NEW YORK (GenomeWeb News) – Abbott has completed its acquisition of molecular diagnostics firm Ibis Biosciences from Isis Pharmaceuticals for total consideration of $215 million plus earn-out payments.
Abbott said last month that it had exercised its option to acquire the remaining 81.4 percent stake of Ibis Biosciences that it didn’t already own for $175 million.
Earlier in 2008, Abbott acquired an 18.6 percent stake in Ibis, which is the molecular diagnostics subsidiary of Isis Pharmaceuticals, 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. It is currently used for research purposes, but Abbott intends to seek US Food and Drug Administration clearance of the system for clinical diagnostics applications.
“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,” Stafford O’Kelly, vice president of molecular diagnostics for Abbott, said in a statement today.