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Bioscience
Abbott Exercises Its Option to Acquire Ibis Biosciences, a Subsidiary of Isis
January 3rd, 2009
Isis Pharmaceuticals, Inc. (NASDAQ:ISIS) and Abbott (NYSE:ABT) announced that Abbott has exercised its option to purchase the remaining equity ownership in 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. Earlier this year, Abbott invested $40 million in Ibis in exchange for approximately 18.6% of Ibis' outstanding equity. This investment, along with the $175 million that would be due at closing, would result in a total acquisition price of $215 million plus...
Source: Law & Health Weekly (2009-01-03)
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