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Abbott Clears US Antitrust Hurdle for Ibis Buy

NEW YORK (GenomeWeb News) – Abbott today said that it has received clearance from US antitrust regulators to proceed with the acquisition of Isis Pharmaceuticals’ molecular diagnostics subsidiary Ibis Biosciences.
 
The clearance comes less than a week after Abbott said that it had exercised its option to acquire the remaining 81.4 percent stake of Ibis that it didn’t already own for $175 million.
 
The acquisition is subject to other terms and conditions of a stock purchase agreement between the parties, but it is expected to close in January 2009, the firms said today.
 
Earlier this year, Abbott acquired an 18.6 percent stake in Ibis in two tranches for $40 million. At that time, it took an exclusive option to acquire the remaining interest in Ibis by June 30, 2009, for $175 million to $195 million, plus an earn-out tied to sales of instruments and assay kits.
 
Ibis sells the Ibis T5000 Biosensor System, which is used for rapid identification and characterization of infectious agents.
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