Alere (NYSE:ALR) yesterday said that it’s suing to force the Centers for Medicare & Medicaid Services to reinstate its Arriva diabetes division’s enrollment, after the government health insurer yanked the accreditation last month over issues with an excess of claims submissions for deceased patients. Arriva, which develops durable medical equipment for diabetic testing, was informed Oct. 12 that […]
Alere
Proposed Alere acquisition to be terminated
Abbott (NYSE:ABT) said today it filed a complaint with the Delaware Court of Chancery seeking to terminate its proposed $5.8 billion acquisition of Alere (NYSE:ALR), referencing a “substantial loss in Alere’s value.” Illinois-based Abbott said that since signing its agreement to pick up Alere on January 30, the company has “suffered a series of damaging business developments.” […]
Alere agrees to cough up probe docs to Abbott
Alere (NYSE:ALR) shares rose yesterday after it agreed to give documents to Abbott (NYSE:ABT), which is hoping to rescind its $6 billion offer to acquire the diagnostics company, covering probes into Alere’s dealings with 3rd-party distributors and foreign healthcare officials. The companies have sued each other in a Delaware state court, with Abbott seeking to compel Alere to produce […]
Medicare revokes Alere’s Arriva division enrollment
Alere‘s (NYSE:ALR) Arriva division had its enrollment with the Centers for Medicaid & Medicare Services revoked this month, the company said today in a regulatory filing. Arriva, which develops durable medical equipment for diabetic testing, was informed Oct. 12 that its Medicare enrollment would be revoked by CMS over issues with an excess of claims submissions […]
Abbott looks to mollify EU regulators on St. Jude Medical merger; sues Alere for breach of contract
Abbott (NYSE:ABT) made moves yesterday on a pair of pending, multi-billion-dollar acquisitions, its $25 billion merger with St. Jude Medical (NYSE:STJ) and a $6 billion union with Alere (NYSE:ALR). The European Commission said Abbott, which along with St. Jude agreed to deal some of its vascular assets to Japan’s Terumo Corp. (TYO:4543) last month, agreed to make unspecified concessions to […]
Alere shareholders OK $6m Abbott buyout
Alere (NYSE:ALR) said today that its shareholders voted to approve its nearly $6 billion merger with Abbott (NYSE:ABT), despite its onetime suitor’s seeming reluctance to consummate the deal. Abbott agreed in February to spend $56 per share for Alere, or a total of $5.8 billion, but the deal soon turned rocky when the Waltham, Mass.-based diagnostics company […]
Abbott holds steady on St. Jude Medical, Alere buyouts
(Reuters) — Abbott (NYSE:ABT) said today that it’s pushing ahead to complete its planned purchases of medical device maker St. Jude Medical (NYSE:STJ) and diagnostics company Alere (NYSE:ALR) despite lingering questions about product safety and government investigations. CEO Miles White, on a conference call with analysts, said he hoped to acquire St. Jude by the end of the year and […]
Mediation fails in Abbott’s dispute with Alere over $6B merger
Mediation efforts looking to resolve antitrust disagreements that have stalled the $5.8 billion merger of Alere (NYSE:ALR) and Abbott (NYSE:ABT) have failed, according to an SEC filing from Alere posted Monday. The companies told a Delaware state court earlier in the month that they would seek to mediate their dispute over the pending merger. The dispute concerns Abbott’s role […]
Abbott, Alere to mediate merger dispute
Alere (NYSE:ALR) told a Delaware state court yesterday that it and Abbott (NYSE:ABT) will seek to mediate their dispute over a pending, $5.8 billion merger. The dispute concerns Abbott’s role in winning the approval of U.S. anti-trust regulators for the merger, which was announced in February. Alere filed the lawsuit in August, looking to force Abbott to obtain all […]
Judge fast-tracks Alere suit against Abbott, urges mediation
A Delaware judge today expedited Alere‘s (NYSE:ALR) lawsuit against Abbott (NYSE:ABT) seeking to force Abbott to adhere to the terms of its $5.8 billion acquisition, but urged the companies to reach an agreement first. Delaware Chancery Court Judge Sam Glasscock said he put the hearing on the court’s fast track, but didn’t rule on Alere’s request […]
Alere airs dirty laundry in Abbott lawsuit
Abbott (NYSE:ABT) is deliberately stalling with federal anti-trust regulators, hoping to snuff the pending, $5.8 billion buyout of Alere (NYSE:ALR), according to a lawsuit unveiled this week in a Delaware state court. Waltham, Mass.-based Alere, which revealed the lawsuit last week, alleged that Abbott evaded a 2nd request for information on the tie-up from the Federal Trade Commission […]