Service (CatSalut) / Public Hospitals in Catalonia

Private Hospitals & Clinics (Spain)

Research Institutions & Clinical Research Organizations (CROs)

Curium Pharma

Comparables

Ion Beam Applications SA (IBA)

Curium Pharma

Cardinal Health, Inc.

Siemens Healthineers AG

Geografía

Spain / Catalonia

Europe (Oxygen-18 supply chain)

Belgium (IBA cyclotron OEM)

Cadena de suministro de IRAB

Aguas arriba

IBA (Ion Beam Applications SA)

Nippon Sanso Holdings Corporation

Merck KGaA (via MilliporeSigma / ISOTEC brand)

Huayi Isotopes Co., Ltd. (HIC)

Siemens Healthineers AG

GE HealthCare Technologies Inc.

Advanced Cyclotron Systems Inc. (ACSI)

Sumitomo Heavy Industries, Ltd.

View More

Aguas abajo

Hospital del Mar (Barcelona)

Catalan Health Service (CatSalut) / Public Hospitals in Catalonia

Private Hospitals & Clinics (Spain)

Research Institutions & Clinical Research Organizations (CROs)

Curium Pharma

Comparables

Ion Beam Applications SA (IBA)

Curium Pharma

Cardinal Health, Inc.

Siemens Healthineers AG

Geografía

Spain / Catalonia

Europe (Oxygen-18 supply chain)

Belgium (IBA cyclotron OEM)