NEW YORK (Thomson Financial) - Isis Pharmaceuticals Inc. Tuesday said Abbott
Laboratories has invested an additional $20 million in Isis subsidiary Ibis
Biosciences Inc.
Abbott retains the exclusive option to purchase the remaining equity in Ibis
for an additional $175 million to $190 million through June 30, 2009, depending
on whether certain milestones are reached, Isis said. If Abbott acquires Ibis,
Isis will also receive an earn-out tied to the achievement of certain cumulative
sales.
Abbott has already invested $40 million in Ibis and holds 18.6% of the
equity in the subsidiary.
Isis shares closed at $13.63 on Monday. Abbott shares closed at $52.97.
Christie Rizk
cr/pc
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