CARLSBAD, Calif. and ABBOTT PARK, Ill., Dec. 23 /PRNewswire-FirstCall/ --
Isis Pharmaceuticals, Inc. (Nasdaq: ISIS) and Abbott (NYSE: ABT) announced
today that they have received clearance under the Hart-Scott-Rodino Antitrust
Improvements Act of 1976 for Abbott's purchase of the remaining equity
ownership in Ibis Biosciences, Inc., an Isis subsidiary, which was a key
condition to Abbott's acquisition of Ibis.
Last week, Abbott exercised its option to purchase Ibis. The closing of
the acquisition is subject to the satisfaction of other terms and conditions
of a stock purchase agreement between the parties and is expected to occur in
January 2009.
About Ibis T5000 Biosensor System and Ibis Biosciences, Inc.
Ibis Biosciences, Inc., a majority-owned subsidiary of Isis
Pharmaceuticals, has developed and is commercializing the Ibis T5000(TM)
Biosensor System for rapid identification and characterization of infectious
agents. The Ibis T5000 is currently intended for research use only and not
for use in diagnostic procedures. It is capable of identifying virtually all
bacteria, viruses and fungi, and can provide information about drug
resistance, virulence and strain type of these pathogens. Commercial
applications for the Ibis T5000 Biosensor System include epidemiologic
surveillance, monitoring of pandemic diseases, identification of emerging or
previously unknown pathogens, forensic characterization of human samples,
identification of sources of hospital-associated infections, and, in the
future, human infectious disease diagnostics. Ibis develops, manufactures and
markets Ibis T5000 instruments and assay kits. Additional information about
Ibis can be found by selecting the Ibis link from Isis' homepage at
http://www.isispharm.com.
About Abbott Molecular
Abbott's molecular diagnostics business, headquartered in Des Plaines,
Ill., provides physicians with critical information based on the early
detection of pathogens and key changes in patients' genes and chromosomes,
allowing for earlier diagnosis, selection of appropriate therapies and
monitoring of disease progression. The business includes instruments and
reagents used to conduct sophisticated analysis of patient DNA and RNA.
About Abbott
Abbott 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 68,000 people and markets its products in more than 130
countries.
Abbott's news releases and other information are available on the
company's Web site at http://www.abbott.com.
About Isis Pharmaceuticals, Inc.
Isis is exploiting its expertise in RNA to discover and develop novel
drugs for its product pipeline and for its partners. The Company has
successfully commercialized the world's first antisense drug and has 19 drugs
in development. Isis' drug development programs are focused on treating
cardiovascular and metabolic diseases. Isis' partners are developing
antisense drugs invented by Isis to treat a wide variety of diseases. Isis is
a joint owner of Regulus Therapeutics LLC, a joint venture focused on the
discovery, development and commercialization of microRNA therapeutics. As an
innovator in RNA-based drug discovery and development, Isis is the owner or
exclusive licensee of over 1,500 issued patents worldwide. Additional
information about Isis is available at http://www.isispharm.com.
This press release includes forward-looking statements regarding Isis
Pharmaceuticals' business, the potential acquisition of Ibis by Abbott, the
financial position and outlook for Isis as well as its Ibis Biosciences
subsidiary and the commercial potential of Ibis' technologies and products in
development. Any statement describing Isis' goals, expectations, financial or
other projections, intentions or beliefs is a forward-looking statement and
should be considered an at-risk statement, including those statements that are
described as Isis' goals or projections. Such statements are subject to
certain risks and uncertainties, particularly those inherent in the process of
discovering, developing and commercializing drugs that are safe and effective
for use as human therapeutics, in developing and commercializing systems to
identify infectious organisms that are effective and commercially attractive,
and in the endeavor of building a business around such products. Isis'
forward-looking statements also involve assumptions that, if they never
materialize or prove correct, could cause its results to differ materially
from those expressed or implied by such forward-looking statements. Although
Isis' forward-looking statements reflect the good faith judgment of its
management, these statements are based only on facts and factors currently
known by Isis. As a result, you are cautioned not to rely on these
forward-looking statements. These and other risks concerning Isis' programs
are described in additional detail in Isis' annual report on Form 10-K for the
year ended December 31, 2007, and its most recent quarterly report on Form
10-Q, which are on file with the SEC. Copies of these and other documents are
available from the Company.
Private Securities Litigation Reform Act of 1995 -- A Caution Concerning
Forward-Looking Statements
Some statements in this news release may be forward-looking statements for
the 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. Economic, competitive, governmental, technological and other
factors that may affect Abbott's operations are discussed in Item 1A, "Risk
Factors," to Abbott's Annual Report on Securities and Exchange Commission Form
10-K for the year ended December 31, 2007, and in Item 1A, "Risk Factors," to
Abbott's Quarterly Reports on Securities and Exchange Commission Form 10-Q for
the quarters ended June 30, 2008, and September 30, 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.
In this press release, unless the context requires otherwise, "Isis" and
"Company" refers to Isis Pharmaceuticals and its subsidiaries and joint
venture.
Isis Pharmaceuticals is a registered trademark of Isis Pharmaceuticals,
Inc. Ibis Biosciences and Ibis T5000 are trademarks of Ibis Biosciences, Inc.
Regulus Therapeutics is a trademark of Regulus Therapeutics LLC.
SOURCE Isis Pharmaceuticals, Inc.; Abbott
-0- 12/23/2008
/CONTACT: Don Braakman, Public Affairs, Diagnostics, +1-847-937-0080, or
+1-847-772-3263, or Tina Ventura, Director, Investor Relations,
+1-847-935-9390, both of Abbott; or Kristina Lemonidis, Associate Director,
Corporate Development, +1-760-603-2490, or Amy Blackley, Ph.D., Manager,
Corporate Communications, +1-760-603-2772, both of Isis Pharmaceuticals, Inc./
/Web site: http://www.isispharm.com
http://www.abbott.com /
(ISIS ABT)
CO: Isis Pharmaceuticals, Inc.; Abbott; Ibis Biosciences, Inc.
ST: California, Illinois
IN: HEA MTC BIO
SU: TNM
MK-KK
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