Abbott Labs to Acquire Vysis
By HospiMedica staff writers
Posted on 01 Nov 2001
In a move to expand its offerings in molecular diagnostics, Abbott Laboratories (Abbott Park, IL, USA) has agreed to acquire Vysis, Inc. (Downers Grove, IL, USA), a leading developer of innovative molecular diagnostic products. The transaction is valued at around US$355 million. As part of the transaction, Abbott has entered into an agreement with Amoco Technology Company for its holdings of around 65% of outstanding Vysis shares.Posted on 01 Nov 2001
Vysis has developed tests for breast cancer (PathVysion HER-2 DNA Probe Kit) and bladder cancer recurrence (UroVysion), based on the company's proprietary fluorescence in situ hybridization (FISH) DNA probe technology that can detect changes in genes or chromosomes. Other Vysis products include tests for prenatal abnormalities, chronic myelogenous leukemia, and chronic lymphocytic leukemia.
"This acquisition further strengthens our position in molecular diagnostics, with a portfolio of innovative tests for the detection of chromosomal and gene abnormalities,” said Thomas D. Brown, senior vice president, diagnostic operations, Abbott Laboratories.
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