Abbott to Acquire STARLIMS Technologies Ltd., a Leader in Laboratory Information Management Systems
December 14 2009 - 4:41PM
PR Newswire (US)
Enhances Abbott's Diagnostics Portfolio and Expertise in
Information Management Systems; Expands STARLIMS' Presence Across
Laboratory Market Segments ABBOTT PARK, Ill. and HOLLYWOOD, Fla.,
Dec. 14 /PRNewswire-FirstCall/ -- Abbott (NYSE:ABT) announced today
a definitive agreement to acquire STARLIMS Technologies Ltd.
(NASDAQ:LIMS), a leading provider of laboratory information
management systems, for approximately $123 million in cash. The
acquisition strengthens Abbott's competitive position in the global
diagnostics market, providing advanced web-based applications to
help laboratories efficiently store, retrieve and analyze a
significantly increasing volume of clinical, managerial and
administrative data. "The acquisition of STARLIMS will provide
Abbott with leading products to build upon existing technologies
and expertise in the emerging field of healthcare informatics,"
said Edward L. Michael, executive vice president, Diagnostics
Products, Abbott. "STARLIMS' advanced web-based technologies can
help our customers operate efficiently across the core laboratory,
molecular and point-of care segments of the global diagnostics
market." Healthcare informatics is the application of information
management and technology to the planning and delivery of high
quality and cost-effective healthcare. Advanced informatics systems
are becoming increasingly important to clinical laboratories as a
means to automate the retrieval, communication and management of
medical and laboratory data and aid compliance with global
regulatory and industry standards. Informatics systems can help
laboratories improve operating efficiency through process
standardization, reduced labor costs and increased capacity.
Improved laboratory operations benefit physicians and patients
through improved turnaround times and more consistent
interpretation of test results. As Abbott integrates STARLIMS into
its existing portfolio of laboratory information management
products, the company will continue to support and expand the
non-clinical market segments currently served by STARLIMS. "We
believe our laboratory information management solutions, which are
widely used by government, manufacturing and life sciences
organizations, have important applications in clinical laboratories
for improving the access, exchange and analysis of patient and
technical data," said Itschak Friedman, chief executive officer of
STARLIMS, who will continue to lead the STARLIMS team after the
acquisition closes. "We look forward to becoming a part of Abbott
and working together to serve our current customers and expand the
availability of our technologies to address unmet needs in
laboratories around the world." Under the terms of the agreement,
Abbott will acquire all outstanding equity of STARLIMS for $14 per
share, for a total purchase price of approximately $123 million.
STARLIMS currently has approximately $18 million in cash on hand.
This transaction does not impact Abbott's previously issued ongoing
earnings-per-share guidance for 2009 and is subject to customary
closing conditions. Abbott expects the transaction to close in the
first quarter of 2010. About STARLIMS Technologies Ltd. STARLIMS
Technologies Ltd. (NASDAQ:LIMS) is a leading provider of laboratory
information management systems (LIMS), with approximately 160
employees worldwide and more than 20 years of LIMS experience. The
company's flagship product, STARLIMSĀ®, improves the reliability of
laboratory sampling processes, supports compliance with domestic
and international regulations and industry standards, and provides
comprehensive reporting, monitoring and analysis capabilities.
STARLIMS software is used for quality assurance and control,
testing and monitoring, and research and development in government,
manufacturing and life sciences organizations. Headquartered in
Israel, with operations in the United States, Canada, the United
Kingdom and Hong Kong, the company serves over 500 organizations in
40 countries. For more information, please see
http://www.starlims.com/. About Abbott Abbott (NYSE:ABT) 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 72,000 people and markets its
products in more than 130 countries. Abbott Forward Looking
Statement Some statements in this news release may be
forward-looking statements for 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 in the forward-looking statements. Economic, competitive,
governmental, technological and other factors that may affect
Abbott's operations are discussed in Item 1A, "Risk Factors," to
our Annual Report on Securities and Exchange Commission Form 10-K
for the year ended Dec. 31, 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. DATASOURCE: Abbott CONTACT: Media, Don
Braakman, +1-847-937-0080, or Financial, Tina Ventura,
+1-847-935-9390, both of Abbott; or Staci Mortenson of STARLIMS
Technologies Ltd., +1-203-682-8273 Web Site: http://www.abbott.com/
http://www.starlims.com/
Copyright