Abbott Exercises Its Option to Acquire Ibis Biosciences, a Subsidiary of Isis
Total acquisition price will be
Acquisition will expand Abbott's position in molecular diagnostics for infectious disease
CARLSBAD, Calif. and ABBOTT PARK, Ill.,
Earlier this year, Abbott invested
The closing of the acquisition of the remaining equity ownership in Ibis is subject to the satisfaction of the terms and conditions of a stock purchase agreement that has been executed by the parties, including obtaining clearance under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, and is expected to occur in January, 2009.
"Abbott's confidence in Ibis is reflected in its decision to invest in Ibis' technology and to exercise its option to purchase Ibis. We have already presented development plans for the next-generation instrument that will facilitate our rapid growth into clinical diagnostics," said Michael Treble, President of Ibis. "This year we have made substantial progress by advancing our broad pathogen detection and characterization capabilities and establishing a foundation for our commercial clinical diagnostic products. We look forward to continuing this progress."
"The broad applicability of Ibis' technology has been demonstrated in biodefense applications, microbial forensics and infectious disease detection and surveillance, and we believe that it has the potential to be a powerful tool in the detection and surveillance of infectious diseases in the hospital and clinical settings," added Stafford O'Kelly, Vice President, Molecular Diagnostics, Abbott.
"Ibis is an example of Isis' broad innovation, and will provide
substantial benefit to our shareholders, both now as well as in the future, as
Isis receives earn out payments associated with sales of Ibis products," said
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.
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.
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
This press release includes forward-looking statements regarding
Private Securities Litigation Reform Act of 1995 --A Caution Concerning Forward-Looking Statements
Some statements in this news release may be forward-looking statements for
the purposes of the Private Securities Litigation Reform Act of 1995. Abbott
cautions that these forward-looking statements are subject to risks and
uncertainties that may cause actual results to differ materially from those
indicated. Economic, competitive, governmental, technological and other
factors that may affect Abbott's operations are discussed in Item 1A, "Risk
Factors," to Abbott's Annual Report on Securities and Exchange Commission Form
10-K for the year ended
In this press release, unless the context requires otherwise, "Isis" and
"Company" refers to
Isis Pharmaceuticals, Inc.; Abbott -0- 12/17/2008/CONTACT: Don Braakman, Public Affairs, Diagnostics, +1-847-937-0080, or +1-847-772-3263, or Tina Ventura, Director of Investor Relations, +1-847-935-9390, both of Abbott; or Kristina Lemonidis, Associate Director, Corporate Development, +1-760-603-2490, or Amy Blackley, Ph.D., Manager, Corporate Communications, +1-760-603-2772, both of Isis Pharmaceuticals, Inc./ /Web Site: http://www.abbott.com http://www.isispharm.com / ( ISIS ABT) CO: Isis Pharmaceuticals, Inc.; Abbott; Ibis Biosciences, Inc.ST: California, IllinoisIN: HEA MTC BIO SU: TNM PR -- LA52832 -- 5982 12/17/2008 07:00 ESThttp://www.prnewswire.com