Some statements in this news release may be forward-looking statements for purposes of the Private Securities Litigation Reform Act of 1995. Per Abbott's latest update, with all the necessary regulatory clearances getting fulfilled for the closure, the company finally plans to complete the hugely contentious acquisition of Alere, Inc . Welcome reception with Tuscan hors d'oeuvres & wines hosted by Susan and Paint Europe. Service. Visit Abbott at www.abbott.com and connect with us on Twitter at @AbbottNews. Featured Products. 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 94,000 people. The demand for point of care testing is accelerating as health care providers and consumers look for better ways to get fast, accurate and actionable information to guide decision-making. Point of care testing helps improve outcomes and increase the speed of care by bringing the test results to the physician and patient's side in a matter of minutes. Alere delivered more than 1.4 billion tests at the point of care in 2015. Private Securities Litigation Reform Act of 1995 Abbott Conference Call Economic, competitive, governmental, technological and other factors that may affect Abbott's operations are discussed in Item 1A, "Risk Factors,'' to Abbott's Annual Report on Securities and Exchange Commission Form 10-K for the year ended Dec. 31, 2014, and are incorporated by reference. The Afinion 2 analyzer is a compact, rapid, multi-assay analyzer that provides valuable near patient testing at the point-of-care. October 30, 2022 - November 4, 2022. Alere, which had a market value of $3.2 billion as of Friday, makes point of care medical tests that can provide results in a matter of minutes. Support. The settlement resolves allegations that . Under the terms of the agreement, Abbott will pay $56 per common share at a total expected equity value of $5.8B. All members of the Davis Polk team are based in the New York office. *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. "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.". On February 1, 2016, Abbott Laboratories acquired healthcare services company Alere for 5.8B USD. Abbott said on Monday that it had agreed to acquire Alere for an expected $5.8 billion to enhance its diagnostics business. We want to offer our customers the best and broadest diagnostics solutions, Miles D. White, chairman and chief executive of Abbott, said in the statement. Abbott's 2015 worldwide diagnostics sales were $4.6 billion in 2015, including $473 million from its point of care business. This morning diagnostic-testing company Alere announced that Abbott will acquire the company for $5.3 billion, about $51 per share. The website you have requested also may not be optimized for your specific screen size. More than half of Alere's $2.5 billion in sales are in the U.S. Alere also has a growing presence in key international markets, where Abbott's capabilities and infrastructure will drive accelerated growth of Alere's portfolio. The Lorenza . 1 position in rapid testing . First, Abbott acquired St. Jude Medical in the firm's largest acquisition ever. These forward-looking statements are based on information, plans and estimates at the date of this report. Alere helps us do that.". Once the transaction is completed, Abbott will become the leading diagnostics provider of point of care testing. Stockholders of Alere are urged to read all relevant documents filed with the SEC, including Alere's proxy statement when it becomes available, because they will contain important information about the proposed transaction and the parties to the proposed transaction. Abbott now holds the No. The company provides tests for H.I.V., tuberculosis, malaria and dengue, as well as the flu and strep. * The combination is anticipated to result in annual pre-tax synergies approaching $500 million by 2019 and increasing thereafter, including both sales and operational benefits. Abbott Acquires Alere to Gain Leadership in Point-of-care Segment Published Date: February 12, 2016 Abbott Laboratories has reached an agreement to acquire Alere Inc for $5.8 billion. Attorney Advertising. "Our leading platforms and global presence in point-of-care diagnostics, combined with Abbott's broad portfolio of market-leading products, will accelerate our shared goal of improving patient care. After spending a year trying to wriggle out of its deal to acquire Alere, Abbott agreed on new terms for the acquisition in April this year. September 28, 2022, 6:56am. Finally the much contentious merger of Abbott Laboratories ABT with Alere is nearing its close. Financial Abbott offered to acquire Alere in February 2016 but the deal faced a number of speed bumps along the way, including a rejected $50 million offer from Abbott to spike the merger and a. Evercore is acting as financial advisor and Kirkland & Ellis LLP is serving as legal counsel to Abbott. Abbott's total diagnostics sales will exceed $7 billion after the close. In February 2016, Abbott confirmed an agreement to acquire Alere for $5.8 billion. 