Abbott Completes Acquisition of Ibis Biosciences, a Subsidia...( CARLSBAD Calif. and ABBOTT PARK Ill. ...),Health

CARLSBAD, Calif. and ABBOTT PARK, Ill., Jan. 6 /PRNewswire-FirstCall/ -- Isis Pharmaceuticals, Inc. (Nasdaq: ISIS) and Abbott (NYSE: ABT) announced today that Abbott has completed its purchase of Ibis Biosciences, Inc., an Isis subsidiary, for a closing purchase price of $175 million. In addition to the closing purchase price, Isis will receive earn out payments from Abbott tied to post-closing sales of Ibis systems, including instruments and assay kits.

Previously, Abbott invested $40 million in Ibis in exchange for approximately 18.6% of Ibis' outstanding equity. This investment, along with the $175 million paid at closing, resulted in a total acquisition price of $215 million plus earn out payments.

"We believe that Abbott is the ideal company to move the Ibis technology into larger commercial markets, such as clinical diagnostics, where Ibis' technology can revolutionize infectious disease detection," said Stanley Crooke, Chairman and CEO of Isis. "With the earn out, Isis and our shareholders will continue to participate in Ibis' success."

"This acquisition will enable Abbott to offer an innovative approach to the detection and characterization of a broad array of pathogens for the management of infectious diseases," said Stafford O'Kelly, Vice President, Molecular Diagnostics, Abbott. "Ibis' unique technology and talented team of scientists will help us continue building a long-term product pipeline for our growing molecular diagnostics business."

About Abbott Molecular

Abbott's molecular diagnostics business, headquartered in Des Plaines, Ill., provides physicians with critical information based on the early detection of pathogens and key changes in patients' genes and chr
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