Chicago-based Abbott Laboratories announced a total payment of 175 million dollars to purchase the remaining equity to take over California based Ibis Biosciences Inc. a specialized company in medical diagnostic instruments.

Chicago Based Abbott paid 40 million dollars earlier this year in exchange for approximately 18.6% of Ibis' outstanding equity

Ibis specializes in Hospital devices to detect hospital-acquired infections , and it was one of the Abbott's key areas of interest.

The total acquisition price was of $215 million plus earn out payments.

Acquisition will expand Abbott's position in molecular diagnostics for infectious disease specially a device known as T 5000 to detect hospital-acquired infections.

This is Abbott’s second biggest operation, early this year they closed a buy-out 50-50 U.S. venture with Japan’s Takeda Pharmaceutical known as TAP Pharmaceutical, leaving Abbott with all of Lupron’s sales.