Alere (NYSE:ALR) said today it filed a lawsuit against Abbott (NYSE:ABT), looking to force the company to obtain all antitrust approvals required to complete its $5.8 billion acquisition of Alere. The complaint was filed in Delaware Chancery Court and seeks to “compel Abbott to fulfill its obligations under the terms of the merger agreement.” “Alere will take […]
Alere
Alere: Abbott can’t get out of $6B merger
Alere (NYSE:ALR) said it is confident it’s potential $6 billion merger with Abbott (NYSE:ABT) will go through, despite concerns that it could fall through. “In response to the statements made by an Abbott spokesman yesterday, while Abbott is free to express concerns about anything it wants, it should not imply that Abbott has any basis to […]
Alere ticks up after reporting delayed 2015 results
Shares in Alere (NYSE:ALR) ticked up today after the diagnostics giant reported its long-delayed financial results ahead of its $6 billion union with Abbott (NYSE:ABT). Alere, which last month cut its outlook for the rest of the year amid a probe of accounting snafus in Africa and China, said in a press release that it found “immaterial errors” […]
Abbott rises on Q2 earnings, sales beats
Abbott (NYSE:ABT) saw its stock rise today after reporting earnings and sales that came in above the consensus outlook on Wall Street. The Abbott Park, Ill.-based healthcare giant posted profits of $812 million, or 41¢ per share, on sales of $5.33 billion for the 3 months ended June 30, for a bottom-line gain of 3.3% […]
Alere cuts outlook as it probes accounting snafu
Alere (NYSE:ALR) yesterday cut its outlook for the rest of the year and said it plans to filed its delayed annual report for 2015 “as soon as practicable” as it probes accounting snafus in Africa and China. The Waltham, Mass.-based diagnostics giant said it now expects to post sales of $2.45 billion, down from its prior […]
Alere withdraws INRatio monitors from U.S. market
Alere (NYSE:ALR), in collaboration with the FDA, said today that it is voluntarily withdrawing its INRatio and INRatio 2 PT/INR monitoring systems designed to monitor blood flow and clotting. The company said it is working with the federal watchdog to “determine the most appropriate timing for product discontinuation” and said it will “provide guidance” to aid […]
Report: Abbott audits Alere’s books ahead of $6B merger
Abbott (NYSE:ABT) reportedly triggered its right to audit Alere‘s (NYSE:ALR) books before consummating their $5.8 billion merger. “Abbott is abiding by the terms of the contract with Alere and has exercised its contractual rights to audit Alere’s books and records,” spokeswoman Darcy Ross told Bloomberg. “To date, we have had a partial response from the company.” Alere said it […]
Alere rejected Abbott’s $50m offer to spike merger
Alere (NYSE:ALR) said yesterday that it rejected an offer from Abbott (NYSE:ABT) to pay up to $50 million to spike their pending, $5.8 billion merger, even as news broke of Abbott’s $25 billion bid for St. Jude Medical (NYSE:STJ). The Chicago-area healthcare giant’s nearly $6 billion acquisition of Alere, the Waltham, Mass.-based diagnostics firm drew scrutiny after Abbott CEO Miles […]
Shareholders sue Alere to block Abbott buyout
(Reuters) – Diagnostics company Alere (NYSE:ALR) has been hit with a securities fraud lawsuit accusing it of artificially inflating its share prices ahead of the Feb. 1 announcement of its proposed $5.8 billion acquisition by Abbott (NYSE:ABT). The shareholder lawsuit, filed on Thursday in federal court in Boston, accused Alere of misleading investors by stating that […]
Alere shares sink after Abbott CEO fuels speculation deal at risk
(Reuters) – Abbott‘s (NYSE:ABT) chief executive said on Wednesday it would not be appropriate to comment on whether the company was committed to buying diagnostics company Alere (NYSE:ALR), fueling speculation the deal might not close. Alere’s stock tumbled about 17% to $41 after Abbott Chief Executive Miles White, speaking on a post-earnings conference call, declined to […]
FDA weighs dangers of faulty readings from blood clot monitors
The FDA is considering possible dangers from medical devices that monitor blood clotting producing false readings, according to a report from The Wall Street Journal. The FDA has tracked thousands of cases of malfunctions from such devices over the years, the WSJ reports. Deaths and serious injuries have been linked with the erroneous readings, due […]