Bioscience

Abbott Completes Acquisition of Ibis Biosciences, a Subsidiary of Isis

Published in Health Business Week, January 23rd, 2009

Isis Pharmaceuticals, Inc. (NASDAQ:ISIS) and Abbott (NYSE:ABT) announced 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...

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Source: Health Business Week (2009-01-23)

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