CARLSBAD, Calif. (AP) -- Isis Pharmaceuticals Inc. said Tuesday it closed the $175 million sale of its remaining stake in Ibis Biosciences to Abbott Laboratories.
In addition to the purchase price, Isis will also receive certain payments tied to post-closing sales of Ibis systems.
Earlier this year, Abbott invested $40 million for a minority stake in Ibis, a Carlsbad, Calif.-based maker of molecular diagnostic systems for infectious diseases. That would bring the total acquisition 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," said Isis Chairman and Chief Executive Stanley Crooke, in a statement.
Ibis makes the T5000 biosensor system, which helps identify infections. It is currently intended for research use only, ranging from epidemiological surveys to monitoring and identifying diseases.
Shares of North Chicago, Ill.-based Abbott fell $1 to $51.64 in morning trading, while shares of Isis rose 14 cents to $14.55.