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  5. IBA Acquires PhantomX

M&A Deal Summary

IBA Acquires PhantomX

On November 3, 2025, IBA acquired medical products company PhantomX

Acquisition Highlights
  • This is IBA’s 5th transaction in the Medical Products sector.
  • This is IBA’s 1st transaction in Germany.

M&A Deal Summary
Date 2025-11-03
Target PhantomX
Sector Medical Products
Buyer(s) IBA
Deal Type Add-on Acquisition

Target

PhantomX

Berlin, Germany
PhantomX designs and manufactures highly realistic anatomical phantoms used for clinical imaging, diagnostic testing, and artificial intelligence validation in medical applications. The Company develops customizable, data-based physical models and phantom datasets that simulate human anatomy and pathology for use in CT, MRI, and related modalities. It serves healthcare institutions, research organizations, and AI developers in medical imaging. PhantomX was founded in 2019 and is headquartered in Berlin, Germany.

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Buyer(S) 1

Buyer

IBA

Louvain-La-Neuve, Belgium
Category Company
Founded 1986
Sector Medical Products
Employees1,943
Revenue 498M EUR (2024)
DESCRIPTION

IBA develops innovative solutions by sharing ideas and know-how with customers, partners and leading experts to bring new solutions for the diagnosis and treatment of cancer and for the benefits of patients. IBA was founded in 1986 and is based in Louvain-La-Neuve, Belgium.

DEAL STATS #
Overall 6 of 6
Sector: Medical Products M&A 5 of 5
Type: Add-on Acquisition M&A Deals 5 of 5
Country: Germany M&A 1 of 1
Year: 2025 M&A 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2024-02-08 Radcal

Monrovia, California, United States

Radcal makes radiation measurements for quality assurance, manufacturing, service, and compliance applications. The company's modular product line is designed to be tailored to individual needs with the broadest array of sensors, systems, displays, and software. Radcal is based in Monrovia, California.

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