Abbott Completes Acquisition Of Ibis Biosciences, A Subsidiary Of Isis
Isis Pharmaceuticals, Inc. and Abbott announced recently that Abbott has completed its purchase of Ibis Biosciences, Inc., an Isis subsidiary, for a closing purchase price of $175M. 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 $40M in Ibis in exchange for approximately 18.6% of Ibis' outstanding equity. This investment, along with the $175M paid at closing, resulted in a total acquisition price of $215M 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 chromosomes, allowing for earlier diagnosis, selection of appropriate therapies and monitoring of disease progression. The business includes instruments and reagents used to conduct sophisticated analysis of patient DNA and RNA.
About Abbott
Abbott is a global, broad-based health care company devoted to the discovery, development, manufacture and marketing of pharmaceuticals and medical products, including nutritionals, devices and diagnostics. The company employs more than 68,000 people and markets its products in more than 130 countries.
Abbott's news releases and other information are available on the company's Web site at www.abbott.com.
About Isis Pharmaceuticals, Inc.
Isis is exploiting its expertise in RNA to discover and develop novel drugs for its product pipeline and for its partners. The Company has successfully commercialized the world's first antisense drug and has 19 drugs in development. Isis' drug development programs are focused on treating cardiovascular and metabolic diseases. Isis' partners are developing antisense drugs invented by Isis to treat a wide variety of diseases. Isis is a joint owner of Regulus Therapeutics LLC, a joint venture focused on the discovery, development and commercialization of microRNA therapeutics. As an innovator in RNA-based drug discovery and development, Isis is the owner or exclusive licensee of over 1,600 issued patents worldwide. Additional information about Isis is available at www.isispharm.com.
SOURCE: Isis Pharmaceuticals, Inc. and Abbott