Abbott will be able to provide new, flexible, cost-effective, high-quality products to help health systems meet growing demand in both in-patient and out-patient settings. Participants in the Solicitation Its unlikely that other bidders will enter the fray at such a high premium, he said. A MESSAGE FROM ABBOTT'S CEO MILES WHITE CHAIRMAN AND CEO ABBOTT LABORATORIES. Abbott is providing these links to you only as a convenience, and the inclusion of any link does not imply endorsement of the linked site by Abbott. Once the transaction is completed, Abbott will become the leading diagnostics provider of point of care testing. Under the terms of the agreement, Abbott will pay $56 per common share of Alere stock, for a total expected equity value of $5.8 billion. Apply for Field Service Engineer Molecular - Firenze Area (temporary contract) job with Abbott Laboratories in Italy - Tuscany - Florence. Abbott and YRGCARE Announce Unique Collaboration to Study HIV and Viral Hepatitis Patterns in India. San Diego-based diagnostics maker Quidel has penned a deal to acquire Alere's triage assets as it boosts its position in the point of care (POC) market, as well as its geographic footprint. Contact Us. Acquisition broadens Abbott's diagnostics footprint by providing access to new product applications, channels and geographies. Abbott (NYSE: ABT) and Alere Inc. (NYSE: ALR) announced today a definitive agreement for Abbott to acquire Alere, significantly advancing Abbott's global diagnostics presence and leadership. Alere and its directors, executive officers and other members of management and employees, under SEC rules, may be deemed to be "participants'' in the solicitation of proxies from stockholders of Alere in favor of the proposed transaction. | June 19, 2022 The Davis Polk corporate team includes partner Phillip R. Mills and associate Faizan A. Tukdi. This gave Abbott inventions and expertise in both the areas of cardiovascular and neuromodulation, which made Abbott one of the top major players in almost every area of cardiovascular health. Abbott will conduct a special conference call today at 8 a.m. Central time (9 a.m. Eastern time) to provide an overview of the transaction. Abbott to Acquire Alere, Becoming Leader in Point of Care Testing and Significantly Advancing Global Diagnostics Presence - Abbott gains leadership in the $5.5 billion point of care segment, broadens diagnostics footprint and enhances access to fast-growing diagnostics channels In February 2016, Abbott confirmed an agreement to acquire Alere for $5.8 billion. Unless otherwise specified, all product and service names appearing in this Internet site are trademarks owned by or licensed to Abbott, its subsidiaries or affiliates. Itinerary Outline. Abbott will be able to better serve an expansive customer base around the world while also accelerating innovation in point of care diagnostics. The Lorenza . Financial The Illinois-based Abbott will acquire Alere for an amount less than the initially agreed upon $5.8 billion. The company, based in Waltham, Mass., will become a subsidiary of Abbott, which is expecting to have annual diagnostic sales of $7 billion after the transaction closes, according to a statement released by the companies on Monday. Medical testing was not the only health care sector announcing a deal on Monday. Welcome reception with Tuscan hors d'oeuvres & wines hosted by Susan and Paint Europe. Abbott's 2015 worldwide diagnostics sales were $4.6 billion in 2015, including $473 million from its point of care business. Problems Delayed Merger I'd like to thank our global workforce of nearly 10,000 employees whose hard work and dedication has enabled Alere to contribute to improved patient outcomes throughout the world.". Abbott has agreed to buy Alere for $5.3 billion, down from the $5.8 billion agreed upon when the deal was announced in February 2016. 2017: Abbott acquires Alere Inc., making Abbott the leader in point-of-care diagnostic technology filling out its array of diagnostics technologies. Unless otherwise specified, all product and service names appearing in this Internet site are trademarks owned by or licensed to Abbott, its subsidiaries or affiliates. Once the transaction is completed, Abbott will become the leading diagnostics provider of point of care testing. JP Morgan is acting as financial advisor and Cravath, Swaine & Moore is serving as legal counsel to Alere. Abbott has agreed to acquire Alere (NYSE: ALR), the Massachusetts-based point of care testing company, significantly advancing its diagnostics presence and leadership. Once the transaction is completed, Abbott will become the leading diagnostics provider of point of care testing. "Combined with Abbott's existing point of care business and its leading hand-held platform, i-STAT, we now have the broadest point of care testing portfolio to help improve care for patients in more parts of the world.". Abbott (ABT) and Alere (ALR) announced a definitive agreement for Abbott to acquire Alere. Three months later, Abbott decided it wanted out of the deal, triggering a hard-fought merger battle over whether Abbott would be forced to consummate the transaction. Diagnostic testing system company Quidel ( NASDAQ: QDEL) has announced an agreement to acquire certain assets for up to $440 million from Alere as part of a divestiture process. 