CARLSBAD, Calif. and ABBOTT PARK, Ill., Dec. 23 Isis Pharmaceuticals, Inc. (Nasdaq: ISIS) and Abbott (NYSE: ABT) announcedtoday that they have received clearance under the Hart-Scott-Rodino AntitrustImprovements Act of 1976 for Abbott's purchase of the remaining equityownership in Ibis Biosciences, Inc., an Isis subsidiary, which was a keycondition to Abbott's acquisition of Ibis.
Last week, Abbott exercised its option to purchase Ibis. The closing ofthe acquisition is subject to the satisfaction of other terms and conditionsof a stock purchase agreement between the parties and is expected to occur inJanuary 2009.
About Ibis T5000 Biosensor System and Ibis Biosciences, Inc.
Ibis Biosciences, Inc., a majority-owned subsidiary of IsisPharmaceuticals, has developed and is commercializing the Ibis T5000(TM)Biosensor System for rapid identification and characterization of infectiousagents. The Ibis T5000 is currently intended for research use only and notfor use in diagnostic procedures. It is capable of identifying virtually allbacteria, viruses and fungi, and can provide information about drugresistance, virulence and strain type of these pathogens. Commercialapplications for the Ibis T5000 Biosensor System include epidemiologicsurveillance, monitoring of pandemic diseases, identification of emerging orpreviously unknown pathogens, forensic characterization of human samples,identification of sources of hospital-associated infections, and, in thefuture, human infectious disease diagnostics. Ibis develops, manufactures andmarkets Ibis T5000 instruments and assay kits. Additional information aboutIbis can be found by selecting the Ibis link from Isis' homepage athttp://www.isispharm.com.
About Abbott Molecular
Abbott's molecular diagnostics business, headquartered in Des Plaines,Ill., provides physicians with critical information based on the earlydetection of pathogens and key changes in patients' genes and chromosomes,allowing for earlier diagnosis, selection of appropriate therapies andmonitoring of disease progression. The business includes instruments andreagents used to conduct sophisticated analysis of patient DNA and RNA.
Abbott is a global, broad-based health care company devoted to thediscovery, development, manufacture and marketing of pharmaceuticals andmedical products, including nutritionals, devices and diagnostics. The companyemploys more than 68,000 people and markets its products in more than 130countries.
Abbott's news releases and other information are available on thecompany's Web site at http://www.abbott.com.
About Isis Pharmaceuticals, Inc.
Isis is exploiting its expertise in RNA to discover and develop noveldrugs for its product pipeline and for its partners. The Company hassuccessfully commercialized the world's first antisense drug and has 19 drugsin development. Isis' drug development programs are focused on treatingcardiovascular and metabolic diseases. Isis' partners are developingantisense drugs invented by Isis to treat a wide variety of diseases. Isis isa joint owner of Regulus Therapeutics LLC, a joint venture focused on thediscovery, development and commercialization of microRNA therapeutics. As aninnovator in RNA-based drug discovery and development, Isis is the owner orexclusive licensee of over 1,500 issued patents worldwide. Additionalinformation about Isis is available at http://www.isispharm.com.
This press release includes forward-looking statements regarding IsisPharmaceuticals' business, the potential acquisition of Ibis by Abbott, thefinancial position and outlook for Isis as well as its Ibis Biosciencessubsidiary and the commercial potential of Ibis' technologies and products indevelopment. Any statement describing Isis' goals, expectations, financial orother projections, intentions or beliefs is a forward-looking statement andshould be considered an at-risk statement, including those statements that aredescribed as Isis' goals or projections. Such statements are subject tocertain risks and uncertainties, particularly those inherent in the process ofdiscovering, developing and commercializing drugs that are safe and effectivefor use as human therapeutics, in developing and commercializing systems toidentify 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 nevermaterialize or prove correct, could cause its results to differ materiallyfrom those expressed or implied by such forward-looking statements. AlthoughIsis' forward-looking statements reflect the good faith judgment of itsmanagement, these statements are based only on facts and factors currentlyknown by Isis. As a result, you are cautioned not to rely on theseforward-looking statements. These and other risks concerning Isis' programsare described in additional detail in Isis' annual report on Form 10-K for theyear ended December 31, 2007, and its most recent quarterly report on Form10-Q, which are on file with the SEC. Copies of these and other documents areavailable from the Company.
Private Securities Litigation Reform Act of 1995 -- A Caution ConcerningForward-Looking Statements
Some statements in this news release may be forward-looking statements forthe purposes of the Private Securities Litigation Reform Act of 1995. Abbottcautions that these forward-looking statements are subject to risks anduncertainties that may cause actual results to differ materially from thoseindicated. Economic, competitive, governmental, technological and otherfactors that may affect Abbott's operations are discussed in Item 1A, "RiskFactors," to Abbott's Annual Report on Securities and Exchange Commission Form10-K for the year ended December 31, 2007, and in Item 1A, "Risk Factors," toAbbott's Quarterly Reports on Securities and Exchange Commission Form 10-Q forthe quarters ended June 30, 2008, and September 30, 2008, and are incorporatedby reference. Abbott undertakes no obligation to release publicly anyrevisions to forward-looking statements as a result of subsequent events ordevelopments.
In this press release, unless the context requires otherwise, "Isis" and"Company" refers to Isis Pharmaceuticals and its subsidiaries and jointventure.
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