Abbott completes acquisition of Ibis Biosciences

CARLSBAD, Calif. Abbott has finished its $175 million purchase of Ibis Biosciences, Ibis parent company Isis Pharmaceuticals announced Tuesday.

Abbott had previously invested $40 million in Ibis in exchange for about 18.6% of Ibis’ outstanding equity, bringing the total purchase price to $215 million.

“We believe that Abbott is the ideal company to move the Ibis technology into larger commercial markets, such as clinical diagnostics, where Ibis’ technology can revolutionize infectious disease detection,” Isis chairman and CEO Stanley Crooke said in a statement.

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

Abbott announced its intention to buy Ibis on Dec. 18.