Abbott announces plans to acquire Iris Pharmaceuticals subsidiary

ABBOTT PARK, Ill. Abbott announced Wednesday that it would buy a subsidiary of Isis Pharmaceuticals in a deal worth more than $200 million.

Abbott will buy Isis subsidiary Ibis Biosciences for a closing purchasing price of $175 million, in addition to post-closing payments of Ibis systems that will bring the total to $215 million.

Ibis develops medical testing equipment, including the T5000 Biosensor System for rapid identification and characterization of infections agents.

“Abbott’s confidence in Ibis is reflected in its decision to invest in Ibis’ technology and to exercise its option to purchase Ibis,” Ibis president Michael Treble said. “We have already presented development plans for the next-generation instrument that will facilitate our rapid growth into clinical diagnostics.”