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 . Alere, which was founded in 2001, said it delivered more than 1.4 billion tests last year, producing annual sales of $2.5 billion half of that from the United States. Some analysts were concerned that the acquisition of Alere could weigh on Abbotts growth. About Abbott 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. Its fast, easy-to-use and cost-effective tests are focused on the areas of infectious disease, molecular, cardiometabolic and toxicology. 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. The sale transactions are subject to the completion of Abbott's . Abbott Laboratories agreed to acquire diagnostic-test company Alere Inc. for $5.8 billion, a deal Abbott expects will make it a leading provider of point-of-care testing. 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. Under the amended terms, Abbott will pay $51 per common share to acquire Alere, for a new expected equity value of approximately $5.3bn, a drop from the originally expected equity value of approximately $5.8bn. Abbott is a global healthcare company devoted to improving life through the development of products and technologies that span the breadth of healthcare. As a subscriber, you have 10 gift articles to give each month. Cleveland, Ohio. Ongoing EPS is a non-GAAP financial measure and should not be considered a replacement for GAAP results. Anyone can read what you share. Under the terms of the agreement, Abbott will pay $56 per common share at a total expected equity value of $5.8 billion. Its unlikely that other bidders will enter the fray at such a high premium, he said. 2L Diversity, Equity & Inclusion Fellowship, Find lawyers by capability, office, or title. Get all the detailed technical support and service you need - the way you need it. Alere helps us do that.". No use of any Abbott trademark, trade name, or trade dress in this site may be made without the prior written authorization of Abbott, except to identify the product or services of the company. Abbott to Acquire Alere, a Maker of Medical Diagnostics Tests, https://www.nytimes.com/2016/02/02/business/dealbook/abbott-to-acquire-alere-a-maker-of-medical-tests.html. Contact Us. Each Alere share of common stock was converted into the right to receive $51 in cash. 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. Point of Care Testing Quidel will. 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. 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. | June 19, 2022 Abbott makes drugs, infant formula and medical devices. Headquartered in Waltham, Mass., Alere is the global leader in point of care diagnostics with annual sales of $2.5 billion. The website you have requested also may not be optimized for your specific screen size. 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. A number of important factors could cause actual results of Alere and its subsidiaries to differ materially from those indicated by such forward-looking statements, including the risk that the proposed merger with Abbott may not be completed, the failure to receive the required stockholder approval or regulatory approvals of the proposed merger, the risk factors detailed in Part I, Item 1A, "Risk Factors,'' of our Annual Report on Form 10-K, as amended, for the fiscal year ended December 31, 2014 (as filed with the Securities and Exchange Commission on March 5, 2015, as amended on April 30, 2015, May 28, 2015 and November 13, 2015) and other risk factors identified from time to time in our periodic filings with the Securities and Exchange Commission. The website that you have requested also may not be optimized for your screen size. Abbott and YRGCARE Announce Unique Collaboration to Study HIV and Viral Hepatitis Patterns in India. Alere's complementary portfolio of products will provide Abbott access to new channels and geographies, including entry into fast-growing outlets, such as doctors' offices, clinics, pharmacies and at-home testing. Abbott has announced the completion of its acquisition of Alere, effective as of today (October 3rd 2017). Alere shares soared 45% . It's been a full year since Abbott closed its $5.3 billion acquisition of Alere, a deal that almost didn't happen. Abbott agreed to buy Alere, a medical device and point-of-care testing company, in January 2016 for $56 per sharea 50 percent premium over the then-current market price. Stocks; Commodities; 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. Abbott Laboratories, Abbott Park, Ill, has entered into a definitive agreement to acquire Alere Inc, Waltham, Mass. Find out more. 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. Boards. 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. 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.". 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. WALTHAM, Mass., Jan. 25, 2017 /PRNewswire/ -- Alere Inc. , a global leader in rapid diagnostics, announced that the European Commission has granted clearance for Abbott Laboratories to. 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. 