NEW YORK (AP) -- Abbott Laboratories paid $175 million to buy the remaining stake in Ibis Biosciences Inc. from Isis Pharmaceuticals Inc., the companies said Wednesday.
Earlier this year, Abbott invested $40 million for a minority stake in Ibis, a Carlsbad, Calif., maker of molecular diagnostic systems for infectious diseases. That would bring the total acquisition price to $215 million. Isis will receive certain payments tied to post-closing sales of Ibis systems.
Ibis makes the T5000 biosensor system, which helps quickly identify infections. It is currently intended for research use only, ranging from epidemiological surveys to monitoring and identifying diseases.
"We have already presented development plans for the next-generation instrument that will facilitate our rapid growth into clinical diagnostics," Ibis president Michael Treble, said in statement.
The transaction is expected to close in January.