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Abbott goes to court to terminate $5.8 billion acquisition of Alere

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Staff Writer |
Acquisition   "A series of damaging business developments"

Abbott Laboratories said it has filed a complaint to terminate its $5.8 billion agreement to buy Waltham-based Alere.

Abbott is citing a substantial loss in the value of the medical test developer since the deal was made public in February.

bbott said Alere has “suffered a series of damaging business developments” since the acquisition agreement was inked on January 30.

Abbott cited several reasons for why it’s soured on the deal, including Medicare’s elimination of billing privileges for a major Alere division, Arriva Medical.

In addition, Abbott said, Alere has recalled an important set of products, and it faces two criminal probes.

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