Deals
Abbott's $5.8 Billion Deal for Alere Is Device Sector's Latest
- Stryker, Medtronic also announced medical device deals Monday
- CEO says Abbott has appetite for acquisitions in other areas
Abbott Agrees to Buy Alere for $5.8 Billion
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Abbott Laboratories agreed to buy Alere Inc. for $56 a share, or about $5.8 billion, to become the leader in the market for rapid medical tests and adding another deal to a long list in the fast-consolidating medical devices and technology space.
The agreement will boost Abbott’s diagnostics sales to about $7 billion, Chief Executive Officer Miles White told investors on Monday, and add tests for heart attacks, influenza and drug abuse to Abbott’s suite of products for testing genetic mutations that can assess patients’ reactions to pharmaceuticals or can help guide cancer therapy.