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news.Abbott has completed the purchase of Ibis Biosciences, a subsidiary of Isis Pharmaceuticals, for a closing purchase price of $175 million.
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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’s 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.
Stafford O’Kelly, vice president of molecular diagnostics at Abbott, said: “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. Ibis’s technology and talented team of scientists will help us continue building a long-term product pipeline for our growing molecular diagnostics business.”