2022 Technology Networks, all rights reserved. Abbott will pay $51 per common share to acquire. Abbott's leading handheld device, i-STAT, measures 26 analytes with two to three drops of blood and is used in more than one-third of all U.S. hospitals and emergency rooms. In the 12 months through December, Aleres revenue declined 3.6 percent, according to estimates compiled by Standard & Poors Capital IQ, while Abbotts increased 0.8 percent over that period. Attorney Advertising. A Caution Concerning Forward-Looking Statements. Headquartered in Waltham,. Want a FREE PDF version of This News Story? Thomas C. Freyman, Abbotts executive vice president of finance and administration, said in the call that the process for acquiring Alere was competitive. It was the fair premium and the strategic fit that allowed Abbott to prevail, he said. This The website you have requested also may not be optimized for your specific screen size. In 2016, Abbott offered to buy Alere for $5.8 billion, but sales and accounting issues at Alere delayed the deal from moving forward. Some statements in this news release may be forward-looking statements for purposes of the Private Securities Litigation Reform Act of 1995. Conference Details. 1 or 2 positions in a variety of large, high-growth markets. This is Abbott Laboratories' 4th largest (disclosed) transaction. "The combination of Alere and Abbott will create the world's premier point of care testing business and significantly strengthen and grow Abbott's diagnostics presence," said Miles D. White, chairman and chief executive officer, Abbott. Evercore is providing financial advice to Abbott, while JPMorgan Chase is working with Alere. Under the amended terms, Abbott said it would buy Alere for a new price of about $5.3 billion. Headquartered in Waltham, Massachusetts, Alere is a global leader in point of care diagnostics. Point of care testing is a $7 billion segment of the in vitro diagnostics market and is growing rapidly in part because many health care systems are increasing their reliance on these technologies to inform patient care decisions with easy-to-use tests that provide speed and accuracy, particularly in the outpatient setting. First, Abbott acquired St. Jude Medical in the firm's largest acquisition ever. Ongoing EPS is a non-GAAP financial measure and should not be considered a replacement for GAAP results. The sale transactions are subject to the completion of Abbott's . Please be aware that the website you have requested is intended for the residents of a particular country or countries, as noted on that site. Links which take you out of Abbott worldwide websites are not under the control of Abbott, and Abbott is not responsible for the contents of any such site or any further links from such site. Abbott (NYSE: ABT) and Alere Inc. (NYSE: ALR) announced today a definitive agreement for Abbott to acquire Alere, significantly advancing Abbott's global diagnostics presence and leadership. Its brands range from over-the-counter tests to lab-based diagnostics to . The transaction will be accretive to Abbotts earnings per share when the deal closes, and is expected to add about 12 to 13 cents a share in 2017 and more than 20 cents a share in 2018. The settlement resolves allegations that . Abbott will be able to better serve an expansive customer base around the world while also accelerating innovation in point of care diagnostics. The addition of this business aligns with Abbott's long-standing strategy of shaping the company for growth and complements the leadership positions it has built across its other businesses, which include medical devices, nutritionals and established pharmaceuticals. Information about Alere's directors and executive officers is set forth in Alere's Proxy Statement on Schedule 14A for its 2015 Annual Meeting of Stockholders, which was filed with the SEC on June 12, 2015, and its Annual Report on Form 10-K, as amended, for the fiscal year ended December 31, 2014, which was filed with the SEC on March 5, 2015, as amended on April 30, 2015, May 28, 2015 and November 13, 2015. Acquisition Highlights. Abbott Caution Concerning Forward-Looking Statements Abbott's total diagnostics sales will exceed $7 billion after the close. ABBOTT PARK, Ill., Sept. 29, 2017 /PRNewswire/ -- Abbott (NYSE: ABT)announced today it intends to close the acquisition of Alere, Inc., on Tuesday, Oct. 3, 2017. With the addition of Alere, Abbott has approximately $7 billion in diagnostics sales worldwide, including approximately $2.5 billion in point of care testing. It's been a full year since Abbott closed its $5.3 billion acquisition of Alere, a deal that almost didn't happen. Private Securities Litigation Reform Act of 1995 "The combination of Alere and Abbott will create the world's premier point-of-care testing business and significantly strengthen and grow Abbott's diagnostics presence," Miles White, Abbott's chairman and CEO, said in a statement. Per the amended terms of the agreement, Abbott has agreed to pay $51 per common share to acquire Alere, a reduction from earlier deal of $56 per common share in cash upon the . NEW YORK (GenomeWeb) - Abbott has entered into a definitive agreement to acquire Alere for $5.8 billion, the companies said today. Shares of Alere closed at $42.31 on Thursday, but rose slightly in after-hours trading. With a portfolio of leading, science-based offerings in diagnostics, medical devices, nutritionals and branded generic pharmaceuticals, Abbott serves people in more than 150 countries and employs approximately 74,000 people. These products are being divested in order to obtain antitrust approvals required for Abbott's pending acquisition of Alere. This morning diagnostic-testing company Alere announced that Abbott will acquire the company for $5.3 billion, about $51 per share. The Stryker Corporation agreed to acquire Sage Products, which makes products for the intensive care unit, from the private equity firm Madison Dearborn Partners for $2.8 billion in cash. Private Securities Litigation Reform Act of 1995 Abbott now holds the No. *Ongoing earnings per share excludes specified items such as amortization of acquired intangibles, inventory step-up, restructuring costs and other costs incurred to execute the transaction. Alere