Abbott‘s (NYSE:ABT) Alere (NYSE:ALR) has agreed to pay $20 million to settle an investor’s suit claiming it made misleading statements about its blood diagnostics business shortly before its proposed billion-dollar merger with Abbott, according to recently released court documents. The suit was originally filed in 2016 by Judith Godinez in the U.S. District Court for the District […]
Medtronic taps former JP Morgan analyst Weinstein for strategy SVP | Personnel Moves – May 7, 2018
Medtronic (NYSE:MDT) said today it tapped former J.P. Morgan Chase & Co. analyst Mike Weinstein as its strategy senior VP. Prior to joining Medtronic, Weinstein served as a managing director for JP Morgan’s equity research healthcare team, holding positions within the unit for more than 20 years, the Fridley, Minn.-based company said. “We are excited to […]
Companies push back against allegations of FCA violations over excess at-home blood testing
A 70-year-old former Marine is taking a group of companies to court over their at-home blood testing services, arguing that the industry players broke the law by requiring patients to conduct weekly tests. The companies then submit these bills to Medicare for reimbursement, even asking to be repaid for services that weren’t rendered, according to […]
Sunrise Labs executes succession plan | Personnel Moves – April 5, 2018
Medical device and life science development group Sunrise Labs said this week that it completed its succession plan, with president Eric Soederberg acquiring the majority of shares in the company through a stock sale with founder and board chair Drew Sunstein. With the transaction, the Bedford, N.H.-based company said that it secured its planned ownership […]
Smith & Nephew to name ex-Alere chief exec Nawana as CEO
Smith & Nephew (NYSE:SNN) is slated to announce tomorrow that it has tapped former Alere (NYSE:ALR) CEO Namal Nawana as its new chief executive officer, according to a report from Sky News. The company has been searching for a replacement since last October, when current head Olivier Bohuon announced plans to retire from the corner office. Bohuon […]
Alere forks over $33m to settle DOJ inquiry
The U.S. Dept. of Justice said today that Abbott‘s (NYSE:ABT) Alere (NYSE:ALR) agreed to pay $33.2 million to resolve allegations that it knowingly sold unreliable point-of-care diagnostic devices, causing hospitals to submit false claim to Medicare, Medicaid and other federal healthcare programs. The U.S. alleged that Alere sold materially unreliable Triage devices, which are designed to diagnose serious […]
Siemens Healthineers closes Epocal buy
Siemens (NYSE:SI) Healthineers said today it closed its acquisition of the Epocal point-of-care blood diagnostic business from Alere and Abbott (NYSE:ABT) for an undisclosed amount. Siemens Healthineers said it will integrate Epocal’s portfolio into its POC Ecosystem solution to offer customized testing and touted that the two lines would “integrate seamlessly.” “Health networks have varying needs for blood […]
Abbott completes Alere tender offer
Abbott (NYSE:ABT) said today it closed its tender offer for all outstanding Alere (NYSE:ALR) Series B convertible perpetual preferred stock shares at $402 per share. The offer was made in connection with Abbott’s acquisition of Alere, which closed yesterday. A total of 1.7 million shares of preferred stock were tendered in the offer, representing 98.5% of the outstanding […]
It’s official: Abbott closes $5B Alere buy
Abbott (NYSE:ABT) today closed its $5.3 billion buy of diagnostics giant Alere (NYSE:ALR), ending an acquisition process the company has been engaged in since last Feb. The companies received the go-ahead from U.S. and Canadian anti-trust regulators last week, subject to concessions, after having received clearance from EU anti-trust regulators in January. With clearance in hand, the companies […]
Abbott’s $5B acquisition of Alere set to close tomorrow
Abbott (NYSE:ABT) said today it is looking to close its $5 billion acquisition of Alere (NYSE:ALR) tomorrow, saying it has received all regulatory clearances necessary. The Abbott Park, Ill.-based company said the acquisition will establish it as a “global leader in point of care testing,” which it sees as the fastest growing segment of the $50 billion in vitro […]
UPDATE: Abbott plans to close $5B Alere buyout next week
UPDATED Sept. 29, 2017, with U.S. Justice Dept. news. Abbott (NYSE:ABT) said today that it plans to close its once star-crossed merger with Alere (NYSE:ALR) next week, after U.S. and Canadian anti-trust regulators yesterday approved the deal subject to concessions. Abbott agreed to divest a blood gas testing system to Siemens (NYSE:SI), which also agreed to buy two […]
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