ITEM 1
Abbott to Acquire
STARLIMS Technologies Ltd., a Leader in Laboratory Information Management Systems
Enhances Abbotts
Diagnostics Portfolio and Expertise in Information Management Systems; Expands
STARLIMS Presence Across Laboratory Market Segments
ABBOTT PARK, Ill., and HOLLYWOOD,
Fla., Dec. 14, 2009 Abbott (NYSE: ABT) announced today a definitive agreement to
acquire STARLIMS Technologies Ltd. (NASDAQ: LIMS), a leading provider of laboratory
information management systems, for approximately $123 million in cash.
The acquisition strengthens
Abbotts competitive position in the global diagnostics market, providing advanced
web-based applications to help laboratories efficiently store, retrieve and analyze a
significantly increasing volume of clinical, managerial and administrative data.
The acquisition of STARLIMS
will provide Abbott with leading products to build upon existing technologies and
expertise in the emerging field of healthcare informatics, said Edward L. Michael,
executive vice president, Diagnostics Products, Abbott. STARLIMS advanced
web-based technologies can help our customers operate efficiently across the core
laboratory, molecular and point-of care segments of the global diagnostics market.
Healthcare informatics is the
application of information management and technology to the planning and delivery of high
quality and cost-effective healthcare. Advanced informatics systems are becoming
increasingly important to clinical laboratories as a means to automate the retrieval,
communication and management of medical and laboratory data and aid compliance with global
regulatory and industry standards. Informatics systems can help laboratories improve
operating efficiency through process standardization, reduced labor costs and increased
capacity. Improved laboratory operations benefit physicians and patients through improved
turnaround times and more consistent interpretation of test results.
As Abbott integrates STARLIMS into
its existing portfolio of laboratory information management products, the company will
continue to support and expand the non-clinical market segments currently served by
STARLIMS.
We believe our laboratory
information management solutions, which are widely used by government, manufacturing and
life sciences organizations, have important applications in clinical laboratories for
improving the access, exchange and analysis of patient and technical data, said
Itschak Friedman, chief executive officer of STARLIMS, who will continue to lead the
STARLIMS team after the acquisition closes. We look forward to becoming a part of
Abbott and working together to serve our current customers and expand the availability of
our technologies to address unmet needs in laboratories around the world.
Under the terms of the agreement,
Abbott will acquire all outstanding equity of STARLIMS for $14 per share, for a total
purchase price of approximately $123 million. STARLIMS currently has approximately $18
million in cash on hand.
This transaction does not impact
Abbotts previously issued ongoing earnings-per-share guidance for 2009 and is
subject to customary closing conditions. Abbott expects the transaction to close in the
first quarter of 2010.
About STARLIMS
Technologies Ltd.
STARLIMS Technologies Ltd.
(Nasdaq:LIMS) is a leading provider of laboratory information management systems (LIMS),
with approximately 160 employees worldwide and more than 20 years of LIMS experience. The
companys flagship product, STARLIMS®, improves the reliability of laboratory
sampling processes, supports compliance with domestic and international regulations and
industry standards, and provides comprehensive reporting, monitoring and analysis
capabilities. STARLIMS software is used for quality assurance and control, testing and
monitoring, and research and development in government, manufacturing and life sciences
organizations. Headquartered in Israel, with operations in the United States, Canada, the
United Kingdom and Hong Kong, the company serves over 500 organizations in 40 countries.
For more information, please see http://www.starlims.com.
About Abbott
Abbott (NYSE: ABT) 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 72,000 people and markets its products in more
than 130 countries.
Abbott Forward Looking
Statement
Some statements in this news release
may be forward-looking statements for purposes of the Private Securities Litigation Reform
Act of 1995. Abbott cautions that these forward-looking statements are subject to risks
and uncertainties that may cause actual results to differ materially from those indicated
in the forward-looking statements. Economic, competitive, governmental, technological and
other factors that may affect Abbotts operations are discussed in Item 1A,
Risk Factors, to our Annual Report on Securities and Exchange Commission Form
10-K for the year ended Dec. 31, 2008, and are incorporated by reference. Abbott
undertakes no obligation to release publicly any revisions to forward-looking statements
as a result of subsequent events or developments.
SIGNATURE
Pursuant
to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused
this report to be signed on its behalf by the undersigned, thereunto duly authorized.
|
|
STARLIMS Technologies Ltd.
(Registrant)
By: /s/ Chaim Friedman
Chaim Friedman
Chief Financial Officer
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Date: December 14, 2009
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