helps us do that.". "We want to offer our customers the best and broadest diagnostics solutions. As a subscriber, you have 10 gift articles to give each month. Abbott undertakes no obligation to release publicly any revisions to forward-looking statements as a result of subsequent events or developments, except as required by law. Amended Terms. Abbott is a global leader in in vitro diagnostics offering a broad portfolio spanning immunoassay, clinical chemistry, hematology, blood screening, molecular and point of care. at Abbott Laboratories Abbott Laboratories Agrees to Acquire Alere at . Alere's net debt, currently $2.6 billion, will be assumed or refinanced by Abbott. You can read our Cookie Policy here. The combined company is expecting to extract $500 million in savings by 2019 through sales and operational benefits. February 2, 2016. Information concerning the interests of Alere's participants in the solicitation, which may, in some cases, be different than those of Alere's stockholders generally, is set forth in the materials filed by Alere with the SEC, and will be set forth in the proxy statement relating to the proposed transaction when it becomes available. Under the terms of the agreement, Abbott will pay $56 per common share at a total expected equity value of $5.8 billion. I'd like to thank our global workforce of nearly 10,000 employees whose hard work and dedication has enabled Alere to contribute to improved patient outcomes throughout the world.". The website you have requested also may not be optimized for your specific screen size. The announcement follows receipt of all regulatory clearances necessary for closing. Upon completion of the transaction, the combined business will offer the broadest point of care menu of infectious disease, molecular, cardiometabolic and toxicology testing, expanding Abbott's platforms to include benchtop and rapid strip tests. "The combination of Alere and Abbott will create the world's premier point of care testing business and significantly strengthen and grow Abbott's diagnostics presence," said Miles D. White, chairman and chief executive officer, Abbott. October 30, 2022 - November 4, 2022. "Creating the world's leading point of care business will help Abbott meet the growing demand for fast, accurate and actionable information," said Brian Blaser, executive vice president, Diagnostics Products, Abbott. Abbott Laboratories agreed on February 1st, 2016 to buy Alere paying a consideration of $56 a share, implying a total expenditure of $5.8 billion. The luxury manufacturing pole has acquired shoe specialists Lorenza Calzaturificio and Novarese, as well as Officina Ciemmeci. The transaction will be immediately accretive to Abbott's ongoing earnings per share upon close and significantly accretive thereafter, with approximately 12-13 cents of accretion in 2017 and more than 20 cents in 2018. As a result, the site may contain information on pharmaceuticals, medical devices and other products or uses of those products that are not approved in other countries or regions. Stocks; Commodities; This news release may be deemed to be solicitation material in respect of the proposed acquisition of Alere by Abbott. "The combination of Alere and Abbott will create the world's premier point of care testing business and significantly strengthen and grow Abbott's diagnostics presence," Miles D. White, Abbott's chairman [] Abbott Laboratories, Abbott Park, Ill, has entered into a definitive agreement to acquire Alere Inc, Waltham, Mass. Once the transaction is completed, Abbott will become the leading diagnostics provider of point of care testing. ABBOTT PARK, Ill. and WALTHAM, Mass., Feb. 1, 2016 /PRNewswire/ -- Abbott (NYSE: ABT) and Alere Inc. (NYSE: ALR) announced today a definitive agreement for Abbott to acquire Alere, significantly . PARTNERSHIP COMBINES ABBOTT'S GLOBAL EXPERTISE OF TRACKING AND CHARACTERIZING VIRUSES AND YRGCARE'S KNOWLEDGE OF HIV AND EXTENSIVE RESEARCH NETWORK; INDIA BECOMES THE NEWEST ADDITION TO ABBOTT'S GLOBAL VIRAL SURVEILLANCE EFFORTS In addition to tests for infections such as HIV, tuberculosis, malaria and dengue that can benefit people in remote care settings, Alere develops simple, rapid tests, including Alere i, the first molecular CLIA-waived test for flu and strep, that delivers results in under 15 minutes. Abbott Conference Call When it completes its $5.3 billion acquisition of Waltham-based Alere later this year, Abbott Laboratories will be getting one of the world's largest makers of point-of-care diagnostic tests, a . The Company's products and services are focused on infectious disease, cardiology, oncology, drugs of abuse and women's health. The Afinion 2 analyzer is a compact, rapid, multi-assay analyzer that provides valuable near patient testing at the point-of-care. Abbott cautions that these forward-looking statements are subject to risks and uncertainties that may cause actual results to differ materially from those indicated in the forward-looking statements, including but not limited to the ability of the parties to consummate the proposed transaction on a timely basis or at all, the ability of the parties to satisfy the conditions precedent to consummation of the proposed transaction at all or in a timely manner, the ability of Abbott to successfully integrate Alere's operations, and the ability of Abbott to implement its plans, forecasts and other expectations with respect to Alere's business after the completion of the transaction and realize expected synergies. Anyone can read what you share. A month later, however, the federal Department of Justice subpoenaed documents from Alere regarding sales and distribution practices in foreign marketsincluding Africa, Asia, and Latin America.
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