Looks like you’re on the UK site. Choose another location to see content specific to your location

Home Industry News Abbott purchases remainder of Ibis Biosciences

Abbott purchases remainder of Ibis Biosciences

18th December 2008

Abbott announced this week it has exercised its option to buy Ibis Biosciences’ remaining equity ownership.

Ibis Biosciences is a subsidiary of Isis and was purchased for a closing price of $175 million (113.8 million pounds), Abbott stated. Previously this year, the company invested $40 million for about 18.6 per cent of equity, making the total acquisition price $215 million.

In addition to this sum, Isis is to receive earn-out payments tied to sales of its systems such as assay kits and instruments.

Ibis president Michael Treble said the deal reflected Abbott’s confidence in the firm, which has presented proposals for a next-generation instrument aimed at moving operations into clinical diagnostics.

“This year we have made substantial progress by advancing our broad pathogen detection and characterisation capabilities and establishing a foundation for our commercial clinical diagnostic products,” he added.

“We look forward to continuing this progress.”

Stafford O’Kelly, vice-president of molecular diagnostics at Abbott, explained Ibis had clearly demonstrated its technology in a range of areas including infectious disease detection and this was hoped to be used soon in clinical and hospital settings.

In related news, last week saw Abbott declare a 36 pence per share quarterly dividend to be paid on February 15th 2009.

We currently have 7 jobs available in Pharmacy industry, find your perfect one now.

Stay informed

Receive the latest industry news, Tips
and straight to your inbox.