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. Complete the form below and we will email you a PDF version of Support: 888-992-3836 | NewsWire | Home | Login / Register. Sullivan & Cromwell provided legal advice to Stryker, and Kirkland & Ellis and Madden, Jiganti, Moore & Sinars advised Sage. "Today's announcement marks an exciting and transformative milestone for Alere and one that provides an immediate benefit for our stockholders," said Namal Nawana, president and chief executive officer, Alere. Abbott is a global health care company devoted to improving life through the development of products and technologies that span the breadth of health care. You can read our Cookie Policy here. 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. JPMorgan also served as Strykers financial adviser, while Barclays worked with Sage. Acquisition broadens Abbott's diagnostics footprint by providing access to new product applications, channels and geographies. Abbott will pay $56 a common share of Alere, and it will assume, or refinance, $2.6 billion of Aleres net debt. Abbott now competes in nearly every area of cardiovascular health and holds the No. 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. The transaction is subject to the approval of Alere's shareholders and satisfaction of customary closing conditions. NEW YORK (GenomeWeb) - Abbott has entered into a definitive agreement to acquire Alere for $5.8 billion, the companies said today. Under . A MESSAGE FROM ABBOTT'S CEO MILES WHITE CHAIRMAN AND CEO ABBOTT LABORATORIES. More than half of Alere's $2.5 billion in sales are in the U.S. Alere also has a growing presence in key international markets, where Abbott's capabilities and infrastructure will drive accelerated growth of Alere's portfolio. The offer represents a premium of more than 50 percent over Aleres closing stock price on Friday, and its shares were up 45 percent in morning trading on Monday. Headquartered in Waltham,. The transaction, which has been approved by the boards of directors of Alere and Abbott, is subject to the approval of Alere shareholders and the satisfaction of customary closing conditions, including applicable regulatory approvals. "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. The companies amended the terms of their original agreement, with Abbott now paying $51 per common share to acquire Alere, valuing the acquisition at $5.3 billion$500 million less than planned . 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. 2022 Technology Networks, all rights reserved. Answers. | After trying to wriggle out of its deal to acquire . Acquisition Highlights. 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 DI. In fact, point of care testing is a $5.5 billion segment and one of the fastest growing in vitro diagnostics segments, in part because many health care systems are increasing their reliance on these technologies to inform patient care decisions because of their ease of use, speed and accuracy. Alere's net debt, currently $2.6 billion, will be assumed or refinanced by Abbott. Private Securities Litigation Reform Act of 1995 Abbott Laboratories declared full-scale war on Alere on Wednesday, filing in Delaware Chancery Court to end its $5.8 billion acquisition of the medical test maker. Other potential bidders before Mondays deal announcement may have been private equity firms or the Danaher Corporation, Mark Massaro, an analyst with Canaccord Genuity, said in a note on Monday. In doing so, Abbott is pulling . The combined company is expecting to extract $500 million in savings by 2019 through sales and operational benefits. "We want to offer our customers the best and broadest diagnostics solutions. About Alere Under the terms of the agreement, Abbott will pay $56 per common share at a total expected equity value of $5.8 billion. Part of the LabX Media Group. 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. The transaction establishes Abbott as the global leader in point of care testing the fastest-growing segment of the $50 billion in vitro diagnostics market and further strengthens the company's diagnostics presence. Alere Cautionary Statement Regarding Forward-Looking Statements 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. This system connects you with tools and information to efficiently and effectively manage your substance abuse testing program with Alere Toxicology Services, Inc., a wholly owned subsidiary of Abbott. 2017: Abbott acquires Alere Inc., making Abbott the leader in point-of-care diagnostic technology filling out its array of diagnostics technologies. 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. Abbott Caution Concerning Forward-Looking Statements 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. Abbott's life-changing technology helps people live fully and offers information, medicines and breakthroughs to help you manage your health. 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. Under the terms of the agreement, Alere shareholders will receive $56 per common share in cash at the completion of the transaction, and Alere will become a subsidiary of Abbott. Abbott's total diagnostics sales will exceed $7 billion after the close. Abbott. 01 February 2016. "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.
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