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HobGlobulin

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HobGlobulin

Re: None

Wednesday, 12/17/2008 10:45:39 AM

Wednesday, December 17, 2008 10:45:39 AM

Post# of 253566
Abbot Buys Isis Subsidiary (Ibis Biosciences, Inc.)

[Isis developed the T5000 Biosensor System with government money and various government agencies were its first customers. The 2001 "anthrax mailings" case was rumored to have been solved using the biosensor.

( http://pubs.acs.org/cen/news/86/i32/8632notw8.html ) ]



http://ir.isispharm.com/releasedetail.cfm?ReleaseID=354715

>> Abbott Exercises Its Option to Acquire Ibis Biosciences, a Subsidiary of Isis

CARLSBAD, Calif. and ABBOTT PARK, Ill., Dec 17, 2008 /PRNewswire-FirstCall via COMTEX News Network/ --

Total acquisition price will be $215 million

Acquisition will expand Abbott's position in molecular diagnostics for infectious disease

Isis Pharmaceuticals, Inc. (Nasdaq: ISIS) and Abbott (NYSE: ABT) announced today 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 earn out payments.

The closing of the acquisition of the remaining equity ownership in Ibis is subject to the satisfaction of the terms and conditions of a stock purchase agreement that has been executed by the parties, including obtaining clearance under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, and is expected to occur in January, 2009.

"Abbott's confidence in Ibis is reflected in its decision to invest in Ibis' technology and to exercise its option to purchase Ibis. We have already presented development plans for the next-generation instrument that will facilitate our rapid growth into clinical diagnostics," said Michael Treble, President of Ibis. "This year we have made substantial progress by advancing our broad pathogen detection and characterization capabilities and establishing a foundation for our commercial clinical diagnostic products. We look forward to continuing this progress."

"The broad applicability of Ibis' technology has been demonstrated in biodefense applications, microbial forensics and infectious disease detection and surveillance, and we believe that it has the potential to be a powerful tool in the detection and surveillance of infectious diseases in the hospital and clinical settings," added Stafford O'Kelly, Vice President, Molecular Diagnostics, Abbott.

"Ibis is an example of Isis' broad innovation, and will provide substantial benefit to our shareholders, both now as well as in the future, as Isis receives earn out payments associated with sales of Ibis products," said Stanley Crooke, M.D., Ph.D., Chairman and CEO of Isis. "Ibis has refined its approach toward larger commercial markets, and we believe its relationship with Abbott will allow Ibis to continue to move quickly forward along this path."

About Ibis T5000 Biosensor System and Ibis Biosciences, Inc.

Ibis Biosciences, Inc., a majority-owned subsidiary of Isis Pharmaceuticals, has developed and is commercializing the Ibis T5000(TM) Biosensor System for rapid identification and characterization of infectious agents. The Ibis T5000 is currently intended for research use only and not for use in diagnostic procedures. It is capable of identifying virtually all bacteria, viruses and fungi, and can provide information about drug resistance, virulence and strain type of these pathogens. Commercial applications for the Ibis T5000 Biosensor System include epidemiologic surveillance, monitoring of pandemic diseases, identification of emerging or previously unknown pathogens, forensic characterization of human samples, identification of sources of hospital-associated infections, and, in the future, human infectious disease diagnostics. Ibis develops, manufactures and markets Ibis T5000 instruments and assay kits. Additional information about Ibis can be found by selecting the Ibis link from Isis' homepage at www.isispharm.com.

About Abbott Molecular

Abbott's molecular diagnostics business, headquartered in Des Plaines, Ill., provides physicians with critical information based on the early detection of pathogens and key changes in patients' genes and chromosomes, allowing for earlier diagnosis, selection of appropriate therapies and monitoring of disease progression. The business includes instruments and reagents used to conduct sophisticated analysis of patient DNA and RNA.

About Abbott

Abbott is a global, broad-based health care company devoted to the discovery, development, manufacture and marketing of pharmaceuticals and medical products, including nutritionals, devices and diagnostics. The company employs more than 68,000 people and markets its products in more than 130 countries.

Abbott's news releases and other information are available on the company's Web site at www.abbott.com.

About Isis Pharmaceuticals, Inc.

Isis is exploiting its expertise in RNA to discover and develop novel drugs for its product pipeline and for its partners. The Company has successfully commercialized the world's first antisense drug and has 19 drugs in development. Isis' drug development programs are focused on treating cardiovascular and metabolic diseases. Isis' partners are developing antisense drugs invented by Isis to treat a wide variety of diseases. Isis is a joint owner of Regulus Therapeutics LLC, a joint venture focused on the discovery, development and commercialization of microRNA therapeutics. As an innovator in RNA-based drug discovery and development, Isis is the owner or exclusive licensee of over 1,500 issued patents worldwide. Additional information about Isis is available at www.isispharm.com. <<
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